Full text of Treasury Bulletin : December 1996
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Contents DECEMBER 1996 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Analysis.--Budget results and financing of the U.S. Government and third-quarter receipts by source. . . . . . . . . . . . . . . . . . . . 7 FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ACCOUNT OF THE U.S. TREASURY UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FEDERAL DEBT FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . 22 FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 FD-7.--Treasury holdings of securities issued by Government corporations and other agencies . . . . . . . . . . . . . . . . . . . . . . . . 23 FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 FD-B.--Chart: Private holdings of Treasury marketable debt by maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 PUBLIC DEBT OPERATIONS TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 PDO-1.--Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . 40 PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . 43 PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 45 U.S. SAVINGS BONDS AND NOTES SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 OWNERSHIP OF FEDERAL SECURITIES OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 MARKET YIELDS MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 52 53 56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 58 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 CAPITAL MOVEMENTS LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-A.--Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 66 67 69 71 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 77 CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 78 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CM-IV-1.--Total liabilities and claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . 79 80 82 84 86 88 TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS IN THE UNITED STATES CM-V-1.--Foreign purchases and sales of long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 89 90 92 94 96 FOREIGN CURRENCY POSITIONS CANADIAN DOLLAR POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-II-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 V Contents SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 STERLING POSITIONS FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 EXCHANGE STABILIZATION FUND ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SPECIAL REPORTS CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1995 (EXCERPTED) United States Government Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . United States Government Consolidated Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Revenues and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Sources of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Categories of expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Major categories of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Assets, liabilities, and accumulated position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Gross accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Gross loans receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chart: Types of securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 108 109 109 109 110 110 111 111 112 112 113 113 113 TRUST FUNDS TF-A.--Chart: Major trust funds, total net increase or decrease in assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-B.--Chart: Total receipts of major trust funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-C.--Chart: Total expenditures of major trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-1.--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-15a.--Highway trust fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 115 116 117 118 119 120 121 122 123 124 126 127 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p= Preliminary; n.a.= Not available; r= Revised. 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 Government (CFS) excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 and Disability Fund . . . . . . . . . . Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . Federal Hospital Insurance Trust Fund . . . . . . . . . . . . . . . . Federal Old-Age and Survivors Insurance Trust Fund . . . Federal Supplementary Medical Insurance Trust Fund . . . Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . Vaccine Injury Compensation Trust Fund. . . . . . . . . . . . . . √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy [Source: Office of Economic Policy, Office of Financial Analysis] Real gross domestic product Economic growth slowed in the third quarter, with real gross domestic product (GDP) rising at a 2.2 percent annual rate following an increase of 4.7 percent in the second quarter. Despite the slowdown, growth so far this year is 2.9 percent at an annual rate, better than the performance in 1995 when real GDP rose by just 1.3 percent. The third quarter was held down by a sharp slowing in consumer spending, which edged up at a 0.4 percent rate after rising at a rapid 3-1/2 percent pace over the first half. Net exports continued to be a drag on growth, and government purchases declined. Total real final sales grew at only a 0.3 percent rate in the third quarter, with large accumulation of inventories accounting for almost all of the gain in total GDP in the quarter. One bright spot in the third quarter was a pickup in nonresidential fixed investment, particularly for equipment. Equipment investment rose at almost a 19 percent annual rate, its fastest in 2 years. Inflation, as measured by the chain-weighted price index for GDP, moderated in the third quarter to 1.9 percent at an annual rate from 2.2 percent in the first half. Prices paid by U.S. residents, excluding exports and including imports, rose at a 1.8 percent rate. Consumer and producer prices Inflation has remained moderate through most of 1996 despite some acceleration in energy and food prices early in the year and again in recent months. Underlying inflation, excluding food and energy, has stayed low throughout the year. The consumer price index (CPI) rose by an annual rate of 3.3 percent through the first 10 months of this year compared with an increase of 2.5 percent in 1995. Most of the pickup was due to higher energy and food prices. Excluding those items, the “core” rate of inflation was just 2.8 percent in the first 10 months, below the rate of increase last year. Consumer Prices* (Percent change from a year earlier) *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) Growth of Real GDP, Chain Weights (Percent change, fourth quarter to fourth quarter) The producer price index (PPI) for finished goods has been favorable. The PPI was up at a 2.4 percent annual pace in the first 10 months of this year after rising by 2.3 percent over all of 1995. Excluding food and energy, this year’s gain has been just 0.4 percent at an annual rate, well below the 2.6 percent increase last year. Core prices at earlier stages of processing also have been very well behaved so far this year. The cost of compensating labor has shown little evidence of driving up prices, as more rapid growth in wages and salaries in the first 3 quarters of the year has been partly offset by slower growth in benefit costs. The employment cost index (ECI) rose by 2.8 percent over the 12 months ending in September, a shade above the 2.7 percent gain during 1995. Real disposable personal income and consumer spending Real disposable (after-tax) personal income rose at a strong 4.9 percent annual rate in the third quarter. So far this year, growth has averaged a more moderate 2.7 percent annual rate, a little less than the 3.1 percent increase over all of 1995. The composite of growth this year is nonetheless favorable. Real wage and salary income has increased faster this year than last. A smaller rise in interest income with higher tax payments, reflecting in part the last installment of the 1993 tax hike on upper-bracket incomes, accounts for most of the slowdown in total after-tax income. Real consumer spending has picked up this year, averaging a 2.4 percent rate of growth over the first 3 quarters of 1996, compared to 1.9 percent over all of 1995. Spending rose at a 3-1/2 percent annual rate during the first half of the year but slowed abruptly to only 0.4 percent in the third quarter. With income growing but spending little changed in the third quarter, the share of after-tax income devoted to personal saving rose to 5.4 percent from 4.3 percent in the second quarter. The personal saving rate has averaged 4.9 percent so far this year, up slightly from 4.7 percent in 1995 and a low 3.8 percent in 1994. Industrial production and capacity utilization Industrial production in manufacturing, mining, and utilities has risen at a 3.7 percent annual rate this year compared to only 1.1 percent during all of 1995. Production fell 0.5 percent in October, after increases averaging 0.4 percent in the prior months of the year. Strikes affecting motor vehicle 4 PROFILE OF THE ECONOMY assemblies at General Motors accounted for most of the drop, but even excluding motor vehicles, output edged down 0.1 percent in October. One area of continued strength is the manufacture of computer equipment. Expansion of industrial capacity has picked up to a 4 percent annual rate this year, roughly doubling its pace of growth from earlier in the decade. Faster growth of capacity, combined with weak growth of production during 1995, has allowed the industrial capacity utilization rate to retreat from a 15-year high of 85.1 percent reached in January 1995 to 83.4 percent in July through September 1996. Utilization fell further to 82.7 percent of capacity in October, reflecting the drop in industrial production. Employment and unemployment Job growth of nonfarm establishment payrolls has accelerated in 1996 to 209,000 a month from 185,000 a month, or a total of 2.2 million jobs, last year. While less than monthly gains averaging 318,000 during 1994, the current pace of advance still amounts to a 2 percent annual rate. That is about Civilian Unemployment Rate (In percentages) Establishment Employment (Monthly change in thousands) double the growth in the working-age population. Job growth turned slightly negative in September, pulling the average monthly increase for the third quarter down to 160,000. In October, the number of jobs rose by 210,000. Strength over the past several years has been centered in the private service-producing sector of the economy, which accounted for virtually all of the 2.2 million job growth last year. An additional 1.8 million private service-sector jobs have been added over the first 10 months of 1996. Manufacturing has been weak during the past year and a half, losing more than 320,000 jobs since March 1995. The unemployment rate fluctuated in a narrow band near 5.5 percent between late 1994 and spring of 1996. Unem- ployment began to ease further and by August had fallen to 5.1 percent of the civilian labor force, the lowest reading since March 1989. In September, the unemployment rate edged up to 5.2 percent, where it remained in October. Nonfarm productivity and unit labor costs Nonfarm productivity, or real output per workhour, edged up at only a 0.2 percent annual rate in the third quarter and by a 0.9 percent pace over the first 3 quarters of 1996. Growth so far this year reflects improvement from increases of just 0.5 percent and 0.3 percent, respectively, during 1994 and 1995, and a small decline during 1993. Hourly compensation costs in the nonfarm business sector rose at a 3.9 percent annual rate in the third quarter, and are up at a 3.7 percent pace this year compared to 4.1 percent last year. With productivity improving and compensation costs slowing, labor costs per unit of output in the nonfarm sector, a key indicator of potential inflationary pressure, have slowed to a 2.8 percent annual rate of growth so far this year, from 3.8 percent last year. Results for 1996 are influenced by a low result for the first quarter. Growth in the second and third quarter averaged 3.5 percent. Productivity in manufacturing, included in the nonfarm sector, remains strong. Factory productivity was up at a 4.8 percent annual rate over the first 3 quarters of 1996, contributing to a 1.2 percent annual rate of decline in unit labor costs. Current account balance The current account is the broadest measure of U.S. transactions with the rest of the world, covering not only trade in goods and services but income flows as well. The current account deficit widened sharply in recent years as the economic recovery here brought in imports at a faster pace than the rate of expansion in exports. The deficit grew from a recent low of $10 billion in 1991 to a high of $148 billion in both 1994 and 1995. Through the first half of this year, the current account deficit was little changed from the pace of last year. The merchandise trade component posted a $173 billion deficit in 1995, the largest on record. In the first half of 1996, the merchandise trade deficit widened even further, to $179 billion at an annual rate. International trade in services showed a $68 billion surplus in 1995, a new record. In the first part of 1996, the surplus in services trade continued to grow, to a $75 billion annual rate. The balance on income payments, which includes interest, dividends, and direct investment income, shifted from a surplus of $10 billion in 1993 to a deficit of $8 billion in 1995. Much of that deficit reflected Federal Government interest payments to the rest of the world. The deficit on income payments narrowed in the first half of 1996. Exchange rate of the dollar The dollar has strengthened since the middle of 1995 after steady deterioration beginning in early 1994. Based on the Federal Reserve Board’s trade-weighted index of the dollar against G-10 currencies, the dollar dropped to close at an alltime low in April 1995. Since then, the dollar has risen by 71/2 percent. There was some deterioration in July and August, but the dollar improved in September and October. Most of the dollar deterioration in 1994 was against the yen and the deutschemark, and the improvement was also greatest against these currencies. Since April 1995, the dollar has increased by more than 10 percent against the deutschemark and by 34 percent against the yen. PROFILE OF THE ECONOMY Despite the improvement, the dollar remains about 9 percent below its recent high of January 1994. Many factors determine the level of exchange rates in international currency markets. The large U.S. current account deficit likely played a role in the earlier downward movement of the dollar. Underlying economic fundamentals in the United States remain sound, however. Interest rates Long-term interest rates moved higher early in 1996 as the economy expanded and there was some upward pressure on prices, but rates have eased recently with reports of slower economic growth and moderating inflation. The yield on the 30-year Treasury bond dipped from a recent high of 7.1 percent in September to about 6.5 percent currently. Short-term Interest Rates (In percentages; Weekly data*) *Average for week ending Friday; Federal funds ending Wednesday. Long-term Interest Rates (In percentages; Weekly data*) Mortgage interest rates have been favorable. Early this year the rate for a 30-year fixed-rate conventional loan was 7 percent, close to the 25-year lows reached in October 1993. A pickup during the middle of the year apparently had little dampening effect on the housing market, and since the summer, rates have declined to less than 7-3/4 percent. This is quite low by historical standards. Short-term interest rates have fluctuated around 5 percent through most of the year. The Federal Reserve Board has kept short-term rates stable since January as economic growth reached a moderate pace consistent with low inflation. 5 Net national saving and investment In the first half of 1996, net national savings, excluding depreciation to replace worn-out or obsolete equipment and structures used in production, rose to 5.8 percent of net national product (NNP) from 5.1 percent averaged in 1995 and as low as 2-3/4 percent in both 1992 and 1993. Despite the gains, net saving remains less than half as high as the 12 percent of NNP averaged in the 1960’s. Recent improvement is mainly the result of narrowing of the Federal deficit. That has reduced Government dissavings to 1 percent of NNP in the first half of 1996 from 4.8 percent in 1992. Private saving, of households and businesses, was equivalent to 7.3 percent of NNP in the first half, up a little from a historical low of 6.4 percent in 1994. Even so, private saving is still well below the nearly 10 percent of NNP averaged in the 1960’s and 1970’s. Net domestic investment equaled 7 percent of NNP in the first half, up from a low of 4.1 percent in 1991. Foreign inflows accounted for 2.1 percent of NNP this year, or nearly one-third of domestic investment. U.S. sources provided investment equivalent to 5 percent of NNP, less than half the share of NNP averaged in the 1960’s and 1970’s. Housing Housing activity remained very strong through most of 1996 despite some upturn in mortgage interest rates in midyear. Housing starts in the first 10 months averaged 1.47 million units at an annual rate. If growth is maintained through the rest of the year, 1996 would be the best year for home building since 1988. Sales of new homes eased slightly in September, but remained close to the 10-year high set in August. Over the first 9 months of the year, sales of new single-family homes were nearly 15 percent higher than in the same period last year. The homeownership rate rose to 65.6 percent in the third quarter, the highest in 15 years. Higher mortgage interest rates were expected to dampen housing activity, but strong growth in employment and consumer confidence and a shift toward lower-cost adjustable rate loans have kept housing demand high. Fixed rates for a 30-year loan rose from levels of about 7 percent in January and February, which were near 25-year lows, to nearly 8-1/2 percent during the summer. Since then mortgage rates have come back down to 7.6 percent, very favorable by historical standards. Federal budget deficit The Federal budget deficit fell to $107.3 billion in fiscal 1996, the lowest in 15 years and about $57 billion below the level of the previous fiscal year. As a share of gross domestic product (GDP), the deficit is 1.4 percent, the smallest share since 1974. The deficit has been shrinking since fiscal 1992, when it reached an all-time high of $290 billion. Since then, the deficit has been cut by almost two-thirds, or a total of $183 billion. Strong economic growth and passage of the Omnibus Budget Reconciliation Act of 1993 set the deficit on its downward course. In fiscal 1996, receipts grew by 7.6 percent due to strong growth in jobs and income, corporate profits, and stock market returns. Growth in outlays was held to 3 percent over the fiscal year. Receipts as a share of GDP rose to their highest level since the early 1980’s, while the outlay share declined to its lowest since fiscal 1979. The deficit is projected to fall further in succeeding fiscal years. It will reach balance by 2002 under either Administration or Congressional Budget Office economic and technical assumptions. 6 FEDERAL FISCAL OPERATIONS INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is 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 cash--outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and offbudget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations, and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); collections are netted against spending, 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) proprietary receipts, or collections from the public, offset against outlays by agency and by function, and (2) intra-governmental funds, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions--payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions-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. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by off-budget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal old-age and survivors insurance, and Federal disability insurance. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 (commonly known as the Gramm-Rudman-Hollings Act) included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays, and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. 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 also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. FEDERAL FISCAL OPERATIONS • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 (revised from March issue) summarizes internal revenue collections by States and other areas and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), of payments made with tax returns, and of subsequent payments made after tax returns are due or are filed (i.e., 7 payments with delinquent returns or on delinquent accounts). During the preparation of Table FFO-4, incorrect figures were inadvertently imported into the Unemployment Insurance and Estate and Gift columns. Revisions resulted in a change to the State distribution only. It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the State where such a corporation reported its taxes from a principal office rather than other States where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one State and work in another. Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source (Source: Office of Tax Analysis) Third-Quarter Receipts The following capsule analysis of budget receipts, by source, for the third quarter of fiscal 1996 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. Individual income taxes—Individual income tax receipts were $198.2 billion for the third quarter of fiscal 1996. This is an increase of $30.6 billion from the comparable quarter of fiscal 1995. Withheld receipts increased by $3.5 billion and non-withheld receipts increased by $26.0 billion during this period. Refunds increased by $1.1 billion from the comparable fiscal 1995 quarter. There was a decrease of $7.4 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds from the comparable quarter in fiscal 1995. Corporate income taxes—Net corporate receipts for the third quarter totaled $64.5 billion. This was $2.9 billion higher than net receipts for the comparable quarter of fiscal 1995. The $2.9 billion figure consists of $2.5 billion in higher estimated and final payments plus $0.4 billion in lower 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 $139.6 billion, an increase of $11.3 billion more than the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance trust funds increased by $6.2 billion, $1.1 billion, and $4.0 billion, respectively. There was a -$1.8 billion accounting adjustment for prior years’ employment tax liabilities made in the third quarter of fiscal 1995, while there was a $5.6 billion adjustment made in the third quarter of fiscal 1996. Contributions for other insurance and retirement—Contributions for other retirement were $1.1 billion for the third quarter. There was a negligible increase in receipts from the comparable quarter of fiscal 1995. The growth in contributions will remain flat during 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). Unemployment insurance—Unemployment insurance receipts for the third quarter were $14.2 billion, which is $0.2 billion less than they were for the comparable quarter of fiscal 1995. State taxes deposited in the U.S. Treasury decreased by $0.01 billion, and Federal Unemployment Tax Act (FUTA) receipts increased by $0.2 billion. Railroad unemployment 8 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source, con. tax receipts were unchanged from the comparable quarter of fiscal 1995. Excise taxes—Net excise tax receipts for the third quarter were $13.0 billion, a decrease of $1.3 billion from the comparable prior year quarter. Total excise tax refunds for the quarter were $0.4 billion, a decrease of $0.1 billion from the comparable prior year quarter. The decrease in net receipts mainly reflects the expiration of certain excise taxes. Estate and gift taxes—Estate and gift tax receipts were $5.3 billion for the third quarter. These receipts represent an increase of $1.7 billion from the previous quarter, as well as an increase of $1.0 billion more than the same quarter in the previous year. Customs duties—Customs receipts net of refunds were $4.3 billion for the third quarter. This is approximately $100 million less than the customs duties received in the Treasury from the comparable prior year quarter. This difference is attributable to recently enacted trade agreements that have decreased the duty rate on merchandise imports. Miscellaneous receipts—Net miscellaneous receipts for the third quarter were $5.3 billion, a decrease of $2.9 billion from the comparable prior year quarter. Deposits of earnings by Federal Reserve banks decreased by $2.8 billion from the comparable prior year quarter. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Fourth quarter (July - Sept.) Fiscal 1996 Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361,477 272,513 88,963 395,035 308,603 86,432 -33,557 -36,091 2,533 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 Means of financing: Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,366 -6,193 383 33,557 129,713 -6,276 -16,106 107,331 Third Quarter Fiscal 1996 Net Budget Receipts, by Source [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . April 107.5 24.9 56.6 3.6 0.4 4.6 2.7 1.4 1.7 203.4 May 29.9 2.6 38.1 10.2 0.4 4.1 1.4 1.4 1.9 90.0 June 60.8 37.0 44.9 0.4 0.3 4.3 1.1 1.5 1.7 152.0 FEDERAL FISCAL OPERATIONS 9 CHART FFO-A.-Monthly Receipts and Outlays (In billions of dollars) On-budget receipts Off-budget receipts On-budget outlays Off-budget outlays CHART FFO-B.--Budget Receipts by Source, Fiscal Year to Date, 1996-1997 (In billions of dollars) Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government” 10 FEDERAL FISCAL OPERATIONS TABLE FFO-1.--Summary of Fiscal Operations [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Total on-budget and off-budget results Fiscal year or month 1992 1 1993 11 1994 1 1995 1 1996 Total receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) Means of financing -net transactions Borrowing from the public-Off-budget Federal surplus securities or Public deficit debt (-) securities (9) (10) ........... ........... ........... ........... ........... 1,091,692 1,153,175 1,257,187 1,350,576 1,452,763 789,266 841,241 922,161 999,496 1,085,271 302,426 311,934 335,026 351,080 367,492 1,381,895 1,408,122 1,460,557 1,514,389 1,560,094 1,129,336 1,142,110 1,181,185 1,225,724 1,259,638 252,559 266,012 279,372 288,665 300,455 -290,204 -254,948 -203,370 -163,813 -107,331 -340,071 -300,869 -259,024 -226,228 -174,367 49,867 45,922 55,654 62,415 67,036 403,396 342,629 288,987 278,535 252,891 1997 - Est. . . . . . . . . 1,495,238 1,107,223 388,015 1,635,329 1,317,655 317,674 -140,091 -210,432 70,341 293,300 143,219 30,710 23,393 26,357 27,949 32,307 28,437 32,334 42,613 29,938 35,201 28,610 28,491 31,862 105,098 7,412 151,995 103,893 99,996 157,668 112,510 r 72,280 r 63,729 r 110,398 r 110,692 r 60,992 r 56,753 r 160,855 r 60,183 r 116,794 75,283 71,505 125,806 3,590 11,958 3,478 79 42 28,707 101,066 -15,665 26,689 32,460 27,710 19,507 16,859 1,452,763 1,085,271 367,492 1995 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Fiscal 1996 . . . . . . . r 95,674 r 90,086 r 138,347 r 142,999 r 89,428 r 89,087 r 203,468 r 90,122 r r 118,252 r 128,538 r 133,064 r 123,543 r 133,775 r 136,158 r 131,064 r 143,173 r 135,933 r 92,051 r 101,847 r 121,832 r 97,952 r 105,842 r 108,236 r 105,201 r 114,316 r 103,997 104,215 113,840 90,309 30,836 26,201 26,691 11,231 25,591 27,933 27,921 25,863 28,856 13,657 26,535 27,988 31,989 1,560,094 1,259,638 300,455 117,654 130,749 141,828 122,298 r -22,578 r -38,452 r 5,283 r 19,456 r -44,346 r -47,071 r 72,404 r -53,051 r 7,286 r -19,771 r -38,117 r -11,434 r 12,740 r -44,850 r -51,483 r 55,654 r -54,133 r 12,797 -28,932 -42,335 35,496 -126 -2,807 -334 16,717 6,716 504 4,413 16,750 1,082 21,544 2,076 504 -127 -107,331 -174,367 67,036 252,891 Transactions not applied to year’s surplus or deficit (19) Total financing (20) 34,340 -26,856 -41,831 35,370 Means of financing--net transactions, con. Cash and monetary assets (deduct) Fiscal year or month Borrowing from the public-Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) ........... ........... ........... ........... ........... 500 6,652 3,665 -1,224 8,088 92,978 100,663 107,655 106,024 131,266 310,918 248,619 184,998 171,288 129,713 17,305 -6,283 -16,564 2,007 6,276 1,389 -907 768 -1,086 -408 18,654 -1,429 -992 9,109 -4,626 672 2,333 -35 2,614 746 17,043 -301 831 4,447 -21,009 263 350 715 722 615 290,204 254,948 203,370 163,813 107,331 1997 - Est. . . . . . . . . -1,748 127,226 164,326 - * * * -24,235 * 140,091 1995 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . -60 210 970 104 -104 8,033 -666 154 -365 520 -507 -147 -113 10,148 -1,185 -33,891 18,541 4,685 -10,282 62,211 19,955 5,691 41,599 -1,895 3,200 22,638 -6,618 13,353 38,339 -18,358 -4,747 47,022 38,189 -35,466 20,633 -8,619 29,098 16,160 -5,892 19,820 -16,755 4,912 -5,611 16,959 -6,297 -9,283 26,449 -43,809 33,519 -1,261 -23,705 31,159 239 -86 85 2 -258 327 -57 -86 74 9 170 -459 -129 -3,633 3,179 -3,548 459 1,073 -1,678 207 5,883 -856 346 1,077 -8,401 -2,367 211 17 -126 76 -340 503 434 -131 114 50 387 -71 -168 15,914 -4,420 r 1,436 r 8,001 r 2,725 r -9,821 r 183 r -4,823 r -12,059 r 8,203 -1,889 -6,965 -1,578 55 * * 20 595 Fiscal 1996 . . . . . . . 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 1992 1 1993 1 1994 1 1995 1 1996 1 U.S. Treasury operating cash (14) * Less than $500,000. 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 for this table. Special drawing rights (15) Other (16) Reserve position on the U.S. quota in the IMF (deduct) (17) Other (18) r -7,286 r 22,578 r 38,452 r r -5,283 -19,456 r 44,346 r 47,071 -72,404 53,051 r -34,340 26,856 41,831 -35,370 r r 107,331 Note.--On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 11 TABLE FFO-2.--On-budget and Off-budget Receipts by Source [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Income taxes Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) Social insurance taxes and contributions Employment taxes and contributions Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) ............... ............... ............... ............... ............... 408,352 430,427 459,699 499,898 533,080 149,372 154,800 160,117 175,884 212,234 81,259 75,546 77,077 85,624 88,897 476,465 509,680 542,738 590,157 656,417 117,951 131,548 154,205 174,422 189,055 17,680 14,027 13,820 17,334 17,231 100,270 117,520 140,385 157,088 171,824 576,735 627,200 683,123 747,245 828,241 382,339 393,688 425,985 447,104 474,134 804 531 898 1,644 381,535 393,158 425,087 447,104 472,490 1997 - Est. . . . . . . . . . . . . 549,952 187,818 92,668 645,102 203,488 18,510 184,978 830,080 496,785 - 496,785 1995 - Sept.. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . 36,295 46,918 39,945 50,597 55,351 46,722 41,834 38,930 45,399 35,941 48,072 43,834 39,537 27,165 5,899 1,992 3,227 31,160 3,170 5,806 89,405 6,364 26,936 3,635 4,008 30,630 2,551 978 2,414 646 319 9,565 25,118 20,822 21,850 2,061 1,893 1,737 1,495 60,909 51,840 39,524 53,179 86,192 40,327 22,523 107,513 29,914 60,816 49,814 46,105 68,672 33,719 4,813 3,056 38,954 6,381 3,797 17,793 26,912 3,647 37,950 5,656 3,718 36,378 730 2,633 1,362 932 1,223 2,105 2,332 1,975 1,077 992 681 644 1,274 32,989 2,180 1,694 38,021 5,158 1,692 15,460 24,937 2,570 36,957 4,975 3,074 35,105 93,898 54,020 41,218 91,200 91,350 42,019 37,983 132,450 32,484 97,773 54,789 49,179 103,777 39,000 30,954 34,652 36,870 40,361 35,681 40,674 56,224 37,707 44,930 36,483 36,234 43,363 750 894 39,000 30,205 34,652 36,870 40,361 35,681 40,674 56,224 37,707 44,930 36,483 36,234 42,468 Fiscal 1996 . . . . . . . . . . . 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490 Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Social insurance taxes and contributions, con. Employment taxes and contributions, con. Net Unemployment insurance employment Net Railroad retirement accounts taxes and unemployment Gross Refunds Net contributions Gross Refunds insurance (12) (13) (14) (15) (16) (17) (18) Net contributions for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) ........... ........... ........... ........... ........... 3,961 3,793 3,767 3,972 3,966 5 11 44 30 93 3,956 3,781 3,723 3,942 3,872 385,491 396,939 428,810 451,046 476,362 23,557 26,680 28,114 28,985 28,687 147 124 110 107 103 23,410 26,556 28,004 28,878 28,584 4,683 4,709 4,563 4,461 4,389 105 96 98 89 80 4,788 4,805 4,661 4,550 4,469 1997 - Est. . . . . . . . . 3,959 - 3,959 500,744 30,841 - 30,841 4,500 90 4,590 1995 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . 315 344 267 290 428 379 367 389 401 -42 464 328 350 11 * 36 47 49 -45 -1 5 * 1 * 1 304 344 267 254 381 330 412 390 396 -42 463 328 349 39,304 30,549 34,919 37,123 40,742 36,011 41,086 56,615 38,104 44,888 36,946 36,562 42,817 238 1,216 2,940 228 1,090 2,559 259 3,650 10,165 400 1,961 4,008 210 3 3 5 10 13 1 23 10 22 14 4 235 1,214 2,940 223 1,081 2,546 258 3,628 10,155 400 1,939 3,994 206 355 336 332 411 368 391 401 354 411 289 365 390 343 9 6 8 5 6 12 18 -8 6 6 7 7 6 364 342 340 416 374 403 419 346 417 295 372 397 348 Fiscal 1996 . . . . . . . 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469 See footnotes at end of table. 12 FEDERAL FISCAL OPERATIONS TABLE FFO-2.--On-budget and Off-budget Receipts by Source, con. [In millions of dollars. Source: "Monthly Statement of Receipts and Outlays of the United States Government"] Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Social insurance taxes and contributions, con. Net social insurance taxes and Airport and Airway Trust Fund contributions Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Gross Refunds Net Gross Refunds Net (26) (27) (28) (29) (30) (31) Gross (32) Miscellaneous Refunds Net (33) (34) ............... ............... ............... ............... ............... 413,689 428,300 461,475 484,474 509,415 4,660 3,276 5,217 5,406 2,405 15 15 28 39 21 4,645 3,262 5,189 5,367 2,384 626 634 567 608 614 - 626 634 567 608 614 17,287 18,321 17,426 23,358 25,309 574 283 758 913 329 16,713 18,039 16,668 22,445 24,980 24,562 26,718 33,573 29,926 27,698 977 595 772 861 1,662 23,585 26,123 32,801 29,065 26,036 1997 - Est. . . . . . . . . . . . . 536,175 6,251 - 6,251 633 - 633 24,904 - 24,904 27,840 - 27,840 1995 - Sept.. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . 39,902 32,104 38,199 37,762 42,197 38,960 41,763 60,588 48,676 45,583 39,258 40,953 43,372 325 467 449 447 502 -405 31 396 20 269 230 6 10 4 - 325 467 449 441 502 -405 21 396 15 269 230 41 52 52 52 41 53 44 52 51 51 48 50 69 - 41 52 52 52 41 53 44 52 51 51 48 50 69 2,095 1,748 1,737 1,802 2,282 1,951 1,836 2,171 2,006 2,099 3,154 2,139 2,384 1 96 298 267 -542 210 - 2,095 1,747 1,737 1,706 2,282 1,951 1,538 1,904 2,006 2,642 2,944 2,139 2,384 3,271 2,229 3,173 2,613 1,456 2,766 2,341 2,413 1,887 2,242 1,601 1,988 2,989 26 42 256 -58 39 58 -189 -209 226 624 101 415 356 3,245 2,187 2,917 2,672 1,417 2,708 2,530 2,621 1,660 1,618 1,500 1,574 2,633 Fiscal 1996 . . . . . . . . . . . 