Full text of Treasury Bulletin : December 1997
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Contents DECEMBER 1997 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Introduction: Federal fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 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 Introduction: Source and availability of the balance in the account of the U.S. Treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FEDERAL DEBT Introduction: Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-7.--Treasury holdings of securities issued by Government corporations and other agencies . . . . . . . . . . . . . . . . . . . . . . . . FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 19 20 21 22 22 23 25 PUBLIC DEBT OPERATIONS Introduction: Public debt operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-1.--Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 30 37 39 42 44 U.S. SAVINGS BONDS AND NOTES Introduction: Savings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 45 45 46 26 26 OWNERSHIP OF FEDERAL SECURITIES Introduction: Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 MARKET YIELDS Introduction: 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 50 51 52 55 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction: U.S. currency and coin outstanding and in circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 IV Contents USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 57 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction: International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 61 62 63 CAPITAL MOVEMENTS Introduction: Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 United States portfolio investment abroad as of December 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 SECTION I.--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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SECTION II.--CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 67 68 69 71 73 74 75 77 79 SECTION III.--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. . . . 80 SECTION IV.--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. . . . . . . . . . . . . . . . . . . . . . . SECTION V.--U.S. INTERNATIONAL TRANSACTIONS IN LONG-TERM SECURITIES CM-V-1.--U.S. transactions with foreigners in long-term domestic securities by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-2.--U.S. transactions with foreigners in long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-4.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (third quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-5.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (calendar year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 82 84 86 88 90 91 91 92 94 96 98 FOREIGN CURRENCY POSITIONS Introduction: Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION I.--CANADIAN DOLLAR POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 V Contents FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 SECTION II.--GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-II-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 SECTION III.--JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION IV.--SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SECTION V.--STERLING POSITIONS FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 EXCHANGE STABILIZATION FUND Introduction: Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 SPECIAL REPORTS TRUST FUNDS Introduction: 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 115 116 117 118 119 120 121 122 123 124 125 127 Introduction: Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 TF-15a.--Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 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 Growth in real GDP continued at a strong pace in the third Growth of Real GDP, Chain Weights quarter of 1997, rising at a 3.3 percent annual rate. This was the (Percent change, fourth quarter to fourth quarter) same as growth in the second quarter and compares with a 4.9 percent advance in the first. Over the past four quarters real GDP has increased by a rapid 3.9 percent. Consumer spending accelerated in the third quarter to 5.8 percent at an annual rate after only a 0.9 percent gain in the second. A swing in motor vehicle purchases was partly responsible, but growth picked up for other types of consumer spending as well. Business investment in capital equipment posted its second straight quarterly increase above 20 percent, while investment in structures grew moderately after declines in the prior two quarters. The major negative factors in the third quarter were slower inventory accumulation and deterioration in the net export trade deficit. The broad measures of inflation in the national income accounts were very tame in the third quarter. The chain-weighted price index for GDP rose at a 1.5 percent annual rate, the smallest quarterly gain in 5 years. The domestic purchases index (which subtracts exports and adds imports to get a measure of prices paid by U.S. residents) rose at a 1.3 percent pace, a bit index (PPI) this year. They were followed by some increases in faster than in the second quarter when falling oil prices held the August to October period. After 10 months, the index was this inflation measure down. down at a 1.2 percent annual rate. On a core basis, finished Consumer and producer prices goods prices edged up at a rate of only 0.3 percent in the first Inflation has been very favorable in 1997. Food and energy 10 months. If that trend continues, this would be the lowest rise prices have moderated following some acceleration last year. in the history of the series, which began in 1974. ‘‘Core’’ inflation, which excludes the volatile food and energy The cost of compensating labor, which typically rises when components, also remains well contained. labor markets are tight, remains moderate. The employment The consumer price index (CPI) rose by 1.8 percent at an ancost index rose 3 percent over the year ending in September, up nual rate through the first 10 months of 1997, well below the a little from the 2.8 percent increase over the 12-month period 3.3 percent increase during 1996. Food and energy prices were ending in June. A speedup in the growth of wages and salaries responsible for much of the deceleration, reversing course this was offset by a slowdown in benefit costs. Unit labor costs fell year after rising sharply last year. The core CPI advanced at a at a 0.3 percent annual rate in the third quarter as growth in pro2.2 percent pace through October, down slightly from the 2-3/4 ductivity more than offset gains in hourly compensation. percent averaged during the previous 3 years and well below the pace of the early 1990’s. If growth in the core index continReal disposable personal income and consumer spending ues at its current rate, the increase for 1997 will be the smallest Real disposable (after-tax) personal income rose at a 2.9 persince 1965. cent annual rate in the third quarter. Growth this year has averDeclines in food and energy prices at the producer level reaged a 3.5 percent annual rate, up from 2 percent during all of sulted in 7 consecutive monthly decreases in the producer price 1996. Wages and salaries have been increasing at nearly a 5 percent pace in real terms during 1997, fueled by strong job gains and rising wage rates. (Personal income also includes Consumer Prices* transfer payments, proprietors income, dividends, interest, etc.) (Percent change from a year earlier) Real consumer spending surged at a 5.7 percent annual rate in the third quarter, following a pause in the second. A rebound in motor vehicle purchases accounted for much of the strength, after special factors depressed second quarter results. So far this year, spending has advanced at a 4 percent annual rate, compared to 2.7 percent during 1996. The share of after-tax income devoted to personal saving fell to 3.6 percent in the third quarter. The personal saving rate has averaged only 3.8 percent this year, down from 4.2 percent in 1996 and on track to be the lowest in the postwar history of the series. *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) Industrial production and capacity utilization Industrial production in manufacturing, mining, and utilities has grown at a 5.1 percent annual rate through the first 10 months of 1997. This follows increases of 4.3 percent during all of 1996 and 1.1 percent during 1995. Manufacturing output, which accounts for 86 percent of industrial production, has risen at a 5.5 percent rate since last December, spurred by huge advances in computers and semiconductors. Excluding these items, factory output is up at a more subdued 3.1 percent pace. The expansion of industrial capacity has proceeded at a rapid 3.9 percent annual rate so far during 1997, the strongest pace since the early 1970’s. Even so, growth of industrial production 4 PROFILE OF THE ECONOMY has outpaced it, pushing the industrial capacity utilization rate up to 84.3 percent in October from 83.5 percent at the end of 1996. The utilization rate is currently only 0.6 percentage point below the 84.9 percent reached at the beginning of 1995, the peak for the current business cycle expansion. Employment and unemployment Strength in labor markets continues. Job growth has accelerated this year from the 1996 pace and the unemployment rate has fallen to levels not seen since 1973. Increases in jobs on nonfarm payrolls averaged 239,000 per month over the first 10 months of this year, above the 212,000 per month averaged in 1996. Growth in October was a large 284,000, up from 161,000 averaged over the prior 2 months. Improvement was widespread in October, including the biggest gain in manufacturing jobs since 1990. The unemployment rate dipped to 4.7 percent in October, the lowest figure in 24 years. The share of the working-age population that is employed held steady at 63.7 percent, only fractionally below the all-time peak of 63.9 percent reached in May. These indicators show that the economy continues to operate at a very high level of labor utilization. Civilian Unemployment Rate (In percentages) Establishment Employment (Monthly change in thousands) Average hourly earnings of production and other nonsupervisory workers rose to $12.41 in October. Growth in hourly wages over the past 12 months was 4.2 percent in nominal terms and a strong 2 percent in real terms. Nonfarm productivity and unit labor costs Nonfarm business productivity (real output per hour worked) rose at a 2.7 percent annual rate during the first three quarters of 1997, following a 1.2 percent increase during all of 1996. These results exceeded the long-term trend growth rate of 1.1 percent, and they represent a marked improvement over the prior 3 years, when on balance there was no growth. Hourly compensation costs in the nonfarm business sector rose at a 4.1 percent annual rate during the first three quarters of 1997. Labor costs per unit of output in the nonfarm business sector, which combine the impact of growth of compensation with that of productivity, were up by a 1.2 percent annual rate so far this year. This compared to an increase of 2.1 percent during all of 1996. The 1997 rate of advance suggests that inflationary pressures remain contained. Productivity in manufacturing grew at a 5 percent annual rate over the first three quarters of 1997, after a 3.9 percent increase during all of 1996. Unit labor costs in manufacturing have declined by 1.5 percent annual rate so far this year, following a 0.8 percent decline during 1996. Current account balance The current account is a summary of U.S. international transactions, measuring the trade in goods and services as well as the flow of investment income on assets. On an annual basis, the current account has been in deficit since the early 1980’s. The current account deficit was just under $40 billion in each of the first two quarters of this year, an annual rate of about $158 billion. This represents a widening from a recent low of $6 billion in 1991. The faster pace of U.S. economic growth since that year compared with that of our major trading partners imports at a more rapid rate than exports. In addition, the balance on investment income has dwindled as the inflow of capital into the United States boosted payments of earnings and interest to foreigners. The current account deficit so far this year, though large, is still $10 billion below the all-time peak deficit in 1987. The deficit relative to GDP has improved, dropping from 3 to 3.6 percent as a share of GDP during the 1985-1987 period to about 2.1 percent in the first half of 1997. The widening deficit in 1997 mainly reflected a swing from surplus to deficit on investment income, primarily interest payments on the rapidly growing foreign holdings of U. S. Treasury securities. The balance on goods and services showed virtually no change in the first half of 1997, although this balance deteriorated in the third quarter and was a sizable drag on real GDP growth in that quarter. Exchange rate of the dollar The appreciation of the dollar, which began in the middle of 1995 and continued through 1996, accelerated in 1997. Based on the Federal Reserve Board’s trade-weighted index of the dollar against G-10 currencies, the dollar had risen by 8.4 percent by the end of 1996 from the all-time low reached in April 1995. The dollar rose a further 13 percent through August before easing, but by mid-November was still 8 percent above its level at the end of 1996. Improvement was greatest against the yen and the deutschemark, although behavior has been quite disparate recently. Between April 1995 and December 1996, the dollar rose by 12 percent against the deutschemark and by 36 percent against the yen. The dollar appreciated a further 20 percent against the deutschemark through August but has declined about 8 percent since then. The dollar rose by 10 percent against the yen from the end of 1996 through April, declined in the subsequent 3 months, then moved back about to its April high by mid-November. Many factors determine the level of exchange rates in international currency markets. Financial and currency uncertainty in several overseas markets have contributed to a higher degree of volatility this year. However, underlying economic fundamentals in the United States are sound and confidence in the dollar remains high. Interest rates Short-term market interest rates have been somewhat volatile since the spring. The rate on the 3-month bill moved above the 5.1 percent mark in August, dipped in September and October, then moved back up again to about 5.2 percent in November. The Federal Reserve Board has left monetary policy unchanged since raising the Federal funds rate target by one-quarter of a point in March, to 5.50 percent. The discount rate was left unchanged at 5 percent, where it has been since January 1996. The Board took the tightening action in light of strong demand growth, which was raising the risk of inflationary pressure. PROFILE OF THE ECONOMY Economic growth has continued at a rapid rate since then. At its November meeting the Board decided not to tighten monetary policy further despite the considerable forward momentum in the economy, as such a move might have exacerbated the recent currency and stock market crises in East Asian and South American countries. While short-term rates fluctuated within a broad but steady range since April, long-term interest rates have fallen. The yield on the 30-year Treasury bond declined from over 7 percent in April to near 6 percent by mid-November. Mortgage rates for a 30-year fixed rate conventional loan have fallen from above 8 percent in April to about 7.2 percent. Mortgage rates have been very attractive for the past 3 years and have been one of the factors helping to support growth in the housing market. Net national saving and investment Net national saving (which excludes depreciation to replace worn-out or obsolete equipment and structures used in production) rose to 7.1 percent of net national product (NNP) in the first half of 1997. This compared to 6.4 percent in 1996 and the weak 3.4 percent in 1992. Despite the progress, net saving remains well below the 12.1 percent of NNP averaged in the 1950’s and 1960’s. Recent improvement is almost entirely the result of the significant narrowing of the Federal deficit, which has reduced government dissaving to only 0.2 percent of NNP in the first half of 1997 from a large 4.7 percent in 1992. Private saving of households and businesses has declined over that period, as increased wealth generated by a rising stock market appears to 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*) 5 have reduced households’ desire to save. Gains in corporate profits have led to somewhat higher business saving. Net domestic investment equaled 8.2 percent of NNP in the first half of 1997. This was up from a low 4.9 percent in 1991 and was the first time since the late 1980’s that domestic investment has topped 8 percent. About one-quarter of investment this year was financed by foreign inflows, which were equivalent to 2.1 percent of NNP in the first half. U.S. sources provided investment equal to 6.1 percent of NNP, only about half as much as averaged in the 1950’s and 1960’s. Housing Housing activity has moderated in recent months but remains at a very high level. Underlying fundamentals have been very favorable, such as strong job and income growth, record levels of consumer confidence, and low mortgage interest rates. Starts of new homes averaged 1.46 million units at an annual rate through the first 9 months of the year. This is down a bit from the 1.48 million units in 1996, which was the best year for home building since 1988. Starts of single-family homes have not shown much growth this year, while the smaller multi-family market continues on its modest upward trend. Sales of new single-family homes have outpaced new singlefamily starts, leading to a sharp reduction in the inventory of unsold new homes on the market. Sales of new homes have risen to an average of over 800,000 units at an annual rate so far this year, well above the 1996 total of 757,000, which had been the best in a decade. Sales of existing homes also have been strong. They averaged a 4.2 million-unit annual pace so far this year after topping the 4 million mark in 1996 for the first time since that series began in 1968. The rapid growth in home sales has pushed the homeownership rate to its highest level since data were first collected in 1965. The homeownership rate rose to 66 percent in the third quarter. Federal budget deficit The Federal budget deficit fell to $22.6 billion in fiscal 1997, well below the $107 billion deficit of fiscal 1996 and the smallest since 1974. The deficit represented just 0.3 percent of GDP, the lowest since 1970. The deficit has been shrinking since 1992, when it reached an all-time high of $290 billion. The deficit has been cut by more than 90 percent over the past 5 years, or a total of almost $270 billion. Receipts were very strong in fiscal 1997, rising 8.7 percent. The sharp jump in receipts was especially notable for nonwithheld individual income taxes, up more than 16 percent over the year. Withheld individual taxes and corporate profits tax receipts also grew rapidly, reflecting the strong labor market and rising corporate profits. Growth in Federal spending was held to a moderate 2.7 percent in fiscal 1997. Slower growth in outlays was aided by large spectrum auction proceeds and asset sales in the deposit insurance account, both of which are treated as negative outlays in budget accounting. Excluding these components, outlay growth was about 3-3/4 percent in fiscal 1997. Further deficit reduction is expected over the next few years, with balance achieved by 2002. That year the budget is projected to show a surplus of $63 billion, which would be the first surplus since 1969 and only the ninth since World War II. 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. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. 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. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting 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 three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, 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; and (3) offsetting governmental receipts which include foreign cash contributions. 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 set forth in the ‘‘ Report of the President’s Commission on Budget Concepts’’ 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 offbudget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. 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 as amended by the Budget Enforcement Act of 1990 (2 U.S.C. 900-922)] included offbudget 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 FEDERAL FISCAL OPERATIONS ‘‘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. • 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 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 7 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., payments with delinquent returns or on delinquent accounts). 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, Office of Tax Policy] Third-Quarter Receipts The following capsule analysis of budget receipts, by source, for the third quarter of fiscal 1997 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 $239.4 billion for the third quarter of fiscal 1997. This is an increase of $41.1 billion over the comparable prior year quarter. Withheld receipts increased by $18.2 billion and nonwithheld receipts increased by $25.5 billion during this period. Refunds increased by $2.6 billion over the comparable fiscal 1996 quarter. There was an increase of $7.5 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 1996. Corporation income taxes----Net corporate income tax receipts were $71.0 billion for the third quarter of fiscal 1997. This was an increase of $6.6 billion over the comparable prior year quarter. Gross receipts were $6.6 billion higher and refunds were unchanged. The increase reflects increased corporate profits. Employment taxes and contributions----Employment taxes and contributions receipts for the April-June 1997 quarter were $138.5 billion, a decrease of $1.1 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance Trust Fund increased $2.7 billion. Receipts to the Disability Insurance and Hospital Insurance trust funds decreased by $1.1 billion and $2.6 billion, respectively. There was a $5.6 billion accounting adjustment for prior years’ em- ployment tax liabilities made in the third quarter of fiscal 1996, while there was a -$1.9 billion adjustment made in the third quarter of fiscal 1997. Unemployment insurance----Unemployment insurance receipts for the third quarter of fiscal 1997 were $13.8 billion, which is a $0.3 billion decrease over the comparable quarter of fiscal 1996. State taxes deposited in the U.S. Treasury decreased by $0.4 billion, and Federal Unemployment Tax Act (FUTA) receipts increased by $0.1 billion. Railroad unemployment tax receipts increased negligibly from the comparable quarter of fiscal 1996. Contributions for other insurance and retirement---Contributions for other retirement were $1.1 billion for the third quarter of fiscal 1997. There was a negligible increase over receipts from the comparable quarter of fiscal 1996. The growth in contributions will remain flat over the next few years as the number of employees covered by the Federal employees’ retirement system (FERS) grows slowly relative to those covered under the civil service retirement system (CSRS). Excise taxes----Net excise tax receipts for the third quarter of fiscal 1997 were $14.8 billion, an increase of $1.8 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.4 billion, which was unchanged over the comparable prior year quarter. Estate and gift taxes----Net estate and gift tax receipts were $6.2 billion for the April through June quarter of fiscal 1997. These receipts are an increase of $2.0 billion over the previous quarter and an increase of $1.0 billion over the same quarter in fiscal 1996. 8 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source, con. Customs duties----Customs receipts net of refunds were $4.5 billion for the third quarter of fiscal 1997. This is approximately $0.2 billion more than the customs duties received in the Treasury from the comparable prior year quarter. This difference is attributable to an increase in dutiable imports. Miscellaneous receipts----Net miscellaneous receipts for the third quarter of fiscal 1997 were $7.1 billion, an increase of $1.8 billion over the comparable prior year quarter. Deposits of earnings by Federal Reserve banks increased by $1.3 billion over the comparable prior year quarter. Total On-and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: Financial Management Service] Fourth quarter (July - Sept.) 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 (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Means of financing: Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fiscal 1997 387,431 289,349 98,081 398,372 307,952 90,420 -10,941 -18,602 7,663 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 10,622 7,638 -7,319 10,941 38,171 603 -16,156 22,618 Third-Quarter Net Budget Receipts by Source, Fiscal 1997 [In billions of dollars. Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’] Source Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Note: Detail may not sum to totals due to independent rounding. April 134.3 27.4 50.8 3.5 0.3 4.8 3.3 1.5 2.7 228.6 May 30.7 4.3 39.8 10.0 0.4 4.8 1.4 1.4 1.7 94.5 June 74.4 39.4 47.9 0.3 0.3 5.2 1.5 1.5 2.8 173.4 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, 1997-1998 (In billions of dollars) Source for both charts: ‘‘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 1993 1 1994 11 1995 1 1996 1 1997 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) ........... ........... ........... ........... ........... 1,153,175 1,257,187 1,350,576 1,452,763 1,578,977 841,241 922,161 999,496 1,085,271 1,186,987 311,934 335,026 351,080 367,492 391,989 1,408,122 1,460,557 1,514,389 1,560,094 1,601,595 1,142,110 1,181,185 1,225,724 1,259,638 1,290,594 266,012 279,372 288,665 300,455 311,000 -254,948 -203,370 -163,813 -107,331 -22,618 -300,869 -259,024 -226,228 -174,367 -103,607 45,922 55,654 62,415 67,036 80,989 342,629 288,987 278,535 252,891 189,634 1998 - Est. . . . . . . . . 1,566,842 1,161,898 404,944 1,687,475 1,358,896 328,579 -120,633 -196,998 76,365 285,864 157,668 99,656 97,849 148,489 150,718 90,293 108,099 228,588 94,493 173,361 109,178 103,483 174,770 125,806 73,644 70,018 119,527 113,840 59,673 73,869 187,997 63,147 135,922 79,600 70,902 138,847 31,862 26,012 27,831 28,961 36,877 30,620 34,230 40,591 31,347 37,439 29,578 32,580 35,923 122,298 139,469 135,727 129,999 137,354 134,303 129,422 134,650 142,988 118,726 134,802 138,672 125,484 90,309 113,290 106,327 120,762 110,551 104,964 100,427 107,843 112,626 105,267 107,050 109,810 91,678 31,989 26,179 29,400 9,237 26,803 29,339 28,995 26,807 30,362 13,459 27,752 28,862 33,806 35,370 -39,813 -37,878 18,490 13,364 -44,010 -21,323 93,939 -48,494 54,635 -25,624 -35,189 49,286 35,496 -39,646 -36,309 -1,234 3,289 -45,291 -26,558 80,155 -49,479 30,655 -27,450 -38,908 47,169 -127 -167 -1,569 19,724 10,075 1,281 5,234 13,784 985 23,980 1,826 3,719 2,118 16,859 23,149 49,465 26,917 -9,378 35,535 31,106 -26,078 -10,419 31,748 -2,747 31,051 9,285 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634 Transactions not applied to year’s surplus or deficit (19) Total financing (20) 1996 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1997 - Jan.. . . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Fiscal 1997 . . . . . . . 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) ........... ........... ........... ........... ........... 6,652 3,665 -1,224 8,088 -1,857 100,663 107,655 106,024 131,266 149,606 248,619 184,998 171,288 129,713 38,171 -6,283 -16,564 2,007 6,276 -603 -907 768 -1,086 -408 338 -1,429 -992 9,109 -4,626 -3,034 2,333 -35 2,614 746 -1,383 -301 831 4,447 -21,009 -20,711 350 715 722 615 472 254,948 203,370 163,813 107,331 22,618 1998 - Est. . . . . . . . . -3,382 136,899 145,583 - * * * -24,950 * 120,633 -113 203 -891 -136 8 -122 -240 168 251 -617 99 -259 -320 22,638 7,763 3,115 39,101 7,407 -555 2,032 13,092 8,886 42,278 -1,241 445 27,283 -5,892 15,588 45,459 -12,321 -16,776 35,968 28,833 -39,001 -19,054 -11,147 -1,408 30,348 -18,318 31,159 -18,592 673 6,487 3,785 -21,356 18,274 55,908 -72,532 34,387 -23,748 -15,435 31,545 -129 48 134 -48 -202 73 214 -153 324 -26 -213 175 12 -2,367 456 310 214 -5,043 1,804 -297 2,545 -1,268 67 1,040 -35 -2,829 -168 91 -2 -81 -1,063 -335 -186 -187 302 -160 -124 280 82 -1,578 6,228 -6,466 403 889 -11,852 10,465 3,176 -5,626 -9,260 3,986 -10,181 -2,473 595 80 30 40 7 315 -35,370 39,813 37,878 -18,490 -13,364 44,010 21,323 -93,939 48,494 -54,635 25,624 35,189 -49,286 -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618 1993 1 1994 1 1995 1 1996 1 1997 1 1996 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1997 - Jan.. . . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Fiscal 1997 . . . . . . . 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) Note.--On-budget and off-budget estimates are based on the "Mid-session Review" of the fiscal 1998 budget, released by the Office of Management and Budget on September 5, 1997. 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 1993 1 1994 1 1995 1 1996 1 1997 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) ............... ............... ............... ............... ............... 430,427 459,699 499,898 533,080 580,207 154,800 160,117 175,884 212,234 250,819 75,546 77,077 85,624 88,897 93,560 509,680 542,738 590,157 656,417 737,466 131,548 154,205 174,422 189,055 204,492 14,027 13,820 17,334 17,231 22,199 117,520 140,385 157,088 171,824 182,294 627,200 683,123 747,245 828,241 919,760 393,688 425,985 447,104 474,134 503,749 531 898 1,644 1,051 393,158 425,087 447,104 472,490 502,698 1998 - Est. . . . . . . . . . . . . 691,199 - - 691,199 189,662 - 189,662 880,861 519,111 - 519,111 1996 - Sept.. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1997 - Jan.. . . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . 39,537 48,866 46,989 52,690 55,426 48,351 49,994 45,582 48,097 44,802 51,812 43,156 44,442 30,630 5,639 2,005 7,582 33,576 2,955 6,395 110,886 5,893 31,404 4,007 4,245 36,231 1,495 905 2,724 850 1,763 13,906 19,955 22,177 23,300 1,825 1,950 1,732 2,474 68,672 53,600 46,271 59,423 87,239 37,400 36,434 134,291 30,690 74,381 53,868 45,669 78,199 36,378 5,654 3,522 40,436 6,285 4,014 21,059 29,547 5,005 40,541 5,442 3,854 39,133 1,274 4,792 1,183 1,479 1,477 1,777 2,335 2,125 752 1,169 1,739 1,575 1,795 35,105 863 2,339 38,956 4,808 2,237 18,724 27,422 4,253 39,373 3,703 2,279 37,338 103,777 54,463 48,610 98,379 92,047 39,637 55,158 161,713 34,943 113,754 57,571 47,948 115,537 43,363 34,086 36,605 39,786 46,937 38,530 43,076 50,505 39,476 47,904 37,656 41,516 47,676 894 1,051 42,468 34,086 36,605 39,786 46,937 38,530 43,076 50,505 39,476 47,904 37,656 41,516 46,625 Fiscal 1997 . . . . . . . . . . . 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 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) ........... ........... ........... ........... ........... 3,793 3,767 3,972 3,966 4,063 11 44 30 93 12 3,781 3,723 3,942 3,872 4,052 396,939 428,810 451,046 476,362 506,750 26,680 28,114 28,985 28,687 28,307 124 110 107 103 105 26,556 28,004 28,878 28,584 28,202 4,709 4,563 4,461 4,389 4,344 96 98 89 80 74 4,805 4,661 4,550 4,469 4,418 1998 - Est. . . . . . . . . 3,861 - 3,861 522,972 30,539 - 30,539 4,206 66 4,272 350 342 362 271 376 439 466 266 362 29 411 349 388 1 * * * 11 * -6 2 * 1 4 * 349 342 362 271 365 439 472 266 359 30 411 346 388 42,817 34,428 36,967 40,057 47,302 38,969 43,547 50,771 39,835 47,933 38,066 41,861 47,013 210 1,333 2,578 259 1,145 2,425 323 3,557 9,974 351 2,099 4,013 251 4 2 5 7 2 12 25 11 8 18 11 4 206 1,330 2,574 259 1,137 2,423 311 3,532 9,963 343 2,081 4,002 247 343 341 405 364 348 385 333 336 416 330 418 331 336 6 6 6 7 7 6 6 6 6 6 7 7 5 348 346 411 371 355 393 338 341 422 336 425 338 342 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418 1996 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1997 - Jan.. . . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Fiscal 1997 . . . . . . . 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 1993 1 1994 1 1995 1 1996 1 1997 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) ............... ............... ............... ............... ............... 428,300 461,475 484,474 509,415 539,371 3,276 5,217 5,406 2,405 4,044 15 28 39 21 37 3,262 5,189 5,367 2,384 4,007 634 567 608 614 614 - 634 567 608 614 614 18,321 17,426 23,358 25,309 24,665 283 758 913 329 798 18,039 16,668 22,445 24,980 23,867 26,718 33,573 29,926 27,698 29,368 595 772 861 1,662 931 26,123 32,801 29,065 26,036 28,437 1998 - Est. . . . . . . . . . . . . 557,783 6,391 - 6,391 613 - 613 24,715 - 24,715 29,520 - 29,520 1996 - Sept.. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1997 - Jan.. . . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . 43,372 36,104 39,952 40,687 48,794 41,784 44,197 54,644 50,220 48,612 40,572 46,201 47,601 230 490 469 429 -1,172 1,138 310 853 564 264 547 152 11 17 8 230 479 469 429 -1,172 1,138 310 836 564 264 547 144 69 28 49 50 57 49 53 56 47 47 57 49 72 - 69 28 49 50 57 49 53 56 47 47 57 49 72 2,384 1,417 2,038 1,899 2,233 2,028 2,169 2,251 2,076 2,174 2,348 2,200 1,832 214 1 493 90 2,384 1,203 2,038 1,898 2,233 2,028 2,169 2,251 1,584 2,174 2,348 2,200 1,742 2,989 2,044 2,173 2,229 1,986 4,235 1,037 2,425 1,878 2,441 2,758 2,161 4,000 356 -170 51 47 56 35 400 274 -463 41 56 365 239 2,633 2,214 2,122 2,182 1,930 4,200 638 2,151 2,340 2,400 2,701 1,797 3,762 Fiscal 1997 . . . . . . . . . . . 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 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) ............. ............. ............. ............. ............. 48,057 55,225 57,485 54,015 56,926 12,891 15,607 15,144 17,592 20,356 314 382 380 403 511 12,577 15,225 14,764 17,189 19,845 19,613 20,973 21,067 19,788 19,872 811 874 1,767 1,117 1,945 18,802 20,099 19,300 18,671 17,927 14,908 18,023 23,378 20,477 19,636 3,331 4,018 3,928 4,755 5,513 18,239 841,241 22,041 922,161 27,306 999,496 25,232 1,085,271 25,149 1,186,987 311,934 335,026 351,080 367,492 391,989 1998 - Est. . . . . . . . . . . 61,239 18,817 - 18,817 18,307 - 18,307 23,006 6,829 29,835 1,161,898 404,944 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,315 3,923 4,678 4,559 4,219 5,106 3,998 4,768 4,808 5,185 5,369 4,593 5,719 1,745 1,608 1,424 1,438 1,637 1,210 1,491 3,367 1,444 1,530 1,609 1,699 1,897 47 61 30 67 22 31 23 60 32 35 57 44 49 1,698 1,547 1,394 1,371 1,615 1,180 1,468 3,308 1,412 1,494 1,552 1,655 1,849 1,687 1,889 1,618 1,618 1,542 1,505 1,482 1,615 1,523 1,633 1,900 1,819 1,730 82 457 399 98 74 126 167 123 80 111 101 70 139 1,604 1,432 1,219 1,520 1,468 1,379 1,315 1,492 1,443 1,522 1,799 1,749 1,590 1,478 1,703 1,656 1,605 2,018 776 1,311 2,117 1,334 2,421 1,902 925 1,868 423 484 341 367 556 433 651 545 332 372 413 413 607 Fiscal 1997 . . . . . . . . . 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 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. 1,902 2,187 1,997 1,973 2,574 1,206 1,964 2,662 1,667 2,793 2,315 1,338 2,474 125,806 73,644 70,018 119,527 113,840 59,673 73,869 187,997 63,147 135,922 79,600 70,902 138,847 31,862 26,012 27,831 28,961 36,877 30,620 34,230 40,591 31,347 37,439 29,578 32,580 35,923 25,149 1,186,987 391,989 Note.--On-budget and off-budget estimates are based on the "Mid-session Review" of the fiscal 1998 budget, released by the Office of Management and Budget on September 5, 1997. 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) ............. ............. ............. ............. ............. 2,406 2,561 2,621 2,272 2,361 2,579 2,659 2,903 3,061 3,259 194 229 213 202 219 11,527 10,511 11,163 9,716 10,191 63,143 60,812 56,667 54,338 52,558 2,798 2,915 3,403 3,703 3,780 278,576 268,635 259,565 253,258 258,330 29,262 30,402 31,664 32,535 33,833 30,414 24,699 31,321 29,900 30,013 16,801 17,840 17,618 16,199 14,470 1998 - Est. . . . . . . . . . . 2,772 3,693 233 10,156 58,779 4,080 247,492 34,798 32,134 14,562 165 328 209 186 197 134 168 174 199 221 200 170 176 226 216 401 209 220 217 342 209 399 221 350 222 252 16 14 22 17 14 17 26 18 24 19 17 14 16 1,029 3,593 480 802 825 519 601 995 283 130 919 154 888 6,920 5,985 5,244 5,346 6,213 3,409 3,958 3,332 3,284 3,045 3,300 3,202 6,242 272 313 351 332 371 270 247 243 332 394 295 288 345 18,835 21,218 23,716 21,896 21,148 19,995 19,022 20,979 25,150 19,766 21,956 23,306 20,179 2,711 2,755 2,831 2,805 2,868 2,853 2,795 2,821 2,881 2,672 2,841 2,789 2,921 3,569 2,348 3,291 1,962 2,965 3,293 2,237 2,338 1,954 1,981 1,526 2,257 3,862 1,622 1,380 1,265 1,304 1,088 977 1,127 1,052 1,170 1,341 1,253 1,197 1,316 2,361 3,259 219 10,191 52,558 3,780 258,330 33,833 30,013 14,470 1993 1 1994 1 1995 1 1996 1 1997 1 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Fiscal 1997 . . . . . . . . . Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Funds appropriated to the Department of Department of President Agriculture Commerce (4) (5) (6) Department of Defense Military Civil (7) (8) 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) ............. ............. ............. ............. ............. 282,774 310,837 303,074 319,803 339,492 25,185 25,774 29,045 25,512 27,833 6,728 6,910 7,415 6,720 6,724 10,197 10,005 10,781 11,951 14,291 44,738 36,919 32,170 32,496 30,461 5,384 5,718 5,347 4,953 5,237 34,457 37,278 38,776 38,777 39,838 292,502 296,278 332,414 343,955 355,796 6,209 10,981 16,027 21,375 23,585 35,487 37,401 37,770 36,915 39,279 5,925 5,855 6,349 6,046 6,167 1998 - Est. . . . . . . . . . . 376,147 32,302 7,101 17,350 35,624 5,523 38,456 366,107 24,274 40,890 6,701 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 24,408 28,173 28,885 27,853 29,491 26,879 26,215 29,119 31,465 25,990 28,883 30,014 26,520 528 3,103 3,336 1,667 3,098 2,487 1,119 2,061 2,709 1,878 2,852 3,102 422 750 640 679 615 676 455 496 422 539 406 677 398 720 910 919 1,263 1,141 1,266 1,655 1,064 1,049 1,242 1,360 1,260 1,102 970 2,190 2,439 1,526 2,707 3,367 2,625 2,716 2,902 2,453 2,463 2,833 2,351 2,081 314 700 301 843 402 292 367 540 243 368 406 364 409 3,567 3,866 3,348 3,224 2,941 2,856 2,819 2,962 3,333 3,218 3,688 3,743 3,840 20,673 21,695 26,574 63,993 21,229 21,292 21,581 21,698 27,517 64,374 21,398 23,570 20,874 -706 558 335 311 656 8,461 7,706 3,990 2,173 992 1,187 76 -2,859 1,632 3,374 5,139 3,074 3,273 3,369 1,758 3,335 4,325 1,586 3,408 4,809 1,826 596 442 457 655 515 425 526 474 468 543 514 501 645 Fiscal 1997 . . . . . . . . . 339,492 27,833 6,724 14,291 30,461 5,237 39,838 355,796 23,585 39,279 6,167 See footnotes at end of table. 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 Small Social Services Space Personnel Business Security Adminis- Adminis- Manage- Adminis- Admintration tration ment tration istration (22) (23) (24) (25) (26) Other independent agencies (27) Undistributed offsetting receipts Rents and Employer Interest royalties share, received on the Outer employee by trust Continental retirement funds Shelf lands Other (28) (29) (30) (31) Total outlays OnOffbudget budget (32) (33) 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 1 . . . . . . . . . . . . . 1,083 14,358 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 1998 - Est. . . . . . . . . . . 521 13,595 46,527 137 413,000 20,198 -35,456 -108,945 -4,375 -16,901 1,358,896 328,579 1996 - Sept. . . . . . . . . . 311 1,320 3,415 310 29,254 4,311 -5,806 -385 -546 -115 90,309 31,989 Oct. . . . . . . . . . 285 1,115 3,762 25 31,812 1,536 -2,407 -347 -370 - 113,290 26,179 Nov. . . . . . . . . . -687 1,237 3,474 40 33,899 -3,399 -2,580 -5,855 -55 -3 106,327 29,400 Dec. . . . . . . . . . 610 1,275 3,950 167 31,865 1,552 -2,451 -43,522 -762 -3,627 120,762 9,237 1997 - Jan.. . . . . . . . . . 535 1,118 3,634 -39 32,403 -173 -2,474 -62 -414 - 110,551 26,803 Feb. . . . . . . . . . -549 1,097 3,522 23 32,514 -210 -2,592 -1,525 -458 - 104,964 29,339 Mar. . . . . . . . . . 300 1,192 3,986 14 30,315 -221 -2,458 -250 -352 - 100,427 28,995 Apr. . . . . . . . . . 419 1,066 3,975 39 32,610 -767 -2,530 -602 -273 * 107,843 26,807 May . . . . . . . . . -540 1,296 3,557 -35 35,058 1,634 -2,677 -5,996 -36 -1,415 112,626 30,362 June . . . . . . . . . 557 1,211 3,928 -17 34,206 -1,279 -2,491 -44,290 -842 -5,224 105,267 13,459 July. . . . . . . . . . -593 1,367 3,881 85 33,076 1,203 -3,006 -383 -589 -1 107,050 27,752 Aug. . . . . . . . . . 443 1,215 3,903 23 34,991 -464 -2,511 -1,811 -10 -742 109,810 28,862 Sept.. . . . . . . . . 304 1,168 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806 Fiscal 1997 . . . . . . . . . 1,083 14,358 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 * 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. Note.--On-budget and off-budget estimates are based on the "Mid-session Review" of the fiscal 1998 budget, released by the Office of Management and Budget on September 5, 1997. 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: Financial Management Service] Credits and withdrawals Fiscal year or month 1993 1994 1995 1996 1997 Received directly (1) Federal Reserve accounts Credits 1 Received through Remittance Option tax and loan depositaries (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) .............. .............. .............. .............. .............. 3,407,516 3,597,247 3,904,812 4,366,413 4,263,210 331,337 307,639 226,833 194,156 191,134 3,746,152 3,915,321 4,129,866 4,561,495 4,454,345 584,383 686,879 642,952 629,083 775,799 583,369 693,001 642,716 621,887 776,394 1996 - Sept.. . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 390,178 332,408 320,065 382,441 369,412 348,550 312,744 472,071 331,495 391,682 310,189 303,302 393,353 17,788 14,599 13,607 19,452 16,510 12,674 15,480 15,947 13,624 18,361 15,184 14,953 20,742 405,417 348,807 334,710 399,006 382,393 362,734 327,537 441,750 392,160 398,846 336,725 318,568 411,105 59,787 48,117 45,217 76,102 60,166 51,293 65,576 68,513 57,537 83,568 66,583 62,642 90,484 31,179 64,906 43,503 72,499 55,409 71,137 47,990 58,875 83,027 60,376 78,977 77,763 61,930 See footnotes at end of table. 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: Financial Management Service] Balances High During period Low Tax and Federal loan note Reserve accounts (10) (11) End of period Tax and Federal loan note Reserve accounts (6) (7) Federal Reserve (8) Tax and loan note accounts (9) 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 1995 . . . . . . . . . . . . . . 8,620 29,329 20,977 1996 . . . . . . . . . . . . . . 7,700 36,525 1997 . . . . . . . . . . . . . . 7,692 1996 - Sept.. . . . . . . . . Average Federal Reserve (12) Tax and loan note accounts (13) 1,625 6,510 18,978 2,736 - 5,904 18,631 41,288 2,826 99 6,127 16,955 15,668 40,647 2,490 - 5,847 14,194 35,930 10,987 38,741 3,793 4,054 6,303 20,386 7,700 36,525 8,215 36,525 4,039 4,861 6,139 20,259 Oct. . . . . . . . . . . 5,897 19,736 5,937 31,246 3,594 874 5,064 11,314 Nov . . . . . . . . . . 4,857 21,449 5,774 21,449 3,670 4,530 4,939 11,290 Dec . . . . . . . . . . 7,742 25,052 10,304 33,981 3,145 900 5,749 13,190 1997 - Jan . . . . . . . . . . 6,770 29,809 9,874 37,627 3,464 5,275 6,186 21,712 Feb.. . . . . . . . . . 5,258 9,965 6,770 29,809 3,622 8,435 4,998 14,835 Mar.. . . . . . . . . . 5,945 27,551 12,885 33,331 4,347 7,737 5,840 18,769 Apr. . . . . . . . . . . 52,215 37,189 52,215 37,728 3,446 5,093 12,996 21,802 May . . . . . . . . . . 5,174 11,698 38,653 38,811 4,799 11,698 11,513 29,912 June . . . . . . . . . 16,368 34,891 19,285 37,501 4,280 4,694 8,848 21,786 July . . . . . . . . . . 5,014 22,496 6,562 34,000 3,544 9,919 4,750 18,768 Aug . . . . . . . . . . 4,700 7,376 5,947 17,638 3,876 6,214 4,855 11,751 Sept. . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 Fiscal year or month 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 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 2 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. The average length hit a low of 2 years 5 months in December 1975. The length then increased gradually until it reached a high of 6 years, 4 months in May 1991. Since then, the average length decreased. For example, during most of 1996 the average length was at 5 years, 3 months. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue longterm securities. 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 for 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) 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 4,411,489 4,692,750 4,973,983 5,224,811 5,413,146 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,259,854 5,282,566 5,330,904 5,357,391 5,348,224 5,384,042 5,414,754 5,388,003 5,379,245 5,409,818 5,406,995 5,437,927 5,446,333 5,224,811 5,247,320 5,296,549 5,323,172 5,313,997 5,349,937 5,380,890 5,353,971 5,344,961 5,376,151 5,373,229 5,404,420 5,413,146 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) 24,682 28,543 26,962 35,043 33,187 1,116,713 1,213,115 1,320,800 1,454,608 1,605,557 1,116,693 1,213,098 1,320,784 1,447,001 1,598,459 21 17 16 7,606 7,098 3,319,458 3,508,178 3,680,145 3,805,246 3,840,776 3,294,796 3,479,652 3,653,199 3,777,810 3,814,687 24,661 28,526 26,946 27,437 26,089 35,043 35,246 34,355 34,219 34,227 34,105 33,864 34,032 34,284 33,667 33,766 33,507 33,187 1,454,608 1,462,453 1,465,560 1,504,784 1,512,461 1,512,029 1,514,391 1,527,656 1,536,705 1,578,930 1,577,530 1,578,406 1,605,557 1,447,001 1,454,847 1,457,953 1,497,178 1,504,854 1,504,423 1,506,784 1,520,050 1,529,099 1,571,583 1,570,183 1,571,058 1,598,459 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,348 7,348 7,348 7,098 3,805,246 3,820,113 3,865,344 3,852,607 3,835,763 3,872,013 3,900,363 3,860,347 3,842,540 3,830,888 3,829,465 3,859,521 3,840,776 3,777,810 3,792,473 3,838,596 3,825,994 3,809,143 3,845,514 3,874,106 3,833,921 3,815,862 3,804,568 3,803,046 3,833,362 3,814,687 27,437 27,640 26,749 26,613 26,621 26,499 26,258 26,426 26,678 26,319 26,418 26,159 26,089 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) 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 85,022 77,297 79,995 77,931 76,633 4,351,149 4,643,996 4,920,950 5,181,923 5,369,700 1,116,713 1,213,115 1,320,800 1,454,608 1,605,557 12,776 1,472 3,188 5,698 6,984 1,103,938 1,211,644 1,317,612 1,448,910 1,598,573 3,319,458 3,508,178 3,680,145 3,805,246 3,840,776 72,246 75,826 76,807 72,233 69,649 3,247,211 3,432,352 3,603,338 3,733,013 3,771,127 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 5,259,854 5,282,566 5,330,904 5,357,391 5,348,224 5,384,042 5,414,754 5,388,003 5,379,245 5,409,818 5,406,995 5,437,927 5,446,333 77,931 77,291 77,056 76,763 76,964 77,371 77,217 76,375 77,785 77,227 77,053 77,192 76,633 5,181,923 5,205,275 5,253,848 5,280,629 5,271,259 5,306,672 5,337,537 5,311,628 5,301,460 5,332,592 5,329,943 5,360,736 5,369,700 1,454,608 1,462,453 1,465,560 1,504,784 1,512,461 1,512,029 1,514,391 1,527,656 1,536,705 1,578,930 1,577,530 1,578,406 1,605,557 5,698 5,721 5,715 5,838 6,107 6,231 6,561 6,734 6,897 6,844 6,685 7,116 6,984 1,448,910 1,456,732 1,459,845 1,498,947 1,506,353 1,505,798 1,507,830 1,520,922 1,529,808 1,572,087 1,570,846 1,571,290 1,598,573 3,805,246 3,820,113 3,865,344 3,852,607 3,835,763 3,872,013 3,900,363 3,860,347 3,842,540 3,830,888 3,829,465 3,859,521 3,840,776 72,233 71,570 71,341 70,925 70,857 71,140 70,656 69,641 70,888 70,383 70,368 70,076 69,649 3,733,013 3,748,543 3,794,003 3,781,682 3,764,906 3,800,873 3,829,707 3,790,706 3,771,652 3,760,505 3,759,097 3,789,445 3,771,127 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"] End of fiscal year or month Total interestbearing public debt (1) .......... .......... .......... .......... .......... 1996 - Sept.. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 1997 - Jan. . . . . . Feb. . . . . . Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . July . . . . . Aug. . . . . . Sept. . . . . 1993 1994 1995 1996 1997 Marketable Treasury inflationindexed notes (6) Federal Financing Bank (7) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Nonmarketable Total (8) 4,408,567 4,689,524 4,950,644 5,220,790 5,407,528 2,904,910 3,091,602 3,260,447 3,418,371 3,439,616 658,381 697,295 742,462 761,232 701,909 1,734,161 1,867,507 1,980,343 2,098,670 2,122,172 497,367 511,800 522,643 543,469 576,151 24,384 15,000 15,000 15,000 15,000 15,000 1,503,657 1,597,922 1,690,197 1,802,419 1,967,912 5,220,790 5,243,339 5,263,423 5,317,188 5,308,048 5,344,143 5,375,139 5,348,249 5,308,468 5,370,459 5,367,593 5,367,587 5,407,528 3,418,371 3,431,060 3,444,643 3,459,691 3,441,468 3,477,535 3,504,361 3,464,512 3,415,897 3,433,058 3,433,094 3,430,768 3,439,616 761,232 763,392 802,272 777,414 762,591 762,198 785,558 741,401 719,679 704,135 706,149 722,074 701,909 2,098,670 2,109,198 2,072,410 2,112,315 2,108,916 2,127,559 2,131,003 2,126,823 2,099,890 2,132,574 2,122,205 2,093,189 2,122,172 543,469 543,469 554,962 554,962 554,961 565,417 565,416 565,416 565,416 565,416 565,415 576,151 576,151 7,361 7,383 15,872 15,912 15,933 24,325 24,354 24,384 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 1,802,419 1,812,280 1,818,780 1,857,497 1,866,579 1,866,608 1,870,778 1,883,737 1,892,570 1,937,401 1,934,499 1,936,819 1,967,912 Nonmarketable, con. End of fiscal year or month State and local government series (12) Domestic series (13) Other (14) 1,114,289 1,211,689 1,324,270 1,454,690 1,608,478 149,449 137,386 113,368 95,674 111,863 29,995 29,995 29,995 29,995 29,995 442 445 432 424 1 1,454,690 1,462,867 1,466,961 1,505,937 1,514,451 1,514,154 1,516,631 1,529,858 1,538,241 1,581,467 1,580,082 1,580,074 1,608,478 95,674 96,851 99,388 101,274 102,511 103,048 104,766 105,698 106,200 107,915 106,528 109,048 111,863 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 424 424 422 422 417 1 1 1 1 1 1 1 1 U.S. savings securities (9) Foreign series (10) Government account series (11) ....................... ....................... ....................... ....................... ....................... 167,024 176,413 181,181 184,147 182,665 42,459 41,996 40,950 37,488 34,909 1996 - Sept.. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . 184,147 184,301 184,379 182,442 182,138 182,644 182,619 182,625 182,624 182,664 182,683 182,641 182,665 37,488 37,842 37,635 37,427 37,067 36,767 36,767 35,559 35,509 35,359 35,209 35,059 34,909 1993 1994 1995 1996 1997 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 1993 1994 1995 1996 1997 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) ............. ............. ............. ............. ............. 1,114,289 1,211,689 1,324,270 1,454,690 1,608,478 12,672 12,206 11,145 7,682 6,360 4,325 13,972 20,117 22,186 26,329 13,575 14,929 15,839 16,962 18,038 5,637 7,326 2,399 11,853 15,460 10,162 6,025 35,150 50,051 63,513 301,711 329,602 357,539 377,677 407,202 126,078 128,716 129,864 125,805 116,621 5,380 5,933 6,277 7,894 13,643 355,510 413,425 447,947 499,403 567,445 1996 - Sept.. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1997 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . 1,454,690 1,462,867 1,466,961 1,505,937 1,514,451 1,514,154 1,516,631 1,529,858 1,538,241 1,581,467 1,580,082 1,580,074 1,608,478 7,682 7,969 8,103 7,978 7,511 5,809 6,438 6,306 6,730 7,107 7,149 6,942 6,360 22,186 22,149 22,244 22,670 22,566 22,793 24,025 25,313 25,335 25,933 25,935 25,801 26,329 16,962 17,055 17,272 16,505 17,313 17,528 17,514 17,479 17,699 17,773 17,811 17,884 18,038 11,853 11,905 11,840 11,965 15,435 15,385 15,253 15,320 15,388 15,460 15,425 15,386 15,460 50,051 50,376 50,750 52,912 54,205 54,923 55,845 57,928 58,418 61,359 61,828 62,450 63,513 377,677 375,403 373,645 386,031 384,453 382,413 379,930 377,879 375,583 388,702 386,674 384,586 407,202 125,805 122,541 120,038 126,701 125,468 122,375 122,194 121,635 116,190 123,001 118,801 115,352 116,621 7,894 10,016 9,867 9,868 9,082 10,714 10,183 10,865 11,368 11,338 11,773 11,975 13,643 499,403 498,104 496,661 513,894 521,582 522,273 525,960 536,848 538,005 556,344 560,560 562,551 567,445 Highway Trust Fund (14) National Service Life Insurance fund (15) End of fiscal year or month 1993 1994 1995 1996 1997 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) ............ ............ ............ ............ ............ 828 1,649 528 694 1,806 23,269 21,489 13,513 27,175 34,464 125 114 106 99 - 11,475 7,751 8,954 11,660 22,341 11,666 11,852 11,954 12,007 12,023 3,826 1,270 1,249 860 860 10,457 10,596 12,129 14,763 17,486 147 130 130 77 74 36,563 39,745 47,098 53,849 61,880 180,883 184,959 202,332 213,993 222,933 1996 - Sept.. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1997 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . 694 721 747 797 1,480 1,481 1,502 1,566 1,613 1,623 1,655 1,727 1,806 27,175 26,707 26,845 28,489 28,004 29,274 30,666 31,339 31,482 33,412 33,411 33,101 34,464 99 97 96 98 97 - 11,660 10,817 11,368 11,448 11,927 21,874 22,193 22,433 22,641 22,836 23,478 22,860 22,341 12,007 11,935 11,876 12,293 12,217 12,129 12,032 11,944 11,861 12,279 12,199 12,117 12,023 860 1,190 82 283 863 1,213 1,827 2,702 1,994 1,599 2,033 2,662 860 14,763 14,935 15,018 14,865 15,238 15,525 15,696 15,938 17,100 17,123 17,240 17,480 17,486 77 77 77 77 78 73 73 73 73 73 73 74 74 53,849 53,190 54,386 54,278 52,532 52,870 50,908 51,182 60,515 60,847 60,511 63,293 61,880 213,993 227,680 236,046 234,785 234,400 225,502 224,392 223,108 226,246 224,658 223,526 223,833 222,933 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) 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 1997 . . . . . . . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 1996 - Sept.. . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 Oct. . . . . . . . . . . . . . . . . . 35,246 - 126 82 1,261 28,884 4,406 486 Nov. . . . . . . . . . . . . . . . . . 34,355 - 126 84 1,261 27,991 4,406 487 Dec. . . . . . . . . . . . . . . . . . 34,219 - 126 84 1,261 27,853 4,406 489 1997 - Jan. . . . . . . . . . . . . . . . . . 34,227 - 95 144 1,261 27,831 4,406 490 Feb. . . . . . . . . . . . . . . . . . 34,105 - 95 146 1,261 27,714 4,406 483 Mar. . . . . . . . . . . . . . . . . . 33,864 - 95 26 1,261 27,594 4,406 481 Apr. . . . . . . . . . . . . . . . . . 34,032 - 95 31 1,261 27,756 4,406 482 May . . . . . . . . . . . . . . . . . 34,284 - 95 32 1,261 28,005 4,406 483 June . . . . . . . . . . . . . . . . . 33,667 - 95 37 1,261 27,640 4,148 485 July . . . . . . . . . . . . . . . . . 33,766 - 95 43 1,261 27,732 4,148 486 Aug. . . . . . . . . . . . . . . . . . 33,507 - 95 46 1,261 27,478 4,148 479 Sept. . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 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, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) ................... ................... ................... ................... ................... 2,363,802 2,562,336 2,719,861 2,870,781 3,011,185 808,705 858,135 877,932 1,002,875 1,058,558 1996 - Sept. . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 3,011,185 3,021,881 3,028,647 3,032,551 1997 - Jan.. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . 3,025,762 3,052,688 3,082,541 2,997,163 2,988,194 2,989,260 3,002,678 2,995,863 2,998,846 End of fiscal year or month 1992 1993 1994 1995 1996 Maturity classes 5-10 years (4) 10-20 years (5) 20 years and more (6) 866,329 978,714 1,128,322 1,157,492 1,212,258 295,921 306,663 289,998 290,111 306,643 84,706 94,345 88,208 87,297 111,360 308,141 324,479 335,401 333,006 322,366 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 11 mos. 10 mos. 8 mos. 4 mos. 3 mos. 1,058,558 1,062,308 1,084,720 1,061,459 1,212,258 1,207,999 1,198,931 1,231,746 306,643 317,522 302,951 301,103 111,360 111,893 128,832 128,054 322,366 322,160 313,214 310,188 5 yrs. 5 yrs. 5 yrs. 5 yrs. 3 mos. 3 mos. 3 mos. 3 mos. 1,049,217 1,062,767 1,087,199 1,035,135 1,024,615 1,007,563 1,016,588 1,033,763 1,017,913 1,230,524 1,225,904 1,224,620 1,199,000 1,182,510 1,206,304 1,208,014 1,184,038 1,206,993 302,878 315,125 323,173 327,320 331,276 330,005 331,086 321,471 321,622 128,679 126,023 125,228 119,853 143,676 141,299 142,476 155,967 154,205 314,464 322,870 322,322 315,855 306,117 304,090 304,514 300,624 298,113 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 3 mos. 4 mos. 3 mos. 3 mos. 5 mos. 4 mos. 4 mos. 5 mos. 4 mos. 1-5 years (3) Average length 1 (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) Total (2) ........................ ........................ ........................ ........................ ........................ 4,900,000 4,900,000 4,900,000 5,500,000 5,950,000 4,315,571 4,605,338 4,884,605 5,137,195 5,327,624 4,315,358 4,605,226 4,884,518 5,137,113 5,327,556 213 112 87 82 68 4,313,976 4,603,700 4,863,076 5,135,157 5,323,010 213 112 87 82 68 1,382 1,526 21,442 1,956 4,546 1996 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,950,000 5,950,000 5,137,195 5,160,483 5,209,847 5,236,827 5,227,348 5,263,191 5,294,243 5,268,449 5,258,093 5,289,840 5,287,052 5,318,320 5,327,624 5,137,113 5,160,401 5,209,763 5,236,743 5,227,324 5,263,165 5,294,217 5,268,413 5,258,061 5,289,803 5,287,010 5,318,275 5,327,556 82 82 84 84 24 26 26 31 32 37 43 46 68 5,135,157 5,158,468 5,178,684 5,232,875 5,223,489 5,258,449 5,289,542 5,263,766 5,222,642 5,285,185 5,282,448 5,282,514 5,323,010 82 82 84 84 24 26 26 31 32 37 43 46 68 1,956 1,933 31,079 3,868 3,835 4,716 4,675 4,647 35,419 4,618 4,562 35,761 4,546 1993 1994 1995 1996 1997 1 Debt outstanding subject to limitation Public debt (3) Beginning September 1976 the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in 1997) are excluded from the average length calculation. Published data was changed for the 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) end of the fiscal years back through 1967. 2 Consists of guaranteed debt issued by the Federal Housing Administration. 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) .............. .............. .............. .............. .............. 183,196 163,642 134,892 117,290 133,301 24,745 16,909 - 1,685 2,112 - 8,926 8,855 - 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 117,290 132,215 130,363 135,835 139,361 139,774 135,921 135,755 131,146 134,336 132,215 130,245 133,301 - - - 1993 1994 1995 1996 1997 End of fiscal year or month 1993 1994 1995 1996 1997 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) FarmService Agency (6) Rural Utilities Service (7) 8,682 8,529 - 8,596 3,273 9,818 12,161 12,042 12,925 - 3,273 6,932 7,029 6,981 9,530 9,653 9,389 8,982 8,875 8,505 8,181 7,939 9,818 12,042 12,827 12,822 13,324 13,352 13,352 13,384 13,398 13,396 13,204 13,279 13,279 12,925 Department of Education (11) Department of Energy Bonneville Power Administration (12) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) .............. .............. .............. .............. .............. 5,354 6,430 6,676 91 113 157 563 647 670 2,673 2,612 6,745 13,398 23,532 2,332 2,617 2,563 2,456 2,499 783 1,647 3,123 3,639 8,959 8,484 7,714 6,909 6,174 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 6,430 6,720 6,720 6,720 6,720 6,720 6,720 6,720 6,720 6,620 6,620 6,620 6,676 113 145 145 145 145 145 145 145 145 145 146 146 157 647 647 647 647 647 647 647 647 647 647 647 647 670 13,398 24,300 24,306 24,306 24,306 24,306 24,306 24,306 24,306 24,527 24,527 24,527 23,532 2,456 2,456 2,536 2,536 2,566 2,566 2,566 2,488 2,618 2,618 2,491 2,499 2,499 3,123 3,123 3,123 3,123 3,123 3,123 3,123 3,123 3,123 3,123 3,123 3,123 3,639 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,174 6,174 6,174 6,174 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) 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 1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 1996 - Sept.. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 Oct. . . . . . . . . . 46,051 * 1,270 2,740 5,283 8,811 4,001 Nov. . . . . . . . . . 43,921 * 1,270 2,740 5,283 8,811 4,101 Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485 1997 - Jan. . . . . . . . . . 42,635 * 2,150 2,741 6,051 9,956 8,531 Feb. . . . . . . . . . 42,634 * 2,150 2,741 6,325 9,956 8,548 Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611 Apr. . . . . . . . . . 38,247 * 2,150 3,131 6,855 9,956 8,698 May . . . . . . . . . 36,870 * 2,028 3,141 3,962 9,956 8,451 June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439 July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270 Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324 Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 * Less than $500,000. 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, 1997 5 Years, 4 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months 26 PUBLIC DEBT OPERATIONS INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code 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. • 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 4 weeks. Treasury bills mature each Thursday. New issues of 13-week bills are reopenings of 26-week 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 [Source: Bureau of the Public Debt, Office of Financing] JULY Auction of 5-Year Inflation-Indexed Notes July 2, 1997, Treasury announced it would auction $8,000 million of 5-year inflation-indexed notes to raise cash. The notes offered were Treasury notes of Series J-2002, dated July 15, 1997, due July 15, 2002, with interest payable January 15 and July 15 until maturity. An interest rate of 3-5/8 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders July 9, and totaled $26,455 million, of which $8,001 million was accepted. All competitive tenders at yields lower than 3.744 percent were accepted in full. Tenders at 3.744 percent were allotted 63 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.744 percent with an equivalent adjusted price of 99.462. The median yield was 3.668 percent, and the low yield was 3.550 percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors totaled $7,954 million. In addition to the $8,001 million of tenders accepted in the auction process, $400 million was accepted from Federal Reserve banks for their own accounts. The notes of Series J-2002 may be held in STRIPS form. The minimum par amount required is $1,600,000. Auction of 2-Year and 5-Year Notes July 16 Treasury announced it would auction $15,500 million of 2-year notes of Series AH-1999 and $11,500 million of 5-year notes of Series K-2002 to refund $30,369 million of securities maturing July 31 and to pay down about $3,375 million. The notes of Series AH-1999 were dated July 31, 1997, due July 31, 1999, with interest payable January 31 and July 31 until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders July 22, and totaled $39,208 million, of which $15,515 million was accepted. All competitive tenders at yields lower than 5.930 percent were accepted in full. Tenders at 5.930 percent were allotted 99 percent. All noncompetitive and successful competitive bidders were allotted securities at the high PUBLIC DEBT OPERATIONS 27 TREASURY FINANCING: JULY-SEPTEMBER, con. yield of 5.930 percent with an equivalent price of 99.898. The median yield was 5.910 percent, and the low yield was 5.850 percent. Noncompetitive tenders totaled $1,040 million. Competitive tenders accepted from private investors totaled $14,474 million. In addition to the $15,515 million of tenders accepted in the auction process, $878 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $392 million was accepted from Federal Reserve banks for their own accounts. The notes of Series K-2002 were dated July 31, 1997, due July 31, 2002, with interest payable January 31 and July 31 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders July 23, and totaled $33,115 million, of which $11,501 million was accepted. All competitive tenders at yields lower than 6.024 percent were accepted in full. Tenders at 6.024 were allotted 87 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.024 percent with an equivalent price of 99.898. The median yield was 6.017 percent, and the low yield was 5.950 percent. Noncompetitive tenders totaled $474 million. Competitive tenders accepted from private investors totaled $11,027 million. In addition to the $11,501 million of tenders accepted in the auction process, $410 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $295 million was accepted from Federal Reserve banks for their own accounts. 