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036 Fiscal year or month 1992 1 1993 1 1994 1 1995 1 19961 Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Customs duties Gross Refunds (39) (40) Net miscellaneous receipts Deposits of earnings by Federal All Net Reserve banks other Total (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) ............. ............. ............. ............. ............. 45,570 48,057 55,225 57,485 54,015 11,479 12,891 15,607 15,144 17,592 336 314 382 380 403 11,143 12,577 15,225 14,764 17,189 18,135 19,613 20,973 21,067 19,788 775 811 874 1,767 1,117 17,359 18,802 20,099 19,300 18,671 22,908 14,908 18,023 23,378 20,477 4,292 3,331 4,018 3,928 4,755 27,195 789,266 18,239 841,241 22,041 922,161 27,306 999,496 25,232 1,085,271 302,426 311,934 335,026 351,080 367,492 1997 - Est. . . . . . . . . . . 59,628 17,077 - 17,077 20,454 - 20,454 22,580 9,244 31,824 1,107,223 388,015 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,706 4,453 5,154 4,870 4,241 4,308 4,133 4,577 4,113 4,310 4,508 4,033 5,315 1,314 1,207 1,375 1,411 1,321 1,120 1,170 2,746 1,445 1,177 1,278 1,597 1,745 25 46 26 29 33 31 34 42 31 36 19 31 47 1,289 1,160 1,349 1,383 1,288 1,090 1,137 2,704 1,415 1,141 1,259 1,566 1,698 1,728 1,883 1,709 1,532 1,574 1,525 1,608 1,498 1,549 1,548 1,804 1,872 1,687 93 97 116 94 92 68 80 110 122 99 92 65 82 1,634 1,786 1,593 1,439 1,482 1,456 1,528 1,388 1,427 1,450 1,712 1,807 1,604 411 1,756 2,117 1,388 2,159 872 2,051 1,421 1,707 1,456 2,018 2,054 1,478 Fiscal 1996 . . . . . . . . . 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 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 for this table. r 394 r 457 r 306 r 283 r 723 r 492 r 340 r 299 r 378 r 2,150 r 2,574 r 1,694 r 2,442 r 1,596 r 2,543 r 1,761 r 2,006 r 116,794 75,283 71,505 125,806 30,710 23,393 26,357 27,949 32,307 28,437 32,334 42,613 29,938 35,201 28,610 28,491 31,862 4,755 25,232 1,085,271 367,492 282 350 405 423 789 1,738 2,367 2,459 1,902 112,510 r 72,280 r 63,729 r 110,398 r 110,692 r 60,992 r 56,753 r 160,855 r 60,183 r Note.--On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-3.--On-budget and Off-budget Outlays by Agency [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month Legislative branch (1) The judiciary (2) Executive Office of the President (3) ............. ............. ............. ............. ............. 2,677 2,406 2,561 2,621 2,272 2,299 2,579 2,659 2,903 3,061 190 194 229 213 202 11,109 11,527 10,511 11,163 9,716 56,436 63,143 60,812 56,667 54,338 2,567 2,798 2,915 3,403 3,703 286,632 278,576 268,635 259,565 253,258 28,265 29,262 30,402 31,664 32,535 26,047 30,414 24,699 31,321 29,900 15,439 16,801 17,840 17,618 16,199 1997 - Est. . . . . . . . . . . 2,752 3,561 215 10,337 55,942 3,993 247,463 33,292 29,639 14,569 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 199 175 173 158 262 199 162 172 205 167 243 191 165 221 197 196 226 320 212 215 329 385 206 319 230 226 17 14 14 14 18 15 25 19 19 14 19 16 16 843 722 1,203 193 1,073 2,340 825 827 592 437 -209 681 1,029 3,779 5,810 6,540 4,240 4,250 3,682 3,916 3,265 3,757 3,558 4,545 3,857 6,920 224 353 280 250 363 307 287 322 335 239 379 314 272 25,041 17,093 20,262 23,988 r 19,187 r 20,533 r 21,348 r 21,778 r 25,409 r 18,532 21,362 24,930 18,835 2,759 2,660 2,707 2,593 2,718 2,853 2,664 2,683 2,774 2,635 2,756 2,781 2,711 2,956 2,056 2,336 1,891 3,624 2,568 2,620 2,356 1,906 2,194 1,462 3,317 3,569 1,870 1,495 1,383 1,498 1,139 1,285 1,222 1,136 1,200 1,422 1,326 1,470 1,622 Fiscal 1996 . . . . . . . . . 2,272 3,061 202 9,716 54,338 3,703 253,258 32,535 29,900 16,199 1992 1 1993 1 1994 1 1995 1 1996 1 Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Funds appropriated to the Department of Department of President Agriculture Commerce (4) (5) (6) Department of Defense Military Civil (7) (8) r Department of Department Department the Treasury of Health of Housing and Department Interest and Human Urban De- Department of Department Department Department of Transpor- on the Services velopment the Interior of Justice of Labor of State tation public debt Other (11) (12) (13) (14) (15) (16) (17) (18) (19) Department of Department Education of Energy (9) (10) EnvironDepartment mental of Veterans Protection Affairs Agency (20) (21) ............. ............. ............. ............. ............. 257,961 282,774 310,837 303,074 319,803 24,470 25,185 25,774 29,045 25,512 6,555 6,728 6,910 7,415 6,720 9,826 10,197 10,005 10,781 11,951 47,164 44,738 36,919 32,170 32,496 5,007 5,384 5,718 5,347 4,953 32,561 34,457 37,278 38,776 38,777 292,330 292,502 296,278 332,414 343,955 1,098 6,209 10,981 16,027 21,375 33,737 35,487 37,401 37,770 36,915 5,932 5,925 5,855 6,349 6,046 1997 - Est. . . . . . . . . . . 354,274 32,175 6,931 15,596 35,154 5,540 38,063 346,118 22,733 39,819 6,460 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 25,994 24,418 26,828 25,767 25,452 26,203 26,366 27,852 31,391 23,661 28,228 29,225 24,408 2,566 1,087 2,350 2,701 2,646 2,162 3,122 2,308 2,384 1,348 2,449 2,426 528 853 641 477 499 536 624 485 504 567 497 569 571 750 936 809 985 838 1,112 933 920 1,020 1,079 945 1,275 1,125 910 2,265 2,510 r 2,814 r 2,424 r 3,523 r 2,512 r 2,982 r 3,197 r 2,381 r 2,528 2,848 2,587 2,190 435 531 341 439 300 423 432 357 404 332 725 355 314 3,742 3,138 3,300 3,122 3,115 2,979 2,914 2,885 3,316 3,194 3,652 3,596 3,567 20,174 21,631 26,006 60,676 20,923 20,977 20,739 21,481 26,902 59,749 21,100 23,099 20,673 -307 -30 -1,053 1,146 r 405 6,870 7,171 2,939 1,686 1,753 304 891 -706 4,509 1,619 3,262 4,416 2,152 2,884 3,288 2,950 5,235 1,566 3,250 4,660 1,632 559 484 538 435 595 526 481 494 471 478 567 380 596 Fiscal 1996 . . . . . . . . . 319,803 25,512 6,720 11,951 32,496 4,953 38,777 343,955 21,375 36,915 6,046 See footnotes at end of table. r 14 FEDERAL FISCAL OPERATIONS TABLE FFO-3.--On-budget and Off-budget Outlays by Agency, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month National Aeronautics General and Office of Services Space Personnel Adminis- Adminis- Managetration tration ment (22) (23) (24) Undistributed offsetting receipts Small Business Administration (25) Social Security Administration (26) Rents and Other Employer Interest royalties indepenshare, received on the Outer dent employee by trust Continental agencies retirement funds Shelf lands (27) (28) (29) (30) Other (31) Allowances (32) Total outlays OnOffbudget budget (33) (34) 1992 1 . . . . . . . . . . . . . 469 13,961 35,596 394 281,418 18,877 -36,782 -77,838 -2,498 * - 1,129,336 252,559 1993 1 . . . . . . . . . . . . . 743 14,305 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * - 1,142,110 266,012 1994 1 . . . . . . . . . . . . . 334 13,694 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * - 1,181,185 279,372 1995 1 . . . . . . . . . . . . . 708 13,377 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 - 1,225,724 288,665 1996 1 . . . . . . . . . . . . . 625 13,882 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 - 1,259,638 300,455 1997 - Est. . . . . . . . . . . 695 13,699 44,618 423 398,085 21,176 -34,163 -102,078 -3,193 -3,600 -4,959 1,317,655 317,674 1995 - Sept.. . . . . . . . . 223 1,199 3,409 31 32,534 5,010 Oct. . . . . . . . . . 339 1,128 3,576 16 28,234 r Nov. . . . . . . . . . 389 1,119 3,418 238 30,121 Dec. . . . . . . . . . 477 973 3,576 76 32,778 1996 - Jan. . . . . . . . . . -393 1,208 3,379 -9 28,961 Feb. . . . . . . . . . 382 1,073 3,252 23 Mar. . . . . . . . . . 396 1,057 3,758 Apr. . . . . . . . . . -739 1,193 May . . . . . . . . . -520 June . . . . . . . . . -5,760 -311 -36 * - 105,098 30,836 726 -2,404 -415 -361 * - r 92,051 26,201 r 611 -2,365 -5,736 -200 * - r 101,847 26,691 r 819 -2,562 -40,467 -121 - - r 121,832 11,231 -438 -2,491 -65 -322 * - r 97,952 25,591 31,206 r 636 -2,559 -1,028 -295 - - r 105,842 27,933 41 31,384 r -28 -2,282 -144 -8 -200 - r 108,236 27,921 3,756 31 31,433 r 435 -2,428 -990 -499 -5 - r 105,201 25,863 1,281 3,377 40 33,650 1,887 -2,583 -5,951 -408 * - r 114,316 28,856 423 1,155 3,893 38 32,685 -2,226 -2,558 -41,135 -78 * - r 103,997 13,657 July . . . . . . . . . -812 1,280 3,854 31 31,694 1,193 -2,880 -116 -641 -23 - 104,215 26,535 Aug. . . . . . . . . . 372 1,095 3,619 36 33,832 647 -2,618 -1,598 -262 -1 - 113,840 27,988 Sept. . . . . . . . . 311 1,320 3,415 310 29,254 4,311 -5,806 -385 -546 -115 - 90,309 31,989 Fiscal 1996 . . . . . . . . . 625 13,882 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 - 1,259,638 300,455 r r r * Less than $500,000. 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 for this table. r r r r Note.--On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. ACCOUNT OF THE U.S. TREASURY 15 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Treasury’s operating cash is 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, and Fedwire Deposit Systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. 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 its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations 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. Under authority of Public Law 95-147, Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations participate under the Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments, which the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Funds Control Branch, Financial Management Service] Credits and withdrawals Federal Reserve accounts Credits 1 Received through Remittance Option tax and loan depositaries (2) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) Fiscal year or month Received directly (1) .............. .............. .............. .............. .............. 3,266,858 3,407,516 3,597,247 3,904,812 4,366,413 288,556 331,337 307,639 226,833 194,156 3,538,754 3,746,152 3,915,321 4,129,866 4,561,495 572,967 584,383 686,879 642,952 629,083 572,321 583,369 693,001 642,716 621,887 1995 - Sept. . . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . 290,931 298,831 393,003 316,921 339,184 409,663 275,277 520,944 424,041 318,757 346,058 333,559 390,178 18,998 15,725 14,447 21,708 18,119 13,572 15,685 17,110 14,052 17,596 14,795 13,558 17,788 306,074 316,159 408,763 338,354 355,071 425,812 289,573 534,033 445,378 332,410 361,718 348,804 405,417 58,374 46,545 44,608 68,902 54,403 45,271 52,580 58,821 46,232 60,307 47,017 44,612 59,787 42,408 61,697 38,381 74,788 39,676 48,989 63,252 36,392 82,756 30,732 47,413 66,630 31,179 1992 1993 1994 1995 1996 See footnotes at end of table. Withdrawals 2 (3) 16 ACCOUNT OF THE U.S. TREASURY TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Funds Control Branch, Financial Management Service] Balances Fiscal year or month End of period Tax and Federal loan note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and Federal loan note Reserve accounts (10) (11) Average Tax and Federal loan note Reserve accounts (12) (13) 1992 . . . . . . . . . . . . . . 24,586 34,203 24,586 37,028 1,852 2,752 6,513 19,756 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1,625 6,510 18,978 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 2,736 - 5,904 18,631 1995 . . . . . . . . . . . . . . 8,620 29,329 20,977 41,288 2,826 99 6,127 16,955 1996 . . . . . . . . . . . . . . 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 1995 - Sept.. . . . . . . . . 8,620 29,329 17,499 41,288 4,001 1,430 6,850 17,754 Oct. . . . . . . . . . . 7,018 14,176 8,620 33,237 3,416 4,677 5,384 12,446 Nov. . . . . . . . . . 5,703 20,402 6,538 20,402 4,621 - 5,410 8,195 Dec. . . . . . . . . . 5,979 14,515 11,383 40,647 4,998 3,617 6,762 15,191 1996 - Jan. . . . . . . . . . 8,210 29,243 9,168 31,776 4,368 5,655 6,298 17,023 Feb.. . . . . . . . . . 5,632 25,525 6,294 31,102 2,490 1,878 4,953 14,227 Mar.. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367 Apr. . . . . . . . . . . 11,042 37,281 15,668 37,281 4,485 1,266 7,318 15,761 May . . . . . . . . . . 3,757 757 11,967 37,881 3,757 757 5,714 12,867 June . . . . . . . . . 7,701 30,332 9,206 31,670 3,272 757 6,162 14,821 July . . . . . . . . . . 6,836 29,936 6,836 30,431 3,703 4,478 5,304 17,633 Aug. . . . . . . . . . 5,149 7,917 6,317 23,743 4,425 6,295 5,107 11,536 Sept. . . . . . . . . . 7,700 36,525 8,215 36,525 4,039 4,861 6,139 20,259 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 2 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and individual estimated income taxes beginning October 1988. FEDERAL DEBT 17 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the 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 Government.” • 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 agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount are also listed by total Federal securities, securities held by 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 discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type interest-bearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities--that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in market-based special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • 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 increased gradually since it hit a low of 2 years, 5 months, in December 1975. In March 1971, Congress enacted 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 time since 1965. This exception has expanded since 1971 authorizing Treasury to continue to issue long-term securities, and the ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes, and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the Federal Reserve banks. • In table FD-6, the debt ceiling is compared with the 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 in the non-interestbearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 18 FEDERAL DEBT TABLE FD-1.--Summary of Federal Debt [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Securities held by: Total (1) Amount outstanding Public debt securities (2) Agency securities (3) 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 4,082,871 4,436,171 4,721,293 5,000,945 5,259,854 4,064,621 4,411,489 4,692,750 4,973,983 5,224,811 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 5,224,199 5,243,459 5,259,854 4,973,983 4,985,262 4,989,330 4,988,665 4,987,436 5,017,041 5,117,786 5,102,049 5,128,509 5,161,076 5,188,889 5,208,303 5,224,811 End of fiscal year or month End of fiscal year or month Total (4) Government accounts Public debt securities (5) Total (7) The public Public debt securities (8) Agency securities (6) Agency securities (9) 18,250 24,682 28,543 26,962 35,043 1,016,453 1,116,713 1,213,115 1,320,800 1,454,608 1,016,330 1,116,693 1,213,098 1,320,784 1,447,001 123 21 17 16 7,606 3,066,418 3,319,458 3,508,178 3,680,145 3,805,246 3,048,291 3,294,796 3,479,652 3,653,199 3,777,810 18,127 24,661 28,526 26,946 27,437 26,962 27,171 28,142 28,245 28,141 36,174 35,508 35,663 35,298 35,817 35,310 35,156 35,043 1,320,800 1,319,624 1,285,894 1,304,472 1,309,154 1,299,079 1,361,632 1,382,132 1,388,225 1,430,049 1,428,287 1,431,726 1,454,608 1,320,784 1,319,607 1,285,878 1,304,456 1,309,154 1,291,214 1,353,767 1,374,268 1,380,619 1,422,443 1,420,680 1,424,120 1,447,001 16 16 16 16 7,865 7,865 7,865 7,606 7,606 7,606 7,606 7,606 3,680,145 3,692,809 3,731,578 3,712,438 3,706,423 3,754,136 3,791,662 3,755,580 3,775,582 3,766,844 3,795,912 3,811,733 3,805,246 3,653,199 3,665,655 3,703,452 3,684,209 3,678,282 3,725,827 3,764,019 3,727,781 3,747,890 3,738,633 3,768,209 3,784,183 3,777,810 26,946 27,155 28,126 28,229 28,141 28,309 27,643 27,798 27,692 28,211 27,704 27,550 27,437 Federal debt securities Securities held by Government accounts Securities held by the public Amount Net unamortized Amount Net unamortized Amount Net unamortized outstanding face premium and outstanding face premium and outstanding face premium and value discount Accrual amount value discount Accrual amount value discount Accrual amount (10) (11) (12) (13) (14) (15) (16) (17) (18) 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 4,082,871 4,436,171 4,721,293 5,000,945 5,259,854 80,058 85,022 77,297 79,995 77,931 4,002,815 4,351,149 4,643,996 4,920,950 5,181,923 1,016,453 1,116,713 1,213,115 1,320,800 1,454,608 12,415 12,776 1,472 3,188 5,698 1,004,039 1,103,938 1,211,644 1,317,612 1,448,910 3,066,418 3,319,458 3,508,178 3,680,145 3,805,246 67,643 72,246 75,826 76,807 72,233 2,998,776 3,247,211 3,432,352 3,603,338 3,733,013 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 5,224,199 5,243,459 5,259,854 79,995 79,315 79,905 79,161 77,889 78,787 78,466 78,395 78,166 78,272 78,375 78,282 77,931 4,920,950 4,933,118 4,937,567 4,937,750 4,937,688 4,974,428 5,074,828 5,059,317 5,085,641 5,118,621 5,145,824 5,165,177 5,181,923 1,320,800 1,319,624 1,285,894 1,304,472 1,309,154 1,299,079 1,361,632 1,382,132 1,388,225 1,430,049 1,428,287 1,431,726 1,454,608 3,188 3,197 3,358 3,395 3,392 3,598 3,940 4,485 4,888 5,113 5,246 5,485 5,698 1,317,612 1,316,427 1,282,537 1,301,077 1,305,762 1,295,481 1,357,692 1,377,647 1,383,337 1,424,936 1,423,041 1,426,241 1,448,910 3,680,145 3,692,809 3,731,578 3,712,438 3,706,423 3,754,136 3,791,662 3,755,580 3,775,582 3,766,844 3,795,912 3,811,733 3,805,246 76,807 76,118 76,547 75,766 74,497 75,189 74,526 73,910 73,278 73,159 73,129 72,797 72,233 3,603,338 3,616,691 3,655,031 3,636,672 3,631,926 3,678,947 3,717,136 3,681,670 3,702,304 3,693,685 3,722,783 3,738,936 3,733,013 FEDERAL DEBT 19 TABLE FD-2.--Interest-Bearing Public Debt [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] Marketable Total interestbearing public debt (1) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Other securities: Federal Financing Bank (6) 1992. . . . . . . . . . . . 1993. . . . . . . . . . . . 1994. . . . . . . . . . . . 1995. . . . . . . . . . . . 1996. . . . . . . . . . . . 4,061,801 4,408,567 4,689,524 4,950,644 5,220,790 2,677,476 2,904,910 3,091,602 3,260,447 3,418,371 634,287 658,381 697,295 742,462 761,232 1,566,349 1,734,161 1,867,507 1,980,343 2,098,670 461,840 497,367 511,800 522,643 543,469 15,000 15,000 15,000 15,000 15,000 1,384,325 1,503,657 1,597,922 1,690,197 1,802,419 1995 - Sept.. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 1996 - Jan.. . . . . . . Feb. . . . . . Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . July . . . . . Aug. . . . . . Sept. . . . . 4,950,644 4,981,739 4,985,790 4,964,371 4,983,247 5,012,872 5,082,952 5,097,989 5,124,422 5,126,748 5,184,908 5,173,734 5,220,790 3,260,447 3,293,172 3,351,483 3,307,179 3,331,836 3,387,122 3,375,055 3,367,197 3,387,187 3,348,433 3,411,190 3,395,960 3,418,371 742,462 738,605 785,682 760,680 756,723 795,328 811,919 769,061 782,756 773,612 789,809 781,044 761,232 1,980,343 2,016,925 2,029,642 2,010,340 2,038,955 2,042,732 2,014,074 2,049,074 2,055,370 2,025,761 2,072,321 2,056,447 2,098,670 522,643 522,642 521,159 521,158 521,158 534,062 534,062 534,062 534,061 534,061 534,060 543,469 543,469 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 1,690,197 1,688,567 1,634,308 1,657,191 1,651,411 1,625,750 1,707,897 1,730,792 1,737,235 1,778,315 1,773,718 1,777,774 1,802,419 End of fiscal year or month Nonmarketable Total (7) Nonmarketable, con. End of fiscal year or month State and local government series (11) Domestic series (12) Other (13) 1,011,020 1,114,289 1,211,689 1,324,270 1,454,690 157,570 149,449 137,386 113,368 95,674 29,995 29,995 29,995 29,995 29,995 435 442 445 432 424 1,324,270 1,325,155 1,273,059 1,299,585 1,299,967 1,274,699 1,357,647 1,380,433 1,387,235 1,428,508 1,427,185 1,429,850 1,454,690 113,368 110,367 107,819 104,458 99,104 97,577 96,476 96,095 97,982 97,832 94,547 95,850 95,674 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 432 432 432 431 429 428 426 425 424 427 426 426 424 U.S. savings bonds (8) Foreign series Government (9) Government account series (10) 1992. . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . 148,266 167,024 176,413 181,181 184,147 37,039 42,459 41,996 40,950 37,488 1995 - Sept.. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . 181,181 181,819 182,203 181,918 182,238 182,691 182,992 183,481 183,594 183,770 183,949 184,037 184,147 40,950 40,800 40,800 40,805 39,678 40,361 40,361 40,362 38,004 37,781 37,615 37,615 37,488 20 FEDERAL DEBT TABLE FD-3.--Government Account Series [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange stabilization fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Federal Insurance Housing Trust Fund Administration (8) (9) Federal Old-age and Survivors Insurance Trust Fund (10) 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1,011,020 1,114,289 1,211,689 1,324,270 1,454,690 15,090 12,672 12,206 11,145 7,682 4,664 4,325 13,972 20,117 22,186 12,411 13,575 14,929 15,839 16,962 3,314 5,637 7,326 2,399 11,853 12,774 10,162 6,025 35,150 50,051 273,732 301,711 329,602 357,539 377,677 120,647 126,078 128,716 129,864 125,805 6,077 5,380 5,933 6,277 7,894 306,524 355,510 413,425 447,947 499,403 1995 - Sept.. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . 1,324,270 1,325,155 1,273,059 1,299,585 1,299,967 1,274,699 1,357,647 1,380,433 1,387,235 1,428,508 1,427,185 1,429,850 1,454,690 11,145 11,424 11,636 12,182 11,492 10,439 9,950 9,373 9,216 9,049 8,489 8,168 7,682 20,117 21,643 21,713 21,170 21,815 21,825 20,469 21,912 21,953 21,446 21,924 21,629 22,186 15,839 15,896 16,109 15,973 16,148 16,339 16,327 16,398 16,683 16,672 16,584 16,829 16,962 2,399 3,020 3,032 2,937 3,852 2,666 3,896 4,150 4,169 4,185 4,183 11,733 11,853 35,150 35,306 35,882 37,572 39,137 39,821 41,012 43,910 44,755 47,579 48,416 48,962 50,051 357,539 355,367 313,492 311,955 312,121 297,385 351,278 349,436 348,244 361,133 359,592 356,437 377,677 129,864 127,495 126,554 131,443 130,649 127,583 126,072 130,357 124,339 129,890 127,355 123,780 125,805 6,277 6,283 7,066 7,264 7,264 7,119 7,688 7,690 7,972 7,941 8,374 7,923 7,894 447,947 444,667 442,999 458,612 462,720 462,196 464,737 477,883 478,596 496,715 498,067 497,196 499,403 Highway Trust Fund (14) National Service Life Insurance fund (15) End of fiscal year or month Federal Federal SavSuppleings and Loan mentary Corporation, Medical resolution Insurance fund Trust Fund (11) (12) Government life insurance fund (13) Railroad Postal Retirement Service fund Account (16) (17) Treasury deposit funds (18) Unemployment Trust Fund (19) Other (20) 1992. . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . 1,346 828 1,649 528 694 18,534 23,269 21,489 13,513 27,175 134 125 114 106 99 11,167 11,475 7,751 8,954 11,660 11,310 11,666 11,852 11,954 12,007 4,679 3,826 1,270 1,249 860 10,081 10,457 10,596 12,129 14,763 212 147 130 130 77 34,898 36,563 39,745 47,098 53,849 163,426 180,883 184,959 202,332 213,993 1995 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . 528 112 199 270 276 302 335 342 460 475 542 633 694 13,513 14,197 13,529 13,035 13,328 14,345 22,718 23,258 22,577 24,898 25,286 24,771 27,175 106 105 104 103 103 103 102 101 100 100 101 99 99 8,954 7,982 8,022 8,561 9,608 10,169 9,832 10,718 10,760 10,961 11,586 12,465 11,660 11,954 11,880 11,821 12,240 12,194 12,099 12,011 11,906 11,825 12,232 12,175 12,098 12,007 1,249 2,961 980 1,411 1,206 1,772 2,595 1,539 1,837 2,057 2,987 860 12,129 12,193 12,545 12,443 12,540 12,768 13,012 13,597 13,967 14,208 14,437 14,663 14,763 130 156 161 189 72 72 68 68 63 68 69 76 77 47,098 46,862 48,112 47,995 46,013 46,168 44,080 44,249 53,324 53,598 53,088 55,586 53,849 202,332 210,567 197,122 204,661 199,224 192,094 212,288 212,490 216,693 215,521 214,860 213,815 213,993 FEDERAL DEBT 21 TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government" and Financial Management Service] End of fiscal year or month Total outstanding (1) Federal Deposit Department of Insurance Corporation Housing and Urban Farm Credit Federal Savings Development System Bank and Loan InsurFederal Financial Insurance ance Corporation, Housing Assistance Fund resolution fund Administration Corp. (2) (3) (4) (5) Other independent Tennessee Valley Authority (6) Postal Service (7) Other (8) 1992. . . . . . . . . . . . . . . . . . . . . . . . 18,250 93 1,137 301 - 16,015 - 705 1993. . . . . . . . . . . . . . . . . . . . . . . . 24,682 93 943 213 1,261 21,675 - 498 1994. . . . . . . . . . . . . . . . . . . . . . . . 28,543 - 538 112 1,261 26,121 - 509 1995. . . . . . . . . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 1996. . . . . . . . . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 1995 - Sept.. . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 Oct. . . . . . . . . . . . . . . . . . 27,171 - 158 88 1,261 25,166 - 497 Nov. . . . . . . . . . . . . . . . . . 28,142 - 158 93 1,261 26,131 - 499 Dec. . . . . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500 28,141 - 126 31 1,261 26,221 - 501 Feb. . . . . . . . . . . . . . . . . . 36,174 - 126 35 1,261 29,595 4,665 492 Mar. . . . . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493 Apr. . . . . . . . . . . . . . . . . . 35,663 - 114 56 1,261 29,072 4,665 495 May . . . . . . . . . . . . . . . . . 35,298 - 126 56 1,261 28,952 4,406 496 June . . . . . . . . . . . . . . . . . 35,817 - 126 62 1,261 29,465 4,406 497 July . . . . . . . . . . . . . . . . . 35,310 - 126 62 1,261 28,956 4,406 499 Aug. . . . . . . . . . . . . . . . . . 35,156 - 126 78 1,261 28,793 4,406 492 Sept. . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 1996 - Jan.. . . . . . . . . . . . . . . . . . . 22 FEDERAL DEBT 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 outstanding privately held 1 (1) Within 1 year (2) ................... ................... ................... ................... ................... 2,113,799 2,363,802 2,562,336 2,719,861 2,870,781 713,778 808,705 858,135 877,932 1,002,875 1995 - Sept.. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 2,870,781 2,901,629 2,954,168 2,901,387 2,937,115 2,994,090 2,980,688 2,968,878 2,983,624 2,943,097 2,996,840 2,989,680 3,011,185 1,002,875 1,007,132 1,065,179 1,049,518 1,050,406 1,078,387 1,097,120 1,055,822 1,061,225 1,052,190 1,067,689 1,074,540 1,058,558 End of fiscal year or month 1991 1992 1993 1994 1995 Maturity classes 5-10 years (4) 10-20 years (5) 20 years and more (6) 761,243 866,329 978,714 1,128,322 1,157,492 280,574 295,921 306,663 289,998 290,111 84,900 84,706 94,345 88,208 87,297 273,304 308,141 324,479 335,401 333,006 6 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 0 mos. 11 mos. 10 mos. 8 mos. 4 mos. 1,157,492 1,182,933 1,176,195 1,142,392 1,174,222 1,189,173 1,158,416 1,188,828 1,199,184 1,168,683 1,196,678 1,176,091 1,212,258 290,111 290,311 292,576 291,881 292,525 299,298 298,496 297,917 298,842 299,042 309,371 305,079 306,643 87,297 87,397 93,490 92,636 93,339 95,090 94,990 94,820 111,981 111,395 110,820 112,150 111,360 333,006 333,856 326,727 324,959 326,622 332,141 331,666 331,491 312,391 311,787 312,282 321,820 322,366 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 4 mos. 4 mos. 3 mos. 3 mos. 2 mos. 3 mos. 2 mos. 3 mos. 3 mos. 3 mos. 2 mos. 3 mos. 3 mos. 1-5 years (3) Average length (7) TABLE FD-6.--Debt Subject to Statutory Limitation [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month Statutory debt limit (1) Debt outstanding subject to limitation Public debt (3) Total (2) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 4,145,000 4,900,000 4,900,000 4,900,000 5,500,000 3,972,578 4,315,571 4,605,338 4,884,605 5,137,195 3,972,276 4,315,358 4,605,226 4,884,518 5,137,113 302 213 112 87 82 3,970,891 4,313,976 4,603,700 4,863,076 5,135,157 302 213 112 87 82 1,385 1,382 1,526 21,442 1,956 1995 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 4,884,605 4,896,552 4,899,975 4,899,975 4,899,974 4,899,975 5,029,951 5,014,329 5,041,009 5,073,418 5,101,106 5,120,321 5,137,195 4,884,518 4,896,464 4,899,882 4,899,878 4,899,943 4,899,940 5,029,899 5,014,274 5,040,953 5,073,357 5,101,045 5,120,243 5,137,113 87 89 93 97 32 35 52 56 56 62 62 78 82 4,863,076 4,894,826 4,898,227 4,877,515 4,897,685 4,897,702 4,997,030 5,012,215 5,038,901 5,041,023 5,099,056 5,087,664 5,135,157 87 89 93 97 32 35 52 56 56 62 62 78 82 21,442 1,638 1,655 22,363 2,258 2,238 32,869 2,059 2,052 32,334 1,989 32,579 1,956 1 Beginning September 1976 the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Published data was changed for the end Other debt 2 (4) Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interest-bearing public debt subject to limitation (7) of the fiscal years back through 1967. Consists of guaranteed debt issued by the Federal Housing Administration. 2 FEDERAL DEBT 23 TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Agriculture Rural Farmers Electrification Home Administration Administration (4) (5) Total (1) Commodity Credit Corporation (2) Rural Development Administration (3) 1992. . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . 206,410 183,196 163,642 134,892 117,290 17,282 24,745 16,909 - 1,685 2,112 - 8,693 8,926 8,855 - 9,060 8,682 8,529 - 8,596 3,273 12,161 12,042 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 134,892 140,031 132,466 133,609 135,302 125,140 123,972 123,691 123,708 119,917 118,787 118,936 117,290 - - - - 8,596 9,566 2,317 2,282 2,364 2,364 2,364 2,364 2,441 3,141 3,141 3,253 3,273 12,161 12,381 12,389 13,039 13,039 13,039 13,039 13,044 13,006 12,731 12,732 12,768 12,042 End of fiscal year or month Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) Department of Education (11) Department of Energy Bonneville Power Administration (12) FarmService Agency (6) Rural Utilities Service (7) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) 1992. . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . 5,354 6,430 91 113 563 647 2,770 2,673 2,612 6,745 13,398 1,906 2,332 2,617 2,563 2,456 783 1,647 3,123 8,774 8,959 8,484 7,714 6,909 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,354 6,304 6,304 6,304 6,304 6,304 6,304 6,304 6,304 6,169 6,169 6,169 6,430 91 108 108 108 108 108 108 108 108 108 108 108 113 563 563 563 563 563 563 563 563 563 563 563 563 647 6,745 11,160 11,160 14,351 14,351 14,351 14,351 14,351 14,351 14,351 14,351 14,351 13,398 2,563 2,563 2,563 2,563 2,653 2,653 2,448 2,448 2,398 2,398 2,398 2,468 2,456 1,647 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 3,123 7,714 7,714 7,714 7,714 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 24 FEDERAL DEBT TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Treasury Federal Financing Bank (15) Department of Veterans Affairs Direct Loan loan guaranty fund fund (16) (17) Export-Import Bank of the United States (18) Railroad Retirement Board (19) Small Business Administration (20) Other (21) 1992. . . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957 1993. . . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599 1994. . . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445 1995. . . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 1996. . . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 1995 - Sept.. . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 Oct. . . . . . . . . . 67,622 1 1,272 2,665 4,955 8,341 3,238 Nov. . . . . . . . . . 66,693 1 1,272 2,723 5,459 8,341 3,280 Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370 63,515 1 1,994 2,723 5,974 8,341 4,883 Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941 Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032 Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111 May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126 June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126 July . . . . . . . . . 47,233 1 1,994 2,736 4,498 9,231 5,142 Aug. . . . . . . . . . 46,971 1 1,994 2,736 4,752 9,231 5,080 Sept. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 1996 - Jan.. . . . . . . . . . . FEDERAL DEBT 25 CHARTS FD-A.--Average Length of Privately Held Marketable Debt [Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.] Years Sept. 30, 1996 5 Years, 3 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months 26 FEDERAL DEBT CHART FD-B.--Private Holdings of Treasury Marketable Debt, by Maturity* (In billions of dollars) Contents of this chart are unavailable in electronic form. As of December 31 * Source: Department of the Treasury, Office of Market Finance PUBLIC DEBT OPERATIONS 27 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 date. Each marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities, current bills, notes, and bonds. mature on the same Thursday as an existing 52-week bill is a reopening of the existing 52-week bill. New issues of cash management bills are also presented. High, low, and average yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis. Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities to encourage participation of individuals and smaller institutions. • Table PDO-1 provides a maturity schedule of interestbearing 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 all private holdings. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Included are: notes and bonds from table PDO-1; 52-week bills from table PDO-2; and data for cash management bills. The maturities of cash management bills coincide with those of regular issues of Treasury bills. • Table PDO-2 presents the results of weekly auctions of 13- and 26-week bills, as well as auctions of 52-week bills, which are held every fourth week. Treasury bills mature each Thursday. New issues of 13-week bills are reopenings of 26week bills. The 26-week bill issued every fourth week to • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The Federal Reserve 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 JULY Auction of 2-Year and 5-Year Notes Auction of 10-Year Notes July 17 Treasury announced it would auction $18,750 million of 2-year notes of Series AH-1998 and $12,500 million of 5-year notes of Series L-2001 to refund $27,768 million of securities maturing July 31 and to raise about $3,475 million new cash. July 3 Treasury announced it would auction $10,000 million of 10-year notes to refund $7,004 million of notes maturing July 15 and to raise about $3,000 million new cash. The notes offered were Treasury notes of Series C-2006, dated July 15, 1996, due July 15, 2006, with interest payable January 15 and July 15 until maturity. An interest rate of 7 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 July 9, and totaled $26,618 million, of which $10,005 million was accepted at yields ranging from 7.005 percent, price 99.964, up to 7.019 percent, price 99.865. Tenders at the high yield were allotted 86 percent. Noncompetitive tenders were accepted in full at the average yield, 7.016 percent, price 99.886. These totaled $385 million. Competitive tenders accepted from private investors totaled $9,620 million. In addition to the $10,005 million of tenders accepted in the auction process, $800 million was awarded to Federal Reserve banks as agents for foreign and international monetary authorities, and $721 million was accepted from Federal Reserve banks for their own account. The notes of Series C-2006 may be held in STRIPS form. The minimum par amount required is $200,000. The notes of Series AH-1998 were dated July 31, 1996, due July 31, 1998, with interest payable January 31 and July 31 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 1 p.m., e.d.t., for competitive tenders on July 23, and totaled $40,761 million, of which $18,786 million was accepted. All competitive tenders at yields lower than 6.288 percent were accepted in full. Tenders at 6.288 percent were allotted 68 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.288 percent with an equivalent price of 99.930. The median yield was 6.270 percent; and the low yield was 6.239 percent. Noncompetitive tenders totaled $1,537 million. Competitive tenders accepted from private investors totaled $17,249 million. In addition to the $18,786 million of tenders accepted in the auction process, $1,900 million was accepted from Federal Reserve banks as agents for foreign and international monetary 28 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JULY-SEPTEMBER, con. authorities, and $817 million was accepted from Federal Reserve banks for their own account. The notes of Series L-2001 were dated July 31, 1996, due July 31, 2001, with interest payable January 31 and July 31 until maturity. An interest rate of 6-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. 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 July 24, and totaled $27,061 million, of which $12,510 million was accepted. All competitive tenders at yields lower than 6.625 percent were accepted in full. Tenders at 6.625 were allotted 9 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.625 percent with an equivalent price of 100.000. The median yield was 6.572 percent; and the low yield was 6.537 percent. Noncompetitive tenders totaled $512 million. Competitive tenders accepted from private investors totaled $11,998 million. In addition to the $12,510 million of tenders accepted in the auction process, $900 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $700 million was accepted from Federal Reserve banks for their own account. 52-Week Bills July 12 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated July 25, 1996, and to mature July 24, 1997. The issue was to refund $18,359 million of maturing 52-week bills and to raise about $900 million new cash. The bills were auctioned on July 18. Tenders totaled $48,582 million, of which $19,372 million was accepted, including $930 million of noncompetitive tenders from the public and $5,226 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. An additional $795 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. The average bank discount rate was 5.49 percent. AUGUST August Quarterly Financing July 31 Treasury announced it would auction $19,000 million of 3-year notes of Series Y-1999, $10,000 million of 9-year 11-month 7 percent notes of Series C-2006, and $10,000 million of 30-year bonds of August 2026 to refund $17,596 million of Treasury securities maturing August 15 and to raise about $21,400 million new cash. The notes of Series Y-1999 were dated August 15, 1996, due August 15, 1999, with interest payable February 15 and August 15 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 6, and totaled $43,675 million, of which $19,007 million was accepted at yields ranging from 6.110 percent, price 99.703, up to 6.124 percent, price 99.665. Tenders at the high yield were allotted 12 percent. Noncompetitive tenders were accepted in full at the average yield, 6.118 percent, price 99.681. These totaled $621 million. Competitive tenders accepted from private investors totaled $18,386 million. In addition to the $19,007 million of tenders accepted in the auction process, $1,881 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,780 million was accepted from Federal Reserve banks for their own account. The 7 percent notes of Series C-2006 were an additional issue of notes dated July 15, 1996, due July 15, 2006, with interest payable January 15 and July 15 until maturity. Accrued interest of $5.89674 per $1,000, covering the period from July 15, 1996, to August 15, 1996, was payable with each accepted tender. 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 7, and totaled $22,192 million, of which $10,000 million was accepted at yields ranging from 6.514 percent, price 103.494, up to 6.553 percent, price 103.207. Tenders at the high yield were allotted 95 percent. Noncompetitive tenders were accepted in full at the average yield, 6.535 percent, price 103.339. These totaled $385 million. Competitive tenders accepted from private investors totaled $9,615 million. In addition to the $10,000 million of tenders accepted in the auction process, $300 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $900 million was accepted from Federal Reserve banks for their own account. The notes of Series C-2006 may be held in STRIPS form. The minimum par amount required is $200,000. The bonds of August 2026 were dated August 15, 1996, due August 15, 2026, with interest payable February 15 and August 15 until maturity. An interest rate of 6-3/4 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 8, and totaled $22,615 million, of which $10,001 million was accepted at yields ranging from 6.764 percent, price 99.821, up to 6.778 percent, price 99.643. Tenders at the high yield were allotted 61 percent. Noncompetitive tenders were accepted in full at the average yield, 6.768 percent, price 99.770. These totaled $317 million. Competitive tenders accepted from private investors totaled $9,684 million. PUBLIC DEBT OPERATIONS 29 TREASURY FINANCING: JULY-SEPTEMBER, con. In addition to the $10,001 million of tenders accepted in the auction process, $900 million was accepted from Federal Reserve banks for their own account. The bonds of August 2026 may be held in STRIPS form. The minimum par amount required is $800,000. Auction of 2-Year and 5-Year Notes August 21 Treasury announced it would auction $18,750 million of 2-year notes of Series AJ-1998 and $12,500 million of 5-year notes of Series M-2001 to refund $27,808 million of securities maturing August 31 and to raise about $3,450 million new cash. The notes of Series AJ-1998 were dated September 3, 1996, due August 31, 1998, with interest payable the last calendar day of February and August 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 1 p.m., e.d.t., for competitive tenders on August 27, and totaled $41,737 million, of which $18,752 million was accepted. All competitive tenders at yields lower than 6.170 percent were accepted in full. Tenders at 6.170 percent were allotted 21 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.170 percent with an equivalent price of 99.917. The median yield was 6.150 percent; and the low yield was 6.119 percent. Noncompetitive tenders totaled $1,517 million. Competitive tenders accepted from private investors totaled $17,235 million. In addition to the $18,752 million of tenders accepted in the auction process, $2,350 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $784 million was accepted from Federal Reserve banks for their own account. The notes of Series M-2001 were dated September 3, 1996, due August 31, 2001, with interest payable the last calendar day of February and August 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 1 p.m., e.d.t., for competitive tenders on August 28, and totaled $26,681 million, of which $12,502 million was accepted. All competitive tenders at yields lower than 6.568 percent were accepted in full. Tenders at 6.568 percent were allotted 86 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.568 percent with an equivalent price of 99.715. The median yield was 6.535 percent; and the low yield was 5.530 percent. Noncompetitive tenders totaled $534 mil- lion. Competitive tenders accepted from private investors totaled $11,968 million. In addition to the $12,502 million of tenders accepted in the auction process, $950 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $525 million was accepted from Federal Reserve banks for their own account. 52-Week Bills August 9 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated August 22, 1996, and to mature August 21, 1997. The issue was to refund $18,464 million of maturing 52-week bills and to raise about $775 million new cash. The bills were auctioned on August 15. Tenders totaled $48,788 million, of which $19,386 million was accepted, including $902 million of noncompetitive tenders from the public and $5,610 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. An additional $1,171 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. The average bank discount rate was 5.36 percent. Cash Management Bills August 27 tenders were invited for approximately $30,000 million of 14-day bills to be dated September 3, 1996, and to mature September 17, 1996. The issue was to raise new cash. Tenders were opened on August 29. They totaled $60,065 million, of which $30,010 million was accepted. The average bank discount rate was 5.24 percent. SEPTEMBER Auction of 2-Year and 5-Year Notes September 18 Treasury announced it would auction $18,250 million of 2-year notes of Series AK-1998 and $12,500 million of 5-year notes of Series N-2001 to refund $28,146 million of securities maturing September 30 and to raise about $2,600 million new cash. The notes of Series AK-1998 were dated September 30, 1996, due September 30, 1998, with interest payable March 31 and September 30 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 September 25, and totaled $48,171 million, of which $18,255 million was accepted. All competitive tenders at yields lower than 6.080 percent were accepted in full. Tenders at 6.080 percent were allotted 17 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.080 percent with an equivalent price of 99.851. 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JULY-SEPTEMBER, con. The median yield was 6.060 percent; and the low yield was 6.011 percent. Noncompetitive tenders totaled $1,452 million. Competitive tenders accepted from private investors totaled $16,803 million. In addition to the $18,255 million of tenders accepted in the auction process, $2,250 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $931 million was accepted from Federal Reserve banks for their own account. The notes of Series N-2001 were dated September 30, 1996, due September 30, 2001, with interest payable March 31 and September 30 until maturity. An interest rate of 6-3/8 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 1 p.m., e.d.t., for competitive tenders on September 26, and totaled $32,178 million, of which $12,502 million was accepted. All competitive tenders at yields lower than 6.409 percent were accepted in full. Tenders at 6.409 percent were allotted 3 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.409 percent with an equivalent price of 99.856. The median yield was 6.390 percent; and the low yield was 6.350 percent. Noncompetitive tenders totaled $477 million. Competitive tenders accepted from private investors totaled $12,025 million. In addition to the $12,502 million of tenders accepted in the auction process, $1,350 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $650 million was accepted from Federal Reserve banks for their own account. 52-Week Bills September 6 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated September 19, 1996, and to mature September 18, 1997. The issue was to refund $19,275 million of maturing 52-week bills and to pay down about $25 million. The bills were auctioned on September 12. Tenders totaled $51,680 million, of which $19,376 million was accepted, including $856 million of noncompetitive tenders from the public and $6,493 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. An additional $517 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. The average bank discount rate was 5.57 percent. PUBLIC DEBT OPERATIONS 31 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 1996 Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 8%-H note 6-7/8%-U note 1 7-1/4%-D note 4-3/8%-AB note 6-1/2%-V note 7-1/4%-AN note 6-1/8%-W note 7-1/2%-AP note Issue date (2) 10/16/89 10/31/91 11/15/86 11/15/93 12/02/91 11/30/94 12/31/91 01/03/95 Total. . . . . . . . . . . . . . . 1997 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 7-1/2%-Z note 6-1/4%-H note 4-3/4%-V note 6-7/8%-AB note 6-3/4%-J note 6-7/8%-K note 6-5/8%-AC note 8-1/2%-E note 6-7/8%-L note 6-1/2%-AD note 1 8-1/2%-A note 6-1/2%-W note 6-3/4%-M note 6-1/8%-AE note 6-3/8%-N note 5-5/8%-AF note 8-1/2%-F note 5-1/2%-P note 5-7/8%-AG note 1 8-5/8%-B note 6-1/2%-X note 5-5/8%-Q note 6%-AH note 5-1/2%-R note 5-3/4%-AJ note 8-3/4%-G note 5-3/4%-S note 5-5/8%-AK note 1 8-7/8%-C note 7-3/8%-Y note 6%-T note 5-3/8%-AL note 01/16/90 01/31/95 01/31/92 02/15/94 02/28/95 03/02/92 03/31/92 03/31/95 04/16/90 04/30/92 05/01/95 05/15/87 05/16/94 06/01/92 05/31/95 06/30/92 06/30/95 07/16/90 07/31/92 07/31/95 08/15/87 08/15/94 08/31/92 08/31/95 09/30/92 10/02/95 10/15/90 11/02/92 10/31/95 11/15/87 11/15/94 11/30/92 11/30/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 7,989 28,331 20,259 22,065 9,871 18,940 9,635 19,608 136,698 375 1,395 1,129 4,528 235 265 200 1,275 9,402 7,614 26,936 19,130 17,537 9,636 18,675 9,435 18,333 127,296 7,852 19,002 9,464 19,832 18,816 9,948 11,302 19,354 7,860 11,441 18,708 9,921 21,750 11,049 18,937 11,054 19,260 8,385 12,104 18,952 9,363 20,250 11,109 19,383 12,139 19,117 8,860 11,383 18,840 9,808 20,861 11,526 18,688 607 425 150 1,795 647 472 484 1,150 776 965 735 564 4,065 403 770 430 707 998 400 426 497 2,467 574 845 541 774 777 340 552 600 3,286 276 702 7,246 18,577 9,314 18,038 18,169 9,476 10,818 18,204 7,084 10,476 17,973 9,357 17,685 10,646 18,167 10,624 18,552 7,388 11,704 18,526 8,866 17,784 10,535 18,538 11,598 18,341 8,083 11,043 18,288 9,208 17,575 11,250 17,986 32 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 1997, con. Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6%-U note 5-1/4%-AM note Issue date (2) 12/31/92 01/02/96 Total. . . . . . . . . . . . . . . 1998 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 5-5/8%-J note 5%-AB note 1 8-1/8%-A note 7-1/4%-W note 5-1/8%-K note 5-1/8%-L note 6-1/8%-AD note 7-7/8%-F note 5-1/8%-M note 5-7/8%-AE note 1 9%-B note 6-1/8%-X note 5-3/8%-N note 6%-AF note 5-1/8%-P note 6-1/4%-AG note 8-1/4%-G note 6-1/4%-AH note 5-1/4%-Q note 1 9-1/4%-C note 5-7/8%-Y note 6-1/8%-AJ-note 4-3/4%-R note 6%-AK-note 4-3/4%-S note 7-1/8%-H note 4-3/4%-T note 1 8-7/8%-D note 3-1/2% bond 5-1/2%-Z note 5-1/8%-U note 5-1/8%-V note 01/15/91 02/01/93 01/31/96 02/15/88 02/15/95 03/01/93 03/31/93 04/10/96 04/15/91 04/30/93 04/30/96 05/15/88 05/15/95 06/01/93 05/31/96 06/30/93 07/01/96 07/15/91 07/31/96 08/02/93 08/15/88 08/15/95 09/03/96 08/31/93 09/30/96 09/30/93 10/15/91 11/01/93 11/15/88 10/03/60 11/24/95 11/30/93 12/31/93 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 5%-J note 1 8-7/8%-A note 5%-W note 5-1/2%-K note 01/15/92 01/31/94 02/15/89 02/15/96 02/28/94 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,163 19,164 507,645 601 1,080 30,881 11,562 18,084 476,765 9,126 12,339 19,087 9,159 21,080 30,870 13,149 21,720 8,788 12,225 21,406 9,165 21,226 12,358 21,110 12,596 22,054 9,694 21,563 11,689 11,343 22,418 21,949 13,019 21,485 12,576 10,268 13,023 9,903 230 20,598 12,115 12,444 501,775 878 646 957 440 3,289 1,444 1,295 1,598 585 495 976 478 3,462 805 671 1,471 1,177 1,375 867 472 1,011 4,566 784 591 931 944 969 858 535 162 2,560 929 1,580 39,801 8,248 11,693 18,130 8,719 17,791 29,426 11,854 20,121 8,204 11,730 20,430 8,687 17,764 11,553 20,439 11,125 20,877 8,319 20,696 11,217 10,332 17,852 21,165 12,428 20,554 11,632 9,300 12,165 9,368 70 18,039 11,186 10,865 461,979 10,559 12,901 9,720 21,997 11,914 892 377 845 3,472 435 9,667 12,524 8,875 18,525 11,479 PUBLIC DEBT OPERATIONS 33 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 1999, con. Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-7/8%-L note 7%-F note 6-1/2%-M note 1 9-1/8%-B note 6-3/4%-N note 6-3/8%-X note 6-3/4%-P note 6-3/8%-G note 6-7/8%-Q note 6%-Y-note 1 8%-C note 6-7/8%-R note 7-1/8%-S note 6%-H note 7-1/2%-T note 1 7-7/8%-D note 7-3/4%-U note 7-3/4%-V note Issue date (2) 03/31/94 04/15/92 05/02/94 05/15/89 05/31/94 05/15/96 06/30/94 07/15/92 08/01/94 08/15/96 08/15/89 08/31/94 09/30/94 10/15/92 10/31/94 11/15/89 11/30/94 01/03/95 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 7-3/4%-G note 1 8-1/2%-A note 7-1/8%-H note 6-7/8%-J note 5-1/2%-F note 6-3/4%-K note 1 8-7/8%-B note 6-1/4%-L note 5-7/8%-M note 6-1/8%-N note 1 8-3/4%-C note 6-1/4%-P note 6-1/8%-Q note 5-3/4%-R note 1 8-1/2%-D note 5-5/8%-S note 5-1/2%-T note 01/15/93 01/31/95 02/15/90 02/28/95 03/31/95 04/15/93 05/01/95 05/15/90 05/31/95 06/30/95 07/31/95 08/15/90 08/31/95 10/02/95 10/31/95 11/15/90 11/30/95 01/02/96 Total. . . . . . . . . . . . . . . 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 5-5/8%-F note 6-3/8%-G note 01/31/96 01/12/81 02/15/91 02/29/96 04/10/96 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,780 10,178 12,292 10,047 12,339 23,360 13,101 10,006 12,411 22,708 10,164 12,397 12,836 10,337 12,152 10,774 11,934 12,523 299,430 1,875 1,124 1,250 1,208 622 2,602 1,800 349 1,146 1,780 798 701 1,079 406 508 709 462 1,400 25,840 10,905 9,054 11,042 8,840 11,717 20,758 11,301 9,657 11,264 20,928 9,366 11,696 11,757 9,931 11,644 10,065 11,472 11,123 273,590 10,104 12,229 10,673 12,496 13,188 10,535 12,433 10,496 12,752 12,464 12,339 11,081 11,922 12,011 12,080 11,520 12,357 12,821 213,501 690 662 832 978 1,206 360 1,105 480 642 740 385 844 656 774 537 866 380 840 12,977 9,414 11,566 9,841 11,518 11,983 10,175 11,329 10,016 12,110 11,724 11,954 10,236 11,266 11,237 11,543 10,654 11,977 11,981 200,524 12,816 1,501 11,313 12,820 14,181 800 161 678 800 1,559 12,016 1,341 10,635 12,020 12,622 34 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2001, con. Apr. 30.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6-1/4%-H note 13-1/8% bond 1 8%-B note 6-1/2%-J note 6-1/8%-K note 6-5/8%-L note 1 7-7/8%-C note 13-3/8% bond 6-1/2%-M note 6-3/8%-N-note 15-3/4% bond 1 7-1/2%-D note Issue date (2) 04/30/96 04/02/81 05/15/91 05/31/96 07/01/96 07/31/96 08/15/91 07/02/81 09/03/96 09/30/96 10/07/81 11/15/91 Total. . . . . . . . . . . . . . . 2002 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 7-1/2%-A note 1 6-3/8%-B note 11-5/8% bond 1 01/06/82 05/15/92 08/17/92 09/29/82 Total. . . . . . . . . . . . . . . 2003 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 6-1/4%-A note 10-3/4% bond 11-1/8% bond 1 5-3/4%-B note 11-7/8% bond 1 01/04/83 02/15/93 04/04/83 07/05/83 08/16/93 10/05/83 Total. . . . . . . . . . . . . . . 2004 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-7/8%-A note 12-3/8% bond 1 7-1/4%-B note 13-3/4% bond 1 7-1/4%-C note 1 11-5/8% bond 1 7-7/8%-D note 02/15/94 04/05/84 05/16/94 07/10/84 08/15/94 10/30/84 11/15/94 Total. . . . . . . . . . . . . . . 2005 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2%-A note 8-1/4% bond 1 12% bond 1 6-1/2%-B note 1 10-3/4% bond 1 6-1/2%-C note 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 13,780 1,750 12,398 13,722 14,282 14,137 12,339 1,753 14,000 14,516 1,753 24,226 191,287 865 166 892 705 1,100 700 1,115 256 525 1,900 173 1,568 13,963 12,915 1,584 11,506 13,017 13,182 13,437 11,224 1,497 13,475 12,616 1,580 22,658 177,325 1,759 11,714 23,859 2,753 40,085 160 981 2,190 348 3,679 1,599 10,733 21,669 2,405 36,406 3,007 23,563 3,249 3,501 28,011 7,260 68,591 739 2,122 256 433 3,620 518 7,688 2,267 21,441 2,993 3,069 24,391 6,741 60,902 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,172 550 770 1,911 367 880 519 1,833 6,830 12,405 2,985 12,530 3,633 12,466 7,783 12,541 64,343 13,835 4,224 4,261 14,740 9,270 15,003 1,150 2,177 214 2,000 892 1,840 12,685 2,047 4,046 12,740 8,378 13,163 PUBLIC DEBT OPERATIONS 35 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2005, con. Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 5-7/8%-D note 11/15/95 Total. . . . . . . . . . . . . . . 2006 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-3/8% bond 5-5/8%-A note 1 6-7/8%-B note 1 7%-C note 1 01/15/86 02/15/96 05/15/96 07/15/96 Total. . . . . . . . . . . . . . . 2007 Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 7-7/8% bond 02/15/77 11/15/77 Total. . . . . . . . . . . . . . . 2008 Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 8-3/4% bond 08/15/78 11/15/78 Total. . . . . . . . . . . . . . . 2009 May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 10-3/8% bond 05/15/79 11/15/79 Total. . . . . . . . . . . . . . . 2010 Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 10% bond 12-3/4% bond 02/15/80 05/15/80 11/17/80 Total. . . . . . . . . . . . . . . 2011 May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 14% bond 05/15/81 11/16/81 Total. . . . . . . . . . . . . . . 2012 Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 Total. . . . . . . . . . . . . . . 2013 Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 Total. . . . . . . . . . . . . . . 2014 May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 12-1/2% bond 1 11-3/4% bond 05/15/84 08/15/84 11/15/84 Total. . . . . . . . . . . . . . . 2015 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 11-1/4% bond 10-5/8% bond 02/15/85 08/15/85 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 15,210 76,543 1,700 9,973 13,510 66,569 4,756 15,514 16,015 22,740 59,025 20 1,500 1,700 1,621 4,841 4,736 14,014 14,315 21,120 54,185 4,234 1,495 5,729 1,546 379 1,925 2,688 1,116 3,804 2,103 5,230 7,333 789 1,666 2,455 1,314 3,564 4,878 4,606 4,201 8,807 983 1,076 2,059 3,623 3,125 6,748 2,494 2,987 4,736 10,217 858 1,177 1,311 3,346 1,636 1,811 3,426 6,873 4,609 4,901 9,510 1,074 885 1,959 3,535 4,016 7,551 11,032 11,032 1,677 1,677 9,355 9,355 14,755 14,755 3,441 3,441 11,315 11,315 5,007 5,128 6,006 16,141 869 906 1,195 2,970 4,138 4,223 4,811 13,172 12,668 7,150 1,336 905 11,332 6,245 36 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2015, con. Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 9-7/8% bond 11/15/85 Total. . . . . . . . . . . . . . . 2016 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/4% bond 7-1/4% bond 1 7-1/2% bond 1 02/15/86 05/15/86 11/15/86 Total. . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/15/88 11/22/88 Total. . . . . . . . . . . . . . . 2019 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total. . . . . . . . . . . . . . . 2020 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 1 02/15/90 05/15/90 08/15/90 Total. . . . . . . . . . . . . . . 2021 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 1 02/15/91 05/15/91 08/15/91 11/15/91 Total. . . . . . . . . . . . . . . 2022 Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total. . . . . . . . . . . . . . . 2023 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/15/93 08/16/93 Total. . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total. . . . . . . . . . . . . . . Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 6,900 26,718 502 2,743 6,398 23,975 7,267 18,824 18,864 44,955 830 1,570 1,185 3,585 6,437 17,254 17,679 41,370 18,194 14,017 32,211 794 835 1,629 17,400 13,182 30,582 8,709 9,033 17,742 297 256 553 8,412 8,777 17,189 19,251 20,214 39,465 593 1,725 2,318 18,658 18,489 37,147 10,229 10,159 21,419 41,807 591 605 1,138 2,334 9,638 9,554 20,281 39,473 11,113 11,959 12,163 32,798 68,033 538 734 385 855 2,512 10,575 11,225 11,778 31,943 65,521 10,353 10,700 21,053 495 520 1,015 9,858 10,180 20,038 18,374 22,909 41,283 1,082 1,010 2,092 17,292 21,899 39,191 11,470 11,470 450 450 11,020 11,020 Total (3) PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2025 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Description (1) Issue date (2) 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total. . . . . . . . . . . . . . . 2026 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6% bond 6-3/4% bond 02/15/96 08/15/96 Total. . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V1 of the “Monthly Statement of the Public Debt of the United States.” Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 11,725 12,602 24,327 700 1,100 1,800 11,025 11,502 22,527 12,905 10,894 23,799 900 900 1,800 12,005 9,994 21,999 38 PUBLIC DEBT OPERATIONS TABLE PDO-2.--Offerings of Bills [Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt] Issue date Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Amounts of bids accepted On comOn noncomTotal amount petitive basis 2 petitive basis 3 (4) (5) (6) Amount maturing on issue date of new offering (7) Total unmatured issues outstanding after new issues (8) Regular weekly: (13 week and 26 week) 1996 - June 6 . . . . . . 1996 - Sept. Dec. 13 . . . . . Sept. Dec. 20 . . . . . Sept. Dec. 27 . . . . . Sept. Dec. July 5 . . . . . . Oct. 1997 - Jan. 11 . . . . . 1996 - Oct. 1997 - Jan. 18 . . . . . 1996 - Oct. 1997 - Jan. 25 . . . . . 1996 - Oct. 1997 - Jan. Aug. 1 . . . . . . 1996 - Oct. 1997 - Jan. 8 . . . . . . 1996 - Nov. 1997 - Feb. 15 . . . . . 1996 - Nov. 1997 - Feb. 22 . . . . . 1996 - Nov. 1997 - Feb. 29 . . . . . 1996 - Nov. 1997 - Feb. Sept. 5 . . . . . . 1996 - Dec. 1997 - Mar. 12 . . . . . 1996 - Dec. 1997 - Mar. 19 . . . . . 1996 - Dec. 1997 - Mar. 26 . . . . . 1996 - Dec. 1997 - Mar. 5 5 12 12 19 19 26 26 3 2 10 9 17 16 24 23 31 30 7 6 14 13 21 20 29 27 5 6 12 13 19 20 26 27 91 182 91 182 91 182 92 182 90 181 91 182 91 182 91 182 91 182 91 182 91 182 91 182 92 182 91 182 91 182 91 182 91 182 55,231.2 59,844.3 53,826.3 57,861.5 66,899.8 54,676.5 58,302.2 50,788.2 52,844.2 49,119.7 43,494.9 46,300.5 55,016.1 52,225.9 48,455.7 54,890.3 42,590.1 50,182.6 61,725.6 50,044.3 52,283.3 39,351.9 57,006.2 45,100.6 45,604.9 45,761.6 47,471.7 45,765.6 68,696.7 44,435.6 55,154.7 42,694.8 46,449.9 44,433.4 14,582.4 14,715.0 15,755.7 15,596.8 13,559.0 13,559.5 13,110.2 13,154.1 14,771.0 15,052.6 14,619.0 14,665.4 14,309.4 14,545.1 13,673.8 14,058.1 13,073.1 13,186.4 13,274.1 13,104.3 13,709.3 12,549.4 12,836.2 13,019.4 12,026.2 12,066.9 12,123.3 12,121.3 11,081.8 11,191.7 11,095.1 11,104.8 11,587.9 11,548.8 13,088.2 13,419.5 14,303.9 14,361.8 12,064.6 12,340.7 11,687.8 12,016.5 13,354.8 13,711.8 13,220.5 13,301.8 12,811.7 12,968.5 12,321.5 12,767.9 11,669.6 11,820.4 11,683.7 11,660.5 12,251.7 11,232.7 11,382.5 11,753.5 10,653.6 10,781.0 10,698.5 10,907.8 9,706.4 10,093.2 9,605.0 9,821.9 10,227.5 10,277.7 1,494.2 1,295.5 1,451.8 1,235.0 1,494.4 1,218.8 1,422.4 1,137.6 1,416.2 1,340.8 1,398.5 1,363.6 1,497.7 1,576.6 1,352.3 1,290.2 1,403.5 1,366.0 1,590.4 1,443.8 1,457.6 1,316.7 1,453.7 1,265.9 1,372.6 1,285.9 1,424.8 1,213.5 1,375.4 1,098.5 1,490.1 1,282.9 1,360.4 1,271.1 15,258.9 14,036.8 12,745.3 14,115.5 13,532.0 14,075.0 13,627.6 13,071.5 13,681.4 14,061.3 13,613.5 14,100.2 10,156.5 12,547.4 11,563.8 11,607.8 13,559.9 14,019.9 13,697.1 16,456.4 13,628.4 13,803.5 13,715.4 13,222.0 14,127.4 12,401.0 14,582.4 15,392.2 15,755.7 12,746.6 13,615.8 13,550.1 13,110.2 13,545.0 171,744.5 351,616.5 174,754.9 353,097.8 174,781.9 352,582.3 174,264.5 352,664.9 175,354.1 353,656.2 176,359.6 354,221.4 180,512.5 356,219.1 182,622.5 358,669.4 182,135.7 357,835.9 181,712.7 354,483.8 181,793.6 353,229.7 180,914.4 353,027.1 178,813.2 352,693.0 176,354.1 349,422.1 171,680.2 347,867.2 169,159.5 345,421.9 167,637.2 343,425.7 52 week: 1995 - Sept. Oct. Nov. Dec. 1996 - Jan. Feb. Mar. Apr. May May June July Aug. Sept. 19 17 14 12 9 6 6 3 1 29 26 24 21 18 364 364 364 364 364 364 364 364 364 364 364 364 364 364 58,636.5 57,318.5 49,174.6 49,995.6 57,799.9 58,950.5 39,126.6 56,041.7 53,986.3 55,662.8 56,160.4 49,393.5 49,972.9 52,210.1 19,275.4 18,482.5 18,869.7 18,792.2 18,910.5 18,899.7 18,795.1 18,944.6 19,461.4 19,327.0 19,596.1 20,184.9 20,571.4 19,906.7 18,427.7 17,730.1 18,083.1 18,006.7 17,953.2 17,841.6 17,820.2 17,953.2 17,841.6 17,820.2 17,820.2 19,238.4 19,655.0 19,037.3 847.7 752.4 786.6 785.5 957.3 1,058.1 974.9 1,148.6 1,024.3 1,045.4 996.4 946.5 916.4 869.4 16,805.1 17,276.1 17,480.2 17,078.4 17,351.2 17,455.2 17,352.4 17,574.2 17,953.4 18,579.6 19,322.4 18,359.0 18,464.3 19,275.3 233.617.4 234,823.8 236,213.3 237,927.1 239,486.4 240,930.9 242,373.6 243,744.0 245,252.0 244,490.7 245,524.9 247,350.8 249,457.9 250,089.3 Cash management: 1996 - Sept. 3 . . . . . . 1996 - Sept. 17 14 60,065.0 30,010.4 - - - 30,010.4 21 . . . . . 1996 - Sept. 19 . . . . . Oct. 16 . . . . . Nov. 14 . . . . . Dec. 11 . . . . . 1997 - Jan. 8 ...... Feb. 7 ...... Mar. 4 ...... Apr. 2 ...... May 30 . . . . . May 27 . . . . . June 25 . . . . . July 22 . . . . . Aug. 19 . . . . . Sept. See footnotes at end of table. PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.--Offerings of Bills, con. [Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt] Issue date Regular weekly: 1996 - June 6 . . . . . 13 . . . . 20 . . . . 27 . . . . July 5 ..... 11 . . . . 18 . . . . 25 . . . . Aug. 1 . . . . . 8 ..... 15 . . . . 22 . . . . 29 . . . . Sept. 5 . . . . . 12 . . . . 19 . . . . 26 . . . . 52 week: 1995 - Sept. Oct. Nov. Dec. 1996 - Jan. Feb. Mar. Apr. May May June July Aug. Sept. 21 . . . . 19 . . . . 16 . . . . 14 . . . . 11 . . . . 8 ..... 7 ..... 4 ..... 2 ..... 30 . . . . 27 . . . . 25 . . . . 22 . . . . 19 . . . . Cash management: 1996 - Apr. 1 . . . . . 3 ..... May 15 . . . . June 3 . . . . . Sept. 3 . . . . . 1 Average price per hundred (9) On total bids accepted Average Average discount rate investment rate 4 (percent) (percent) (10) (11) On competitive bids accepted High Discount rate (percent) (12) Price per hundred (13) 98.713 97.366 98.696 97.300 98.716 97.336 98.711 97.356 98.720 97.376 98.683 97.265 98.688 97.290 98.701 97.321 98.686 97.300 98.716 97.407 98.726 97.432 98.721 97.407 98.704 97.391 98.688 97.280 98.693 97.321 98.718 97.376 98.691 97.321 5.09 5.21 5.16 5.34 5.08 5.27 5.10 5.23 5.12 5.22 5.21 5.41 5.19 5.36 5.14 5.30 5.20 5.34 5.08 5.13 5.04 5.08 5.06 5.13 5.07 5.16 5.19 5.38 5.17 5.30 5.07 5.19 5.18 5.30 5.23 5.43 5.30 5.57 5.22 5.49 5.24 5.45 5.26 5.43 5.35 5.64 5.33 5.59 5.28 5.52 5.34 5.57 5.22 5.34 5.18 5.29 5.20 5.34 5.21 5.37 5.33 5.61 5.31 5.52 5.21 5.40 5.32 5.52 5.09 5.21 5.16 5.35 5.09 5.27 5.10 5.23 5.13 5.22 5.21 5.41 5.20 5.37 5.15 5.30 5.21 5.34 5.09 5.13 5.04 5.08 5.06 5.13 5.07 5.16 5.19 5.38 5.17 5.30 5.07 5.19 5.18 5.30 98.713 97.366 98.696 97.295 98.713 97.336 98.711 97.356 98.718 97.376 98.683 97.265 98.686 97.285 98.698 97.321 98.683 97.300 98.713 97.407 98.726 97.432 98.721 97.407 98.704 97.391 98.688 97.280 98.693 97.321 98.718 97.376 98.691 97.321 94.732 94.641 94.793 94.884 95.056 95.308 94.965 94.773 94.641 94.621 94.378 94.449 94.580 94.368 5.21 5.30 5.15 5.06 4.89 4.64 4.98 5.17 5.30 5.32 5.56 5.49 5.36 5.57 5.52 5.62 5.45 5.35 5.16 4.89 5.25 5.46 5.60 5.62 5.89 5.81 5.67 5.90 5.21 5.30 5.15 5.06 4.89 4.64 4.99 5.17 5.31 5.32 5.57 5.49 5.36 5.57 94.732 94.641 94.793 94.884 95.056 95.308 94.955 94.773 94.631 94.621 94.368 94.449 94.580 94.368 99.867 99.780 99.679 99.495 99.856 99.783 99.796 5.31 5.29 5.25 5.05 5.17 5.20 5.24 5.40 5.37 5.34 5.15 5.26 5.29 5.33 5.34 5.31 5.25 5.05 5.20 5.23 5.26 99.867 99.779 99.679 99.495 99.856 99.782 99.795 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. 2 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve banks. 3 For 13-week, 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder are accepted in full at average price or accepted competitive bids; for other issues, the corresponding amount is stipulated in each offering announcement. 4 5 6 7 8 9 Low Discount rate (percent) (14) 5 6 7 8 9 Price per hundred (15) 5.07 5.20 5.14 5.33 5.07 5.25 5.08 5.21 5.09 5.20 5.19 5.38 5.17 5.35 5.12 5.28 5.18 5.32 5.06 5.12 5.01 5.06 5.03 5.12 5.05 5.15 5.17 5.36 5.16 5.28 5.06 5.17 5.16 5.29 98.718 97.371 98.701 97.305 98.718 97.346 98.716 97.366 98.728 97.386 98.688 97.280 98.693 97.295 98.706 97.331 98.691 97.310 98.721 97.412 98.734 97.442 98.729 97.412 98.709 97.396 98.693 97.290 98.696 97.331 98.721 97.386 98.696 97.326 5.20 5.29 5.12 5.04 4.88 4.62 4.95 5.15 5.29 5.30 5.55 5.47 5.34 5.56 94.742 94.651 94.823 94.904 95.066 95.329 94.995 94.793 94.651 94.641 94.388 94.469 94.601 94.378 5.27 5.27 5.23 5.04 5.14 5.15 5.21 99.868 99.780 99.680 99.496 99.857 99.785 99.797 Equivalent coupon-issue yield. Except $1,200,000 at 97.386 percent. Except $100,000 at 98.736 percent. Except $5,100,000 at 98.749 percent. Except $20,000 at 98.698 percent and $20,000 at 97.346 percent. Except $1,600,000 at 94.762 percent. 40 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt] Auction date Issue date (1) 10/25/94 10/26/94 11/08/94 11/09/94 11/10/94 11/10/94 11/21/94 11/22/94 11/30/94 12/08/94 12/21/94 12/22/94 12/29/94 01/05/95 01/24/95 01/25/95 02/02/95 02/07/95 02/08/95 02/09/95 02/09/95 02/22/95 02/23/95 03/01/95 03/02/95 03/28/95 03/29/95 03/30/95 03/30/95 04/25/95 04/26/95 04/27/95 05/09/95 05/10/95 05/11/95 05/23/95 05/24/95 05/25/95 05/31/95 06/22/95 06/27/95 06/28/95 07/20/95 07/25/95 07/26/95 08/08/95 08/09/95 08/10/95 08/17/95 08/22/95 08/23/95 08/31/95 09/06/95 09/14/95 09/26/95 09/27/95 10/12/95 10/24/95 10/25/95 11/02/95 11/02/95 10/31/94 10/31/94 11/15/94 11/15/94 11/15/94 11/17/94 11/30/94 11/30/94 12/02/94 12/15/94 01/03/95 01/03/95 01/03/95 01/12/95 01/31/95 01/31/95 02/09/95 02/15/95 02/15/95 02/15/95 02/15/95 02/28/95 02/28/95 03/07/95 03/09/95 03/31/95 03/31/95 04/03/95 04/06/95 05/01/95 05/01/95 05/04/95 05/15/95 05/15/95 05/15/95 05/31/95 05/31/95 06/01/95 06/02/95 06/29/95 06/30/95 06/30/95 07/27/95 07/31/95 07/31/95 08/15/95 08/15/95 08/15/95 08/24/95 08/31/95 08/31/95 09/01/95 09/07/95 09/21/95 10/02/95 10/02/95 10/19/95 10/31/95 10/31/95 11/03/95 11/03/95 See footnotes at end of table. Description of securities 1 (2) 6-7/8% note--10/31/96-U-reopening 7-1/2% note--10/31/99-T 7-3/8% note--11/15/97-Y 7-7/8% note--11/15/04-D 5.11% bill--12/22/94-reopening 6.09% bill--11/16/95 7-1/4% note--11/30/96-AN 7-3/4% note--11/30/99-U 5.45% bill--12/22/94-reopening 6.75% bill--12/14/95 7-1/2% note--12/31/96-AP 7-3/4% note--12/31/99-V 5.59% bill--01/19/95-reopening 6.86% bill--01/11/96 7-1/2% note--01/31/97-Z 7-3/4% note--01/31/00-G 6.59% bill--02/08/96 7-1/4% note--02/15/98-W 7-1/2% note--02/15/05-A 7-5/8% bond--02/15/25 5.76% bill--04/20/95-reopening 6-7/8% note--02/28/97-AB 7-1/8% note--02/29/00-H 5.81% bill--03/16/95-reopening 6.16% bill--03/07/96 6-5/8% note--03/31/97-AC 6-7/8% note--03/31/00-J 5.97% bill--04/20/95-reopening 6.02% bill--04/04/96 6-1/2% note--04/30/97-AD 6-3/4% note--04/30/00-K 5.90% bill--05/02/96 6-1/8% note--05/15/98-X 6-1/2% note--05/15/05-B 5.81% bill--06/22/95-reopening 6-1/8% note--05/31/97-AE 6-1/4% note--05/31/00-L 5.54% bill--05/30/96 5.85% bill--06/15/95-reopening 5.22% bill--06/27/96 5-5/8% note--06/30/97-AF 5-7/8% note--06/30/00-M 5.38% bill--07/25/96 5-7/8% note--07/31/97-AG 6-1/8% note--07/31/00-N 5-7/8% note--08/15/98-Y 6-1/2% note--08/15/05-C 6-7/8% bond--08/15/25 5.55% bill--08/22/96 6% note--08/31/97-AH 6-1/4% note--08/31/00-P 5.58% bill--09/21/95-reopening 5.65% bill--09/15/95 5.21% bill--09/19/96 5-3/4% note--09/30/97-AJ 6-1/8% note--09/30/00-Q 5.30% bill--10/17/96 5-5/8% note--10/31/97-AK 5-3/4% note--10/31/00-R 5.37% bill--12/21/95-reopening 5.30% bill--01/25/96-reopening Period to final maturity (years, months, days) 2 (3) 2y 5y 3y 10y 37d 364d 2y 5y 20d 364d 2y 5y 16d 364d 2y 5y 364d 3y 10y 30y 64d 2y 5y 9d 364d 2y 5y 17d 364d 2y 5y 364d 3y 10y 38d 2y 5y 364d 13d 364d 2y 5y 364d 2y 5y 3y 10y 30y 364d 2y 5y 20d 8d 364d 2y 5y 364d 2y 5y 48d 83d Amount tendered (4) Amount issued 3,4 (5) 43,267 34,155 53,312 30,055 49,807 55,604 48,945 33,840 35,751 42,002 51,681 25,948 42,975 49,929 52,018 34,143 51,445 50,836 29,807 30,681 50,051 43,401 28,709 38,684 48,316 44,394 26,061 100,412 43,046 42,158 35,573 64,539 38,313 23,167 66,505 48,653 30,382 42,863 57,101 42,836 43,818 33,504 43,776 42,293 31,033 42,039 34,029 28,442 51,494 50,282 28,072 65,751 30,076 58,636 37,619 27,544 57,319 48,533 32,407 29,372 33,200 18,952 12,115 20,831 5 14,369 12,009 17,479 18,938 11,932 8,105 17,076 19,602 12,520 14,009 17,349 18,998 12,226 17,452 21,078 5 13,834 5 11,725 9,118 18,805 12,486 8,033 17,351 19,352 13,186 25,109 17,574 18,706 12,433 17,953 21,223 5 14,739 17,136 18,936 12,752 18,579 17,126 19,321 19,256 12,463 18,359 18,951 12,338 22,418 5 15,003 5 12,602 18,464 19,383 11,922 18,031 5,000 19,275 19,116 12,011 18,482 18,840 12,081 6,008 8,061 Range of accepted bids for notes and bonds (6) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 PUBLIC DEBT OPERATIONS 41 TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. [In millions of dollars. Source: Bureau of the Public Debt] Auction date Issue date (1) 11/14/95 11/14/95 11/15/95 11/20/95 11/21/95 11/28/95 11/29/95 11/30/95 11/30/95 12/07/95 12/20/95 12/21/95 01/04/96 01/23/96 01/24/96 02/01/96 02/06/96 02/07/96 02/08/96 02/08/96 02/22/96 02/27/96 02/28/96 02/28/96 02/29/96 03/13/96 04/01/96 04/02/96 04/02/96 04/02/96 04/08/96 04/09/96 04/23/96 04/24/96 04/25/96 05/07/96 05/08/96 05/09/96 05/23/96 05/29/96 05/30/96 05/30/96 05/30/96 06/20/96 06/25/96 06/26/96 07/09/96 07/18/96 07/23/96 07/24/96 08/06/96 08/07/96 08/08/96 08/15/96 08/27/96 08/28/96 08/29/96 09/12/96 09/25/96 09/26/96 11/15/95 11/15/95 11/16/95 11/24/95 6 11/24/95 11/30/95 11/30/95 12/01/95 12/01/95 12/14/95 01/02/96 01/02/96 01/11/96 01/31/96 01/31/96 02/08/96 02/15/96 02/15/96 02/15/96 02/15/96 02/23/96 02/29/96 02/29/96 03/01/96 03/07/96 03/14/96 04/01/96 04/03/96 04/03/96 04/04/96 04/10/96 04/10/96 04/30/96 04/30/96 05/02/96 05/15/96 05/15/96 05/15/96 05/30/96 05/31/96 05/31/96 06/03/96 06/03/96 06/27/96 07/01/96 07/01/96 07/15/96 07/25/96 07/31/96 07/31/96 08/15/96 6 08/15/96 08/15/96 08/22/96 09/03/96 09/03/96 09/03/96 09/19/96 09/30/96 09/30/96 See footnotes at end of table. Description of securities 1 (2) 5.77% bill--11/24/95-reopening 5.64% bill--12/21/95-reopening 5.15% bill--11/14/96 5-1/2% note--11/15/98-Z 5-7/8% note--11/15/05-D 5-3/8% note--11/30/97-AL 5-5/8% note--11/30/00-S 5.63% bill--12/14/95-reopening 5.39% bill--12/28/95-reopening 5.06% bill--12/12/96 5-1/4% note--12/31/97-AM 5-1/2% note--12/31/00-T 4.89% bill--01/09/97 5% note--01/31/98-AB 5-1/4% note--01/31/01-E 4.64% bill--02/06/97 5% note--02/15/99-W 5-5/8% note--02/15/06-A 6% bond--02/15/26 5.14% bill--02/22/96-reopening 5.02% bill--04/18/96-reopening 5-1/8% note--02/28/98-K-reopening 5-5/8% note--02/28/01-F 5.06% bill--03/14/96-reopening 4.98% bill--03/06/97 5.11% bill--04/25/96-reopening 5.31% bill--04/10/96 5.29% bill--04/18/96-reopening 5.25% bill--04/25/96-reopening 5.17% bill--04/03/97 6-1/8% note--03/31/98-AD 6-3/8% note--03/31/01-G 5-7/8% note--04/30/98-AE 6-1/4% note--04/30/01-H 5.30% bill--05/01/97 6-3/8% note--05/15/99-X 6-7/8% note--05/15/06-B 5.05% bill--06/20/96-reopening 5.32% bill--05/29/97 6% note--05/31/98-AF 6-1/2% note--05/31/01-J 5.17% bill--06/13/96-reopening 5.20% bill--06/18/96 5.56% bill--06/26/97 6-1/4% note--06/30/98-AG 6-5/8% note--06/30/01-K 7% note--07/15/06-C 5.49% bill--07/24/97 6-1/4% note--07/31/98-AH 6-5/8% note--07/31/01-L 6% note--08/15/99-Y 7% note--07/15/06-C-reopening 6-3/4% bond--08/15/26 5.36% bill--08/21/97 6-1/8% note--08/31/98-AJ 6-1/2% note--08/31/01-M 5.24% bill--09/17/96 5.57% bill--09/18/97 6% note--09/30/98-AK 6-3/8% note--09/30/01-N Period to final maturity (years, months, days) 2 (3) 9d 36d 364d 3y 10y 2y 5y 13d 27d 364d 2y 5y 364d 2y 5y 364d 3y 10y 30y 7d 55d 2y 5y 13d 364d 42d 9d 15d 22d 364d 2y 5y 2y 5y 364d 3y 10y 36d 364d 2y 5y 10d 15d 364d 2y 5y 10y 364d 2y 5y 3y 9y 30y 11m 364d 2y 5y 14d 364d 2y 5y Amount tendered (4) Amount issued 3,4 (5) 56,685 55,750 49,175 55,665 31,730 55,484 31,773 35,646 35,232 49,996 40,661 31,507 57,800 45,650 27,500 58,951 52,932 29,711 25,590 41,694 85,706 43,564 26,829 32,082 39,127 47,387 61,735 41,567 39,872 56,042 38,769 33,365 50,232 30,958 53,986 42,974 35,543 57,628 55,663 46,623 33,746 29,435 52,006 56,325 51,295 31,171 28,149 49,394 43,537 28,686 47,376 23,393 23,513 49,973 44,932 28,179 60,065 52,210 51,401 34,192 35,706 26,053 18,872 20,598 5 15,210 18,687 12,357 10,017 10,007 18,792 19,165 12,821 18,910 19,087 12,816 18,900 21,997 5 15,514 5 12,905 8,055 29,192 19,184 12,820 6,003 18,795 9,060 33,111 14,008 11,062 18,943 21,719 14,181 21,405 13,779 19,461 23,360 5 16,015 13,045 19,326 21,107 13,720 7,011 23,086 19,595 22,053 14,282 5 11,536 20,184 21,562 14,136 22,708 5 11,200 5 10,899 20,572 21,948 13,999 30,010 19,907 21,485 14,516 Range of accepted bids for notes and bonds (6) 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 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 rate. For details of bill offerings, see table PDO-2. 