52-Week Bills July 11 tenders were invited for approximately $13,000 million of 364-day Treasury bills to be dated July 24, 1997, and to mature July 23, 1998. The issue was to refund $14,490 million of maturing 52-week bills and to pay down about $1,500 million. The bills were auctioned July 17. Tenders totaled $59,322 million, of which $13,116 million was accepted, including $951 million of noncompetitive tenders from the public and $1,069 million of the bills issued to Federal Reserve banks as agents for foreign and international monetary authorities. In addition, $5,695 million was awarded to the Federal Reserve banks for their own accounts. The average bank discount rate was 5.26 percent. Cash Management Bills July 29 tenders were invited for approximately $18,000 million of 48-day bills to be issued August 1, 1997, representing an additional amount of bills dated September 19, 1996, maturing September 18, 1997. The issue was to raise new cash. Tenders were opened July 31. They totaled $56,078 million, of which $18,060 million was accepted. The average bank discount rate was 5.35 percent. AUGUST August Quarterly Financing July 30 Treasury announced it would auction $16,000 million of 3-year notes of Series W-2000, $12,000 million of 10-year notes of Series D-2007, and $10,000 million of 30year bonds of August 2027 to refund $26,833 million of Treasury securities maturing August 15 and to raise about $11,175 million new cash. The notes of Series W-2000 were dated August 15, 1997, due August 15, 2000, 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders August 5, and totaled $39,267 million, of which $16,007 million was accepted at yields ranging from 6.034 percent, price 99.908, up to 6.047 percent, price 99.873. Tenders at the high yield were allotted 17 percent. Noncompetitive tenders were accepted in full at the average yield, 6.041 percent, price 99.889. These totaled $931 million. Competitive tenders accepted from private investors totaled $15,076 million. In addition to the $16,007 million of tenders accepted in the auction process, $847 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,170 million was accepted from Federal Reserve banks for their own accounts. The notes of Series D-2007 were dated August 15, 1997, due August 15, 2007, with interest payable February 15 and August 15 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders August 6, and totaled $26,834 million, of which $12,002 million was accepted at yields ranging from 6.195 percent, price 99.484, up to 6.218 percent, price 99.315. Tenders at the high yield were allotted 34 percent. Noncompetitive tenders were accepted in full at the average yield, 6.205 percent, price 99.411. These totaled $381 million. Competitive tenders accepted from private investors totaled $11,621 million. In addition to the $12,002 million of tenders accepted in the auction process, $150 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $880 million was accepted from Federal Reserve banks for their own accounts. The notes of Series D-2007 may be held in STRIPS form. The minimum par amount required is $1,600,000. 28 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JULY-SEPTEMBER, con. The bonds of August 2027 were dated August 15, 1997, due August 15, 2027, with interest payable February 15 and August 15 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 for the bonds were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders August 7, and totaled $26,623 million, of which $10,003 million was accepted at yields ranging from 6.435 percent, price 99.207, up to 6.452 percent, price 98.984. Tenders at the high yield were allotted 4 percent. Noncompetitive tenders were accepted in full at the average yield, 6.445 percent, price 99.076. These totaled $333 million. Competitive tenders accepted from private investors totaled $9,670 million. In addition to the $10,003 million of tenders accepted in the auction process, $730 million was accepted from Federal Reserve banks for their own account. The bonds of August 2027 may be held in STRIPS form. The minimum par amount required is $1,600,000. Auction of 2-Year and 5-Year Notes August 20 Treasury announced it would auction $15,500 million of 2-year notes of Series AJ-1999 and $11,500 million of 5-year notes of Series L-2002 to refund $29,187 million of securities maturing August 31 and to pay down about $2,175 million. The notes of Series AJ-1999 were dated September 2, 1997, due August 31, 1999, with interest payable on the last calendar day of February and August until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders August 26, and totaled $38,828 million, of which $15,502 million was accepted. All competitive tenders at yields lower than 5.998 percent were accepted in full. Tenders at 5.998 percent were allotted 32 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.998 percent with an equivalent price of 99.772. The median yield was 5.980 percent, and the low yield was 5.940 percent. Noncompetitive tenders totaled $1,111 million. Competitive tenders accepted from private investors totaled $14,391 million. In addition to the $15,502 million of tenders accepted in the auction process, $910 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $750 million was accepted from Federal Reserve banks for their own accounts. The notes of Series L-2002 were dated September 2, 1997, due August 31, 2002, with interest payable the last calendar day of February and August 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders August 27, and totaled $26,765 million, of which $11,501 million was accepted. All competitive tenders at yields lower than 6.253 percent were accepted in full. Tenders at 6.253 percent were allotted 76 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.253 percent with an equivalent price of 99.987. The median yield was 6.230 percent, and the low yield was 6.190 percent. Noncompetitive tenders totaled $440 million. Competitive tenders accepted from private investors totaled $11,061 million. In addition to the $11,501 million of tenders accepted in the auction process, $650 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $555 million was accepted from Federal Reserve banks for their own accounts. 52-Week Bills August 8 tenders were invited for approximately $13,000 million of 364-day Treasury bills to be dated August 21, 1997, and to mature August 20, 1998. The issue was to refund $14,927 million of maturing 52-week bills and to pay down about $1,925 million. The bills were auctioned August 14. Tenders totaled $56,793 million, of which $13,122 million was accepted, including $925 million of noncompetitive tenders from the public and $1,477 million of the bills issued to Federal Reserve banks as agents for foreign and international monetary authorities. In addition, $5,645 million was awarded to the Federal Reserve banks for their own accounts. The average bank discount rate was 5.28 percent. Cash Management Bills August 26 tenders were invited for approximately $26,000 million of 13-day bills to be dated September 2, 1997, and to mature September 15, 1997. The issue was to raise new cash. Tenders were opened August 28. They totaled $75,872 million, of which $26,224 million was accepted. The average bank discount rate was 5.47 percent. SEPTEMBER Auction of 2-Year and 5-Year Notes September 17 Treasury announced it would auction $15,500 million of 2-year notes of Series AK-1999 and $11,500 million of 5-year notes of Series M-2002 to refund $30,179 million of securities maturing September 30 and to pay down about $3,175 million. The notes of Series AK-1999 were dated September 30, 1997, due September 30, 1999, with interest payable March 31 and September 30 until maturity. An interest rate of 5-3/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive PUBLIC DEBT OPERATIONS 29 TREASURY FINANCING: JULY-SEPTEMBER, con. tenders September 23, and totaled $37,883 million, of which $15,501 million was accepted. All competitive tenders at yields lower than 5.794 percent were accepted in full. Tenders at 5.794 percent were allotted 38 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.794 percent with an equivalent price of 99.918. The median yield was 5.775 percent, and the low yield was 5.730 percent. Noncompetitive tenders totaled $911 million. Competitive tenders accepted from private investors totaled $14,590 million. In addition to the $15,501 million of tenders accepted in the auction process, $1,325 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $617 million was accepted from Federal Reserve banks for their own accounts. The notes of Series M-2002 were dated September 30, 1997, due September 30, 2002, with interest payable March 31 and September 30 until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.s.t. for noncompetitive tenders and prior to 1 p.m. e.d.s.t. for competitive tenders September 24, and totaled $34,093 million, of which $11,504 million was accepted. All competitive tenders at yields lower than 5.960 percent were accepted in full. Tenders at 5.960 percent were allotted 39 percent. All noncompetitive and successful competitive bidders were allot- ted securities at the high yield of 5.960 percent with an equivalent price of 99.637. The median yield was 5.945 percent, and the low yield was 5.900 percent. Noncompetitive tenders totaled $377 million. Competitive tenders accepted from private investors totaled $11,127 million. In addition to the $11,504 million of tenders accepted in the auction process, $820 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $460 million was accepted from Federal Reserve banks for their own accounts. 52-Week Bills September 5 tenders were invited for approximately $12,500 million of 364-day Treasury bills to be dated September 18, 1997, and to mature September 17, 1998. The issue was to refund $14,362 million of maturing 52-week bills and to pay down about $1,850 million. The bills were auctioned on September 11.Tenders totaled $75,192 million, of which $12,727 million was accepted, including $823 million of noncompetitive tenders from the public and $1,710 million of the bills issued to Federal Reserve banks as agents for foreign and international monetary authorities. An additional $12 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. In addition, $5,545 million was awarded to the Federal Reserve banks for their own accounts. The average bank discount rate was 5.30 percent. 30 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, 1997 [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1997 Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 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 6%-U note 5-1/4%-AM note Issue date (2) 10/15/90 11/02/92 10/31/95 11/15/87 11/15/94 11/30/92 11/30/95 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 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 5-1/4%-Q note 6-1/4%-AH note 1 9-1/4%-C note 5-7/8%-Y note 4-3/4%-R note 6-1/8%-AJ note 4-3/4%-S note 6%-AK note 7-1/8%-H note 4-3/4%-T note 5-7/8%-AL note 1 8-7/8%-D note 5-1/2%-Z note 3-1/2% bond 5-1/8%-U 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 05/16/88 05/15/95 06/01/93 05/31/96 06/30/93 07/01/96 07/15/91 08/02/93 07/31/96 08/15/88 08/15/95 08/31/93 09/03/96 09/30/93 09/30/96 10/15/91 11/01/93 10/31/96 11/15/88 11/24/95 10/03/60 11/30/93 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 8,860 11,383 18,840 9,808 20,861 11,526 18,688 12,163 19,164 131,294 846 340 552 603 3,523 276 672 526 880 8,218 8,014 11,043 18,288 9,205 17,338 11,250 18,016 11,637 18,284 123,076 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 11,689 21,563 11,343 22,418 13,019 21,949 12,576 21,486 10,268 13,023 21,221 9,903 20,598 227 12,115 878 736 1,095 440 3,868 1,492 1,295 1,848 835 545 951 682 4,092 805 671 1,471 1,302 1,761 545 1,012 1,480 4,490 641 1,065 1,023 1,219 1,002 938 1,070 535 2,822 162 1,004 8,248 11,603 17,992 8,719 17,212 29,378 11,854 19,871 7,954 11,680 20,455 8,483 17,134 11,553 20,439 11,125 20,752 7,933 11,144 20,551 9,863 17,928 12,378 20,884 11,553 20,267 9,267 12,085 20,151 9,368 17,777 65 11,111 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, 1997, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1998, con. Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-5/8%-AM note 5-1/8%-V note 5-3/4%-AN note Issue date (2) 12/02/96 12/31/93 12/31/96 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 5%-J note 5-7/8%-AB note 1 8-7/8%-A note 5%-W note 5-1/2%-K note 5-7/8%-AC note 5-7/8%-L note 6-1/4%-AD note 7%-F note 6-1/2%-M note 6-3/8%-AE note 1 9-1/8%-B note 6-3/8%-X note 6-3/4%-N note 6-1/4%-AF note 6-3/4%-P note 6%-AG note 6-3/8%-G note 6-7/8%-Q note 5-7/8%-AH note 1 8%-C note 6%-Y note 6-7/8%-R note 6-1/4%-L note 7-1/8%-S note 1 5-3/4%-K note 6%-H note 7-1/2%-T note 1 7-7/8%-D note 5-7/8%-Z note 7-3/4%-U note 7-3/4%-V note 01/15/92 01/31/94 01/31/97 02/15/89 02/15/96 02/28/94 02/28/97 03/31/94 03/31/97 04/15/92 05/02/94 04/30/97 05/15/89 05/15/96 05/31/94 06/02/97 06/30/94 06/30/97 07/15/92 08/01/94 07/15/97 08/15/89 08/15/96 08/31/94 09/02/97 09/30/94 09/30/97 10/15/92 10/31/94 11/15/89 11/15/96 11/30/94 01/03/95 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6-3/8%-E note 7-3/4%-G note 1 8-1/2%-A note 5-7/8%-U note 7-1/8%-H note 01/15/93 01/31/95 02/15/90 02/18/97 02/28/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 20,532 12,444 20,615 564,142 515 1,680 875 46,843 20,017 10,765 19,740 517,298 10,559 12,901 19,468 9,720 21,997 11,914 19,916 12,780 19,798 10,178 12,292 19,353 10,047 23,360 12,339 18,575 13,101 17,862 10,006 12,411 16,839 10,164 22,708 12,397 17,215 12,836 17,486 10,337 12,152 10,774 22,870 11,934 12,523 488,811 892 377 384 980 3,644 740 624 1,875 1,420 1,174 1,220 1,300 1,638 2,969 587 653 1,670 932 379 1,531 392 834 2,172 901 760 1,079 2,057 406 583 714 2,791 876 1,380 39,934 9,667 12,524 19,084 8,740 18,353 11,174 19,292 10,905 18,378 9,004 11,072 18,053 8,410 20,391 11,752 17,922 11,431 16,930 9,627 10,879 16,448 9,330 20,536 11,496 16,455 11,757 15,429 9,931 11,569 10,060 20,079 11,058 11,143 448,878 10,104 12,229 10,673 20,421 12,496 689 632 914 805 1,147 9,414 11,596 9,759 19,616 11,349 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, 1997, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2000, con. Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6-7/8%-J note 5-1/2%-F note 6-3/4%-K note 1 8-7/8%-B note 6-3/8%-V note 6-1/4%-L note 5-7/8%-M note 6-1/8%-N note 1 8-3/4%-C note 6%-W 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 Issue date (2) 03/31/95 04/15/93 05/01/95 05/15/90 05/15/97 05/31/95 06/30/95 07/31/95 08/15/90 08/15/97 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 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 6-1/4%-H note 13-1/8% bond 1 8%-B note 6-1/2%-J note 6-5/8%-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 6-1/4%-P note 15-3/4% bond 1 7-1/2%-D note 5-7/8%-Q note 6-1/8%-R note 01/31/96 01/12/81 02/15/91 02/29/96 04/10/96 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 10/31/96 10/07/81 11/15/91 12/02/96 12/31/96 Total . . . . . . . . . . . . . . . 2002 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6-1/4%-C note 14-1/4% bond 6-1/4%-D note 6-5/8%-E note 6-5/8%-F note 01/31/97 01/06/82 02/28/97 03/31/97 04/30/97 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 13,188 10,535 12,433 10,496 20,763 12,752 12,464 12,339 11,081 18,053 11,922 12,011 12,080 11,520 12,357 12,821 272,739 1,310 385 1,014 480 2,807 743 740 405 1,158 1,170 600 1,009 537 881 613 941 18,982 11,879 10,150 11,419 10,016 17,956 12,009 11,724 11,934 9,922 16,883 11,322 11,002 11,543 10,639 11,744 11,880 253,756 12,816 1,501 11,313 12,820 14,181 13,780 1,750 12,398 13,722 14,282 14,137 12,339 1,753 14,000 14,519 14,640 1,753 24,226 14,031 13,971 233,933 800 161 903 878 1,630 939 166 942 931 1,150 758 1,375 256 615 1,012 863 173 1,956 346 626 16,479 12,016 1,341 10,410 11,942 12,551 12,842 1,584 11,456 12,791 13,132 13,379 10,964 1,497 13,385 13,507 13,777 1,580 22,270 13,685 13,345 217,454 13,453 1,759 13,800 14,301 14,475 480 160 718 713 860 12,973 1,599 13,082 13,588 13,615 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, 1997, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2002, con. May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 7-1/2%-A note 6-1/2%-G note 6-1/4%-H note 1 3-5/8%-J note 6%-K note 1 6-3/8%-B note 6-1/4%-L note 1 5-7/8%-M note 11-5/8% bond Issue date (2) 05/15/92 06/02/97 06/30/97 07/15/97 07/31/97 08/17/92 09/02/97 09/30/97 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 02/16/93 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 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 1 5-7/8%-D note 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 11/15/95 Total. . . . . . . . . . . . . . . 2006 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 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 (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 11,714 13,504 13,059 8,422 12,231 23,859 12,732 12,806 2,753 168,867 981 864 478 400 295 2,240 555 810 348 9,902 10,733 12,640 12,581 8,022 11,936 21,619 12,177 11,996 2,405 158,966 3,007 23,563 3,249 3,501 28,011 7,260 68,590 739 2,195 331 714 3,695 661 8,336 2,267 21,368 2,918 2,787 24,316 6,598 60,255 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,173 550 770 1,906 528 810 777 1,953 7,293 12,405 2,985 12,535 3,472 12,536 7,525 12,421 63,879 13,835 4,224 4,261 14,740 9,270 15,003 15,210 76,541 1,195 2,177 578 2,000 1,177 1,800 1,700 10,627 12,640 2,047 3,682 12,740 8,093 13,203 13,510 65,914 4,756 15,514 16,015 22,740 20 1,500 1,900 1,681 4,736 14,014 14,115 21,060 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, 1997, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2006, con. Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 6-1/2%-D note 10/15/96 Total. . . . . . . . . . . . . . . 2007 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-3/8%-A note 7-5/8% bond 1 6-1/4%-B note 1 6-5/8%-C note 1 6-1/8%-D note 7-7/8% bond 02/06/97 02/15/77 02/18/97 05/15/97 08/15/97 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 1 11-1/4% bond 10-5/8% bond 02/15/85 08/15/85 Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 22,460 81,485 1,845 6,946 20,615 74,539 15,963 4,234 13,104 13,958 13,036 1,495 61,790 950 1,546 540 1,750 880 379 6,044 15,013 2,688 12,564 12,208 12,156 1,116 55,746 2,103 5,230 7,333 789 1,666 2,455 1,314 3,564 4,878 4,606 4,201 8,807 1,013 1,076 2,089 3,593 3,125 6,718 2,494 2,987 4,736 10,218 908 1,177 1,311 3,395 1,586 1,811 3,426 6,823 4,609 4,901 9,509 1,074 975 2,049 3,535 3,926 7,461 11,032 11,032 1,887 1,887 9,145 9,145 14,755 14,755 3,191 3,191 11,565 11,565 5,007 5,128 6,006 16,141 1,094 956 1,195 3,245 3,913 4,173 4,811 12,896 12,668 7,150 1,746 1,167 10,922 5,983 Total (3) 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, 1997, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, 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 05/15/88 08/17/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/16/88 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 02/16/93 08/16/93 Total. . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total. . . . . . . . . . . . . . . 2025 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 7-5/8% bond 02/15/95 Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 6,900 26,718 857 3,770 6,043 22,948 7,267 18,824 18,864 44,955 1,065 1,639 1,563 4,267 6,202 17,185 17,301 40,688 18,194 14,017 32,211 1,230 1,013 2,243 16,964 13,004 29,968 8,709 9,033 17,742 397 271 668 8,312 8,762 17,074 19,251 20,214 39,465 1,008 1,842 2,850 18,243 18,372 36,615 10,229 10,159 21,419 41,806 1,141 977 1,528 3,645 9,088 9,182 19,891 38,161 11,113 11,959 12,163 32,798 68,034 943 998 725 1,180 3,846 10,170 10,961 11,438 31,618 64,188 10,353 10,700 21,052 495 470 965 9,858 10,230 20,087 18,374 22,909 41,283 1,363 1,635 2,998 17,011 21,274 38,285 11,470 11,470 650 650 10,820 10,820 11,725 800 10,925 Total (3) 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, 1997, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2025, con. Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 6-7/8% bond 08/15/95 Total . . . . . . . . . . . . . . . 2026 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6% bond 6-3/4% bond 1 6-1/2% bond 1 02/15/96 08/15/96 11/15/96 Total . . . . . . . . . . . . . . . 2027 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 6-5/8% bond 6-3/8% bond 02/18/97 08/15/97 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 All other Reserve banks investors (4) (5) 12,602 24,327 1,228 2,028 11,374 22,299 12,905 10,894 11,493 35,292 950 900 2,270 4,120 11,955 9,994 9,223 31,172 10,456 10,736 21,192 450 1,330 1,780 10,006 9,406 19,412 PUBLIC DEBT OPERATIONS 37 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, Office of Public Debt Accounting] Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Issue date 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) 1997 - June 5 . . . . . . Sept. Dec. Sept. Dec. Sept. Dec. Sept. Dec. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Dec. Mar. Dec. Mar. Dec. Mar. Dec. Mar. 4 4 11 11 18 18 25 26 2 2 9 8 16 15 23 22 30 29 6 5 13 12 20 19 28 26 4 5 11 12 18 19 26 26 91 182 91 182 91 182 90 183 91 183 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 181 91 182 91 182 91 182 92 182 38,030.1 42,238.7 50,368.4 41,915.5 45,068.5 37,154.0 38,428.7 38,175.9 39,528.6 36,534.5 36,763.7 38,228.1 47,866.6 39,783.1 41,091.7 41,292.6 44,141.5 46,348.6 49,486.7 45,425.9 55,819.3 45,125.5 51,906.7 43,844.8 43,444.3 38,341.2 41,963.5 46,680.4 51,507.5 49,223.3 39,892.2 43,941.1 45,504.6 38,581.0 11,541.8 11,007.7 11,041.1 10,962.3 11,752.9 10,050.9 10,406.3 11,479.3 11,574.3 12,039.3 11,038.2 11,963.4 11,606.1 12,133.9 11,713.1 11,686.9 11,966.6 12,160.1 12,038.7 13,236.0 12,346.3 12,321.2 12,112.9 11,642.7 11,884.7 12,065.8 11,137.3 12,899.0 11,671.6 11,839.5 11,287.3 10,998.3 10,989.3 10,499.7 10,196.4 9,821.0 9,147.0 9,820.1 9,386.7 8,920.9 9,201.0 10,417.7 10,225.8 10,799.6 9,676.8 10,666.7 10,203.2 10,695.3 10,473.0 10,465.8 10,608.2 10,766.5 10,549.9 11,875.4 10,965.8 10,998.5 10,732.0 10,264.1 10,543.0 10,814.2 9,797.6 11,745.1 10,473.8 10,718.3 9,958.7 9,735.2 9,766.1 9,296.2 1,345.3 1,186.8 1,267.1 1,142.2 1,366.2 1,130.0 1,205.3 1,061.7 1,348.5 1,239.6 1,361.4 1,296.6 1,402.8 1,438.6 1,240.1 1,221.1 1,358.4 1,393.6 1,488.8 1,360.6 1,380.5 1,322.7 1,380.9 1,378.6 1,341.7 1,251.6 1,339.8 1,153.9 1,197.9 1,121.2 1,328.6 1,263.0 1,223.2 1,203.5 13,109.8 12,746.5 12,093.8 12,866.0 11,738.1 12,901.4 11,669.9 13,071.5 10,860.2 13,570.1 11,392.0 12,592.7 10,106.7 11,592.4 10,055.7 11,539.9 11,186.3 11,625.0 11,368.3 12,561.0 11,272.4 13,227.3 11,508.8 13,371.5 11,242.6 13,441.6 11,541.5 13,096.2 10,413.7 12,136.2 10,752.8 11,935.0 10,405.9 11,545.7 145,499.7 330,363.9 143,820.0 328,460.1 142,834.8 325,609.7 141,571.2 324,017.5 142,285.3 322,486.6 141,931.5 321,857.3 143,430.9 322,398.8 145,088.3 322,545.8 145,868.6 323,081.0 146,539.0 323,755.9 147,612.9 322,849.8 148,217.0 321,121.1 148,859.1 319,745.3 148,454.9 319,548.0 149,712.9 319,251.4 150,247.3 318,314.6 150,830.7 317,268.6 1997 - Sept. Oct. Nov. Dec. 1998 - Jan. Feb. Mar. Apr. Apr. May June July Aug. Sept. 18 16 13 11 8 5 5 2 30 28 25 23 20 17 364 364 364 364 364 364 364 364 364 364 364 364 364 364 52,210.1 49,840.5 58,249.9 45,506.0 67,862.1 53,634.2 51,822.3 67,862.2 73,240.0 55,069.5 67,729.9 65,035.2 62,453.8 80,766.5 19,906.7 20,190.4 20,141.8 20,542.5 20,609.8 20,983.2 20,840.5 19,072.4 20,688.0 20,831.3 19,429.6 18,829.2 18,783.3 18,301.6 19,037.3 19,425.4 19,422.3 19,734.5 19,683.7 19,747.9 20,100.8 18,057.5 19,547.2 19,707.8 18,435.5 17,859.8 17,842.6 17,460.7 869.4 765.0 719.5 808.0 926.1 1,235.3 739.8 1,014.9 1,140.8 1,123.5 994.1 969.4 940.8 840.9 19,275.3 18,482.5 18,869.7 18,006.7 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 19,906.7 250,089.3 251,797.2 253,069.3 255,605.1 257,304.4 259,387.9 261,433.3 261,561.1 262,787.7 264,292.0 264,125.5 262,769.9 260,981.8 259,376.7 1997 - June 17 Sept. 18 14 48 56,077.6 75,872.0 18,060.2 26,224.2 - - - 18,060.2 44,284.4 12 . . . . . . 19 . . . . . . 26 . . . . . . July 3. . . . . . 10 . . . . . . 17 . . . . . . 24 . . . . . . 31 . . . . . . Aug. 7 . . . . . . 14 . . . . . . 21 . . . . . . 28 . . . . . . Sept. 4 . . . . . . 11 . . . . . . 18 . . . . . . 25 . . . . . . 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 1997 1998 - 52-week: 1996 - Sept. 19 . . . . . . Oct. 17 . . . . . . Nov. 14 . . . . . . Dec. 12 . . . . . . 1997 - Jan. 9 . . . . . . Feb. 6 . . . . . . Mar. 6 . . . . . . Apr. 3 . . . . . . May 1 . . . . . . May 29 . . . . . . June 26 . . . . . . July 24 . . . . . . Aug. 21 . . . . . . Sept. 18 . . . . . . Cash management: 1997 - June 3 . . . . . . Aug. 1 . . . . . . See footnotes at end of table. 38 PUBLIC DEBT OPERATIONS 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, Office of Public Debt Accounting] Average price per hundred (9) Issue date Regular weekly: 1997 - June 5 . . . . . . 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) 98.754 97.361 98.751 97.371 98.766 97.422 98.751 97.433 98.706 97.387 98.744 97.437 98.723 97.427 98.708 97.386 98.706 97.396 98.698 97.371 98.693 97.356 98.716 97.412 98.692 97.401 98.718 97.376 98.734 97.401 98.759 97.432 98.748 97.452 4.93 5.22 4.94 5.20 4.88 5.10 4.94 5.05 5.12 5.14 4.97 5.07 5.05 5.09 5.11 5.17 5.12 5.15 5.15 5.20 5.17 5.23 5.08 5.12 5.12 5.14 5.07 5.19 5.01 5.14 4.91 5.08 4.90 5.04 5.06 5.44 5.07 5.41 5.01 5.31 5.07 5.25 5.26 5.35 5.10 5.28 5.19 5.30 5.25 5.38 5.26 5.36 5.29 5.41 5.31 5.45 5.22 5.33 5.26 5.35 5.21 5.40 5.14 5.35 5.04 5.29 5.03 5.24 4.94 5.22 4.95 5.20 4.89 5.10 4.95 5.06 5.12 5.14 4.97 5.07 5.05 5.09 5.12 5.17 5.12 5.15 5.15 5.20 5.18 5.23 5.08 5.12 5.13 5.14 5.07 5.19 5.02 5.14 4.91 5.08 4.91 5.05 98.751 97.361 98.749 97.371 98.764 97.422 98.749 97.428 98.706 97.387 98.744 97.437 98.723 97.427 98.706 97.386 98.706 97.396 98.698 97.371 98.691 97.356 98.716 97.412 98.689 97.401 98.718 97.376 98.731 97.401 98.759 97.432 98.745 97.447 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... 94.368 94.601 94.742 94.783 94.631 94.601 94.580 94.277 94.216 94.388 94.591 94.682 94.661 94.641 5.57 5.34 5.20 5.16 5.31 5.34 5.36 5.66 5.72 5.55 5.35 5.26 5.28 5.30 5.90 5.64 5.49 5.45 5.61 5.64 5.67 6.00 6.06 5.88 5.65 5.56 5.58 5.60 5.57 5.35 5.21 5.16 5.32 5.35 5.36 5.66 5.72 5.56 5.35 5.26 5.28 5.31 94.368 94.591 94.732 94.783 94.621 94.591 94.580 94.277 94.216 94.378 94.591 94.682 94.661 94.631 Cash management: 1997 - Aug. 1 . . . . . . Sept. 2 . . . . . . 99.287 99.802 5.35 5.47 5.46 5.57 5.36 5.47 99.285 99.802 12 . . . . . . 19 . . . . . . 26 . . . . . . July 3 ...... 10 . . . . . . 17 . . . . . . 24 . . . . . . 31 . . . . . . Aug. 7 . . . . . . 14 . . . . . . 21 . . . . . . 28 . . . . . . Sept. 4 . . . . . . 11 . . . . . . 18 . . . . . . 25 . . . . . . 52-week: 1996 - Sept. 19 Oct. 17 Nov. 14 Dec. 12 1997 - Jan. 9 Feb. 6 Mar. 6 Apr. 3 May 1 May 29 June 26 July 24 Aug. 21 Sept. 18 1 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. 2 Includes amounts issued on a noncompetitive basis to Federal Reserve banks for their own accounts and to Federal Reserve banks as agents for foreign and international monetary authorities. 3 Low Discount rate (percent) (14) 5 Price per hundred (15) 4.90 5.21 4.93 5.18 4.87 5.09 4.91 5.04 5.09 5.12 4.95 5.05 5.04 5.07 5.09 5.16 5.09 5.13 5.14 5.18 5.15 5.21 5.07 5.11 5.09 5.13 5.05 5.17 5.00 5.12 4.89 5.06 4.88 5.03 98.761 97.366 98.754 97.381 98.769 97.427 98.759 97.438 98.713 97.397 98.749 97.447 98.726 97.437 98.713 97.391 98.713 97.407 98.701 97.381 98.698 97.366 98.718 97.417 98.699 97.407 98.723 97.386 98.736 97.412 98.764 97.442 98.753 97.457 5.56 5.33 5.19 5.13 5.29 5.32 5.34 5.64 5.71 5.53 5.34 5.25 5.27 5.29 94.378 94.611 94.752 94.813 94.651 94.621 94.601 94.267 94.227 94.409 94.601 94.692 94.671 94.651 5.34 5.45 99.288 99.803 For 13-week , 26-week, and 52-week bills tenders of $1 million 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 Equivalent coupon-issue yield. 5 Except $575,000 at 98.703 percent . PUBLIC DEBT OPERATIONS 39 TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date 11/02/95 11/02/95 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 10/08/96 10/10/96 See footnotes at end of table. Issue date (1) 11/03/95 11/03/95 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 10/15/96 10/17/96 Description of securities 1 (2) 5.37% bill--12/21/95-reopening 5.30% bill--01/25/96-reopening 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 6-1/2% note--10/15/06-D 5.34% bill--10/16/97 Period to final maturity (years, months, days) 2 (3) 48d 83d 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 11m 30y 364d 2y 5y 14d 364d 2y 5y 10y 364d Amount tendered (4) 29,372 33,200 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 24,360 49,841 Amount issued 3,4 (5) 6,008 8,061 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 5 10,985 20,190 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 40 PUBLIC DEBT OPERATIONS 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, Office of Financing] Auction date 10/22/96 10/23/96 10/31/96 11/05/96 11/06/96 11/07/96 11/07/96 11/13/96 11/19/96 11/20/96 12/02/96 12/05/96 12/18/96 12/19/96 01/02/97 01/22/97 01/23/97 01/29/97 01/30/97 02/11/97 02/12/97 02/13/97 02/25/97 02/26/97 02/27/97 02/27/97 03/25/97 03/26/97 03/26/97 04/01/97 04/01/97 04/08/97 04/22/97 04/23/97 04/24/97 05/06/97 05/07/97 05/22/97 05/28/97 05/29/97 06/02/97 06/19/97 06/24/97 06/25/97 07/09/97 07/17/97 07/22/97 07/23/97 07/31/97 08/05/97 08/06/97 08/07/97 08/14/97 08/26/97 08/27/97 08/28/97 09/11/97 09/23/97 09/24/97 See footnotes at end of table. Issue date (1) 10/31/96 10/31/96 11/01/96 11/15/96 6 11/15/96 11/14/96 11/15/96 11/15/96 12/02/96 12/02/96 12/03/96 12/12/96 12/31/96 12/31/96 01/09/97 01/31/97 01/31/97 6 02/06/97 02/06/97 02/18/97 6 02/18/97 02/18/97 02/28/97 02/28/97 03/03/97 03/06/97 03/31/97 03/31/97 04/03/97 04/03/97 04/03/97 6 04/15/97 04/30/97 04/30/97 05/01/97 05/15/97 05/15/97 05/29/97 06/02/97 06/02/97 06/03/97 06/26/97 06/30/97 06/30/97 07/15/97 07/24/97 07/31/97 07/31/97 08/01/97 08/15/97 08/15/97 08/15/97 08/21/97 09/02/97 09/02/97 09/02/97 09/18/97 09/30/97 09/30/97 Description of securities 1 (2) 5-7/8% note--10/31/98-AL 6-1/4% note--10/31/01-P 5.17% bill--12/19/96-reopening 5-7/8% note--11/15/99-Z 6-1/2% note--10/15/06-D-reopening 5.20% bill--11/13/97 6-1/2% bond--11/15/26 5.20% bill--12/19/96-reopening 5-5/8% note--11/30/98-AM 5-7/8% note--11/30/01-Q 5.18% bill--12/17/96 5.16% bill--12/11/97 5-3/4% note--12/31/98-AN 6-1/8% note--12/31/01-R 5.31% bill--01/08/98 5-7/8% note--01/31/99-AB 6-1/4% note--01/31/02-C 3-3/8% ii note--01/15/07-A 5.34% bill--02/05/98 5-7/8% note--02/15/00-U 6-1/4% note--02/15/07-B 6-5/8% bond--02/15/27 5-7/8% note--02/28/99-AC 6-1/4% note--02/28/02-D 5.16% bill--04/17/97 5.36% bill--03/05/98 6-1/4% note--03/31/99-AD 6-5/8% note--03/31/02-E 5.66% bill--04/02/98 5.37% bill--04/17/97-reopening 5.42% bill--04/22/97 3-3/8% ii note--01/15/07-A-reopening 6-3/8% note--04/30/99-AE 6-5/8% note--04/30/02-F 5.72% bill--04/30/98 6-3/8% note--05/15/00-V 6-5/8% note--05/15/07-C 5.55% bill--05/28/98 6-1/4% note--05/31/99-AF 6-1/2% note--05/31/02-G 5.25% bill--06/17/97 5.35% bill--06/25/98 6% note--06/30/99-AG 6-1/4% note--06/30/02-H 3-5/8% ii note--07/15/02-J 5.26% bill--07/23/98 5-7/8% note--07/31/99-AH 6% note--07/31/02-K 5.35% bill--09/18/97-reopening 6% note--08/15/00-W 6-1/8% note--08/15/07-D 6-3/8% bond--08/15/27 5.28% bill--08/20/98 5-7/8% note--08/31/99-AJ 6-1/4% note--08/31/02-L 5.47% bill--09/15/97 5.30% bill--09/17/98 5-3/4% note--09/30/99-AK 5-7/8% note--09/30/02-M Period to final maturity (years, months, days) 2 (3) 2y 5y 48d 3y 9y 11m 364d 30y 34d 2y 5y 14d 364d 2y 5y 364d 2y 5y 10y 364d 3y 10y 30y 2y 5y 45d 364d 2y 5y 364d 14d 19d 9y 9m 2y 5y 364d 3y 10y 364d 2y 5y 14d 364d 2y 5y 5y 364d 2y 5y 48d 3y 10y 30y 364d 2y 5y 13d 364d 2y 5y Amount tendered (4) 50,828 31,319 54,347 46,564 25,533 58,250 28,334 61,368 40,718 37,348 44,395 45,506 42,998 36,362 49,118 44,655 31,255 37,919 53,634 42,085 23,863 24,664 41,106 27,662 82,159 51,822 40,532 33,522 67,862 41,764 51,886 18,464 43,708 34,266 73,240 39,125 24,266 55,069 42,092 34,876 64,243 67,730 40,541 38,218 26,858 65,035 40,533 33,845 56,078 41,313 27,869 27,355 62,454 40,541 27,996 75,872 80,767 39,868 35,396 Amount issued 3,4 (5) 21,220 14,639 17,048 22,870 5 11,473 20,141 5 11,493 13,217 20,532 14,031 9,060 20,540 20,615 13,970 20,610 19,466 13,453 5 7,703 20,982 20,421 5 13,103 5 10,456 19,915 13,798 23,140 20,840 19,797 14,301 19,072 10,039 17,066 5 8,405 19,351 14,475 20,688 20,763 5 13,958 20,831 18,567 13,492 30,022 19,430 17,861 13,058 5 8,404 18,829 16,840 12,231 18,060 18,053 5 13,036 5 10,736 18,783 17,214 12,732 26,224 18,302 5 17,486 5 12,806 Range of accepted bids for notes and bonds (6) 41 42 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 76 77 78 PUBLIC DEBT OPERATIONS 41 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 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). 