2 From date of additional issue in case of a reopening. 3 In reopenings the amount issued is in addition to the amount of original offerings. 4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. 5 Eligible for STRIPS. 6 Interest began to accrue before the issue date (settlement date) of this loan. 7 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction. 8 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction. 9 Yields accepted ranged from 7.40% (price 99.934) up to 7.42% (price 99.881) with the average at 7.41% (price 99.907). 10 Yields accepted ranged from 7.95% (price 99.489) up to 7.97% (price 99.354) with the average at 7.96% (price 99.421). 11 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction. 12 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 13 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction. 14 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction. 15 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction. 16 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction. 17 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the average at 7.34% (price 99.762). 18 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the average at 7.54% (price 99.723). 19 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the average at 7.65% (price 99.708). 20 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction. 21 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction. 22 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction. 23 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction. 24 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction. 25 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction. 26 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the average at 6.165% (price 99.892). 27 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the average at 6.608% (price 99.219). 28 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 29 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 30 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 31 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction. 32 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction. 33 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction. 34 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the average at 5.997% (price 99.670). 35 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the average at 6.501% (price 99.993). 36 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the average at 6.906% (price 99.610). 37 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 38 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 39 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction. 40 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction. Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction. 43 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the average at 5.549% (price 99.867). 44 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the average at 5.900% (price 99.810). 45 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 46 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction. 47 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction. 48 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction. 49 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction. 50 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 51 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the average at 5.043% (price 99.882). 52 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the average at 5.649% (price 99.819). 53 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the average at 6.119% (price 98.374). 54 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction. 55 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction. 56 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction. 57 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 58 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 59 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction. 60 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the average at 6.390% (price 99.960). 61 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the average at 6.902% (price 99.807). 62 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 63 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 64 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction. 65 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction. 66 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the average at 7.016% (price 99.886). 67 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction. 68 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction. 69 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the average at 6.118% (price 99.681). 70 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the average at 6.535% (price 103.339). 71 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the average at 6.768% (price 99.770). 72 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 73 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 74 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction. 75 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction. 41 42 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through competitive bidding only. PUBLIC DEBT OPERATIONS 43 TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) 11/30/94 7-1/4% note--11/15/96-AN 18,940 Federal Reserve banks (2) 265 Commercial Indibanks 1 viduals 2 (3) (4) 1,258 1,172 Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) 22 10 3,434 12 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) 13 48 10,972 1,734 11/30/94 7-3/4% note--11/15/99-U 11,934 265 345 723 1 28 908 10 * 32 8,501 1,121 01/03/95 7-1/2% note--12/31/96-AP 19,608 1,250 967 2,286 6 14 2,197 12 1 7 11,463 1,405 01/03/95 7-3/4% note--12/31/99-V 12,523 1,180 749 889 16 2 569 4 2 4 8,700 408 01/31/95 7-1/2% note--01/31/97-Z 19,002 375 518 2,092 41 24 2,834 9 * 6 11,644 1,458 01/31/95 7-3/4% note--01/31/00-G 12,229 362 227 1,634 3 6 910 4 * 2 8,053 1,028 02/15/95 7-1/4% note--02/15/98-W 21,080 3,031 343 1,663 25 12 467 13 2 34 14,574 916 02/15/95 7-1/2% note--02/15/05-A 13,835 1,150 360 705 7 3 461 16 * 18 10,476 640 02/15/95 7-5/8% bond--02/15/25 11,725 700 126 454 40 25 1,341 12 - 5 8,962 61 02/28/95 6-7/8% note--02/28/97-AB 18,816 575 887 1,634 52 25 1,266 10 * 6 12,909 1,454 02/28/95 7-1/8% note--02/28/00-H 12,496 570 296 1,522 114 8 1,021 12 1 63 8,306 583 03/31/95 6-5/8% note--03/31/97-AC 19,354 1,050 418 1,138 93 7 1,572 6 1 9 14,072 987 03/31/95 6-7/8% note--03/31/00-J 13,188 1,046 299 525 54 1 827 4 * 28 9,120 1,285 05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215 05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666 05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427 05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318 05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267 05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985 06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871 06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615 07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249 07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017 08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715 08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235 08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44 08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412 08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205 10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837 10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85 10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886 10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762 11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319 See footnotes at end of table. 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance] Allotments by investor classes Issues Federal Reserve banks (2) Commercial Indibanks 1 viduals 2 (3) (4) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) Issue date Description of securities Total amount issued (1) 11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534 11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087 11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486 01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752 01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220 01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198 01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453 02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254 02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391 02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195 02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064 02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158 04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021 04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065 04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742 04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750 05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121 05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299 05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986 05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996 07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052 07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925 07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805 07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930 07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993 08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144 08/15/96 7% note--07/15/06-C 11,204 900 382 351 - * 1,062 * - 6 7,744 759 08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5 09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787 09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032 09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461 09/30/96 6-3/8% note--09/30/01-N 14,516 650 62 433 - * 32 4 * * 11,982 1,352 * Less than $500,000. 1 Includes trust companies, bank dealers, and stock savings banks. 2 Includes partnerships and personal trust accounts. 3 Exclusive of banks and insurance companies. 4 Consists of trust, sinking, and investment funds of State and local governments and their agencies. 5 Includes savings and loan associations, nonprofit institutions, and foreign and international investments. Also included are certain Government deposit accounts and Government-sponsored agencies. Note.--For detail of offerings see table PDO-3. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of the Public Debt] Allotments by investor classes Total amount issued 52-week series (3) U.S. Gov’t. accounts and Federal Reserve banks 1 (4) Commercial banks (5) Corporations 2 (6) Dealers and brokers (7) All other 3 (8) Date of financing Date of maturity (1) Average rate (percent) (2) 09/22/94 09/21/95 5.38 16,805 4,300 326 89 7,186 4,904 10/20/94 10/19/95 5.72 17,276 4,100 372 98 11,645 1,061 11/17/94 11/16/95 6.09 17,480 4,150 323 3,504 8,143 1,360 12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629 01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640 02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108 03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736 04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664 05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769 06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786 06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500 07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,159 08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,338 09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017 10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027 11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691 12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687 01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051 02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963 03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932 04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397 05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235 05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261 06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596 07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037 08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484 09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443 1 Includes trust funds and accounts that comprise Government accounts under the unified budget concept. Exclusive of banks and insurance companies. 2 3 Included with “All other” investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts. Note.--For detail of offerings, see table PDO-3. 46 U.S. SAVINGS BONDS AND NOTES 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, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and the Annual Report of the Secretary of the Treasury for fiscal 1974. TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Sept. 30, 1996 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt] Sales 1 (1) Series Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . Series E, EE, H, and HH . . . . . . . Series F and G . . . . . . . . . . . . . . Series J and K . . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . 3,949 339,854 28,396 3,556 862 376,617 Total . . . . . . . . . . . . . . . . . . . . . . . Accrued discount (2) 1,054 179,544 1,125 198 673 182,594 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and Sales plus accrued discount (3) Redemptions 1 (4) 5,003 519,398 29,521 3,754 1,535 559,211 5,002 335,184 29,517 3,753 1,162 374,618 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 184,147 341 184,488 1 2,292 3 2,296 HH bonds. Details by series on a cumulative basis and by period of series A-D combined can be found in the February 1952 and previous issues of the “Treasury Bulletin.” 2 TABLE SBN-2.--Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt] Sales (1) Accrued discount (2) Fiscal years: 1935-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 323,122 13,591 17,262 9,485 7,222 5,936 136,516 8,739 9,292 9,437 9,481 9,822 459,638 22,330 26,554 18,922 16,703 15,758 324,216 7,384 7,790 9,390 11,805 2,495 257,068 4,415 4,965 5,813 7,268 7,234 67,147 2,970 2,825 3,517 4,537 5,261 133,844 148,604 167,373 176,766 181,529 184,423 1,525 1,720 1,716 1,857 1,997 2,292 Calendar years: 1935-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 325,486 17,659 13,370 8,999 8,857 138,643 8,816 9,453 9,446 11,980 464,130 26,475 22,822 18,445 20,837 325,994 7,361 8,146 9,896 14,444 258,166 4,445 5,106 6,178 8,947 68,826 2,917 3,040 3,717 5,527 136,258 155,297 169,775 178,138 182,266 1,864 1,969 2,145 2,335 2,724 470 512 511 613 614 539 462 564 462 426 461 417 379 753 1,000 733 768 909 829 787 1,040 688 715 851 777 724 1,223 1,512 1,244 1,381 1,523 1,368 1,249 1,604 1,162 1,141 1,312 1,194 1,103 856 879 867 925 1,300 988 998 1,138 1,079 1,001 1,164 1,137 1,021 483 667 573 439 733 497 576 662 613 552 690 660 572 373 211 294 486 567 490 422 476 466 449 474 477 449 181,529 181,818 182,551 182,266 182,584 183,037 183,337 183,826 183,938 184,114 184,292 184,379 184,488 1,993 1,988 1,981 2,724 2,628 2,547 2,498 2,456 2,415 2,378 2,348 2,319 2,292 Period 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Redemptions Sales price 1 (5) Accrued discount 1 (6) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Sales plus accrued discount (3) U.S. SAVINGS BONDS AND NOTES 47 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 States”; Bureau of the Public Debt] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price (5) Accrued discount (6) Amount outstanding Exchange of Matured E bonds for Interestnon-interestH and HH bonds bearing debt bearing debt (7) (8) (9) Series E and EE Fiscal years: 1941-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 278,076 13,591 17,262 9,485 7,222 6,035 133,004 8,739 9,292 9,437 9,481 9,708 411,080 22,330 26,554 18,922 16,703 15,743 268,279 6,909 7,335 8,836 11,069 11,809 203,577 3,939 4,509 5,259 6,532 6,480 64,701 2,970 2,825 3,577 4,537 5,315 13,998 1,038 1,226 844 874 1,173 124,095 138,286 156,286 165,387 170,005 172,483 1,509 1,701 1,694 1,835 1,977 2,276 Calendar years: 1941-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 276,010 17,659 13,370 8,999 8,852 136,175 8,816 9,453 9,446 9,185 412,184 26,475 22,822 18,455 18,037 269,969 6,909 7,664 9,304 9,238 204,551 3,992 4,624 5,587 8,259 65,419 2,917 3,040 3,717 979 14,024 1,170 1,070 855 898 126,099 144,724 158,633 166,731 170,690 1,836 1,939 2,119 2,307 2,700 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept . . . . . . . . . 470 509 514 608 598 534 465 547 475 430 461 417 389 752 999 731 767 909 829 787 1,040 688 715 851 776 724 1,222 1,508 1,245 1,375 1,507 1,366 1,252 1,587 1,163 1,145 1,311 1,204 1,113 801 823 811 873 1,235 923 932 1,070 1,010 949 1,091 1,065 962 427 611 517 387 668 435 511 595 544 500 617 588 513 373 211 294 486 567 490 422 475 466 450 474 477 449 63 69 79 70 87 110 114 117 126 92 99 115 95 170,005 170,278 170,998 170,690 170,969 171,380 171,633 172,074 172,142 172,280 172,421 172,475 172,548 1,977 1,972 1,958 2,700 2,606 2,526 2,478 2,438 2,397 2,361 2,332 2,302 2,276 Series H and HH Fiscal years: 1952-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 13,536 9 3 8 16 - 13,536 9 3 8 16 17,504 476 455 555 737 744 17,504 476 455 555 737 744 - 13,998 1,038 1,226 844 874 1,173 9,749 10,319 11,087 11,379 11,524 11,940 13 15 17 17 16 16 Calendar years: 1952-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 13,542 -31 -18 1 42 - 13,542 -31 -18 1 42 17,703 453 482 592 901 17,703 453 482 592 901 - 14,024 1,170 1,070 855 1,093 9,825 10,573 11,143 11,407 11,576 25 25 25 24 24 1995 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 5 3 -3 5 16 5 -3 17 -13 -4 10 -9 -1 - 5 3 -3 5 16 5 -3 17 -13 -4 10 -9 -1 56 56 56 52 65 64 66 67 70 52 73 72 59 56 56 56 52 65 64 66 67 70 52 73 72 59 - 63 69 79 70 87 110 114 117 126 92 99 115 95 11,524 11,541 11,553 11,576 11,615 11,657 11,704 11,752 11,797 11,851 11,887 11,920 11,956 16 16 23 24 22 20 20 19 18 18 17 16 16 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. 48 OWNERSHIP OF FEDERAL SECURITIES INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, and notes that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. (See the Federal debt (FD) tables for a more complete description of the Federal debt.) • Table OFS-1 presents Treasury marketable and nonmarketable 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 much of the Government account holdings. The Federal Reserve banks acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. State, local, and foreign holdings include 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.) OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Reports Branch, Financial Management Service ] Total Federal securities outstanding (1) Total outstanding (2) ........................ ........................ ........................ ........................ ........................ 4,082,871 4,436,171 4,721,293 5,000,945 5,259,854 4,061,801 4,408,567 4,689,524 4,950,644 5,220,790 1,016,330 1,116,713 1,213,115 1,320,800 1,447,001 5,522 3,225 1,426 1,519 1,506 1,010,808 1,113,488 1,211,689 1,319,281 1,445,495 296,397 325,653 355,150 374,114 390,924 1995 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 5,224,199 5,243,459 5,259,854 4,950,644 4,981,739 4,985,790 4,964,371 4,983,247 5,012,872 5,082,952 5,097,989 5,124,422 5,126,748 5,184,908 5,173,734 5,220,790 1,320,800 1,319,624 1,285,894 1,304,456 1,309,154 1,291,214 1,353,767 1,374,268 1,380,619 1,422,443 1,420,680 1,424,120 1,447,001 1,519 1,519 1,519 1,519 1,519 1,506 1,506 1,506 1,506 1,506 1,506 1,506 1,506 1,319,281 1,318,105 1,284,375 1,302,937 1,307,635 1,289,708 1,352,261 1,372,762 1,379,113 1,420,937 1,419,174 1,422,614 1,445,495 374,114 373,517 380,802 390,959 378,208 376,519 380,952 381,806 387,050 391,000 397,836 391,329 390,924 End of fiscal year or month 1992 1993 1994 1995 1996 End of fiscal year or month 1992 1993 1994 1995 1996 Interest-bearing public debt securities Total (3) Interest-bearing public debt securities, con. Held by private investors Total Marketable Nonmarketable (7) (8) (9) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Public issues held by Federal Reserve banks (6) Matured public debt and debt bearing no interest (10) Total outstanding (11) Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) ........................ ........................ ........................ ........................ ........................ 2,749,074 2,966,201 3,121,259 3,255,730 3,382,865 2,375,557 2,576,032 2,735,026 2,884,814 3,025,941 373,517 390,169 386,233 370,916 356,924 2,819 2,922 3,226 23,339 4,021 18,250 24,682 28,543 26,962 35,043 123 21 17 16 7,606 18,127 24,661 28,526 26,946 27,437 1995 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 3,255,730 3,288,598 3,319,094 3,268,956 3,295,885 3,345,139 3,348,233 3,341,915 3,356,753 3,313,305 3,366,392 3,358,285 3,382,865 2,884,814 2,918,136 2,969,162 2,914,701 2,952,109 3,009,097 2,992,597 2,983,885 2,998,631 2,955,927 3,011,848 3,003,125 3,025,941 370,916 370,462 349,933 354,254 343,776 336,042 355,636 358,030 358,122 357,378 354,544 355,160 356,924 23,339 3,523 3,540 24,294 4,188 4,168 34,834 4,060 4,087 34,327 3,981 34,570 4,021 26,962 27,171 28,142 28,245 28,141 36,174 35,508 35,663 35,298 35,817 35,310 35,156 35,043 16 16 16 16 7,865 7,865 7,865 7,606 7,606 7,606 7,606 7,606 26,946 27,155 28,126 28,229 28,141 28,309 27,643 27,798 27,692 28,211 27,704 27,550 27,437 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors [Par values 1 in billions of dollars. Source: Office of Market Finance] End of month Nonbank investors Money Individuals 3 Savings Other Insurance market bonds 4 securities companies funds (5) (6) (7) (8) State and Foreign Corpo- local govern- and interrations 5 ments 6 national 7 (9) (10) (11) Total privately held (1) Commercial banks 2 (2) Total (3) Total (4) 1986 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,473.1 1,502.7 1,553.3 1,602.0 194.3 194.4 194.8 197.7 1,278.8 1,308.3 1,358.5 1,404.3 157.8 159.5 158.0 162.7 81.4 83.8 87.1 92.3 76.4 75.7 70.9 70.4 85.8 87.9 93.8 101.6 29.9 22.8 24.9 28.6 59.6 61.2 65.7 68.8 374.9 405.7 411.6 446.6 232.6 250.9 265.5 263.4 338.2 320.2 339.0 332.6 1987 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 1,641.4 1,658.1 1,680.7 1,731.4 193.6 192.5 198.4 194.4 1,447.8 1,465.6 1,482.3 1,537.0 163.0 165.6 167.7 172.4 94.7 96.8 98.5 101.1 68.3 68.8 69.2 71.3 106.3 104.7 106.2 108.1 18.8 20.6 15.5 14.6 73.5 79.7 81.8 84.6 481.7 492.7 499.0 500.3 272.8 281.1 279.5 299.7 331.8 321.2 332.6 357.3 1988 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,779.6 1,786.7 1,821.2 1,858.5 195.6 190.8 191.5 185.3 1,584.0 1,595.9 1,629.7 1,673.2 178.1 182.0 186.8 190.4 104.0 106.2 107.8 109.6 74.1 75.8 79.0 80.8 110.2 113.5 115.9 118.6 15.2 13.4 11.1 11.8 86.3 87.6 85.9 86.0 509.2 506.0 500.4 509.1 332.5 345.4 345.9 362.2 1989 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,903.4 1,909.1 1,958.3 2,015.8 192.4 178.4 166.9 165.3 1,711.0 1,730.7 1,791.4 1,850.5 204.2 211.7 213.5 216.4 112.2 114.0 115.7 117.7 92.0 97.7 97.8 98.7 119.7 120.6 121.2 123.9 13.0 11.3 12.9 14.9 89.4 91.0 90.9 93.4 489.1 481.9 482.4 489.5 376.6 369.1 394.9 429.6 419.0 445.1 475.5 482.8 1990 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,115.1 2,141.8 2,207.3 2,288.3 178.8 177.3 180.0 172.1 1,936.3 1,964.5 2,027.3 2,116.2 222.8 229.6 232.5 233.8 119.9 121.9 123.9 126.2 102.9 107.7 108.6 107.6 132.3 133.7 136.4 138.2 31.3 28.0 34.0 45.5 94.9 96.9 102.0 108.9 528.8 538.7 543.2 542.5 421.8 427.3 440.3 458.4 504.4 510.3 538.9 588.9 1991 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,360.6 2,397.9 2,489.4 2,563.2 187.5 196.2 217.5 232.5 2,173.1 2,201.7 2,271.9 2,330.7 238.3 243.5 257.5 263.9 129.7 133.2 135.4 138.1 108.6 110.3 122.1 125.8 147.2 156.8 171.4 181.8 65.4 55.4 64.5 80.0 114.9 130.8 142.0 150.8 559.7 561.8 572.0 579.2 464.3 473.6 477.3 491.7 583.3 579.8 587.3 583.3 1992 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,664.0 2,712.4 2,765.5 2,839.9 255.9 267.0 287.5 294.4 2,408.1 2,445.4 2,478.0 2,545.5 268.1 275.1 281.2 289.2 142.0 145.4 150.3 157.3 126.1 129.7 130.9 131.9 188.4 192.8 194.8 197.5 84.8 79.4 79.4 79.7 166.0 175.0 180.8 192.5 594.8 587.8 578.9 563.3 507.9 529.6 535.2 549.7 598.1 605.8 627.7 673.5 1993 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,895.0 2,938.4 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,584.8 2,631.2 2,669.1 2,725.2 297.7 303.0 305.8 309.9 163.6 166.5 169.1 171.9 134.1 136.4 136.7 137.9 208.0 217.8 229.4 234.5 77.9 76.2 74.8 80.8 199.3 206.1 215.6 213.0 578.9 599.9 603.5 605.9 564.2 567.7 591.3 622.9 658.9 660.5 648.6 658.3 1994 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,094.6 3,088.2 3,127.8 3,168.0 344.4 330.1 313.2 290.1 2,750.2 2,758.1 2,814.6 2,877.9 315.1 321.1 327.2 331.2 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 226.5 600.9 584.1 534.8 483.4 633.3 633.1 r 655.6 r 688.6 681.9 695.7 r 764.1 840.5 1995 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,239.2 3,245.0 3,279.5 3,294.9 307.7 298.0 289.0 r 280.1 2,931.5 2,947.0 2,990.5 r 3,014.8 342.8 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 245.7 248.3 249.8 250.8 67.7 58.7 64.2 71.3 230.3 227.7 224.1 228.8 467.1 433.9 389.8 352.2 r 729.0 784.1 r 848.1 r 861.8 r r r 1996 - Mar. . . . . June . . . . Sept. . . . . 3,382.8 3,347.3 3,396.2 r r 347.2 347.6 354.0 185.8 186.5 186.8 161.4 161.1 p 167.2 256.0 258.0 p 240.0 87.3 82.2 85.3 229.0 230.9 p 249.1 336.8 340.0 p 300.0 r 915.2 845.4 p 860.1 1 281.0 285.0 p 280.0 3,101.8 3,062.3 3,116.2 U.S. savings bonds, series A-F and J, are included at current redemption value. Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks. 3 Includes partnerships and personal trust accounts. 4 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970. 5 Exclusive of banks and insurance companies. 6 The State and local governments category has been redefined to include its fully defeased 2 r 930.3 958.2 p 1,027.7 r Other investors 8 (12) r 352.5 347.9 383.7 395.1 r 848.8 850.1 r 868.6 r 902.2 r r debt that is backed by nonmarketable Federal securities. Includes State and local pension funds. 7 Consists of the investments of foreign and international accounts (both official and private) in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the 1984 benchmark to December 1989; and the 1989 benchmark to date. 8 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. MARKET YIELDS 51 INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. • Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. The Treasury yield curve in the accompanying chart 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. The Treasury uses quotations obtained by the Federal Reserve Bank of New York 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 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. • Table MY-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 reoffering yields on new long-term securities maturing in at least 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 explanation. TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Market Finance] Date 3-mo. (1) 6-mo. (2) 1-yr. (3) 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) Monthly average: 1995 - Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . 5.44 5.52 5.29 5.15 4.96 5.10 5.09 5.15 5.23 5.30 5.19 5.24 5.56 5.51 5.35 5.13 4.97 5.16 5.27 5.33 5.46 5.52 5.34 5.45 5.59 5.43 5.31 5.09 4.94 5.34 5.54 5.64 5.81 5.85 5.67 5.83 5.70 5.48 5.32 5.11 5.03 5.66 5.96 6.10 6.30 6.27 6.03 6.23 5.77 5.57 5.39 5.20 5.14 5.79 6.11 6.27 6.49 6.45 6.21 6.41 5.86 5.69 5.51 5.36 5.38 5.97 6.30 6.48 6.69 6.64 6.39 6.60 5.97 5.83 5.63 5.54 5.64 6.19 6.48 6.66 6.83 6.76 6.52 6.73 6.04 5.93 5.71 5.65 5.81 6.27 6.51 6.74 6.91 6.87 6.64 6.83 6.37 6.26 6.06 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 End of month: 1995 - Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . 5.48 5.48 5.10 5.05 5.02 5.13 5.14 5.18 5.18 5.32 5.29 5.14 5.55 5.46 5.17 4.97 5.05 5.20 5.30 5.36 5.37 5.47 5.49 5.37 5.55 5.36 5.18 4.90 5.23 5.41 5.62 5.77 5.70 5.85 5.91 5.71 5.61 5.36 5.18 4.93 5.44 5.79 6.03 6.27 6.11 6.22 6.34 6.10 5.70 5.41 5.25 5.06 5.56 5.91 6.19 6.44 6.30 6.39 6.54 6.28 5.81 5.53 5.38 5.25 5.73 6.10 6.40 6.64 6.47 6.57 6.73 6.46 5.92 5.68 5.49 5.46 5.99 6.30 6.58 6.78 6.61 6.68 6.86 6.60 6.03 5.76 5.58 5.60 6.13 6.34 6.66 6.85 6.73 6.80 6.96 6.72 6.34 6.14 5.96 6.03 6.48 6.67 6.89 7.00 6.90 6.98 7.13 6.93 * Rates are from the Treasury yields curve. 52 MARKET YIELDS CHART MY-A.--Yields of Treasury Securities, Sept. 30, 1996 * Based on closing bid quotations (in percentages) Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded. (Year tick marks correspond with June data.) Years * Source: Office of Market Finance MARKET YIELDS 53 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1985 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 11.47 11.81 11.47 11.05 10.45 10.50 10.56 10.61 10.50 10.06 9.54 12.46 12.39 12.85 12.45 11.85 11.33 11.28 11.61 11.66 11.51 11.19 10.42 9.11 9.26 9.52 9.16 8.79 8.46 8.73 8.96 9.04 9.00 8.45 8.44 1986 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 8.93 7.96 7.39 7.52 7.57 7.27 7.33 7.62 7.70 7.52 7.37 10.33 9.76 8.95 8.71 9.09 9.39 9.11 9.03 9.28 9.29 8.99 8.87 8.02 6.93 6.93 7.14 7.50 7.75 7.34 7.66 6.94 6.59 6.72 6.70 1987 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.54 7.55 8.25 8.78 8.57 8.64 8.97 9.59 9.61 8.95 9.12 8.59 8.58 8.68 9.36 9.95 9.64 9.70 10.09 10.63 10.80 10.09 10.22 6.18 6.34 6.47 7.43 7.71 7.69 7.48 7.59 7.90 8.33 7.76 7.83 1988 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 8.43 8.63 8.95 9.23 9.00 9.14 9.32 9.06 8.89 9.02 9.01 9.81 9.43 9.68 9.92 10.25 10.08 10.12 10.27 10.03 9.86 9.98 10.05 7.46 7.34 7.55 7.69 7.63 7.67 7.63 7.62 7.30 7.27 7.39 7.40 See footnotes at end of table. 54 MARKET YIELDS TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 8.93 9.01 9.17 9.03 8.83 8.27 8.08 8.12 8.15 8.00 7.90 7.90 9.92 10.11 10.33 10.11 9.82 9.24 9.20 9.09 9.29 9.04 9.20 9.23 7.18 7.31 7.42 7.30 7.05 6.94 6.89 6.73 7.10 7.13 6.95 6.76 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 MARKET YIELDS 55 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1994 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1996 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 2 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 7.00 7.14 7.58 7.81 7.87 8.00 7.97 7.68 7.84 5.41 5.41 5.57 5.72 5.73 5.82 5.82 5.69 5.62 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 56 MARKET YIELDS CHART MY-B.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds Monthly averages (in percentages) (Year tick marks correspond with June data.) Calendar Years * Source: Office of Market Finance U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and includes some old and current rare issues that do not circulate, or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper 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. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, various U.S. Mint offices, the Federal Reserve banks, and the Federal Reserve Board. TABLE USCC-1.--Amounts Outstanding and in Circulation, Sept. 30, 1996 [Source: Financial Management Service’s General Ledger Branch] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $558,179,844,756 $533,968,822,858 $533,392,100,762 $318,987,216 $257,734,880 The Treasury . . . . . . . . . . . . . . . . 185,408,265 7,059,016 6,509,823 361,239 187,954 The Federal Reserve banks. . . . . 127,467,216,817 126,870,727,814 126,870,724,474 - 3,340 Amounts in circulation . . . . . . . . . . . $430,527,219,674 $407,091,036,028 $406,514,866,465 $318,625,977 $257,543,586 Less amounts held by: Dollars 3 (2) Fractional coins (3) $24,211,021,898 $2,024,703,898 $22,186,318,000 The Treasury . . . . . . . . . . . . . . . . 178,349,249 123,174,733 55,174,516 The Federal Reserve banks . . . . . 596,489,003 68,728,515 527,760,488 Amounts in circulation . . . . . . . . . . . $23,436,183,646 $1,832,800,650 $21,603,382,996 Coins 2 Amounts outstanding . . . . . . . . . . . . Total (1) Less amounts held by: See footnotes following table USCC-2. 58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION TABLE USCC-2.--Amounts Outstanding and in Circulation, Sept. 30, 1996 [Source: Financial Management Service’s General Ledger Branch] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,177,185,149 $6,029,137,923 $143,481 $147,903,745 $2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,069,984,764 937,378,722 132,593,466 12,576 $5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,251,162,255 7,107,906,860 110,620,310 32,635,085 $10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,417,342,920 13,394,481,760 5,950 22,855,210 $20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,571,993,640 81,551,888,200 3,380 20,102,060 $50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,139,555,800 47,128,061,800 - 11,494,000 $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,145,783,400 250,048,532,700 75,259,300 21,991,400 $500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,774,500 144,586,500 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,033,000 167,827,000 - 206,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485 115 - 90 25 $407,091,036,028 $406,514,866,465 $318,625,977 $257,543,586 Comparative totals of currency and coins in circulation-selected dates Amount (in millions) (1) Per capita 5 (2) Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . $430,527 $1,619.20 Aug. 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,143 1,626.56 July 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428,788 1,615.29 Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 $30,229 $182.90 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. 4 5 Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. 59 Page Intentionally Left Blank 60 Page Intentionally Left Blank INTERNATIONAL FINANCIAL STATISTICS 61 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies, and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.--U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Total reserve assets 1 (1) 1991. . . . . . . . . . . . . . . . . . . . . . . . Reserve position in International Monetary Fund 1, 5 (5) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) 77,721 11,059 11,240 45,934 9,488 1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759 1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818 1994 . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030 1995 - Oct.. . . . . . . . . . . . . . . . . . . 86,224 11,051 10,949 49,524 14,700 Nov.. . . . . . . . . . . . . . . . . . . 85,755 11,050 11,034 49,099 14,572 Dec.. . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312 Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813 Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249 Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117 May . . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227 June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282 July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665 Aug.. . . . . . . . . . . . . . . . . . . 76,781 11,050 10,307 39,827 15,597 Sept. . . . . . . . . . . . . . . . . . . 75,509 11,050 10,177 38,861 15,421 Oct. . . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted-average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF are also valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 62 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS-2.--Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Office of International Financial Analysis] Liabilities to foreign countries End of calendar year or month Official institutions 1 MarketNonmarketable U.S. able U.S. Liabilities Treasury Treasury reported by bonds bonds banks in and and United States notes 2 notes 3 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities to other foreigners LiabiliLiabiliMarketties ties able U.S. to nonreported Treasury monetary by bonds international banks in and and regional United States notes 2, 6 organizations 7 (9) (10) (11) Total (1) Total (2) 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 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597 1994 r . . . . . . . . . 1,647,292 498,468 212,957 254,100 6,109 25,302 767,384 361,859 114,901 246,958 19,581 1995 - Sept. r. . . . 1,850,599 594,397 273,872 286,284 6,366 27,875 775,838 455,138 117,382 337,756 25,226 Oct. r . . . . . 1,879,756 592,519 265,706 291,989 6,408 28,416 804,079 460,480 123,779 336,701 22,678 Nov. r . . . . 1,901,751 607,368 281,012 291,080 6,449 28,827 792,657 479,177 126,631 352,546 22,549 Dec. r . . . . 1,890,756 605,356 275,877 293,731 6,492 29,256 800,267 462,092 121,213 340,879 23,041 1996 - Jan. r . . . . 1,903,612 619,434 277,868 306,346 6,120 29,100 796,316 464,884 122,907 341,977 22,978 Feb. r. . . . . . 1,922,664 645,050 294,430 315,027 6,158 29,435 779,847 475,045 125,557 349,488 22,722 Mar. r. . . . . . 1,926,098 657,715 302,442 319,775 6,199 29,299 773,312 472,899 121,745 351,154 22,172 Apr. r . . . . . 1,941,969 661,793 297,670 328,028 6,238 29,857 771,477 486,103 126,076 360,027 22,596 May . . . . . . 1,951,525 664,072 293,262 334,510 5,903 30,397 768,348 495,588 128,385 367,203 23,517 June . . . . . 1,967,206 670,609 305,418 327,862 5,941 31,388 764,635 509,275 125,965 383,310 22,687 July . . . . . . 2,006,743 674,995 299,477 337,491 5,980 32,047 757,016 552,897 130,955 421,942 21,835 Aug. . . . . . 2,004,872 680,489 300,761 341,078 6,018 32,632 745,555 556,024 125,837 430,187 22,804 Sept. . . . . . 2,035,512 696,122 298,289 358,266 6,057 33,510 760,649 554,497 127,560 426,937 24,244 1 6 2 7 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 3 Includes marketable U.S. Government bonds and notes held by foreign banks. Principally the International Bank for 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 States. Data correspond generally to statistics following 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 U.S. notes held by other international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 63 TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Payable in dollars Mexico 2 (4) Grand total (1) Total (2) Argentina 1 (3) 1991 . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759 1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817 1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885 1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959 1995 - Sept.. . . . . . . . . . . . . . . . . 6,366 6,366 928 4,427 1,011 Oct. . . . . . . . . . . . . . . . . . . 6,408 6,408 933 4,457 1,018 Nov. . . . . . . . . . . . . . . . . . 6,449 6,449 939 4,485 1,025 Dec. . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039 Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045 Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052 Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059 May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067 June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074 July . . . . . . . . . . . . . . . . . . 5,980 5,980 985 3,914 1,081 Aug. . . . . . . . . . . . . . . . . . 6,018 6,018 991 3,939 1,088 Sept. . . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095 End of calendar year or month 1 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon, 30-year maturity Treasury bond issue to the government of Argentina. Face value of issue is $6,685 million. 2 Includes current value of the following zero-coupon Treasury bond issues to the government of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,058 million; and beginning March 1990, 30-year maturity issue with remaining face value of $21,652 Venezuela 3 (5) million. Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million. 3 64 CAPITAL MOVEMENTS INTRODUCTION: Capital Movements Treasury collects information about the transference of financial assets 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 International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from 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 official institutions 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 specified 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 31, 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 report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million during the covered month. Exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository insti- tutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more during the covered quarter. Nonbanking enterprises also report each month their U.S. dollar 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 foreign offices) or with their foreign parent companies, and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the 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 their custody liabilities to foreigners. • Section II presents claims on foreigners also reported 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-III-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 CAPITAL MOVEMENTS 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 included. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-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. 65 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. SECTION I.--Liabilities to Foreigners Reported by Banks in the United States TABLE CM-I-1.--Total Liabilities by Type of Holder [In millions of dollars. Source: Office of International Financial Analysis] Foreign countries End of calendar year or month Total liabilities (1) Official institutions 1 Payable in Payable foreign in currenTotal dollars cies 3 (2) (3) (4) Banks and other foreigners Payable in Payable foreign in currenTotal dollars cies 3 (5) (6) (7) Total (8) International and regional 2 Payable in Payable foreign in currendollars cies 3 (9) (10) Memoranda Total liabilities to all foreigners reported by IBFs Payable in Payable foreign in currendollars cies 3 (11) (12) 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 1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669 1994 r . . . . . . . . . . . . . 1,104,384 212,957 212,957 - 882,285 793,513 88,772 9,142 8,606 536 358,076 67,447 1995 - Sept. r. . . . . . . . 1,181,459 273,872 273,872 - 893,220 792,356 100,864 14,367 13,011 1,356 359,638 79,003 Oct. r . . . . . . . . 1,205,214 265,706 265,706 - 927,858 826,994 100,864 11,650 10,294 1,356 372,690 79,003 Nov. r . . . . . . . . 1,211,450 281,012 281,012 - 919,288 818,424 100,864 11,150 9,794 1,356 364,603 79,003 Dec. r . . . . . . . . 1,209,437 275,877 275,877 - 921,480 812,874 108,606 12,080 11,039 1,041 369,589 85,708 1996 - Jan. r . . . . . . . . 1,208,803 277,868 277,868 - 919,223 810,617 108,606 11,712 10,671 1,041 369,308 85,708 Feb. r . . . . . . . . 1,212,031 294,430 294,430 - 905,404 796,798 108,606 12,197 11,156 1,041 370,230 85,708 Mar. r . . . . . . . . 1,208,535 302,442 302,442 - 895,057 789,067 105,990 11,036 9,512 1,524 363,756 82,203 Apr. r . . . . . . . . 1,208,058 297,670 297,670 - 897,553 791,563 105,990 12,835 11,311 1,524 359,415 82,203 May . . . . . . . . . 1,203,513 293,262 293,262 - 896,733 790,743 105,990 13,518 11,994 1,524 356,477 82,203 June . . . . . . . . . 1,209,517 305,418 305,418 - 890,600 780,290 110,310 13,499 12,158 1,341 354,858 80,985 July . . . . . . . . . 1,200,531 299,477 299,477 - 887,971 777,661 110,310 13,083 11,742 1,341 344,014 80,985 Aug. p . . . . . . . 1,186,169 300,761 300,761 - 871,392 761,082 110,310 14,016 12,675 1,341 341,047 80,985 Sept. p . . . . . . 1,202,111 298,289 298,289 - 888,209 777,899 110,310 15,613 14,272 1,341 340,930 80,985 1 2 Includes Bank for International Settlements. Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 66 CAPITAL MOVEMENTS TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars Part A.--Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Official institutions 1 U.S. Treasury bills and Deposits certifDemand Time 2 icates (2) (3) (4) Other liabilities 2 (5) Deposits Demand Time 2 (6) (7) 1991 . . . . . . . . . . . . . . . 747,085 1992 . . . . . . . . . . . . . . . 800,909 1993 . . . . . . . . . . . . . . . 915,736 1994 r . . . . . . . . . . . . . . 1,006,470 2,626 1,302 1,600 1,564 16,504 92,692 17,939 104,596 21,653 151,100 23,511 139,571 19,266 35,726 46,468 48,311 8,648 82,857 10,170 90,296 9,718 105,262 10,633 111,171 1995 - Sept. r. . . . . . . . . 1,066,228 Oct. r . . . . . . . . . 1,092,700 Nov. r . . . . . . . . . 1,099,436 Dec. r . . . . . . . . . 1,088,751 1996 - Jan. r . . . . . . . . . 1,088,485 Feb. r . . . . . . . . . 1,091,228 Mar. r . . . . . . . . . 1,091,509 Apr. r . . . . . . . . . 1,089,233 May . . . . . . . . . . 1,084,005 June. . . . . . . . . . 1,085,708 July . . . . . . . . . . 1,077,138 Aug. p . . . . . . . . 1,061,843 Sept. p . . . . . . . . 1,076,188 1,362 1,646 1,690 2,098 1,522 1,655 1,423 1,679 1,504 2,211 2,211 1,459 2,060 32,262 30,676 30,597 30,716 28,069 29,904 32,470 36,652 32,671 38,929 36,841 37,097 34,255 77,155 76,107 77,359 74,529 74,328 71,683 70,167 72,701 70,766 77,107 74,364 72,479 79,852 11,818 11,341 11,232 11,758 10,247 10,948 10,970 11,468 10,663 12,380 11,809 11,107 12,759 End of calendar year or month Total foreign countries (1) 163,093 157,277 171,366 168,534 173,949 191,188 198,382 186,638 188,321 187,171 186,061 189,726 182,122 98,544 114,284 105,310 103,623 110,432 104,228 101,047 96,238 89,120 90,717 95,353 95,004 91,998 Banks U.S. Treasury Other bills and liacertifbiliicates ties 2 (8) (9) Other foreigners U.S. Treasury bills and Deposits cerDemand Time 2 tificates (11) (12) (13) Other liabilities 2 (14) 7,471 94,190 329,099 11,087 104,773 330,994 10,712 148,206 318,273 11,264 149,986 395,558 9,004 10,310 10,236 11,160 57,574 48,936 45,411 48,532 8,841 10,053 10,652 11,822 18,313 24,727 36,445 43,387 16,384 16,445 16,690 15,872 15,995 17,947 15,967 16,801 17,584 18,241 18,091 18,670 18,556 10,500 10,097 10,159 10,571 10,375 10,849 10,946 10,785 11,124 12,650 10,947 10,521 10,665 52,929 53,596 54,225 53,707 55,475 54,426 56,530 55,071 55,769 56,001 57,472 59,240 60,209 13,503 13,540 12,843 12,599 12,787 13,705 13,792 13,241 14,542 12,322 12,531 11,208 11,401 40,450 46,546 49,404 44,336 44,270 46,577 40,477 46,979 46,950 44,992 50,005 44,868 45,285 157,191 166,367 170,323 163,871 165,621 169,288 164,193 167,781 169,849 167,785 164,079 155,570 169,312 To own foreign offices (10) 391,037 394,778 388,238 396,537 385,415 368,830 375,145 373,199 375,142 365,202 357,374 354,894 357,714 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month Total (1) Demand deposits (2) Time deposits 2 (3) U.S. Treasury bills and certificates (4) ........................ ........................ ........................ ........................ 8,981 9,350 10,936 8,606 43 46 15 29 2,714 3,214 2,780 3,298 1,730 1,908 4,275 281 4,494 4,182 3,866 4,998 1995 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. r . . . . . . . . . . . . . . . . . . Feb. r . . . . . . . . . . . . . . . . . . Mar. r . . . . . . . . . . . . . . . . . . Apr. r . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. p . . . . . . . . . . . . . . . . . Sept. p . . . . . . . . . . . . . . . . . 13,011 10,294 9,794 11,039 10,671 11,156 9,512 11,311 11,994 12,158 11,742 12,675 14,272 24 77 33 21 30 43 16 28 34 123 22 49 26 4,315 3,901 3,631 4,656 4,434 3,526 3,563 4,024 3,442 4,052 3,747 4,738 5,461 354 1,342 962 350 764 555 564 426 376 874 865 345 399 8,318 4,974 5,168 6,012 5,443 7,032 5,369 6,833 8,142 7,109 7,108 7,543 8,386 1991 1992 1993 1994 1 Includes Bank for International Settlements. Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." 2 Other liabilities 2 (5) Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. CAPITAL MOVEMENTS 67 TABLE CM-I-3.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . See footnotes at end of table. 1996 July (6) Aug. p (7) Sept. p (8) 3,699 28,402 325 872 3,164 2,057 52,551 32,742 1,730 593 2,307 16,867 13,842 1,425 5,786 1,526 574 6,938 22,060 3,422 41,790 5,094 170,610 217 12,673 431,266 3,492 29,639 384 773 3,239 1,668 48,310 31,241 1,851 842 2,588 17,549 13,546 1,472 5,921 1,909 399 6,047 21,112 3,467 42,410 5,787 165,316 208 15,066 424,236 5,173 32,701 372 652 2,869 1,581 49,330 29,994 1,762 1,187 2,406 17,316 13,143 1,593 6,008 1,453 307 4,988 19,251 2,321 41,857 7,440 163,916 207 15,920 423,747 6,507 29,831 319 385 3,020 1,280 49,067 30,465 1,892 1,643 1,817 17,273 11,309 1,659 5,170 1,598 291 4,741 22,105 2,544 45,009 8,160 160,040 214 11,973 418,312 35,122 36,194 31,614 33,525 36,002 12,356 96,525 4,956 24,317 249,273 2,891 3,747 8 1,323 1,288 498 24,611 5,184 4,413 987 456 1,869 12,117 11,868 87,645 5,139 20,561 250,680 2,917 3,447 8 1,292 1,083 567 23,266 5,215 4,114 1,076 435 1,780 14,951 13,644 87,026 4,527 26,083 242,591 2,986 3,671 10 1,312 1,079 553 25,827 5,344 3,914 1,025 547 1,816 15,091 12,566 95,123 4,420 23,364 241,328 2,898 3,358 10 1,416 1,098 581 27,366 5,713 3,888 1,041 520 1,883 15,453 13,385 89,755 4,365 24,699 233,395 2,527 3,292 14 1,444 1,182 644 25,453 3,796 4,030 1,089 504 1,846 15,221 12,054 88,386 5,095 24,038 241,546 3,270 2,918 33 1,460 1,187 642 27,863 5,477 3,986 948 567 1,798 15,788 6,115 7,241 8,307 7,854 7,847 8,090 8,442 434,862 454,060 444,351 444,900 449,873 434,731 445,498 1993 (1) 1994 r (2) 1995 r (3) May (4) June (5) 2,203 31,609 99 817 4,650 2,569 48,658 33,433 1,527 1,491 2,323 14,546 17,788 3,071 2,292 3,488 125 2,532 21,365 2,813 45,746 3,584 150,912 373 26,524 424,538 4,109 26,475 611 953 3,137 1,569 52,816 32,356 1,409 1,095 1,987 13,419 17,259 2,339 2,316 2,997 529 2,726 15,612 3,157 42,126 3,378 187,161 245 20,966 440,747 4,269 31,348 752 1,667 3,517 3,035 49,220 31,065 2,039 2,055 2,615 16,045 14,993 1,424 5,690 2,916 246 7,948 11,960 3,376 46,210 4,311 161,193 177 14,255 422,326 4,279 31,891 362 799 3,042 2,383 50,171 30,720 1,709 1,258 2,526 15,067 14,184 869 5,548 2,133 423 7,381 21,574 2,710 39,615 4,933 170,292 147 15,339 429,355 21,577 26,523 32,002 14,591 74,844 8,372 5,384 199,955 3,314 3,220 33 899 1,224 425 28,374 5,277 3,887 966 398 1,664 13,334 17,273 104,934 8,631 9,292 237,571 3,174 4,674 13 886 1,136 541 12,392 5,748 4,775 913 641 1,649 14,504 6,084 372,245 68 CAPITAL MOVEMENTS TABLE CM-I-3.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . 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. . . . . . . . . . . . . . . 1 1996 July (6) Aug. p (7) Sept. p (8) 25,486 16,651 19,135 4,019 2,350 5,211 139,201 6,724 506 2,342 2,262 2,975 9,652 1,173 12,275 13,971 2,898 266,831 28,590 16,130 18,683 3,961 2,595 4,487 138,184 5,670 616 2,288 1,348 3,046 9,929 286 11,735 13,539 3,236 264,323 34,227 14,781 20,364 4,019 2,195 4,407 134,705 5,454 527 2,084 1,803 2,544 10,307 94 10,713 14,483 3,377 266,084 32,071 15,728 18,845 3,800 2,238 4,177 137,973 5,956 600 2,165 1,712 3,434 12,084 60 11,781 15,307 3,281 271,212 1,874 249 267 113 813 16 1,928 2,267 7,527 1,832 211 306 115 730 6 2,040 2,375 7,615 2,115 224 279 133 712 13 1,955 2,233 7,664 1,921 193 297 121 696 6 2,102 2,029 7,365 1,895 225 277 78 546 6 2,078 2,440 7,545 5,732 1,163 6,895 5,833 1,048 6,881 8,091 1,121 9,212 8,497 1,241 9,738 5,626 1,075 6,701 5,632 2,297 7,929 1,095,242 1,197,357 1,189,995 1,196,018 1,187,448 1,172,153 1,186,498 7,179 51 3,276 274 503 39 7,888 53 798 194 170 39 10,082 119 1,152 194 496 37 11,836 73 909 437 228 35 11,924 66 768 405 301 35 11,403 69 1,072 353 151 35 12,088 109 1,265 349 170 35 13,590 153 1,434 299 102 35 11,322 9,142 12,080 13,518 13,499 13,083 14,016 15,613 1,004,931 1,104,384 1,209,437 1,203,513 1,209,517 1,200,531 1,186,169 1,202,111 1993 (1) 1994 r (2) 1995 r (3) May (4) June (5) 4,011 10,684 17,724 1,123 2,001 4,453 79,241 4,963 469 1,833 1,216 2,041 8,746 365 6,155 15,943 2,783 163,751 10,066 9,971 17,956 2,340 1,610 5,160 87,304 5,226 503 1,704 1,309 2,722 8,537 608 6,475 15,547 3,315 180,353 33,765 11,743 22,694 3,378 2,743 4,064 139,045 5,847 631 2,415 1,703 3,097 11,564 858 12,291 16,057 2,413 274,308 24,857 14,624 19,434 3,942 2,396 5,128 139,915 5,813 678 2,280 1,264 2,902 11,607 991 13,396 14,833 2,699 266,759 2,218 153 816 100 451 12 1,308 1,612 6,670 1,886 233 323 97 440 9 1,381 2,223 6,592 2,137 229 368 104 810 10 1,837 2,271 7,766 3,919 909 4,828 5,250 915 6,165 993,609 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 69 TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1996, Preliminary [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for in curren- own lialiabilDeposits obliga- liabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Europe: Austria . . . . . . . . . . . . . . 6,507 6,017 490 3,008 3,009 Belgium-Luxembourg. . . 29,831 22,285 7,546 20,203 2,082 319 314 5 109 205 Bulgaria . . . . . . . . . . . . . Czechoslovakia . . . . . . . 385 384 1 384 Denmark. . . . . . . . . . . . . 3,020 2,652 368 2,052 600 1,280 812 468 570 242 Finland . . . . . . . . . . . . . . France . . . . . . . . . . . . . . 49,067 37,101 11,966 30,299 6,802 Germany . . . . . . . . . . . . 30,465 23,599 6,866 18,159 5,440 Greece . . . . . . . . . . . . . . 1,892 1,852 40 1,198 654 Hungary . . . . . . . . . . . . . 1,643 1,637 6 271 1,366 1,817 1,645 172 1,192 453 Ireland . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . 17,273 12,509 4,764 12,020 489 Netherlands . . . . . . . . . . 11,309 9,626 1,683 6,788 2,838 1,659 1,622 37 549 1,073 Norway . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . 5,170 4,863 307 2,870 1,993 1,598 1,473 125 849 624 Portugal . . . . . . . . . . . . . Romania. . . . . . . . . . . . . 291 284 7 158 126 Russia 4 . . . . . . . . . . . . . 4,741 4,741 - 2,256 2,485 Spain . . . . . . . . . . . . . . . 22,105 20,359 1,746 8,219 12,140 Sweden . . . . . . . . . . . . . 2,544 1,815 729 1,583 232 Switzerland. . . . . . . . . . . 45,009 42,225 2,784 15,044 27,181 8,160 7,992 168 1,742 6,250 Turkey . . . . . . . . . . . . . . United Kingdom . . . . . . . 160,040 133,210 26,830 121,261 11,949 214 214 213 1 Yugoslavia 5 . . . . . . . . . . 414 9,347 2,212 Other Europe . . . . . . . . . 11,973 11,559 Total Europe . . . . . . . . 418,312 350,790 67,522 260,344 90,446 Canada . . . . . . . . . . . . . . . 36,002 33,199 2,803 26,401 6,798 Latin America and Caribbean: Argentina . . . . . . . . . . . . 12,054 11,989 65 8,519 3,470 Bahamas . . . . . . . . . . . . 88,386 86,587 1,799 70,887 15,700 Bermuda. . . . . . . . . . . . . 5,095 4,880 215 2,202 2,678 181 22,783 1,074 Brazil . . . . . . . . . . . . . . . 24,038 23,857 British West Indies . . . . . 241,546 233,346 8,200 147,826 85,520 Chile. . . . . . . . . . . . . . . . 3,270 3,205 65 2,639 566 2,918 2,889 29 2,768 121 Colombia . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . 33 33 33 Ecuador . . . . . . . . . . . . . 1,460 1,449 11 1,337 112 1,187 1,181 6 1,018 163 Guatemala . . . . . . . . . . . Jamaica . . . . . . . . . . . . . 642 623 19 577 46 Mexico . . . . . . . . . . . . . . 27,863 26,811 1,052 16,424 10,387 Netherlands Antilles . . . . 5,477 5,295 182 4,240 1,055 Panama . . . . . . . . . . . . . 3,986 3,950 36 3,509 441 948 936 12 916 20 Peru . . . . . . . . . . . . . . . . Trinidad and Tobago . . . 567 565 2 474 91 Uruguay . . . . . . . . . . . . . 1,798 1,751 47 1,639 112 192 13,011 2,585 Venezuela . . . . . . . . . . . 15,788 15,596 Other Latin America 8,442 8,364 78 6,999 1,365 and Caribbean . . . . . . Total Latin America 445,498 433,307 12,191 307,801 125,506 and Caribbean. . . . . See footnotes at end of table. 128 1,070 2,961 1,382 266 289 7,729 615 2,983 8,856 15 3 205 86 3 55 22 283 11 27 712 131 1,564 185 16 166 228 180 158 478 12,228 5,752 3,642 13,249 443 4,841 5,154 9,025 2,678 54 153 600 474 244 39 2 915 662 15 84 209 117 516 329 326 4,844 179 5,414 1,103 119 2,566 820 3,066 2,513 28 20 51 1,364 84 29 37 1,993 2,549 249 46 402 580 171 101 13 5 125 97 41 242 20 2,250 2,106 30 268 2,388 10,193 5,845 620 150 520 89 295 336 855 2,060 24,146 6,759 6,148 109 538 6,115 770 259 1,395 24,523 4,195 17,440 71,205 5 20 130 1 197 4,871 1,446 4,145 530 5,410 69,949 68,860 70,948 109,214 267 4,663 261 1,656 46 4,235 29 238 287 15,091 117 7,240 96 402 58 617 1 111 248 45 67 48 214 260 1,838 34 187 57 195 36 28 9 54 68 103 124 2,373 271 1,328 1,958 36,114 57 232 2 16 8 136 223 47 1 43 180 78 20 4 20 2 21 118 15 158 23 708 3 23 2,138 123 379 2 11 16 45 296 555 225 3 71 283 163 37 2 110 1 59 838 40 795 154 1,958 11 206 6,383 14,307 729 1,870 854 4,247 101 2,981 995 538 152 14,820 63,641 309 1,582 229 3 4,318 383 73 90,246 113,575 474 76 341 37 6 26 233 84 78 82 4 28 200 35 8,417 5,546 1,326 47 259 776 37 222 1,027 108 34 193 60 7 293 479 1,573 2,577 227 541 134 75 617 404 184 200 141 110 24 1,056 57 265 100 21 67 1,046 4,476 1,319 418 2,912 6,958 1,369 1,546 21 560 741 68 7,049 720 1,751 614 191 635 7,130 142 1,233 513 40 1,323 39 12 6 13 1 441 652 124 3 9 30 126 399 1,007 1,487 206 13,410 565 78 5 40 41 5 878 2,563 272 13 28 69 420 293 643 238 123 326 479 106 16 33 2 438 55 105 10 3 50 742 2,102 827 4,160 1,008 27 3 166 1,036 1 11 54 1,266 97 583 12 43 34 242 29 151 104 197 5 13 10 33 6 7 39 50 70 300 937 367 12 12 2,225 9,561 44 43 98 3,881 14,007 12 492 86 134 18 33 113 32 1 17 228 22 16 1,272 1 2,415 1 1 4,894 464 605 3,190 62 609 381 14,558 123,503 182,995 5,647 41,668 4,769 22,095 4,043 70 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1996, Preliminary, con. [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for in curren- own lia- liabilDeposits obligaliabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Asia: China: Mainland . . . . . . . Taiwan . . . . . . . . Hong Kong . . . . . . . India . . . . . . . . . . . . Indonesia . . . . . . . . Israel . . . . . . . . . . . Japan . . . . . . . . . . . Korea . . . . . . . . . . . Lebanon . . . . . . . . . Malaysia. . . . . . . . . Pakistan . . . . . . . . . Philippines . . . . . . . Singapore. . . . . . . . Syria. . . . . . . . . . . . Thailand . . . . . . . . . Other Asia . . . . . . . Total Asia . . . . . . 32,071 15,728 18,845 3,800 2,238 4,177 137,973 5,956 600 2,165 1,712 3,434 12,084 60 11,781 18,588 271,212 32,068 15,698 17,937 3,793 2,204 4,134 112,572 5,906 600 1,941 1,704 3,429 11,871 60 11,759 17,994 243,670 Africa: Egypt . . . . . . . . . . . Ghana . . . . . . . . . . Liberia . . . . . . . . . . Morocco . . . . . . . . . South Africa . . . . . . Zaire. . . . . . . . . . . . Other Africa . . . . . . Total Africa . . . . . 1,895 225 277 78 546 6 4,518 7,545 1,894 225 268 78 482 6 4,486 7,439 3 4,714 27,354 30 9,216 6,482 908 15,282 2,655 7 1,696 2,097 34 1,356 848 43 1,623 2,511 25,401 34,507 78,065 50 4,721 1,185 591 9 224 1,350 591 8 1,298 406 5 1,560 1,869 213 10,270 1,601 57 3 22 864 10,895 594 14,755 3,239 27,542 103,860 139,810 1 9 64 32 106 910 194 197 76 473 4 4,086 5,940 984 31 71 2 9 2 400 1,499 Other countries: 5,632 5,522 110 3,435 2,087 Australia . . . . . . . . . 2,297 2,261 36 2,184 77 All other . . . . . . . . . Total other 7,929 7,783 146 5,619 2,164 countries . . . . . Total foreign countries. . . . 1,186,498 1,076,188 110,310 709,965 366,223 International and regional: 13,590 12,490 1,100 12,204 286 International . . . . . . European regional . 153 153 139 14 Latin American 1,434 1,193 241 1,150 43 regional . . . . . . . . Asian regional . . . . 299 299 92 207 102 102 52 50 African regional . . . Middle Eastern 35 35 35 regional . . . . . . . . Total international 15,613 14,272 1,341 13,672 600 and regional. . . Grand total. . . . 1,202,111 1,090,460 111,651 723,637 366,823 1 289 347 420 387 269 135 1,242 228 26 163 50 196 437 21 129 552 4,891 30 194 355 34 90 50 365 42 19 25 21 82 101 6 45 224 1,683 328 1,564 2,799 336 369 372 641 989 67 313 58 532 199 25 60 563 9,215 35 29 179 2 92 819 4 7 2 1 343 2 1 275 1,791 150 193 1,050 109 16 76 1,890 15 1 6 28 152 1 3 829 4,519 15 216 189 7 5 152 182 12 1 1 29 6 1 562 1,378 108 26 1 27 86 2 702 952 197 24 3 3 905 1,132 966 31 1 380 1,378 430 86 23 329 1 1,697 2,566 69 33 11 2 2 268 385 34 6 15 9 16 129 209 83 19 177 5 38 385 707 28 3 1 4 36 7 47 4 16 74 9 22 2 14 47 1,127 214 73 7 2,011 23 1,246 1,045 492 507 130 129 77 289 45 25 321 22 2 1 1,341 80 2,034 2,291 999 259 366 70 343 3 14,819 126,253 200,678 249,164 357,714 10,665 60,209 11,401 45,285 10,466 13 6 4,851 103 286 14 7,340 30 - - - - - - 5 2 451 1 20 43 56 - 694 242 80 - - - - - - - 35 - - - - - - - 26 5,461 399 8,386 - - - - - - 14,845 131,714 201,077 257,550 357,714 10,665 60,209 11,401 45,285 10,466 These data as of June 30, 1996. Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in "Other Asia" and "Other Africa" amount to $842 million. 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 1,307 9,307 18,888 1,734 2,178 6,101 4,681 411 1,458 404 2,936 8,336 10 1,774 526 615 61 816 344 239 160 2,173 707 369 3,686 74,889 7,839 21,201 668 740 1,067 2,153 200 273 7 244 570 349 275 107 380 223 859 16 699 1,698 177 1,398 1,175 1,842 6,224 1 4 46 10,870 351 254 2,775 1,848 3,968 6,960 14,315 111,746 45,696 49,814 5 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe" as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 71 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) [In millions of dollars. Source: Office of International Financial Analysis] Country 1992 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . 125,388 221,194 260,020 77,735 87,870 772,207 110,848 883,055 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1993 150,912 273,626 292,335 79,241 84,510 880,624 124,307 1,004,931 1994 187,161 253,586 361,659 87,304 93,049 982,759 121,625 1,104,384 1995 161,193 261,133 360,351 139,045 135,263 1,056,985 152,452 1,209,437 Sept. 1996 160,040 258,272 344,490 137,973 133,239 1,034,014 168,097 1,202,111 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking liabilities to foreigners, excluding liabilities represented by long-term securities, are concentrated in international financial centers. The chart and table show that close to two-thirds of U.S. liabilities are currently reported opposite the United Kingdom, the rest of Europe and, most notably, the offshore 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. banking liabilities to foreigners, which expanded $105.1 billion in 1995, declined by $7.3 billion through the third quarter of 1996. Liabilities to foreigners in the United Kingdom, other Europe, Japan, and other Asia fell a combined $7.1 billion, reflecting very marginal changes from 1995 levels. Liabilities opposite the United Kingdom and other Europe have remained in a narrow range in recent years, whereas the growth in liabilities to Japan and other Asia that occurred in 1995 appears to have slowed. Also, U.S. liabilities to foreigners in the Caribbean banking centers dropped by $15.9 billion through the third quarter, resulting in the lowest level of liabilities opposite these centers since 1993. Meanwhile, offsetting these declines was an increase of $15.6 billion in U.S. liabilities to “all other countries.” 72 CAPITAL MOVEMENTS SECTION II.--Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.--Total Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar Year Type of claim 1993 (1) 1994 1995 Dec. r Mar. r June r (2) (3) (4) 1996 Sept. r (5) Dec. r (6) Mar. (7) June p (8) Total claims . . . . . . . . . . . . . . . . . . . . . . . . 650,689 671,138 698,479 743,672 729,258 735,678 735,409 734,644 Payable in dollars. . . . . . . . . . . . . . . . . . 575,818 599,549 616,948 656,373 653,076 655,518 659,897 661,316 Banks’ own claims on foreigners . . . . 488,497 483,270 494,436 527,762 523,456 532,751 531,842 536,239 Foreign public borrowers. . . . . . . . . 29,228 23,416 23,809 23,815 22,454 22,522 27,751 22,950 Deposits . . . . . . . . . . . . . . . . . . . . 49,892 59,250 53,676 59,152 51,089 37,658 42,153 33,998 Other . . . . . . . . . . . . . . . . . . . . . . 50,973 49,978 53,622 55,612 59,791 63,752 61,365 71,350 Own foreign offices . . . . . . . . . . . . . . . 285,510 283,183 292,367 305,180 302,661 307,509 298,122 307,792 All other foreigners . . . . . . . . . . . . . . . 72,894 67,443 70,962 84,003 87,461 101,310 102,451 100,149 Claims of banks’ domestic customers . . . . . . . . . . . . . . . . . . . . 87,321 116,279 122,512 128,611 129,620 122,767 128,055 125,077 Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 64,829 67,152 69,579 66,810 58,519 68,837 71,441 Negotiable and readily transferable instruments . . . . . . . 31,186 36,008 38,305 39,237 44,223 44,161 41,401 37,331 Collections and other. . . . . . . . . . . . 14,401 15,442 17,055 19,795 18,587 20,087 17,817 16,305 Payable in foreign currencies. . . . . . . . . 74,871 71,589 81,531 87,299 76,182 80,160 75,512 73,328 Banks’ own claims on foreigners . . . . 62,017 60,711 72,652 77,055 69,558 74,015 69,159 65,864 Claims of banks’ domestic customers . . . . . . . . . . . . . . . . . . . . 12,854 10,878 8,879 10,244 6,624 6,145 6,353 7,464 Claims reported by IBFs. . . . . . . . . . . . . 236,968 253,009 256,547 265,851 254,637 255,036 245,794 241,509 Payable in dollars . . . . . . . . . . . . . . . . 194,699 212,096 206,695 211,092 206,208 202,412 199,104 198,043 Payable in foreign currencies . . . . . . . 42,269 40,913 49,852 54,759 48,429 52,624 46,690 43,466 Customer liability on acceptances . . . . . 7,920 8,427 8,439 8,792 8,821 8,410 9,031 9,335 On foreign public borrowers. . . . . . . . . . 17,828 15,435 15,482 15,822 14,192 15,015 19,567 14,847 On all other unaffiliated foreigners . . . . . 154,834 152,924 151,309 172,481 167,814 163,770 174,175 171,129 On foreign public borrowers. . . . . . . . . . 10,874 7,838 8,150 7,892 8,220 7,506 8,104 8,130 On all other unaffiliated foreigners . . . . . 19,030 23,873 26,882 26,184 30,213 38,850 31,712 34,388 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: CAPITAL MOVEMENTS 73 TABLE CM-II-2.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1994 1995 1996 1993 r Dec. r Mar. r June r Sept. r Dec. r Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 950 8,944 68 135 1,236 933 19,175 15,947 1,621 46 366 13,951 4,894 517 454 1,093 117 2,453 6,977 6,799 12,520 3,280 86,628 491 847 1,889 10,166 7 84 1,562 813 21,493 18,425 1,105 41 513 10,550 5,354 544 413 1,177 238 1,395 5,583 8,930 12,955 3,032 96,829 275 720 1,760 10,742 7 68 1,578 787 24,486 20,601 1,118 143 411 10,767 6,781 1,569 383 1,225 222 1,001 6,639 7,191 16,190 2,495 101,465 253 798 1,831 8,187 6 41 1,872 1,028 24,329 21,633 905 13 499 11,160 8,670 1,260 473 2,149 210 926 6,407 7,582 18,885 2,826 99,992 235 436 2,098 10,764 83 70 1,778 1,470 25,310 19,159 792 9 621 9,468 9,126 1,719 1,153 1,204 199 793 4,841 7,712 20,291 2,901 89,167 240 518 1,961 12,124 7 166 2,027 1,569 24,031 20,814 923 24 1,143 8,789 9,200 735 1,474 1,042 179 1,069 3,842 9,367 18,568 2,834 103,375 150 3,901 2,348 10,078 4 153 2,317 2,148 27,063 18,689 885 31 1,391 9,977 9,972 1,326 2,875 995 192 1,132 6,705 6,408 13,369 2,852 109,670 121 3,037 2,078 10,544 2 111 2,287 1,182 23,788 25,783 940 18 1,006 9,802 10,582 1,654 2,076 942 71 748 3,441 6,329 19,340 2,960 111,085 164 2,318 190,442 204,093 218,680 221,555 211,486 229,314 233,738 239,251 Canada . . . . . . . . . . . . . . . . . . . . . . 35,576 33,067 41,964 41,749 39,609 35,840 31,625 37,579 4,631 65,745 9,101 12,739 116,444 3,876 3,566 750 309 205 24,365 2,770 2,964 686 497 1,010 4,069 6,075 69,894 8,666 10,574 125,436 4,376 4,369 717 385 262 23,405 1,426 2,293 1,072 473 554 2,803 6,461 67,510 8,952 12,090 121,119 4,812 4,310 593 391 291 22,354 1,236 2,593 1,142 516 406 2,500 6,786 69,340 8,640 12,866 137,766 4,707 4,355 778 356 404 23,196 3,183 2,647 1,406 484 438 2,525 6,392 65,833 6,207 14,916 147,209 4,728 4,705 1 830 378 292 21,213 6,273 2,909 1,513 487 453 2,318 6,759 61,477 6,226 14,826 148,513 5,344 4,892 846 472 329 21,379 9,850 3,347 1,880 485 534 2,536 6,563 68,778 6,144 15,641 143,681 4,824 4,873 992 482 338 19,903 11,547 2,942 1,957 478 693 2,293 6,871 63,955 5,059 16,844 131,119 4,641 4,940 999 476 367 19,564 13,374 2,762 2,442 513 696 2,161 3,218 3,504 3,293 3,291 3,505 2,979 3,188 3,696 256,945 266,284 260,569 283,168 290,162 292,674 295,317 280,479 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 and Caribbean . . . . . . . . . . . . . See footnotes at end of table. 