8 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). 9 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 10 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction. 11 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction. 12 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction. 13 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction. 14 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 15 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). 16 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). 17 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). 18 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction. 19 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction. 20 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction. 21 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 22 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 23 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction. 24 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). 25 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). 26 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 27 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 28 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction. 29 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction. 30 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). 31 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction. 32 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction. 33 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). 34 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). 35 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). 36 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 37 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 38 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction. 39 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction. 40 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the average at 6.502% (price 99.985). 41 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the average at 5.879% (price 99.989). 44 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the average at 6.273% (price 101.643). 45 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the average at 6.619% (price 98.457). 46 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction. 47 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 48 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction. 49 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction. 50 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction. 51 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 52 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of an inflation-indexed note. 53 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the average at 5.997% (price 99.670). 54 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the average at 6.374% (price 99.092). 55 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the average at 6.640% (price 99.804). 56 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction. 57 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction. 58 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction. 59 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction. 60 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of an inflation-indexed note. 61 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction. 62 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction. 63 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the average at 6.438% (price 99.831). 64 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the average at 6.740% (price 99.173). 65 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction. 66 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction. 67 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction. 68 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction. 69 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of an inflation-indexed note. 70 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 71 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction. 72 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the average at 6.041% (price 99.889). 73 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the average at 6.205% (price 99.411). 74 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the average at 6.445% (price 99.076). 75 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction. 76 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction. 77 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. 78 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction. 42 43 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 42 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Federal Reserve banks (2) Commercial banks 1 (3) Individuals 2 (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) 11/30/95 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-Creopening 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 14,519 650 62 433 - * 32 4 * * 11,982 1,355 10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838 10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883 10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447 11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094 11/15/96 6-1/2% note--10/15/06-Dreopening 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163 See footnotes at end of table. PUBLIC DEBT OPERATIONS 43 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, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Description of securities Total amount issued (1) Federal Reserve banks (2) 11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - Issue date Commercial banks 1 (3) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) Individuals 2 (4) - 5,353 11 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) * - 4,378 1 12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741 12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868 12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698 12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046 01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180 01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935 02/06/97 3-3/8% inflation-indexed note-01/15/07-A (first issue of this kind; dated 01/15/97) 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15 02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069 839 02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120 02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955 02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022 03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790 03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153 04/15/97 3-3/8% inflation-indexed note-01/15/07-A reopening 8,405 400 664 43 10 - 817 52 455 - 5,327 637 1,668 04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877 05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343 05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214 05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394 05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172 06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911 1,063 06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 07/15/97 3-5/8% note--07/15/02-J 8,404 400 2,055 31 17 * 859 1 - 85 4,745 212 07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082 07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444 08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957 08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164 08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105 09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272 09/02/97 6-1/4% note--08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786 09/30/97 5-3/4% note--09/31/99-AK 17,487 617 183 757 1 3 837 13 * 4 13,278 1,794 09/30/97 5-7/8% note--09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845 * 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. 44 PUBLIC DEBT OPERATIONS 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, Office of Public Debt Accounting] Allotments by investor classes Date of financing Date of maturity (1) Average rate (percent) (2) 09/21/95 09/19/96 5.21 10/19/95 10/17/96 11/16/95 Total amount issued 52-week series (3) Federal Reserve banks (4) Commercial banks (5) Corporations 1 (6) Dealers and brokers (7) 19,275 4,800 638 367 11,452 2,017 5.30 18,482 4,500 512 149 12,295 1,027 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 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 10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865 11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392 12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879 01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175 02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691 03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761 04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144 05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317 05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621 06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601 07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940 08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339 09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571 1 Exclusive of banks and insurance companies. 2 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. All other 2 (8) U.S. SAVINGS BONDS AND NOTES 45 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, 1997 [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting] Series Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . Series E, EE, H, and HH. . . . . . . Series F and G . . . . . . . . . . . . . . Series J and K. . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . Sales 1 (1) Accrued discount (2) Sales plus accrued discount (3) 3,949 345,186 28,396 3,556 862 381,949 1,054 188,612 1,125 198 683 191,672 5,003 533,798 29,521 3,754 1,545 573,621 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 Redemptions 1 (4) 5,002 350,143 29,517 3,753 1,185 389,600 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 182,589 326 182,915 1 3,601 3 3,605 HH bonds. 2 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.’’ 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, Office of Public Debt Accounting] Sales (1) Accrued discount (2) Fiscal years: 1935 - 92 . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 336,713 17,262 9,485 7,222 5,936 5,334 145,255 9,292 9,437 9,481 9,822 9,083 481,968 26,554 18,922 16,703 15,758 14,417 331,600 7,790 9,390 11,805 2,495 2,084 261,483 4,965 5,813 7,268 7,234 8,435 70,117 2,825 3,517 4,537 5,261 5,968 148,604 167,373 176,766 181,529 184,423 182,589 1,720 1,716 1,857 1,997 2,292 3,601 Calendar years: 1935 - 92 . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 343,145 13,370 8,999 10,963 3,945 147,459 9,453 9,446 22,014 6,596 464,130 22,822 18,445 32,977 10,541 333,355 8,146 9,896 17,971 8,805 262,611 5,106 6,178 11,109 1,736 70,744 3,040 3,717 6,862 8,101 155,297 169,775 178,138 182,266 184,379 1,969 2,145 2,335 2,724 2,319 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 379 481 451 572 556 402 437 419 421 426 415 383 376 724 974 656 686 811 734 734 845 684 719 843 760 697 1,103 1,455 1,107 1,258 1,367 1,136 1,171 1,264 1,105 1,145 1,258 1,143 1,073 1,021 1,309 1,059 1,214 1,701 1,200 1,209 1,340 1,175 1,162 1,294 1,241 1,087 572 758 566 724 989 577 713 743 633 649 741 697 646 449 550 493 490 713 623 422 597 542 513 552 544 441 184,488 184,642 184,719 182,781 182,476 182,566 182,542 182,548 182,547 182,587 182,607 182,565 182,589 2,292 2,268 2,240 4,222 4,194 4,043 3,938 3,878 3,807 3,746 3,692 3,637 3,601 Period 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) 46 U.S. SAVINGS BONDS AND NOTES TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting] 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 - 92 . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 291,667 17,262 9,485 7,222 6,035 5,334 141,743 9,292 9,437 9,464 9,708 9,067 433,410 26,554 18,922 16,686 15,743 14,401 275,188 7,335 8,836 11,069 11,809 8,435 207,516 4,509 5,259 6,532 6,480 7,541 67,671 2,825 3,577 4,537 5,315 6,456 15,036 1,226 844 874 1,173 1,254 138,286 156,286 165,387 170,005 172,483 169,969 1,701 1,694 1,835 1,977 2,276 3,584 Calendar years: 1941 - 92 . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 293,669 13,370 8,999 10,953 3,927 144,991 9,453 9,446 12,434 6,595 438,659 22,822 18,455 23,387 10,522 269,969 7,664 9,304 12,546 8,275 208,543 4,624 5,587 10,201 4,458 68,336 3,040 3,717 2,345 3,821 15,194 1,070 855 1,179 1,055 144,724 158,633 166,731 170,690 172,475 1,939 2,119 2,307 2,700 2,302 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 389 481 451 572 558 404 428 422 419 423 415 383 377 724 974 656 684 811 734 671 844 684 719 844 762 698 1,113 1,455 1,107 1,256 1,369 1,138 1,099 1,266 1,103 1,142 1,259 1,145 1,075 962 1,238 1,000 1,150 1,618 1,124 1,126 1,254 1,100 1,090 1,214 1,167 1,018 513 687 507 660 905 501 631 657 558 576 661 622 577 449 550 493 490 713 623 422 597 542 513 552 544 441 95 109 93 95 114 114 121 107 109 106 99 101 87 172,548 172,665 172,707 170,744 170,405 170,453 170,399 170,381 170,348 170,357 170,350 170,289 170,295 2,276 2,252 2,225 4,198 4,173 4,022 3,938 3,878 3,807 3,746 3,692 3,637 3,601 Series H and HH Fiscal years: 1952 - 92 . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 13,545 3 8 16 10 - 13,545 3 8 16 10 17,980 455 555 737 744 893 17,980 455 555 737 744 893 - 15,036 1,226 844 874 1,173 1,254 10,319 11,087 11,379 11,524 11,940 12,294 15 17 17 16 16 17 Calendar years: 1952 - 92 . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 13,511 -18 1 42 19 - 13,511 -18 1 42 19 18,156 482 592 901 529 18,156 482 592 901 529 - 15,194 1,070 855 1,093 860 10,573 11,143 11,407 11,576 11,920 25 25 24 24 16 1996 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1997 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . -1 16 -1 16 2 2 -8 2 -3 -4 8 -8 -1 - -1 16 -1 16 2 2 -8 2 -3 -4 8 -8 -1 59 71 59 71 83 76 83 86 87 88 80 74 67 59 71 59 71 83 76 83 86 87 88 80 74 67 - 95 109 93 109 114 114 121 107 109 106 99 101 87 11,956 11,978 12,011 12,038 12,072 12,113 12,143 12,167 12,200 12,230 12,257 12,276 12,294 16 16 15 23 22 21 20 19 19 18 18 18 17 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. OWNERSHIP OF FEDERAL SECURITIES 47 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds 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.) 48 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service ] Total Federal securities outstanding (1) Total outstanding (2) 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 4,408,567 4,689,524 4,950,644 5,220,790 5,407,528 1,116,713 1,213,115 1,320,800 1,447,001 1,598,459 3,225 1,426 1,519 1,506 1,254 1,113,488 1,211,689 1,319,281 1,445,495 1,597,205 325,653 355,150 374,114 390,924 436,496 1996 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 5,259,854 5,282,566 5,330,904 5,357,391 5,348,224 5,384,042 5,414,754 5,388,003 5,379,245 5,409,818 5,406,995 5,437,927 5,446,333 5,220,790 5,243,339 5,263,423 5,317,188 5,308,048 5,344,143 5,375,139 5,348,249 5,308,468 5,370,459 5,367,593 5,367,587 5,407,528 1,447,001 1,454,847 1,457,953 1,497,178 1,504,854 1,504,423 1,506,784 1,520,050 r 1,529,099 1,571,583 1,570,183 1,571,058 1,598,459 1,506 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,445,495 1,453,593 1,456,699 1,495,924 1,503,600 1,503,169 1,505,530 1,518,796 r 1,527,845 1,570,329 1,568,929 1,569,804 1,597,205 390,924 392,917 400,210 410,878 399,448 401,575 405,559 452,885 412,569 426,362 414,157 419,947 436,496 End of fiscal year or month End of fiscal year or month 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) Matured public debt and debt bearing no interest (10) Total outstanding (11) Public issues held by Federal Reserve banks (6) Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 3,121,259 3,255,730 3,382,865 3,372,573 2,576,032 2,735,026 2,884,814 3,025,941 3,001,866 390,169 386,233 370,916 356,924 370,707 2,922 3,226 23,339 4,021 5,618 24,682 28,543 26,962 35,043 33,187 21 17 16 7,606 7,098 24,661 28,526 26,946 27,437 26,089 1996 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 3,382,865 3,395,575 3,405,260 3,409,132 3,403,746 3,438,145 3,462,796 3,375,314 r 3,366,800 3,372,514 3,383,253 3,376,582 3,372,573 3,025,941 3,036,889 3,043,179 3,047,559 3,040,766 3,074,706 3,097,548 3,010,373 3,002,074 3,005,442 3,017,683 3,009,567 3,001,866 356,924 358,687 362,081 361,573 362,979 363,439 365,248 364,941 r 364,725 367,072 365,570 367,015 370,707 4,021 3,980 33,126 5,984 5,949 5,794 5,751 5,722 36,494 5,692 5,635 36,834 5,618 35,043 35,246 34,355 34,219 34,227 34,105 33,864 34,032 34,284 33,667 33,766 33,507 33,187 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,348 7,348 7,348 7,098 27,437 27,640 26,749 26,613 26,621 26,499 26,258 26,426 26,678 26,319 26,418 26,159 26,089 OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors [Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic 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) 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 86.0 509.2 506.0 500.4 509.1 332.5 345.4 345.9 362.2 352.5 347.9 383.7 395.1 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 96.9 102.0 108.9 536.0 545.2 549.0 550.3 421.8 427.3 440.3 458.4 497.2 503.8 533.0 581.1 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 55.2 64.5 80.0 114.9 130.8 142.0 150.8 563.6 565.9 582.6 583.0 464.3 473.6 477.3 491.7 579.3 575.8 576.6 579.5 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 79.7 166.0 175.0 180.8 192.5 601.6 576.8 572.1 562.7 507.9 529.6 535.2 549.7 591.3 616.7 634.5 674.2 1993 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,895.0 2,936.3 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,584.8 2,629.1 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 80.8 199.3 206.1 215.6 213.0 582.5 596.1 596.8 609.2 564.2 567.7 591.3 622.9 655.2 662.1 655.3 655.0 1994 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,094.6 3,088.2 3,127.8 3,168.0 344.4 330.1 313.2 290.4 2,750.2 2,758.1 2,814.6 2,877.6 315.1 321.1 327.2 331.2 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 224.5 614.4 595.9 569.1 540.2 633.3 633.2 655.8 688.6 668.3 683.7 729.6 785.5 1995 - Mar. . . . . June . . . . Sept. . . . . Dec . . . . . 3,239.2 3,245.0 3,279.5 3,294.9 308.1 298.4 289.4 278.7 2,931.1 2,946.6 2,990.1 3,016.2 342.8 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 244.2 245.0 245.2 241.5 67.7 58.7 64.2 71.5 230.3 227.7 224.1 228.8 525.3 485.5 454.2 421.5 729.2 784.2 848.4 862.2 791.6 801.2 808.1 843.0 1996 - Mar. . . . . June . . . . Sept. . . . . Dec . . . . . 3,382.8 3,347.3 3,386.2 3,411.2 284.0 280.2 274.8 261.7 3,098.8 3,067.1 3,111.4 3,149.5 347.2 347.6 353.8 356.6 185.8 186.5 186.8 187.0 161.4 161.1 167.0 169.6 239.4 229.5 r 226.8 r 214.1 85.7 82.1 85.2 91.6 229.0 230.9 249.1 258.5 r 423.4 403.1 r 326.4 r 363.7 931.5 959.8 1,030.9 1,131.8 r 1997 - Mar. . . . . June . . . . Sept. . . . . 3,451.7 3,361.7 3,388.9 282.3 265.7 p 260.0 3,169.4 3,096.0 3,128.9 355.4 355.4 354.8 186.5 186.3 186.2 168.9 169.1 168.6 84.0 77.4 p 76.4 262.5 261.0 p 266.5 r 1,215.4 1,246.9 p 1,292.4 r 1 r r 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 r 214.3 203.4 p 192.0 r r r 348.0 337.4 p 333.5 r r r Other investors 8 (12) 842.6 814.1 r 839.2 r 733.2 r 689.8 614.5 p 613.3 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. 50 MARKET YIELDS 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, Office of the Under Secretary for Domestic Finance] Date 3-mo. (1) 6-mo. (2) 1-yr. (3) 2-yr. (4) 3-yr. (5) Monthly average: 1996 - Oct.. . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1997 - Jan . . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . 5.12 5.17 5.04 5.17 5.14 5.28 5.30 5.20 5.07 5.19 5.28 5.08 5.32 5.27 5.24 5.31 5.27 5.48 5.60 5.53 5.34 5.33 5.40 5.30 5.55 5.42 5.47 5.61 5.53 5.80 5.99 5.87 5.69 5.54 5.56 5.52 5.91 5.70 5.78 6.01 5.90 6.22 6.45 6.28 6.09 5.89 5.94 5.88 6.08 5.82 5.91 6.16 6.03 6.38 6.61 6.42 6.24 6.00 6.06 5.98 6.27 5.97 6.07 6.33 6.20 6.54 6.76 6.57 6.38 6.12 6.16 6.11 End of month: 1996 - Oct.. . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1997 - Jan . . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . 5.17 5.13 5.21 5.15 5.22 5.35 5.28 4.96 5.25 5.25 5.24 5.06 5.30 5.25 5.33 5.28 5.39 5.55 5.53 5.46 5.34 5.33 5.39 5.28 5.44 5.38 5.51 5.58 5.67 6.02 5.90 5.78 5.67 5.45 5.59 5.47 5.77 5.59 5.88 5.94 6.09 6.45 6.29 6.22 6.08 5.74 5.97 5.80 5.92 5.70 6.04 6.08 6.23 6.60 6.42 6.37 6.25 5.81 6.10 5.88 6.10 5.84 6.21 6.26 6.39 6.77 6.57 6.51 6.40 5.90 6.22 6.00 * Rates are from the Treasury yields curve. 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) 6.42 6.10 6.20 6.47 6.32 6.65 6.86 6.66 6.46 6.20 6.29 6.20 6.53 6.20 6.30 6.58 6.42 6.69 6.89 6.71 6.49 6.22 6.30 6.21 6.81 6.48 6.55 6.83 6.69 6.93 7.09 6.94 6.77 6.51 6.58 6.50 6.24 5.97 6.34 6.40 6.50 6.89 6.68 6.61 6.49 5.99 6.33 6.11 6.37 6.06 6.43 6.53 6.56 6.92 6.72 6.67 6.51 6.02 6.34 6.12 6.66 6.36 6.65 6.80 6.80 7.10 6.95 6.92 6.80 6.30 6.61 6.41 MARKET YIELDS 51 CHART MY-A.--Yields of Treasury Securities, Sept. 30, 1997 * 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. 12/31/97 99 01 03 05 07 09 11 13 15 Years * Source: Office of Market Finance 17 19 21 23 25 12/31/27 52 MARKET YIELDS TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic 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 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 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 See footnotes at end of table. MARKET YIELDS 53 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) 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 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 Treasury 30-yr. bonds (1) Period MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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, Office of the Under Secretary for Domestic 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 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.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1997 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 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 6.81 6.48 6.55 7.00 7.14 7.58 7.81 7.87 8.00 7.97 7.68 7.84 7.69 7.43 7.45 5.41 5.41 5.57 5.72 5.73 5.82 5.82 5.69 5.62 5.53 5.47 5.47 6.83 6.69 6.93 7.09 6.94 6.77 6.51 6.58 6.50 7.62 7.54 7.85 8.04 7.90 7.71 7.44 7.30 7.04 5.53 5.40 5.59 5.73 5.53 5.39 5.27 5.27 5.25 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. MARKET YIELDS CHART MY-B.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds* Monthly averages (in percentages) Aa Corporate Bonds Treasury 30-yr. Bonds Aa Municipal Bonds Calendar Years * Source: Office of Market Finance 55 56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 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, 1997 [Source: Financial Management Service] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $575,145,362,885 $550,273,637,987 $549,745,438,701 $271,804,216 $256,395,070 The Treasury . . . . . . . . . . . . . . . . 196,989,570 15,020,716 14,812,368 20,739 187,609 The Federal Reserve banks. . . . . 116,690,484,745 116,164,473,370 116,164,472,454 - 916 Amounts in circulation . . . . . . . . . . . $458,257,888,570 $434,094,143,901 $433,566,153,879 $271,783,477 $256,206,545 Less amounts held by: Dollars 3 (2) Fractional coins (3) $24,871,724,898 $2,024,703,898 $22,847,021,000 The Treasury . . . . . . . . . . . . . . . . 181,968,854 77,906,838 104,062,016 The Federal Reserve banks. . . . . 526,011,375 54,743,608 471,267,767 $24,163,744,669 $1,892,053,452 $22,271,691,217 Coins 2 Amounts outstanding. . . . . . . . . . . . Total (1) Less amounts held by: Amounts in circulation . . . . . . . . . . . See footnotes following table USCC-2. U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 TABLE USCC-2.--Amounts Outstanding and in Circulation, Sept. 30, 1997 [Source: Financial Management Service] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,340,293,114 $6,192,795,159 $143,481 $147,354,474 $2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,112,331,512 979,803,170 132,515,766 12,576 $5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,353,195,205 7,210,695,300 110,440,310 32,059,595 $10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,318,527,350 13,295,881,510 5,950 22,639,890 $20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,472,887,120 82,452,782,340 3,380 20,101,400 $50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,885,441,100 45,873,944,800 - 11,496,300 $100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 277,294,259,900 277,243,592,600 28,674,500 21,992,800 $500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,369,000 144,181,000 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,634,000 167,428,000 - 206,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 - 90 25 Total currency . . . . . . . . . . . . . . . . . . . . . . . . . $434,094,143,901 $433,566,153,879 $271,783,477 $256,206,545 4 Comparative totals of currency and coins in circulation-selected dates Amount (in millions) (1) Per capita 5 (2) Sept. 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . $458,258 $1,708.15 Aug. 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . 459,434 1,713.95 July 31, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455,128 1,699.26 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. 58 Page Intentionally Left Blank 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] Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 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. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996 - Oct.. . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517 Nov. . . . . . . . . . . . . . . . . . . 75,444 11,049 10,386 38,493 15,516 Dec. . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435 1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372 Feb. . . . . . . . . . . . . . . . . . . 67,479 11,048 9,866 32,528 14,037 Mar. . . . . . . . . . . . . . . . . . . 67,222 11,050 9,879 32,447 13,846 Apr.. . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660 May. . . . . . . . . . . . . . . . . . . 68,054 11,051 10,050 32,991 13,962 June . . . . . . . . . . . . . . . . . . 67,813 11,050 10,023 32,935 13,805 July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677 Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959 Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042 Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243 Total reserve assets 1 (1) 1992. . . . . . . . . . . . . . . . . . . . . . . . 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 also are 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 notes 3 United States notes 2 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities to other foreigners Liabilities reported by banks in United States (9) LiabiliMarketties able U.S. to nonTreasury monetary bonds international and and regional notes 2, 6 organizations 7 (10) (11) Total (1) Total (2) 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. . . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581 1995. . . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055 1996 - Sept. r. . . . 2,040,172 695,865 298,753 357,545 6,057 33,510 759,884 559,553 129,297 430,256 24,870 Oct. r. . . . . 2,095,841 698,150 296,175 362,383 5,892 33,700 788,328 581,733 132,531 449,202 27,630 Nov. r . . . . 2,130,766 715,376 308,535 366,223 5,929 34,689 790,473 600,353 132,516 467,837 24,564 Dec. r . . . . 2,196,149 733,038 312,019 379,892 5,968 35,159 796,578 641,861 141,167 500,694 24,672 1997 - Jan. r . . . . 2,211,904 743,703 314,566 387,614 6,007 35,516 781,666 661,344 147,224 514,120 25,191 Feb. r . . . . 2,265,467 754,221 314,574 397,695 6,044 35,908 794,874 690,516 156,790 533,726 25,856 Mar. r . . . . 2,287,852 764,154 316,813 405,082 6,084 36,175 804,439 696,201 147,195 549,006 23,058 Apr. r. . . . . 2,321,032 759,266 305,270 412,184 5,692 36,120 817,806 719,610 152,859 566,751 24,350 May. . . . . . 2,341,119 763,432 305,439 415,561 5,730 36,702 825,857 728,149 156,866 571,283 23,681 June . . . . . 2,356,881 757,298 289,080 425,616 5,767 36,835 835,982 738,171 153,098 585,073 25,430 July. . . . . . 2,378,760 757,769 290,658 423,117 5,805 38,189 842,820 754,526 162,703 591,823 23,645 Aug. p. . . . 2,394,457 770,091 293,910 431,623 5,843 38,715 838,667 763,786 157,443 606,343 21,913 Sept. p . . . 2,417,193 779,782 299,445 434,328 5,879 40,130 830,901 782,664 163,523 619,141 23,846 1 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 as follows: Mexico, beginning March 1988 through March 1997, 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.’’ 2 6 3 7 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) 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 . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996 - Sept.. . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095 Oct.. . . . . . . . . . . . . . . . . . 5,892 5,892 1,003 3,786 1,103 Nov. . . . . . . . . . . . . . . . . . 5,929 5,929 1,009 3,810 1,110 Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118 1997 - Jan. . . . . . . . . . . . . . . . . . 6,007 6,007 1,021 3,861 1,125 Feb. . . . . . . . . . . . . . . . . . 6,044 6,044 1,027 3,885 1,132 Mar. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140 Apr.. . . . . . . . . . . . . . . . . . 5,692 5,692 1,039 3,506 1,147 May. . . . . . . . . . . . . . . . . . 5,730 5,730 1,046 3,529 1,155 June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163 July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171 Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179 Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186 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 the issue is $6,685 million. 2 Includes current value of the following zero-coupon Treasury bond issues to the government of Mexico: Beginning March 1998 through March 1997, 20-year maturity issue with remaining face value of $1,058 million that was retired in full in April 1997; and beginning March 1990, Venezuela 3 (5) 30-year maturity issue with remaining face value of $20,412 million. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of the issue is $7,162 million. 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. 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 attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies. 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 institutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more at the end of the covered quarter. Nonbanking enterprises also report each month their aggregate 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 or with their foreign parent companies (own foreign offices), 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 reported by U.S. banks and other depository institutions, brokers, and dealers. Data on banks’ claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as on 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. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of 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 with foreigners in long-term domestic and foreign securities as reported by banks, brokers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners, and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical breakdown of the transactions data does not necessarily reflect the domicile of the ultimate owners of, or the original issuers of, the securities. This is because the path of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a reportable transaction. That CAPITAL MOVEMENTS 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. 