74 CAPITAL MOVEMENTS TABLE CM-II-2.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1994 1995 1996 1993 r Dec. r Mar. r June r Sept. r Dec. r Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) 2,371 2,670 13,571 665 1,856 5,944 90,387 7,714 53 739 858 1,513 7,280 45 2,451 15,948 650 888 1,548 11,541 1,069 1,717 5,533 93,196 10,508 57 758 641 757 5,376 73 3,094 14,450 523 962 1,639 17,113 1,149 1,770 5,987 97,255 12,466 57 1,010 846 646 5,277 74 3,004 13,688 567 1,423 1,906 18,816 1,335 2,771 6,018 108,044 13,650 63 1,351 1,005 1,008 9,206 65 3,223 13,521 439 1,476 1,685 19,545 2,052 3,983 5,431 100,155 13,182 62 1,298 1,140 812 6,914 75 2,858 12,804 347 1,176 1,836 16,864 1,946 2,016 5,345 98,737 14,438 44 1,170 571 1,481 6,383 94 2,806 10,562 484 2,699 1,896 18,246 1,989 1,990 5,254 88,284 17,673 38 806 997 1,352 6,703 63 3,260 8,302 381 2,342 1,602 19,159 1,942 1,872 5,056 84,862 19,830 38 1,190 1,143 1,501 9,258 91 3,308 9,856 353 154,715 151,729 163,510 183,844 173,819 165,953 159,933 163,403 207 22 996 752 662 4 1,184 606 249 6 598 876 768 3 1,003 506 223 8 564 620 751 2 848 542 224 9 532 845 677 3 761 527 222 8 576 823 546 2 717 790 233 18 576 720 606 1 654 682 268 6 608 882 657 1 615 581 219 17 525 1,048 615 1 563 598 4,433 4,009 3,558 3,578 3,684 3,490 3,618 3,586 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 5,063 1,046 5,441 1,599 4,153 2,063 5,002 2,076 5,927 1,672 4,919 1,557 5,583 1,781 5,502 1,791 6,109 7,040 6,216 7,078 7,599 6,476 7,364 7,293 Total foreign countries. . . . . . 648,220 666,222 694,497 740,972 726,359 733,747 731,595 731,591 2,393 2 69 5 4,783 40 93 - 3,887 15 80 - 2,536 96 68 - 2,811 88 - 1,837 94 - 3,726 3 85 - 2,985 66 2 - 2,469 4,916 3,982 2,700 2,899 1,931 3,814 3,053 650,689 671,138 698,479 743,672 729,258 735,678 735,409 734,644 Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 75 TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1996 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany. . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland. . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden. . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey. . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . See footnotes at end of table. Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in dollars (8) Payable in foreign currencies (9) 2,078 10,544 2 111 2,287 1,182 23,788 25,783 940 18 1,006 9,802 10,582 1,654 2,076 942 71 748 3,441 6,329 19,340 2,960 111,085 164 2,318 239,251 1,154 8,271 2 97 514 1,128 15,480 14,319 595 5 866 8,157 6,789 1,280 1,752 867 71 600 2,745 3,025 15,879 968 86,372 164 1,304 172,404 901 5,198 1 42 317 184 7,185 5,949 543 5 664 3,487 3,609 379 1,378 378 48 409 1,232 1,137 2,474 857 27,858 164 955 65,354 187 1,723 50 115 829 4,583 5,882 20 154 2,234 2,937 864 65 326 23 31 1,287 1,662 9,671 76 47,955 152 80,826 66 1,350 1 5 82 115 3,712 2,488 32 48 2,436 243 37 309 163 160 226 226 3,734 35 10,559 197 26,224 17 2 18 2 1 8 6 1 14 6 6 15 111 217 3 427 924 2,273 14 1,773 54 8,308 11,464 345 13 140 1,645 3,793 374 324 75 148 696 3,304 3,461 1,992 24,713 1,014 66,847 904 2,213 1 1,697 31 7,830 10,946 313 129 1,283 3,693 362 206 67 6 640 3,113 3,386 1,957 23,479 972 63,228 20 60 13 76 23 478 518 32 13 11 362 100 12 118 8 142 56 191 75 35 1,234 42 3,619 37,579 24,424 10,486 11,760 2,178 9 13,155 12,522 633 6,871 63,955 5,059 16,844 131,119 4,641 4,940 999 476 367 19,564 13,374 2,762 2,442 513 696 2,161 6,554 61,382 4,812 15,081 113,257 4,564 4,541 966 452 359 17,365 13,298 2,719 2,405 507 624 1,566 5,420 6,921 3,620 11,688 22,152 4,222 4,500 863 447 354 16,645 12,771 1,670 2,216 504 404 1,345 1,028 53,687 3,388 80,517 166 38 99 5 5 175 117 897 179 219 45 106 774 1,192 5 10,588 176 3 4 545 410 152 10 3 1 176 73 20 14 1,235 98 24 62 52 22 3 687 106 58 2 8 6 317 2,573 247 1,763 17,862 77 399 33 24 8 2,199 76 43 37 6 72 595 308 2,572 247 1,558 17,855 75 397 33 24 8 1,073 76 43 29 6 72 594 9 1 205 7 2 2 1,126 8 1 3,696 3,591 2,251 1,316 24 95 105 105 - 280,479 254,043 97,993 141,881 14,169 2,565 26,436 25,075 1,361 76 CAPITAL MOVEMENTS TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1996, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in foreign currencies (9) Payable in dollars (8) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 2,342 1,602 19,159 1,942 1,872 5,056 84,862 19,830 38 1,190 1,143 1,501 9,258 91 3,308 10,209 163,403 2,161 1,491 17,473 1,809 1,640 621 73,222 19,338 26 1,012 1,097 1,396 7,604 90 3,225 9,022 141,227 1,936 489 7,066 1,644 1,400 424 14,520 12,357 24 261 529 967 2,727 90 1,068 1,867 47,369 205 1,001 8,931 150 162 196 39,485 6,904 2 684 561 331 3,629 2,126 6,638 71,005 20 1 1,476 15 78 1 19,217 77 67 7 98 1,248 31 517 22,853 53 78 119 300 174 20 804 4,107 11 3 29 49 38 296 81 6,162 181 111 1,686 133 232 4,435 11,640 492 12 178 46 105 1,654 1 83 1,187 22,176 181 66 1,628 80 202 4,434 10,713 241 12 140 38 99 1,607 1 58 1,158 20,658 45 58 53 30 1 927 251 38 8 6 47 25 29 1,518 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 219 17 525 1,048 615 1 1,161 3,586 205 17 525 649 540 1 852 2,789 181 17 525 638 515 1 814 2,691 17 1 32 50 7 10 25 6 48 22 1 28 19 23 93 14 399 75 309 797 13 399 31 301 744 1 44 8 53 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 5,502 1,791 7,293 2,662 1,505 4,167 1,250 275 1,525 1,263 1,007 2,270 149 223 372 75 4 79 2,840 286 3,126 2,683 167 2,850 157 119 276 Total foreign countries. . . . . . 731,591 599,054 225,418 307,792 65,844 9,335 132,537 125,077 7,460 2,985 66 2 - 2,981 66 2 - 2,961 66 2 - - 20 - - 4 - - 4 - International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3,053 3,049 3,029 - 20 - 4 - 4 734,644 602,103 228,447 307,792 65,864 9,335 132,541 125,077 7,464 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 77 SECTION III.--Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Total liabilities Calendar year Country 1996 Total banks’ own claims Calendar year 1996 1994 (1) 1995 (2) June (3) 1994 (4) 1995 (5) 183 36 777 266 41 768 160 32 574 11 14 64 n.a. 9 n.a. n.a. 13 n.a. 152 545 71 438 1,014 28 879 762 196 795 72 653 1,037 8 1,133 826 142 944 84 692 1,091 13 1,180 967 13 n.a. n.a. 207 404 n.a. 254 330 9 n.a. 21 253 292 n.a. 364 591 9 n.a. 14 291 229 n.a. 446 538 n.a. 241 633 191 592 61 35 318 650 201 554 94 32 286 689 n.a. 656 114 1 7 151 10 138 n.a. 2 17 174 9 153 n.a. n.a. 18 190 7 168 n.a. Other Asia: Afghanistan . . . . . . . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . . . . . . . Cambodia (formerly Kampuchea) Jordan . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . Nepal . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . Vietnam . . . . . . . . . . . . . . . . . . . . Yemen (Aden) . . . . . . . . . . . . . . . Yemen (Sanaa) . . . . . . . . . . . . . . 71 n.a. n.a. 192 32 n.a. 229 555 161 60 13 n.a. 244 61 147 n.a. 527 92 49 16 n.a. 238 78 148 135 n.a. 183 n.a. 71 n.a. n.a. 189 n.a. n.a. n.a. n.a. n.a. 89 24 n.a. n.a. n.a. n.a. n.a. 82 n.a. n.a. n.a. n.a. 5 Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . Djibouti . . . . . . . . . . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . Ivory Coast . . . . . . . . . . . . . . . . . . Kenya . . . . . . . . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . . . . . . . Mauritius. . . . . . . . . . . . . . . . . . . . Mozambique. . . . . . . . . . . . . . . . . Niger. . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . Sudan. . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . Uganda. . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . Zimbabwe. . . . . . . . . . . . . . . . . . . 72 6 n.a. 337 14 40 224 14 48 88 3 n.a. n.a. 21 38 191 53 200 72 143 145 14 72 n.a. 19 47 114 21 98 119 2 37 n.a. 14 31 288 32 n.a. 36 138 126 11 n.a. 252 10 n.a. 240 15 67 96 4 49 10 18 31 247 56 n.a. 53 108 n.a. 2 n.a. 15 1 15 19 n.a. n.a. n.a. 6 n.a. 4 77 8 n.a. 25 n.a. 1 * 10 n.a. n.a. 2 n.a. 4 * n.a. 3 n.a. n.a. 92 8 n.a. 46 n.a. 3 n.a. 10 n.a. 14 35 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 154 5 n.a. 26 All other: New Zealand . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . n.a. n.a. 758 n.a. 569 117 900 2 n.a. n.a. n.a. 9 Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean: Aruba . . . . . . . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . . . . . . . Belize . . . . . . . . . . . . . . . . . . . . . . Bolivia. . . . . . . . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . . . . . . . Dominica . . . . . . . . . . . . . . . . . . . Dominican Republic . . . . . . . . . . . El Salvador. . . . . . . . . . . . . . . . . . French West Indies and French Guiana . . . . . . . . . . . . . Haiti . . . . . . . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . . . . . . . Suriname . . . . . . . . . . . . . . . . . . . * Less than $500,000. Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates for the “other” geographical categories in the regular monthly series in the “Treasury Bulletin.” June (6) 78 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) [In millions of dollars. Source: Office of International Financial Analysis] Country 1992 1993 1994 1995 June 1996 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 86,628 96,829 103,375 111,085 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 103,814 107,264 125,939 128,166 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 192,681 197,024 207,715 229,413 216,269 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,387 93,196 98,737 84,862 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,328 58,533 67,216 78,541 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 542,181 563,537 624,680 618,923 All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 626,726 108,508 650,689 107,601 671,138 110,998 735,678 115,721 734,644 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking claims on foreigners, excluding claims represented by long-term securities, are highly concentrated in international financial centers. The chart and table show that close to two-thirds of U.S. claims are currently reported opposite the United Kingdom, other Europe and, most notably, the offshore banking centers in the Caribbean. Also significant are U.S. claims on foreigners reported against Japan and other Asia. Total U.S. banking claims on foreigners, which expanded $64.6 billion in 1995, were almost unchanged through the first half of 1996, falling just $1.1 billion. This marginal net decline is the result of offsetting changes in claims on different regions. U.S. claims on foreigners in the United Kingdom, other Europe, Asia excluding Japan, and “all other countries” increased $25.9 billion as of the end of June 1996, with claims on the United Kingdom alone rising $7.7 billion. Claims on the Caribbean banking centers and Japan fell a total of $27 billion. The largest change in U.S. claims through the first half of 1996 is the $13.9 billion, or 14 percent, drop in claims on Japan, the lowest level of U.S. claims on Japan over the period shown. CAPITAL MOVEMENTS 79 SECTION IV.--Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.--Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Type of liability or claim 1995 1996 1992 1993 1994 June Sept. Dec. Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 49,973 47,673 46,448 49,907 48,971 Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 38,298 34,281 33,908 33,903 36,273 35,366 Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 17,259 18,818 15,028 13,872 12,903 13,831 12,185 Trade payables . . . . . . . . . . . . . . . . 8,679 7,869 8,860 9,248 8,749 9,996 9,934 10,130 Advance receipts and other. . . . . . . 11,817 12,314 10,620 10,005 11,287 11,004 12,508 13,051 Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 15,692 13,765 12,545 13,634 13,605 Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 14,254 12,365 11,338 12,739 12,632 Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,279 1,312 1,017 881 959 Advance receipts and other. . . . . . . 287 255 730 159 88 190 14 14 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 58,051 53,424 52,509 55,394 58,829 Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 54,138 49,696 48,711 50,995 53,984 Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 21,351 17,393 14,654 17,044 17,926 Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 11,370 10,689 10,976 11,278 13,217 Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 19,360 19,530 20,993 20,195 20,307 Advance payments and other . . . . . 2,330 2,455 2,157 2,057 2,084 2,088 2,478 2,534 Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,913 3,728 3,798 4,399 4,845 Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 695 581 479 551 438 Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,158 1,228 1,289 1,887 2,397 Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 1,966 1,879 2,005 1,928 1,969 Advance payments and other . . . . . 227 508 676 94 40 25 33 41 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 80 CAPITAL MOVEMENTS TABLE CM-IV-2.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 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. 1 . . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1996 1995 1991 1992 1993 1994 June Sept. Dec. Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) (9) 130 464 9 4 63 449 3,145 1,734 178 26 702 606 1,766 527 32 55 40 412 355 983 65 8,825 59 39 36 20,704 107 712 13 14 38 387 2,323 1,618 201 67 614 430 1,141 283 31 16 33 161 322 919 116 11,115 62 10 52 20,785 58 414 3 8 49 362 3,194 1,659 252 3 485 485 1,222 359 15 24 6 164 286 1,009 104 15,335 60 9 36 25,601 70 736 5 6 277 236 2,455 2,565 196 6 449 359 1,274 176 17 35 8 127 242 1,015 109 17,987 84 12 30 28,476 49 1,089 7 7 598 210 1,605 2,145 21 4 417 347 978 333 12 38 5 147 212 1,488 54 15,040 119 5 69 24,999 56 696 3 21 619 192 1,893 2,330 68 7 401 291 1,040 276 7 43 4 170 243 1,203 63 13,869 96 6 67 23,664 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 171 233 1,308 118 13,706 177 6 188 23,322 30 853 2 21 143 277 2,327 3,028 44 8 399 486 1,138 389 13 20 6 120 214 1,688 96 13,771 143 6 153 25,375 43 824 1 4 150 307 1,539 2,689 48 7 353 485 1,061 277 32 26 8 162 240 1,672 95 14,056 63 73 143 24,358 1,306 1,546 1,738 1,666 2,039 2,016 1,672 2,125 1,949 22 540 424 225 3,631 41 16 15 6 6 314 642 6 10 17 1 98 86 382 421 228 2,883 51 19 13 9 9 469 626 36 10 17 3 148 36 137 350 232 1,387 89 34 18 6 6 498 633 8 13 18 1 128 88 120 425 368 1,021 44 19 33 8 14 574 645 50 30 25 1 281 92 84 535 165 1,042 46 56 1 18 9 15 423 657 16 43 12 3 208 91 80 363 254 935 61 41 1 45 5 16 360 624 6 55 13 3 178 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 120 106 696 185 956 100 44 28 5 14 484 628 4 21 26 4 245 147 66 537 127 836 134 92 11 34 12 18 486 12 13 37 47 13 284 125 176 218 145 361 380 364 320 364 6,139 5,586 3,812 3,891 3,786 3,511 3,523 3,986 3,270 CAPITAL MOVEMENTS 81 TABLE CM-IV-2.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1996 1995 1991 1992 1993 1994 June Sept. Dec. Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) (9) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 621 773 801 61 176 124 7,837 1,549 3 304 25 25 578 2 255 1,511 70 14,715 566 810 884 164 207 181 8,362 1,722 16 613 21 53 590 50 179 1,908 86 16,412 723 579 785 91 363 229 9,201 1,701 22 475 26 57 733 11 259 1,557 79 16,891 597 853 805 59 296 141 11,869 1,736 14 178 27 50 622 24 194 1,611 68 19,144 605 420 682 127 317 77 10,672 1,756 20 234 39 70 703 23 312 1,815 129 18,001 543 559 686 212 330 118 9,783 1,490 47 309 98 62 739 29 403 1,672 142 17,222 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 206 16,409 483 412 729 220 263 132 9,705 1,305 36 298 39 52 742 22 421 1,773 232 16,864 649 269 728 291 281 110 9,994 1,472 60 525 68 60 690 11 436 1,810 286 17,740 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 158 36 79 3 331 114 721 89 2 28 59 5 309 82 574 111 1 1 41 55 1 290 86 586 48 29 32 1 379 74 563 56 6 15 37 41 1 374 102 632 115 7 16 22 63 363 152 738 157 16 24 42 376 154 769 163 17 4 23 104 376 152 839 216 8 1 23 130 496 122 996 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 974 108 1,082 503 88 591 517 148 665 372 153 525 331 152 483 348 129 477 461 230 691 517 139 656 525 70 595 Total foreign countries. . . . . . 44,667 45,494 49,293 54,265 49,940 47,628 46,386 49,845 48,908 40 1 17 - 18 - 44 - 33 - 45 - 2 60 - 2 60 - 63 - 41 17 18 44 33 45 62 62 63 44,708 45,511 49,311 54,309 49,973 47,673 46,448 49,907 48,971 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 82 CAPITAL MOVEMENTS TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1996, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 43 824 1 4 150 307 1,539 2,689 48 7 353 485 1,061 277 32 26 8 63 162 240 1,672 95 14,056 73 143 24,358 1 498 51 152 861 1,850 2 283 148 444 82 21 6 41 27 1,156 19 10,790 2 16,434 231 151 180 1,191 2 279 33 425 1 4 3 4 2 435 18 5,558 2 8,519 1 267 51 1 681 659 4 115 19 81 17 3 37 25 721 1 5,232 7,915 42 326 1 4 99 155 678 839 48 5 70 337 617 195 32 5 8 57 121 213 516 76 3,266 73 141 7,924 Canada . . . . . . . . . . . . . . . . . . . . . . 1,949 951 451 500 998 147 66 537 127 836 134 92 11 34 12 18 486 12 13 37 47 13 284 12 31 28 8 826 21 1 3 11 2 1 12 31 28 8 683 21 1 3 11 2 1 143 - 135 35 509 119 10 113 91 11 31 12 18 475 12 13 37 45 13 283 364 25 25 - 339 3,270 969 826 143 2,301 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 and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 83 TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1996, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commecial liabilities (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 649 269 728 291 281 110 9,994 1,472 60 525 68 60 690 11 436 2,096 17,740 25 16 151 2 32 10 6,051 11 1 12 3 37 6,351 25 1 143 1 32 10 2,053 11 1 2 37 2,316 15 8 1 3,998 10 3 4,035 624 253 577 289 249 100 3,943 1,461 59 513 68 60 687 11 436 2,059 11,389 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 216 8 1 23 130 618 996 2 70 72 70 70 2 2 216 8 1 23 128 548 924 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 525 70 595 37 3 40 3 3 37 37 488 67 555 Total foreign countries. . . . . . 48,908 24,817 12,185 12,632 24,091 63 - - - - 63 - 63 - - - 63 48,971 24,817 12,185 12,632 24,154 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 84 CAPITAL MOVEMENTS TABLE CM-IV-4.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1996 1995 1991 1992 1993 1994 June Sept. Dec. Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) (9) 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. 1 . . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 84 207 2 18 97 160 1,854 1,238 52 21 91 853 979 121 43 141 4 335 217 876 101 13,620 274 113 133 21,634 71 197 13 46 154 169 2,301 1,259 114 30 419 1,041 1,067 196 74 176 12 332 282 852 257 8,346 232 52 90 17,782 88 318 32 48 103 171 2,773 1,544 149 6 416 883 925 132 116 191 5 459 460 962 246 5,962 228 55 132 16,404 123 299 37 52 81 173 2,681 1,567 136 72 315 812 740 242 122 217 17 484 352 1,080 216 7,205 254 39 160 17,476 99 373 25 52 76 113 2,399 1,379 139 43 142 1,009 942 253 99 157 20 558 248 1,126 243 7,259 241 10 122 17,127 91 384 35 33 71 116 2,459 1,298 193 38 140 894 860 191 88 62 13 454 243 968 225 7,403 296 9 138 16,702 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 537 288 1,018 256 6,959 300 13 153 17,433 118 406 17 34 95 116 2,818 1,730 185 34 296 1,023 928 171 107 48 6 473 296 1,049 217 8,175 182 7 174 18,705 84 390 13 26 171 128 2,337 1,631 177 32 257 1,211 969 206 81 50 8 547 219 1,063 182 8,820 225 13 213 19,053 Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 5,708 5,497 4,802 7,314 6,847 214 840 272 778 9,097 84 118 2 95 14 25 1,054 38 38 91 20 7 243 242 806 295 1,043 11,787 129 129 2 40 23 30 1,369 26 66 115 9 8 374 299 1,347 307 1,114 12,770 221 120 2 81 32 27 1,862 37 90 148 26 8 454 347 2,433 261 1,132 15,311 229 396 1 112 46 42 1,966 65 102 175 27 25 383 377 2,376 295 1,279 17,096 276 450 1 108 54 37 1,744 60 150 139 27 27 346 381 1,578 280 1,596 11,882 276 414 1 147 47 42 1,513 33 134 222 34 29 375 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 388 1,568 350 1,828 10,194 224 394 1 105 58 51 1,331 53 204 227 34 28 348 461 2,196 348 2,079 13,111 292 399 5 106 59 57 1,413 31 161 220 27 24 336 342 443 553 600 687 720 705 580 643 13,372 16,936 19,498 23,653 25,529 19,704 18,864 17,966 21,968 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 and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 85 TABLE CM-IV-4.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . 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. . . . . . . . . . . . . . . 1 1996 1995 1991 1992 1993 1994 June Sept. Dec. Mar. June p (1) (2) (3) (4) (5) (6) (7) (8) (9) 212 368 267 105 159 174 2,249 423 11 55 50 79 248 5 118 625 83 5,231 282 307 267 135 138 168 2,571 361 50 90 53 105 291 8 127 696 81 5,730 378 411 298 147 354 218 3,167 549 65 477 32 111 390 5 174 707 188 7,671 526 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 124 8,853 444 502 479 264 361 257 2,482 832 80 455 33 137 402 9 223 710 81 7,751 504 533 451 293 367 276 3,402 915 66 457 30 130 436 14 235 779 98 8,986 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 108 8,891 610 461 509 290 383 271 3,181 767 61 451 41 96 541 14 176 1,037 101 8,990 677 510 420 325 427 301 2,729 665 34 424 29 114 588 13 190 888 120 8,454 92 1 38 23 108 6 96 123 487 177 5 34 37 81 29 87 187 637 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 93 6 8 16 140 9 69 275 616 88 13 8 102 173 10 80 258 732 160 16 13 57 321 11 92 260 930 207 7 11 41 319 10 112 237 944 166 67 10 32 247 12 88 263 885 570 180 750 702 152 854 945 208 1,153 1,218 269 1,487 1,039 264 1,303 1,497 272 1,769 1,310 270 1,580 1,220 236 1,456 1,343 262 1,605 45,237 45,058 49,131 57,865 58,034 53,390 52,500 55,375 58,812 22 2 1 - 13 2 - 28 - 19 4 - 17 - 34 - 8 1 - 17 2 - 11 6 - 25 15 28 23 17 34 9 19 17 45,262 45,073 49,159 57,888 58,051 53,424 52,509 55,394 58,829 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 86 CAPITAL MOVEMENTS TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1996, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 84 390 13 26 171 128 2,337 1,631 177 32 257 1,211 969 206 81 50 8 225 547 219 1,063 182 8,820 13 213 19,053 21 151 11 6 113 4 679 296 71 26 194 210 488 31 33 2 80 53 101 461 33 6,169 8 9,241 16 139 9 5 16 646 284 71 26 193 193 483 9 33 1 74 11 94 454 32 5,288 7 8,084 5 12 2 1 97 4 33 12 1 17 5 22 1 6 42 7 7 1 881 1 1,157 63 239 2 20 58 124 1,658 1,335 106 6 63 1,001 481 175 48 48 8 145 494 118 602 149 2,651 13 205 9,812 Canada . . . . . . . . . . . . . . . . . . . . . . 6,847 4,773 4,271 502 2,074 461 2,196 348 2,079 13,111 292 399 5 106 59 57 1,413 31 161 220 27 24 336 141 2,168 84 1,242 13,008 9 157 38 12 1 392 11 96 54 4 23 140 2,157 82 505 12,952 4 155 38 12 1 280 11 96 54 4 22 1 11 2 737 56 5 2 112 1 320 28 264 837 103 283 242 5 68 47 56 1,021 20 65 166 23 24 313 643 188 184 4 455 21,968 17,628 16,697 931 4,340 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 and Caribbean . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 87 TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1996, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 677 510 420 325 427 301 2,729 665 34 424 29 114 588 13 190 1,008 8,454 25 1 36 13 196 4 852 21 292 3 15 34 18 61 1,571 24 29 4 193 2 664 20 288 12 27 11 61 1,335 1 1 7 9 3 2 188 1 4 3 3 7 7 236 652 509 384 312 231 297 1,877 644 34 132 26 99 554 13 172 947 6,883 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 166 67 10 32 247 12 351 885 2 7 7 86 95 197 2 7 7 86 95 197 - 164 67 3 25 161 12 256 688 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 1,343 262 1,605 488 80 568 482 77 559 6 3 9 855 182 1,037 Total foreign countries. . . . . . 58,812 33,978 31,143 2,835 24,834 11 6 - - - - 11 6 - 17 - - - 17 58,829 33,978 31,143 2,835 24,851 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 88 CAPITAL MOVEMENTS CHART CM-C.--Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars. Source: Office of International Financial Analysis] Country 1993 1994 1995 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . 30,442 430 12,345 32,464 20,089 95,770 15,360 111,130 55,598 26,474 -3,581 36,441 21,424 136,356 3,994 140,350 100,435 24,795 48,344 16,388 25,625 215,587 16,309 231,896 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Jan. - Sept. 1996 July - Sept. 1996 83,974 56,677 14,159 35,294 50,372 240,476 9,621 250,097 40,087 19,026 9,325 14,236 21,752 104,426 2,152 106,578 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. As reported by U.S. banks, brokers, and other persons, foreigners’ transactions in long-term U.S. securities (i.e., U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) are conducted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1993 through 1995, and on a year-to-date and most recent quarter basis for 1996. The figures show that there has been overall a steady increase in foreigners’ net purchases, or gross purchases minus gross sales, of U.S. securities. In the first three quarters of 1996, foreigners’ total net purchases of U.S. securities reached a re- cord high of $250.1 billion. On an annualized basis, net purchases by foreigners in other Europe, Japan, and other Asia through the third quarter heavily outpaced the rate of net purchases in 1995. And opposite the United Kingdom, foreign net purchases of U.S. securities edged past the 1995 rate, mostly due to the massive $40.1 billion in net purchases in the third quarter alone. The Caribbean banking centers showed diminished annualized net purchases through the most recent period, but third quarter activity increased. Net purchases by “all other countries” were down substantially. CAPITAL MOVEMENTS 89 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 figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Calendar year or month Marketable Treasury bonds and notes Net foreign purchases Foreign countries OffiInternaGross cial Other tional foreign instifor- and repurTotal tutions eigners gional chases (1) (2) (3) (4) (5) 1992. . . . . . . . . . . . . . . . . 39,288 6,876 31,059 1,353 1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 1995 r . . . . . . . . . . . . . . . 134,074 39,631 93,921 522 1996 - Jan. - Sept. p . . . . 148,263 64,535 86,058 -2,330 1995 - Sept.. . . . . . . . . . . -11,072 -4,525 Oct. . . . . . . . . . . . 4,819 5,705 -909 Nov. . . . . . . . . . . . 15,307 Dec. . . . . . . . . . . . -9,454 2,651 1996 - Jan. r . . . . . . . . . . 14,018 12,615 Feb. r . . . . . . . . . . 15,451 8,681 7,025 4,748 Mar. r . . . . . . . . . . Apr. r . . . . . . . . . . 15,751 8,253 May . . . . . . . . . . . 13,896 6,482 June . . . . . . . . . . . 8,648 -6,648 July . . . . . . . . . . . 47,825 9,629 Aug. p . . . . . . . . . 11,868 3,587 Sept. p . . . . . . . . . 13,781 17,188 -6,477 -70 -1,055 169 15,845 371 -11,667 -438 1,098 305 7,511 -741 1,666 611 8,873 -1,375 7,176 238 16,107 -811 38,632 -436 8,245 36 -3,250 -157 2,241,537 2,609,055 2,711,142 2,981,395 2,506,765 Gross foreign sales (6) 2,202,249 2,585,503 2,632,341 2,847,321 2,358,502 235,538 256,062 252,075 196,646 280,627 321,158 259,427 224,652 268,561 223,176 330,513 268,862 329,789 U.S. Government corpoCorporate and other securities rations and federally Stocks sponsored agencies Bonds 1 Net Gross Net Gross Net Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross purpur- foreign purpurforeign purpur- foreign chases chases sales chases chases sales chases chases sales (7) (8) (9) (10) (11) (12) (13) (14) (15) 18,291 35,428 21,680 28,729 34,757 111,186 149,097 159,270 125,453 111,432 92,895 113,669 137,590 96,724 76,675 20,789 30,572 37,992 57,853 57,213 103,736 82,947 -5,136 134,727 104,155 21,578 130,067 92,075 1,877 168,080 110,227 11,240 178,421 121,208 9,864 246,610 5,085 12,474 7,389 5,343 15,713 251,243 1,350 10,818 9,468 5,924 15,655 236,768 3,990 12,130 8,140 6,911 19,512 206,100 -1,743 9,401 11,144 2,646 12,619 266,609 4,178 10,715 6,537 4,714 15,903 305,707 3,369 13,222 9,853 5,792 19,547 252,402 6,902 15,890 8,988 7,931 24,094 208,901 329 8,579 8,250 5,096 15,551 254,665 2,815 12,693 9,878 7,880 22,096 214,528 3,780 13,303 9,523 5,540 21,705 282,688 4,284 10,707 6,423 5,985 17,020 256,994 4,376 13,565 9,189 6,838 18,519 316,008 4,724 12,758 8,034 7,437 23,986 10,370 232 9,731 -1,368 12,601 2,932 9,973 2,107 11,189 1,626 13,755 1,177 16,163 831 10,455 4,273 14,216 1,484 16,165 1,013 11,035 -2,654 11,681 2,065 16,549 49 221,367 319,664 350,593 462,950 443,311 226,503 298,086 348,716 451,710 433,447 44,450 41,492 42,003 46,479 43,574 52,260 55,281 53,047 57,552 43,374 49,488 46,136 42,599 44,218 42,860 39,071 44,372 41,948 51,083 54,450 48,774 56,068 42,361 52,142 44,071 42,550 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 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. Source: Office of International Financial Analysis] Net foreign purchases of foreign securities (1) Net foreign purchases (2) Foreign bonds Gross foreign purchases (3) 1992 . . . . . . . . . . . . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . 1996 - Jan. - Sept. p . . . . . . . . . . . . -47,864 -143,068 -57,295 -98,836 -74,032 -15,605 -80,377 -9,224 -48,545 -27,635 513,589 745,952 848,368 889,471 798,031 1995 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. p . . . . . . . . . . . . . . . . . Sept. p . . . . . . . . . . . . . . . . . -13,471 -13,583 -8,237 -10,652 -11,018 -7,108 -16,383 -6,859 -3,694 -9,414 -7,035 -6,357 -6,164 -5,511 -8,097 -6,519 -4,050 -4,584 -1,404 -6,038 -153 -527 -1,887 -3,396 -5,215 -4,431 81,036 76,903 78,647 80,328 84,638 95,201 93,345 81,256 82,453 82,907 80,703 84,448 113,080 Calendar year or month Net foreign purchases (5) Foreign stocks Gross foreign purchases (6) 529,194 826,329 857,592 938,016 825,666 -32,259 -62,691 -48,071 -50,291 -46,397 150,051 245,490 386,106 345,540 327,921 182,310 308,181 434,177 395,831 374,318 86,547 85,000 85,166 84,378 89,222 96,605 99,383 81,409 82,980 84,794 84,099 89,663 117,511 -7,960 -5,486 -1,718 -6,602 -6,434 -5,704 -10,345 -6,706 -3,167 -7,527 -3,639 -1,142 -1,733 28,715 29,382 30,317 32,369 33,481 37,464 36,115 37,764 43,515 36,728 37,643 34,016 31,195 36,675 34,868 32,035 38,971 39,915 43,168 46,460 44,470 46,682 44,255 41,282 35,158 32,928 Gross foreign sales (4) Gross foreign sales (7) 90 CAPITAL MOVEMENTS TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1996 Corporate bonds 1996 Corporate stocks 1996 1996 Calendar year 1995 r (1) Jan. through Sept. (2) July through Sept. p (3) Calendar year 1995 (4) Jan. through Sept. (5) July through Sept. p (6) Calendar year 1995 (7) Jan. through Sept. (8) July through Sept. p (9) Calendar year 1995 r (10) Jan. through Sept. (11) July through Sept. p (12) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 2,454 591 -6 -36 974 -56 482 6,136 667 2,429 -1,277 603 1,891 -97 1,271 255 2 1,372 -3,881 358 -472 144 34,778 1 1,417 50,000 542 1,100 131 -414 -431 2,559 10,311 -126 510 112 1,222 -1,690 488 2,441 -49 1 -179 11,133 2,200 1,650 7 44,299 2,549 78,366 -2,908 523 90 -292 -121 457 1,436 -373 399 348 194 573 -59 345 54 -152 10,737 471 383 -92 24,961 -180 36,794 -46 1,469 126 93 230 1,073 10 199 100 360 25 17 10 -10 28 -39 170 145 3 17,126 120 21,209 6 2,814 4 75 -137 1,628 221 -9 -139 837 98 30 -3 3 43 195 9,924 68 15,658 -13 275 -1 -11 -51 70 -1 296 -102 33 614 -34 30 -5 -5 59 3,639 210 5,003 -29 -298 68 74 21 913 4,865 96 75 918 -302 1,438 87 2 8 -5 80 190 349 11 40,465 -4 87 49,109 48 773 -224 72 4,252 3,506 -1 -5 1,597 -201 829 -59 13 -75 -1 441 58 770 25 28,686 65 40,569 8 522 -67 42 1,119 1,151 -3 400 34 218 32 -14 -120 130 71 707 -8 9,951 19 14,192 -89 -1,616 -6 2 4 2 -1,099 -1,837 -14 2 266 -636 3,507 10 -22 -8 3 45 -123 667 -2,283 24 8,066 3 44 4,912 102 416 -8 -1 133 9 -823 1,011 68 56 103 -704 1,518 170 -2 -219 -3 12 40 738 2,350 -18 1,065 1 44 6,058 -52 295 3 -1 33 9 -506 361 -22 1 -80 -27 330 91 -1 -211 1 31 317 1,030 -12 1,536 1 -3 3,124 Canada . . . . . . . . . . . . . . . . . . . . . . 252 5,260 537 1,006 152 99 1,563 3,071 1,011 -1,517 784 -28 2,706 2,643 -6,017 3,607 17,365 257 1,220 757 18 -70 2,511 23,459 6 2 -10 262 -2 167 847 1,693 -1,435 2,097 343 -246 109 20 -70 305 -7,982 143 25 -1 70 -184 189 165 1,064 -975 2,633 -109 -396 45 -2 -41 -122 1,497 30 26 18 117 28 549 1,144 21 -380 3 8 -73 4 -5 209 31 201 1 -3 -21 114 79 764 134 6,539 14 17 18 5 39 340 314 34 1 -7 36 83 23 88 601 5 853 6 3 2 6 137 44 -84 1 20 47 81 550 1,887 -12 1,290 14 11 -6 -1 1 131 -197 85 2 30 25 90 -26 806 1,619 -179 2,390 122 2 13 10 -1 22 963 125 13 8 62 52 -125 256 1,314 -118 526 8 2 32 5 58 206 68 3 -2 28 26 65 -48 585 -105 1,077 24 -18 -11 -6 2 85 3,989 125 -6 11 -9 34 229 -701 6 2,165 -34 22 -52 13 -2 121 1,931 333 -3 87 64 81 94 -561 542 -1 505 -4 6 4 8 -3 14 -517 95 -1 -3 27 16 -105 26 2 168 141 66 275 140 122 20 -2 - 48,609 -4,073 4,141 1,885 8,665 1,818 4,256 6,141 2,409 5,814 4,258 221 Country 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 and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 91 TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1996 Corporate bonds Corporate stocks 1996 1996 1996 Calendar year 1995 r (1) Jan. through Sept. (2) July through Sept. p (3) Calendar year 1995 (4) Jan. through Sept. (5) July through Sept. p (6) Calendar year 1995 (7) Jan. through Sept. (8) July through Sept. p (9) Calendar year 1995 (10) Jan. through Sept. (11) July through Sept. p (12) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 703 -3,405 4,887 -160 -388 1,601 16,863 2,259 6 -839 -48 -117 8,875 -546 3,075 -447 32,319 13,286 1,036 7,823 90 985 -377 26,040 1,532 12 78 3 408 5,641 3,927 9,492 -568 69,408 1,463 4,002 5,722 -77 156 1,757 10,083 -416 8 1,462 121 976 919 5,073 69 31,318 855 -495 -58 2 8 91 1,069 1,800 -1 4 90 268 1,453 -152 4,934 1,836 -755 973 1 -3 146 5,111 122 1 43 1 392 1,121 1 642 263 9,895 1,093 -152 236 -22 4,215 -14 1 39 214 52 418 104 6,184 14 -63 956 -5 -7 204 1,181 40 -3 -12 3 -11 -258 1 416 138 2,594 253 57 1,761 -2 3 121 3,906 87 12 -3 1,529 57 -141 -84 7,556 189 30 138 18 1,236 59 1 5 5 760 5 53 -102 2,397 -11 -177 226 -15 -11 -205 -2,725 -23 15 -70 5 13 5,579 2 21 -337 -121 2,166 -9 85 -332 -33 -42 -224 237 -48 17 15 2 -37 885 9 7 -1,553 -172 -1,193 -9 23 -64 -30 6 -59 -1,298 -11 -4 -5 -4 -9 -2,111 3 3 -347 5 -3,911 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,031 255 70 2 106 1,464 1,068 71 -36 1 8 1,112 3 111 1 47 162 244 -271 -1 1 -30 -57 365 23 4 6 398 148 -3 2 147 82 91 125 1 -8 291 -22 -20 2 -14 -54 -9 16 2 1 10 -5 -1 -32 4 3 4 29 2 -12 -54 6 41 13 -67 -73 -5 -12 1 -4 6 8 -6 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . -411 1,319 908 1,679 -1,159 520 1,011 68 1,079 205 -135 70 18 -171 -153 19 20 39 182 -6 176 -42 -82 -124 181 60 241 389 -321 68 -370 436 66 17 56 73 Total foreign countries. . . . . . 133,552 150,593 74,031 29,047 34,615 13,290 57,989 57,159 20,260 11,445 9,900 -527 92 -45 261 93 83 38 -1,355 29 -1,025 -99 -16 136 -734 254 -63 7 -21 -399 72 48 -19 -20 - 14 37 31 41 19 - -18 92 7 13 - -148 -11 -6 34 -5 41 7 -4 10 - 9 -4 -5 - 10 -211 -3 -1 - -129 83 9 1 - -5 -11 2 1 - 522 -2,330 -557 -318 142 94 -136 54 - -205 -36 -13 134,074 148,263 73,474 28,729 34,757 13,384 57,853 57,213 20,260 11,240 9,864 -540 Country International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 92 CAPITAL MOVEMENTS TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Third Quarter 1996, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway . . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . 5,357 4,747 12,673 5,382 122 967 930 4,166 2,092 3,596 3,203 35,176 21,243 35,955 23,018 1,028 794 1,711 1,355 8,237 5,598 9,606 3,704 13,255 4,543 1,889 867 1,551 1,465 1,003 756 5 3,295 2,831 17,191 14,057 6,355 2,932 20,430 4,923 1,155 1,056 621,423 366,394 7 5,328 4,450 811,481 476,340 Canada . . . . . . . . . . . . . . 145,105 90,887 635 2,300 11,967 31,515 7,801 141,579 11,945 16,033 62,044 37,661 61,551 1,187 911 1 919 97 13 11,500 68,639 2,073 173 50 1,258 1,411 682 6,296 24,178 23,514 23,041 383 703 615 6,793 44,394 212 27 38 231 43 419 5,203 24 7,412 5 7 16 2 6 156 462 440 1 22 53 184 1,075 2,944 123 3,771 23 4 33 6 260 1,799 152 15 6 194 42 224 3,541 13,239 177 13,231 161 48 26 38 7 260 13,200 623 19 5 129 157 10,219 4,163 14,813 11,774 11,868 545 92 228 46 2,282 5,141 507 27 24 788 885 593 539 1,667 2,049 2,228 70 57 1 1 5 1,749 3,643 139 85 14 87 43 2,349 141 127 713 215 1,095 58 279,815 131,248 14,398 11,344 45,300 64,497 13,028 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 and Caribbean. . . . See footnotes at end of table. 2 395 500 3 349 215 1 296 232 49 964 5 30 11 111 8,696 213 12,072 25 358 111 977 3,351 1,916 4 118 9 45 219 1,025 102 18 155 1,891 4,267 5,046 2,449 3,465 3,975 2 173 14 15 1 33 617 753 597 491 2,041 2,651 360 3,394 1,202 53 281 228 5 3 56 25 47 72 5 18 429 236 351 1,760 98 1,097 656 1,260 10,319 1,573 2 34 17 31,690 35,090 138,080 7 35 314 214 40,378 65,605 159,942 114 652 28 285 115 2,380 2,833 44 11 440 670 2,792 455 22 73 17 776 1,572 2,244 46 41,473 102 57,144 8,397 7,655 11,089 4,859 66 877 840 3,943 2,384 3,981 3,324 34,990 20,786 36,231 21,582 1,424 1,167 1,031 956 7,922 5,250 9,281 3,510 11,899 3,970 1,809 926 1,280 1,120 1,212 702 3,547 2,983 6,054 3,320 4,952 2,461 18,066 4,540 1,293 1,148 593,571 341,433 16 5,275 4,630 768,206 439,546 Foreign securities Bonds Stocks (13) (14) 15 120 501 14 400 145 2 334 16 350 39 16 5 52 5,057 3 7,069 17 455 112 60 772 1,298 5 15 217 457 142 21 19 145 106 27 553 10 21,739 16 26,186 410 187 3,056 1,836 1 65 1 8 186 446 9 271 4,773 5,505 3,104 6,651 195 9 38 833 639 2,068 2,323 3,064 1,200 190 187 4 72 258 17 17 445 320 1,682 780 439 9,289 1,220 46 20 33,554 147,935 6 317 232 62,481 171,427 113 763 28 314 303 2,754 3,451 46 22 649 907 3,173 446 65 90 102 610 1,240 2,412 69 43,853 10 77 61,497 90,350 536 1,289 11,995 29,973 7,436 11,100 16,330 62,205 38,871 57,290 1,247 1,288 791 83 51 11,631 67,787 2,811 400 80 950 1,049 493 6,131 23,114 24,489 20,408 492 1,099 570 2 41 6,915 42,897 182 1 20 114 20 331 4,602 19 6,559 5 1 13 19 418 524 2 6 309 819 1,630 241 3,245 15 2 1 1 202 1,593 84 12 8 166 16 130 4,102 12,697 178 12,726 165 42 22 30 10 246 13,717 528 20 8 102 141 9,464 4,372 18,358 11,501 12,065 509 84 185 48 2,457 5,584 1,345 25 32 602 750 684 575 1,804 2,443 2,287 61 60 2 1,792 3,578 148 342 32 58 22 2,135 139 61 591 215 1,081 48 276,099 127,107 12,580 8,935 45,079 68,462 13,936 CAPITAL MOVEMENTS 93 TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Third Quarter 1996, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional: International . . . . . . . . European regional . . . . Latin American regional Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional . . . . . Grand total . . . . . . 1 Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) 11,396 9,568 6,688 5,616 41,450 31,148 511 339 824 472 4,555 4,027 142,796 104,365 2,283 1,248 108 10 3,891 3,116 43 1 882 265 41,794 34,397 7 3,097 2,756 17,361 13,244 277,686 210,572 1,207 155 564 13 5,824 110 1 56 216 233 1,111 9,490 276 34 42 474 427 1,758 1 38 37 37 252 2,212 6,759 60 26 1 56 5 66 15 12 59 1,318 2,391 5 5 14 474 1,676 4,870 13,660 272 112 2,703 10 21 86 10,663 502 39 92 11 166 2,245 17 282 17,221 39 289 4,850 123 294 140 12,973 337 1 556 16 164 1,210 2 305 574 21,873 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) 8,795 8,105 2,848 1,614 36,935 25,426 698 416 1,249 316 3,749 2,270 125,387 94,282 2,871 1,664 84 2 2,356 1,654 53 1 589 144 43,078 33,421 5 2,302 1,837 11,918 8,102 242,917 179,254 114 307 328 35 1,609 124 17 2 181 589 3,306 87 12 289 1 19 976 1 7 558 523 2,473 Foreign securities Bonds Stocks (13) (14) 43 418 28 451 143 321 1,822 3,081 5,989 68 27 186 31 579 323 311 748 366 8,057 7,376 13,087 37 380 665 60 19 3 71 44 570 19 3 30 68 134 234 4,502 3,038 1,378 2 3 11 106 348 2,018 425 261 17,571 16,521 23,792 245 1 457 2 161 4 376 1,246 18 232 8 150 408 148 22 2 172 11 25 2 1 39 36 1 90 2 15 133 277 17 69 18 31 135 15 19 118 4 59 215 104 8 351 7 242 14 334 1,060 15 121 7 103 246 25 25 20 9 29 41 1 102 1 19 119 283 9 81 4 19 39 152 19 7 13 2 197 14 73 325 17,544 1,990 9,768 534 31 24 482 85 1,148 225 3,700 921 2,415 201 15,748 1,729 8,757 466 12 4 301 25 1,131 169 3,531 838 2,016 227 19,534 10,302 55 567 1,373 4,621 2,616 17,477 9,223 16 326 1,300 4,369 2,243 1,534,867 919,757 36,822 59,498 138,182 277,931 102,677 1,447,338 845,726 23,532 39,238 138,709 290,904 109,229 8,913 151 750 164 95 8,389 124 596 130 81 85 100 10 13 16 11 - 29 7 4 1 227 27 36 10 - 167 10 - 9,754 126 401 204 74 9,123 124 342 193 74 103 8 3 - 7 15 5 - 34 18 2 - 349 2 18 - 138 1 - 87 87 - - - - - 108 108 - - - - - 10,160 9,407 208 27 41 300 177 10,667 9,964 114 27 54 369 139 1,545,027 929,164 37,030 59,525 138,223 278,231 102,854 1,458,005 855,690 23,646 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 39,265 138,763 291,273 109,368 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 94 CAPITAL MOVEMENTS TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1995 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway . . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . 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 . . . . . Total Latin America. . and Caribbean. . . . See footnotes at end of table. Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate purbonds sponsored and other chases & notes agencies Bonds Stocks (1) (2) (3) (4) (5) 16,908 14,662 41,402 16,138 272 43 3,487 3,379 20,408 11,853 16,920 15,332 128,790 84,323 103,199 67,988 6,335 4,994 4,522 4,010 24,637 14,572 35,717 16,281 67,914 35,131 11,455 7,398 4,600 4,358 2,493 2,101 5 2 14,506 14,150 31,560 23,113 18,127 6,154 67,740 22,703 2,600 1,901 1,968,652 1,156,450 27 1 21,596 19,095 2,613,872 1,546,132 Foreign securities Bonds Stocks (6) (7) Total sales (8) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate bonds sponsored and other & notes agencies Bonds Stocks (9) (10) (11) (12) Foreign securities Bonds Stocks (13) (14) 7 123 1,321 395 400 14,906 12,208 53 152 1,410 499 584 3,678 3,983 9,175 6,367 2,061 43,210 15,547 2,209 4,281 10,791 8,519 1,863 16 213 347 49 22 273 3 76 2 21 9 3,491 3,415 8 33 35 4,021 185 936 2,548 865 20,213 10,879 3,895 111 932 3,218 1,178 118 26 68 493 883 17,875 15,388 25 5 66 1,217 1,174 871 3,469 10,367 19,679 10,081 128,696 83,841 641 2,556 11,466 18,698 11,494 1,533 7,635 9,595 5,816 10,632 93,862 61,852 460 2,770 11,432 6,334 11,014 17 129 549 497 149 5,425 4,327 7 33 563 268 227 219 190 19 50 34 1,761 1,581 20 115 17 28 914 2,543 1,595 3,103 1,910 24,541 15,849 814 1,625 1,329 2,683 2,241 724 620 9,745 4,757 3,590 38,122 15,678 364 922 10,381 5,639 5,138 1,281 2,264 17,435 3,004 8,799 65,096 33,240 1,256 826 13,928 6,153 9,693 26 101 657 2,237 1,036 12,397 7,495 9 14 647 2,456 1,776 10 3 5 205 19 3,399 3,087 1 27 200 84 8 61 81 38 204 2,445 1,846 18 53 89 36 403 3 35 13 174 104 30 13,369 12,778 7 18 129 360 77 45 618 1,232 3,364 3,188 38,141 26,994 84 538 1,355 4,711 4,459 199 321 3,233 4,188 4,032 18,998 5,796 29 131 2,566 3,613 6,863 492 4,304 29,490 4,191 6,560 71,359 23,175 347 3,955 31,773 4,752 7,357 27 28 213 217 214 2,404 1,757 24 17 189 73 344 38,295 93,921 126,800 421,054 132,132 1,896,901 1,121,672 21,169 53,456 118,734 440,053 141,817 22 4 23 4 19 295 196 1,395 480 135 19,786 17,678 175 109 1,351 344 129 52,815 120,809 224,128 483,021 186,967 2,536,767 1,496,132 31,606 71,700 219,216 510,132 207,981 477,897 217,755 2,249 7,310 47,195 181,345 22,043 484,545 217,503 1,243 5,747 48,712 189,525 21,815 16,176 51,384 194,738 30,287 199,234 3,952 4,441 2,041 305 196 23,323 184,553 5,613 504 174 2,380 5,856 4,195 22,863 82,441 9,094 114,832 1,864 3,982 1,521 194 90 8,100 114,484 399 3 7 456 2,801 103 3,308 10,634 175 20,577 37 87 77 5 8 385 1,663 1,014 1 5 22 121 262 2,964 7,585 101 5,952 116 40 14 6 4 416 5,062 397 10 35 115 133 599 10,787 39,442 402 34,934 414 168 53 70 86 1,402 41,414 2,583 71 38 241 692 9,646 10,373 46,173 17,163 16,498 1,025 65 373 21 8 5,292 8,913 907 54 89 1,385 2,001 1,371 1,089 8,463 3,352 6,441 496 99 3 9 7,728 13,017 313 365 161 108 14,181 48,658 199,123 29,423 180,122 3,588 3,574 2,513 284 273 21,477 156,057 5,129 640 99 2,031 5,370 1,489 20,220 88,458 5,487 97,467 1,607 2,762 764 176 160 5,589 91,025 393 1 17 194 2,803 75 2,759 9,490 154 20,957 34 79 150 1 13 176 1,632 813 8 22 142 181 2,414 5,698 113 4,662 102 29 20 7 3 285 5,259 312 8 5 90 43 534 10,835 38,857 507 33,857 390 186 64 76 84 1,317 37,425 2,458 77 27 250 658 10,133 11,206 48,978 18,408 16,529 857 299 1,505 12 13 6,223 7,505 885 102 42 1,333 1,657 , 1,769 1,224 7,642 4,754 6,650 598 219 10 12 7,887 13,211 268 452 142 67 6,750 877 647 550 809 3,771 96 6,435 982 479 275 789 3,822 88 731,907 368,203 38,869 23,762 134,205 123,757 43,111 678,977 319,594 36,984 19,506 128,391 129,509 44,993 CAPITAL MOVEMENTS 95 TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1995, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Total sales (8) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign bonds sponsored and other securities & notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 25,920 8,367 116,552 492 4,619 15,435 616,554 11,085 176 6,218 215 2,235 135,131 35 9,142 66,271 1,018,447 23,465 5,061 77,871 131 3,582 13,630 464,283 5,965 20 2,980 62 1,215 108,087 7,493 46,238 760,083 1,182 383 1,874 2 11 243 16,676 2,110 36 4 118 1,468 5,253 29,360 130 54 1,713 9 1 276 6,945 171 1 20 7 13 1,965 6 3,553 14,864 148 1,548 6,599 150 153 642 20,997 125 120 247 76 264 10,947 25 90 9,483 51,614 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 2,001 16 1,844 28 1,029 1,458 6,376 1,303 490 204 606 2,603 269 413 50 732 143 182 130 24 479 157 382 10 30 478 1,057 78 342 16 235 74 745 51 16 35 2 430 226 760 651 23 1,815 28 1,169 1,317 5,003 272 235 134 498 1,139 25 684 1 79 789 61 91 5 31 188 162 1 414 6 27 445 1,055 36 356 20 199 101 712 95 22 35 1 804 163 1,120 48,013 12,670 20,393 7,666 296 530 631 89 3,951 624 15,180 2,609 7,562 1,152 47,659 11,739 20,804 6,347 91 665 449 95 3,562 945 14,232 2,628 8,521 1,059 60,683 28,059 826 720 4,575 17,789 8,714 59,398 27,151 756 544 4,507 16,860 9,580 4,909,182 2,922,835 124,851 167,944 462,774 885,560 345,218 4,775,180 2,789,283 Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional: International r . . . . . . . European regional . . . . Latin American . . . . . . . regional . . . . . . . . . . . Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional Total international and regional r . . . Grand total r . . . . . 1 930 65 24,794 941 380 12,065 9,991 18,504 112,112 16 184 1,104 115 757 5,777 184 460 14,784 55,579 52,074 625,238 922 1,792 8,875 27 8 147 375 2,560 8,970 66 262 252 373 3,129 8,635 4,029 120,651 10 29 203 1,350 9,977 733 1,011 62,576 78,903 83,623 1,010,490 22,762 327 116 159 1,205 225 8,466 878 117 1,725 344 535 72,984 1,932 757 6,373 9,383 20,683 291 14 165 107 527 3,970 3 8 164 188 1,444 12,029 152 72 847 678 1,006 447,420 15,607 5,764 23,722 61,179 71,546 3,706 310 131 148 1,151 3,429 14 4 105 21 3 3,819 37 32 317 2,350 2,415 110 4 71 1 76 1,332 28 24 251 630 864 99,212 1,200 2,223 5,368 7,765 4,883 23 1 5 8,039 5 69 524 1,340 43,610 3,952 2,999 9,941 991 1,083 727,764 24,426 12,270 49,448 86,518 110,064 95,804 109,955 451,329 933,256 395,553 50,753 523 46,955 349 317 72 17 - 84 - 3,083 102 297 - 51,568 411 46,863 394 716 - 165 - 74 - 3,483 17 267 - 9,561 1,572 412 886 8,941 1,116 313 886 130 24 59 - 44 35 40 - 76 16 - 370 356 - 25 - 9,971 1,146 699 854 8,680 1,023 230 848 82 43 79 - 55 41 6 5 287 19 1 - 867 10 383 - 10 1 63,707 58,560 602 136 176 3,911 322 64,649 58,038 920 272 381 4,760 278 4,972,889 2,981,395 125,453 168,080 462,950 889,471 345,540 4,839,829 2,847,321 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 96,724 110,227 451,710 938,016 395,831 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 96 CAPITAL MOVEMENTS CHART CM-D.--Net Purchases of Long-Term Foreign Securities by U.S. Investors * (In billions of dollars) (Note: To facilitate comparison of net purchases during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) Type Foreign bonds . . . . . . . . . . . . . . . Foreign stocks . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . [In millions of dollars. Source: Office of International Financial Analysis] 1 1980-89 4,883 2,834 7,717 1993 80,377 62,691 143,068 1994 9,224 48,071 57,295 1995 Jan. - Sept. 1996 July - Sept. 1996 48,545 27,635 13,042 50,291 46,397 6,514 98,836 74,032 19,556 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 1 Annual average. U.S. net purchases of foreign bonds and stocks in the 1990’s stand in marked contrast to the comparatively 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 investors. The table presents aggregate net purchases on an annual average basis for 1980 through 1989, on an annual basis for 1993 through 1995, and on a year-to-date and most recent quarter basis for 1996. The chart and table show that U.S. net purchases of foreign bonds and stocks continue to be strong in 1996. After slackening last period, net purchases of foreign bonds surged in the third quarter to the highest rate since fourth quarter 1995. However, net purchases through the year remain below 1995 levels. U.S. net purchases of foreign stocks, which accelerated rapidly through the first half of the year, stalled in the third quarter of 1996. On an annualized basis, though, foreign stock purchases remain set to exceed 1995 levels. FOREIGN CURRENCY POSITIONS 97 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” publishes series on foreign currency 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 exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, German mark, Japanese yen, Swiss franc, and pound sterling). U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, 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). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional 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”). A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had 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 file FFIEC 035 reports. This information is published in five sections corresponding to each of the major currencies covered by the reports. Tables I-1 through V-1 present the foreign currency data reported weekly by major market participants. Tables I-2 through V-2 present more detailed currency data of major market participants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. Principal exchanged under cross currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal is also separately noted on monthly and quarterly reports. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. 98 FOREIGN CURRENCY POSITIONS SECTION I.--Canadian Dollar Positions TABLE FCP-I-1.--Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 191,324 187,728 200,767 200,766 187,478 192,508 192,613 187,792 195,223 187,547 195,292 184,008 182,008 185,475 185,684 182,913 181,472 181,900 184,597 181,910 182,015 186,125 183,585 185,428 178,479 182,758 Exchange rate (Canadian dollars per U.S. dollar) (4) 1.3579 1.3575 1.3570 1.3656 1.3614 1.3670 1.3773 1.3728 1.3762 1.3658 1.3671 1.3685 1.3605 1.3611 1.3676 1.3730 1.3715 1.3748 1.3729 1.3748 1.3743 1.3664 1.3697 1.3718 1.3723 1.3665 Net options positions (3) -3,007 -2,888 -3,462 -3,208 -3,232 -3,216 -2,797 -3,116 -3,006 -2,852 -2,904 -2,457 -2,332 n.a. -2,594 -2,911 -3,377 -3,307 -3,458 -3,661 -3,798 -3,797 -3,777 -3,812 -3,791 -3,375 Sold (2) 184,537 180,672 194,468 193,273 181,611 185,438 187,832 183,352 190,927 183,933 191,488 181,032 178,127 180,960 180,999 178,944 178,062 179,057 182,307 179,563 178,788 182,153 176,577 180,356 172,453 177,716 TABLE FCP-I-2.--Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 170,552 278,621 266,541 220,483 213,946 206,090 191,613 192,615 193,386 182,857 183,132 187,031 184,050 168,063 275,970 263,402 218,270 213,264 204,098 190,724 192,439 195,060 185,075 186,382 185,456 182,916 42,517 53,312 44,019 46,532 52,386 48,854 52,846 59,506 51,873 54,681 61,951 54,242 60,473 44,077 51,338 42,400 44,497 50,272 45,320 50,254 55,815 48,878 50,748 56,972 50,981 55,781 11,489 19,904 16,917 12,594 13,755 13,736 14,142 14,116 15,150 16,874 14,552 14,386 16,319 11,681 21,528 19,332 14,271 15,437 15,589 15,017 15,529 15,980 14,668 16,608 18,071 19,309 11,521 21,595 21,441 17,244 17,691 18,412 16,819 18,102 18,125 15,284 16,361 16,441 15,761 9,574 18,806 17,800 14,008 14,165 13,646 13,350 14,864 15,408 12,584 14,739 13,902 14,189 -1,354 -2,874 -2,912 -2,395 -2,531 -2,630 -2,621 -3,256 -2,453 n.a. -3,270 -3,879 -3,991 71,264 74,791 77,606 77,764 80,188 81,498 78,026 77,427 78,349 80,771 88,608 94,258 91,910 1.4030 1.3452 1.3610 1.3646 1.3741 1.3708 1.3595 1.3621 1.3690 1.3639 1.3748 1.3683 1.3621 Exchange rate (Canadian dollars per U.S. dollar) (11) 1.3435 1.4030 1.3996 1.3727 1.3426 1.3646 1.3595 1.3639 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) TABLE FCP-I-3.--Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 42,737 38,697 39,610 37,915 45,225 40,940 37,455 36,973 40,219 37,175 37,364 34,162 37,086 37,896 33,031 32,864 57,946 48,219 48,269 54,224 58,059 56,387 46,802 52,939 50,298 43,109 43,919 49,566 53,278 53,606 41,983 44,462 5,600 3,501 3,333 3,326 3,944 3,712 6,581 7,946 4,487 2,873 2,651 3,219 3,490 3,638 6,865 8,036 3,217 3,632 2,872 2,886 4,055 4,931 7,882 8,139 3,228 3,054 2,432 2,285 2,436 3,440 5,169 5,816 691 -298 310 575 608 98 -293 -586 14,209 14,637 15,770 15,363 15,816 14,974 11,179 11,410 Spot, forward, and future contracts Report date 1994 - Sept.. . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Non-capital items Calls Puts FOREIGN CURRENCY POSITIONS 99 SECTION II.--German Mark Positions TABLE FCP-II-1.--Weekly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 1,526,295 1,635,757 1,565,073 1,641,587 1,782,484 1,659,348 1,644,314 1,707,227 1,669,846 1,702,746 1,635,476 1,675,169 1,653,353 1,561,489 1,643,563 1,854,412 1,779,441 1,773,784 1,765,893 1,743,589 1,780,985 1,778,674 1,793,876 1,908,652 1,818,822 1,862,322 Exchange rate (Deutsche marks per U.S. dollar) (4) 1.4830 1.4978 1.5064 1.5206 1.5366 1.5175 1.5334 1.5435 1.5482 1.5309 1.5335 1.5219 1.5270 1.5211 1.5260 1.4862 1.4900 1.4723 1.4850 1.4898 1.4827 1.4773 1.4808 1.5109 1.5091 1.5165 Net options positions (3) 9,379 7,317 6,244 10,567 12,048 14,957 14,386 13,645 12,749 11,438 9,910 8,747 8,000 6,154 7,244 8,791 9,222 6,111 4,122 4,739 3,354 255 -2,563 -782 1,005 1,174 Sold (2) 1,534,854 1,647,952 1,574,905 1,659,365 1,799,252 1,677,988 1,669,332 1,732,081 1,689,980 1,712,967 1,654,128 1,684,892 1,664,444 1,568,005 1,648,740 1,856,773 1,786,741 1,779,518 1,769,611 1,749,975 1,787,839 1,790,167 1,801,616 1,917,632 1,824,850 1,863,056 TABLE FCP-II-2.--Monthly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Purchased (1) 1,652,725 1,661,290 1,720,784 1,401,280 1,633,455 1,665,026 1,577,310 1,709,850 1,773,912 1,659,045 1,794,700 1,754,494 1,783,946 Sold (2) 1,656,590 1,647,435 1,704,012 1,389,800 1,634,077 1,676,857 1,591,989 1,727,707 1,797,102 1,671,359 1,800,737 1,767,751 1,785,143 Non-capital items Assets (3) 171,778 204,462 195,514 194,640 244,345 250,008 239,743 255,201 222,262 223,021 231,869 229,647 227,745 Liabilities (4) 173,397 210,599 204,369 205,836 251,491 253,568 243,594 259,203 229,276 229,763 232,197 226,229 227,095 Calls Puts Bought (5) Written (6) Bought (7) 186,072 240,801 242,923 200,726 242,730 240,860 232,172 249,552 292,005 359,485 391,716 329,783 345,904 172,292 234,777 240,411 199,284 228,184 232,361 227,185 239,877 273,891 283,513 330,392 333,361 354,079 214,518 274,263 278,358 239,785 275,738 276,101 263,391 294,513 338,745 396,679 443,124 334,848 336,344 Written (8) 256,228 289,897 293,319 258,091 291,938 286,933 274,710 308,450 335,329 332,681 352,833 351,707 346,679 Net delta equivalent (9) 14,686 4,356 4,384 4,088 6,695 8,297 9,907 11,260 11,753 7,270 6,141 -1,336 3,500 Cross currency interest rate swaps (10) 195,003 213,583 221,223 220,050 250,805 257,499 258,772 260,277 274,582 281,078 300,144 310,092 316,312 Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5495 1.4090 1.4466 1.4385 1.4900 1.4735 1.4769 1.5314 1.5238 1.5250 1.4723 1.4829 1.5254 TABLE FCP-II-3.--Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Sept.. . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Purchased (1) Sold (2) 347,408 304,637 301,610 275,411 291,202 232,935 239,454 228,280 332,738 287,651 273,531 273,485 309,101 242,840 248,946 235,647 Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 90,389 104,055 105,483 103,983 106,063 110,323 104,831 103,846 33,661 29,435 30,803 21,738 19,385 13,902 15,590 22,105 32,350 35,758 32,772 23,370 21,080 13,509 12,791 17,949 34,487 40,778 41,500 39,604 29,982 23,934 28,335 26,572 36,306 37,624 31,069 32,021 26,246 17,298 17,958 20,201 772 -2,952 -5,248 -4,392 -2,916 -2,533 -3,755 -2,493 16,932 20,179 21,213 22,187 25,280 27,119 18,634 20,637 Non-capital items Assets (3) 93,524 103,734 107,995 109,893 110,314 116,608 107,580 109,153 Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5520 1.5495 1.3746 1.3828 1.4280 1.4385 1.4769 1.5250 100 FOREIGN CURRENCY POSITIONS SECTION III.--Japanese Yen Positions TABLE FCP-III-1.--Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 130,180 132,575 130,516 131,348 131,632 129,984 133,231 128,545 136,752 134,912 135,024 136,854 138,245 133,633 138,758 142,837 142,328 141,607 144,338 142,252 139,871 144,233 140,258 144,184 144,210 143,039 Exchange rate (Yen per U.S. dollar) (4) 107.0600 108.4200 108.2800 106.5600 105.3800 105.2500 106.9800 107.2000 108.7000 109.0700 109.1200 107.9900 109.5500 110.4200 110.3700 108.8000 108.4800 106.8700 107.9900 108.1600 108.4700 108.4900 108.7900 110.4000 109.1500 110.4600 Net options positions (3) 900 823 837 871 797 767 629 919 869 688 912 887 824 798 800 736 911 826 939 816 797 816 782 730 713 619 Sold (2) 132,628 134,607 132,215 133,359 133,419 131,673 135,263 130,366 138,927 137,260 137,496 139,386 140,831 136,094 141,444 145,868 145,540 145,084 147,489 145,670 143,130 147,850 143,928 147,835 147,807 146,479 TABLE FCP-III-2.--Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 121,520 133,583 132,164 119,445 129,279 132,259 131,118 137,749 134,984 138,772 143,079 133,294 138,586 123,174 136,121 134,987 122,102 131,586 134,213 133,435 139,788 136,765 141,404 146,267 136,916 141,429 16,336 21,641 21,389 21,177 20,208 20,571 19,877 20,951 19,746 22,592 22,811 22,237 23,795 15,781 20,373 19,804 20,459 19,525 19,829 19,362 19,785 18,772 21,841 21,327 21,479 23,069 11,361 14,515 14,378 13,939 14,832 15,892 14,464 16,428 17,084 16,512 18,047 17,095 17,205 10,530 14,019 13,801 13,161 14,086 15,172 14,137 16,056 16,506 16,394 17,692 16,631 16,976 13,131 21,534 20,026 19,205 20,310 21,299 19,810 21,436 22,829 20,925 21,018 19,792 19,982 14,793 22,867 21,301 20,603 21,572 22,277 20,839 22,288 23,592 21,920 21,947 20,736 21,140 1,234 985 1,188 1,256 1,047 756 904 825 626 829 838 794 522 30,578 34,322 35,616 35,992 39,220 39,615 38,733 40,472 42,524 43,446 46,173 47,132 49,486 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 99.6000 102.1200 102.1000 103.4200 107.1300 105.3000 107.3100 105.1900 108.1500 109.7500 106.8700 108.9100 111.4500 TABLE FCP-III-3.--Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 15,318 16,042 19,372 17,163 18,902 16,673 15,106 15,413 16,817 18,154 19,898 17,847 20,715 17,835 17,364 16,875 6,337 5,932 4,451 4,583 5,286 5,822 7,085 6,820 5,253 5,547 4,473 4,374 4,681 5,102 6,443 6,486 2,054 2,533 1,531 1,353 1,539 1,026 948 1,036 2,645 3,045 1,514 1,417 1,679 1,100 952 1,098 3,517 3,524 3,404 3,016 3,312 2,946 2,081 2,603 2,697 2,736 2,206 1,878 2,258 1,509 1,131 1,381 -352 -302 24 -137 -563 -1,014 -481 -728 3,529 3,758 4,404 4,409 5,032 5,379 3,286 3,558 Spot, forward, and future contracts Report date 1994 - Sept.. . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 99.2000 99.6000 86.6000 84.7300 99.6500 103.4200 107.3100 109.7500 FOREIGN CURRENCY POSITIONS 101 SECTION IV.--Swiss Franc Positions TABLE FCP-IV-1.--Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) Exchange rate (Francs per U.S. dollar) (4) 318,505 348,719 351,009 349,332 377,276 374,651 374,141 414,790 401,268 398,446 417,549 405,399 417,093 397,278 415,893 457,178 454,543 450,022 437,466 430,581 449,655 437,155 432,635 469,888 467,737 478,027 324,873 357,620 359,925 359,007 386,501 384,102 384,486 426,621 412,565 404,381 427,656 415,354 430,121 409,874 431,084 470,227 466,520 461,929 449,534 443,116 460,142 447,966 445,048 484,003 486,028 494,429 7,165 5,769 7,110 7,512 8,357 9,500 8,957 9,248 10,429 10,627 10,102 10,337 9,755 10,915 13,112 11,550 9,434 10,465 9,413 9,161 9,187 9,670 10,009 9,273 12,253 10,352 1.1971 1.2149 1.2274 1.2309 1.2514 1.2346 1.2539 1.2690 1.2740 1.2580 1.2639 1.2530 1.2577 1.2532 1.2634 1.2120 1.2145 1.1979 1.2098 1.2100 1.2010 1.1930 1.2064 1.2356 1.2419 1.2415 TABLE FCP-IV-2.--Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 322,798 330,737 364,568 303,365 365,388 380,360 328,706 372,832 423,618 423,691 457,420 432,124 466,379 328,968 338,283 371,464 309,490 367,400 383,396 334,043 379,661 432,475 433,067 468,160 442,632 483,861 24,890 27,040 25,007 25,274 24,750 23,408 21,963 24,094 22,465 21,142 19,713 18,593 18,455 26,361 30,295 28,322 30,477 29,111 27,313 25,509 25,843 26,981 27,125 24,058 22,540 22,061 35,863 40,185 41,473 33,752 35,985 44,638 36,757 43,190 51,448 52,771 59,168 55,691 69,534 31,307 34,178 37,558 31,297 34,835 41,405 33,561 37,853 46,168 46,853 51,088 48,601 58,796 30,497 39,858 41,056 27,594 38,129 41,203 37,726 45,228 53,405 53,823 66,800 65,370 79,794 30,940 44,878 48,378 31,562 41,988 42,150 40,183 48,781 59,700 60,985 70,116 67,119 86,809 4,223 6,343 5,907 n.a. 5,688 6,402 7,145 7,755 10,511 11,183 10,461 9,716 10,254 Cross currency interest rate swaps (10) 132,369 117,606 114,942 112,346 113,743 113,268 100,122 100,058 100,602 98,403 97,137 96,569 97,674 Exchange rate (Francs per U.S. dollar) (11) 1.3100 1.1370 1.1775 1.1545 1.2140 1.2019 1.1910 1.2445 1.2500 1.2545 1.1979 1.2025 1.2550 TABLE FCP-IV-3.--Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Sept.. . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Purchased (1) 44,637 38,500 44,619 33,662 44,152 32,493 34,563 37,929 Sold (2) 37,273 32,752 34,524 24,077 34,781 23,675 29,557 43,179 Non-capital items Assets (3) 13,511 14,611 14,014 14,736 14,252 13,572 14,414 13,808 Liabilities (4) 13,861 14,809 14,218 15,134 15,075 14,755 17,044 15,025 Calls Bought (5) 3,476 2,413 1,535 1,531 2,338 1,217 582 1,849 Written (6) 2,807 2,473 1,872 1,931 2,395 1,264 717 2,376 Puts Bought (7) 3,542 2,766 2,882 2,528 3,195 2,070 2,558 6,821 Written (8) 3,217 2,089 1,542 1,969 2,663 1,559 1,193 3,239 Net delta equivalent (9) 386 -132 155 136 -162 -74 -126 n.a. Cross currency interest rate swaps (10) 17,418 19,497 20,160 20,203 21,170 20,652 17,109 17,460 Exchange rate (Francs per U.S. dollar) (11) 1.2880 1.3100 1.1325 1.1500 1.1550 1.1545 1.1910 1.2545 102 FOREIGN CURRENCY POSITIONS SECTION V.--Sterling Positions TABLE FCP-V-1.--Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) 299,727 278,709 281,604 277,962 295,547 289,335 281,665 281,293 287,205 289,546 304,766 275,486 285,908 272,676 289,420 291,084 287,589 296,100 307,357 296,408 301,657 310,731 320,473 319,729 307,693 307,067 296,451 276,829 279,864 277,323 294,502 287,854 279,895 279,907 284,470 287,139 300,115 275,007 285,141 271,352 287,164 287,733 284,183 293,141 304,856 294,648 299,898 308,430 316,834 317,562 304,027 303,488 1,522 706 1,223 1,569 1,606 1,951 1,691 1,735 2,109 1,580 1,315 1,402 1,974 1,782 786 806 1,243 607 714 198 327 718 851 658 738 722 Exchange rate (U.S. dollars per pound) (4) 1.5247 1.5126 1.5095 1.5150 1.4922 1.5235 1.5125 1.5085 1.5124 1.5480 1.5353 1.5440 1.5401 1.5629 1.5520 1.5452 1.5521 1.5557 1.5427 1.5490 1.5499 1.5591 1.5667 1.5547 1.5606 1.5617 TABLE FCP-V-2.--Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 266,836 288,201 332,306 285,039 310,528 321,322 301,321 290,220 299,506 289,658 300,608 293,683 302,890 264,375 285,928 327,875 280,494 308,608 317,931 297,302 287,636 297,708 289,140 298,567 291,969 295,995 48,055 53,700 54,224 53,633 63,042 60,063 62,670 67,772 60,105 64,406 64,729 63,601 69,562 51,191 55,422 60,089 58,713 65,948 63,872 65,079 71,375 66,019 68,953 66,094 65,884 73,465 19,335 22,414 26,188 20,451 25,031 29,083 27,505 36,198 43,912 47,078 42,935 41,615 39,435 19,627 22,027 25,546 20,231 25,774 27,607 26,304 35,442 42,422 49,810 43,834 43,348 41,821 16,695 20,285 24,548 21,389 27,271 25,010 24,926 28,445 34,609 39,878 40,992 40,972 36,067 18,416 22,748 27,259 23,368 29,824 29,011 27,827 32,834 39,439 44,732 43,874 43,653 39,788 663 1,393 1,315 1,976 1,370 1,906 1,231 1,653 2,054 2,330 615 740 494 48,456 50,923 51,212 50,681 51,969 51,699 51,741 53,187 53,757 55,190 58,977 59,100 59,783 1.5665 1.5805 1.5320 1.5500 1.5120 1.5305 1.5261 1.5069 1.5510 1.5518 1.5557 1.5614 1.5646 Exchange rate (U.S. dollars per pound) (11) 1.5760 1.5665 1.6215 1.5945 1.5825 1.5500 1.5261 1.5518 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts Exchange rate (U.S. dollars per pound) (11) TABLE FCP-V-3.--Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 47,811 43,912 36,795 38,179 33,854 32,742 33,512 38,937 47,759 42,884 36,084 39,074 36,205 39,024 37,914 37,986 34,595 36,089 35,549 37,724 38,420 39,447 37,611 37,330 30,518 31,884 30,824 31,873 32,227 32,647 30,769 31,782 3,725 3,369 3,328 3,168 2,207 2,043 2,047 2,946 3,937 3,317 3,712 3,623 2,064 2,353 2,332 3,617 5,338 3,846 4,469 3,976 2,947 2,804 3,337 4,880 4,308 2,765 2,736 2,611 1,947 1,820 1,892 2,824 -585 -495 -239 -327 -309 -240 -593 -568 4,934 6,530 6,389 6,468 6,911 7,233 5,198 5,230 Spot, forward, and future contracts Report date 1994 - Sept.. . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Non-capital items Calls Puts EXCHANGE STABILIZATION FUND 103 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 822a), which authorized establishment of a Treasury Department fund to be operated under the exclusive control of the Secretary, with approval of the President. 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 invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the IMF. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profits (+) or losses (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.--Balances as of Mar. 31, 1996, and June 30, 1996 [In thousands of dollars. Source: Office of the Secretary of the Treasury] Assets, liabilities, and capital Mar. 31, 1996 Mar. 31, 1996, through June 30, 1996 June 30, 1996 Assets U.S. dollars: Held at Federal Reserve Bank of New York . . 426 -426 - Held with Treasury: U.S. Government securities . . . . . . . . . . . . . Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . 3,895,086 11,049,127 290,001 -3,302 4,185,087 11,045,825 Foreign exchange and securities: 2 German marks . . . . . . . . . . . . . . . . . . . . . . . . . Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 6,715,503 9,737,835 10,500,000 345,460 -144,258 -210,131 5,829 6,571,245 9,527,704 10,500,000 351,289 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 42,243,437 -62,287 42,181,150 Current liabilities: Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 216,234 99,741 315,975 Total current liabilities . . . . . . . . . . . . . . . . . . 216,234 99,741 315,975 Other liabilities: Special drawing rights certificates . . . . . . . . . . Special drawing rights allocations . . . . . . . . . . 10,168,000 7,159,235 -87,543 10,168,000 7,071,692 Total other liabilities . . . . . . . . . . . . . . . . . . . 17,327,235 -87,543 17,239,692 Capital: Capital account . . . . . . . . . . . . . . . . . . . . . . . . Net income (+) or loss (-) (see table ESF-2) . . 200,000 24,499,968 -74,485 200,000 24,425,483 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,699,968 -74,485 24,625,483 Total liabilities and capital . . . . . . . . . . . . . 42,243,437 -62,287 42,181,150 Liabilities and capital See footnotes on the following page. 104 EXCHANGE STABILIZATION FUND TABLE ESF-2.--Income and Expense [In thousands of dollars. Source: Office of the Secretary of the Treasury] Current quarter Apr. 1, 1996, through June 30, 1996 Fiscal year to date Oct. 1, 1995, through June 30, 1996 Income and expense Profits (+) or losses (-) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -418,703 -1,415,069 Adjustment for change in valuation of special drawing rights holdings and allocations 1 . . . -48,437 -160,980 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,672 115,290 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,359 137,852 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,624 936,257 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -74,485 -386,650 Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -74,485 -386,650 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the special drawing rights (SDRs) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. 2 Excludes foreign exchange transactions for future and spot delivery. Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” 105 Page Intentionally Left Blank 106 Page Intentionally Left Blank CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 107 INTRODUCTION: Consolidated Financial Statements The following pages are excerpted from the “Consolidated Financial Statements of the United States Government,” (CFS) Prototype 1995. The statements and accompanying information, prepared and published annually by the Financial Management Service, are modeled after corporate-type reports and are developed on an accrual basis of accounting. The excerpts represent some of the most noteworthy information contained in the statements. Data for the CFS are compiled from program agency accounting systems Governmentwide and are captured in the Statement of Financial Position and the Statement of Operations. Customary notes to the financial statements as well as several broad supplementary tables–from accounts and loans receivable due from the public to Federal obligations– complete the publication. United States Government Consolidated Statement of Financial Position, as of September 30 (Unaudited) (In billions of dollars) Assets 1995 1994* Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.8 56.3 Other monetary assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.7 126.2 Accounts receivable, net of allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.2 76.6 Inventories and related properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259.1 222.9 Loans receivable, net of allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120.8 118.8 Advances and prepayments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2 22.8 Property, plant, and equipment, net of accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503.4 576.2 Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.4 151.1 1,297.6 1,350.9 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.2 48.4 Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.3 45.1 Accrued payroll and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.3 17.2 Unearned revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.8 36.0 Federal debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,603.3 3,432.3 Pensions and other actuarial liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,628.2 1,526.2 Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425.5 251.9 5,810.6 5,357.1 -4,513.0 -4,006.2 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * Amounts are restated due to Defense audit adjustments. 