65 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. UNITED STATES PORTFOLIO INVESTMENT ABROAD AS OF DECEMBER 31, 1996 SUMMARY REPORT 1 Office of International Financial Analysis Introduction In 1996, the total value of U.S. portfolio claims on foreigners expanded 14.4 percent, or $303.2 billion, to $2.4 trillion. (Table 1.) Although U.S. Government assets dipped somewhat, due mostly to a drop of $15.4 billion or 8.8 percent in official reserve assets, the three major components of U.S. privately held assets increased strongly. Among individual countries, private U.S. portfolio claims on foreigners at year-end 1996 were greatest opposite the United Kingdom at $352.1 billion. (Table 2.) Japan and Canada followed with total claims of $255.7 billion and $195.0 billion, respectively. On a regional basis, other Europe and Latin America and the Caribbean appeared to be the main locations of U.S. claims. Claims reported vis-à-vis the rest of the world, principally other Asia, were also significant. Holdings of foreign securities U.S. holdings of foreign securities----the largest component of U.S. portfolio claims on foreigners----increased $219.0 billion during 1996 to an estimated value of $1.3 trillion. U.S. net purchases of foreign bonds during the year were substantial at $48.8 billion, but were partly offset by exchange rate losses totaling $7.5 billion. Nevertheless, total U.S. holdings of foreign bonds were estimated to be $398.0 billion at year-end, a record high. About 20.0 percent, or $79.2 billion, of U.S. holdings were estimated to be Canadian bonds. Other major holdings included bonds from Japan ($34.0 billion), the United Kingdom ($29.6 billion), France ($28.0 billion), and Germany ($24.5 billion). Mexico and the rest of Latin America were a strong growth area in 1996. U.S. holdings of foreign bonds from the region expanded 24.5 percent during the year, up $13.6 billion to $69.1 billion. U.S. net purchases of foreign stocks were similarly vigorous in 1996, amounting to $58.6 billion. Strong price gains in nearly all major markets added another $118.0 billion to the value of U.S. holdings which, at year-end, were estimated to be $875.5 billion, an all-time high. U.S. portfolios were highly concentrated in the United Kingdom and Japan, where holdings were estimated to be $185.4 billion and $126.4 billion, respectively, at year-end. Additionally, U.S. investors held an estimated $284.1 billion in stocks from other European countries, $66.5 billion in Canadian stocks, $75.7 billion in stocks from Mexico and other Latin America, and $37.3 billion in Hong Kong stocks. U.S. banking claims Total claims on foreigners on U.S. banks’ own accounts rose for the second year in a row in 1996, expanding $60.8 Table 1: U.S. Portfolio Investment Positions Vis-à-Vis Foreign Countries, by Type (In billions of dollars) Year-end Percentage 1995 1996 change Total U.S. portfolio assets. . . . . . . . . . . 2,100.2 2,403.4 14.4 U.S. Government assets. . . . . . . . . . . . U.S. official reserve assets . . . . . . . . Other U.S. Government assets . . . . . 258.0 176.1 81.9 243.3 160.7 82.6 -5.7 -8.8 0.9 U.S. private assets . . . . . . . . . . . . . . . . Banks’ own claims . . . . . . . . . . . . . . . Total nonbank claims. . . . . . . . . . . . . Bank-reported custody claims . . . . Nonbank-reported claims . . . . . . . . Holdings of foreign securities. . . . . . . Bonds . . . . . . . . . . . . . . . . . . . . . . . Stocks. . . . . . . . . . . . . . . . . . . . . . . 1,842.2 606.4 181.4 128.9 52.5 1,054.4 355.3 699.1 2,160.1 667.2 219.5 158.1 61.4 1,273.4 398.0 875.5 17.3 10.0 21.0 22.7 17.0 20.8 12.0 25.2 Source: Department of Commerce, "The International Investment Position of the United States in 1996" in Survey of Curent Business, Vol. 77 No. 7 (July 1997), pp. 24-33; and TIC data. Table 2: Private U.S. Portfolio Claims by Country or Region, Year-end 1996 (In billions of dollars) Total United Kingdom . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . Canada. . . . . . . . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . Other Asia* . . . . . . . . . . . . . . . . . Rest of world. . . . . . . . . . . . . . . . Holdings of foreign Banking securities claims Nonbanks’ claims 352.1 577.4 195.0 215.0 421.8 145.7 97.8 97.7 28.5 39.3 58.1 20.8 487.6 255.7 87.8 204.6 144.8 160.4 n.a. 186.0 289.3 76.5 65.7 11.7 53.5 18.8 22.1 6.9 *Estimate of total claims excludes holdings of foreign securities; estimate for holdings of foreign securities included under rest of world. Source: Report on United States Portfolio Investment Abroad as of December 31, 1996. 66 CAPITAL MOVEMENTS billion to $667.2 billion, a new high. At year-end, U.S. banking claims remained heavily weighted toward Latin America and the Caribbean, principally2 Mexico and the offshore banking centers in the Caribbean. Driving most of the 1996 increase were U.S. banks’ dollar claims on own foreign offices, which expanded $35.1 billion to a record high of $342.5 billion. Most new claims were on the United Kingdom and other Europe. Also notable were U.S. banks’ dollar claims on non-official, nonbank foreigners, up $21.5 billion to $122.4 billion, also a new high. Borrowers in Latin America and the Caribbean accounted for most of this new growth. Other components of U.S. banks’ own claims were mixed in 1996. Dollar claims on foreign public borrowers continued a steep nine-year decline, falling to $22.2 billion, their lowest level since 1980. Total claims on foreign public borrowers in Latin America and the Caribbean and Asia fell to all-time lows, while such claims opposite Europe increased to their highest level since 1983. U.S. banks’ own claims on unaffiliated foreign banks increased at year-end, particularly opposite Europe and Latin America, yet remained within ranges observed in recent years. And U.S. banks’ foreign currency-de1 This synopsis is adapted from the Report on United States Portfolio Investment Abroad as of December 31, 1996. The annual report is prepared by the Office of International Financial Analysis to fulfill the requirements of the international investment and Trade in Services Survey Act (Public Law 94-472 as amended). The primary source of information for this report is the Treasury International Capital (TIC) reporting system. nominated claims fell. Nearly all of this decline occurred opposite Asia, as foreign currency claims on the region fell $9.2 billion, or 31.9 percent, to $19.6 billion. U.S. nonbanking claims Claims on foreigners of U.S. nonbanking business enterprises grew substantially in 1996. Total claims were up $38.1 billion, or 21.0 percent, to a new high of $219.5 billion. Although $78.9 billion, or about 36.0 percent, of such claims were reported opposite the United Kingdom, Canada, and Japan, U.S. nonbanking claims tend to be more widely dispersed on a geographic basis than other components of private U.S. portfolio claims. The portion of nonbanking claims attributable to U.S. bankreported custody claims, up only marginally in 1995, expanded $29.2 billion to $158.1 billion. This increase was widespread, with heavy growth reported opposite Europe, Latin America and the Caribbean, and Asia. Claims reported directly by U.S. nonbank enterprises advanced to reverse 1995 declines, rising $8.9 billion to a new high of $61.4 billion. Nearly two-thirds of this expansion occurred opposite Latin American and the Caribbean. 2 Includes the Bahamas, Bermuda, British West Indies, the Netherlands Antilles, and Panama. CAPITAL MOVEMENTS 67 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 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) 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) End of calendar year or month Total liabilities (1) 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. . . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397 1995. . . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755 1996 - Sept. r. . . . . . . . 1,204,256 298,753 298,753 - 889,181 779,709 109,472 16,322 14,443 1,879 342,774 77,077 Oct. r. . . . . . . . . 1,235,579 296,175 296,175 - 920,859 811,387 109,472 18,545 16,666 1,879 345,151 77,077 Nov. r . . . . . . . . 1,248,195 308,535 308,535 - 922,989 813,517 109,472 16,671 14,792 1,879 349,575 77,077 Dec. r . . . . . . . . 1,265,400 312,019 312,019 - 937,745 836,002 101,743 15,636 13,972 1,664 352,881 71,782 1997 - Jan. r . . . . . . . . 1,260,077 314,566 314,566 - 928,890 827,147 101,743 16,621 14,957 1,664 344,028 71,782 Feb. r . . . . . . . . 1,282,616 314,574 314,574 - 951,664 849,921 101,743 16,378 14,714 1,664 354,708 71,782 Mar. r . . . . . . . . 1,282,337 316,813 316,813 - 951,634 844,059 107,575 13,890 12,227 1,663 350,706 75,791 Apr. r. . . . . . . . . 1,290,657 305,270 305,270 - 970,665 863,090 107,575 14,722 13,059 1,663 346,041 75,791 May. . . . . . . . . . 1,302,372 305,439 305,439 - 982,723 875,148 107,575 14,210 12,547 1,663 349,726 75,791 June . . . . . . . . . 1,293,169 289,080 289,080 - 989,080 880,704 108,376 15,009 13,952 1,057 358,881 73,844 July. . . . . . . . . . 1,309,034 290,658 290,658 - 1,005,523 897,147 108,376 12,853 11,796 1,057 361,998 73,844 Aug. p. . . . . . . . 1,301,336 293,910 293,910 - 996,110 887,734 108,376 11,316 10,259 1,057 365,687 73,844 Sept. p . . . . . . . 1,306,732 299,445 299,445 - 994,424 886,048 108,376 12,863 11,806 1,057 359,223 73,844 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- Total (8) American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 68 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) . . . . . . . . . . . . . . . 800,909 . . . . . . . . . . . . . . . 915,736 . . . . . . . . . . . . . . . 1,006,390 . . . . . . . . . . . . . . . 1,088,510 1,302 1,600 1,564 2,098 17,939 21,653 23,511 30,717 104,596 151,100 139,571 168,534 35,726 46,468 48,311 74,579 10,170 90,296 9,718 105,262 10,633 111,171 11,758 103,471 11,087 10,712 11,264 15,872 1996 - Sept. r. . . . . . . . . 1,078,462 Oct. r . . . . . . . . . 1,107,562 Nov. r . . . . . . . . . 1,122,052 Dec. r . . . . . . . . . 1,148,021 1997 - Jan. r . . . . . . . . . 1,141,713 Feb. r . . . . . . . . . 1,164,495 Mar. r . . . . . . . . . 1,160,872 Apr. r . . . . . . . . . 1,168,360 May . . . . . . . . . . 1,180,587 June. . . . . . . . . . 1,169,784 July . . . . . . . . . . 1,187,805 Aug. p . . . . . . . . 1,181,644 Sept. p . . . . . . . . 1,185,493 2,049 1,316 2,180 1,511 1,290 1,371 2,368 2,341 1,855 1,482 1,711 2,181 1,745 34,617 35,254 34,826 33,336 32,646 34,457 32,691 33,428 36,627 39,694 41,936 40,147 40,073 182,122 186,180 201,169 198,921 193,621 196,555 196,219 186,432 178,366 163,950 161,270 165,453 161,610 79,965 73,425 70,360 78,251 87,009 82,191 85,535 83,069 88,591 83,954 85,741 86,129 96,017 12,764 11,156 13,304 13,692 12,898 11,561 13,014 14,451 12,686 14,800 13,700 13,323 13,851 18,556 16,865 23,318 23,106 20,962 19,499 19,088 19,567 14,127 27,115 28,642 30,629 30,012 End of calendar year or month 1992 1993 1994 1995 Total foreign countries (1) 92,293 96,080 94,175 90,811 90,125 89,725 88,786 83,542 81,587 80,291 81,126 82,929 77,503 Banks U.S. Treasury Other bills and liacertifbiliicates ties 2 (8) (9) To own foreign offices (10) Other foreigners U.S. Treasury bills and Deposits cerDemand Time 2 tificates (11) (12) (13) Other liabilities 2 (14) 104,773 148,206 149,986 164,021 330,994 318,273 395,478 396,290 10,310 10,236 11,160 10,571 48,936 45,411 48,532 53,714 10,053 10,652 11,822 12,599 24,727 36,445 43,387 44,286 170,152 168,642 173,090 165,682 162,527 166,259 162,436 171,046 170,390 186,810 198,179 194,432 191,034 356,647 386,113 377,114 401,544 393,411 406,087 413,540 421,625 439,492 418,590 412,797 408,978 410,125 10,665 11,319 12,107 11,802 11,985 11,938 12,244 12,430 11,647 12,491 12,161 11,369 11,949 60,276 59,609 58,000 58,025 58,702 61,040 61,444 61,652 61,276 61,112 62,356 63,394 65,057 11,401 10,964 12,955 14,495 13,778 14,919 14,521 15,214 15,279 14,662 12,671 12,873 14,271 46,955 50,639 49,454 56,845 62,759 68,893 58,986 63,563 68,664 64,833 75,515 69,807 72,246 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month U.S. Treasury bills and certificates (4) Total (1) Demand deposits (2) Time deposits 2 (3) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 9,350 10,936 8,606 11,039 46 15 29 21 3,214 2,780 3,298 4,656 1,908 4,275 281 350 4,182 3,866 4,998 6,012 1996 - Sept.. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. r . . . . . . . . . . . . . . . . . . Dec. r . . . . . . . . . . . . . . . . . . 1997 - Jan. r . . . . . . . . . . . . . . . . . . Feb. r . . . . . . . . . . . . . . . . . . Mar. r . . . . . . . . . . . . . . . . . . Apr. r . . . . . . . . . . . . . . . . . . May r . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. p . . . . . . . . . . . . . . . . . Sept. p . . . . . . . . . . . . . . . . . 14,443 16,666 14,792 13,972 14,957 14,714 12,227 13,059 12,547 13,952 11,796 10,259 11,806 26 67 46 29 55 51 49 30 16 775 86 217 771 5,441 6,003 4,906 5,784 5,792 5,035 6,952 5,238 4,857 6,669 4,726 4,569 6,017 399 600 1,108 352 494 307 246 174 122 65 47 166 53 8,577 9,996 8,732 7,807 8,616 9,321 4,980 7,617 7,552 6,443 6,937 5,307 4,965 1 Includes Bank for International Settlements. 2 Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." 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 69 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 1997 1994 1995 1996 r May June July Aug. p Sept. p Total Europe . . . . . . . . . . . . . . . 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 3,378 187,081 245 20,966 440,667 4,269 31,298 752 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 4,311 161,112 177 14,255 422,195 5,688 31,085 418 653 2,905 2,031 42,540 31,778 1,845 1,142 2,021 15,690 12,258 1,464 5,546 3,664 275 7,625 20,526 2,168 47,402 6,813 182,035 295 13,331 441,198 3,545 27,626 1,078 371 2,520 2,275 45,840 33,546 2,319 1,329 2,915 13,919 10,651 1,296 3,757 2,841 314 9,585 16,443 2,218 48,086 6,849 192,799 330 15,012 447,464 3,818 47,034 1,115 492 2,331 2,060 46,726 33,412 1,707 1,191 2,681 13,656 9,118 970 3,771 2,646 349 12,391 17,845 1,971 45,238 6,646 185,179 260 16,398 459,005 3,823 51,039 846 715 2,522 2,023 48,979 32,304 1,732 941 3,105 12,955 9,266 975 4,125 2,139 343 13,693 16,729 2,382 50,397 6,695 190,724 299 16,216 474,967 3,970 51,811 942 183 1,969 1,960 46,728 29,952 1,598 974 3,096 12,644 8,649 733 4,119 1,995 835 13,305 16,774 2,774 47,190 6,034 196,966 276 15,510 470,987 3,277 49,164 1,019 647 3,100 2,372 48,521 31,998 2,092 981 3,222 13,317 9,214 1,450 4,921 2,022 937 12,873 19,367 2,481 42,976 4,837 187,581 275 15,798 464,442 Canada . . . . . . . . . . . . . . . . . . . . . . 26,523 32,002 41,438 41,848 42,636 35,110 32,294 34,208 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 12,356 96,525 4,956 24,317 249,273 2,891 3,747 8 1,323 1,289 498 24,611 5,185 4,412 987 456 1,869 12,117 13,971 90,244 5,813 27,749 259,705 3,050 3,279 21 1,779 1,287 652 32,396 6,388 4,198 847 601 1,907 17,566 16,560 102,190 6,630 25,481 277,693 3,306 2,795 54 1,616 1,464 494 29,560 4,060 4,100 1,133 584 2,078 19,467 18,271 91,525 5,582 26,476 282,426 3,439 2,853 55 1,471 1,501 487 34,489 7,029 4,086 931 568 2,167 19,427 17,142 93,495 6,143 28,758 275,270 3,508 2,669 54 1,645 1,459 554 36,457 11,881 4,534 970 477 2,406 19,354 18,075 87,630 8,010 31,985 278,464 3,421 2,604 60 1,517 1,393 556 32,682 9,181 3,915 1,018 548 2,084 20,399 16,685 88,273 6,308 33,993 283,768 3,395 2,674 55 1,513 1,453 545 34,518 8,461 3,945 916 540 2,011 20,810 6,115 7,241 8,176 8,884 8,555 9,161 8,422 8,298 434,862 454,061 479,629 508,149 511,338 515,937 511,964 518,161 Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . 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. 70 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 1997 July Aug. p Sept. p 7,283 12,384 21,201 4,261 2,533 5,755 140,191 7,702 1,702 2,433 1,580 2,477 14,885 31 6,166 13,285 3,252 247,121 9,480 13,485 19,702 4,575 2,819 5,184 140,188 8,973 1,682 1,943 1,528 2,916 16,413 42 5,269 14,451 3,328 251,978 10,450 11,824 18,612 4,494 3,739 5,206 141,327 9,691 1,478 1,826 1,624 2,549 18,208 52 4,963 15,819 3,671 255,533 12,652 13,352 19,493 4,471 2,812 4,538 140,039 9,635 1,292 1,900 2,056 2,417 19,157 102 6,552 14,616 3,709 258,793 2,258 305 294 91 2,058 9 2,837 2,158 10,010 1,989 252 298 65 1,828 17 3,377 2,450 10,276 1,924 241 271 112 1,767 8 3,205 2,512 10,040 1,976 216 283 94 1,764 7 3,435 2,262 10,037 2,053 244 253 99 2,116 14 3,504 2,402 10,685 6,511 1,478 7,989 5,009 1,386 6,395 6,481 1,303 7,784 6,830 1,319 8,149 7,965 1,240 9,205 6,439 1,141 7,580 1,197,085 1,249,764 1,288,162 1,278,160 1,296,181 1,290,020 1,293,869 7,888 53 798 194 170 39 10,179 119 1,152 194 496 37 13,459 60 1,643 157 281 36 12,257 101 1,651 120 75 6 13,293 107 1,071 416 102 20 11,337 106 794 356 260 - 10,120 101 579 443 73 - 11,630 102 708 301 122 - 9,142 12,177 15,636 14,210 15,009 12,853 11,316 12,863 1,104,254 1,209,262 1,265,400 1,302,372 1,293,169 1,309,034 1,301,336 1,306,732 1994 1995 1996 r May June 10,066 9,971 17,956 2,340 1,610 5,160 87,304 5,176 503 1,704 1,309 2,722 8,537 608 6,475 15,547 3,315 180,303 33,765 11,743 22,588 3,378 2,743 4,064 139,056 5,797 631 2,415 1,703 3,100 11,564 858 12,291 16,057 2,413 274,166 30,438 16,018 19,443 3,932 2,307 6,062 138,148 6,009 1,180 2,048 996 3,383 10,794 53 10,921 16,784 2,804 271,320 29,429 12,464 20,233 4,370 2,778 6,463 141,589 7,917 1,582 2,688 1,476 2,393 14,824 57 7,814 15,184 3,035 274,296 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 2,013 251 351 112 517 10 2,630 2,306 8,190 Total other countries . . . . . . . . . 5,250 915 6,165 5,732 1,163 6,895 Total foreign countries. . . . . . 1,095,112 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 . . . . . . . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3 2 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." 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. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 71 TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1997, 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 liaheld for in curren- own lia- liabilDeposits 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 . . . . . . . . . . . . . . 3,277 2,711 Belgium-Luxembourg. . . 49,164 43,416 1,019 980 Bulgaria . . . . . . . . . . . . . Czech Republic . . . . . . . 647 633 Denmark. . . . . . . . . . . . . 3,100 2,867 Finland . . . . . . . . . . . . . . 2,372 2,163 France . . . . . . . . . . . . . . 48,521 43,006 Germany . . . . . . . . . . . . 31,998 24,672 Greece . . . . . . . . . . . . . . 2,092 2,086 Hungary . . . . . . . . . . . . . 981 979 Ireland . . . . . . . . . . . . . . 3,222 2,912 Italy. . . . . . . . . . . . . . . . . 13,317 9,852 Netherlands . . . . . . . . . . 9,214 8,388 1,450 1,321 Norway. . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . 4,921 4,666 Portugal . . . . . . . . . . . . . 2,022 1,958 Romania. . . . . . . . . . . . . 937 936 Russia 4 . . . . . . . . . . . . . 12,873 12,784 Spain . . . . . . . . . . . . . . . 19,367 17,796 Sweden . . . . . . . . . . . . . 2,481 2,024 Switzerland. . . . . . . . . . . 42,976 36,862 Turkey . . . . . . . . . . . . . . 4,837 4,736 United Kingdom . . . . . . . 187,581 158,529 5 275 243 Yugoslavia . . . . . . . . . . Other Europe . . . . . . . . . 15,798 14,635 Total Europe . . . . . . . . 464,442 401,155 Canada . . . . . . . . . . . . . . . 34,208 29,542 Latin America and Caribbean: Argentina . . . . . . . . . . . . 16,685 16,643 Bahamas . . . . . . . . . . . . 88,273 86,914 Bermuda. . . . . . . . . . . . . 6,308 6,084 Brazil . . . . . . . . . . . . . . . 33,993 33,575 British West Indies . . . . . 283,768 273,484 Chile. . . . . . . . . . . . . . . . 3,395 3,327 Colombia . . . . . . . . . . . . 2,674 2,657 Cuba. . . . . . . . . . . . . . . . 55 55 Ecuador . . . . . . . . . . . . . 1,513 1,508 Guatemala . . . . . . . . . . . 1,453 1,449 Jamaica . . . . . . . . . . . . . 545 523 Mexico . . . . . . . . . . . . . . 34,518 32,640 Netherlands Antilles . . . . 8,461 7,566 Panama . . . . . . . . . . . . . 3,945 3,835 916 904 Peru . . . . . . . . . . . . . . . . Trinidad and Tobago . . . 540 539 Uruguay . . . . . . . . . . . . . 2,011 1,997 Venezuela . . . . . . . . . . . 20,810 20,570 Other Latin America 8,298 8,263 and Caribbean . . . . . . Total Latin America and Caribbean. . . . . 518,161 502,533 See footnotes at end of table. 566 1,594 1,117 5,748 15,768 27,648 39 221 759 14 153 480 233 2,305 562 209 1,014 1,149 5,515 34,871 8,135 7,326 20,567 4,105 6 1,574 512 2 262 717 310 1,081 1,831 3,465 8,993 859 826 6,245 2,143 129 1,229 92 255 2,893 1,773 64 1,089 869 1 285 651 89 4,508 8,276 1,571 8,894 8,902 457 1,118 906 6,114 14,817 22,045 101 1,837 2,899 29,052 142,222 16,307 32 242 1 1,163 11,278 3,357 63,287 285,060 116,095 4,666 58 452 8 50 41 22 383 633 77 37 101 440 148 23 41 93 11 148 256 66 527 128 623 12 177 4,555 322 5,147 84 2 335 388 7,881 3,376 247 151 3,785 2,169 3 107 378 52 62 1,224 280 1,453 567 23,182 7 5,186 56,388 341 1,565 264 12,011 18,225 5,194 698 147 1 470 40 51 93 1,374 932 1,101 464 121 5,773 4,684 21,482 2,957 10,791 4,665 445 791 161 105 819 14 90 890 159 197 4,052 650 203 2,417 2,640 39 1,182 1,772 2,191 345 714 296 181 650 194 24 8,200 4,186 20 6,696 7,409 1,123 476 404 396 14,652 9,877 7,659 2,851 753 279 3,820 25,395 78,804 161 2 1,430 7,049 412 65,784 105,356 125,579 20 423 3 16 22 354 189 49 1 43 208 162 20 5 25 3 16 102 24 179 54 1,060 2 99 3,079 134 304 3 7 72 6 416 624 240 3 119 283 131 35 2 91 1 136 853 51 714 98 2,143 7 163 6,636 6 354 11 10 2 39 54 536 10 216 19 106 7 1 8 4 42 131 1,024 5 3,218 61 5,864 1 1,306 28 2 1,979 901 66 1,143 218 412 12 202 172 1 12 91 196 777 1 20,284 52 58 27,914 3 216 21 155 7 397 224 20 242 81 182 79 7 278 40 2,232 15 3,747 1 1 7,948 9,169 693 2,386 290 6,356 323 2,026 102 16,888 61,704 1,894 38 11,328 552 85,483 152,456 256 259 433 38 7 475 45 148 42 128 39 6,104 1,062 335 317 189 1,088 90 25 127 21 287 543 4,773 169 615 105 113 597 758 236 239 152 106 36 1,249 48 158 84 27 82 1,115 4,666 1,442 207 3,171 8,655 1,329 1,491 39 556 742 91 8,832 751 1,514 634 228 693 7,875 145 965 402 104 1,920 33 7 11 11 1 384 810 139 25 118 764 2,320 2,882 207 17,432 277 45 6 29 51 3 1,276 4,946 325 20 37 169 400 268 1,098 192 110 724 145 83 17 39 1 563 128 115 17 3 121 304 287 630 3,203 203 428 229 18,065 131,919 218,787 6,350 46,119 5,278 31,617 4,157 20,469 9,073 914 3,764 1,930 42 11,931 1,359 68,457 224 3,136 418 26,958 10,284 183,018 68 2,989 17 2,559 55 5 1,199 4 1,374 22 519 1,878 19,697 895 6,535 110 3,311 12 881 1 506 14 1,794 240 13,802 4,712 18,457 2,948 6,617 90,466 338 98 309 75 4 12,943 1,031 524 23 33 203 6,768 164 42 34 629 127 123 52 3 134 48 29 178 62 59 36 12 52 99 4,775 3,203 225 16,969 6,527 754 352 106 301 194 4,279 292 323 15 87 143 2,142 3,386 245 289 18 126 60 2 9,276 5 40 3 3,879 1,360 264 1,564 736 15,628 355,624 146,909 2,147 42,251 35 6,903 4,040 948 72 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, Sept. 30, 1997, Preliminary, con. [Position 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 . . . . . . . . . Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to Total liabilities unaffiliated foreign banks Liabilall other foreigners Payable Shortities to Shortin Totals term U.S. banks’ term U.S. Payable foreign Banks’ Custody Treasury Other own Treasury in curren- own lia- liabilDeposits obliga- liabil- foreign Deposits obligaities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Other liabilities (14) Memorandum Negotiable CDs held for all foreigners (15) 12,652 12,652 13,352 13,331 21 19,493 18,528 965 4,471 4,451 20 2,812 2,810 2 4,538 4,534 4 140,039 118,261 21,778 9,635 9,590 45 1,292 1,292 1,900 1,722 178 2,056 2,049 7 2,417 2,409 8 19,157 18,110 1,047 102 101 1 6,552 6,545 7 18,325 17,985 340 258,793 234,370 24,423 2,053 244 253 99 2,116 14 5,906 10,685 2,050 244 247 99 2,046 14 5,679 10,379 3 6 70 227 306 4,043 8,609 9,616 3,715 14,455 4,073 1,935 2,516 1,186 1,624 1,659 2,875 35,419 82,842 7,420 2,170 870 422 1,190 532 1,556 493 1,989 420 14,913 3,197 98 3 1,040 5,505 13,785 4,200 111,174 123,196 1,003 213 143 96 988 14 4,921 7,378 1,047 31 104 3 1,058 758 3,001 276 1,006 2,368 7,866 280 324 1,828 3,201 5,278 720 656 919 652 1,984 7,889 331 12 2,035 876 848 247 111 1,560 464 163 114 218 2,246 839 195 1,268 3,831 78,647 6,952 23,893 228 945 1,458 1,333 4,590 45 169 403 536 6 185 202 500 397 120 91 67 453 238 1,081 236 327 180 951 228 542 1,644 939 4,453 10,024 6 1 69 314 83 5,484 272 273 492 2,450 2,071 5,756 5,043 5,355 13,813 102,197 38,264 55,353 92 29 1 22 80 7 1,629 1,860 131 36 5 183 977 1,332 1,023 31 1,051 700 2,805 541 99 1 46 420 1,592 2,699 149 27 10 185 7 438 816 31 169 344 36 28 42 341 42 11 12 13 57 88 4 20 139 1,377 309 1,550 3,097 174 226 708 680 801 104 304 99 390 217 17 97 510 9,283 13 35 1,051 1 82 1,055 1 15 2 3 84 2 335 2,679 503 226 1,936 139 10 90 1,594 192 3 7 37 119 2 2 1,189 6,049 30 209 81 50 2 390 1,533 90 1 3 24 6 1 414 2,834 14 11 19 4 18 110 176 83 11 118 11 59 162 444 61 1 9 71 17 47 1 49 62 176 12 21 3 29 65 Other countries: Australia . . . . . . . . . . . . . 6,439 6,391 48 4,137 2,254 723 20 669 4,364 108 248 76 76 107 544 1,141 1,123 18 931 192 42 8 172 409 313 26 113 13 27 1 All other . . . . . . . . . . . . . Total other 7,580 7,514 66 5,068 2,446 765 28 841 4,773 421 274 189 89 134 545 countries . . . . . . . . . Total foreign countries. . . . . . . . 1,293,869 1,185,493 108,376 784,773 400,720 15,596 117,576 191,622 287,051 410,125 11,949 65,057 14,271 72,246 15,872 International and regional orgs.: International . . . . . . . . . . 11,630 10,634 996 10,596 38 754 5,482 38 4,360 European regional . . . . . 102 41 61 30 11 11 11 19 Latin American regional . 708 708 708 5 532 171 Asian regional . . . . . . . . 301 301 113 188 4 297 African regional . . . . . . . 122 122 77 45 1 3 118 Middle Eastern regional . Total international 12,863 11,806 1,057 11,524 282 771 6,017 53 4,965 and regional. . . . . . . Grand total . . . . . . 1,306,732 1,197,299 109,433 796,297 401,002 16,367 123,593 191,675 292,016 410,125 11,949 65,057 14,271 72,246 15,872 1 These data as of June 30, 1997. 2 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 $898 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." 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 73 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 1993 1994 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,912 273,626 292,335 79,241 84,510 880,624 187,081 253,586 361,659 87,304 92,999 982,629 161,112 261,083 360,351 139,056 135,110 1,056,712 182,035 259,463 366,348 138,148 133,172 1,079,166 187,581 276,861 390,755 140,039 118,754 1,113,990 124,307 121,625 152,550 186,234 192,742 1,004,931 1,104,254 1,209,262 1,265,400 1,306,732 Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1995 1996 Sept. 1997 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 as of September 1997, more than half of U.S. liabilities were reported opposite the United Kingdom, the offshore banking centers in the Caribbean, and Japan. An additional 30.3 percent of U.S. liabilities were held by foreigners located in other European and Asian countries. Total U.S. banking liabilities to foreigners through the third quarter of the year were up $41.3 billion over yearend 1996 to $1.3 trillion, an increase of 3.3 percent. The growth of U.S. liabilities was widespread. In dollar terms, liabilities rose most heavily opposite Europe (excluding the United Kingdom) and the Caribbean banking centers, up $17.4 billion and $24.5 billion through September, respectively. Liabilities also increased to the United Kingdom and Japan, up $7.4 billion combined over yearend 1996, as well as to ‘‘all other countries,’’ up $6.5 billion. Despite an expansion of $11.9 billion during the third quarter, U.S. liabilities to other Asia remained down $14.4 billion from yearend 1996, due to a decrease of $30.6 billion during the second quarter. 74 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 1995 1996 1997 1994 Dec. Mar. r June r Sept. r Dec. r Mar. June p Total claims . . . . . . . . . . . . . . . . . . . . . . . . 673,403 735,372 734,439 732,423 762,817 820,696 880,396 909,629 Payable in dollars. . . . . . . . . . . . . . . . . . 601,814 655,211 658,891 659,044 687,307 743,700 798,450 813,672 Banks’ own claims on foreigners . . . . 485,432 532,444 530,723 535,005 543,714 599,685 636,478 651,435 Foreign public borrowers. . . . . . . . . 23,416 22,518 27,836 23,061 22,904 22,241 28,864 29,394 Deposits . . . . . . . . . . . . . . . . . . . . 59,368 37,771 42,274 34,131 35,376 33,826 37,284 35,789 Other . . . . . . . . . . . . . . . . . . . . . . 51,042 63,824 61,425 71,382 74,170 79,679 81,160 83,738 Own foreign offices . . . . . . . . . . . . . 283,015 307,427 297,181 306,555 310,708 341,574 360,340 379,425 All other foreigners . . . . . . . . . . . . . 68,591 100,904 102,007 99,876 100,556 122,365 128,830 123,089 Claims of banks’ domestic customers 116,382 122,767 128,168 124,039 143,593 144,015 161,972 162,237 Deposits . . . . . . . . . . . . . . . . . . . . . 64,829 58,519 68,950 70,403 80,695 77,673 95,147 94,591 Negotiable and readily transferable instruments . . . . . . . . . . . . . . . . . 36,111 44,161 41,401 37,331 46,491 51,207 49,518 50,301 Collections and other. . . . . . . . . . . . 15,442 20,087 17,817 16,305 16,407 15,135 17,307 17,345 Payable in foreign currencies. . . . . . . . . 71,589 80,161 75,548 73,379 75,510 76,996 81,946 95,957 Banks’ own claims on foreigners . . . . 60,711 74,016 69,164 65,825 68,120 66,018 72,589 84,665 Claims of banks’ domestic customers 10,878 6,145 6,384 7,554 7,390 10,978 9,357 11,292 Claims reported by IBFs. . . . . . . . . . . . . . 253,009 255,035 245,878 241,577 239,052 261,076 273,867 275,469 Payable in dollars . . . . . . . . . . . . . . . . 212,096 202,411 199,188 198,171 195,850 219,600 229,963 232,366 Payable in foreign currencies . . . . . . . 40,913 52,624 46,690 43,406 43,202 41,476 43,904 43,103 Customer liability on acceptances . . . . . 8,427 8,410 9,026 9,303 9,362 10,372 11,202 11,437 On foreign public borrowers. . . . . . . . . . 15,435 14,995 19,625 14,962 15,983 15,411 19,876 17,974 On all other unaffiliated foreigners . . . . . 154,976 163,862 174,219 170,868 173,012 196,271 203,810 193,147 On foreign public borrowers. . . . . . . . . . 7,838 7,522 8,131 8,126 6,922 6,815 8,861 11,220 On all other unaffiliated foreigners . . . . . 24,033 38,553 31,434 34,530 37,028 39,369 43,398 49,522 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: CAPITAL MOVEMENTS 75 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 1997 Dec. Mar. r June r Sept. r Dec. r Mar. June p Europe: Austria . . . . . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . 1,889 10,351 7 84 1,562 813 21,496 18,440 1,105 41 513 10,551 5,355 544 413 1,177 238 1,395 5,589 8,930 12,956 3,032 96,820 275 1,235 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 27,061 18,706 885 31 1,391 9,984 9,979 1,326 2,879 995 192 1,132 6,706 5,948 13,376 2,852 109,522 121 3,037 2,077 10,544 2 111 2,287 1,182 23,794 25,793 940 18 1,006 9,805 10,582 1,654 2,080 942 71 748 3,428 5,451 19,347 3,069 110,982 164 2,314 2,000 11,177 2 247 2,939 1,677 26,712 23,569 835 72 1,277 9,235 11,144 1,709 1,047 732 172 1,791 5,449 6,927 19,062 3,112 128,431 87 3,398 3,611 11,264 66 172 3,125 1,143 29,148 21,535 948 61 1,824 9,868 10,563 1,020 1,142 553 175 2,725 4,503 6,738 26,692 3,053 129,124 115 4,378 5,084 12,917 3 618 2,574 1,797 39,305 25,653 1,142 95 2,461 10,429 13,901 1,865 2,516 645 164 3,530 8,307 8,842 30,240 3,199 147,615 87 4,336 5,562 13,271 1 192 3,808 1,617 30,185 30,749 1,189 53 2,150 12,577 17,716 1,203 882 727 167 3,680 8,010 8,366 31,116 2,974 142,480 75 4,389 204,811 229,314 233,171 238,391 262,803 273,546 327,325 323,139 Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,073 35,840 31,625 36,783 43,576 43,948 59,377 60,918 6,106 69,894 8,719 10,574 126,068 4,376 4,369 717 385 262 23,445 1,434 2,293 1,072 473 554 2,804 6,759 61,477 6,226 14,826 148,626 5,184 4,892 846 472 329 21,375 9,850 3,347 1,880 485 534 2,536 6,564 68,778 6,184 15,656 143,800 4,664 4,908 1,007 482 338 19,913 11,547 2,942 1,981 478 693 2,293 6,859 63,946 5,103 16,827 131,150 4,639 4,908 994 468 365 19,565 13,371 2,762 2,442 513 696 2,105 7,426 65,691 5,145 17,199 131,856 4,648 5,060 991 525 346 20,051 11,703 2,444 2,576 491 568 2,156 7,779 74,332 5,146 21,718 135,411 5,356 7,345 1,056 632 352 22,042 25,774 2,886 2,764 531 654 2,358 7,321 70,187 7,068 19,818 135,196 6,123 6,383 1,174 660 838 21,834 19,031 3,333 2,535 600 786 2,227 8,012 70,235 8,379 21,746 160,029 5,966 6,580 1,162 691 343 22,229 14,518 3,480 2,620 681 754 2,428 3,507 2,982 3,235 3,634 3,576 2,745 2,942 3,129 267,052 292,626 295,463 280,347 282,452 318,881 308,056 332,982 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. 76 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 Dec. 1996 Mar. r June r 1997 Sept. r Dec. r Mar. June p 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 orgs.: International . . . . . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . . . . . Latin American regional . . . . . . . . . . . . . Asian regional . . . . . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . . . . . . Total international and regional. . . . . . . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . . . . . . 1 888 1,548 11,602 1,069 1,719 5,533 93,647 10,508 57 759 641 758 5,380 73 3,094 14,684 523 1,176 1,836 16,770 1,946 2,016 5,345 98,745 14,324 44 1,170 571 1,449 6,383 94 2,806 10,562 484 2,681 1,906 17,861 1,979 2,010 5,254 88,057 17,567 38 1,037 994 1,313 6,704 63 3,260 8,302 381 2,325 1,612 19,159 1,931 1,923 5,056 84,713 19,632 38 1,173 1,140 1,492 9,257 91 3,308 9,856 419 1,905 1,821 16,425 2,125 2,002 5,008 84,914 18,114 43 1,172 1,502 1,464 7,953 3 2,852 11,179 368 1,601 2,068 16,261 2,140 2,213 4,935 92,189 19,425 50 1,162 941 1,848 9,061 1 2,964 11,375 368 1,628 1,843 17,774 2,433 2,545 4,886 89,813 20,444 54 1,303 1,120 1,726 10,534 2 3,704 10,891 461 2,266 2,021 20,262 2,520 2,997 4,757 91,102 21,354 49 1,465 1,529 2,272 9,767 3,668 9,824 489 152,483 165,721 159,407 163,125 158,850 168,602 171,161 176,342 249 6 598 876 771 3 1,003 506 233 18 550 720 606 1 654 682 268 6 583 882 657 1 615 581 219 17 525 1,048 615 1 563 593 263 13 474 842 656 1 473 687 265 24 574 777 744 26 476 587 272 18 534 700 566 1 641 624 359 22 446 839 716 1,177 518 4,012 3,464 3,593 3,581 3,409 3,473 3,356 4,077 5,447 1,609 4,919 1,557 5,583 1,783 5,352 1,791 7,708 2,294 7,799 1,821 6,755 2,831 8,011 2,225 7,056 6,476 7,366 7,143 10,002 9,620 9,586 10,236 668,487 733,441 730,625 729,370 761,092 818,070 878,861 907,694 4,783 40 93 - 1,837 94 - 3,726 3 85 - 2,985 66 2 - 1,650 8 67 - 2,491 1 134 - 1,426 10 99 - 1,843 92 - 4,916 1,931 3,814 3,053 1,725 2,626 1,535 1,935 673,403 735,372 734,439 732,423 762,817 820,696 880,396 909,629 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). Includes Algeria, Gabon, Libya, and Nigeria. 4 CAPITAL MOVEMENTS 77 TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1997 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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) 5,562 13,271 1 192 3,808 1,617 30,185 30,749 1,189 53 2,150 12,577 17,716 1,203 882 727 167 3,680 8,010 8,366 31,116 2,974 142,480 75 4,389 323,139 1,697 11,204 1 176 1,052 1,548 18,953 17,037 671 40 1,958 11,685 11,669 803 503 643 69 3,502 7,360 2,812 25,481 1,410 112,445 75 2,033 234,827 1,236 5,819 84 736 393 7,538 6,500 469 27 862 4,152 5,187 729 394 306 65 1,788 5,011 969 1,968 1,243 33,930 75 1,639 81,120 158 2,340 77 245 1,021 9,226 3,524 161 1 359 3,713 5,500 21 88 162 4 232 1,800 1,570 20,555 149 60,140 226 111,272 303 3,045 1 15 71 134 2,189 7,013 41 12 737 3,820 982 53 21 175 1,482 549 273 2,958 18 18,375 168 42,435 1 37 2 4 13 2 11 31 62 1 33 144 195 5 541 3,865 2,067 16 2,756 69 11,232 13,712 518 13 192 892 6,047 400 379 84 98 178 650 5,554 5,635 1,564 30,035 2,356 88,312 3,847 1,994 2,736 10 10,817 12,587 470 183 683 5,961 391 233 71 98 77 538 5,397 5,563 1,540 28,003 2,265 83,464 18 73 16 20 59 415 1,125 48 13 9 209 86 9 146 13 101 112 157 72 24 2,032 91 4,848 60,918 39,345 13,543 22,373 3,429 32 21,573 20,249 1,324 8,012 70,235 8,379 21,746 160,029 5,966 6,580 1,162 691 343 22,229 14,518 3,480 2,620 681 754 2,428 7,697 68,501 8,202 18,822 135,517 5,747 6,353 1,148 679 336 19,811 14,514 3,307 2,607 665 715 1,966 6,119 9,204 7,102 15,106 25,215 5,529 6,215 1,013 622 323 18,747 13,555 1,501 2,337 654 423 1,763 1,174 57,600 10 3,651 96,873 70 109 119 29 13 454 461 1,682 260 1 282 38 404 1,697 1,090 65 13,429 148 29 16 28 610 498 124 10 10 10 165 105 65 12 1,247 1,106 7 43 56 36 2 565 34 70 7 4 23 315 1,734 177 2,924 24,512 219 227 14 12 7 2,418 4 173 13 16 39 462 211 1,426 177 2,524 22,964 178 221 10 8 7 1,647 3 166 12 15 39 447 104 308 400 1,548 41 6 4 4 771 1 7 1 1 15 3,129 3,043 2,652 347 44 83 86 81 5 332,982 299,630 118,080 163,173 18,377 3,465 33,352 30,136 3,216 78 CAPITAL MOVEMENTS TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, June 30, 1997, 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 . . . . . . . . . . . . . . . . . 2,266 2,021 20,262 2,520 2,997 4,757 91,102 21,354 49 1,465 1,529 2,272 9,767 3,668 10,313 176,342 2,024 1,901 18,033 2,353 2,630 643 75,785 20,620 27 1,259 1,315 2,135 8,056 3,296 9,760 149,837 1,800 780 6,500 2,034 2,214 369 14,024 13,687 26 504 681 1,335 2,620 1,216 3,139 50,929 223 1,071 9,514 308 322 262 45,655 6,919 1 598 626 784 4,355 1,971 6,206 78,815 1 50 2,019 11 94 12 16,106 14 157 8 16 1,081 109 415 20,093 151 101 135 576 218 10 647 4,443 8 2 9 141 59 573 129 7,202 242 120 2,229 167 367 4,114 15,317 734 22 206 214 137 1,711 372 553 26,505 241 43 2,079 91 198 4,111 14,532 647 22 128 204 121 1,675 274 549 24,915 1 77 150 76 169 3 785 87 78 10 16 36 98 4 1,590 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 359 22 446 839 716 1,695 4,077 329 20 446 481 640 1,445 3,361 296 16 446 464 577 1,363 3,162 16 4 1 25 65 111 17 16 38 17 88 38 7 53 15 113 30 2 358 76 250 716 10 2 358 21 233 624 20 55 17 92 8,011 2,225 5,175 1,995 3,025 221 2,017 1,664 133 110 73 9 2,836 230 2,675 173 161 57 10,236 7,170 3,246 3,681 243 82 3,066 2,848 218 907,694 734,170 270,080 379,425 84,665 11,435 173,524 162,236 11,288 1,843 92 - 1,838 92 - 1,838 92 - - - 2 - 5 - 1 - 4 - 1,935 1,930 1,930 - - 2 5 1 4 909,629 736,100 272,010 379,425 84,665 11,437 173,529 162,237 11,292 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: 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. CAPITAL MOVEMENTS 79 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 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 1993 1994 1995 1996 86,645 96,820 103,375 129,124 June 1997 142,480 All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . 104,722 107,991 125,939 144,422 180,659 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 197,395 208,408 229,526 243,549 256,641 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 93,647 98,745 92,189 91,102 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,581 543,731 58,836 565,702 66,976 624,561 76,413 685,697 85,240 756,122 108,772 107,701 110,811 134,999 153,507 652,503 673,403 735,372 820,696 909,629 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . 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 as of June 1997 close to two-thirds of U.S. claims were reported opposite the United Kingdom, other Europe and, most notably, the offshore banking centers in the Caribbean. An additional 19.4 percent of U.S. claims are on foreigners located in Japan and the rest of Asia. Total U.S. bank-reported claims on foreigners expanded $88.9 billion through the first half of the year to $909.6 billion, an increase of 10.8 percent over yearend 1996. The growth in claims was widespread. Most notable were the increases opposite Europe (excluding the United Kingdom) and ‘‘all other countries,’’ up $36.3 billion or 25.1 percent and $18.5 billion or 13.7 percent, respectively, through June. Significant growth was also recorded opposite the United Kingdom, the Caribbean banking centers, and Asia (excluding Japan), up $35.3 billion combined through the first half of the year. Despite a marginal increase during the second quarter, claims on Japan at the end of June remained down $1.1 billion from yearend 1996. 80 CAPITAL MOVEMENTS 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] Country Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . 1995 Total liabilities Calendar year 1996 1997 June Total banks’ own claims Calendar year 1995 1996 1997 June 266 41 768 170 n.a. 607 242 67 1,182 n.a. 9 n.a. 54 n.a. n.a. 59 4 n.a. 196 795 72 652 1,037 8 1,133 826 145 1,033 94 779 990 8 1,130 1,159 168 684 108 1,197 1,208 13 1,156 1,019 9 n.a. 21 253 292 n.a. 364 591 7 65 52 371 233 37 454 621 n.a. n.a. 10 367 260 5 510 683 35 318 650 201 554 94 27 441 748 101 681 101 21 375 1,060 147 704 110 2 17 174 9 153 n.a. n.a. 30 230 14 182 n.a. n.a. 33 256 13 144 n.a. Other Asia: Afghanistan . . . . . . . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . Nepal . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . Vietnam . . . . . . . . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . . . . . . . 60 13 244 61 147 n.a. 527 92 45 3 243 n.a. n.a. 210 n.a. 155 44 4 277 101 n.a. 129 n.a. 100 n.a. n.a. 89 24 n.a. n.a. n.a. n.a. n.a. 80 n.a. n.a. 94 n.a. n.a. n.a. 92 n.a. n.a. 67 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. . . . . . . . . . . . . . . . . . . 145 14 72 n.a. 19 47 114 21 98 119 2 37 n.a. 14 31 288 32 n.a. 36 138 197 16 n.a. 185 7 50 118 n.a. 52 91 6 n.a. n.a. 25 28 244 73 n.a. 30 163 162 20 n.a. 297 11 n.a. 127 42 59 129 4 n.a. 14 18 38 267 85 n.a. 37 108 n.a. 1 * 10 n.a. n.a. 2 n.a. 4 * n.a. 3 n.a. n.a. 92 8 n.a. 46 15 n.a. n.a. n.a. n.a. 19 45 n.a. 9 n.a. n.a. n.a. n.a. 3 144 9 * 15 n.a. n.a. n.a. n.a. n.a. n.a. 46 n.a. 5 n.a. n.a. n.a. n.a. n.a. n.a. 152 6 1 12 All other: New Zealand . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . 758 n.a. 796 88 660 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 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.’’ CAPITAL MOVEMENTS 81 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 1996 1997 1993 1994 1995 June Sept. r Dec. Mar. June p Total liabilities . . . . . . . . . . . . . . . . . . . . . . 49,311 54,309 46,448 48,990 51,651 54,822 54,616 52,699 Payable in dollars. . . . . . . . . . . . . . . . . . 37,442 38,298 33,903 35,385 36,421 39,003 39,361 37,842 Financial . . . . . . . . . . . . . . . . . . . . . . . 17,259 18,818 12,903 12,212 11,319 11,374 11,264 10,551 Trade payables . . . . . . . . . . . . . . . . 7,869 8,860 9,996 10,122 10,761 11,683 10,600 10,203 Advance receipts and other. . . . . . . 12,314 10,620 11,004 13,051 14,341 15,946 17,497 17,088 Payable in foreign currencies. . . . . . . . . 11,869 16,011 12,545 13,605 15,230 15,819 15,255 14,857 Financial . . . . . . . . . . . . . . . . . . . . . . . 10,681 14,136 11,338 12,632 14,173 14,715 14,235 13,828 Trade payables . . . . . . . . . . . . . . . . 933 1,145 1,017 959 1,030 1,037 915 919 Advance receipts and other. . . . . . . 255 730 190 14 27 67 105 110 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 49,159 57,888 52,509 60,195 59,092 63,642 64,343 65,542 Payable in dollars. . . . . . . . . . . . . . . . . . 45,161 53,805 48,711 55,350 55,014 58,630 60,177 60,817 Deposits . . . . . . . . . . . . . . . . . . . . . 15,182 18,026 14,654 19,069 19,182 20,631 18,548 21,474 Other . . . . . . . . . . . . . . . . . . . . . . . . 10,862 14,306 10,976 13,347 12,234 12,069 15,383 13,243 Trade receivables . . . . . . . . . . . . . . 16,662 19,316 20,993 20,384 21,290 23,495 23,684 23,666 Advance payments and other . . . . . 2,455 2,157 2,088 2,550 2,308 2,435 2,562 2,434 Payable in foreign currencies. . . . . . . . . 3,998 4,083 3,798 4,845 4,078 5,012 4,166 4,725 Deposits . . . . . . . . . . . . . . . . . . . . . 535 481 479 438 695 773 1,080 911 Other . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,084 1,289 2,397 2,089 1,795 1,777 2,378 Trade receivables . . . . . . . . . . . . . . 1,763 1,842 2,005 1,969 1,164 2,256 1,117 1,187 Advance payments and other . . . . . 508 676 25 41 130 188 192 249 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 82 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 . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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. 1997 1996 1992 1993 1994 1995 June Sept. r Dec. Mar. June p 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 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 43 824 1 4 150 157 1,689 2,689 48 7 353 485 1,061 277 32 26 8 162 240 1,672 95 14,056 63 73 135 24,350 57 974 3 5 168 152 1,877 3,225 55 8 469 482 1,187 412 13 54 7 210 293 1,235 106 13,547 85 9 180 24,813 67 1,111 2 22 93 161 1,771 2,836 72 12 449 911 1,322 424 30 33 9 222 204 1,323 129 14,527 105 9 165 26,009 82 1,412 14 22 121 173 1,885 2,636 55 10 612 1,062 1,060 420 42 31 7 236 196 1,175 137 13,917 111 5 100 25,521 97 976 2 24 133 202 1,989 2,617 75 13 626 831 756 312 55 40 14 218 182 1,021 81 14,364 53 9 120 24,810 1,546 1,738 1,666 1,672 1,949 2,117 2,491 1,670 1,592 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 1 281 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 147 66 537 127 836 134 92 11 34 12 18 486 12 13 37 47 13 284 269 83 380 250 779 95 83 2 34 13 13 459 28 9 44 118 9 342 272 299 347 274 1,044 160 123 5 27 12 16 682 53 12 44 144 6 329 220 336 506 276 979 115 112 4 30 12 13 649 251 18 34 125 10 319 224 157 452 322 795 121 143 2 44 15 13 609 8 15 34 86 20 305 176 218 145 364 364 545 393 430 415 5,586 3,812 3,891 3,523 3,270 3,555 4,242 4,439 3,780 CAPITAL MOVEMENTS 83 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 1997 1996 1992 1993 1994 1995 June Sept. r Dec. Mar. June p 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 . . . . . . . . . . . . . . . . . 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 19,144 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 206 16,409 649 269 728 291 281 110 9,994 1,472 60 525 68 60 690 11 436 1,810 286 17,740 769 424 683 276 282 273 10,751 1,504 22 576 67 79 756 15 437 1,976 306 19,196 990 697 610 181 314 205 10,460 1,558 72 586 77 110 908 61 473 2,193 327 19,822 1,238 772 629 221 289 206 10,273 1,363 82 708 80 158 901 23 364 2,567 441 20,315 1,132 979 692 224 254 225 9,852 1,246 92 843 98 183 976 7 359 2,459 266 19,887 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 89 2 28 59 5 309 82 574 111 1 1 41 55 1 290 86 586 48 29 32 1 379 74 563 157 16 24 42 376 154 769 216 8 1 23 130 523 95 996 224 26 1 30 172 611 109 1,173 198 29 21 154 532 144 1,078 226 48 1 19 161 479 132 1,066 163 48 1 23 204 5 423 103 970 503 88 517 148 372 153 461 230 525 70 577 104 945 125 991 503 911 646 591 665 525 691 595 681 1,070 1,494 1,557 45,494 49,293 54,265 46,386 48,900 51,535 54,712 54,505 52,596 17 - 18 - 44 - 2 60 - 27 63 - 55 61 - 55 55 - 55 42 12 2 - 55 43 2 3 - 17 18 44 62 90 116 110 111 103 45,511 49,311 54,309 46,448 48,990 51,651 54,822 54,616 52,699 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3 2 4 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.’’ 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. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 84 CAPITAL MOVEMENTS TABLE CM-IV-3.--Total Liabilities by Type and Country, June 30, 1997, 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 . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . 97 976 2 24 133 202 1,989 2,617 75 13 626 831 756 312 55 40 14 53 218 182 1,021 81 14,364 9 120 24,810 1 238 5 47 1,280 1,765 2 551 457 466 31 5 4 66 21 591 18 10,537 14 16,099 1 85 3 621 1,026 2 392 73 399 12 5 4 6 237 18 4,317 2 7,203 153 5 44 659 739 159 384 67 19 60 21 354 6,220 12 8,896 96 738 2 24 128 155 709 852 75 11 75 374 290 281 55 35 14 49 152 161 430 63 3,827 9 106 8,711 Canada . . . . . . . . . . . . . . . . . . . . . . 1,592 456 127 329 1,136 224 157 452 322 795 121 143 2 44 15 13 609 8 15 34 86 20 305 131 124 55 97 769 21 1 6 15 2 2 1 14 124 55 8 660 21 1 3 9 2 - 117 89 109 3 6 2 1 93 33 397 225 26 100 142 2 38 15 13 594 8 15 32 84 20 304 415 55 55 - 360 3,780 1,279 952 327 2,501 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-3.--Total Liabilities by Type and Country, June 30, 1997, 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 . . . . . . . . . . . . . . . . . 1,132 979 692 224 254 225 9,852 1,246 92 843 98 183 976 7 359 2,725 19,887 51 234 113 2 55 30 5,412 9 5 4 1 45 5,961 41 191 108 1 35 30 1,730 9 5 2 45 2,197 10 43 5 1 20 3,682 2 1 3,764 1,081 745 579 222 199 195 4,440 1,237 87 839 98 183 975 7 359 2,680 13,926 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 163 48 1 23 204 5 526 970 19 10 29 10 10 19 19 163 48 1 23 185 5 516 941 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 911 646 1,557 127 373 500 3 4 7 124 369 493 784 273 1,057 Total foreign countries. . . . . . 52,596 24,324 10,496 13,828 28,272 55 43 2 3 - 55 - 55 - - 43 2 3 - 103 55 55 - 48 52,699 24,379 10,551 13,828 28,320 International and regional orgs.: 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. 86 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 1997 1996 1992 1993 1994 1995 June Sept. r Dec. r Mar. June p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . 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 17,476 114 424 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 84 390 13 26 171 128 2,338 1,631 177 32 257 1,229 969 206 81 50 8 547 223 1,063 182 10,084 225 13 213 20,340 180 339 18 35 175 133 2,265 1,522 138 36 249 953 944 209 79 52 13 607 326 1,026 194 9,119 251 17 185 19,065 159 411 19 34 101 173 2,338 1,613 148 17 274 1,039 1,055 251 108 92 14 645 372 1,116 222 9,065 239 6 214 19,725 118 483 17 27 87 122 2,275 1,688 113 11 282 1,031 1,149 281 109 45 7 605 376 988 237 8,701 221 14 193 19,180 90 530 16 32 72 135 2,058 1,515 89 59 267 980 1,132 303 111 60 10 603 345 832 210 9,948 195 8 190 19,790 Canada . . . . . . . . . . . . . . . . . . . . . . 3,119 3,813 5,569 4,802 6,847 6,585 5,610 7,298 8,886 242 806 295 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 25 383 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 461 2,196 348 2,080 13,127 292 405 5 106 59 57 1,413 31 161 220 27 24 336 555 1,760 403 2,406 12,928 282 381 10 141 71 47 1,349 69 115 209 22 31 336 617 1,487 415 2,771 15,372 374 422 5 107 98 40 1,585 114 109 201 25 42 388 621 1,934 316 2,620 15,293 353 320 5 108 84 73 1,619 35 102 177 30 41 352 631 2,092 385 2,751 13,539 313 392 1 125 100 61 1,636 141 123 215 26 47 471 443 553 600 705 643 535 681 726 906 16,936 19,498 23,653 18,864 21,991 21,650 24,853 24,809 23,955 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-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 orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1997 1996 1992 1993 1994 1995 June Sept. r Dec. r Mar. June p 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 8,853 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 108 8,891 677 510 420 325 458 301 2,729 666 34 424 29 114 588 13 190 912 120 8,510 641 474 479 393 426 316 2,920 636 59 478 107 116 705 9 283 958 123 9,123 992 511 669 402 665 323 3,038 822 41 560 99 245 781 7 288 993 161 10,597 1,099 610 572 336 563 312 2,896 773 51 566 96 202 719 24 387 1,090 120 10,416 1,115 724 546 423 602 328 2,829 761 38 551 66 200 648 4 400 1,034 125 10,394 177 5 34 37 81 29 87 187 637 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 160 16 13 57 321 11 92 260 930 166 67 10 32 247 12 88 263 885 160 24 32 32 272 10 155 223 908 155 15 29 27 277 13 180 224 920 140 18 36 37 289 9 114 257 900 144 27 32 27 289 5 96 177 797 702 152 945 208 1,218 269 1,310 270 1,343 262 1,484 270 1,536 265 1,392 278 1,449 257 854 1,153 1,487 1,580 1,605 1,754 1,801 1,670 1,706 45,058 49,131 57,865 52,500 60,178 59,085 63,506 64,273 65,528 13 2 - 28 - 19 4 - 8 1 - 11 6 - 6 1 - 60 58 2 13 3 - 2 38 1 26 3 - 5 8 1 - 15 28 23 9 17 7 136 70 14 45,073 49,159 57,888 52,509 60,195 59,092 63,642 64,343 65,542 1 3 2 4 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.’’ 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. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 88 CAPITAL MOVEMENTS TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1997, 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 . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . 90 530 16 32 72 135 2,058 1,515 89 59 267 980 1,132 303 111 60 10 195 603 345 832 210 9,948 8 190 19,790 30 203 11 3 20 6 681 281 2 48 182 219 519 62 53 4 24 96 137 447 41 7,112 8 10,189 25 192 9 3 18 642 232 2 48 182 199 502 49 53 18 50 131 432 41 6,299 7 9,134 5 11 2 2 6 39 49 20 17 13 4 6 46 6 15 813 1 1,055 60 327 5 29 52 129 1,377 1,234 87 11 85 761 613 241 58 56 10 171 507 208 385 169 2,836 8 182 9,601 Canada . . . . . . . . . . . . . . . . . . . . . . 8,886 6,422 5,957 465 2,464 631 2,092 385 2,751 13,539 313 392 1 125 100 61 1,636 141 123 215 26 47 471 151 2,064 188 1,617 13,442 7 105 34 30 6 498 92 46 4 2 3 21 135 2,051 186 549 13,415 3 95 33 26 1 446 92 41 3 1 12 16 13 2 1,068 27 4 10 1 4 5 52 5 1 1 3 9 480 28 197 1,134 97 306 287 1 91 70 55 1,138 49 77 211 24 44 450 906 415 378 37 491 23,955 18,725 17,467 1,258 5,230 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 89 TABLE CM-IV-5.--Total Claims by Type and Country, June 30, 1997, 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 . . . . . . . . . . . . . . . . . 1,115 724 546 423 602 328 2,829 761 38 551 66 200 648 4 400 1,159 10,394 289 31 65 23 288 2 770 1 282 1 12 58 65 51 1,938 286 31 32 15 286 2 345 279 11 52 63 46 1,448 3 33 8 2 425 1 3 1 1 6 2 5 490 826 693 481 400 314 326 2,059 760 38 269 65 188 590 4 335 1,108 8,456 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 144 27 32 27 289 5 273 797 4 26 6 95 48 179 3 26 6 93 47 175 1 2 1 4 140 27 6 21 194 5 225 618 1,449 257 478 75 465 71 13 4 971 182 1,706 553 536 17 1,153 65,528 38,006 34,717 3,289 27,522 5 8 1 - - - - 5 8 1 - Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 14 - - - 14 65,542 38,006 34,717 3,289 27,536 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. 90 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 1997 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 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1994 1995 1996 55,598 26,474 -3,581 36,441 21,424 136,356 100,411 24,795 48,344 16,504 25,657 215,711 128,095 72,063 49,604 54,517 66,999 371,278 Jan. - Sept. 1997 July - Sept. 1997 144,160 74,826 10,009 42,902 38,283 310,180 53,882 36,028 6,624 1,875 4,674 103,083 3,994 16,226 13,173 19,671 4,677 140,350 231,937 384,451 329,851 107,760 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. As reported by U.S. banks, brokers, and other persons, foreigners’ net purchases of long-term U.S. securities (i.e., U.S. Treasury and government agency bonds and notes, and U.S. corporate bonds and stocks) are transacted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1994 through 1996, and on a year-to-date and most recent quarter basis for 1997. The chart and table show, overall, a steady increase in foreigners’ net purchases of U.S. securities over the last 3 full years, with an accelerating level of activity through the third quarter of 1997. Total foreign net purchases of U.S. securities were sustained at high levels in each of the first three quarters of 1997. Net purchases from the United Kingdom accelerated to a record pace during the third quarter, and accounted for 43.7 percent of total net purchases through September. The pace of net purchases continued to gain momentum vis-a-vis other European countries during the third quarter, with nearly half of net purchases reported opposite Germany. Activity in the Caribbean banking centers remained off sharply from 1996 levels. And net purchases opposite Japan and other Asia, which were strong through the first half of the year, plummeted in the third quarter. A heightened interest in U.S. equities has apparently been driving much of the foreign activity in 1997. Through September, total foreign net purchases of U.S. stocks were unprecedented at $54 billion. CAPITAL MOVEMENTS 91 SECTION V.--U.S. International Transactions in Long-Term Securities TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents 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) Gross foreign sales (6) 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 Gr oss purpur- foreign purpurforeign purpur- foreign chases chases sales chases chases sales chases chases sales (7) (8) (9) (10) (11) (12) (13) (14) (15) 1993. . . . . . . . . . . . . . . . . 23,552 1994. . . . . . . . . . . . . . . . . 78,801 1995. . . . . . . . . . . . . . . . . 134,115 1996 r . . . . . . . . . . . . . . . 244,010 1997 - Jan. - Sept. p . . . . 174,830 1,306 41,822 39,631 86,161 54,436 22,062 184 36,815 164 94,045 439 159,691 -1,842 118,447 1,947 2,609,055 2,711,142 2,981,158 3,714,010 3,902,201 2,585,503 2,632,341 2,847,043 3,470,000 3,727,371 35,428 21,680 28,729 48,877 33,573 149,097 159,270 125,453 165,432 186,017 113,669 137,590 96,724 116,555 152,444 30,572 37,992 57,853 79,636 67,422 134,727 130,067 168,080 257,717 280,988 1996 - Sept. r. . . . . . . . . . Oct.. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. r . . . . . . . . . . 1997 - Jan. r . . . . . . . . . . Feb. r . . . . . . . . . . Mar. r . . . . . . . . . . Apr. r. . . . . . . . . . . May. . . . . . . . . . . . June . . . . . . . . . . . July. . . . . . . . . . . . Aug. p. . . . . . . . . . Sept. p . . . . . . . . . 17,096 4,838 3,840 13,669 7,722 10,081 7,387 7,102 3,377 10,055 -2,499 8,506 2,705 -2,293 -157 18,946 537 18,635 -1,192 32,857 1,143 13,426 -466 19,606 908 15,280 -310 17,745 460 4,532 -157 13,790 950 6,750 371 14,520 -195 12,798 386 370,298 404,194 367,570 383,286 411,467 438,539 402,265 423,917 442,030 486,033 408,110 480,863 408,977 355,652 379,873 346,287 335,617 390,785 407,944 379,908 398,610 434,278 461,238 403,488 458,032 393,088 4,674 4,195 6,322 3,505 4,986 2,881 313 5,789 2,906 1,580 5,739 7,654 1,725 12,708 15,857 20,195 17,800 20,511 16,105 13,926 18,168 16,270 20,202 27,540 31,134 22,161 8,034 11,662 13,873 14,295 15,525 13,224 13,613 12,379 13,364 18,622 21,801 23,480 20,436 8,842 6,979 6,006 7,049 6,961 9,623 5,232 5,133 5,485 9,651 11,304 7,017 7,016 24,666 25,594 26,418 25,579 28,571 32,824 29,723 24,495 28,479 38,702 36,274 33,819 28,101 14,646 24,321 21,283 47,669 20,682 30,595 22,357 25,307 7,752 24,795 4,622 22,831 15,889 104,155 92,075 110,227 178,081 213,566 21,578 1,877 11,240 11,928 54,026 319,664 350,593 462,950 623,760 718,267 298,086 348,716 451,710 611,832 664,241 15,824 49 18,615 1,007 20,412 2,135 18,530 422 21,610 2,904 23,201 3,880 24,491 302 19,362 5,813 22,994 6,930 29,051 10,234 24,970 10,836 26,802 8,072 21,085 5,055 42,599 57,758 65,571 57,051 73,036 73,088 68,468 70,267 82,604 87,060 89,271 91,332 83,141 42,550 56,751 63,436 56,629 70,132 69,208 68,166 64,454 75,674 76,826 78,435 83,260 78,086 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) 1993 . . . . . . . . . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . 1997 - Jan. - Sept. p . . . . . . . . . . . . -143,068 -57,295 -98,696 -105,915 -77,513 -80,377 -9,224 -48,405 -48,793 -36,646 745,952 848,368 889,541 1,118,678 1,120,653 826,329 857,592 937,946 1,167,471 1,157,299 -62,691 -48,071 -50,291 -57,122 -40,867 245,490 386,106 345,540 456,826 509,029 308,181 434,177 395,831 513,948 549,896 1996 - Sept.. . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. r . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . May r . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . Aug. p. . . . . . . . . . . . . . . . . . Sept. p . . . . . . . . . . . . . . . . . -7,244 -8,421 -5,134 -16,849 -4,356 -5,979 -6,805 1,631 -5,003 -18,450 -18,821 -11,855 -7,875 -5,419 -5,948 -2,973 -10,947 -710 -1,626 -2,978 5,720 -1,319 -12,921 -11,245 -3,839 -7,728 113,089 117,032 104,662 99,095 109,567 110,510 131,454 117,761 127,985 123,406 139,887 129,977 130,106 118,508 122,980 107,635 110,042 110,277 112,136 134,432 112,041 129,304 136,327 151,132 133,816 137,834 -1,825 -2,473 -2,161 -5,902 -3,646 -4,353 -3,827 -4,089 -3,684 -5,529 -7,576 -8,016 -147 31,227 40,185 46,838 41,850 47,084 50,139 47,780 49,725 57,647 64,388 69,677 62,071 60,518 33,052 42,658 48,999 47,752 50,730 54,492 51,607 53,814 61,331 69,917 77,253 70,087 60,665 Calendar year or month 92 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 to U.S. residents 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 1997 Corporate bonds 1997 Corporate stocks 1997 1997 Country Calendar year 1996 r Jan. through Sept. July through Sept. p Calendar year 1996 r Jan. through Sept. July through Sept. p Calendar year 1996 r Jan. through Sept. July through Sept. p Calendar year 1996 Jan. through Sept. July through Sept. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . 979 1,486 -34 122 -120 -247 2,624 17,647 41 1,018 257 1,960 -582 428 2,618 -257 1 603 18,414 2,343 327 758 65,381 -34 2,612 118,345 1,645 2,532 -11 71 194 634 2,686 10,060 -367 -357 1,099 1,244 2,663 311 1,433 1,636 -201 11,268 -436 1,199 1,563 77,683 25 -933 115,641 -1,886 528 -11 -70 442 -148 2,447 13,197 -106 83 333 335 1,247 87 -374 399 -362 2,589 601 262 1,619 29,727 3 50,942 64 972 -69 130 193 1,650 -3 309 110 -84 1,500 87 -15 30 -21 7 56 208 13,486 345 18,955 308 730 -102 -12 113 250 17 -90 553 76 1,665 3 -18 70 -1 491 8 221 -1 10,367 8 288 14,944 129 26 24 19 -109 686 6 -52 281 79 546 4 59 274 4 20 2,486 131 4,613 150 -331 -4 -224 113 4,931 3,514 21 -5 1,901 -78 970 -56 28 -48 -4 462 372 855 44 45,109 8 84 57,812 184 223 4 24 95 -97 3,010 2,407 96 6 826 421 651 92 -122 583 7 195 -44 -1,696 42 39,861 232 47,000 74 803 -6 35 15 12 1,670 1,643 42 6 439 317 4 92 -108 40 2 -38 8 -1,485 15 14,785 183 18,548 69 114 1 -1 181 13 -2,354 1,104 9 57 -701 -1,081 1,389 170 -4 -358 -3 -64 113 -387 2,710 -24 4,119 1 -27 5,046 392 3,284 280 6 2,860 6,887 125 2 472 2,138 2,044 207 12 -253 -5 289 577 1,215 4,488 14 16,249 9 109 41,401 43 966 -2 -1 48 -11 1,894 2,037 86 -1 264 1,086 792 74 9 -250 -2 274 355 251 1,061 -4 6,884 -46 15,807 Canada . . . . . . . . . . . . . . . . . . . . . . 2,389 1,055 -536 143 269 9 4,054 3,912 1,488 2,221 -25 -1,333 317 1,402 2,478 -825 8,593 88 221 137 22 -88 -344 12,422 187 -76 -1 129 -69 586 294 -4,992 -1,159 9,008 1,162 186 69 3 -8 745 -12,477 37 233 7 138 187 165 503 -1,757 -1,008 -6,663 303 145 42 -1 -2 528 2,957 -13 212 8 513 -609 123 103 3,323 1,381 8,697 38 19 -21 4 78 372 266 59 3 -4 76 95 58 228 1,608 1,941 -3,653 23 27 48 2 16 147 26 104 1 37 32 748 9 219 -986 1,271 1,609 6 27 4 1 -3 70 44 101 1 35 6 549 117 1,102 2,038 31 2,953 198 5 1 33 8 1 84 899 197 10 10 90 122 139 1,402 3,252 -82 5,258 158 15 75 4 14 838 219 -389 32 -7 120 134 -72 610 1,415 -24 1,972 52 3 -5 5 6 35 -354 204 15 77 65 280 -2,274 -340 -8 3,026 -38 34 -38 16 -1 150 4,078 395 -4 89 84 112 264 749 -132 -7 5,753 -14 145 -1 19 4 -1 190 3,387 327 2 6 165 219 100 578 -534 195 3,060 79 22 13 2 -2 142 3,432 227 2 -1 56 125 71 119 -31 223 597 350 167 310 -46 2 77 15 24,664 -5,862 -4,708 14,835 1,990 3,313 8,066 11,492 3,958 5,563 11,152 7,511 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 93 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 to U.S. residents 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 1997 Corporate bonds 1997 Corporate stocks 1997 1997 Calendar year 1996 r Jan. through Sept. July through Sept. p Calendar year 1996 r Jan. through Sept. July through Sept. p Calendar year 1996 r Jan. through Sept. July through Sept. p Calendar year 1996 Jan. through Sept. July through Sept. p 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 . . . . . . . . . . . . . . . . . 14,453 4,608 14,366 104 1,189 -545 41,390 2,247 2 -588 4 313 7,802 2,995 10,227 -566 98,001 10,291 3,261 13,137 382 1,884 1,736 28,942 -854 53 -1,465 -7 -238 -3,416 -1,623 9,392 -341 61,134 1,865 -3,273 2,365 231 82 1,259 -3,628 905 -7 -1,897 -25 -1,907 -182 1,263 -96 -3,045 2,756 -1,129 915 1 -8 308 7,360 57 1 294 2 664 1,341 1 1,557 241 14,361 1,330 -183 2,984 -63 539 9,750 -913 -1 -189 1 282 729 2 1,581 1 15,850 1,272 -141 1,794 25 185 4,100 -450 -1 -83 -28 439 24 -58 7,078 257 8 1,737 -3 4 210 6,139 92 -1 1 -1 28 1,095 59 80 141 9,846 58 -92 1,455 -37 1 120 920 -119 11 88 36 1,173 15 -131 36 3,534 -55 16 630 -39 -1 54 -21 -63 4 77 1 202 13 -78 146 886 -2 74 -301 -44 -38 -385 -372 -69 40 12 10 -32 2,200 11 -7 -1,598 -191 -692 68 446 67 8 29 -333 3,290 29 56 -79 9 21 -2,893 13 4 75 -143 667 23 221 432 -39 2 -225 1,424 2 28 -44 5 -10 -16 3 14 -81 -109 1,630 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,022 155 -33 1 -60 1,085 960 191 -1 5 -13 145 1,287 662 209 5 -7 3 872 468 57 4 81 610 313 161 22 7 15 518 55 12 31 -1 97 -8 -8 -1 1 6 -10 34 198 96 7 38 373 -1 124 -4 1 120 -37 -49 8 84 24 -111 -81 9 1 -47 4 367 12 27 46 419 10 -33 2 128 12 3 73 195 2,528 -1,160 -469 97 -711 -34 4 -150 -86 -5 -106 24 -89 -95 693 369 308 36 -489 434 365 127 162 28 1,368 -372 -745 -146 -91 -82 -184 1,062 344 -55 492 190 245,852 172,883 42,780 48,758 33,480 15,028 79,584 67,373 25,344 12,002 54,106 24,000 -1,390 28 -779 -153 -10 462 1,293 52 250 57 202 93 268 61 -68 179 184 -62 4 13 39 41 22 - 6 6 -3 -10 94 - 14 2 7 -10 77 - 37 8 -4 11 - -8 67 5 -15 - -18 37 -26 - -137 51 10 2 - -63 -34 16 -1 2 -54 -1 16 2 -1,842 1,947 562 119 93 90 52 49 -7 -74 -80 -37 244,010 174,830 43,342 48,877 33,573 15,118 79,636 67,422 25,337 11,928 54,026 23,963 Country Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: 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). Includes Algeria, Gabon, Libya, and Nigeria. 4 94 CAPITAL MOVEMENTS TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 1997, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents 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 to U.S. residents 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) Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czech Republic . . . . . . 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 . . . . . . . 6,282 4,768 26,926 14,414 194 22 978 911 4,480 2,400 3,461 2,628 50,030 30,721 57,388 35,650 987 204 323 271 11,898 5,807 13,758 4,223 27,028 8,445 2,939 1,626 1,715 1,491 4,389 3,789 12,321 11,139 13,071 9,141 6,317 2,871 30,849 5,730 3,092 2,839 1,052,075 659,326 64 9,669 8,081 1,340,234 816,497 152 531 810 19 48 915 45 361 224 3,157 4 8 59 281 5 137 11,869 168 18,793 Canada . . . . . . . . . . . . . . 163,086 85,489 1,541 3,614 15,967 47,101 9,374 167,975 86,025 1,532 2,126 17,300 49,945 11,047 23,526 543 32,497 8,360 117,603 30,416 31,296 4,736 170,860 70,386 1,989 633 1,870 1,573 1,152 605 94 16 84 1 13,766 3,395 60,313 25,243 2,976 227 580 212 64 8 4,182 891 2,861 784 177 1,210 25,401 1,500 14,333 6 53 38 3 37 106 368 329 1 39 49 561 382 2,183 6,484 404 8,599 80 14 57 8 6 1,599 2,696 371 44 2 115 115 525 5,972 34,575 665 33,957 366 99 66 40 6 688 18,144 1,082 39 10 344 384 20,268 12,404 17,071 19,807 35,811 484 81 382 17 33 4,224 4,436 714 121 2 2,496 757 1,631 25,019 2,368 28,427 3,656 118,813 4,184 32,780 7,774 170,883 420 1,668 50 1,802 4 1,104 10 77 1 268 3,754 14,069 9,426 52,728 253 2,628 163 301 3 22 287 3,560 260 3,590 378 7,857 32,173 5,744 77,049 330 1,428 563 17 3 2,867 22,286 240 378 1,393 168 991 26,387 229 12,724 26 34 2 40 36 324 228 4 43 12 454 1,573 5,069 428 6,627 28 11 62 3 1,564 3,050 167 29 2 38 50 425 5,394 35,109 470 30,897 287 77 53 38 8 546 14,712 855 37 11 288 259 21,119 11,366 16,702 21,313 35,534 667 134 391 7 214 5,368 4,033 931 107 4 2,616 1,249 2,475 1,246 3,373 4,596 8,052 356 126 1 10 3 3,688 8,323 207 128 1 197 627 383 379 368 231 120 89,834 121,986 33,529 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. 2,188 109 715 293 245 7,826 6,654 2,460 6,169 1,827 1,525 23,694 13,886 1 167 4 201 33 37 2 11 17 1,029 981 82 398 202 588 3,888 1,958 18 33 308 455 4,240 2,776 2,368 7,467 3,941 5,485 45,364 28,274 2,559 7,934 2,844 7,486 39,784 22,453 65 349 140 184 1,179 310 11 9 8 24 319 188 884 1,134 1,578 2,134 9,666 5,474 880 4,630 1,628 2,173 11,403 3,888 504 7,178 2,121 5,623 25,494 7,198 119 377 240 573 2,556 1,539 40 14 62 100 2,480 1,865 66 127 56 292 4,146 3,390 2 2 319 584 277 12,655 11,501 99 1,178 677 1,695 9,343 6,552 14 1,380 239 1,808 5,763 2,270 1,380 17,059 1,586 4,957 30,410 5,468 22 49 37 145 1,497 1,220 53,635 62,249 195,500 69,496 1,018,144 629,599 1 63 95 207 729 116 368 9,523 8,078 65,562 119,500 214,165 105,717 1,270,701 765,555 459 455 298 467,901 148,488 44,666 23,457 97,345 119,487 214 1,658 23 505 786 157 229 39 52 80 145 2,611 8 7 1 117 9,383 37 14,180 35 672 174 268 1,657 5,203 1,131 1,312 7 2 144 15 2 3 6 37 67 350 123 604 6 44 347 1,067 698 5,573 4,160 6,502 916 5,897 2,413 7,876 23 263 438 106 5 10 17 47 445 870 1,152 1,645 563 3,544 1,084 2,179 500 6,386 4,098 4,701 27 303 185 502 148 5 348 106 26 377 35 318 2 45 613 496 137 823 618 1,206 6 1,129 498 1,859 2,865 15,998 1,257 4,705 7 53 25 192 38,850 55,365 207,292 77,655 1 94 24 775 211 398 47,014 103,693 226,369 113,890 490 105 344 34,458 459,397 153,196 41,353 19,499 CAPITAL MOVEMENTS 95 TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 1997, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents 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 to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign Total bonds sponsored and other securities sales & notes agencies Bonds Stocks Bonds Stocks (8) (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 . . . . . . . . . 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 orgs.: . . . . . . . International . . . . . . . . . European regional . . . . Latin American regional Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . 1 20,194 17,629 5,276 2,972 49,575 28,078 1,199 817 2,698 1,845 5,897 4,776 165,586 118,935 4,846 3,141 168 1,977 480 102 1,844 1,150 38,026 27,915 38 4,569 4,226 24,256 15,457 326,251 227,421 1,684 94 2,110 26 199 9,458 24 4 11 5 669 1,022 15,306 74 37 990 4 1 63 1,366 136 4 111 2 22 571 13 1,131 4,525 113 1,025 2,806 110 91 530 13,996 52 117 44 71 100 3,400 26 46 5,720 28,247 464 100 3,087 48 157 27 4,096 650 17 86 11 167 2,176 1 18 467 11,572 230 1,048 12,504 194 604 302 17,735 843 26 1,245 18 400 3,295 11 266 459 39,180 17,374 15,764 7,940 6,245 44,388 25,713 1,796 586 3,304 1,763 5,104 3,517 166,140 122,563 7,551 2,236 119 7 3,732 2,377 348 3,199 1,175 39,622 29,822 34 5,251 4,408 23,245 14,290 329,147 230,466 412 235 316 1 14 5,358 474 5 94 33 230 1,056 8,228 129 21 360 43 2 9 1,387 199 34 2 21 369 1,063 3,639 90 804 2,374 149 89 755 12,572 50 89 88 66 110 3,416 23 32 5,910 26,617 572 83 3,122 643 622 144 3,461 3,254 8 39 206 1,396 1,534 1 21 510 15,616 407 552 12,503 374 828 665 20,799 1,338 10 1,100 74 464 4,251 10 790 416 44,581 1,171 1 1,147 10 469 14 528 3,340 966 580 10 36 1,592 88 30 31 2 151 20 189 28 237 72 1 257 4 172 14 229 749 16 63 38 82 199 9 28 6 218 151 412 474 3 863 7 673 5 1,083 3,108 304 371 5 40 720 33 18 3 54 21 65 4 27 117 62 1 290 2 44 2 153 554 18 90 60 640 808 36 2 29 5 560 3 220 855 19,631 4,707 10,578 834 129 48 547 191 1,311 391 4,479 2,847 2,587 396 20,904 5,277 11,289 868 235 24 239 155 1,149 363 4,463 3,431 3,529 436 24,338 11,412 177 738 1,702 7,326 2,983 26,181 12,157 259 394 1,512 7,894 3,965 2,325,150 1,290,899 80,634 98,133 263,510 399,850 192,124 2,256,509 1,248,119 65,606 5,963 113 919 497 304 5,620 77 662 469 212 24 2 83 92 10 51 - 110 101 21 - 70 30 19 1 - 129 4 3 6 - 5,725 31 943 397 72 5,352 16 730 290 28 10 76 10 15 72,789 239,510 422,618 207,867 28 14 26 164 102 5 - 55 21 88 - 116 15 4 3 13 11 - - 2 - - 73 73 - - - - - 7,809 7,051 201 61 234 120 142 7,241 6,489 111 68 271 164 138 2,332,959 1,297,950 80,835 98,194 263,744 399,970 192,266 2,263,750 1,254,608 65,717 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 72,857 239,781 422,782 208,005 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 TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1996 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria. . . . . . . . . . . . . Belgium-Luxembourg . Bulgaria. . . . . . . . . . . . Czech Republic. . . . . . 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 from U.S. residents 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) 25,428 22,324 55,644 22,385 742 5 2,854 2,759 17,517 7,735 14,444 12,254 143,993 87,549 146,223 94,265 5,285 4,090 6,020 5,254 37,270 24,070 41,436 17,229 66,374 25,474 9,993 5,356 9,868 9,370 3,695 2,946 8 1 15,051 13,813 60,051 48,518 24,790 10,668 86,766 21,381 5,011 3,819 2,663,906 1,580,135 322 26,175 22,069 3,468,866 2,043,469 Gross sales by foreigners to U.S. residents 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) 81 207 1,787 485 544 24,193 1,893 4,309 14,147 7,697 5,213 51,823 15 682 40 486 2 13 80 2,803 3,247 139 1,087 4,313 996 16,441 257 220 102 764 847 15,590 1,023 8,206 19,234 17,207 10,774 143,981 2,324 8,597 14,965 11,863 14,209 130,120 18 51 810 126 190 5,849 486 30 75 118 57 4,615 794 3,011 2,407 4,332 2,656 36,881 181 1,705 10,613 7,745 3,963 42,024 2,854 2,056 16,845 6,450 12,695 64,068 148 126 1,159 1,187 2,017 10,483 3 71 15 256 153 7,580 30 127 172 154 266 4,683 2 5 10 2 124 1,011 101 14,665 37 995 1,562 5,597 3,342 40,879 92 491 4,535 3,136 5,868 21,869 542 5,360 43,670 6,354 9,459 83,916 6 77 224 371 514 4,507 40,868 135,195 160,950 568,429 178,329 2,573,698 11 21 242 48 330 1,201 192 1,531 624 558 23,162 56,087 171,176 296,054 649,161 252,919 3,324,656 21,345 20,899 39 2,637 7,855 12,501 84,925 76,618 4,049 4,236 23,813 15,269 26,056 4,928 6,752 3,203 13,210 30,104 8,325 21,054 3,061 1,514,754 34 19,457 1,925,124 17 57 1,718 519 537 921 4,640 14,033 8,103 3,227 4 14 392 37 3 23 140 3,316 363 906 2,684 1,317 127 107 89 1,503 1,263 830 3,275 21,588 17,763 15,600 674 5,083 13,861 15,515 18,369 21 30 801 504 444 177 35 18 79 70 684 1,110 3,108 4,583 3,583 265 1,783 11,694 7,284 5,729 1,354 1,086 15,456 8,029 12,087 61 182 989 2,029 2,294 18 43 19 374 374 175 530 245 530 5 5 23 4 188 947 293 30 533 1,449 5,050 3,713 36 119 4,922 2,410 6,057 334 4,505 40,960 5,527 11,536 6 33 248 482 677 27,382 90,086 156,831 590,211 194,434 3 20 187 86 856 108 1,558 519 664 37,132 113,364 291,008 674,962 283,066 544,842 320,355 3,279 10,927 56,162 124,077 30,042 542,314 317,966 3,136 6,873 40,819 69,700 246,625 115,700 275,837 5,461 4,969 19 3,079 719 222 37,920 242,843 8,996 589 309 4,497 6,297 2,545 25,398 73,173 60,087 109,109 1,315 4,280 1,978 449 79 18,489 136,255 619 29 3 438 1,162 217 2,090 24,481 1,745 34,313 44 53 53 6 103 522 2,056 1,856 3 16 95 147 782 5,141 13,416 658 17,623 265 33 2 76 17 2 1,436 10,805 627 30 37 467 194 999 15,523 54,538 668 58,501 689 200 1 114 91 25 1,378 55,275 3,020 102 137 657 780 33,739 19,237 72,371 45,575 43,955 2,836 295 14 854 139 6 8,712 19,542 2,342 98 101 2,380 3,731 2,537 2,311 8,646 6,967 12,336 312 108 2 4 17 7 7,383 18,910 532 327 15 460 283 40,553 69,542 245,055 117,230 252,588 5,408 5,527 13 2,849 621 315 40,495 221,682 8,661 952 228 3,773 5,724 2,228 23,996 70,695 60,912 100,516 1,227 4,059 1,841 427 167 18,833 123,833 432 105 4 309 1,231 94 1,987 21,158 364 25,616 6 34 74 2 25 150 1,790 1,797 20 19 52 1,734 892 5,819 255 10,040 873 413 61,412 1,031,256 411,688 53,601 10,280 944 636 1,074,881 436,352 68,436 53,345 193,590 261,746 Foreign securities Bonds Stocks (13) (14) 53,941 126,932 33,466 665 4,039 11,378 627 14,670 67 28 1 43 9 1 1,352 9,906 430 20 27 377 72 719 17,797 54,878 676 55,475 727 166 1 152 75 26 1,228 51,197 2,625 106 48 573 668 33,822 19,336 75,937 45,172 44,300 2,960 988 11 734 93 88 11,272 18,405 2,873 111 95 2,167 3,490 3,025 2,387 11,009 9,479 12,011 421 252 5 15 8 7,660 16,551 504 610 34 328 211 1,567 890 5,991 306 45,279 188,027 267,845 64,816 CAPITAL MOVEMENTS 97 TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1996, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents 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) Asia: China: Mainland . . . . . . . . . . 44,159 Taiwan . . . . . . . . . . . 20,024 Hong Kong . . . . . . . . . . 149,413 India . . . . . . . . . . . . . . . 1,989 Indonesia . . . . . . . . . . . 6,823 Israel . . . . . . . . . . . . . . 16,689 Japan . . . . . . . . . . . . . . 603,774 Korea . . . . . . . . . . . . . . 13,068 Lebanon . . . . . . . . . . . . 432 Malaysia. . . . . . . . . . . . 11,756 Pakistan . . . . . . . . . . . . 216 Philippines . . . . . . . . . . 4,107 Singapore. . . . . . . . . . . 157,893 Syria. . . . . . . . . . . . . . . 73 Thailand . . . . . . . . . . . . 17,256 60,459 Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 1,108,131 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 1,987 6 1,854 23 958 5 1,744 6,577 38,704 15,858 100,117 1,390 4,978 13,907 447,584 7,942 16 8,212 9 1,426 122,106 15,571 40,449 818,269 1,092 517 1 91 589 2,290 3,359 482 600 108 2,813 3,018 1 1 4 431 271 18,532 10,178 694 251 1 4 366 16 2 1 687 71 2,901 2,946 20 59 5,569 3,218 35,976 20,628 481 309 4 87 881 96 98 3 38 235 170 2,193 7,709 190 178 1,162 35,578 118 265 388 105 266 13,043 33 89 9,028 70,515 256 1 553 17 148 505 1,480 1,303 141 325 940 12,122 23,634 47 360 265 1,398 306 612 34,515 57,387 2,128 1,935 138 8 224 2,550 22 77 821 836 9,489 7,408 20 20 159 1,358 872 1,323 62,756 99,987 42 3 315 2 223 158 743 20 2 62 3 489 5 367 948 Other countries: Australia . . . . . . . . . . . . 63,181 32,678 207 1,009 3,703 16,003 9,581 8,930 2,690 123 182 1,565 3,249 1,121 All other . . . . . . . . . . . . Total other 72,111 35,368 330 1,191 5,268 19,252 10,702 countries . . . . . . . . Total foreign 6,275,408 3,656,103 164,989 257,502 623,069 1,117,735 456,010 countries. . . . . . . International and regional orgs.: International . . . . . . . . . 53,127 51,355 170 133 129 727 613 European regional . . . . 376 286 37 53 Latin American regional . . . . . . . . . . . 5,126 4,257 144 52 517 135 21 Asian regional . . . . . . . 922 609 55 18 42 28 170 African regional . . . . . . 305 247 37 12 3 6 Middle Eastern 1,159 1,153 6 regional . . . . . . . . . . . Total international 61,015 57,907 443 215 691 943 816 and regional. . . . . . Grand total. . . . . . . 6,336,423 3,714,010 165,432 257,717 623,760 1,118,678 456,826 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 Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign Total bonds sponsored and other securities sales & notes agencies Bonds Stocks Bonds Stocks (8) (9) (10) (11) (12) (13) (14) 26,730 17,262 140,339 2,591 7,009 19,060 555,145 14,114 313 14,189 223 4,338 145,489 75 15,075 52,408 1,014,360 24,251 603 225 11,250 1,729 100 85,751 1,898 1,281 1,286 4 3,789 8 14,452 123 61 406,194 11,172 4,039 5,695 637 159 14 5 8,800 72 15 5 2 1,113 23 43 114,304 1,560 1,851 12,576 19 30,788 3,771 2,997 720,268 21,615 10,782 172 2,119 8,010 234 216 1,547 35,950 187 225 376 95 298 10,843 22 96 10,817 71,207 1,276 203 894 1,170 15,190 28,209 190 877 1,519 1,477 1,368 1,509 30,788 67,002 3,545 3,891 57 12 1,942 2,984 13 108 1,738 1,123 10,126 6,805 27 26 1,008 1,376 2,492 1,543 72,173 118,315 677 312 1,676 40 2,076 15 1,706 6,502 70 362 1 124 648 1,205 13 252 6 271 104 106 4 31 245 293 1 602 9 64 592 1,561 65,695 9,473 30,150 3,850 203 273 1,098 277 4,192 1,131 19,689 10,363 2,895 1,047 75,168 34,000 476 1,375 5,323 22,584 11,410 5,994,256 33 259 291 19 513 95 1,210 164 52 63 11 1,371 15 334 2,010 3,410,251 116,231 177,918 611,067 1,165,706 513,083 54,866 884 52,745 258 166 24 96 - 266 - 915 602 678 - 5,885 1,018 287 5,036 762 257 105 14 15 44 22 1 466 32 1 229 14 5 5 174 8 691 691 - - - - - 63,631 59,749 324 163 765 1,765 865 6,057,887 3,470,000 116,555 178,081 611,832 1,167,471 513,948 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. 98 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 1997 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] Type Foreign bonds . . . . . . . . . . . . . . . Foreign stocks . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . 1993 80,377 62,691 143,068 1994 1995 9,224 48,071 57,295 48,405 50,291 98,696 1996 Jan. - Sept. 1997 48,793 57,122 105,915 36,646 40,867 77,513 July - Sept. 1997 22,812 15,739 38,551 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. U.S. net purchases of foreign bonds and stocks have been sustained at historically high levels since about 1993. The long-run increase in activity in foreign securities appears to be linked to the continuing efforts of U.S. institutional investors, including pension funds and investment companies, to diversify and reallocate their portfolios. The table presents aggregate U.S. net purchases on an annual basis for 1993 through 1996, as well as on a year-to-date and most recent quarter basis for 1997. U.S. net purchases of foreign securities, which slowed somewhat during the first half of 1997, accelerated rapidly in the third quarter to the highest rate since the third quarter of 1993. Much of the increase was due to a surge in net purchases of foreign bonds, particularly opposite the United Kingdom where net purchases amounted to $11.8 billion. Significant net purchases were also recorded opposite Canada, the Netherlands, Mexico, Brazil, Korea, and the Philippines, up $11.2 billion combined in the third quarter. U.S. net purchases of foreign stocks, which were strong in the first half of the year, remained vigorous during the third quarter. Net purchases were most prominent opposite the United Kingdom and Japan, where third period activity amounted to $8.2 billion and $3.1 billion, respectively. Offsetting these increases were U.S. net sales of foreign stocks to the Caribbean banking centers, which totalled $2.3 billion in the third quarter. FOREIGN CURRENCY POSITIONS 99 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. 100 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 Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) Purchased (1) Sold (2) 04/02/97. . . . . . . . . . . . . . . . . . . . . . . 232,576 224,611 -4,663 1.3861 04/09/97. . . . . . . . . . . . . . . . . . . . . . . 244,381 234,301 -5,215 1.3901 04/16/97. . . . . . . . . . . . . . . . . . . . . . . 243,557 236,764 -4,599 1.3974 04/23/97. . . . . . . . . . . . . . . . . . . . . . . 244,399 239,058 -4,514 1.3936 04/30/97. . . . . . . . . . . . . . . . . . . . . . . 244,983 241,342 -5,011 1.3977 05/07/97. . . . . . . . . . . . . . . . . . . . . . . 243,105 239,589 -4,174 1.3822 05/14/97. . . . . . . . . . . . . . . . . . . . . . . 248,630 244,701 -4,698 1.3889 05/21/97. . . . . . . . . . . . . . . . . . . . . . . 257,265 253,608 -4,395 1.3676 05/28/97. . . . . . . . . . . . . . . . . . . . . . . 250,093 248,983 -4,797 1.3833 06/04/97. . . . . . . . . . . . . . . . . . . . . . . 247,697 247,140 -4,601 1.3761 06/11/97. . . . . . . . . . . . . . . . . . . . . . . 253,496 249,603 -4,087 1.3874 06/18/97. . . . . . . . . . . . . . . . . . . . . . . 259,594 259,531 -3,825 1.3935 06/25/97. . . . . . . . . . . . . . . . . . . . . . . 255,352 252,125 -4,414 1.3947 07/02/97. . . . . . . . . . . . . . . . . . . . . . . 260,006 258,904 -3,980 1.3771 07/09/97. . . . . . . . . . . . . . . . . . . . . . . 263,615 260,545 -3,279 1.3745 07/16/97. . . . . . . . . . . . . . . . . . . . . . . 268,520 262,696 -4,295 1.3745 07/23/97. . . . . . . . . . . . . . . . . . . . . . . 270,910 264,198 -4,151 1.3823 07/30/97. . . . . . . . . . . . . . . . . . . . . . . 275,091 271,000 -3,831 1.3817 08/06/97. . . . . . . . . . . . . . . . . . . . . . . 271,179 270,426 -4,255 1.3872 08/13/97. . . . . . . . . . . . . . . . . . . . . . . 275,370 275,529 -4,809 1.3927 08/20/97. . . . . . . . . . . . . . . . . . . . . . . 276,334 274,894 -5,409 1.3930 08/27/97. . . . . . . . . . . . . . . . . . . . . . . 272,538 271,657 -5,454 1.3899 09/03/97. . . . . . . . . . . . . . . . . . . . . . . 267,071 267,001 -4,680 1.3845 09/10/97. . . . . . . . . . . . . . . . . . . . . . . 273,147 270,735 -4,577 1.3868 09/17/97. . . . . . . . . . . . . . . . . . . . . . . 263,581 264,022 -4,547 1.3888 09/24/97. . . . . . . . . . . . . . . . . . . . . . . 272,658 271,655 -4,787 1.3886 FOREIGN CURRENCY POSITIONS 101 SECTION I.--Canadian Dollar Positions, con. 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) 1994 - Dec. . . . . . . . 170,552 168,063 42,517 44,077 11,489 11,681 11,521 9,574 -1,354 71,264 1.4030 1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646 1996 - Oct.. . . . . . . . 196,696 196,600 56,750 51,801 25,609 27,087 17,471 16,489 -3,541 92,362 1.3382 Nov. . . . . . . . 198,576 196,936 51,290 45,874 18,338 19,688 19,904 18,497 -3,896 94,075 1.3517 Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708 1997 - Jan.. . . . . . . . 224,209 222,930 59,023 53,315 26,272 28,234 27,756 21,306 -2,108 94,413 1.3475 Feb. . . . . . . . 229,328 229,794 62,352 54,601 29,040 32,974 32,396 21,598 -4,001 99,648 1.3683 Mar. . . . . . . . 230,960 227,862 61,518 55,317 31,069 35,781 30,308 21,894 -4,702 101,004 1.3854 Apr.. . . . . . . . 242,822 242,586 60,854 57,593 31,361 36,874 28,605 24,714 -4,980 100,989 1.3977 May. . . . . . . . 253,855 258,709 60,440 53,173 32,849 37,351 31,672 28,178 -4,929 103,534 1.3785 June . . . . . . . 272,820 275,873 61,773 52,999 30,003 34,527 28,242 21,382 -3,868 124,865 1.3806 July. . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787 Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885 Sept.. . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815 Spot, forward, and future contracts Report date 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 Spot, forward, and future contracts Non-capital items Calls Puts Cross currency interest rate swaps (10) Exchange rate (Canadian dollars per U.S. dollar) (11) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646 1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595 June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639 Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621 Dec. . . . . . . . 50,635 44,181 54,725 44,618 n.a. n.a. 12,470 n.a. -656 12,096 1.3708 1997 - Mar. . . . . . . . 46,912 40,570 43,829 40,500 2,896 3,177 2,607 n.a. -306 11,813 1.3854 June . . . . . . . 42,222 37,025 51,863 43,938 n.a. n.a. 3,442 n.a. -128 11,298 1.3806 Report date Purchased (1) Sold (2) 1994 - Dec. . . . . . . . 38,697 37,175 1995 - Sept. . . . . . . . 45,225 Dec. . . . . . . . Assets (3) 102 FOREIGN CURRENCY POSITIONS 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 Purchased (1) Sold (2) Net options positions (3) Exchange rate (Deutsche marks per U.S. dollar) (4) 04/02/97 . . . . . . . . . . . . . . . . . . . . . . 1,933,264 1,945,651 11,495 1.6760 04/09/97 . . . . . . . . . . . . . . . . . . . . . . 2,071,074 2,091,078 7,932 1.7255 04/16/97 . . . . . . . . . . . . . . . . . . . . . . 2,083,618 2,100,606 10,206 1.7288 04/23/97 . . . . . . . . . . . . . . . . . . . . . . 2,055,933 2,068,661 10,921 1.7136 04/30/97 . . . . . . . . . . . . . . . . . . . . . . 2,046,933 2,060,227 12,915 1.7316 05/07/97 . . . . . . . . . . . . . . . . . . . . . . 2,097,686 2,107,297 13,484 1.7200 05/14/97 . . . . . . . . . . . . . . . . . . . . . . 2,091,673 2,096,935 5,106 1.6945 05/21/97 . . . . . . . . . . . . . . . . . . . . . . 2,164,411 2,174,994 6,131 1.6954 05/28/97 . . . . . . . . . . . . . . . . . . . . . . 2,155,077 2,161,686 4,052 1.6955 06/04/97 . . . . . . . . . . . . . . . . . . . . . . 2,182,074 2,182,545 8,328 1.7295 06/11/97 . . . . . . . . . . . . . . . . . . . . . . 2,235,700 2,227,037 256 1.7163 06/18/97 . . . . . . . . . . . . . . . . . . . . . . 2,057,352 2,058,975 -324 1.7341 06/25/97 . . . . . . . . . . . . . . . . . . . . . . 2,027,327 2,025,800 -3,486 1.7239 07/02/97 . . . . . . . . . . . . . . . . . . . . . . 2,029,029 2,032,854 -2,136 1.7535 07/09/97 . . . . . . . . . . . . . . . . . . . . . . 2,020,028 2,020,727 -4,544 1.7597 07/16/97 . . . . . . . . . . . . . . . . . . . . . . 2,138,607 2,131,575 -3,651 1.7915 07/23/97 . . . . . . . . . . . . . . . . . . . . . . 2,129,519 2,128,475 -1,919 1.8256 07/30/97 . . . . . . . . . . . . . . . . . . . . . . 2,180,911 2,173,917 -2,621 1.8370 08/06/97 . . . . . . . . . . . . . . . . . . . . . . 2,208,684 2,208,482 217 1.8821 08/13/97 . . . . . . . . . . . . . . . . . . . . . . 2,343,766 2,342,459 4,893 1.8350 08/20/97 . . . . . . . . . . . . . . . . . . . . . . 2,258,792 2,251,679 2,067 1.8563 08/27/97 . . . . . . . . . . . . . . . . . . . . . . 2,374,951 2,364,414 5,741 1.8050 09/03/97 . . . . . . . . . . . . . . . . . . . . . . 2,264,966 2,254,872 2,864 1.8200 09/10/97 . . . . . . . . . . . . . . . . . . . . . . 2,241,813 2,233,115 687 1.7985 09/17/97 . . . . . . . . . . . . . . . . . . . . . . 2,189,109 2,179,773 3,728 1.7725 09/24/97 . . . . . . . . . . . . . . . . . . . . . . 2,188,964 2,177,715 4,882 1.7722 Report date FOREIGN CURRENCY POSITIONS 103 SECTION II--German Mark Positions, con. 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 Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) Exchange rate (Deutsche marks per U.S. dollar) (11) 1994 - Dec. . . . . . . . 1,652,725 1,656,590 171,778 173,397 186,072 172,292 214,518 256,228 14,686 195,003 1.5495 1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385 1996 - Oct.. . . . . . . . 1,966,283 1,978,061 238,599 236,696 370,395 370,014 366,312 375,964 3,824 327,498 1.5179 Nov. . . . . . . . 1,830,046 1,836,430 241,730 239,529 409,775 413,797 404,713 413,641 4,124 332,373 1.5389 Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420 1997 - Jan.. . . . . . . . 1,949,905 1,950,969 257,178 254,161 438,431 433,058 463,029 465,098 10,664 341,024 1.6390 Feb. . . . . . . . 2,133,166 2,134,182 278,946 272,889 454,332 442,041 479,899 483,410 6,975 350,051 1.6903 Mar. . . . . . . . 2,113,694 2,116,806 283,714 283,697 465,360 473,646 490,816 497,336 10,656 340,467 1.6750 Apr.. . . . . . . . 2,107,219 2,127,917 303,660 302,667 462,734 473,283 453,327 507,369 12,933 348,550 1.7316 May. . . . . . . . 2,373,496 2,375,117 295,183 295,401 481,921 503,064 507,670 516,369 6,932 354,456 1.7061 June . . . . . . . 2,093,246 2,096,158 276,440 273,455 493,601 518,626 512,910 525,801 -1,795 350,493 1.7457 July. . . . . . . . 2,164,206 2,158,106 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390 Aug. . . . . . . . 2,263,811 2,257,718 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090 Sept.. . . . . . . 2,234,237 2,226,836 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600 TABLE FCP-II-3.--Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495 309,101 110,314 106,063 19,385 21,080 29,982 26,246 -2,916 25,280 1.4280 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385 1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769 June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250 Sept.. . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254 Dec. . . . . . . . 206,312 204,098 114,004 104,158 33,903 23,066 29,754 22,953 3,277 22,390 1.5420 1997 - Mar. . . . . . . . 274,056 275,403 134,319 125,647 41,923 30,978 41,791 31,534 -1,145 23,211 1.6750 June . . . . . . . 233,915 234,070 135,686 130,961 36,799 36,661 35,601 26,457 -3,524 22,826 1.7457 Spot, forward, and future contracts Report date Purchased (1) Sold (2) 1994 - Dec. . . . . . . . 304,637 287,651 1995 - Sept.. . . . . . . 291,202 Dec. . . . . . . . Non-capital items Assets (3) Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 104 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 Exchange rate (Yen per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 04/02/97. . . . . . . . . . . . . . . . . . . . . . . 163,502 167,529 1,547 123.2700 04/09/97. . . . . . . . . . . . . . . . . . . . . . . 163,614 167,466 1,233 126.8000 04/16/97. . . . . . . . . . . . . . . . . . . . . . . 165,594 168,416 1,285 125.7900 04/23/97. . . . . . . . . . . . . . . . . . . . . . . 162,611 166,374 1,307 126.1000 04/30/97. . . . . . . . . . . . . . . . . . . . . . . 165,916 169,621 1,158 127.1200 05/07/97. . . . . . . . . . . . . . . . . . . . . . . 167,101 170,364 1,311 125.0500 05/14/97. . . . . . . . . . . . . . . . . . . . . . . 173,587 178,360 1,641 117.2500 05/21/97. . . . . . . . . . . . . . . . . . . . . . . 178,062 184,052 1,762 114.3800 05/28/97. . . . . . . . . . . . . . . . . . . . . . . 174,347 178,893 1,643 115.9000 06/04/97. . . . . . . . . . . . . . . . . . . . . . . 169,151 174,107 1,721 116.3000 06/11/97. . . . . . . . . . . . . . . . . . . . . . . 176,734 181,383 1,500 111.2500 06/18/97. . . . . . . . . . . . . . . . . . . . . . . 170,448 174,980 1,473 113.6600 06/25/97. . . . . . . . . . . . . . . . . . . . . . . 167,559 171,839 1,331 114.0900 07/02/97. . . . . . . . . . . . . . . . . . . . . . . 163,843 167,929 1,228 114.5000 07/09/97. . . . . . . . . . . . . . . . . . . . . . . 162,569 167,123 1,428 112.8000 07/16/97. . . . . . . . . . . . . . . . . . . . . . . 167,825 171,721 1,348 115.6500 07/23/97. . . . . . . . . . . . . . . . . . . . . . . 165,432 170,649 1,211 115.7000 07/30/97. . . . . . . . . . . . . . . . . . . . . . . 175,930 180,343 1,084 118.5200 08/06/97. . . . . . . . . . . . . . . . . . . . . . . 169,138 173,888 1,307 118.7200 08/13/97. . . . . . . . . . . . . . . . . . . . . . . 172,155 176,679 1,120 115.6600 08/20/97. . . . . . . . . . . . . . . . . . . . . . . 172,608 177,581 1,037 117.7400 08/27/97. . . . . . . . . . . . . . . . . . . . . . . 175,931 179,903 705 118.9000 09/03/97. . . . . . . . . . . . . . . . . . . . . . . 175,296 179,419 823 120.8000 09/10/97. . . . . . . . . . . . . . . . . . . . . . . 185,074 189,009 1,057 119.1700 09/17/97. . . . . . . . . . . . . . . . . . . . . . . 173,693 177,301 1,115 120.9500 09/24/97. . . . . . . . . . . . . . . . . . . . . . . 180,804 184,456 1,241 120.3800 Report date FOREIGN CURRENCY POSITIONS 105 SECTION III.--Japanese Yen Positions, con. 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) 1994 - Dec. . . . . . . . . 121,520 123,174 16,336 15,781 11,361 10,530 13,131 14,793 1,234 30,578 99.6000 1995 - Dec. . . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200 1996 - Oct. . . . . . . . . 144,238 146,793 23,741 23,325 18,919 19,131 22,339 23,462 360 51,046 114.0500 Nov. . . . . . . . . 147,245 149,232 22,624 22,174 19,802 19,489 23,244 24,345 629 53,236 113.9000 Dec. . . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000 1997 - Jan. . . . . . . . . 155,864 158,407 20,120 18,544 20,472 20,052 24,740 26,035 980 57,908 121.4800 Feb. . . . . . . . . 170,186 172,914 21,114 19,720 21,845 21,273 25,345 27,312 1,627 60,382 120.2000 Mar. . . . . . . . . 162,958 167,166 22,585 21,984 20,245 19,814 24,697 26,751 1,704 62,500 123.7500 Apr. . . . . . . . . 171,962 175,798 23,746 23,226 20,567 20,743 22,501 26,327 1,206 65,508 127.1200 May . . . . . . . . 176,288 182,923 22,640 22,287 35,597 24,176 28,647 30,300 1,811 65,774 116.3500 June . . . . . . . . 169,265 172,789 25,091 24,393 27,743 27,956 29,612 30,859 1,316 65,088 114.6600 July . . . . . . . . 175,802 179,725 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000 Aug. . . . . . . . . 170,621 174,670 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500 Sept. . . . . . . . 176,272 179,800 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 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) 1994 - Dec.. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000 1995 - Sept. . . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500 Dec.. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200 1996 - Mar.. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100 June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500 Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500 Dec.. . . . . . . . 15,669 16,566 7,296 6,967 1,371 1,408 2,023 1,525 -299 3,842 116.0000 1997 - Mar.. . . . . . . . 12,444 13,971 8,437 7,445 1,255 1,413 1,758 1,315 -439 3,098 123.7500 June . . . . . . . 12,733 14,390 9,248 8,315 1,731 1,587 2,330 1,821 -261 2,724 114.6600 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 106 FOREIGN CURRENCY POSITIONS 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 Exchange rate (Francs per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 04/02/97 . . . . . . . . . . . . . . . . . . . . . . 586,050 598,778 4,342 1.4435 04/09/97 . . . . . . . . . . . . . . . . . . . . . . 622,244 634,686 3,601 1.4785 04/16/97 . . . . . . . . . . . . . . . . . . . . . . 611,491 624,327 5,271 1.4725 04/23/97 . . . . . . . . . . . . . . . . . . . . . . 596,726 610,485 4,709 1.4637 04/30/97 . . . . . . . . . . . . . . . . . . . . . . 598,651 613,931 6,002 1.4735 05/07/97 . . . . . . . . . . . . . . . . . . . . . . 606,298 622,413 6,762 1.4595 05/14/97 . . . . . . . . . . . . . . . . . . . . . . 619,765 636,640 9,213 1.4365 05/21/97 . . . . . . . . . . . . . . . . . . . . . . 664,734 682,504 9,311 1.4093 05/28/97 . . . . . . . . . . . . . . . . . . . . . . 680,022 696,893 8,884 1.4115 06/04/97 . . . . . . . . . . . . . . . . . . . . . . 637,365 655,400 7,785 1.4455 06/11/97 . . . . . . . . . . . . . . . . . . . . . . 659,766 676,548 8,384 1.4390 06/18/97 . . . . . . . . . . . . . . . . . . . . . . 608,048 626,509 7,757 1.4475 06/25/97 . . . . . . . . . . . . . . . . . . . . . . 593,345 610,893 8,465 1.4380 07/02/97 . . . . . . . . . . . . . . . . . . . . . . 602,804 620,131 7,456 1.4708 07/09/97 . . . . . . . . . . . . . . . . . . . . . . 587,921 606,312 7,552 1.4578 07/16/97 . . . . . . . . . . . . . . . . . . . . . . 598,621 620,221 10,543 1.4755 07/23/97 . . . . . . . . . . . . . . . . . . . . . . 594,234 610,675 7,965 1.4850 07/30/97 . . . . . . . . . . . . . . . . . . . . . . 644,193 659,854 6,550 1.5138 08/06/97 . . . . . . . . . . . . . . . . . . . . . . 614,508 630,866 6,157 1.5325 08/13/97 . . . . . . . . . . . . . . . . . . . . . . 612,452 630,733 7,516 1.5125 08/20/97 . . . . . . . . . . . . . . . . . . . . . . 617,619 634,797 8,434 1.5245 08/27/97 . . . . . . . . . . . . . . . . . . . . . . 635,649 648,834 6,694 1.4942 09/03/97 . . . . . . . . . . . . . . . . . . . . . . 624,507 642,789 8,458 1.5020 09/10/97 . . . . . . . . . . . . . . . . . . . . . . 639,457 659,693 9,913 1.4790 09/17/97 . . . . . . . . . . . . . . . . . . . . . . 649,297 666,751 8,862 1.4620 09/24/97 . . . . . . . . . . . . . . . . . . . . . . 637,016 652,715 9,096 1.4588 Report date FOREIGN CURRENCY POSITIONS 107 SECTION IV.--Swiss Franc Positions, con. 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 Non-capital items Calls Puts Cross currency interest rate swaps (10) Exchange rate (Francs per U.S. dollar) (11) Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 1994 - Dec. . . . . . . . 322,798 328,968 24,890 26,361 35,863 31,307 30,497 30,940 4,223 132,369 1.3100 1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545 1996 - Oct.. . . . . . . . 506,348 520,867 21,609 24,381 68,526 62,814 79,748 82,427 7,163 99,330 1.2690 Nov. . . . . . . . 528,308 537,826 21,064 24,966 82,815 86,521 86,209 97,944 6,213 100,652 1.3045 Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420 1997 - Jan.. . . . . . . . 564,525 572,672 22,177 27,507 70,131 64,795 93,102 95,892 6,429 100,907 1.4248 Feb. . . . . . . . 614,072 623,922 23,309 30,444 71,947 67,027 93,948 99,168 2,091 111,155 1.4789 Mar. . . . . . . . 607,486 619,793 22,881 31,196 70,971 62,805 93,667 100,915 4,440 111,081 1.4480 Apr.. . . . . . . . 613,098 627,401 26,494 34,306 72,801 58,057 92,256 107,077 6,036 112,228 1.4735 May. . . . . . . . 651,988 668,956 25,246 32,898 79,517 68,880 104,215 120,816 8,663 120,821 1.4145 June . . . . . . . 619,498 632,282 26,259 35,851 69,180 60,238 95,784 110,400 6,933 120,439 1.4620 July . . . . . . . . 628,992 650,200 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125 Aug. . . . . . . . 591,837 609,397 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,671 1.4930 Sept. . . . . . . . 618,850 630,481 33,194 45,512 80,244 76,675 100,366 108,508 7,009 130,235 1.4485 Report date TABLE FCP-IV-3.--Quarterly Report of Large Market Participants [In millions of Swiss francs. 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) 1994 - Dec.. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100 1995 - Sept. . . . . . . . 44,152 34,781 14,252 15,075 2,338 2,395 3,195 2,663 -162 21,170 1.1550 Dec.. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545 1996 - Mar.. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910 June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545 Sept. . . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550 Dec.. . . . . . . . 45,049 54,712 13,769 15,598 3,215 2,838 4,334 4,499 -434 14,876 1.3420 1997 - Mar.. . . . . . . . 51,846 72,267 16,780 17,785 4,520 5,585 6,952 7,728 -608 15,394 1.4480 June . . . . . . . 46,424 66,940 18,141 17,154 3,557 3,609 6,629 7,155 113 13,613 1.4620 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Francs per U.S. dollar) (11) 108 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 Net options positions (3) Exchange rate (U.S. dollars per pound) (4) Purchased (1) Sold (2) 04/02/97. . . . . . . . . . . . . . . . . . . . . . . 351,649 341,232 306 1.6428 04/09/97. . . . . . . . . . . . . . . . . . . . . . . 353,051 344,060 1,011 1.6185 04/16/97. . . . . . . . . . . . . . . . . . . . . . . 358,895 349,834 682 1.6242 04/23/97. . . . . . . . . . . . . . . . . . . . . . . 361,022 352,320 747 1.6225 04/30/97. . . . . . . . . . . . . . . . . . . . . . . 358,594 352,066 1,000 1.6237 05/07/97. . . . . . . . . . . . . . . . . . . . . . . 391,242 380,572 1,338 1.6085 05/14/97. . . . . . . . . . . . . . . . . . . . . . . 389,218 382,278 1,337 1.6465 05/21/97. . . . . . . . . . . . . . . . . . . . . . . 394,750 384,135 914 1.6440 05/28/97. . . . . . . . . . . . . . . . . . . . . . . 401,630 392,468 973 1.6390 06/04/97. . . . . . . . . . . . . . . . . . . . . . . 391,679 383,502 946 1.6327 06/11/97. . . . . . . . . . . . . . . . . . . . . . . 397,085 386,889 717 1.6370 06/18/97. . . . . . . . . . . . . . . . . . . . . . . 380,278 368,365 674 1.6385 06/25/97. . . . . . . . . . . . . . . . . . . . . . . 396,073 384,732 1,353 1.6628 07/02/97. . . . . . . . . . . . . . . . . . . . . . . 397,929 386,078 1,427 1.6725 07/09/97. . . . . . . . . . . . . . . . . . . . . . . 398,542 385,286 410 1.6860 07/16/97. . . . . . . . . . . . . . . . . . . . . . . 399,494 389,568 1,034 1.6782 07/23/97. . . . . . . . . . . . . . . . . . . . . . . 390,793 381,692 1,083 1.6795 07/30/97. . . . . . . . . . . . . . . . . . . . . . . 412,421 404,992 674 1.6287 08/06/97. . . . . . . . . . . . . . . . . . . . . . . 412,881 407,597 664 1.6010 08/13/97. . . . . . . . . . . . . . . . . . . . . . . 426,339 422,254 2,121 1.5840 08/20/97. . . . . . . . . . . . . . . . . . . . . . . 411,341 407,346 1,752 1.5930 08/27/97. . . . . . . . . . . . . . . . . . . . . . . 425,234 420,193 1,784 1.6130 09/03/97. . . . . . . . . . . . . . . . . . . . . . . 418,207 414,881 1,477 1.5845 09/10/97. . . . . . . . . . . . . . . . . . . . . . . 404,403 398,744 1,252 1.5850 09/17/97. . . . . . . . . . . . . . . . . . . . . . . 399,607 393,107 1,437 1.6010 09/24/97. . . . . . . . . . . . . . . . . . . . . . . 395,007 386,919 1,536 1.6133 FOREIGN CURRENCY POSITIONS 109 SECTION V.--Sterling Positions, con. TABLE FCP-V-2.--Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date Non-capital items Calls Puts Net delta equivalent (9) Cross currency interest rate swaps (10) Exchange rate (U.S. dollars per pound) (11) Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) 1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665 1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500 1996 - Oct.. . . . . . . . 342,988 334,369 69,099 72,923 48,599 50,531 46,483 48,865 -469 59,731 1.6265 Nov. . . . . . . . 352,406 345,749 67,155 71,503 54,064 55,734 51,212 53,357 -222 61,216 1.6812 Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120 1997 - Jan.. . . . . . . . 386,113 372,355 72,325 76,436 52,648 54,694 52,891 54,086 -200 62,506 1.6015 Feb. . . . . . . . 367,086 354,766 69,020 72,039 56,613 60,109 53,306 55,542 -309 63,558 1.6285 Mar. . . . . . . . 370,294 355,372 73,905 78,281 56,854 58,422 53,203 57,442 678 66,242 1.6392 Apr.. . . . . . . . 372,828 360,418 75,624 79,978 57,013 57,435 51,342 63,262 1,004 68,833 1.6237 May. . . . . . . . 401,108 388,318 70,300 77,248 59,142 58,031 59,564 66,045 1,052 70,848 1.6400 June . . . . . . . 402,796 387,232 67,556 73,677 56,131 55,764 55,287 63,555 1,436 70,914 1.6642 July. . . . . . . . 416,626 406,481 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400 Aug. . . . . . . . 392,494 383,661 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200 Sept.. . . . . . . 405,724 396,729 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190 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) 1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665 1995 - Sept.. . . . . . . 33,854 36,205 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825 Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500 1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261 June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518 Sept.. . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646 Dec. . . . . . . . 50,760 46,526 41,462 35,464 4,866 5,709 5,747 4,396 n.a. 5,117 1.7120 1997 - Mar. . . . . . . . 43,085 46,833 63,036 40,844 5,216 5,228 4,186 2,693 -216 5,047 1.6392 June . . . . . . . 46,436 48,663 62,258 42,662 3,845 4,081 4,384 2,538 184 5,217 1.6642 Spot, forward, and future contracts Report date Non-capital items Calls Puts 110 EXCHANGE STABILIZATION FUND 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. 5302), 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. ‘‘Profit (+) or loss (-) 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, 1997, and June 30, 1997 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: U.S. Government securities . . . . . . . . . . . . . Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . Foreign exchange and securities: 2 German marks . . . . . . . . . . . . . . . . . . . . . . . . . Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . Mar. 31, 1997 Mar. 31, 1997, through June 30, 1997 June 30, 1997 15,252,719 9,879,375 206,914 144,096 15,459,633 10,023,471 6,131,289 8,441,593 106,931 -222,898 688,194 3,774 5,908,391 9,129,787 110,705 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 39,811,907 820,080 40,631,987 Liabilities and capital Current liabilities: Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 46,229 116,192 162,421 Total current liabilities . . . . . . . . . . . . . . . . . . 46,229 116,192 162,421 Other liabilities: Special drawing rights certificates . . . . . . . . . . Special drawing rights allocations . . . . . . . . . . 9,200,000 6,795,097 6,131 9,200,000 6,801,228 Total other liabilities . . . . . . . . . . . . . . . . . . . 15,995,097 6,131 16,001,228 Capital: Capital account . . . . . . . . . . . . . . . . . . . . . . . . Net income (+) or loss (-) (see table ESF-2) . . 200,000 23,570,581 697,757 200,000 24,268,338 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 23,770,581 697,757 24,468,338 Total liabilities and capital . . . . . . . . . . . . . 39,811,907 820,080 40,631,987 See footnotes on the following page. EXCHANGE STABILIZATION FUND 111 TABLE ESF-2.--Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Mar. 31, 1997, through June 30, 1997 Fiscal year to date Oct. 1, 1996, through June 30, 1997 Income and expense Profit (+) or loss (-) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402,099 -1,074,280 Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . 4,665 -109,968 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,760 91,927 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206,839 556,588 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,394 245,828 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697,757 -289,905 Net income (+) or loss (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 697,757 -289,905 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.’’ 112 Page Intentionally Left Blank 113. Page Intentionally Left Blank 114 Page Intentionally Left Blank TRUST FUNDS 115 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 1998,’’ released February 1997. CHART TF-A.--Major Trust Funds Total Net Increase or Decrease in Assets (In billions of dollars) Source: Financial Management Service 116 TRUST FUNDS CHART TF-B.--Total Receipts of Major Trust Funds (In billions of dollars) Source: Financial Management Service TRUST FUNDS CHART TF-C.--Total Expenditures of Major Trust Funds (In billions of dollars) Source: Financial Management Service 117 118 TRUST FUNDS TABLE TF-1.--Civil Service Retirement and Disability Fund [In millions of dollars. Source: 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) ................... ................... ................... ................... ................... 62,258 63,491 65,699 67,336 70,228 12,568 13,055 13,206 13,632 14,133 4,516 4,420 4,318 4,251 4,205 19,793 19,793 19,950 20,060 21,254 226 179 168 154 154 25,155 26,139 28,056 29,239 30,483 1998 - Est . . . . . . . . . . . . . . . 72,663 15,202 4,156 21,232 21 32,052 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,116 1,534 16,002 1,229 1,456 1,254 1,242 1,602 16,021 1,513 1,282 25,978 807 998 844 844 944 833 849 1,004 804 1,060 822 4,324 326 395 352 339 374 323 326 402 320 406 320 322 21,254 17 13 12 13 14 11 12 11 12 13 11 15 -34 128 14,794 34 125 86 55 185 14,884 34 129 64 Fiscal 1997 . . . . . . . . . . . . . . 70,228 14,133 4,205 21,254 154 30,483 1993 1994 1995 1996 1997 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) ................... ................... ................... ................... ................... 34,906 36,364 38,435 39,778 41,723 27,352 27,127 27,264 27,558 28,505 310,511 337,638 364,901 392,459 420,965 311,705 338,889 366,126 385,443 414,404 -1,194 -1,251 -1,225 7,016 6,561 1998 - Est . . . . . . . . . . . . . . . 43,226 29,437 450,976 450,976 - 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 3,345 3,353 3,378 3,494 3,540 3,502 3,547 3,549 3,469 3,562 3,475 3,507 -2,230 -1,819 12,624 -2,265 -2,084 -2,249 -2,306 -1,948 12,552 -2,049 -2,194 22,471 390,230 388,411 401,035 398,770 396,686 394,438 392,132 390,185 402,737 400,688 398,494 420,965 383,197 381,342 394,059 391,833 389,823 387,372 385,351 383,087 395,901 393,899 391,739 414,404 7,033 7,069 6,976 6,937 6,863 7,066 6,781 7,098 6,836 6,789 6,755 6,561 Fiscal 1997 . . . . . . . . . . . . . . 41,723 28,505 420,965 414,404 6,561 1993 1994 1995 1996 1997 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. TRUST FUNDS 119 TABLE TF-2.--Federal Hospital Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Receipts Fiscal year or month 1993 1994 1995 1996 1997 Total (1) Net appropriations (2) Federal payments (3) Deposits by States (4) Interest and profits on investments (5) Other (6) ................... ................... ................... ................... ................... 95,219 106,114 114,786 123,501 128,583 82,682 91,513 97,489 106,422 112,137 495 2,247 4,504 4,696 4,319 2 * * 1 17 10,581 10,593 10,870 10,389 9,758 1,460 1,762 1,922 1,992 2,353 1998 - Est . . . . . . . . . . . . . . . 132,063 117,983 4,551 - 9,157 372 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 8,394 9,169 15,944 11,573 8,286 9,732 12,058 8,527 16,048 8,467 9,270 11,115 8,226 8,926 10,996 10,202 8,050 8,985 10,065 8,278 10,233 8,234 9,087 10,853 1,158 47 597 1,814 5 615 50 * 32 * 19 * * * * * -1 * * * 18 96 4,767 34 38 -9 19 82 4,651 29 17 14 151 146 163 179 150 159 160 161 549 153 166 215 Fiscal 1997 . . . . . . . . . . . . . . 128,583 112,137 4,319 17 9,758 2,353 Fiscal year or month 1993 1994 1995 1996 1997 Total (7) Expenditures other than investments Benefit Administrative payments expenses (8) (9) Other (10) Net increase, or decrease (-), in assets (11) Total (12) Assets, end of period Unexpended Investments balance (13) (14) ................... ................... ................... ................... ................... 91,604 102,770 114,883 125,317 137,378 90,738 101,535 113,583 124,088 136,175 866 1,235 1,297 1,222 1,179 * 2 7 24 3,615 3,344 -97 -1,816 -8,795 122,218 125,562 125,465 123,649 114,854 126,078 128,716 129,864 125,805 116,621 -3,860 -3,154 -4,399 -2,156 -1,767 1998 - Est . . . . . . . . . . . . . . . 129,952 127,761 1,215 976 2,111 117,365 117,365 - 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 11,377 11,517 10,972 11,583 11,281 10,448 12,017 13,189 9,942 12,440 12,736 9,875 11,279 11,411 10,871 11,506 11,170 10,355 11,912 13,084 9,862 12,310 12,638 9,779 98 105 96 76 111 92 102 104 78 127 97 94 * 1 5 1 1 2 4 1 2 3 2 2 -2,982 -2,348 4,972 -10 -2,995 -717 41 -4,662 6,105 -3,973 -3,466 1,241 120,667 118,319 123,291 123,281 120,285 119,568 119,609 114,947 121,052 117,079 113,614 114,854 122,541 120,038 126,709 125,468 122,375 121,948 121,635 116,190 123,001 118,801 115,352 116,621 -1,874 -1,719 -3,418 -2,187 -2,090 -2,380 -2,026 -1,243 -1,949 -1,722 -1,738 -1,767 Fiscal 1997 . . . . . . . . . . . . . . 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. 120 TRUST FUNDS TABLE TF-3.--Federal Disability Insurance Trust Fund [In millions of dollars. Source: 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) 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . . . . . . . 32,028 34,017 70,148 59,435 60,112 30,786 33,008 67,919 56,528 56,135 -1 * * * 6 966 698 1,888 2,481 3,526 277 310 341 426 446 34,641 37,984 41,380 44,355 46,701 33,626 36,860 40,242 43,278 45,430 1998 - Est . . . . . . . . . . . . . . . . . . . . 61,033 56,912 - 4,112 9 51,663 50,232 1996 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 4,119 4,298 6,007 5,384 4,322 4,813 5,981 4,415 6,980 4,271 4,551 4,970 4,016 4,292 4,395 5,278 4,297 4,783 5,847 4,376 5,218 4,131 4,542 4,960 * 6 * * * * * * * * * 13 6 1,604 5 22 26 31 36 1,761 13 -1 9 90 1 1 101 3 4 103 3 2 127 10 2 3,805 3,955 3,810 4,082 3,610 3,905 3,884 3,936 3,964 3,919 3,942 3,888 3,712 3,840 3,711 3,994 3,514 3,791 3,787 3,817 3,812 3,806 3,842 3,806 Fiscal 1997 . . . . . . . . . . . . . . . . . . . 60,112 56,135 6 3,526 446 46,701 45,430 Fiscal year or month 1993 1994 1995 1996 1997 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) ........................ ........................ ........................ ........................ ........................ 83 106 68 2 59 932 1,018 1,064 1,060 1,160 1 5 15 52 -2,613 -3,967 28,768 15,080 13,411 11,278 7,311 36,079 51,160 64,571 10,237 6,100 35,225 50,100 63,562 1,041 1,211 854 1,060 1,009 1998 - Est . . . . . . . . . . . . . . . . . . . . 98 1,276 57 9,370 70,822 70,822 - 1996 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 59 - 92 112 89 85 95 111 89 116 88 106 97 79 1 4 10 3 1 3 8 2 5 6 4 4 314 343 2,197 1,302 712 908 2,097 480 3,016 352 609 1,082 51,474 51,817 54,014 55,315 56,027 56,935 59,032 59,512 62,528 62,880 63,489 64,571 50,425 50,799 52,961 54,254 54,972 55,894 57,977 58,467 61,408 61,877 62,499 63,562 1,049 1,018 1,053 1,061 1,055 1,041 1,055 1,045 1,120 1,003 990 1,009 Fiscal 1997 . . . . . . . . . . . . . . . . . . . 59 1,160 52 13,411 64,571 63,562 1,009 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. TRUST FUNDS 121 TABLE TF-4.--Federal Old-Age and Survivors Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Expenditures other than investments Payments to railBenefit road retirement Total payments account (6) (7) (8) Total (1) Appropriations (2) Receipts Deposits by States (3) 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . . . . . . . 319,035 341,973 325,860 357,041 386,485 287,233 308,134 289,299 316,965 342,013 9 -45 1 33 30 25,822 28,505 31,417 34,026 37,688 5,972 5,379 5,143 3,013 6,754 269,960 281,586 294,474 305,461 318,569 264,582 276,292 288,622 299,987 312,880 3,353 3,420 4,052 3,554 3,688 1998 - Est . . . . . . . . . . . . . . . . . . . . 406,045 349,435 - 41,087 15,523 334,956 326,537 3,789 1996 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 24,115 24,096 43,136 33,839 26,994 30,144 37,178 27,738 51,367 27,643 28,632 31,603 22,473 24,016 25,025 32,121 26,826 29,950 35,283 27,511 32,758 25,989 28,568 31,494 * 25 1 * * * * 3 * * * 55 64 18,066 22 149 171 198 209 18,587 109 -30 89 1,586 17 21 1,695 19 23 1,697 19 19 1,545 94 19 25,548 25,504 25,749 26,294 26,340 26,330 26,408 26,490 30,097 26,619 26,630 26,561 25,279 25,395 25,597 26,157 26,131 26,230 26,230 26,315 26,308 26,343 26,460 26,436 3,688 - Fiscal 1997 . . . . . . . . . . . . . . . . . . . 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688 Fiscal year or month Fiscal year or month 1993 1994 1995 1996 1997 Expenditures other than investments, con. Administrative expenses Other (9) (10) Net earnings on investments (4) Other (5) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) ................... ................... ................... ................... ................... 2,026 1,875 1,799 1,791 2,001 129 - 49,075 60,387 31,386 51,580 67,916 363,915 424,303 455,688 507,269 575,185 355,510 413,425 447,947 499,403 567,445 8,405 10,878 7,741 7,866 7,740 1998 - Est . . . . . . . . . . . . . . . 2,358 2,272 71,089 635,073 635,073 - 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 269 109 152 137 209 101 178 175 101 275 170 125 - -1,433 -1,408 17,388 7,545 654 3,814 10,770 1,248 21,271 1,024 2,002 5,042 505,836 504,428 521,816 529,360 530,015 533,828 544,598 545,847 567,117 568,141 570,144 575,185 498,104 496,661 513,894 521,582 522,273 525,960 536,848 538,005 556,344 560,560 562,551 567,445 7,732 7,767 7,922 7,778 7,742 7,868 7,750 7,842 10,773 7,581 7,593 7,740 Fiscal 1997 . . . . . . . . . . . . . . 2,001 - 67,916 575,185 567,445 7,740 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. 122 TRUST FUNDS TABLE TF-5.--Federal Supplementary Medical Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month 1993 1994 1995 1996 1997 Total (1) Premiums (2) Receipts Federal Interest and profits contributions on investments (3) (4) Other (5) Expenditures other than investments Benefit Total payments (6) (7) ........................ ........................ ........................ ........................ ........................ 60,799 57,367 58,169 82,025 80,806 13,255 15,212 17,126 16,858 16,984 44,227 38,355 36,988 61,702 59,471 1,888 2,116 1,935 1,388 2,192 1,429 1,685 2,120 2,077 2,159 54,254 59,724 65,213 68,946 72,553 52,409 58,006 63,491 67,176 71,133 1998 - Est . . . . . . . . . . . . . . . . . . . . 100,075 20,567 78,084 1,424 - 98,904 97,346 1996 - Oct.. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1997 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 6,413 6,423 7,316 6,606 6,599 6,702 6,592 6,644 7,619 6,579 6,679 6,635 1,385 1,387 1,398 1,409 1,420 1,442 1,400 1,420 1,424 1,409 1,434 1,454 4,832 4,846 4,826 4,986 4,979 5,058 4,933 5,000 5,015 4,970 5,046 4,980 22 15 931 22 22 21 77 40 996 16 15 15 173 175 162 188 178 181 182 183 184 184 184 186 6,348 6,558 5,867 6,365 5,412 4,899 6,201 6,947 5,241 6,535 7,056 5,123 6,193 6,462 5,777 6,285 5,273 4,772 6,079 6,822 5,127 6,413 6,939 4,989 Fiscal 1997 . . . . . . . . . . . . . . . . . . . 80,806 16,984 59,471 2,192 2,159 72,553 71,133 Fiscal year or month Expenditures other than investments, con. Administrative expenses Other (8) (9) Net increase, or decrease (-), in assets (10) Assets, end of period Total (11) Investments (12) Unexpended balance (13) 1993. . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . 1,845 1,718 1,720 1,733 1,403 * 2 5 17 6,545 -2,357 -7,044 13,079 8,252 22,924 20,567 13,523 26,602 34,855 23,268 21,489 13,513 27,175 34,464 -344 -922 10 -573 391 1998 - Est . . . . . . . . . . . . . . . 1,527 31 1,171 31,459 31,459 - 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan.. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . 155 95 86 79 138 126 119 125 112 119 116 132 * 1 3 1 * 2 3 * 1 2 1 1 65 -136 1,449 240 1,187 1,803 391 -303 2,378 44 -377 1,512 26,667 26,531 27,980 28,221 29,407 31,210 31,601 31,298 33,676 33,720 33,342 34,855 26,707 26,845 28,489 28,004 29,274 30,666 31,339 31,482 33,412 33,411 33,101 34,464 -40 -314 -509 217 133 544 262 -184 264 309 241 391 Fiscal 1997 . . . . . . . . . . . . . . 1,403 17 8,252 34,855 34,464 391 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. TRUST FUNDS 123 TABLE TF-6.--National Service Life Insurance Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month Total (1) 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 (7) Assets, end of period Unexpended Investments balance (8) (9) 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 12,016 12,007 9 1997. . . . . . . . . . . . . . . . . . . . 1,248 231 2 1,015 1,227 21 12,058 12,023 35 1998 - Est . . . . . . . . . . . . . . . 1,728 216 2 1,510 1,849 -121 11,828 11,828 - 1996 - Oct.. . . . . . . . . . . . . . . 23 20 * 3 87 -64 11,952 11,935 17 Nov. . . . . . . . . . . . . . . 25 22 * 3 84 -59 11,894 11,876 18 Dec. . . . . . . . . . . . . . . 515 13 * 502 96 418 12,312 12,293 19 1997 - Jan.. . . . . . . . . . . . . . . 23 22 * * 101 -78 12,234 12,217 17 Feb. . . . . . . . . . . . . . . 21 20 * 1 109 -88 12,146 12,129 17 Mar. . . . . . . . . . . . . . . 22 20 * 1 124 -102 12,044 12,032 12 Apr. . . . . . . . . . . . . . . . 23 21 * 2 109 -86 11,958 11,944 14 May. . . . . . . . . . . . . . . 26 24 * 2 113 -87 11,872 11,861 11 June . . . . . . . . . . . . . . 516 18 * 499 96 420 12,292 12,279 13 July . . . . . . . . . . . . . . . 23 22 * * 101 -79 12,213 12,199 14 Aug. . . . . . . . . . . . . . . 19 18 * 1 97 -78 12,135 12,117 18 Sept. . . . . . . . . . . . . . . 13 10 * 2 111 -98 12,037 12,023 14 Fiscal 1997 . . . . . . . . . . . . . . 1,248 231 2 1,015 1,227 21 12,058 12,023 35 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. 124 TRUST FUNDS TABLE TF-7.--Railroad Retirement Account [In millions of dollars. Source: Financial Management Service] Receipts Total (1) Appropriations (2) Interest and profits on investments (3) ................... ................... ................... ................... ................... 8,391 7,660 9,093 4,958 9,270 3,870 3,755 3,942 3,872 4,051 889 587 1,033 1,108 1,234 3,632 3,318 4,118 -21 3,985 7,667 7,794 7,917 7,992 8,322 2,901 2,944 2,915 2,940 2,984 1998 - Est . . . . . . . . . . . . . . . 3,359 2,482 877 - 2,999 - 1996 - Oct.. . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . 532 558 299 397 606 436 371 545 3,898 688 396 542 342 362 271 365 439 472 265 360 30 411 346 389 128 196 29 -32 167 -36 106 121 121 230 51 153 63 64 64 3,747 47 - 664 667 659 685 674 678 678 676 920 677 673 671 243 246 246 249 251 246 249 250 248 256 247 253 Fiscal 1997 . . . . . . . . . . . . . . 9,270 4,051 1,234 3,985 8,322 2,984 Fiscal year or month 1993 1994 1995 1996 1997 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) 1993. . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . 71 70 71 71 86 4,696 4,780 4,931 4,981 5,252 724 -134 1,176 -3,034 948 8,785 8,651 9,827 6,793 7,741 11,961 12,203 14,440 17,122 19,239 -3,176 -3,552 -4,613 -10,329 -11,498 1998 - Est . . . . . . . . . . . . . . . - - 360 12,512 12,512 - 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan.. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . 6 9 7 8 4 7 7 11 6 8 6 7 414 412 406 429 420 424 422 416 666 412 420 412 -131 -109 -360 -288 -68 -241 -307 -131 2,979 12 -277 -130 6,662 6,553 6,193 5,905 5,837 5,596 5,289 5,158 8,136 8,148 7,871 7,741 17,338 17,177 17,507 17,769 18,032 18,229 18,492 18,854 18,803 18,986 19,165 19,239 -10,676 -10,624 -11,314 -11,864 -12,195 -12,633 -13,203 -13,696 -10,667 -10,838 -11,294 -11,498 Fiscal 1997 . . . . . . . . . . . . . . 86 5,252 948 7,741 19,239 -11,498 Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. TRUST FUNDS 125 TABLE TF-8.--Unemployment Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month 1993 1994 1995 1996 1997 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) ................... ................... ................... ................... ................... 42,235 33,816 32,820 32,398 32,481 20,966 22,484 23,158 22,706 22,071 5,437 5,460 5,696 5,854 6,103 13,148 3,321 1,233 438 564 64 27 24 24 28 2,619 2,523 2,710 3,376 3,715 1998 - Est . . . . . . . . . . . . . . . 35,036 24,496 5,976 604 67 3,893 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,422 2,676 2,033 1,177 2,501 407 3,604 10,070 2,139 2,104 4,068 280 953 2,208 216 692 1,935 266 1,918 8,444 298 1,393 3,542 205 371 365 43 441 486 45 1,607 1,518 45 680 460 42 54 60 47 31 57 61 27 58 74 17 51 26 5 1 * 4 2 * 7 1 * 8 * * 37 43 1,727 9 21 35 45 48 1,722 6 16 7 Fiscal 1997 . . . . . . . . . . . . . . 32,481 22,071 6,103 564 28 3,715 Expenditures other than investments Fiscal year or month Total (7) State unemployment benefits (8) State administrative expenses (9) ................... ................... ................... ................... ................... 39,694 30,273 25,096 26,062 24,203 35,977 26,915 21,628 22,600 20,829 3,413 3,100 3,197 3,180 3,088 1998 - Est . . . . . . . . . . . . . . . 28,580 28,484 1996 - Oct.. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1997 - Jan . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,784 1,651 2,144 2,720 2,343 2,363 2,178 1,819 1,790 1,957 1,768 1,686 Fiscal 1997 . . . . . . . . . . . . . . 24,203 1993 1994 1995 1996 1997 See footnotes at end of table. Repayment of advances from the general fund (10) Federal administrative expenses (11) Railroad administrative expenses (12) - 213 171 190 196 208 18 2 - - - - 1,499 1,385 1,834 2,370 2,060 2,111 1,904 1,592 1,492 1,666 1,485 1,432 277 256 285 295 235 204 256 211 284 276 269 239 - 3 4 18 47 39 38 10 11 10 9 9 9 * * * * * * * * * * * * 20,829 3,088 - 208 2 126 TRUST FUNDS TABLE TF-8.--Unemployment Trust Fund, con. [In millions of dollars. Source: 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) 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. . . . . . . . . . . . . . . . . . . . 73 3 8,279 72,957 61,923 11,034 1998 - Est . . . . . . . . . . . . . . . 96 - 6,456 67,544 67,544 - 1996 - Oct.. . . . . . . . . . . . . . . 4 * -362 64,315 53,233 11,082 Nov.. . . . . . . . . . . . . . . 6 * 1,025 65,341 54,430 10,911 Dec.. . . . . . . . . . . . . . . 7 * -111 65,230 54,321 10,909 1997 - Jan.. . . . . . . . . . . . . . . 9 * -1,543 63,686 52,575 11,111 Feb.. . . . . . . . . . . . . . . 8 * 158 63,845 52,913 10,932 Mar.. . . . . . . . . . . . . . . 9 * -1,956 61,889 50,952 10,937 Apr. . . . . . . . . . . . . . . . 7 * 1,426 63,315 51,225 12,090 May . . . . . . . . . . . . . . . 5 * 8,251 71,565 60,559 11,006 June . . . . . . . . . . . . . . 5 * 349 71,915 60,891 11,024 July . . . . . . . . . . . . . . . 4 1 147 72,062 60,554 11,508 Aug.. . . . . . . . . . . . . . . 5 * 2,300 74,363 63,336 11,027 Sept. . . . . . . . . . . . . . . 5 * -1,406 72,957 61,923 11,034 Fiscal 1997 . . . . . . . . . . . . . . 73 3 8,279 72,957 61,923 11,034 * Less than $500,000. Note.--Estimates are based on the ‘‘Budget of the United States Government, Fiscal Year 1998,’’ released by the Office of Management and Budget February 6, 1997. TRUST FUNDS 127 TABLE TF-9a.--Investments of Specified Trust Accounts in Public Debt Securities by Issue, as of Sept. 30, 1997 [In millions of dollars. Source: Financial Management Service] Type and rate Investment of securities Payable date Issue date (1) (2) Federal Old-age Federal SuppleFederal DisFederal Hos- and Survivors mentary Medical Railroad ability Insurpital InsurInsurance Insurance Retirement ance Trust Fund ance Trust Fund Trust Fund Trust Fund Account (3) (4) (5) (6) (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 public issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TABLE TF-9b.--Investments of Specified Trust Accounts in Public Debt Securities by Issue, as of Sept. 30, 1997 [In millions of dollars. Source: Financial Management Service] Type Issued (1) (Retired)/Inflation Adjusted (2) Outstanding (3) Government account series: Federal Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 73,324 -9,811 63,513 Federal Hospital Insurance Trust Fund. . . . . . . . . . . . . . . . . . . 139,096 -22,475 116,621 Federal Old-age and Survivors Insurance Trust Fund . . . . . . . 589,871 -22,427 567,445 Federal Supplementary Medical Insurance Trust Fund . . . . . . 51,974 -17,509 34,464 Railroad Retirement Accout . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,758 -272 17,486 Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,080 -5,200 61,880 Total government account series: . . . . . . . . . . . . . . . . . . . . 939,103 -77,694 861,409 TRUST FUNDS 128 TABLE TF-15A.--Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment to the Intermodal Surface Transportation Efficiency Act of 1991 and represents data concerning the Highway Trust Fund. The figure described as ‘‘unfunded authorizations’’ is the latest estimate received from three Department of Transportation for fiscal 1996. The 24- and 12-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal 1996. Highway Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123 24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154 Mass Transit Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561 12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233 TECHNICAL PAPERS 129 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. 9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. January 1997. 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 622-2563. 130 Glossary With References to Applicable Sections and Tables Source: Financial Management Service 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, contract authority, and authority to obligate and expend offsetting receipts and collections. 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 1997, the debt limit was $5,950,000 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)----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 131 Glossary of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)----Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional 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’’)----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 132 Glossary comply with IRS arbitrage provisions. SLUGs are 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