108 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT United States Government Consolidated Statement of Operations for the Year Ended September 30 (Unaudited) (In billions of dollars) Revenues Levied under the Government’s sovereign power: Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Social insurance taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Earned through Government business-type operations: Sale of goods and services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 1994 590.2 157.0 484.5 57.5 14.8 19.3 27.3 1,350.6 543.1 140.4 461.5 55.2 15.2 20.1 22.0 1,257.5 83.0 11.4 36.0 1,481.0 82.1 10.6 35.9 1,386.1 Expenses by agency 1 2 Legislative branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Judicial branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.9 3.2 2.5 2.6 Executive branch: Funds appropriated to the President 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.2 Departments: Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Commerce. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Defense (military) 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Defense (civil) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Health and Human Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Housing and Urban Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.1 4.7 248.6 30.2 34.6 7.7 342.5 34.6 9.7 9.2 39.6 6.2 40.2 73.6 3.2 274.1 26.5 29.0 26.2 301.2 29.0 6.7 6.9 34.3 6.9 37.6 Treasury: Interest on debt held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Veterans Affairs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234.2 33.5 86.5 207.7 26.2 21.1 Independent: Social Security Administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Veterans Affairs adjustment for actuarial liability change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 362.7 198.3 1,791.0 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,791.0 330.6 134.2 1,581.3 -65.6 1,515.7 Expenses in excess of revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310.0 129.6 Includes Executive Office of the President. Fiscal 1994 amount includes Defense audit adjustments. 3 Includes EPA, GSA, NASA, OPM, SBA, and other independent agencies. CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 109 Revenues and Expenses The chart at right shows the amounts of the U.S. Federal Government revenues and expenses for fiscal 1995 and 1994. The charts below show categories of revenues by source, and a breakdown of the Government’s expenses by agency. Charts are in billions of dollars. All revenues levied under the Government’s sovereign power are reported on the cash basis. Revenues earned through Government business-type operations and the data supporting the graph of expenses by agency are reported on the accrual basis. Sources of Revenues Categories of Expenses 1 2 3 Includes EPA, GSA, NASA, OPM, SBA, and other independent agencies. Does not include interest on investments held by Government agencies. Departmental agencies with expenses less than $50 billion. 110 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT Major Categories of Assets as of September 30, 1995 Assets are resources owned by or owed to the Federal Government that are available to pay liabilities or to provide future public services. The chart below is derived from the Statement of Financial Position. It depicts the major categories of assets as of September 30, 1995, as a percentage of total assets. Total Assets: $1,298.3 billion Assets, Liabilities, and Accumulated Position, as of September 30, 1995 and 1994 The chart at right depicts assets, liabilities, and accumulated position reported in the Statement of Financial Position, as of September 30, 1995 and 1994. (In billions of dollars) CONSOLIDATED FINANCIAL STATEMENTS EXCERPT Gross Accounts and Loans Receivable The amounts in these graphs were derived from the agencies’ adjusted trial balances (ATB) as reported on the Federal Agencies’ Centralized Trial-Balance System (FACTS). These gross amounts, less allowances of $79.4 billion and $68.8 billion for accounts receivable and loans receivable, respectively, are included in the Statement of Financial Position. Accounts Receivable Total: $166.6 billion * Includes Executive Office of the President. Loans Receivable Total: $189.6 billion 111 112 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT Commitments and Contingencies Commitments are long-term contracts for which appropriations have not been provided by the Congress and undelivered orders representing obligations. Contingencies are liabilities involving uncertainty as to a possible loss to the Government that will be resolved when one or more future events occur or fail to occur. Commitments Total: $438.0 billion Contingencies (at face value) Total: $5,419.5 billion CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 113 Federal Debt The following charts represent different facets of the net Federal debt, excluding intragovernment investments. Federal Debt Held by the Public, Fiscal 1991-1995 (In billions of dollars) Interest Expense for Federal Debt Held by the Public, Fiscal 1991-1995 (In billions of dollars) Types of Securities as of September 30, 1995 and 1994 (In billions of dollars) 114 TRUST FUNDS 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 in accounts established by law or by trust agreement for specific purposes and designated by law as being trust funds. This report compiles data from many sources and provides information in a consolidated manner. The Civil Service Retirement and Disability Fund is operated by the Office of Personnel Management. The Federal Hospital Insurance and Federal Supplementary Medical Insurance 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 tables 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 “Budget of the United States Government, Fiscal Year 1997,” released March 1996. CHART TF-A.--Major Trust Funds Total Net Increase or Decrease in Assets (In billions of dollars) Source: Directives Management Branch, Financial Management Service TRUST FUNDS CHART TF-B.--Total Receipts of Major Trust Funds (In billions of dollars) Source: Directives Management Branch, Financial Management Service 115 116 TRUST FUNDS CHART TF-C.--Total Expenditures of Major Trust Funds (In billions of dollars) Source: Directives Management Branch, Financial Management Service TRUST FUNDS 117 TABLE TF-1.--Civil Service Retirement and Disability Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Receipts Fiscal year or month Donations, service credit payments, and other miscellaneous receipts (5) Interest and profits on investments (6) Total (1) Agencies’ contributions (2) Employees’ contributions (3) Federal contributions (4) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 59,554 62,258 63,491 65,699 67,336 11,999 12,568 13,055 13,206 13,632 4,551 4,516 4,420 4,318 4,251 19,101 19,793 19,793 19,950 20,060 181 226 179 168 154 23,721 25,155 26,139 28,056 29,239 1997 - Est . . . . . . . . . . . . . . . 69,040 14,139 4,183 20,947 - 29,771 1995 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,135 1,115 15,441 1,203 1,422 1,233 1,504 1,608 15,209 1,311 1,458 24,696 795 767 964 834 881 813 796 938 921 804 963 4,156 320 328 398 358 384 394 334 392 278 355 378 331 * 20,060 17 5 14 11 11 13 14 21 -87 110 13 13 3 14 14,065 * 146 13 361 258 14,095 42 104 137 Fiscal 1996 . . . . . . . . . . . . . . 67,336 13,632 4,251 20,060 154 29,239 Fiscal year or month Total expenditures other than investments (7) Net increase, or decrease (-), in assets (8) Total (9) Assets, end of period Investments (10) Unexpended balance (11) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 33,668 34,906 36,364 38,435 39,778 25,885 27,352 27,127 27,264 27,558 283,159 310,511 337,638 364,901 392,459 284,430 311,705 338,889 366,126 385,443 -1,271 -1,194 -1,251 -1,225 7,016 1997 - Est . . . . . . . . . . . . . . . 41,600 27,440 421,504 421,504 - 1995 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 3,279 3,243 3,258 3,216 3,196 3,350 3,371 3,375 3,401 3,394 3,333 3,362 -2,144 -2,129 12,183 -2,012 -1,773 -2,117 -1,867 -1,767 11,807 -2,084 -1,875 21,335 362,758 360,629 372,811 370,799 369,026 366,909 365,043 363,276 375,083 372,999 371,125 392,459 363,980 322,131 320,276 320,434 305,690 359,610 357,781 356,846 369,162 367,648 364,173 385,443 -1,222 38,498 52,535 50,365 63,336 7,299 7,262 6,430 5,921 5,351 6,952 7,016 Fiscal 1996 . . . . . . . . . . . . . . 39,778 27,558 392,459 385,443 7,016 * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. 118 TRUST FUNDS TABLE TF-2.--Federal Hospital Insurance Trust Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Receipts Fiscal year or month Total (1) Net appropriations (2) Federal payments (3) Deposits by States (4) Interest and profits on investments (5) Other (6) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 92,591 95,219 106,114 114,786 123,501 81,005 82,682 91,513 97,489 106,422 706 495 2,247 4,504 4,696 4 2 * * 1 10,054 10,581 10,593 10,870 10,389 822 1,460 1,762 1,922 1,992 1997 - Est . . . . . . . . . . . . . . . 127,215 112,231 5,007 - 9,907 70 1995 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 7,165 8,633 14,202 9,555 7,558 9,180 15,632 8,087 15,646 8,240 8,083 11,517 7,016 8,452 9,076 8,202 7,392 8,440 13,756 7,913 9,510 8,023 7,891 10,754 -10 1,154 568 1,717 596 74 598 * * * * * * * 68 55 5,051 6 22 29 21 37 5,039 5 38 17 92 127 76 193 145 143 139 137 500 138 155 148 Fiscal 1996 . . . . . . . . . . . . . . 123,501 106,422 4,696 1 10,389 1,992 Fiscal year or month Total (7) Expenditures other than investments Benefit Administrative payments expenses (8) (9) Other (10) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 81,971 91,604 102,770 114,883 125,317 80,784 90,738 101,535 113,583 124,088 1,188 866 1,235 1,297 1,222 1 * 2 7 10,620 3,615 3,344 -97 -1,816 118,602 122,218 125,562 125,465 123,649 120,647 126,078 128,716 129,864 125,805 -2,044 -3,860 -3,154 -4,399 -2,156 1997 - Est . . . . . . . . . . . . . . . 124,188 122,543 1,272 373 3,027 126,469 126,469 - 1995 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 9,082 9,869 10,302 10,169 10,709 10,410 10,947 12,333 8,880 11,530 11,372 9,713 9,007 9,735 10,274 9,971 10,648 10,335 10,869 12,213 8,771 11,400 11,269 9,595 75 134 28 198 60 75 78 119 108 129 102 117 * * * 1 * * * * 1 1 1 1 -1,917 -1,236 3,900 -615 -3,150 -1,230 4,685 -4,245 6,766 -3,290 -3,289 1,804 123,548 122,313 126,213 125,598 122,448 121,218 125,903 121,658 128,424 125,134 121,845 123,649 127,495 126,554 131,443 130,649 127,583 126,072 130,357 124,339 129,890 127,355 123,780 125,805 -3,947 -4,241 -5,230 -5,051 -5,135 -4,854 -4,454 -2,681 -1,466 -2,221 -1,935 -2,156 Fiscal 1996 . . . . . . . . . . . . . . 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156 * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. TRUST FUNDS 119 TABLE TF-3.--Federal Disability Insurance Trust Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Fiscal year or month Total (1) Appropriations (2) Receipts Deposits by States (3) Interest and profits on investments (4) Other (5) Expenditures other than investments Benefit Total payments (6) (7) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 31,144 32,028 34,017 70,148 59,435 29,846 30,786 33,008 67,919 56,528 1 -1 * * * 1,080 966 698 1,888 2,481 217 277 310 341 426 31,295 34,641 37,984 41,380 44,355 30,394 33,626 36,860 40,242 43,278 1997 - Est . . . . . . . . . . . . . . . . . . . . 59,191 56,011 - 3,176 4 48,511 47,095 1995 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 3,661 4,075 5,388 5,166 4,408 4,974 6,661 4,655 6,659 4,522 4,413 4,853 3,568 4,068 4,310 5,071 4,393 4,959 6,511 4,617 5,420 4,379 4,399 4,832 * * * * * - 9 6 1,078 3 13 10 56 36 1,237 3 13 19 84 1 1 93 2 4 94 3 2 140 1 2 3,516 3,475 3,570 3,581 3,671 3,786 3,751 3,830 3,804 3,798 3,821 3,751 3,435 3,391 3,513 3,452 3,582 3,714 3,678 3,704 3,719 3,703 3,725 3,663 Fiscal 1996 . . . . . . . . . . . . . . . . . . . 59,435 56,528 * 2,481 426 44,355 43,278 Fiscal year or month Expenditures other than investments, con. Payments to railroad retirement Administrative account expenses Other (8) (9) (10) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 58 83 106 68 2 841 932 1,018 1,064 1,060 2 1 5 15 -151 -2,613 -3,967 28,768 15,080 13,891 11,278 7,311 36,079 51,160 12,918 10,237 6,100 35,225 50,100 973 1,041 1,211 854 1,060 1997 - Est . . . . . . . . . . . . . . . . . . . . 57 1,253 106 10,680 60,330 60,330 - 1995 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 2 - 80 84 56 128 89 71 73 125 81 93 94 86 1 1 * 1 1 1 1 1 2 2 2 2 145 600 1,818 1,586 737 1,188 2,910 825 2,854 724 591 1,102 36,224 36,824 38,642 40,228 40,964 42,153 45,062 45,887 48,742 49,466 50,058 51,160 35,381 35,957 37,647 39,212 39,896 41,087 43,985 44,830 47,654 48,491 49,011 50,100 843 867 995 1,016 1,068 1,066 1,077 1,057 1,088 975 1,047 1,060 Fiscal 1996 . . . . . . . . . . . . . . . . . . . 2 1,060 15 15,080 51,160 50,100 1,060 * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. 120 TRUST FUNDS TABLE TF-4.--Federal Old-Age and Survivors Insurance Trust Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Fiscal year or month Total (1) Appropriations (2) Receipts Deposits Net earnings by States on investments (3) (4) Other (5) Expenditures other than investments Payments to railBenefit road retirement Total payments account (6) (7) (8) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 308,825 319,035 341,973 325,860 357,041 278,311 287,233 308,134 289,299 316,965 6 9 -45 1 33 22,557 25,822 28,505 31,417 34,026 5,950 5,972 5,379 5,143 6,016 256,290 269,960 281,586 294,474 305,461 251,317 264,582 276,292 288,622 299,987 3,148 3,353 3,420 4,052 3,554 1997 - Est . . . . . . . . . . . . . . . . . . . . 384,023 333,335 - 36,185 14,503 321,730 313,575 3,781 1995 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 21,217 22,861 40,501 29,373 24,650 27,882 38,463 26,023 47,144 26,618 24,684 27,624 20,300 22,764 24,115 27,771 24,578 27,757 36,616 25,835 30,327 24,751 24,606 27,546 1 * -2 1 * 32 -1 * 3 46 86 16,373 15 55 101 261 171 16,765 17 61 75 871 11 11 1,588 17 27 1,585 18 20 1,851 17 * 24,544 24,413 25,064 25,126 25,163 25,337 25,342 25,329 28,881 25,466 25,400 25,397 24,360 24,368 24,647 25,019 25,040 25,253 25,154 25,148 25,189 25,247 25,277 25,283 3,554 - Fiscal 1996 . . . . . . . . . . . . . . . . . . . 357,041 316,965 33 34,026 6,016 305,461 299,987 3,554 Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (9) (10) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 1,824 2,026 1,875 1,799 1,791 129 50,535 49,075 60,387 31,386 51,580 314,841 363,915 424,303 455,688 507,269 306,524 355,510 413,425 447,947 499,403 8,317 8,405 10,878 7,741 7,866 1997 - Est . . . . . . . . . . . . . . . 2,231 2,143 62,293 560,806 560,806 - 184 45 287 106 122 84 188 181 137 219 123 114 129 - -3,327 -1,552 15,437 4,248 -513 2,546 13,121 694 18,264 1,152 -716 2,227 452,362 450,810 466,247 470,494 469,982 472,527 485,648 486,343 504,606 505,758 505,042 507,269 444,667 442,999 458,612 462,720 462,196 464,737 477,883 478,596 496,715 498,067 497,196 499,403 7,695 7,811 7,635 7,774 7,786 7,790 7,765 7,747 7,891 7,691 7,846 7,866 1,791 129 51,580 507,269 499,403 7,866 1995 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . Fiscal 1996 . . . . . . . . . . . . . . * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. TRUST FUNDS 121 TABLE TF-5.--Federal Supplementary Medical Insurance Trust Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Fiscal year or month Receipts Federal Interest and profits contributions on investments (3) (4) Expenditures other than investments Benefit Total payments (6) (7) Total (1) Premiums (2) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 53,129 60,799 57,367 58,169 82,025 11,564 13,255 15,212 17,126 16,858 38,684 44,227 38,355 36,988 61,702 1,696 1,888 2,116 1,935 1,388 1,184 1,429 1,685 2,120 2,077 50,285 54,254 59,724 65,213 68,946 48,627 52,409 58,006 63,491 67,176 1997 - Est . . . . . . . . . . . . . . . . . . . . 88,422 18,898 67,323 2,201 - 85,918 83,888 1995 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 5,593 5,498 5,477 6,848 6,390 13,359 6,287 6,404 6,963 6,356 6,411 6,441 1,507 1,466 1,400 1,538 1,307 1,386 1,350 1,372 1,380 1,375 1,386 1,391 3,888 3,834 3,448 5,128 4,833 11,783 4,718 4,781 4,808 4,795 4,830 4,854 17 15 516 14 17 21 49 80 600 15 23 21 180 182 113 167 233 169 171 170 175 171 172 174 5,367 5,913 6,032 5,758 5,043 5,367 5,793 6,875 4,815 6,223 7,269 4,492 5,247 5,750 6,013 5,498 4,887 5,222 5,668 6,666 4,667 6,103 7,122 4,333 Fiscal 1996 . . . . . . . . . . . . . . . . . . . 82,025 16,858 61,702 1,388 2,077 68,946 67,176 Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (8) (9) Other (5) Net increase, or decrease (-), in assets (10) Assets, end of period Total (11) Investments (12) Unexpended balance (13) 1992. . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . 1,658 1,845 1,718 1,720 1,766 1 * 2 5 2,843 6,545 -2,357 -7,044 13,079 16,380 22,924 20,567 13,523 26,602 18,534 23,268 21,489 13,513 27,175 -2,154 -344 -922 10 -573 1997 - Est . . . . . . . . . . . . . . . 1,869 161 2,504 27,339 27,339 - 1995 - Oct. . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . 120 163 19 260 156 144 125 208 147 119 146 158 * * * * * * * * 1 1 1 1 226 -416 -555 1,089 1,347 7,992 494 -471 2,148 133 -858 1,948 13,749 13,333 12,779 13,868 15,215 23,207 23,701 23,230 25,378 25,511 24,654 26,602 14,197 13,529 13,035 13,328 14,345 22,718 23,258 22,577 24,898 25,286 24,771 27,175 -448 -196 -256 540 870 489 443 653 480 225 -117 -573 Fiscal 1996 . . . . . . . . . . . . . . 1,766 5 13,079 26,602 27,175 -573 * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. 122 TRUST FUNDS TABLE TF-6.--National Service Life Insurance Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Fiscal year or month Expenditures other than investments Receipts (benefits, Transfers from Interest net lending, Net increase, Premiums and general and and profits refunds, and or decrease other receipts special funds on investments and dividends) (-), in assets (2) (3) (4) (5) (6) Total (1) Assets, end of period Unexpended Total Investments balance (7) (8) (9) 1992. . . . . . . . . . . . . . . . . . . . 1,494 421 2 1,071 1,329 165 11,325 11,310 15 1993. . . . . . . . . . . . . . . . . . . . 1,480 393 2 1,085 1,127 352 11,677 11,666 11 1994. . . . . . . . . . . . . . . . . . . . 1,417 335 1 1,080 1,224 193 11,870 11,852 18 1995. . . . . . . . . . . . . . . . . . . . 1,348 272 2 1,074 1,249 98 11,968 11,954 14 1996. . . . . . . . . . . . . . . . . . . . 1,288 236 2 1,050 1,240 48 11,968 12,007 11,968 1997 - Est . . . . . . . . . . . . . . . 1,755 258 2 1,495 1,355 400 12,388 12,388 - 1995 - Oct. . . . . . . . . . . . . . . . 22 19 * 3 95 -72 11,896 11,880 16 Nov. . . . . . . . . . . . . . . . 20 17 * 3 80 -60 11,836 11,821 15 Dec. . . . . . . . . . . . . . . . 537 17 * 519 80 456 12,292 12,240 52 1996 - Jan.. . . . . . . . . . . . . . . 20 20 * * 103 -83 12,210 12,194 16 Feb. . . . . . . . . . . . . . . . 24 23 * 1 113 -90 12,120 12,099 21 Mar. . . . . . . . . . . . . . . . 23 22 * 1 127 -103 12,016 12,011 5 Apr. . . . . . . . . . . . . . . . 22 20 * 2 115 -93 11,923 11,906 17 May . . . . . . . . . . . . . . . 21 19 * 2 106 -85 11,838 11,825 13 June. . . . . . . . . . . . . . . 535 19 * 516 101 434 12,272 12,232 40 July . . . . . . . . . . . . . . . 26 25 * * 105 -80 12,192 12,175 17 Aug. . . . . . . . . . . . . . . . 20 19 * 1 102 -81 12,111 12,098 13 Sept. . . . . . . . . . . . . . . 18 16 * 2 113 -95 12,016 12,007 9 Fiscal 1996 . . . . . . . . . . . . . . 1,288 236 2 1,050 1,240 48 12,016 12,007 9 * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. TRUST FUNDS 123 TABLE TF-7.--Railroad Retirement Account [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Receipts Total (1) Appropriations (2) Interest and profits on investments (3) 1992. . . . . . . . . . . . . . . . . . . . . 8,787 4,018 1,054 3,715 7,473 2,829 1993. . . . . . . . . . . . . . . . . . . . . 8,391 3,870 889 3,632 7,667 2,901 1994. . . . . . . . . . . . . . . . . . . . . 7,660 3,755 587 3,318 7,794 2,944 1995. . . . . . . . . . . . . . . . . . . . . 9,093 3,942 1,033 4,118 7,917 2,915 1996. . . . . . . . . . . . . . . . . . . . . 4,958 3,872 1,108 -21 7,992 2,940 1997 - Est . . . . . . . . . . . . . . . 3,273 2,544 729 - 2,901 - 1995 - Oct.. . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . 532 512 300 344 266 254 146 246 46 41 - 656 652 671 244 239 240 1996 - Jan.. . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . 518 446 419 489 487 -259 584 479 450 380 330 412 390 397 -41 463 327 349 77 116 6 37 91 31 58 152 101 61 63 -248 62 - 691 690 643 666 668 663 665 663 663 243 246 247 242 247 245 246 255 246 Fiscal 1996 . . . . . . . . . . . . . . 4,958 3,872 1,108 -21 7,992 2,940 Fiscal year or month Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (7) (8) Net increase, or decrease (-), in assets (9) Other (4) Expenditures other than investments Benefit Total payments (5) (6) Assets, end of period Total (10) Investments (11) Unexpended balance (12) 1992. . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . 70 71 70 71 71 4,574 4,696 4,780 4,931 4,981 1,314 724 -134 1,176 -3,034 8,651 8,785 8,651 9,827 6,793 11,527 11,961 12,203 14,440 17,122 -3,466 -3,176 -3,552 -4,613 -10,329 1997 - Est . . . . . . . . . . . . . . . - - 372 12,890 12,890 - 1995 - Oct. . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . 5 5 6 7 6 5 6 9 5 7 5 5 407 407 426 442 439 391 417 411 413 413 403 412 -124 -140 -371 -173 -244 -225 -177 -181 -922 -82 -184 -213 9,703 9,563 9,192 9,019 8,775 8,551 8,374 8,194 7,272 7,190 7,006 6,793 14,501 14,851 14,719 14,836 15,156 15,413 16,030 16,405 16,468 16,772 17,009 17,122 -4,798 -5,288 -5,527 -5,817 -6,381 -6,862 -7,656 -8,211 -9,196 -9,582 -10,003 -10,329 Fiscal 1996 . . . . . . . . . . . . . . 71 4,981 -3,034 6,793 17,122 -10,329 Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. 124 TRUST FUNDS TABLE TF-8.--Unemployment Trust Fund [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Fiscal year or month Total (1) State unemployment taxes (2) Receipts Federal Advances from the unemployment taxes general fund (3) (4) Deposits by Railroad Retirement Board (5) Interest and profits on investments (6) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 29,247 42,235 33,816 32,820 32,398 17,605 20,966 22,484 23,158 22,706 5,608 5,437 5,460 5,696 5,854 2,188 13,148 3,321 1,233 438 136 64 27 24 24 3,710 2,619 2,523 2,710 3,376 1997 - Est . . . . . . . . . . . . . . . 35,134 25,006 5,806 687 29 3,606 1994 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,242 3,001 1,935 1,095 2,622 368 3,657 10,264 2,093 1,998 4,060 64 872 2,540 185 792 1,996 210 2,129 8,644 355 1,382 3,416 186 336 400 38 285 550 48 1,493 1,510 45 552 578 20 7 50 79 4 69 86 6 102 63 52 49 -129 5 * * 5 1 * 6 1 * 6 * * 21 12 1,633 9 7 24 24 7 1,629 6 17 -13 Fiscal 1996 . . . . . . . . . . . . . . 32,398 22,706 5,854 438 24 3,376 Expenditures other than investments Fiscal year or month Total (7) State unemployment benefits (8) State administrative expenses (9) 1992. . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . 41,121 39,694 30,273 25,096 26,062 37,503 35,977 26,915 21,628 22,600 3,308 3,413 3,100 3,197 3,180 1997 - Est . . . . . . . . . . . . . . . 28,728 28,652 1995 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,774 1,853 2,118 2,866 2,579 2,598 2,489 2,118 1,836 2,124 1,901 1,806 Fiscal 1996 . . . . . . . . . . . . . . 26,062 See footnotes at end of table. Repayment of advances from the general fund (10) Federal administrative expenses (11) Railroad administrative expenses (12) - 201 213 171 190 196 18 - - - - 1,537 1,598 1,772 2,515 2,300 2,304 2,177 1,792 1,587 1,833 1,672 1,515 223 240 337 301 231 252 295 307 232 275 214 275 - 9 8 1 40 38 34 10 12 11 11 11 10 16 1 22,600 3,180 - 196 18 TRUST FUNDS 125 TABLE TF-8.--Unemployment Trust Fund, con. [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Expenditures other than investments, con. Railroad unemployment insurance Fiscal year or month Benefit payments (12) Administrative expenses (13) Net increase, or decrease (-), in assets (14) Assets, end of period Total (15) Investments (16) Unexpended balance (17) 1992. . . . . . . . . . . . . . . . . . . . 86 24 -11,874 44,533 35,133 9,400 1993. . . . . . . . . . . . . . . . . . . . 70 21 2,541 47,074 36,607 10,467 1994. . . . . . . . . . . . . . . . . . . . 67 20 3,543 50,618 39,788 10,830 1995. . . . . . . . . . . . . . . . . . . . 60 20 7,724 58,342 47,141 11,201 1996. . . . . . . . . . . . . . . . . . . . 65 3 6,336 64,678 53,893 10,785 1997 - Est . . . . . . . . . . . . . . . 76 - 6,406 60,596 60,596 - 1995 - Oct. . . . . . . . . . . . . . . . 5 1 -532 57,810 46,906 10,904 Nov.. . . . . . . . . . . . . . . 6 1 1,149 58,958 48,155 10,803 Dec.. . . . . . . . . . . . . . . 6 2 -183 58,775 48,038 10,737 1996 - Jan.. . . . . . . . . . . . . . . 8 2 -1,772 57,003 46,056 10,947 Feb. . . . . . . . . . . . . . . . 7 2 43 57,046 46,212 10,834 Mar. . . . . . . . . . . . . . . . 7 1 -2,230 54,816 44,123 10,693 Apr. . . . . . . . . . . . . . . . 6 1 1,168 55,984 44,292 11,692 May . . . . . . . . . . . . . . . 5 2 8,146 64,130 53,367 10,763 June . . . . . . . . . . . . . . 4 2 257 64,387 53,641 10,746 July . . . . . . . . . . . . . . . 4 2 -126 64,261 53,132 11,129 Aug.. . . . . . . . . . . . . . . 3 -14 2,159 66,420 55,629 10,791 Sept. . . . . . . . . . . . . . . 4 * -1,742 64,678 53,893 10,785 Fiscal 1996 . . . . . . . . . . . . . . 65 3 6,336 64,678 53,893 10,785 * Less than $500,000. Note.--Estimates are based on the “Budget of the United States Government, Fiscal Year 1997,” released by the Office of Management and Budget March 19, 1996. 126 TRUST FUNDS TABLE TF-9.--Investments of Specified Trust Accounts in Public Debt Securities by Issue, as of Sept. 30, 1996 [In millions of dollars. Source: Directives Management Branch, Financial Management Service] Investment of securities Type and rate Payable date (1) Issue date (2) Federal Old-age Federal SuppleFederal DisFederal Hos- and Survivors mentary Medical ability Insurpital InsurInsurance Insurance ance Trust Fund ance Trust Fund Trust Fund Trust Fund (3) (4) (5) (6) Railroad Retirement Account (7) Unemployment Trust Fund (8) Public issues: Bonds: 3-1/2% . . . . . . . . . . . . . . . 11/15/98 10/03/60 5 - - - - 43 7-5/8 . . . . . . . . . . . . . . . . 02/15/02-07 02/15/77 10 - - - - - 8-1/4 . . . . . . . . . . . . . . . . 05/15/00-05 05/15/76 4 - - - - - 02/15/80 30 - - - - - 49 - - - - 43 11-3/4 . . . . . . . . . . . . . . . 02/15/05-10 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Government account series: Certificates: 6-3/4% . . . . . . . . . . . . . . . 10/01/96 09/03/96 - - - - 7,068 - 6-7/8 . . . . . . . . . . . . . . . . 09/30/97 06/28/96 - - - - - 53,849 7-1/8 . . . . . . . . . . . . . . . . 06/30/97 09/03/96 5,108 2,852 21,999 3,949 - - 6-1/4% . . . . . . . . . . . . . . . 06/30/97-08 06/30/93 - 12,180 54,860 2,675 - - 6-1/2 . . . . . . . . . . . . . . . . 06/30/97-10 06/30/95 24,541 12,205 58,918 - - - 7. . . . . . . . . . . . . . . . . . . . 06/30/97-11 06/28/96 16,562 3,368 76,944 11,440 - - 7-1/4 . . . . . . . . . . . . . . . . 06/30/97-09 06/30/94 - 11,250 70,889 1,853 - - 7-3/8 . . . . . . . . . . . . . . . . 06/30/97-07 06/30/92 1,059 15,997 52,378 1,590 - - 8-1/8 . . . . . . . . . . . . . . . . 06/30/97-06 06/30/91 1,169 14,527 46,306 1,901 - - 8-3/8 . . . . . . . . . . . . . . . . 06/30/97-01 06/30/86 - 6,204 3,624 - - - 8-5/8 . . . . . . . . . . . . . . . . 06/30/97-02 06/30/87 - 5,940 10,181 - - - 8-3/4 . . . . . . . . . . . . . . . . 06/30/97-05 06/30/79 1,612 25,946 75,723 3,766 - - 9-1/4 . . . . . . . . . . . . . . . . 06/30/97-03 06/30/88 - 10,052 19,354 - 710 - 9-7/8 . . . . . . . . . . . . . . . . 11/15/15 Various - - - - 600 - 10-3/8 . . . . . . . . . . . . . . . 06/30/98-00 06/30/85 - 2,132 3,753 - - - 10-5/8 . . . . . . . . . . . . . . . 08/15/15 Various - - - - 625 - 10-3/4 . . . . . . . . . . . . . . . 06/30/97-05 06/30/83-90 - 588 2,044 - 100 - 11-5/8 . . . . . . . . . . . . . . . 11/15/04 Various - - - - 200 - 12-3/8 . . . . . . . . . . . . . . . 08/05/04 04/27/88 - - - - 50 - 13-1/4 . . . . . . . . . . . . . . . 06/30/97 06/30/82 - 1,450 - - - - 13-3/4 . . . . . . . . . . . . . . . 06/30/97-04 06/30/84 - 1,113 2,431 - 355 - 06/30/95-96 - - - - 5,055 - 44,943 122,952 477,405 23,225 7,695 - 50,100 125,804 499,404 27,174 14,763 53,892 Bonds: Zero-coupon . . . . . . . . . . 08/15/06-14 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TRUST FUNDS 127 TABLE TF-15A.--Highway Trust Fund The following data on the status of the unfunded authorizations and future revenue estimates for the Highway Account and Mass Transit Account of the Highway Trust Fund is provided in accordance with the provisions of Section 9503 of the Internal Revenue Code of 1986. The “Byrd Amendment” for the Highway Account requires that unfunded authorizations at the end of any year be less than estimated income for the following 2 years (24 months). The “Rostenkowski Amendment” requires that the unfunded authorizations be less than the income for the following year (12 months) for the Mass Transit Account. Unfunded authorizations are defined as commitments (i.e., unobligated balances and unpaid obligations) in excess of the cash balance in the trust fund account at the end of any given year. The intent of the Byrd and Rostenkowski amendments is to insure that the Highway and Mass Transit Accounts remain solvent. If, for any year, the unfunded authorizations are greater than the estimated income for the next 1 or 2 years, as appropriate, across-the-board cuts in transit or highway apportionments are required. The unfunded authorizations for the Highway and Mass Transit Accounts are estimated by the Department of Transportation. The 24- and 12-month estimates of income are derived from the Department of Treasury’s Office of Tax Analysis and the Department of Transportation. As the data shows, both the Highway Account and Mass Transit Account are solvent and meet the applicable requirement for income greater than the unfunded balance. Income to the Highway Account is $11,040 million above the amount required to cover the unfunded authorization at the end of fiscal 1995. The cash balance in the Mass Transit Account is greater than commitments, resulting in a negative unfunded balance. New annual data appears in the March issue of the “Treasury Bulletin.” Highway Account [In millions of dollars. Source: Department of Transportation] Commitments (unobligated balances plus unpaid obligations, end-of-year fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,199 Less: Cash balance (fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unfunded authorizations (fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24-month income estimate (fiscal 1996 and 1997) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,421 34,777 45,817 Note.--Income is greater than unfunded authorization, so the requirement is met. Mass Transit Account [In millions of dollars. Source: Department of Transportation] Commitments (unobligated balances plus unpaid obligations, end-of-year fiscal 1995) 5,284 Less: Cash balance (fiscal 1995) 9,579 Unfunded authorizations (fiscal 1995) -4,294 12-month income estimate (fiscal 1996) 3,640 Note.--Income is greater than unfunded authorization, so the requirement is met. 128 TECHNICAL PAPERS Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 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. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “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. Darby, 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. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. November 1995. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4422 Washington, D.C. 20220 Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633. 129 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 interest paid to their holders is not included in accrued discount. Amounts outstanding and in circulation (USCC)—Includes all 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 sold at face value plus handling charge are included. 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 in the future. The basic forms of budget authority are appropriations, authority to borrow, and contract authority. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)—A 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 Noncompetitive tenders.) Coupon issue—The issue of bonds or notes (public debt). Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (“U.S. Savings Bonds and Notes”)—Bonds paying semiannual interest to holders. Interest is not included in accrued discount. 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 limit on the outstanding Federal debt. As of September 1996, the debt limit was $5,500,000 million; the limit may change from year to year. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $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 (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 U.S.C. 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal 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 banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)—(international) Locations other than those included under the definition of the United States. (See United States.) 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 persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)—Includes central governments of foreign countries, including all departments and agencies of national governments; central 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 130 Glossary 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 coins (USCC)—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 statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific 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: the Federal Old-age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. 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 (“Exchange 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. 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. 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 1941 and November 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 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Off-budget Federal entities (“Federal Fiscal Operations”)—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 interest. 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 the next working day. These issues currently 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.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See 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 certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State 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 131 Glossary offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either 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.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be 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. Trust fund transaction (“Federal Fiscal Operations”)—An intra-budgetary transaction in which both payments and receipts occur within the same trust fund group. 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. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER