Full text of Treasury Bulletin : December 1998
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Contents DECEMBER 1998 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.—Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Introduction.—Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Analysis.—Budget results and financing of the U.S. Government and third-quarter receipts by source . . . . . . . . . . . . . . . . . . 9 FFO-A.—Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-B.—Chart: Budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-1.—Summary of fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-2.—On-budget and off-budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-3.—On-budget and off-budget outlays by agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FFO-4.—Summary of receipts by source and outlays by function of the U.S. Government, fourth-quarter fiscal year 1998 and other periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ACCOUNT OF THE U.S. TREASURY Introduction: Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 UST-1.—Elements of changes in Federal Reserve and tax and loan note account balances. . . . . . . . . . . . . . . . . . . . . . . . . . . 18 FEDERAL DEBT Introduction: Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 FD-1.—Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 FD-2.—Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 FD-3.—Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 FD-4.—Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 FD-5.—Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . 25 FD-6.—Debt subject to statutory limitation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 FD-7.—Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . 26 FD-A.—Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 PUBLIC DEBT OPERATIONS Introduction: Public debt operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 PDO-1.—Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 PDO-2.—Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 PDO-3.—Public offerings of marketable securities other than regular weekly Treasury bills . . . . . . . . . . . . . . . . . . . . . . . . . 40 PDO-4A.—Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . 43 PDO-4B.—Allotments by investor classes for marketable public debt securities for bills other than regular weekly series45 U.S. SAVINGS BONDS AND NOTES Introduction: Savings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-1.—Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-2.—Sales and redemptions by period, all series of savings bonds and notes combined. . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-3.—Sales and redemptions by period, series E, EE, H, HH, and I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 OWNERSHIP OF FEDERAL SECURITIES Introduction: Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 OFS-1.—Distribution of Federal securities by class of investors and type of issues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 OFS-2.—Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 MARKET YIELDS Introduction: Market yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 MY-1.—Treasury market bid yields at constant maturities: bills, notes, and bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 MY-A.—Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 MY-2.—Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 MY-B.—Chart: Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 IV Contents U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction: U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-1.—Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-2.—Amounts outstanding and in circulation; by denomination, per capita comparative totals. . . . . . . . . . . . . . . . . . . 58 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction: International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 IFS-1.—U.S. Reserve assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 IFS-2.—Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 IFS-3.—Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 CAPITAL MOVEMENTS Introduction: Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 SECTION I.—LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.—Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 CM-I-2.—Total liabilities by type, payable in dollars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 CM-I-3.—Total liabilities by country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 CM-I-4.—Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 CM-A.—Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 SECTION II.—CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.—Total claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 CM-II-2.—Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 CM-II-3.—Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 CM-B.—Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . . 77 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 separately78 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 CM-IV-2.—Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 CM-IV-3.—Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 CM-IV-4.—Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 CM-IV-5.—Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 CM-C.—Chart: Net purchases of long-term domestic securities by foreigners, selected countries . . . . . . . . . . . . . . . . . . . . . 88 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 CM-V-2.—U.S. transactions with foreigners in long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 CM-V-3.—Net foreign transactions in long-term domestic securities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 CM-V-4.—U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (third quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 CM-V-5.—U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (calendar year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 CM-D.—Chart: Net purchases of long-term foreign securities by U.S. investors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 FOREIGN CURRENCY POSITIONS Introduction: Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Contents V SECTION I.—CANADIAN DOLLAR POSITIONS FCP-I-1.—Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-I-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION II.—GERMAN MARK POSITIONS FCP-II-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-II-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-II-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 SECTION III.—JAPANESE YEN POSITIONS FCP-III-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-III-2.—Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-III-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 SECTION IV.—SWISS FRANC POSITIONS FCP-IV-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-IV-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 FCP-IV-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION V.—STERLING POSITIONS FCP-V-1.—Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 FCP-V-2.—Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 FCP-V-3.—Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 EXCHANGE STABILIZATION FUND Introduction: Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 ESF-1.—Balance sheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 ESF-2.—Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 SPECIAL REPORTS TRUST FUNDS Introduction: Trust Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 TF-A.—Chart: Major trust funds, total net increase or decrease in assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 TF-B.—Chart: Total receipts of major trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 TF-C.—Chart: Total expenditures of major trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 TF-1.—Civil Service Retirement and Disability Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 TF-2.—Federal Hospital Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 TF-3.—Federal Disability Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 TF-4.—Federal Old-Age and Survivors Insurance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 TF-5.—Federal Supplementary Medical Insurance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 TF-6.—National Service Life Insurance Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 TF-7.—Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 TF-8.—Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 TF-9.—Investments of specified trust accounts in public debt securities by issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Introduction: Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 TF-15a.—Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover 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-5.—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 Macroeconomic Analysis] Real gross domestic product (GDP) Real GDP grew at a 3.9 percent annual rate in the third quarter, in line with the average over the previous 2 years. Underlying the fairly strong performance of total GDP was evidence of a slowing pace in several of its components, particularly business investment. It is expected that economic growth will moderate over the course of next year. The household sector accounted for much of the growth in the third quarter, although gains in consumer spending on goods and services and on housing were much lower than the very rapid rates posted in the first half. Business investment declined in the third quarter for the first time since 1991, reflecting a third straight drop in investment in structures, and a reversal in equipment investment following growth at more than a 25 percent annual rate in the first half. Deterioration in the foreign trade balance continued to act as a drag on real GDP growth in the third quarter, but to a much lesser extent than earlier in the year. The widening trade deficit subtracted 0.4 percentage point from GDP growth in the third quarter, compared to more than 2 points subtracted in each of the prior two quarters. Inventory investment was also a more positive factor, adding 1 percentage point to third quarter growth compared with a reduction of 2.7 points in the previous quarter. The national accounts measures of inflation continue to be very moderate. The chain-weight GDP price index increased at a 0.8 percent annual rate in the third quarter and was up at only a 0.9 percent pace through three quarters this year. The gross domestic purchases index, which subtracts exports and Consumer Prices* (Percent change from a year earlier) Growth of Real GDP (Percent change, fourth quarter to fourth quarter) adds imports to get a measure of prices paid by U.S. residents, rose 0.5 percent in the third quarter and has increased at only a 0.3 percent annual rate so far this year. Inflation Inflation remains well behaved in 1998, with consumer prices continuing to rise at a modest pace. Further back in the production chain there are no signs of building price pressures, with producer prices continuing to decline at all three stages of Producer Prices - Finished Goods* (Percent change from a year earlier) *Year tick marks correspond with June data. 4 PROFILE OF THE ECONOMY processing again this year. Wages have accelerated, however, Employment and unemployment leading to a pickup in labor costs. Growth of employment has slowed notably over the past few During the first 10 months of the year, the consumer price inmonths but remains at a pace consistent with growth of the dex (CPI) rose at a seasonally adjusted annual rate of 1.6 perworking-age population. Such a slowdown can be viewed as cent, close to the 1.7 percent gain last year but well below the potentially beneficial in reducing inflationary pressures in cur3.3 percent advance posted in 1996. Declining energy prices rent very tight labor markets. continue to be a factor, falling The number of jobs added at an annual rate of just under 9 Civilian Unemployment Rate to nonfarm payrolls averpercent this year on top of a aged 148,000 a month durnear 3-1/2 percent drop last ing the 3 months ended year. Food prices are up at an October, following increases annual rate of 2.6 percent, averaging 247,000 during the compared with an increase of first 7 months of the year (all 1.5 percent last year. The core figures have been adjusted CPI has advanced by 2.4 perfor the impact of the GM cent at an annual rate through strike last summer). EmployNovember, not much differment in manufacturing has ent than the 2.2 percent infallen by nearly 200,000 crease last year (the smallest since March, reflecting rein crease since 1965) and duced demand for U.S. exdown slightly from the pace ports because of the Asian dur ing the pre ced ing few cri sis. Over the past few years. Meth od olog i cal months, however, expansion changes over the last several of jobs in the service sector years have slowed the inhas also begun to slow. crease in the total CPI by The unemployment rate reabout 1/3 per cent age point. mained at 4.6 percent in OcDe clining en ergy prices to ber, un changed from have resulted in lower proSeptember but up from a Establishment Employment ducer prices for fin ished 28-year low of 4.3 percent in (Monthly change in thousands) goods. Finished goods prices both April and May. are down at a 0.5 percent seaAverage hourly earnings of sonally adjusted annual rate pro duc tion and other so far this year after falling by nonsupervisory workers rose 1.2 percent in 1997. Food to $12.88 in October, repreprices are moving up at a senting a 3.6 percent increase meager 0.7 percent clip. On a in nominal terms from a year core basis, finished goods earlier. This moderate adprices are rising at a 1.5 pervance resulted in a strong 2.4 cent pace fol low ing no percent gain in real earnings, change last year. Core prices reflecting restrained growth for crude and intermediate of prices. goods continue to fall, indiReal disposable cat ing no im mi nent price personal income and pressures further back in the production chain. consumer spending Hourly compensation in the Real disposable (after-tax) nonfarm business sector inpersonal income rose at a 3.2 creased at a 4.3 percent anpercent annual rate during nual rate during the first three the three quarters of 1998, up a little from a 2.9 percent inquarters of the year, faster than the 1.9 percent increase in procrease over the course of 1997. Gains during both 1997 and ductivity. This has pushed unit labor costs up at a 2.1 percent 1998 have been fueled by large advances in wages and salaannual rate, the same as registered during 1997. The employries, as both employment and wage rates have been on the rise. ment cost index for total compensation rose by 1.0 percent for Real wages and salaries surged at an annual rate of 7.4 percent the 3 months ending in September, up from 0.7 percent and 0.9 in the first quarter, followed by additional strong increases of percent, respectively, for the 3-month periods ending in March 4.7 percent and 4.8 percent in the second and third quarters. and June. Over the last 12 months the index has risen by 3.7 (Personal income also includes such items as transfer payments, proprietors’ income, dividends, and interest, but does percent, the largest increase in 6-1/2 years. PROFILE OF THE ECONOMY not include capital gains.) Real consumer spending jumped at a 6.1 percent annual rate in both of the first two quarters of the year and by 4.1 percent in the third. Strength has been widespread among discretionary items, such as furniture and appliances, miscellaneous durables, clothing, foreign travel and brokerage services. Since even the high rate of income growth was outpaced by spending, the share of after-tax income devoted to personal saving fell to an extremely low 0.2 percent in the third quarter from 1.2 percent in the first quarter and 2.1 percent averaged in 1997. Huge gains in wealth associated with rising stock prices appear to have caused households to feel less need to save out of current income in recent years. Industrial production and capacity utilization Industrial production in manufacturing, mining and utilities has grown by a modest 0.4 percent annual rate during the first 10 months of 1998, a distinct slowdown from increases averaging 5.2 percent during the previous 2 years. The main source of weakness has been manufacturing output, which accounts for about 86 percent of total industrial production. The impact of decreased demand for U.S. exports stemming from the Asian crisis and the strong dollar has become more apparent as the year has progressed. Factory production fell by 0.9 percent at an annual rate in the third quarter, following increases at rates of 2.3 percent in the first quarter and 0.8 percent in the second. The strike at General Motors affected third-quarter results, but declines were widespread. In October, factory production showed signs of modest recovery, posting a small 0.3 percent increase. The industrial capacity utilization rate has been falling throughout 1998, dropping to 80.6 percent in October from 83.3 percent at the end of last year. The decline reflects not only sluggish growth of production, but also rapid expansion of capacity at a 4.3 percent annual rate over the first 10 months of this year. The utilization rate currently stands at its lowest point in more than 6 years, well below the expansion high of 84.6 percent reached in early 1995 and also below its long-term average of 82.1 percent. Nonfarm productivity and unit labor costs Nonfarm business productivity (real output per hour worked) has increased at a 1.9 percent annual rate over the first three quarters of 1998. As is typical of this volatile series, growth has been uneven at a rapid 3.5 percent annual rate in the first quarter, only 0.3 percent in the second, and 2.3 percent in the third. The advance so far during 1998 matches the 1.9 percent pace averaged over the previous 2 years but is notably faster than trend productivity growth—estimated at about 1-1/4 percent. Growth of hourly compensation costs in the nonfarm business sector has accelerated to a 4.3 percent annual rate during the first three quarters of 1998 from 3.9 percent during 1997 and as little as 1.6 percent during 1993. Strong productivity growth has held the increase of labor costs per unit of output to only 2.1 percent so far during 1998, matching the rise for all of 1997. While recent increases are somewhat faster than the 1.6 percent registered during both 1995 and 1996, they are still rel- 5 atively small, helping to contain inflation. Productivity in manufacturing has grown at a 2.4 percent annual rate so far during 1998, roughly half as fast as the 4-1/2 percent rate averaged during the previous 3 years. Unit labor costs in manufacturing have risen at only a 0.8 percent annual rate through the third quarter, about the same as last year. During the previous 3 years, these costs had fallen by 1.8 percent annually on average. Current account balance The current account is a summary of U.S. international transactions, measuring trade in goods and services as well as the net flow of investment income and unilateral transfers. The current account has shown a deficit almost continuously since the early 1980’s. That deficit has widened substantially from a recent low of $6 billion in 1991 to $226 billion at an annual rate in the second quarter of 1998. This exceeded the previous record deficit of $168 billion set in 1987, although it represents a smaller share of the overall economy (2.7 percent of GDP compared with 3.6 percent in 1987). Over the past several years, U.S. economic growth has outpaced that of our major trading partners. That caused imports to grow much more rapidly than exports. The sharp appreciation of the dollar in more recent years has widened the trade gap further. In addition, what had been a positive balance on investment income shifted to a negative in 1997 as the inflow of capital into the United States boosted payments of earnings and interest to foreigners. Deterioration in the second quarter mainly reflected a deepening of the deficit on trade in goods and services due to the strength of the dollar as well as weaker demand for U.S. goods exports in Asia. The goods and services trade deficit widened further in the third quarter but by much less than in the previous quarter. The current account deficit is matched by offsetting transactions in the capital account, although the two do not exactly match. The difference (the statistical discrepancy) is usually taken to consist largely of unrecorded capital flows. In the second quarter, recorded capital inflows for foreign assets in the U.S. exceeded capital outflows for U.S. assets abroad by $264 billion at an annual rate. The statistical discrepancy widened to an annual rate of $38 billion from $13 billion in the first quarter. Exchange rate of the dollar The appreciation of the dollar against other industrial countries, which began in 1995, turned course this past summer. The exchange rate of the dollar based on the Federal Reserve Board’s trade-weighted index against the currencies of other G-10 industrialized nations plunged by 8 percent from August through October after rising by 24.4 percent since April 1995. The reversal was related to a significant deleveraging in capital markets as U.S. investors shed not only domestic assets, which lowered U.S. interest rates, but foreign-denominated assets as well, which worked to lower exchange rates. That process appears to have played out and exchange rates leveled off toward the end of October. Among the G-10 currencies, the dollar depreciated by a total 6 PROFILE OF THE ECONOMY the 10-year Treasury note, also declined to more than 30-year of 16 percent against the yen in the two month period ending in lows in October. The rate on a conventional 30-year fixed rate October after rising by 73 percent from April 1995 to August. loan fell to 6.5 percent in early October, and in mid-November Against the deutschemark, the dollar fell by 8 percent comwas still at a favorable 6.9 percent. Low mortgage rates have pared with a rise of 29 percent in the earlier period. spurred a new wave of mortgage refinancings and have helped Financial crises in several newly industrialized Asian counkeep housing market activity at a high level. tries in 1997, and in other parts of the world this year, led in some cases to currency devaluation, raising the dollar’s value Housing against those currencies. One result was to make imports from After reaching new peaks those countries cheaper in dollar during the summer months, terms, a factor which has con- Short-term Interest Rates the housing sector appears to tributed to the low inflation perhave remained at a relatively formance in the United States. high level. Underlying fundaAnother result was to raise the mentals for the housing marrelative price of U.S. exports, ket continue to be favorable which contributed to a decline in such as low unemployment, exports this year and is likely to lean in ven to ries of new continue to act as a drag on U.S. homes for sale, and very low export growth through at least mortgage interest rates. 1999. Starts of new homes surged Interest rates to their highest rate in more than 10 years in July before As a result of global fears of easing back slightly in subsedefault, financial markets underquent months. The average went a rapid pro cess of for the third quarter was a sizdeleveraging during the last few able 1.63 million units at an months. Heightened aversion to annual rate, the best quarterly risk and a rush to liquidity rerate since early 1987. sulted in a sharp widening in Housing starts have exceeded credit quality spreads and a tightthe 1.5 mil lion-unit mark ening of credit availability. De- Long-term Interest Rates each month for over a year, a mand for U.S. Treasuries drove string not seen since the last prices of long-term bonds and building boom of the 1980’s. notes up and yields down. The interest rate on the 30-year TreaThe rapid gains in new sury bond, which had been dehousing starts resulted from clining steadily since topping 7 strong growth in new home percent in the spring of 1997, sales, which reduced the inplunged from about 5.7 percent ventory of unsold new homes at the beginning of August to just on the market to very low levunder 4.9 percent at the beginels. Sales increases have taning of October. Yields on the pered off slightly since 10-year note followed a similar reaching an all-time peak in pattern. These were the lowest June, but remain fairly high. long-term U.S. in ter est rates Sin gle-family home sales since 1965. eased back to a 842,000 unit annual pace in the third quarSince October, spreads have ter after topping the 900,000 narrowed and credit markets apmark in the second quarter, pear to have stabilized. The Fedan all-time record for this seeral Re serve made sev eral ries which began in 1968. monetary moves toward ease which helped contain much of the problem. In three moves starting on September 29, the FedResales of existing homes have also come down a bit from peak levels, but like new home sales, remain very strong. The eral Reserve has lowered the discount rate by a total of 50 basis high selling pace throughout the past year for both new and expoints to 4.5 percent, and reduced the Federal funds target by isting homes pushed the homeownership rate to 66.8 percent 75 basis points, to 4.75 percent. Market interest rates for the by the third quarter, the highest on record. 3-month Treasury bill fell to as low as 3.8 percent in late October be fore mov ing back up to about 4.5 per cent by Federal budget mid-November. The Federal budget posted a surplus of $70 billion in fiscal 1998, the first surplus since 1969 and only the ninth since Mortgage rates, which follow roughly the same pattern as PROFILE OF THE ECONOMY World War II. The surplus is estimated to represent 0.8 percent of GDP, the highest such ratio since 1956, and resulted in a reduction in the Federal debt level for the first time in 19 years. Surpluses are expected to occur in each succeeding fiscal year through at least 2003, according to the Administration’s projections. Strong economic growth and passage of deficit reduction programs placed the deficit on a downward course since 1992. In that year the deficit recorded an all-time high of $290 billion, then shrank to just $22 billion by fiscal 1997 before the budget moved into surplus in the year just ended. Growth in receipts has been very strong over the past 6 years, boosted by expansion in jobs and income, rising corporate profits, and stock market gains. In fiscal 1998, receipts rose by 9 percent, with an especially notable jump for nonwithheld in- Net National Saving (Saving as a percent of net national product) 7 dividual income taxes, up almost 13 percent over the year. Withheld income and employment taxes grew by 9 percent in fiscal 1998, reflecting strong growth in wages and salaries and employment. Growth in Federal spending was held to a moderate 3.2 percent in fiscal 1998, or even less after adjusting for some special financial flows which artificially reduced outlays in the previous fiscal year. Excluding large spectrum auction proceeds and asset sales in the deposit insurance account in 1997, both of which are treated as negative outlays in budget accounting, outlay growth in 1998 was just 2.3 percent. Net national saving and investment Net national sav ing has been rising steadily from a post-World War II low of 3.4 percent of net national product (NNP) in 1992 to 7.6 percent in the first half of 1998 (latest available). Despite the progress, net saving, which excludes depreciation to replace worn-out or obsolete equipment and structures used in production, still remains well below the 12.1 percent of NNP averaged in the 1950’s and 1960’s. Recent improvement is more than accounted for by the swing in the Federal budget from large deficits to near balance. As a result, the combined account of Federal and State and local governments has moved from dissaving equivalent to 4.7 percent of NNP in 1992 to saving equivalent to 1.9 percent of NNP in the first half of 1998. Private saving of households and businesses has declined since 1992, as increased wealth generated by a surging stock market appears to have reduced households’ desire to save. Gains in corporate profits have led to greater business saving since 1992. Net domestic investment equaled 9.2 percent of NNP in the first half of 1998. This was up from a low 4.9 percent for all of 1991 and was the highest reading in more than a decade. About one-quarter of investment so far this year was financed by foreign inflows, which were equivalent to 2.6 percent of NNP. U.S. sources provided investment equal to 6.6 percent of NNP, only a little more than half as much as averaged in the 1950’s and 1960’s. 8 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 off-budget 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) agen cies’ pay ments (in clud ing pay ments 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 off-budget 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 Enforce ment Act of 1990 (2 U.S.C. 900-922)] in cluded off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays, and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the Federal Reserve Banks. They also detail accounting trans- FEDERAL FISCAL OPERATIONS actions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” ! Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets and balances in Treasury operating cash. ! 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. 9 ! 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 liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and 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 1998 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, net of refunds, were $269.8 billion for the third quarter of fiscal 1998. This is an increase of $30.5 billion over the comparable prior year quarter. Withheld receipts increased by $11.7 billion and non-withheld receipts increased by $20.7 billion during this period. Refunds increased by $1.9 billion over the comparable fiscal 1997 quarter. There was a decrease of $4.1 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 1997. Corporation income taxes—Net corporate income tax receipts were $70.4 billion for the third quarter of fiscal 1998. This is a decrease of $0.6 billion compared to the prior year third quarter. This $0.6 billion figure is composed of increased refunds of $1.2 billion, less an increase in estimated and final payments of $0.6 billion. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter were $153.9 billion, an increase of $15.4 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance trust funds increased by $9.7 billion, $1.3 billion and $4.2 billion, respectively. There was a $2.2 billion accounting adjustment for prior years’ employment tax liabilities made in the third quarter of fiscal 1998, while there was a -$1.9 billion adjustment made in the third quarter of fiscal 1997. Unemployment insurance—Unemployment insurance receipts were $13.2 billion for the third quarter of fiscal 1998, a $0.7 billion (4.9 percent) decline over third quarter fiscal 1997 receipts. State deposits decreased $0.9 billion to $9.8 billion. Federal unemployment taxes increased $0.2 billion to $3.4 billion. Railroad receipts increased negligibly. Con tri bu tions for other in sur ance and re tirement—Contributions for other retirement were $1.1 billion for the third quarter of fiscal 1998. There was a negligible increase over receipts from the comparable quarter of fiscal 1997. 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 1998 were $16.0 billion, an increase of $1.2 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.2 billion, a decrease of $0.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $7.8 billion for the third quarter of fiscal 1998. These receipts represent an increase of $2.7 billion over the previous quarter and an increase of $1.6 billion over the same quarter in fiscal 1997. 10 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 $4.3 billion for the third quarter of fiscal 1998. This is a decrease of $0.2 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal 1998 were $7.6 billion, an increase of $0.5 billion over the comparable prior year quarter. Earnings by Federal Reserve Banks decreased by $0.2 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. Fiscal 1998 Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412,411 1,721,421 On-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,690 1,305,621 Off-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,719 415,800 Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,439 1,651,383 On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,179 1,334,781 316,602 Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,261 Total surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,972 70,039 On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512 -29,160 Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,459 99,198 Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -28,794 -51,050 Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,397 4,743 Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -7,575 -2,972 -23,732 -70,039 Means of financing: Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Third-Quarter Net Budget Receipts by Source, Fiscal 1998 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source April May June Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158.3 27.4 56.5 4.6 0.3 5.7 4.2 1.4 2.5 30.0 3.3 42.6 8.3 0.4 4.8 1.8 1.3 2.8 81.6 39.8 54.8 0.3 0.4 5.4 1.8 1.6 2.3 Total budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261.0 95.3 187.9 Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Note: Detail may not sum to totals due to independent rounding. FEDERAL FISCAL OPERATIONS 11 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, 1998-1999 (In billions of dollars) Source for both charts: “Monthly Treasury Statement of Receipts and Outlays of the United States Government” 12 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 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) 1994 1 . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . 1,257,187 1,350,576 1,452,763 1,578,977 1,721,421 922,161 999,496 1,085,271 1,186,987 1,305,621 335,026 351,080 367,492 391,989 415,800 1,460,557 1,514,389 1,560,094 1,601,595 1,651,383 1,181,185 1,225,724 1,259,638 1,290,594 1,334,781 279,372 288,665 300,455 311,000 316,602 -203,370 -163,813 -107,331 -22,618 70,039 -259,024 -226,228 -174,367 -103,607 -29,160 55,654 62,415 67,036 80,989 99,198 288,987 278,535 252,891 189,634 112,831 1998 - Est.. . . . . . . . . 1,703,785 1,283,964 419,821 1,664,724 1,347,095 317,629 39,061 -63,131 102,192 136,563 1997 - Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar . . . . . . . . Apr .. . . . . . . . May . . . . . . . . June. . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . 174,770 114,898 103,481 168,000 162,610 97,952 117,930 261,002 95,278 187,860 119,723 111,741 180,947 138,847 87,082 73,689 135,343 123,368 65,051 80,647 216,988 61,791 144,972 87,819 79,134 149,737 35,923 27,816 29,792 32,657 39,243 32,900 37,283 44,014 33,488 42,888 31,903 32,606 31,210 125,484 150,866 120,830 154,361 137,231 139,701 131,743 136,400 134,057 136,754 143,807 122,907 142,725 91,678 123,866 91,326 146,649 108,844 109,393 101,967 108,570 102,382 125,605 115,713 92,555 107,911 33,806 27,000 29,504 7,711 28,388 30,308 29,775 27,830 31,675 11,149 28,094 30,353 34,814 49,286 -35,968 -17,349 13,639 25,379 -41,750 -13,813 124,603 -38,779 51,106 -24,084 -11,166 38,222 47,169 -36,784 -17,637 -11,307 14,524 -44,342 -21,320 108,419 -40,591 19,367 -27,894 -13,420 41,826 2,118 816 287 24,946 10,855 2,592 7,508 16,184 1,812 31,739 3,809 2,254 -3,604 9,285 13,757 35,349 39,984 -12,708 31,061 22,180 -44,026 6,230 41,735 -20,438 37,506 -37,799 Other (18) Transactions not applied to year’s surplus or deficit (19) Total financing (20) Fiscal year or month Fiscal year or month Borrowing from the public— Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) Means of financing—net transactions, con. Cash and monetary assets (deduct) Reserve position U.S. on the U.S. Treasury Special quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) 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) 1994 1 . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . 3,665 -1,224 8,088 -1,857 -3,814 107,655 106,024 131,266 149,606 160,067 184,998 171,288 129,713 38,171 -51,051 -16,564 2,007 6,276 -603 -4,743 768 -1,086 -408 338 108 -992 9,109 -4,626 -3,034 3,381 -35 2,614 746 -1,383 7,110 831 4,447 -21,009 -20,711 -13,701 715 722 615 472 569 203,370 163,813 107,331 22,618 -70,039 1998 - Est.. . . . . . . . . -4,131 156,844 -24,411 -3,621 * * * -18,271 * -39,061 1997 - Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar . . . . . . . . Apr .. . . . . . . . May . . . . . . . . June. . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . -320 -35 171 302 -3,181 -73 145 -117 -102 -372 186 -487 -252 27,283 7,408 6,412 42,057 8,919 423 2,188 16,445 14,725 53,981 -3,882 3,030 8,362 -18,318 6,315 29,108 -1,771 -24,807 30,565 20,137 -60,587 -8,597 -12,618 -16,370 33,989 -46,413 31,545 -23,360 -483 12,106 8,423 -24,027 11,351 60,399 -51,900 36,144 -36,210 362 2,451 12 135 -12 -94 -29 219 -109 80 108 -296 -414 213 307 -2,829 4,644 429 -1,129 -417 670 -388 -131 715 381 -50 -24 -1,322 82 204 325 3,499 -31 95 -156 243 738 -11 1,353 375 476 -2,473 11,276 -11,500 2,516 7,374 -11,938 4,374 -3,431 -2,963 -2,327 4,926 -21,898 9,885 315 80 6 57 207 1 218 -49,286 35,968 17,349 -13,639 -25,379 41,750 13,813 -124,603 38,779 -51,106 24,084 11,166 -38,222 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble. Note.—On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998. FEDERAL FISCAL OPERATIONS 13 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”] Social insurance and retirement receipts 2 Employment and general retirement Income taxes Fiscal year or month Withheld Individual Other Refunds Net Gross Corporation Refunds Net Net income taxes Old-age, disability, and hospital insurance Gross Refunds Net 1994 1 . . . . . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . . . 459,699 499,898 533,080 580,207 646,483 160,117 175,884 212,234 250,819 281,590 77,077 85,624 88,897 93,560 99,476 542,738 590,157 656,417 737,466 828,597 154,205 174,422 189,055 204,492 213,270 13,820 17,334 17,231 22,199 24,593 140,385 157,088 171,824 182,294 188,677 683,123 747,245 828,241 919,760 1,017,274 425,985 447,104 474,134 503,749 537,733 898 1,644 1,051 2,071 425,087 447,104 472,490 502,698 535,662 1998 - Est. . . . . . . . . . . . . 810,516 - - 810,516 187,712 - 187,712 998,228 538,977 - 538,977 1997 - Sept. . . . . . . . . . . . Oct. . . . . . . . . . . . . Nov. . . . . . . . . . . . . Dec. . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . Feb. . . . . . . . . . . . . Mar . . . . . . . . . . . . Apr .. . . . . . . . . . . . May . . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . . Aug. . . . . . . . . . . . . Sept. . . . . . . . . . . . 44,442 55,270 47,581 64,604 56,628 54,225 55,290 51,811 49,854 48,501 57,486 51,881 53,353 36,231 6,299 2,054 5,240 40,040 2,925 7,345 129,533 4,206 35,146 4,003 4,945 39,854 2,474 889 3,040 784 870 14,941 22,973 23,059 24,086 2,060 2,520 1,525 2,729 78,199 60,680 46,596 69,060 95,798 42,209 39,662 158,284 29,974 81,587 58,969 55,300 90,479 39,133 6,357 4,900 44,973 6,888 3,598 23,153 29,910 4,706 41,098 5,808 2,952 38,928 1,795 3,103 987 936 2,481 2,769 3,661 2,549 1,447 1,313 1,736 1,484 2,128 37,338 3,254 3,913 44,037 4,407 829 19,491 27,361 3,259 39,785 4,072 1,468 36,800 115,537 63,934 50,509 113,097 100,205 43,038 59,153 185,645 33,233 121,372 63,041 56,768 127,279 47,676 36,564 39,312 43,987 50,017 41,391 46,903 56,164 42,165 54,731 40,635 41,577 44,288 1,051 * 2,071 46,625 36,564 39,312 43,987 50,017 41,391 46,903 56,165 42,165 54,731 40,635 41,577 42,217 (1) (2) (3) (9) (10) (4) (5) (6) (7) (8) Social insurance and retirement receipts, con. 2 (11) Employment and general retirement, con. 2 Net employment Railroad retirement and general Gross Refunds Net retirement Unemployment insurance Net unemployment Gross Refunds insurance 1994 1 . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . 3,767 3,972 3,966 4,063 4,381 44 30 93 12 28 3,723 3,942 3,872 4,052 4,353 428,810 451,046 476,362 506,750 540,016 28,114 28,985 28,687 28,307 27,595 110 107 103 105 111 28,004 28,878 28,584 28,202 27,484 4,563 4,461 4,389 4,344 4,261 98 89 80 74 74 4,661 4,550 4,469 4,418 4,335 1998 - Est.. . . . . . . . . 4,104 - 4,104 543,081 27,941 - 27,941 4,251 77 4,328 1997 - Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar . . . . . . . . Apr .. . . . . . . . May . . . . . . . . June. . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . 388 362 317 311 378 439 494 380 396 81 501 397 323 * -1 1 * 5 8 * 1 5 6 2 * 388 364 317 310 378 434 486 379 395 76 494 395 323 47,013 36,928 39,629 44,297 50,395 41,825 47,389 56,544 42,560 54,807 41,130 41,973 42,540 251 1,448 2,526 432 1,040 2,589 315 4,620 8,281 300 2,315 3,518 210 4 5 7 4 1 13 31 8 8 14 16 4 247 1,443 2,526 425 1,036 2,589 301 4,589 8,273 292 2,301 3,502 206 336 408 328 420 326 329 331 326 400 362 377 326 327 5 5 6 7 7 6 6 6 6 7 8 6 6 342 414 334 427 333 335 337 332 406 369 385 331 333 Fiscal year or month See footnotes at end of table. Net for other insurance and retirement Federal employees Other retirement retirement Total 14 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 Social insurance and retirement receipts, con. 2 Net social insurExcise taxes ance and Airport and Airway Trust Fund Black Lung Disability Trust Fund Highway Trust Fund retirement receipts 2 Gross Refunds Net Gross Refunds Net Gross Refunds Net (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) 1994 1 . . . . . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . . . Gross (32) Miscellaneous Refunds Net (33) (34) 461,475 484,474 509,415 539,371 571,835 5,217 5,406 2,405 4,044 7,556 28 39 21 37 43 5,189 5,367 2,384 4,007 7,513 567 608 614 614 636 - 567 608 614 614 636 17,426 23,358 25,309 24,665 26,515 758 913 329 798 805 16,668 22,445 24,980 23,867 25,710 33,573 29,926 27,698 29,368 24,524 772 861 1,662 931 714 32,801 29,065( 26,036 28,437 23,810 1998 - Est. . . . . . . . . . . . . 575,350 7,975 - 7,975 640 - 640 26,063 - 26,063 20,964 - 20,964 1997 - Sept. . . . . . . . . . . . Oct. . . . . . . . . . . . . Nov. . . . . . . . . . . . . Dec. . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . Feb. . . . . . . . . . . . . Mar . . . . . . . . . . . . Apr .. . . . . . . . . . . . May . . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . . Aug. . . . . . . . . . . . . Sept. . . . . . . . . . . . 152 1,443 666 835 589 613 557 711 716 632 704 365 -276 8 4 18 8 13 144 1,439 666 835 589 613 557 693 716 632 704 357 -289 72 32 58 58 51 59 48 51 58 45 58 51 68 - 72 32 58 58 51 59 48 51 58 45 58 51 68 1,832 2,716 2,457 2,338 2,645 2,455 1,907 2,780 2,640 3,125 3,412 345 -304 90 209 1 308 214 73 1,742 2,507 2,457 2,337 2,645 2,455 1,907 2,472 2,640 3,125 3,412 130 -376 4,000 938 2,087 1,996 1,431 1,720 2,326 2,254 1,488 1,629 2,010 2,466 4,178 239 -174 64 50 34 51 339 -273 61 61 57 -177 621 3,762 1,112 2,023 1,946 1,398 1,669 1,987 2,527 1,427 1,569 1,953 2,643 3,557 Fiscal year or month 47,601 38,784 42,488 45,149 51,765 44,749 48,027 61,465 51,239 55,468 43,817 45,806 43,079 Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Gross (39) Net miscellaneous receipts Deposits of earnings Customs duties by Federal All Refunds Net Reserve Banks other Total (40) (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) 1994 1 . . . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 55,225 57,485 54,015 56,926 57,669 15,607 15,144 17,592 20,356 24,631 382 380 403 511 555 15,225 14,764 17,189 19,845 24,076 20,973 21,067 19,788 19,872 19,689 874 1,767 1,117 1,945 1,392 20,099 19,300 18,671 17,927 18,297 18,023 23,378 20,477 19,636 24,540 4,018 3,928 4,755 5,513 7,730 22,041 922,161 27,306 999,496 25,232 1,085,271 25,149 1,186,987 32,270 1,305,621 1998 - Est. . . . . . . . . . . 55,642 23,091 - 23,091 17,879 - 17,879 25,051 8,544 33,595 1,283,964 1997 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar . . . . . . . . . . Apr .. . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . 5,719 5,090 5,204 5,176 4,683 4,796 4,499 5,742 4,841 5,370 6,127 3,181 2,961 1,897 2,240 1,562 1,539 1,827 1,551 1,892 4,279 1,887 1,822 1,863 1,764 2,405 49 41 52 41 19 51 47 81 41 47 39 46 49 1,849 2,198 1,510 1,498 1,808 1,500 1,845 4,198 1,845 1,775 1,825 1,718 2,356 1,730 1,904 1,507 1,585 1,496 1,529 1,540 1,533 1,379 1,705 1,876 1,852 1,784 139 102 184 169 109 75 129 105 81 137 98 120 84 1,590 1,802 1,323 1,416 1,387 1,454 1,412 1,428 1,297 1,568 1,777 1,732 1,701 1,868 2,661 2,173 1,267 2,128 1,832 2,066 1,863 2,216 1,580 2,323 1,833 2,599 607 428 275 396 636 583 928 662 608 727 812 702 974 Fiscal 1998 . . . . . . . . . . 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble. 2 Column title changes are in accordance with the fiscal 1999 budget realignment. 2,474 3,089 2,447 1,663 2,764 2,414 2,994 2,525 2,823 2,307 3,135 2,535 3,572 138,847 87,082 73,689 135,343 123,368 65,051 80,647 216,988 61,791 144,972 87,819 79,134 149,737 32,270 1,305,621 335,0261 2 351,080) 367,492( 391,9891 415,8003 ) 419,821( 1 35,9234 ) 27,816 ( 29,7921 32,6575 39,243) 32,900( 37,2831 44,0146 ) 33,488( 42,8881 31,9037 32,606) 31,210( 1 415,8008 ) Note.—On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998. FEDERAL FISCAL OPERATIONS 15 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”] Legislative branch (1) Fiscal year or month DepartDepartDepart- ment of Judicial ment of ment of Defense, branch Agriculture Commerce military (2) (3) (4) (5) Department of Education (6) Department Department Depart- of Health of Housing Department of and Human and Urban ment of Energy Services Development the Interior (7) (8) (9) (10) Department of Justice (11) Department of Labor (12) 1994 1 . . . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 2,561 2,621 2,272 2,361 2,543 2,659 2,903 3,061 3,259 3,463 60,812 56,667 54,338 52,558 53,949 2,915 3,403 3,703 3,780 4,047 268,635 259,565 253,258 258,330 256,136 24,699 31,321 29,900 30,013 30,492 17,840 17,618 16,199 14,470 14,444 310,837 303,074 319,803 339,492 350,564 25,774 29,045 25,512 27,833 30,224 6,910 7,415 6,720 6,724 7,234 10,005 10,781 11,951 14,291 16,129 1998 - Est. . . . . . . . . . . 2,879 3,719 54,836 4,065 253,360 30,747 14,574 357,531 30,177 7,969 15,474 1997 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar . . . . . . . . . . Apr .. . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . 176 373 213 210 191 188 179 194 172 215 191 132 283 252 299 363 185 223 372 240 230 283 239 422 304 303 6,242 6,277 4,568 6,010 5,755 3,460 3,815 3,278 2,706 3,962 3,394 4,566 6,158 345 294 324 419 224 319 281 296 291 439 389 369 402 20,179 25,302 16,729 25,787 19,842 19,459 19,310 20,832 22,189 21,140 24,566 17,405 23,574 3,862 2,369 2,933 2,752 3,142 4,799 1,183 2,403 1,197 2,281 1,836 2,859 2,738 1,316 1,249 1,113 1,399 1,155 997 1,070 1,283 1,144 1,257 1,363 1,038 1,375 26,520 32,733 24,621 33,051 29,286 27,890 27,589 30,761 27,727 30,015 32,480 25,400 29,010 422 3,535 1,707 2,116 3,205 1,904 1,926 2,702 2,242 2,599 3,056 1,242 3,990 720 625 465 952 535 591 544 527 399 531 762 523 781 970 1,110 1,220 1,543 1,263 1,423 1,320 1,245 1,263 1,664 1,569 1,473 1,037 ( 36,9191 32,1709 32,496) 30,461( 30,0032 0 ) 30,562( 2 2,0811 2,404) 2,015 2,100 2,858 2,413 2,713 2,835 2,391 2,585 2,807 2,654 2,227 Fiscal 1998 . . . . . . . . . . 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 Fiscal year or month Department of Depart- the Treasury, DepartDepartOther EnvironFederal ment of interest ment of the ment of Corps Defense, mental Executive Emergency Department Transpor- on the Treasury, Veterans of civil Protection Office of the Management of State tation Public Debt other Affairs Engineers 2 programs 3 Agency President Agency 4 (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) General InterServices national Admin- Assistance istration Program 5 (23) (24) 1994 1 . . . . . . . . . . . . . . 1995 1 . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 5,718 5,347 4,953 5,237 4,585 37,278 38,776 38,777 39,838 39,468 296,278 332,414 343,955 355,796 363,824 10,981 16,027 21,375 23,585 26,276 37,401 37,770 36,915 39,279 41,775 3,833 30,402 31,664 32,535 33,833 31,215 5,855 6,349 6,046 6,167 6,300 229 213 202 219 213 2,101 334 708 625 1,083 1,136 10,511 11,163 9,716 10,191 9,001 1998 - Est. . . . . . . . . . . 5,261 40,419 362,409 26,352 43,074 4,168 31,494 6,440 240 3,246 944 9,619 1997 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar . . . . . . . . . . Apr .. . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . 409 457 206 879 332 368 370 391 308 229 419 256 370 3,840 3,914 3,013 3,703 2,783 2,744 2,948 2,719 2,968 3,395 3,605 3,450 4,224 20,874 21,771 26,407 67,795 21,176 21,609 21,781 21,212 27,448 68,937 20,832 23,977 20,878 -2,859 933 631 1,496 748 10,591 6,857 3,118 1,166 1,255 1,407 203 -2,129 1,826 5,259 1,848 4,920 3,323 3,376 1,869 4,042 3,596 3,354 4,966 1,757 3,467 273 339 427 266 310 242 215 300 314 388 299 460 2,921 2,532 2,568 2,569 2,617 2,616 2,628 2,627 2,627 2,608 2,616 2,617 2,590 645 493 413 612 446 479 535 527 509 593 572 514 608 16 18 16 17 14 20 17 31 19 9 16 22 11 228 106 195 146 122 225 224 210 177 134 107 226 304 486 -775 533 404 -487 461 603 589 511 -1,058 -5 -126 888 424 710 3,853 397 -135 698 1,134 548 120 268 319 666 Fiscal 1998 . . . . . . . . . . 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 See footnotes at end of table. 16 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 and National Office of Small Space Science Personnel Business AdminisFoun- Manage- Administration dation 6 ment tration (25) (26) (27) (28) Social Security Administration (29) Other independent agencies (30) Undistributed offsetting receipts Rents and Employer Interest royalties share, received on the Outer employee by trust Continental retirement funds Shelf lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (35) (36) 1994 1 . . . . . . . . . . . . . . 13,694 - 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * 1,181,185 279,372 1995 1 . . . . . . . . . . . . . . 13,377 - 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 1,225,724 288,665 1996 1 . . . . . . . . . . . . . . 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455 1997 1 . . . . . . . . . . . . . . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 1998 1 . . . . . . . . . . . . . . 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 1998 - Est. . . . . . . . . . . 13,723 3,165 46,418 -62 408,172 14,395 -34,961 -112,696 -4,987 -8,002 1,347,095 317,629 1997 - Sept. . . . . . . . . . 1,168 - 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806 Oct. . . . . . . . . . . 1,254 228 3,744 -6 35,130 586 -2,579 -359 -482 -6 123,866 27,000 Nov. . . . . . . . . . . 1,209 230 3,746 50 30,692 1,401 -2,413 -5,635 -48 -152 91,326 29,504 Dec. . . . . . . . . . . 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711 1998 - Jan. . . . . . . . . . . 1,025 275 3,834 148 33,569 716 -2,499 -167 -5 * 108,844 28,388 Feb. . . . . . . . . . . 1,001 254 3,493 14 33,633 760 -2,575 -1,487 -247 -572 109,393 30,308 Mar . . . . . . . . . . 1,196 242 4,060 20 31,559 -716 -2,582 -358 -482 - 101,967 29,775 Apr .. . . . . . . . . . 1,177 259 3,922 20 33,760 166 -2,562 -279 -306 -3,185 108,570 27,830 May . . . . . . . . . . 1,149 231 3,655 10 33,905 1,813 -2,728 -6,080 -118 -70 102,382 31,675 June. . . . . . . . . . 1,170 285 3,995 39 37,939 -2,583 -2,622 -49,113 -786 -1 125,605 11,149 July . . . . . . . . . . 1,179 330 4,014 22 36,431 286 -3,037 -37 -495 -1,886 115,713 28,094 Aug. . . . . . . . . . . 1,088 303 3,840 24 31,657 40 -2,573 -2,307 -206 -443 92,555 30,353 Sept. . . . . . . . . . 1,335 289 4,083 -443 34,309 8,944 -6,067 -1,006 -354 -1,488 107,911 34,814 Fiscal 1998 . . . . . . . . . . 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble. 2 Beginning in fiscal 1998, amounts previously posted under “Department of Defense-Civil” are now divided among “Other Defense, civil programs” and “Corps of Engineers,” in accordance with the fiscal 1999 budget realignment. 3 Beginning in fiscal 1998, “Other Defense, civil programs,” include amounts previously posted under “Independent agencies,” including activities of the American Battle Monument and the Selective Service in accordance with the fiscal 1999 budget realignment. 4 Beginning in fiscal 1998, “Federal Emergency Management Agency” includes activity previ- ously posted under “Independent agencies” in accordance with the fiscal 1999 budget realignment. 5 The column formerly entitled “Funds Appropriated to the Pres i dent” is la beled “In ter national Assistance Program,” in accordance with the fiscal 1999 budget realignment. 6 Beginning in fiscal 1998, activity that was previously included in “Independent agencies” is now reported separately for the “National Science Foundation” in accordance with the fiscal 1999 budget realignment. Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998. FEDERAL FISCAL OPERATIONS 17 TABLE FFO-4.—Summary of Receipts by Source and Outlays by Function of the U.S. Government, Fourth-Quarter Fiscal Year 1998 and Other Periods [In millions of dollars, Source: Financial Management Service] This quarter Classification Federal funds Management, revolving General and special funds funds (1) (2) Fiscal year to date Trust funds (3) Federal funds Management, revolving General and special funds funds (5) (6) Total (4) Trust funds (7) Total (8) Receipts: Individual income taxes . . . . . . . . . . . . . . . 204,745 4 - 204,748 828,534 63 - 828,597 Corporation income taxes . . . . . . . . . . . . . 42,340 - - 42,340 188,598 - 79 188,677 Social insurance and retirement receipts: Employment and general retirement . . . - - 125,643 125,643 - - 540,016 540,016 Unemployment insurance . . . . . . . . . . . - - 6,010 6,010 - - 27,484 27,484 Other retirement. . . . . . . . . . . . . . . . . . . - - 1,050 1,050 - - 4,335 4,335 Excise taxes. . . . . . . . . . . . . . . . . . . . . . . . 7,950 67 4,252 12,269 22,733 439 34,497 57,669 Estate and gift taxes . . . . . . . . . . . . . . . . . 5,899 - - 5,899 24,076 - - 24,076 Customs duties . . . . . . . . . . . . . . . . . . . . . 3,429 1,609 172 5,210 11,860 5,725 711 18,297 Miscellaneous receipts . . . . . . . . . . . . . . . 7,541 1,496 205 9,242 27,030 4,753 487 32,270 271,904 3,177 137,330 412,411 1,102,831 10,981 607,609 1,721,421 National defense . . . . . . . . . . . . . . . . . . . . 69,784 -764 94 69,114 284,821 535 -14,949 270,407 International affairs . . . . . . . . . . . . . . . . . . 3,373 -963 -29 2,380 17,326 -3,848 -333 13,144 Genaral science, space, and technology . . 5,104 - 12 5,116 19,588 - 44 19,632 Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477 423 2 902 3,374 -2,018 3 1,359 Natural resources and environment. . . . . . 5,921 -267 533 6,188 20,652 -606 1,852 21,897 Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . 1,404 3,212 -4 4,612 4,593 9,716 -2 14,306 Commerce and housing credit. . . . . . . . . . 4,903 693 -96 5,501 7,767 -6,830 -31 907 Transportation . . . . . . . . . . . . . . . . . . . . . . 977 161 9,404 10,542 6,237 -8 30,381 36,610 Community and regional development . . . 3,014 -292 79 2,801 10,981 -725 182 10,437 Education, training, employment and social services. . . . . . . . . . . . . . . . . 12,793 -68 83 12,808 52,180 -138 172 52,214 Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,055 -37 12 33,030 130,475 -9 550 131,015 Medicare . . . . . . . . . . . . . . . . . . . . . . . . . . 15,629 - 32,334 47,963 65,181 - 127,639 192,820 Income security . . . . . . . . . . . . . . . . . . . . . 26,994 -953 26,747 52,788 131,946 -639 101,643 232,949 Social security . . . . . . . . . . . . . . . . . . . . . . 2,138 - 92,804 94,942 9,158 - 370,069 379,226 Veterans benefits and services . . . . . . . . . 10,090 -193 243 10,139 41,248 -445 980 41,782 Administration of justice. . . . . . . . . . . . . . . 4,435 232 1,276 5,943 18,449 318 3,845 22,612 General government . . . . . . . . . . . . . . . . . 24,577 -139 -21,353 3,086 32,871 2,446 -21,414 13,903 Net interest . . . . . . . . . . . . . . . . . . . . . . . . 61,869 -349 -3,387 58,132 358,346 -1,033 -113,960 243,353 -3,780 -1,089 282,757 -394 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 Net outlays: Undistributed offsetting receipts . . . . . . . . Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . -11,677 -16,546 -10,875 -1,448 127,076 409,439 1,204,317 -4,734 1 - No transactions. 1 Trust fund proprietary receipts of $9,196 have been offset against outlays, rather than included in trust fund receipts. Trust fund proprietary receipts of $36,454 have been offset against outlays, rather than included in trust fund receipts. 2 2 -34,872 -47,194 451,799 1,651,383 18 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 Federal Reserve accounts Credits 1 Received through Remittance Option tax and loan depositaries (2) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) Fiscal year or month Received directly (1) 1993 . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . 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 1997 - Sept . . . . . . . . . . . Oct . . . . . . . . . . . Nov . . . . . . . . . . . Dec . . . . . . . . . . . 1998 - Jan . . . . . . . . . . . Feb . . . . . . . . . . . Mar . . . . . . . . . . . Apr . . . . . . . . . . . May. . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug . . . . . . . . . . . Sept . . . . . . . . . . 393,353 316,403 280,717 401,757 329,140 359,589 351,851 528,038 300,446 379,424 308,664 340,066 342,862 20,742 19,041 18,383 28,440 21,239 18,336 22,149 23,630 18,883 24,580 21,111 18,981 24,424 411,105 338,521 298,590 429,879 350,270 378,440 373,547 529,144 341,650 391,558 343,268 356,991 369,039 90,484 69,379 65,276 106,946 77,218 71,071 88,946 89,829 68,155 98,766 74,646 67,424 92,010 61,930 89,663 66,270 95,157 68,903 94,585 78,048 51,954 97,734 75,069 97,364 69,119 87,807 See footnotes at end of table. Withdrawals 2 (3) ACCOUNT OF THE U.S. TREASURY 19 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 Fiscal year or month End of period Tax and Federal loan note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and Federal loan note Reserve accounts (10) (11) Average Federal Reserve (12) Tax and loan note accounts (13) 1993 . . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1,625 6,510 18,978 1994 . . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 2,736 - 5,904 18,631 1995 . . . . . . . . . . . . . . . 8,620 29,329 20,977 41,288 2,826 99 6,127 16,955 1996 . . . . . . . . . . . . . . . 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 1997 . . . . . . . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 1997 - Sept . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 Oct . . . . . . . . . . 4,616 15,645 6,359 30,666 3,703 6,023 5,387 15,914 Nov. . . . . . . . . . 5,127 14,651 6,802 15,645 3,950 4,909 5,126 11,198 Dec. . . . . . . . . . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922 1998 - Jan . . . . . . . . . . 5,552 34,756 15,430 42,708 4,379 4,090 6,507 22,257 Feb . . . . . . . . . . 5,037 11,243 6,671 34,756 4,087 3,335 4,969 14,489 Mar . . . . . . . . . . 5,490 22,141 9,478 35,005 4,556 2,537 5,455 17,531 Apr . . . . . . . . . . 28,014 60,016 41,801 60,016 3,534 2,346 9,708 24,012 May . . . . . . . . . . 5,693 30,438 7,732 57,854 4,107 30,438 5,474 43,312 June . . . . . . . . . 18,140 54,135 27,085 61,150 4,613 3,130 10,401 32,678 July . . . . . . . . . . 4,648 31,417 7,866 54,719 4,426 31,417 5,431 42,649 Aug . . . . . . . . . . 6,704 29,722 6,704 31,417 4,246 5,978 5,130 11,932 Sept. . . . . . . . . . 4,952 33,926 8,555 48,056 3,407 1,772 6,296 20,377 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 2 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation in come taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and individual estimated income taxes beginning October 1988. 20 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 also are 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 ta bles, 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 ac count. • 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 marketablesecurities. • 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 has increased gradually since it hit a low of 2 years, 5 months in December 1975. It had reached a high of 6 years, 4 months in May 1991. The average length has decreased over time so that during most of 1996 the average length has been 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 rates of interest 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 long-term securities, and the ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length ex clude Gov ern ment ac counts and the Fed eral Re serve 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-interest-bearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next busi ness 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 se cu ri ties to the pub lic. FEDERAL DEBT 21 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: End of fiscal year or month 1994 1995 1996 1997 1998 Total (1) Amount outstanding Public debt Agency securities securities (2) (3) Total (4) Government accounts Public debt securities (5) Agency securities (6) Total (7) The public Public debt securities (8) Agency securities (9) .............. .............. .............. .............. .............. 4,721,293 5,000,945 5,259,854 5,446,333 5,555,565 4,692,750 4,973,983 5,224,811 5,413,146 5,526,193 28,543 26,962 35,043 33,187 29,372 1,213,115 1,320,800 1,454,608 1,605,557 1,769,497 1,213,098 1,320,784 1,447,001 1,598,459 1,765,580 17 16 7,606 7,098 3,917 3,508,178 3,680,145 3,805,246 3,840,776 3,786,068 3,479,652 3,653,199 3,777,810 3,814,687 3,760,613 28,526 26,946 27,437 26,089 25,455 1997 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,530,294 5,536,653 5,577,860 5,557,849 5,594,178 5,555,565 5,413,146 5,427,225 5,462,622 5,502,388 5,490,064 5,520,668 5,542,426 5,499,895 5,506,356 5,547,935 5,527,738 5,564,553 5,526,193 33,187 33,151 33,322 33,624 30,443 30,371 30,516 30,399 30,297 29,925 30,111 29,625 29,372 1,605,557 1,613,510 1,620,346 1,662,780 1,672,306 1,672,707 1,674,976 1,692,190 1,707,689 1,761,923 1,758,265 1,761,054 1,769,497 1,598,459 1,606,412 1,613,248 1,655,682 1,667,708 1,668,108 1,670,378 1,687,592 1,703,090 1,757,556 1,753,898 1,756,687 1,765,580 7,098 7,098 7,098 7,098 4,598 4,598 4,598 4,598 4,598 4,367 4,367 4,367 3,917 3,840,776 3,846,866 3,875,598 3,873,232 3,848,201 3,878,332 3,897,966 3,838,104 3,828,964 3,815,937 3,799,584 3,833,124 3,786,068 3,814,687 3,820,813 3,849,374 3,846,706 3,822,356 3,852,560 3,872,048 3,812,303 3,803,266 3,790,379 3,773,840 3,807,866 3,760,613 26,089 26,053 26,224 26,526 25,845 25,773 25,918 25,801 25,699 25,558 25,744 25,258 25,455 End of fiscal year or month 1994 1995 1996 1997 1998 Securities held by Securities held by Federal debt securities Government accounts 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) .............. .............. .............. .............. .............. 4,721,293 5,000,945 5,259,854 5,446,333 5,555,565 77,297 79,995 77,931 76,633 76,849 4,643,996 4,920,950 5,181,923 5,369,700 5,478,717 1,213,115 1,320,800 1,454,608 1,605,557 1,769,497 1,472 3,188 5,698 6,984 10,872 1,211,644 1,317,612 1,448,910 1,598,573 1,758,625 3,508,178 3,680,145 3,805,246 3,840,776 3,786,068 75,826 76,807 72,233 69,649 65,977 3,432,352 3,603,338 3,733,013 3,771,127 3,720,092 1997 - Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,530,294 5,536,653 5,577,860 5,557,849 5,594,178 5,555,565 76,633 76,954 77,001 76,784 77,168 76,712 76,290 77,784 78,016 77,861 78,101 77,411 76,849 5,369,700 5,383,423 5,418,943 5,459,228 5,443,339 5,474,327 5,496,652 5,452,510 5,458,638 5,500,001 5,479,749 5,516,768 5,478,717 1,605,557 1,613,510 1,620,346 1,662,780 1,672,306 1,672,707 1,674,976 1,692,190 1,707,689 1,761,923 1,758,265 1,761,054 1,769,497 6,984 7,544 7,967 8,344 8,952 8,929 9,010 9,780 10,554 10,807 11,031 10,790 10,872 1,598,573 1,605,967 1,612,379 1,654,436 1,663,354 1,663,778 1,665,966 1,682,411 1,697,135 1,751,116 1,747,234 1,750,264 1,758,625 3,840,776 3,846,866 3,875,598 3,873,232 3,848,201 3,878,332 3,897,966 3,838,104 3,828,964 3,815,937 3,799,584 3,833,124 3,786,068 69,649 69,410 69,034 68,440 68,216 67,783 67,280 68,004 67,462 67,054 67,070 66,621 65,977 3,771,127 3,777,456 3,806,564 3,804,792 3,779,985 3,810,549 3,830,686 3,770,099 3,761,503 3,748,885 3,732,515 3,766,504 3,720,092 22 FEDERAL DEBT 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) ........... ........... ........... ........... ........... 1997 - Sept. . . . . . Oct. . . . . . . Nov. . . . . . . Dec. . . . . . . 1998 - Jan. . . . . . . Feb. . . . . . . Mar. . . . . . . Apr. . . . . . . May . . . . . . June. . . . . . July . . . . . . Aug. . . . . . . Sept. . . . . . 1994 1995 1996 1997 1998 Marketable Treasury inflation- Federal indexed Financing notes Bank (6) (7) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Nonmarketable Total (8) 4,689,524 4,950,644 5,220,790 5,407,528 5,518,681 3,091,602 3,260,447 3,418,371 3,439,616 3,331,030 697,295 742,462 761,232 701,909 637,648 1,867,507 1,980,343 2,098,670 2,122,172 2,009,115 511,800 522,643 543,469 576,151 610,444 24,384 58,823 15,000 15,000 15,000 15,000 15,000 1,597,922 1,690,197 1,802,419 1,967,912 2,187,651 5,407,528 5,421,664 5,426,155 5,494,913 5,450,015 5,482,059 5,535,273 5,492,802 5,464,507 5,540,243 5,520,079 5,557,043 5,518,681 3,439,616 3,438,686 3,433,599 3,456,817 3,398,110 3,424,126 3,467,093 3,399,175 3,352,962 3,369,510 3,350,797 3,384,551 3,331,030 701,909 703,011 718,906 715,394 688,846 705,129 720,077 657,883 647,786 641,114 638,112 676,446 637,648 2,122,172 2,111,648 2,079,406 2,106,049 2,065,496 2,063,935 2,091,895 2,077,683 2,041,474 2,064,602 2,040,339 2,023,910 2,009,115 576,151 576,151 587,335 587,335 587,335 598,669 598,669 598,668 598,668 598,668 598,668 610,444 610,444 24,384 32,876 32,952 33,039 41,432 41,392 41,452 49,941 50,033 50,126 58,678 58,751 58,823 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 1,967,912 1,982,978 1,992,556 2,038,096 2,051,905 2,057,933 2,068,180 2,093,627 2,111,545 2,170,733 2,169,282 2,172,492 2,187,651 Nonmarketable, con. End of fiscal year or month U.S. savings securities (9) Foreign series (10) Government account series (11) 1994 . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . . . . . 176,413 181,181 184,147 182,665 180,816 41,996 40,950 37,488 34,909 35,079 1,211,689 1,324,270 1,454,690 1,608,478 1,777,329 1997 - Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . 182,665 182,853 183,055 181,209 181,118 181,281 181,215 181,296 180,670 180,653 180,631 180,688 180,816 34,909 34,609 34,459 36,159 36,059 35,859 36,359 36,159 36,229 36,029 35,654 35,454 35,079 1,608,478 1,616,693 1,622,966 1,666,650 1,677,313 1,678,618 1,681,468 1,698,799 1,713,647 1,769,085 1,765,397 1,768,211 1,777,329 State and local government series (12) Domestic series (13) Other (14) 137,386 113,368 95,674 111,863 164,431 29,995 29,995 29,995 29,995 29,995 445 432 424 1 1 111,863 118,826 122,080 124,081 127,419 132,179 139,142 147,376 151,003 154,969 157,604 158,143 164,431 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 1 1 1 1 1 1 1 1 1 1 1 1 1 FEDERAL DEBT 23 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 1994 1995 1996 1997 1998 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) .............. .............. .............. .............. .............. 1,211,689 1,324,270 1,454,690 1,608,478 1,777,329 12,206 11,145 7,682 6,360 8,550 13,972 20,117 22,186 26,329 27,445 14,929 15,839 16,962 18,038 19,377 7,326 2,399 11,853 15,460 15,981 6,025 35,150 50,051 63,513 76,947 329,602 357,539 377,677 407,202 440,145 128,716 129,864 125,805 116,621 118,250 5,933 6,277 7,894 13,643 14,518 413,425 447,947 499,403 567,445 653,282 1997 - Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . 1,608,478 1,616,693 1,622,966 1,666,650 1,677,313 1,678,618 1,681,468 1,698,799 1,713,647 1,769,085 1,765,397 1,768,211 1,777,329 6,360 7,657 8,062 8,202 8,375 8,485 8,570 8,824 9,090 9,534 9,759 9,635 8,550 26,329 26,406 26,204 26,624 26,267 26,436 27,097 27,200 27,021 27,470 27,279 27,460 27,445 18,038 18,124 18,205 18,227 18,070 18,672 18,715 19,753 19,960 19,084 19,109 19,376 19,377 15,460 15,532 15,482 15,561 15,632 15,698 15,627 15,698 15,766 15,691 16,005 16,081 15,981 63,513 63,638 63,861 66,318 67,964 68,558 69,601 71,766 72,269 76,019 76,413 76,837 76,947 407,202 405,111 402,873 417,503 416,963 414,579 412,213 409,892 407,833 421,687 419,538 417,241 440,145 116,621 112,707 113,798 116,441 118,056 116,518 116,904 120,451 115,663 122,736 119,236 116,952 118,250 13,643 13,671 13,671 13,671 13,475 14,327 14,173 13,730 15,028 15,213 15,215 16,024 14,518 567,445 567,914 567,453 589,082 598,426 600,256 605,741 618,967 621,248 648,883 651,777 653,016 653,282 End of fiscal year or month 1994 1995 1996 1997 1998 Federal Federal SavSuppleings and Loan mentary Corporation, Medical resolution Insurance fund Trust Fund (11) (12) Government life insurance fund (13) Highway Trust Fund (14) National Service Life Railroad Insurance Postal Retirement fund Service fund Account (15) (16) (17) Treasury deposit funds (18) Unemployment Trust Fund (19) Other (20) ............. ............. ............. ............. ............. 1,649 528 694 1,806 2,087 21,489 13,513 27,175 34,464 39,502 114 106 99 - 7,751 8,954 11,660 22,341 17,926 11,852 11,954 12,007 12,023 12,008 1,270 1,249 860 860 1,000 10,596 12,129 14,763 17,486 19,764 130 130 77 74 71 39,745 47,098 53,849 61,880 70,598 184,959 202,332 213,993 222,933 239,878 1997 - Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June. . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . 1,806 1,834 1,862 1,873 1,985 1,996 2,018 2,037 2,055 2,073 2,103 2,017 2,087 34,464 33,596 35,177 35,053 35,555 35,100 35,120 34,318 37,430 37,899 36,083 39,578 39,502 - 22,341 22,223 23,105 24,137 25,442 24,946 25,508 26,425 27,610 29,430 30,570 27,665 17,926 12,023 11,952 11,880 12,291 12,206 12,122 12,025 11,935 11,864 12,265 12,185 12,108 12,008 860 14 14 14 15 728 31 481 1,399 1,000 17,486 17,412 17,371 17,316 17,336 17,476 17,612 18,201 19,199 19,276 19,392 19,698 19,764 74 74 75 75 76 77 74 71 72 72 72 68 71 61,880 61,253 62,743 63,324 61,661 62,411 60,362 60,650 69,425 70,152 69,650 72,101 70,598 222,933 237,575 241,130 240,938 239,809 240,961 240,108 238,153 242,083 241,601 240,530 240,955 239,878 24 FEDERAL DEBT 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) 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 1998 . . . . . . . . . . . . . . . . . . . . . . . 29,372 - 63 174 1,261 26,685 717 471 1997 - Sept. . . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 Oct. . . . . . . . . . . . . . . . . . . 33,151 - 95 68 1,261 27,350 3,898 479 Nov.. . . . . . . . . . . . . . . . . . 33,322 - 95 93 1,261 27,494 3,898 481 Dec.. . . . . . . . . . . . . . . . . . 33,624 - 95 102 1,261 27,786 3,898 482 1998 - Jan. . . . . . . . . . . . . . . . . . . 30,443 - 63 133 1,261 27,104 1,398 483 Feb.. . . . . . . . . . . . . . . . . . 30,371 - 63 79 1,261 27,095 1,398 474 Mar.. . . . . . . . . . . . . . . . . . 30,516 - 63 97 1,261 27,221 1,398 475 Apr. . . . . . . . . . . . . . . . . . . 30,399 - 63 102 1,261 27,098 1,398 476 May . . . . . . . . . . . . . . . . . . 30,297 - 63 108 1,261 26,989 1,398 478 June . . . . . . . . . . . . . . . . . 29,925 - 63 144 1,261 26,811 1,167 479 July . . . . . . . . . . . . . . . . . . 30,111 - 63 156 1,261 26,984 1,167 480 Aug.. . . . . . . . . . . . . . . . . . 29,625 - 63 155 1,261 26,507 1,167 470 FEDERAL DEBT 25 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) 1-5 years (3) Maturity classes 5-10 years (4) 10-20 years (5) 20 years and more (6) 1994 . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . 2,719,861 2,870,781 3,011,185 2,998,846 2,856,637 877,932 1,002,875 1,058,558 1,017,913 940,572 1,128,322 1,157,492 1,212,258 1,206,993 1,105,175 289,998 290,111 306,643 321,622 319,331 88,208 87,297 111,360 154,205 157,347 335,401 333,006 322,366 298,113 318,078 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 8 mos. 4 mos. 3 mos. 4 mos. 8 mos. 1997 - Sept. . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . 2,998,846 2,998,692 2,988,004 2,988,654 2,954,877 2,978,212 3,010,826 2,925,886 2,995,190 2,894,829 2,886,700 2,918,259 1,017,913 1,020,602 1,039,059 1,027,280 1,011,181 1,029,311 1,040,573 970,975 964,171 952,967 945,246 982,323 1,206,993 1,200,942 1,155,293 1,170,833 1,139,318 1,147,184 1,173,036 1,153,410 1,113,080 1,132,460 1,101,844 1,106,124 321,622 320,882 330,129 328,855 338,503 326,495 326,381 324,973 335,515 333,666 311,814 296,791 154,205 154,778 153,997 153,224 155,193 154,836 152,471 151,116 162,395 159,368 161,250 159,382 298,113 301,488 309,526 308,462 310,681 320,386 318,365 325,411 312,001 316,369 311,353 318,674 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 4 mos. 4 mos. 5 mos. 5 mos. 5 mos. 6 mos. 5 mos. 6 mos. 8 mos. 7 mos. 7 mos. 7 mos. End of fiscal year or month 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) 1994 . . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,900,000 5,500,000 5,950,000 5,950,000 4,605,338 4,884,605 5,137,195 5,327,624 5,439,447 4,605,226 4,884,518 5,137,113 5,327,556 5,439,281 112 87 82 68 166 4,603,700 4,863,076 5,135,157 5,323,010 5,432,833 112 87 82 68 166 1,526 21,442 1,956 4,546 6,448 1997 - Sept. . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,327,624 5,341,344 5,376,574 5,416,458 5,403,697 5,434,237 5,456,497 5,412,540 5,418,731 5,460,389 5,439,984 5,476,982 5,327,556 5,341,263 5,376,481 5,416,357 5,403,621 5,434,158 5,456,401 5,412,438 5,418,627 5,460,247 5,439,828 5,476,826 68 81 93 101 76 79 96 102 104 142 155 154 5,323,010 5,336,771 5,341,084 5,409,952 5,364,640 5,396,617 5,450,316 5,406,412 5,377,845 5,453,621 5,433,234 5,470,380 68 81 93 101 76 79 96 102 104 142 155 154 4,546 4,492 35,397 6,405 38,981 37,541 6,085 6,026 40,782 6,626 6,594 6,446 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 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) 1997) are excluded from the average length calculation. Published data was changed for the end of the fiscal years back through 1967. 2 Consists of guaranteed debt issued by the Federal Housing Administration. 26 FEDERAL DEBT 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) ............... ............... ............... ............... ............... 163,642 134,892 117,290 133,301 154,155 16,909 - 2,112 - 8,855 - 8,529 - 8,596 3,273 9,818 19,937 12,161 12,042 12,925 13,295 1997 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . 133,301 147,133 147,170 150,798 153,892 153,855 152,979 151,412 151,107 150,445 149,886 150,737 - - - - 9,818 13,416 14,969 14,880 17,896 17,762 17,957 17,996 17,157 17,079 17,006 17,723 12,925 14,157 14,141 14,134 14,134 13,848 13,858 13,858 13,967 13,615 13,616 13,646 1994 1995 1996 1997 1998 End of fiscal year or month 1994 1995 1996 1997 1998 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) Department of Education (11) Department of Energy Bonneville Power Administration (12) FarmService Agency (6) Rural Utilities Service (7) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) ............... ............... ............... ............... ............... 5,354 6,430 6,676 7,808 91 113 157 203 563 647 670 642 2,612 6,745 13,398 23,532 35,610 2,617 2,563 2,456 2,499 2,499 783 1,647 3,123 3,639 6,579 8,484 7,714 6,909 6,174 5,293 1997 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . 6,676 7,764 7,764 7,764 7,764 8,055 8,055 8,055 8,055 8,055 8,050 8,050 157 189 189 189 189 189 189 189 189 189 189 195 670 670 670 670 670 670 670 670 670 670 670 670 23,532 33,987 33,987 33,987 33,987 33,987 33,987 33,987 33,987 37,201 37,201 37,201 2,499 2,499 2,449 2,449 2,509 2,509 2,509 2,589 2,441 2,441 2,441 2,492 3,639 3,639 3,639 3,639 4,139 4,139 4,139 4,139 5,114 5,114 5,114 5,114 6,174 6,174 6,174 6,174 6,174 6,211 6,211 5,330 5,330 5,330 5,330 5,330 FEDERAL DEBT 27 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”] Department of Veterans Affairs Department of Treasury Federal Financing Bank (15) Direct loan fund (16) 1994 . . . . . . . . . . . . . . . 94,357 2 1,107 2,632 1995 . . . . . . . . . . . . . . . 69,297 1 1,272 1996 . . . . . . . . . . . . . . . 47,046 * 1997 . . . . . . . . . . . . . . . 34,944 1998 . . . . . . . . . . . . . . . End of fiscal year or month Small Business Administration (20) Other (21) 4,909 7,289 2,445 2,665 4,956 8,341 2,928 1,270 2,736 5,018 8,811 4,019 * 2,028 3,140 5,039 9,406 12,651 34,036 - - 3,956 4,993 9,559 9,745 1997 - Sept. . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 Oct. . . . . . . . . . . 33,698 * 1,411 3,140 5,312 9,302 11,772 Nov. . . . . . . . . . . 32,437 * 1,411 3,140 5,566 8,932 11,699 Dec. . . . . . . . . . . 34,090 * 1,411 3,140 5,842 8,932 13,492 1998 - Jan. . . . . . . . . . . 33,321 * 1,411 3,140 6,113 8,932 13,508 Feb. . . . . . . . . . . 32,340 * 1,411 3,421 6,368 8,932 14,008 Mar. . . . . . . . . . . 30,487 * 1,411 3,421 6,626 9,559 13,896 Apr. . . . . . . . . . . 29,892 * 1,411 3,421 6,884 9,559 13,428 May . . . . . . . . . . 29,222 * 1,411 3,443 7,128 9,559 13,434 June. . . . . . . . . . 28,158 * 1,411 3,943 4,204 9,559 13,476 July . . . . . . . . . . 27,610 * 1,411 3,943 4,473 9,559 13,270 Aug. . . . . . . . . . . 27,398 * 1,411 3,943 4,726 9,559 13,276 * Less than $500,000. Loan guaranty fund (17) Export-Import Bank of the United States (18) Railroad Retirement Board (19) 28 FEDERAL DEBT 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 September 30, 1998 5 Years, 8 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months 29 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. • Table PDO-1 provides a maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week bills. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve Banks, so that the “all other investors” category includes all private holdings. • 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 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-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-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 13and 26-week bills. TREASURY FINANCING: JULY-SEPTEMBER [Source: Bureau of the Public Debt, Office of Financing] JULY Treasury Announces Change in Frequency of 3-Year Note Auctions and Discontinuance of 3-Year Notes Auctions The Treasury Department has announced that it has discontinued issuing 5-year notes on a monthly basis. The last monthly 5-year note was issued on June 30, 1998. Beginning in August 1998, the 5-year note will replace the 3-year note in the quarterly refundings. Auction of 29-Year 9-Month Inflation-Indexed bonds July 1, 1998, Treasury announced it would auction $8,000 million of 29-Year 9-Month inflation-indexed bonds to raise cash. The 29-3/4-year 3-5/8 percent inflation indexed bonds of April 2028 were dated April 15, 1998, issued July 15, 1998, due April 15, 2028, with interest payable October 15 and April 15 until maturity. Accrued interest of $9.06291 per $1,000, covering the period from April 15, 1998, to July 15, 1998, was payable with each accepted tender. Tenders for the bonds were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on July 8, and totaled $19,056 million, of which $8,004 million was accepted. All competitive tenders at yields lower than 3.680 percent were accepted in full. Tenders at 3.680 percent were allotted 22 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.680 percent with an equivalent adjusted price of 99.550. The median yield was 3.630 percent; and the low yield was 3.500 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $8,004 million. In addition to the $8,004 million of tenders accepted in the auction process, $400 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of bonds of April 2028 is $1,600,000. Auction of 2-Year Note July 22 Treasury announced it would auction $15,000 million of 2-year notes of Series AF-2000 to refund $31,410 million of securities maturing July 31 and to pay down about $16,400 million. 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JULY-SEPTEMBER, con. The notes of Series AF-2000 were dated July 31, 1998, due July 31, 2000, with interest payable January 31 and July 31 until maturity. An interest rate of 5-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on July 29, and totaled $37,153 million, of which $15,001 million was accepted. All competitive tenders at yields lower than 5.475 percent were accepted in full. Tenders at 5.475 percent were allotted 55 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.475 percent with an equivalent price of 99.813. The median yield was 5.464 percent, and the low yield was 5.400 percent. Noncompetitive tenders totaled $1,588 million. Competitive tenders accepted from private investors totaled $13,413 million. In addition to the $15,001 million of tenders accepted in the auction process, $1,800 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,842 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AF-2000 is $1,600,000. 52-Week Bills July 10, 1998, tenders were invited for approximately $10,000 million of 364-day Treasury bills to be dated July 23, 1998, and to mature July 22, 1999. The issue was to refund $13,525 million of maturing 52-week bills and to pay down about $3,525 million. The bills were auctioned on July 16. Tenders totaled $40,693 million, of which $10,058 million was accepted, including $934 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. An additional $385 million was issued to Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. In addition, $5,305 million of the bills issued to Federal Reserve Banks for their own account. The average bank discount rate was 5.095 percent. AUGUST August Quarterly Financing August 5 Treasury announced it would auction $16,000 million of 5-year notes of Series J-2003, $11,000 million of additional 9-year 9-month notes of Series C-2008, and $10,000 million of 30-year bonds of August 2028 to refund $27,791 million of Treasury securities maturing August 15 to raise about $9,200 million of new cash. The notes of Series J-2003 were dated August 15, 1998, due August 15, 2003, with interest payable February 15 and August 15 until maturity. An interest rate of 5-1/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on August 11, and totaled $30,584 million, of which $16,001 million was accepted. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.327 percent with an equivalent price of 99.665. The median yield was 5.298 percent, and the low yield was 5.250 percent. Tenders at the high yield were allotted 8 percent. Noncompetitive tenders totaled $460 million. Competitive tenders accepted from private investors totaled $15,541 million. In addition to the $16,001 million of tenders accepted in the auction process, $1,000 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $2,834 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series J-2003 is $800,000. The 9-3/4-year 5-5/8 percent notes of Series C-2008 were dated May 15, 1998, issued August 17, 1998, due May 15, 2008, with interest payable November 15 and May l5 until maturity. Accrued interest of $14.36821 per $1,000, covering the period from May 15, 1998, to August 17, 1998, was payable with each accepted tender. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on August 12, and totaled $23,297 million, of which $11,001 million was accepted at yields ranging from 5.418 percent, price 101.533, up to 5.436 percent, price 101.397. Tenders at the high yield were allotted 40 percent. Noncompetitive tenders were accepted in full at the average yield, 5.428 percent, price 101.457. These totaled $88 million. Competitive tenders accepted from private investors totaled $10,912 million. In addition to the $11,001 million of tenders accepted in the auction process, $50 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,364 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series C-2008 is $320,000. The bonds of August 2028 were dated August 15, 1998, issued August 17, 1998, due August 15, 2028, with interest payable February 15 and August 15 until maturity. An interest rate of 5-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.29891 per $1,000, covering the period from August 15 to August 17, 1998, was payable with each accepted tender. Auction of 2-Year and 5-Year Notes August 19 Treasury announced it would auction $15,000 million of 2-year notes of Series AG-2000 to refund $31,974 PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: JULY-SEPTEMBER, con. million of securities maturing August 31 and to pay down about $16,975 million. The notes of Series AG-2000 were dated August 31, 1998, due August 31, 2000, with interest payable the last calendar day of February and August until maturity. An interest rate of 5-1/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on August 26, and totaled $32,884 million, of which $15,006 million was accepted. All competitive tenders at yields lower than 5.125 percent were accepted in full. Tenders at 5.125 percent were allotted 86 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.125 percent with an equivalent price of 100.000. The median yield was 5.110 percent; and the low yield was 5.050 percent. Noncompetitive tenders totaled $1,424 million. Competitive tenders accepted from private investors totaled $13,582 million. In addition to the $15,006 million of tenders accepted in the auction process, $2,000 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $2,994 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AG-2000 is $1,600,000. 52-Week Bills August 7 tenders were invited for approximately $10,000 million of 364-day Treasury bills to be dated August 20, 1998, and to mature August 19, 1999. The issue was to refund $13,218 million of maturing 52-week bills and to pay down about $3,225 million. The bills were auctioned on August 18. Tenders totaled $33,069 million, of which $10,011 million was accepted, including $1,039 million of noncompetitive tenders from the public and $1,477 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. An additional $167 million was issued to Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. In addition, $5,565 million was awarded to Federal Reserve Banks for their own accounts. The average bank discount rate was 5.000 percent. Cash Management Bills August 25 tenders were invited for approximately $40,000 million of 15-day bills to be issued August 31, 1998, maturing September 15, 1998. The issue was to raise new cash. Tenders were opened on August 27. They totaled $60,925 million, of which $40,010 million was accepted. The average bank discount rate was 5.45 percent. SEPTEMBER Auction of 2-Year Notes September 16 Treasury announced it would auction $15,000 million of 2-year notes of Series AH-2000 to refund $31,820 million of securities maturing September 30 and to pay down about $16,820 million. The notes of Series AH-2000 were dated September 30, 1998, due September 30, 2000, with interest payable March 31 and September 30 until maturity. An interest rate of 4-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on September 23, and totaled $35,913 million, of which $15,003 million was accepted. All competitive tenders at yields lower than 4.615 percent were accepted in full. Tenders at 4.615 percent were allotted 71 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.615 percent with an equivalent price of 99.783. The median yield was 4.600 percent; and the low yield was 4.510 percent. Noncompetitive tenders totaled $1,163 million. Competitive tenders accepted from private investors totaled $13,840 million. In addition to the $15,003 million of tenders accepted in the auction process, $2,000 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $2,242 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AH-2000 is $400,000. 52-Week Bills September 10 tenders were invited for approximately $10,000 million of 364-day Treasury bills to be dated September 17, 1998, and to mature September 16, 1999. The issue was to refund $25,220 million of all maturing bills and to pay down about $2,220 million. The bills were auctioned on September 15. Tenders totaled $30,414 million, of which $10,024 million was accepted, including $873 million of noncompetitive tenders from the public and $1,722 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. An additional $11 million was issued to Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. In addition, $5,390 million was issued to Federal Reserve Banks for their own accounts. The average bank discount rate was 4.505 percent. 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, 1998 [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 Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) Total (3) 10/15/91 11/01/93 10/31/96 11/15/88 11/24/95 10/03/60 11/30/93 12/02/96 12/31/93 12/31/96 10,268 13,023 21,221 9,903 20,598 225 12,115 20,532 12,444 20,615 140,945 1,017 1,101 1,362 859 2,722 162 954 1,079 1,680 1,075 12,011 9,251 11,922 19,859 9,044 17,876 63 11,161 19,453 10,764 19,540 128,933 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 07/31/97 08/15/89 08/15/96 08/31/94 09/02/97 09/30/94 09/30/97 10/15/92 10/31/94 10/31/97 11/15/89 11/15/96 11/30/94 12/01/97 01/03/95 12/31/97 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 17,487 10,337 12,152 16,824 10,774 22,870 11,934 17,051 12,523 16,747 892 841 1,937 1,049 3,744 915 1,656 1,875 1,431 1,073 1,275 1,225 1,638 2,980 872 971 1,645 789 359 1,531 1,397 944 2,690 1,146 1,315 1,490 667 406 1,257 732 864 2,991 1,288 1,181 1,419 846 9,667 12,060 17,531 8,671 18,253 10,999 18,260 10,905 18,367 9,105 11,017 18,128 8,409 20,380 11,467 17,604 11,456 17,073 9,647 10,880 15,442 9,220 20,018 11,251 15,900 11,346 16,820 9,931 10,895 16,092 9,910 19,879 10,646 15,870 11,104 15,901 Total . . . . . . . . . . . . . . . . 539,435 49,331 490,103 10,104 17,502 12,229 10,673 20,421 690 1,141 1,125 1,204 1,019 9,414 16,361 11,103 9,469 19,402 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 5-5/8%-AM note 5-1/8%-V note 5-3/4%-AN note 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. Amount of maturities Held by U.S. Government accounts and Federal All other Reserve Banks investors (4) (5) 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 5-7/8%-L note 7-1/8%-S note 1 5-3/4%-K note 6%-H note 7-1/2%-T note 1 5-5/8%-AL note 1 7-7/8%-D note 5-7/8%-Z note 7-3/4%-U note 1 5-5/8%-AM note 7-3/4%-V note 1 5-5/8%-AL note 6-3/8% E note 1 5-3/8-Y note 7-3/4%-G note 1 8-1/2%- A note 5-7/8%-U note 01/15/93 02/02/98 01/31/95 02/15/90 02/18/97 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, 1998, 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. Feb. 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) Total (3) 02/28/95 03/02/98 03/31/95 03/31/98 04/15/93 04/30/98 05/01/95 05/15/90 05/15/97 05/31/95 06/01/98 06/30/95 06/30/98 07/31/95 07/31/98 08/15/90 08/15/97 08/31/95 08/31/98 10/02/95 09/30/98 10/31/95 11/15/90 11/17/97 11/30/95 01/02/96 12,496 17,776 13,188 17,206 10,535 15,634 12,433 10,496 20,763 12,752 16,580 12,464 14,939 12,339 18,683 11,081 18,053 11,922 20,029 12,011 19,269 12,080 11,520 16,036 12,357 12,821 1,427 1,497 1,402 1,998 468 1,224 1,524 480 2,832 843 1,346 740 1,488 754 1,842 1,312 1,970 788 2,994 1,029 4,483 537 881 1,711 831 891 11,069 16,279 11,786 15,208 10,067 14,410 10,909 10,016 17,931 11,909 15,234 11,724 13,451 11,585 16,841 9,769 16,083 11,134 17,035 10,982 14,786 11,543 10,639 14,325 11,526 11,930 Total . . . . . . . . . . . . . . . . 446,393 42,473 403,920 12,816 1,501 11,313 15,367 12,820 14,181 13,780 1,750 12,398 12,874 13,722 14,282 14,137 12,339 1,753 14,000 14,519 14,640 1,753 24,226 14,031 13,971 262,174 957 161 983 1,533 1,135 1,600 1,231 166 1,423 2,270 1,067 1,175 957 1,375 256 1,011 1,149 1,083 173 2,745 729 765 23,943 11,859 1,340 10,330 13,834 11,685 12,581 12,549 1,584 10,975 10,604 12,655 13,107 13,180 10,964 1,497 12,989 13,370 13,557 1,580 21,481 13,302 13,206 238,229 13,453 1,759 13,800 14,301 1,155 160 943 1,326 12,298 1,599 12,857 12,975 7-1/8%-H note note 6-7/8%-J note 1 5-1/2%-AB note 5-1/2%-F note 1 5-5/8%-AC note 6-3/4%-K note 1 8-7/8%-B note 6-3/8%-V note 6-1/4%-L note 1 5-1/2%-AD note 5-7/8%-M note 1 5-3/8%-AE note 6-1/8%-N note 1 5-3/8%-AK note 1 8-3/4%-C note 6-%-W note 6-1/4%-P note 1 5-1/2%-AG note 6-1/8%-Q note 1 4-1/2%-Q note 5-3/4%-R note 1 8-1/2%-D note 1 5-3/4%-X note 5-5/8%-S note 5-1/2%-T note 1 5-1/2%-Z 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 1 5-3/8%-S note 5-5/8%-F note 6-3/8%-G note 6-1/4%-H note 13-1/8% bond 1 8%-B note 1 5 5/8%-T 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 02/17/98 02/29/96 04/10/96 04/30/96 04/02/81 05/15/91 05/15/98 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. Amount of maturities Held by U.S. Government accounts and Federal All other Reserve Banks investors (4) (5) 6-1/4%-C note 14-1/4% bond 6-1/4%-D note 6-5/8%-E note 01/31/97 01/06/82 02/28/97 03/31/97 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, 1998, 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 Description (1) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve Banks investors (4) (5) Issue date (2) Total (3) 04/30/97 05/15/92 06/02/97 06/30/97 07/15/97 07/31/97 08/17/92 09/02/97 09/30/97 10/31/97 09/29/82 12/01/97 12/31/97 14,475 11,714 13,504 13,059 17,136 12,231 23,859 12,732 12,807 11,737 2,753 12,121 12,052 213,493 1,268 1,316 1,132 967 1,040 452 2,532 1,042 700 710 348 695 585 16,370 13,207 10,398 12,372 12,092 16,096 11,779 21,327 11,690 12,107 11,027 2,405 11,426 11,467 197,123 02/02/98 01/04/83 02/16/93 03/02/98 03/31/98 04/30/98 04/04/83 06/01/98 06/30/98 07/05/83 08/16/93 08/17/98 10/05/83 13,101 3,007 23,563 13,670 14,173 12,573 3,249 13,132 13,127 3,501 28,011 19,852 7,260 785 739 2,145 1,595 1,435 1,010 331 1,115 1,265 514 3,735 2,859 811 12,316 2,268 21,418 12,075 12,738 11,563 2,918 12,017 11,862 2,987 24,276 16,993 6,449 Total . . . . . . . . . . . . . . . . 168,219 18,340 149,881 02/15/94 04/05/84 05/16/94 07/10/84 08/15/94 10/30/84 11/15/94 12,955 3,755 14,440 4,000 13,346 8,302 14,374 650 770 1,906 528 860 947 1,763 12,305 2,985 12,534 3,472 12,486 7,355 12,611 Total . . . . . . . . . . . . . . . . 71,173 7,424 63,748 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 11/24/95 13,835 4,224 4,261 14,740 9,270 15,003 15,210 1,292 2,177 728 2,000 1,187 1,800 1,710 12,543 2,047 3,533 12,740 8,083 13,203 13,500 Total . . . . . . . . . . . . . . . . 76,541 10,894 65,648 4,756 15,514 16,015 22,740 22,460 133 1,708 2,125 2,610 2,578 4,623 13,806 13,890 20,130 19,882 2002, con. Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-F note 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 1 5-3/4%-N note 11-5/8% bond 1 5-3/4%-P note 1 5-3/4%-Q note 1 7-1/2%-A Total . . . . . . . . . . . . . . . . 2003 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2004 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2005 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2006 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 5-1/2%-C note 10-3/4% bond 1 6-1/4%-A note 1 5-1/2%-D note 1 5-1/2%-E note 1 5-3/4%-F note 10-3/4% bond 1 5 1/2 %-G note 1 5 3/8 %-H note 11-1/8% bond 1 5-3/4%-B note 1 5-3/4%-B note 11-7/8% bond 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 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 1 9-3/8% bond note 1 6-7/8%-B note 1 7%-C note 1 6-1/2%-D note 1 5-5/8%-A 01/15/86 02/15/96 05/15/96 07/15/96 10/15/96 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, 1998, 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 Description (1) Issue date (2) 81,485 9,154 72,331 16,231 4,234 13,104 13,958 25,637 1,495 74,659 1,300 1,546 840 1,750 2,270 379 8,084 14,931 2,688 12,264 12,208 23,367 1,116 66,575 01/15/98 02/17/98 05/15/98 08/15/78 11/15/78 8,496 13,583 27,191 2,103 5,230 500 1,420 4,084 789 1,666 7,996 12,163 23,107 1,314 3,564 Total . . . . . . . . . . . . . . . . 56,603 8,459 48,144 05/15/79 11/15/79 4,606 4,201 1,313 1,076 3,293 3,125 Total . . . . . . . . . . . . . . . . 8,807 2,389 6,418 2,494 2,987 4,736 10,218 858 1,377 1,261 3,495 1,636 1,610 3,475 6,721 05/15/81 11/16/81 4,609 4,901 1,474 975 3,135 3,926 Total . . . . . . . . . . . . . . . . 9,509 2,449 7,061 11/15/82 11,032 1,962 9,070 Total . . . . . . . . . . . . . . . . 11,032 1,962 9,070 14,755 14,755 3,781 3,781 10,974 10,974 5,007 5,128 6,006 16,141 1,069 906 1,195 3,170 3,938 4,222 4,811 12,970 02/15/85 08/15/85 11/15/85 12,668 7,150 6,900 1,336 1,367 1,442 11,332 5,783 5,458 Total . . . . . . . . . . . . . . . . 26,718 4,145 22,573 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 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-1/2% A note B note C note 8-3/8% bond 8-3/4% bond 1 5-1/2% 1 5-5/8% 2009 May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 10-3/8% bond 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 2012 Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 11-1/4% bond bond 9-7/8% bond 1 10-5/8% 1 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve Banks investors (4) (5) 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, 1998, 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 2016, con. 2016 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) Total (3) 02/15/86 05/15/86 11/15/86 7,267 18,824 18,864 44,955 1,230 1,502 1,438 4,170 6,037 17,322 17,426 40,785 18,194 14,017 32,211 1,760 1,349 3,109 16,434 12,668 29,102 05/15/88 11/22/88 8,709 9,033 602 266 8,107 8,767 Total . . . . . . . . . . . . . . . . 17,742 868 16,874 02/15/89 08/15/89 19,251 20,214 1,093 1,976 18,158 18,238 Total . . . . . . . . . . . . . . . . 39,465 3,069 36,396 10,229 10,159 21,419 41,806 1,041 1,092 1,367 3,499 9,188 9,067 20,052 38,307 11,113 11,959 12,163 32,798 68,034 1,197 958 1,340 1,510 5,005 9,916 11,001 10,823 31,288 63,029 08/17/92 11/16/92 10,353 10,700 800 770 9,553 9,930 Total . . . . . . . . . . . . . . . . 21,052 1,570 19,482 18,374 22,909 41,283 1,600 1,382 2,982 16,774 21,527 38,301 08/15/94 11,470 565 10,905 Total . . . . . . . . . . . . . . . . 11,470 565 10,905 11,725 12,602 24,327 865 1,305 2,170 10,860 11,297 22,157 12,905 10,894 11,493 1,039 1,195 1,920 11,866 9,699 9,573 1 9-1/4% 1 7-1/4% 1 7-1/2% bond bond bond Total . . . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-3/4% 1 8-7/8% bond bond 05/15/87 08/17/87 Total . . . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2019 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% 1 9% 1 8-7/8% 1 8-1/8% bond bond bond bond 1 8-1/2% bond bond 1 8-3/4% bond 1 8-3/4% 02/15/90 05/15/90 08/15/90 Total . . . . . . . . . . . . . . . . 2021 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-7/8% bond bond 1 8-1/8% bond 1 8% bond 1 8-1/8% 02/15/91 05/15/91 08/15/91 11/15/91 Total . . . . . . . . . . . . . . . . 2022 Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/4% 1 7-5/8% 1 7-1/8% 1 6-1/4% bond bond bond bond 02/16/93 08/16/93 Total . . . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2025 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% 1 7-5/8% 1 6-7/8% bond bond bond 02/15/95 08/15/95 Total . . . . . . . . . . . . . . . . 2026 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. Amount of maturities Held by U.S. Government accounts and Federal All other Reserve Banks investors (4) (5) 1 6% bond bond 1 6-1/2% bond 1 6-3/4% 02/15/96 08/15/96 11/15/96 PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1998, 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 Description (1) Issue date (2) Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve Banks investors (4) (5) 2027, con. 35,292 4,154 31,138 02/18/97 08/15/97 11/17/97 10,456 10,736 22,519 480 1,135 2,505 9,976 9,601 20,014 Total . . . . . . . . . . . . . . . . 43,710 4,120 39,590 Total . . . . . . . . . . . . . . . . 2027 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2028 1 This security is eligible for stripping. See table VI of the “Monthly Statement of the Public Debt of the United States.” 1 6-5/8% bond bond 1 6-1/8% bond 1 6-3/8% 38 PUBLIC DEBT OPERATIONS TABLE PDO-2.—Offerings of Bills [Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Description of new issue Number of days to Amount of Maturity date maturity 1 bids tendered (1) (2) (3) Issue date Regular weekly: (13 week and 26 week) 1998 - June 4. . . . . 11 . . . . 18 . . . . 25 . . . . July 2. . . . . 9. . . . . 16 . . . . 23 . . . . 30 . . . . Aug. 6. . . . . 13 . . . . 20 . . . . 27 . . . . Sept. 3. . . . . 10 . . . . 17 . . . . 24 . . . . 52 week: 1997- Sept. Oct. Nov. Dec. 1998 - Jan. Feb. Mar. Apr. Apr. May June July Aug. Sept. 18 . . . . 16 . . . . 13 . . . . 11 . . . . 8. . . . . 1999 5. . . . . 5. . . . . 2. . . . . 30. . . . 28. . . . 25. . . . 23. . . . 20. . . . 17. . . . Cash Management: See footnotes at end of table. 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) Sept. Dec. Sept. Dec. Sept. Dec. Sept. Dec. Oct. Dec. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Nov. Feb. Nov. Feb. Nov. Feb Nov. Feb. Dec. Mar. Dec. Mar. Dec. Mar. Dec. Mar. 3 3 10 10 17 17 24 24 1 31 8 7 15 14 22 21 29 28 5 4 12 11 19 18 27 25 3 4 10 11 17 18 24 25 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 92 182 91 182 91 182 91 182 91 182 36,531.7 38,382.1 37,044.5 34,110.7 30,912.9 32,417.4 36,821.8 32,980.4 30,913.7 33,675.2 39,988.4 37,198.4 34,012.8 34,546.0 40,594.0 33,617.6 31,749.0 35,962.4 32,346.3 35,805.3 31,970.2 31,230.6 33,769.1 32,613.6 29,295.5 35,405.2 30,726.9 30,130.9 27,836.8 30,374.7 33,428.7 31,401.2 26,139.2 25,928.4 9,301.7 11,185.4 9,271.4 11,570.8 8,720.7 11,246.9 9,191.3 11,885.5 9,035.6 12,154.3 8,806.2 12,181.5 8,941.1 11,213.4 9,234.0 11,134.8 8,902.0 11,561.5 9,131.8 11,967.2 8,829.4 11,457.3 9,544.7 11,863.3 9,059.1 11,298.6 8,907.4 11,691.0 9,048.1 11,326.0 9,315.3 11,388.2 11,160.0 11,302.3 7,971.6 9,993.7 8,008.6 10,405.0 7,423.3 10,114.8 7,936.5 10,783.8 7,817.5 11,004.1 7,513.5 10,857.3 7,611.7 9,771.4 8,063.6 9,890.4 7,619.1 10,264.7 7,724.0 10,593.0 7,516.5 10,114.2 8,263.5 10,549.1 7,753.9 10,052.8 7,565.3 10,472.8 7,769.9 10,142.1 8,007.3 10,143.7 9,964.4 10,076.3 1,330.1 1,191.7 1,262.8 1,165.9 1,297.4 1,132.1 1,254.8 1,101.6 1,218.0 1,150.2 1,292.8 1,324.2 1,329.4 1,442.0 1,170.4 1,244.4 1,282.9 1,296.8 1,407.8 1,374.2 1,312.9 1,343.0 1,281.2 1,314.1 1,305.2 1,245.8 1,342.1 1,218.2 1,278.2 1,183.9 1,308.0 1,244.5 1,195.6 1,226.0 11,627.4 10,978.8 10,203.3 11,321.1 9,460.5 11,323.9 9,298.3 10,494.9 9,896.6 10,761.9 9,381.1 12,275.5 9,151.4 11,785.4 9,051.6 10,929.1 9,543.0 10,331.6 9,505.7 11,502.2 8,923.8 10,845.9 9,033.6 11,353.5 9,768.9 10,864.0 9,302.7 10,842.7 9,271.0 11,376.7 8,720.6 10,976.7 9,191.6 10,382.9 121,960.7 304,982.6 121,028.8 305,232.4 120,289.0 305,155.3 120,182.0 306,546.0 119,320.9 307,938.4 118,746.0 307,844.4 118,535.7 307,272.4 118,718.1 307,478.1 118,077.1 308,708.0 117,703.1 309,172.9 117,608.8 309,784.2 118,119.9 310,294.0 117,410.1 310,728.5 117,014.8 311,576.8 116,791.9 311,526.0 117,386.6 311,937.5 119,355.0 312,856.9 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Apr. May June July Aug. Sept. 17 15 12 10 7 4 4 1 29 27 24 22 19 16 364 364 364 364 364 364 364 364 364 364 364 364 364 364 80,766.5 60,298.6 85,598.2 46,305.7 48,378.5 48,414.5 53,056.7 43,079.6 47,705.2 47,167.7 48,063.8 46,405.5 38,815.3 35,829.9 18,301.9 18,774.1 18,451.4 18,011.0 17,836.8 19,190.2 17,973.1 16,752.5 15,345.2 15,539.7 15,093.4 15,768.7 15,756.2 15,439.9 17,461.0 17,981.5 17,713.2 17,162.4 16,755.3 18,071.8 16,895.7 15,635.1 14,258.9 14,498.7 14,091.0 14,812.4 14,702.9 14,552.1 840.9 792.6 738.2 848.6 1,081.5 1,118.3 1,077.4 1,117.4 1,086.2 1,041.0 1,002.4 956.4 1,053.3 887.9 19,906.7 18,482.5 20,141.9 20,542.5 20,609.8 20,983.2 20,840.5 16,751.0 15,344.5 15,540.1 15,093.2 18,829.8 15,756.1 15,439.9 259,376.6 259,668.1 257,978.8 255,448.9 255,205.8 253,412.7 250,545.2 250,546.7 250,547.4 250,547.0 250,547.3 247,486.1 247,486.2 247,486.3 PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.—Offerings of Bills, con. [Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Average price per hundred (9) Issue date Regular weekly: 1998 - June 4 . . . . . 11 . . . . 18 . . . . 25 . . . . July 2. . . . . 9. . . . . 16 . . . . 23 . . . . 30 . . . . Aug. 6 . . . . . 13 . . . . 20 . . . . 27 . . . . Sept. 3. . . . . 10 . . . . 17 . . . . 24 . . . . 52-week: 1997 - Sept. Oct. Nov. Dec. 1998 - Jan. Feb. Mar. Apr. Apr. May June July Aug. Sept. 1 18 . . . . 16 . . . . 13 . . . . 11 . . . . 8. . . . . 5. . . . . 5. . . . . 2. . . . . 30 . . . . 28 . . . . 25 . . . . 23 . . . . 20 . . . . 17 . . . . 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) 98.750 97.417 98.737 97.394 98.734 97.439 98.739 97.412 98.737 97.444 98.750 97.467 98.741 97.460 98.749 97.449 98.756 97.465 98.741 97.457 98.751 97.503 98.759 97.500 98.743 97.503 98.787 97.558 98.789 97.578 98.802 97.596 98.828 97.667 4.95 5.11 5.00 5.16 5.01 5.07 4.99 5.12 5.00 5.06 4.96 5.01 4.98 5.03 4.95 5.05 4.92 5.02 4.98 5.03 4.94 4.94 4.91 4.95 4.92 4.94 4.80 4.83 4.79 4.79 4.74 4.76 4.64 4.62 5.08 5.32 5.13 5.37 5.14 5.27 5.12 5.33 5.13 5.26 5.09 5.21 5.11 5.23 5.08 5.25 5.05 5.22 5.11 5.23 5.07 5.14 5.04 5.14 5.05 5.14 4.93 5.02 4.92 4.98 4.86 4.94 4.76 4.79 4.95 5.12 5.00 5.16 5.02 5.07 5.00 5.12 5.00 5.06 4.96 5.02 4.99 5.03 4.96 5.05 4.92 5.02 4.99 5.04 4.94 4.94 4.92 4.95 4.93 4.95 4.81 4.84 4.80 4.79 4.75 4.76 4.65 4.63 98.749 97.414 98.736 97.394 98.732 97.439 98.737 97.412 98.736 97.442 98.746 97.465 98.740 97.460 98.747 97.449 98.756 97.462 98.740 97.455 98.751 97.503 98.758 97.498 98.741 97.500 98.784 97.556 98.788 97.578 98.801 97.594 98.825 97.662 94.641 94.742 94.803 94.762 94.879 94.980 94.818 94.833 94.818 94.793 94.813 94.848 94.944 95.445 5.30 5.20 5.14 5.18 5.07 4.97 5.13 5.11 5.13 5.15 5.13 5.10 5.00 4.51 5.60 5.49 5.42 5.47 5.34 5.23 5.41 5.39 5.41 5.43 5.41 5.38 5.27 4.73 5.31 5.20 5.15 5.18 5.07 4.97 5.13 5.11 5.13 5.15 5.13 5.10 5.00 4.51 94.631 97.742 94.793 94.762 94.879 94.980 94.818 94.833 94.813 94.793 94.813 94.848 94.944 95.440 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. 2 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve Banks. 3 For 13-week , 26-week and 52-week bills, tenders $1 million or less from any one bidder are Low Discount rate (percent) (14) 5 6 7 Price per hundred (15) 4.93 5.10 4.98 5.14 5.00 5.06 4.97 5.11 4.97 5.05 4.95 5.00 4.97 5.00 4.95 5.04 4.90 5.01 4.97 5.03 4.91 4.92 4.90 4.94 4.89 4.94 4.78 4.82 4.78 4.77 4.73 4.73 4.61 4.59 98.754 97.422 98.741 97.401 98.736 97.442 98.744 97.419 98.744 97.447 98.750 97.472 98.744 97.472 98.749 97.455 98.761 97.467 98.744 97.457 98.759 97.513 98.763 97.505 98.750 97.503 98.792 97.563 98.792 97.589 98.804 97.609 98.835 97.682 5.29 5.19 5.14 5.17 5.06 4.95 5.12 5.10 5.12 5.15 5.12 5.08 5.00 4.48 94.651 97.752 94.803 94.778 94.889 94.995 94.823 94.843 94.823 94.798 94.823 94.864 94.955 95.470 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 $2.5 million was accepted at rates below the competitive range. 6 $2.55 million was accepted at rates below the competitive range. 7 $1.25 million was accepted at rates below the competitive range. 40 PUBLIC DEBT OPERATIONS TABLE PDO-3.—Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date 10/08/96 10/10/96 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 See footnotes at end of table. Issue date (1) 10/15/96 10/17/96 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 Description of securities 1 (2) 6-1/2% note—10/15/06-D 5.34% bill—10/16/97 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 Period to final maturity (years, months, days) 2 (3) 10y 364d 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 Amount tendered (4) 24,360 49,841 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 Amount issued 3, 4 (5) 5 10,985 20,190 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 Range of accepted bids for notes and bonds (6) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 PUBLIC DEBT OPERATIONS 41 TABLE PDO-3.—Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date 09/23/97 09/24/97 10/08/97 10/09/97 10/28/97 10/29/97 10/30/97 11/04/97 11/05/97 11/06/97 11/06/97 11/24/97 11/25/97 11/25/97 12/04/97 12/22/97 12/23/97 01/06/98 01/08/98 01/27/98 01/28/98 01/29/98 02/10/98 02/11/98 02/12/98 02/12/98 02/24/98 02/25/98 02/26/98 02/26/98 03/24/98 03/25/98 03/26/98 04/01/98 04/08/98 04/23/98 04/28/98 04/29/98 05/12/98 05/13/98 05/21/98 05/27/98 05/28/98 06/02/98 06/18/98 06/23/98 06/24/98 07/08/98 07/16/98 07/29/98 08/11/98 08/12/98 08/13/98 See footnotes at end of table. Issue date (1) 09/30/97 09/30/97 6 10/15/97 10/16/97 10/31/97 10/31/97 11/03/97 11/17/97 6 11/17/97 11/17/97 11/13/97 12/01/97 12/01/97 12/01/97 12/11/97 12/31/97 12/31/97 01/08/98 01/15/98 02/02/98 02/02/98 02/05/98 02/17/98 02/17/98 6 02/17/98 02/17/98 03/02/98 03/02/98 03/05/98 03/03/98 03/31/98 03/31/98 04/02/98 04/03/98 04/15/98 04/30/98 04/30/98 04/30/98 05/15/98 05/15/98 05/28/98 06/01/98 06/01/98 06/03/98 06/25/98 06/30/98 06/30/98 07/15/98 07/23/98 07/31/98 08/17/98 08/17/98 08/17/98 Description of securities 1 (2) 5-3/4% note—09/30/99-AK 5-7/8% note—09/30/02-M 3-5/8% ii note—07/15/02-J-reopening 5.20% bill—10/15/98 5-5/8% note—10/31/99-AL 5-3/4% note—10/31/02-N 5.18% bill—01/22/98-reopening 5-3/4% note—11/15/00-X 6-1/8% note—08/15/07-D-reopening 6-1/8% bond—11/15/27 5.14% bill—11/12/98 5-5/8% note—11/30/99-AM 5-3/4% note—11/30/02-P 5.56% bill—12/16/97 5.180% bill—12/10/98 5-5/8% note—12/31/99-AN 5-5/8% note—12/31/02-Q 5.341% bill—01/07/99 3-5/8% ii note—01/05/08-A 5-3/8% note—01/31/00-Y 5-1/2% note—01/31/03-C 4.965% bill—02/04/99 5-3/8% note—02/15/01-S 5-1/2% note—02/15/08-B 6-1/8% bond—11/15/27-reopening 5.29% bill—04/23/98 5-1/2% note—02/29/00-Z 5-1/2% note—02/28/03-D 5.125% bill—03/04/99 5.37% bill—04/16/98 5-1/2% note—03/31/00-AB 5-1/2% note—03/31/03-E 5.110% bill—04/01/99 5.45% bill—04/16/98 3-5/8% bond—04/15/28 5.125% bill—04/29/99 5-5/8% note—04/30/00 5-3/4% note—04/30/03 5-5/8% note—05/15/01 5-5/8% note—05/15/08 5.150% bill—05/27/99 5-1/2% note—05/31/00 5-1/2% note—05/31/03 5.30% bill—06/15/98 5.130% bill—06/24/99 5-3/8% note—06/30/00 5-3/8% note—06/30/03 3-5/8% bond—04/15/28-reopening 5.375% bill—07/22/99 5-3/8% note—07/31/00 5-1/4% note—08/15/03 5-5/8% note—05/15/08-reopening 5-1/2% bond—08/15/28 Period to final maturity (years, months, days) 2 (3) 2y 5y 4y 9m 2y 5y 3y 9y 30y 80d 9m 364d 2y 5y 15d 364d 2y 5y 364d 10y 2y 5y 3y 10y 29y 364d 9m 2y 5y 364d 13d 30y 364d 2y 5y 3y 10y 364d 2y 5y 2y 5y 9y 30y 65d 364d 44d 2y 5y 2y 5y 29y 364d 12d 364d 9m 9m 364d Amount tendered (4) 39,868 35,396 28,953 60,299 36,128 25,473 66,320 36,663 28,400 29,354 85,598 41,982 33,892 89,907 46,306 35,878 29,949 48,379 23,958 36,269 24,911 48,415 35,326 31,416 22,536 85,000 36,313 32,617 53,057 95,905 39,671 25,782 43,080 70,638 21,016 47,705 37,199 27,756 34,636 31,447 47,168 34,727 31,273 48,059 48,064 41,029 28,428 19,456 46,405 40,835 34,435 24,712 26,650 Amount issued 3,4 (5) Range of accepted bids for notes and bonds (6) 5 44 5 45 17,486 12,806 5 8,413 18,774 5 16,822 5 11,736 21,139 5 16,036 5 12,599 5 11,185 18,453 5 17,055 5 12,120 35,209 18,013 5 16,748 5 12,053 17,837 8,410 17,500 13,099 19,191 15,362 13,584 11,334 22,389 17,770 13,670 17,973 23,376 17,205 14,173 16,752 19,125 8,404 15,345 15,633 12,573 12,874 14,775 15,540 16,580 13,132 15,004 15,093 14,939 13,127 8,404 15,770 18,683 19,852 12,415 11,776 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 79 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.—Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank dis count rate. For note and bond is sues, the rate shown is the in ter est rate. For de tails of bill of ferings, 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 In cludes se cu ri ties issued to U.S. Government accounts and Federal Reserve Banks; and to foreign and international monetary authorities, whether in ex change for ma tur ing se cu ri ties or for new cash. 5 All notes and bonds are eligible for STRIPS. 6 Interest began to accrue before the issue date (settlement date) of this loan. 7 Yields ac cepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the av erage at 6.502% (price 99.985). 8 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 9 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 10 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). 11 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). 12 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the av erage at 6.619% (price 98.457). 13 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction. 14 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 15 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction. 16 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction. 17 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction. 18 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 19 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of an inflation-indexed note. 20 Yields ac cepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the av erage at 5.997% (price 99.670). 21 Yields ac cepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the av erage at 6.374% (price 99.092). 22 Yields ac cepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the av erage at 6.640% (price 99.804). 23 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction. 24 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction. 25 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction. 26 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction. 27 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of an inflation-indexed note. 28 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction. 29 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction. 30 Yields ac cepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the av erage at 6.438% (price 99.831). 31 Yields ac cepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the av erage at 6.740% (price 99.173). 32 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction. 33 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction. 34 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction. 35 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction. 36 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of an inflation-indexed note. 37 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 38 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction. 39 Yields ac cepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the av erage at 6.041% (price 99.889). 40 Yields ac cepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the av erage at 6.205% (price 99.411). 41 Yields ac cepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the av erage at 6.445% (price 99.076). 42 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction. 43 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction. Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction. 46 Ac cepted yields ranged up to 3.600% (ad justed price 100.400) in this sin gle-price auc tion of an inflation-indexed note. 47 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction. 48 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction. 49 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the av erage at 5.762% (price 99.967). 50 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the average at 5.955% (price 101.221). 51 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the av erage at 6.201% (price 98.970). 52 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction. 53 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction. 54 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 55 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction. 56 Accepted yields ranged up to 3.730% (adjusted price 99.130) in this single-price auction of an inflation-indexed note. 57 Accepted yields ranged up to 5.440% (price 99.878) in this single-price auction. 58 Accepted yields ranged up to 5.558% (price 99.749) in this single-price auction. 59 Yields ac cepted ranged from 5.404% (price 99.920) up to 5.420% (price 99.876) with the av erage at 5.414% (price 99.893). 60 Yields ac cepted ranged from 5.550% (price 99.620) up to 5.564% (price 99.514) with the av erage at 5.558% (price 99.559). 61 Yields accepted ranged from 5.800% (price 104.558) up to 5.830% (price 104.122) with the average at 5.822% (price 104.238). 62 Accepted yields ranged up to 5.537% (price 99.930) in this single-price auction. 63 Accepted yields ranged up to 5.605% (price 99.547) in this single-price auction. 64 Accepted yields ranged up to 5.500% (price 100.000) in this single-price auction. 65 Accepted yields ranged up to 5.620% (price 99.483) in this single-price auction. 66 Accepted yields ranged up to 3.740% (adjusted price 97.937) in this single-price auction of an inflation-indexed bond. 67 Accepted yields ranged up to 5.677% (price 99.903) in this single-price auction. 68 Accepted yields ranged up to 5.795% (price 99.807) in this single-price auction. 69 Yields accepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the average at 5.633% (price 99.978). 70 Yields ac cepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the av erage at 5.646% (price 99.841). 71 Accepted yields ranged up to 5.530% (price 99.944) in this single-price auction. 72 Accepted yields ranged up to 5.575% (price 99.676) in this single-price auction. 73 Accepted yields ranged up to 5.495% (price 99.776) in this single-price auction. 74 Accepted yields ranged up to 5.454% (price 99.658) in this single-price auction. 75 Accepted yields ranged up to 3.680% (adjusted price 99.550) in this single-price auction of an inflation-indexed bond. 76 Accepted yields ranged up to 5.475% (price 99.813) in this single-price auction. 77 Accepted yields ranged up to 5.327% (price 99.665) in this single-price auction. 78 Yields accepted ranged from 5.418% (price 101.533) up to 5.436% (price 101.397) with the average at 5.428% (price 101.457). 79 Yields accepted ranged from 5.587% (price 98.740) up to 5.598% (price 98.583) with the average at 5.590% (price 98.697). 80 Accepted yields ranged up to 5.125% (price 100.000) in this single-price auction. 81 Accepted yields ranged up to 4.615% (price 99.783) in this single-price auction. 44 45 Note.—All notes and bonds, except for for eign-targeted is sues, were sold at auc tion through competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through competitive bidding only. *As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. PUBLIC DEBT OPERATIONS 43 TABLE PDO-4A.—Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) 01/31/97 5-7/8% note—01/31/99-AB 19,468 Federal Reserve Banks (2) 320 Commercial Indibanks 1 viduals 2 (3) (4) 339 Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) 1,339 15 1 1,363 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) 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 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 02/18/97 6-1/4% note—02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839 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 04/30/97 6-3/8% note—04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668 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 1,172 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 06/30/97 6% note—06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911 06/30/97 6-1/4% note—06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063 07/15/97 3-5/8% note—07/15/02-J 8,410 400 2,055 31 17 * 859 1 - 85 4,745 218 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 17,488 617 183 757 1 3 837 13 * 4 13,278 1,795 09/30/97 5-7/8% note—09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845 10/15/97 3-5/8% note—10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209 10/31/97 5-5/8% note—10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322 10/31/97 5-3/4% note—10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383 11/15/97 5-3/4% note—11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385 11/15/97 6-1/8% note—08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301 11/15/97 6-1/8% bond—11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5 12/01/97 5-5/8% note—11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813 12/01/97 5-3/4% note—11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799 See footnotes at end of table. 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.—Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) Federal Reserve Banks (2) Commercial Indibanks 1 viduals 2 (3) (4) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12 12/31/97 5-5/8% note—12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 12/31/97 5-5/8% note—12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 1,071 627 01/15/98 3-5/8% note—01/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093 01/31/98 5-3/8% note—01/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463 01/31/98 5-1/2% note—01/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340 02/15/98 5-3/8% note—02/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789 02/15/98 5-1/2% note—02/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181 02/15/98 6-1/8% note—02/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71 03/02/98 5-1/2% note—02/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469 03/02/98 5-1/2% note—02/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644 03/31/98 5-1/2% note—03/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399 03/31/98 5-1/2% note—03/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788 04/15/98 3-5/8% note—04/15/28 8,404 400 1,438 35 - * 2,132 346 - - 3,542 511 04/30/98 5-5/8% note—04/30/00-AC 15,634 1,191 268 1,099 1 2 1,810 2 - 4 9,591 1,666 04/30/98 5-3/4% note—04/30/03-F 12,573 1,010 346 258 * 3 319 7 - 2 9,720 908 05/15/98 5-5/8% note—05/15/01-T 12,874 2,270 181 513 1 1 982 5 - 7 8,295 619 05/15/98 5-5/8% note—05/15/08-C 14,775 2,720 2,651 87 - * 3,567 * * * 5,697 53 06/01/98 5-1/2% note—05/31/00-AD 16,580 1,321 644 1,163 3 1 546 14 2 5 10,599 2,282 06/01/98 5-1/2% note—05/31/03-G 13,132 1,115 78 250 2 3 1,153 3 * * 9,504 1,024 06/30/98 5-3/8% note—06/30/00-AE 14,939 1,383 411 1,140 1 2 1,166 7 * 10 9,275 1,544 1,152 06/30/98 5-3/8% note—06/30/03-H 13,127 1,265 157 220 1 4 1,987 3 * 2 8,336 07/15/98 3-5/8% bond—04/15/28-reopening 8,404 400 1,607 21 21 - 1,967 - - 20 3,747 621 07/31/98 5-3/8% note—07/31/00-AF 18,683 1,842 453 1,453 2 29 3,262 10 1 10 9,447 2,174 08/17/98 5-1/4% note—08/15/03-J 19,852 2,834 1,007 465 - - 1,110 100 - 3 13,198 1,135 08/17/98 5-5/8% note—05/15/08-C-reopening 12,416 1,364 1,951 60 - - 446 - - - 8,496 99 08/17/98 5-1/2% bond—08 /15/28 11,776 1,772 411 30 - - 3,726 - - - 5,832 5 * 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 Gov ernment-sponsored agencies. Note.—For detail of offerings, see table PDO-3. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4B.—Allotments by Investor Classes for Marketable Public Debt Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting] Date of financing Date of maturity (1) Average rate (percent) (2) Total amount issued 52-week series (3) Federal Reserve Banks (4) 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 10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065 11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122 12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498 01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992 02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616 03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463 04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509 04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273 05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300 06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387 07/23/98 07/22/99 5.10 15,215 5,305 130 915 7,061 1,804 08/20/98 08/19/99 5.00 15,758 5,565 89 89 7,407 2,608 1 Exclusive of banks and insurance companies. 2 Included with “All other” investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Government accounts. Allotments by investor classes Commercial Dealers and banks Corporations 1 brokers (5) (6) (7) Note.—For detail of offerings, see table PDO-3. All other 2 (8) 46 INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since January 1, 1998, and series I bonds, on sale since September 1, 1998, are the series bonds currently being 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 in the Annual Report of the Secretary of the Treasury for fiscal 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Sept. 30, 1998 [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 Sales 1 (1) Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . . . . . . . Series E, EE, H and HH. . . . . . . . . . . . . . Series I . . . . . . . . . . . . . . . . . . . . . . . . . . Series F and G. . . . . . . . . . . . . . . . . . . . . Series J and K . . . . . . . . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . . . . . . . Accrued discount (2) Sales plus accrued discount (3) Redemptions 1 (4) Amount outstanding InterestMatured nonbearing debt interest bearing debt (5) (6) 3,949 349,988 17 28,396 3,556 1,054 197,746 1,125 198 5,003 547,734 17 29,521 3,754 5,002 364,346 29,517 3,753 180,727 17 - 1 5,091 3 - 862 695 1,557 1,202 225 - 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for series H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin ning January 1972; however, they exclude exchanges of series E bonds for series H and HH bonds. 2 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined 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] Amount outstand-ing Matured Interestnon-interestbearing debt bearing debt (7) (8) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price 1 (5) Fiscal years: 1935-94. . . . . . . . . . . . . . . 363,460 1995 . . . . . . . . . . . . . . . . . 7,222 1996 . . . . . . . . . . . . . . . . . 5,936 1997 . . . . . . . . . . . . . . . . . 5,334 1998 . . . . . . . . . . . . . . . . . 4,765 163,984 9,481 9,822 9,083 9,141 527,444 16,703 15,758 14,417 13,847 348,780 11,805 2,495 2,084 14,338 272,261 7,268 7,234 8,435 6,897 76,459 4,537 5,261 5,968 7,440 176,766 181,529 184,423 182,589 180,744 1,857 1,997 2,292 3,601 5,091 Calendar years: 1935-94. . . . . . . . . . . . . . . 365,514 1995 . . . . . . . . . . . . . . . . . 10,963 1996 . . . . . . . . . . . . . . . . . 5,828 1997 . . . . . . . . . . . . . . . . . 8,218 166,358 22,014 9,636 14,351 531,872 32,977 15,464 22,569 351,397 17,971 13,408 23,302 273,895 11,109 7,603 13,027 77,502 6,862 5,805 10,275 178,138 182,266 182,781 182,565 2,335 2,724 4,222 3,637 697 872 676 705 854 756 720 883 679 708 829 746 1,073 1,256 1,072 1,231 1,384 1,145 1,121 1,277 1,046 1,123 1,162 1,089 1,087 1,121 912 1,225 1,583 1,133 1,277 1,314 1,118 1,208 1,247 1,174 646 590 480 669 942 523 705 606 581 637 167 447 441 532 432 556 641 610 571 707 537 571 1,080 727 182,589 182,777 182,980 181,133 181,043 181,206 181,141 181,222 180,597 180,580 180,558 180,615 3,601 3,547 3,506 5,359 5,249 5,098 5,007 4,885 5,434 5,330 5,300 5,157 Period 1997 - Sept. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . 1 Sales (1) 376 389 396 525 520 389 402 394 367 364 362 325 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Accrued discount 1 (6) U.S. SAVINGS BONDS AND NOTES 47 TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH and I [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 plus accrued discount (3) Accrued discount (2) Sales (1) Redemptions Sales price (5) Total (4) 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: 1941-94 . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . 321,899 7,222 6,035 5,334 4,765 160,472 9,464 9,708 9,067 9,141 482,371 16,686 15,743 14,401 13,989 291,359 11,069 11,809 8,435 14,207 217,284 6,532 6,480 7,541 6,954 77,650 4,537 5,315 6,456 6,464 17,106 874 1,173 1,254 1,190 165,387 170,005 172,483 169,969 180,744 1,835 1,977 2,276 3,584 5,091 Calendar years: 1941-94 . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 316,038 10,953 5,820 7,629 163,890 12,434 9,633 13,546 479,928 23,387 15,453 21,175 286,937 12,546 12,625 20,718 218,754 10,201 6,825 10,930 75,093 2,345 5,803 9,637 17,119 1,179 1,447 1,853 166,731 170,690 170,744 170,289 2,307 2,700 4,198 3,637 1997 - Sept.. . . . . . . . . . Oct.. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . Apr.. . . . . . . . . . . May. . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . 377 389 396 525 520 389 402 394 367 364 362 325 698 873 677 705 854 756 720 883 679 708 828 745 1,075 1,262 1,073 1,231 1,384 1,145 1,120 1,273 1,041 1,088 1,194 1,089 1,018 1,048 854 1,225 1,583 1,133 1,277 1,314 1,118 1,208 1,247 1,174 577 516 422 599 857 445 620 527 510 553 1,079 361 441 532 432 556 641 610 705 606 581 637 167 447 87 91 77 84 96 99 107 181 93 93 99 90 170,295 170,472 170,656 168,802 181,043 181,206 181,141 181,222 180,597 180,580 180,558 180,615 3,601 3,547 3,506 5,359 5,249 5,098 5,007 4,885 5,434 5,330 5,300 5,157 Series H and HH Fiscal years: 1952-94 . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 1997 . . . . . . . . . . . . 1998 . . . . . . . . . . . . 13,548 8 16 10 88 - 13,548 8 16 10 41 18,990 737 744 893 941 18,990 737 744 893 686 - 17,106 874 1,173 1,254 1,108 11,379 11,524 11,940 12,294 12,515 17 16 16 17 20 Calendar years: 1952-93 . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 1997 . . . . . . . . . . . . 13,493 1 42 17 31 - 13,493 1 42 17 31 18,338 592 901 789 1,424 18,638 592 901 789 1,424 - 16,264 855 1,093 1,266 1,854 11,143 11,407 11,576 12,038 12,276 25 24 24 23 18 1997 - Sept. . . . . . . . . Oct.. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr.. . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept.. . . . . . . . -1 -6 9 1 -1 -4 -5 15 3 19 25 - -1 -6 9 1 -1 -4 -5 15 3 19 25 67 74 58 70 85 78 85 80 71 85 85 85 85 67 74 58 70 85 78 85 80 71 85 85 85 85 - 87 91 77 84 95 99 107 100 93 93 99 90 80 12,294 12,305 12,324 12,331 12,352 12,374 12,397 12,414 12,428 12,475 12,470 12,495 12,515 17 17 16 23 22 21 20 20 23 22 21 20 20 Series I Fiscal years: 1998. . . . . . . . . . 17 - 17 - - - - 17 - Calendar years: 1998. . . . . . . . . . 17 - 17 - - - - - - 1998 - Sept. . . . . . . 17 - 17 - - - - 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. 48 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.) OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service ] Total Federal securities outstanding (1) Total outstanding (2) Total (3) 1994 . . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 5,000,945 5,259,854 5,446,333 5,555,565 4,689,524 4,950,644 5,220,790 5,407,528 5,518,681 1,213,115 1,320,800 1,447,001 1,598,459 1,765,580 1,426 1,519 1,506 1,254 1,254 1,211,689 1,319,281 1,445,495 1,597,205 1,764,326 355,150 374,114 390,924 436,496 458,131 1997 - Sept. . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,530,294 5,536,653 5,577,860 5,557,849 5,594,178 5,555,565 5,407,528 5,421,664 5,426,155 5,494,913 5,450,015 5,482,059 5,535,273 5,492,802 5,464,507 5,540,243 5,520,079 5,557,043 5,518,681 1,598,459 1,606,412 1,613,248 1,655,682 1,667,708 1,668,108 1,670,378 1,687,592 1,703,090 1,757,556 1,753,898 1,756,687 1,765,580 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,597,205 1,605,158 1,611,994 1,654,428 1,666,454 1,666,854 1,669,124 1,686,338 1,701,836 1,756,302 1,752,644 1,755,433 1,764,326 436,496 420,613 430,280 451,901 428,821 432,245 400,005 457,026 443,945 458,417 447,834 450,030 458,131 End of fiscal year or month End of fiscal year or month Interest-bearing public debt securities 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) 1994 . . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 3,255,730 3,382,865 3,372,573 3,294,970 2,735,026 2,884,814 3,025,941 3,001,866 2,871,645 386,233 370,916 356,924 370,707 423,325 3,226 23,339 4,021 5,618 7,512 28,543 26,962 35,043 33,187 29,372 17 16 7,606 7,098 3,917 28,526 26,946 27,437 26,089 25,455 1997 - Sept. . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . 3,372,573 3,394,639 3,382,627 3,387,330 3,353,486 3,381,706 3,464,890 3,348,184 3,317,472 3,324,270 3,318,347 3,350,326 3,294,970 3,001,866 3,016,819 3,002,065 3,003,662 2,968,035 2,990,627 3,065,834 2,940,895 2,907,763 2,909,839 2,901,709 2,933,267 2,871,645 370,707 377,820 380,562 383,668 385,451 391,079 399,056 407,289 409,709 414,431 416,638 417,059 423,325 5,618 5,562 36,467 7,475 40,049 38,609 7,153 7,092 41,848 7,692 7,659 7,511 7,512 33,187 33,151 33,322 33,624 30,443 30,371 30,516 30,399 30,297 29,925 30,111 29,625 29,372 7,098 7,098 7,098 7,098 4,598 4,598 4,598 4,598 4,598 4,367 4,367 4,367 3,917 26,089 26,053 26,224 26,526 25,845 25,773 25,918 25,801 25,699 25,558 25,744 25,258 25,455 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.—Estimated Ownership of Public Debt Securities by Private Investors [Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] End of month Total priCommervately held cial banks 2 (1) (2) Total (3) Total (4) Nonbank investors Individuals 3 Money 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) Other investors 8 (12) 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 79.7 166.0 175.0 180.8 192.5 601.6 576.8 572.1 566.0 507.9 529.6 535.2 549.7 591.3 616.7 634.5 670.9 1993 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 2,895.2 2,936.3 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,585.0 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 80.8 199.3 206.1 215.6 213.0 582.6 594.7 598.6 610.8 564.2 567.7 591.3 622.9 655.3 663.6 653.6 653.4 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 2,877.6 315.1 321.1 327.2 331.1 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 224.5 614.4 595.9 567.7 541.0 633.3 633.2 655.8 640.7 668.3 683.7 731.0 832.6 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 3,016.2 342.7 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 244.2 245.0 245.2 241.5 67.7 58.7 64.2 71.5 230.3 227.7 224.1 228.8 531.7 488.6 480.2 465.6 681.2 736.3 800.4 814.2 833.2 846.1 830.1 846.9 1996 - Mar. . . . . June . . . . Sept . . . . Dec . . . . . 3,382.8 3,347.3 3,386.2 3,411.2 284.0 280.2 275.0 261.8 3,098.8 3,067.1 3,111.2 3,149.4 347.2 347.6 353.7 356.6 185.8 186.5 186.8 187.0 161.4 161.1 167.0 169.6 239.4 229.5 226.8 214.1 85.7 82.4 85.2 91.6 229.0 230.9 249.1 258.5 464.8 474.3 453.2 447.5 888.7 912.3 978.1 1,087.6 844.0 790.1 765.1 693.5 1997 - Mar. . . . . June . . . . Sept . . . . Dec . . . . . 3,451.7 3,361.7 3,388.9 3,393.4 282.3 265.9 261.8 270.3 3,169.4 3,095.8 3,127.1 3,123.1 355.4 355.4 354.8 354.9 186.5 186.3 186.2 186.5 168.9 169.1 168.6 168.4 182.1 r 183.5 r 187.3 r 176.6 84.2 77.4 75.8 88.9 262.5 261.0 266.5 265.0 443.1 441.3 446.8 444.1 1,144.2 1,172.9 1,218.2 1,230.6 r 697.8 r 604.3 r 577.7 r 563.0 1998 - Mar. . . . . June . . . . Sept . . . . 3,430.7 3,330.6 3,301.0 r 278.6 r 263.7 p 260.0 r 3,152.1 r 3,066.9 3,041.0 352.1 351.1 352.3 186.3 186.0 186.0 165.8 165.0 166.4 r 182.2 r 185.0 p 188.0 84.8 r 82.7 p 84.2 268.1 267.2 p 271.4 r 444.8 r 464.7 p 469.0 r 1,240.3 r 1,248.6 p 1,217.2 r 579.8 r 467.7 p 458.9 1 5 2 6 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. Exclusive of banks and insurance companies. This category includes nonmarketable State and local government series (SLGS) Treasury securities and holdings of State and local pension and other funds. 7 Consists of the investments of foreign and international accounts (official and private) in U.S. public debt issues. Estimates reflect the 1984 benchmark to De cem ber 1989, the 1989 bench mark to December 1994 and the 1994 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. 51 INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. • Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. The Treasury yield curve in the accompanying chart is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. The Treasury uses quotations obtained by the Federal Reserve Bank of New York to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. Yields on Treasury bills are coupon equivalent yields of bank discount rates at which Treasury bills trade in the market. The Board of Gover- nors 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) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) 5.11 5.28 5.30 5.18 5.23 5.16 5.08 5.14 5.12 5.09 5.04 4.74 5.30 5.38 5.45 5.23 5.27 5.25 5.26 5.36 5.32 5.23 5.15 4.81 5.46 5.46 5.53 5.24 5.31 5.39 5.38 5.44 5.41 5.36 5.21 4.71 5.77 5.71 5.72 5.36 5.42 5.56 5.56 5.59 5.52 5.46 5.27 4.67 5.84 5.76 5.74 5.38 5.43 5.57 5.58 5.61 5.52 5.47 5.24 4.62 5.93 5.80 5.77 5.42 5.49 5.61 5.61 5.63 5.52 5.46 5.27 4.62 6.05 5.90 5.83 5.53 5.60 5.71 5.70 5.72 5.56 5.52 5.36 4.76 6.03 5.88 5.81 5.54 5.57 5.65 5.64 5.65 5.50 5.46 5.34 4.81 6.33 6.11 5.99 5.81 5.89 5.95 5.92 5.93 5.70 5.68 5.54 5.20 5.21 5.22 5.36 5.19 5.32 5.16 5.00 5.03 5.10 5.10 4.96 4.37 5.32 5.43 5.45 5.24 5.33 5.27 5.24 5.33 5.24 5.21 5.03 4.49 5.36 5.52 5.51 5.24 5.41 5.41 5.40 5.42 5.38 5.38 4.95 4.41 5.63 5.76 5.66 5.32 5.55 5.60 5.59 5.53 5.49 5.49 4.91 4.30 5.70 5.80 5.68 5.35 5.55 5.61 5.62 5.54 5.49 5.48 4.85 4.26 5.72 5.83 5.71 5.39 5.59 5.64 5.65 5.56 5.47 5.52 4.91 4.23 5.87 5.89 5.77 5.51 5.67 5.74 5.74 5.63 5.52 5.56 5.03 4.38 5.84 5.86 5.75 5.53 5.62 5.67 5.68 5.56 5.44 5.50 5.05 4.44 6.15 6.04 5.93 5.82 5.92 5.94 5.95 5.81 5.62 5.72 5.30 4.98 Monthly average: 1997 - Oct. . . . . . . . . . . Nov . . . . . . . . . . . Dec . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb . . . . . . . . . . . Mar. . . . . . . . . . . Apr.. . . . . . . . . . . May. . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . . End of month: 1997 - Oct. . . . . . . . . . . Nov . . . . . . . . . . . Dec . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . Apr.. . . . . . . . . . . May. . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . . * Rates are from the Treasury yields curve. 52 MARKET YIELDS CHART MY-A.—Yields of Treasury Securities, Sept. 30, 1998 * 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. Years to Maturity * Source: Office of Market Finance MARKET YIELDS 53 TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance, 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 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 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 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 1991 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 1994 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 See footnotes at end of table. MARKET YIELDS 55 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) 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 6.33 6.11 5.99 7.62 7.54 7.85 8.04 7.90 7.71 7.44 7.30 7.04 6.90 6.79 6.68 5.53 5.40 5.59 5.73 5.53 5.39 5.27 5.27 5.25 5.26 5.23 5.07 5.81 5.89 5.95 5.92 5.93 5.70 5.68 6.62 6.66 6.63 6.59 6.63 6.43 6.36 4.93 4.96 5.10 5.10 5.17 5.01 5.04 Treasury 30-yr. bonds (1) Period MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1998 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years. 2 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 56 MARKET YIELDS CHART MY-B.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds* Monthly averages (in percentages) Aa Corporate Bonds Treasury 30-yr. Bonds Aa Municipal Bonds Calendar Years * Source: Office of Market Finance 57 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It 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, 1998 [Source: Financial Management Service] Total currency and coin (1) Total (2) $606,504,679,474 $581,100,156,576 $580,575,257,172 $269,682,716 $255,216,688 The Treasury. . . . . . . . . . . . . . . . . . . . . 69,397,291 11,387,308 11,178,290 20,739 188,279 Federal Reserve Banks. . . . . . . . . . . . . 112,234,287,005 111,816,848,524 111,816,846,049 - 2,475 $494,200,995,178 $469,271,920,744 $468,747,232,833 $269,661,977 $255,025,934 Currency Amounts outstanding. . . . . . . . . . . . . . . . . Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) Less amounts held by: Amounts in circulation. . . . . . . . . . . . . . . . Total (1) Dollars 3 (2) Fractional coins (3) $25,404,522,898 $2,024,703,898 $23,379,819,000 The Treasury.. . . . . . . . . . . . . . . . . . . . . . . 58,009,983 33,239,983 24,770,000 Federal Reserve Banks . . . . . . . . . . . . . . . 417,438,481 45,009,095 372,429,386 $24,929,074,434 $1,946,454,820 $22,982,619,614 Coins 2 Amounts outstanding. . . . . . . . . . . . . . . . . . . Less amounts held by: Amounts in circulation . . . . . . . . . . . . . . . . . . See footnotes following table USCC-2. 58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION TABLE USCC-2.—Amounts Outstanding and in Circulation, Sept. 30, 1998 [Source: Financial Management Service] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) Currency no longer issued (4) U.S. notes (3) $1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,575,540,063 $6,428,514,739 $143,481 $146,881,843 $2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,148,058,076 1,015,571,134 132,474,366 12,576 $5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,569,847,865 7,428,032,890 110,277,010 31,537,965 $10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,393,183,810 13,370,722,120 5,950 22,455,740 $20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,960,397,480 84,940,292,800 3,380 20,101,300 $50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,605,076,450 47,593,582,050 - 11,494,400 $100. . . . . . . . . . . . . . . . . . . . . . . . . . . . 307,703,443,900 307,654,693,600 26,757,700 21,992,600 $500 . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,983,500 143,795,500 - 188,000 $1,000. . . . . . . . . . . . . . . . . . . . . . . . . . 167,184,000 166,978,000 - 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 - Partial notes 4. . . . . . . . . . . . . . . . . . . . . 115 - 90 25 Total currency. . . . . . . . . . . . . . . . . . . $469,271,920,744 $468,747,232,833 $269,661,977 $255,025,934 Comparative totals of currency and coins in circulation— selected dates 485 Amount (in millions) (1) Per capita 5 (2) Sept. 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $494,201 $1,825.26 Aug. 31, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 488,579 1,806.09 July 31, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486,076 1,798.35 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 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90 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. 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 the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.—U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Total reserve assets 1 (1) 1993. . . . . . . . . . . . . . . . . . Reserve position in International Monetary Fund 1,5,6 (5) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) 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. . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435 1997 - Oct.. . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243 Nov. . . . . . . . . . . . . 67,112 11,050 10,120 31,371 14,571 Dec. . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071 1998 - Jan.. . . . . . . . . . . . . 70,003 11,046 9,998 30,920 18,039 Feb.. . . . . . . . . . . . . 70,632 11,050 10,217 31,230 18,135 Mar.. . . . . . . . . . . . . 69,353 11,049 10,108 30,220 17,976 Apr. . . . . . . . . . . . . . 70,328 11,048 10,188 30,874 18,218 May . . . . . . . . . . . . . 70,723 11,049 10,296 30,421 18,957 June . . . . . . . . . . . . 71,161 11,047 10,001 31,168 18,945 July . . . . . . . . . . . . . 72,264 11,046 9,586 30,852 20,780 Aug. . . . . . . . . . . . . 73,544 11,046 9,891 31,446 21,161 Sept. . . . . . . . . . . . . 75,676 11,044 10,106 32,882 21,644 Oct. . . . . . . . . . . . . . 79,186 11,044 10,379 35,485 22,278 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the spe cial draw ing right (SDR) based on a weighted-average of ex change rates for the cur ren cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also are valued on this basis beginning July 1974. 2 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant 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. 6 Includes $483 million of loans to the IMF under the Gen eral Ar range ments to Bor row (GAB) in July 1998. 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 Market- Nonmarketable U.S. able U.S. Liabilities Treasury Treasury reported by bonds bonds banks in and and United States notes 2 notes 3 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) LiabiliMarketties able U.S. to nonTreasury monetary bonds international and and regional notes 2,6 organizations 7 (10) (11) Total (1) Total (2) 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 8 . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581 Series break . . . . . 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321 1995 . . . . . . . . . . . 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795 1996 . . . . . . . . . . . 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412 1997 - Sept. r . . . . 2,348,148 776,531 300,291 439,082 5,879 31,279 843,630 712,701 164,091 548,610 15,286 Oct. r . . . . . 2,391,575 771,844 307,449 426,540 5,918 31,937 851,947 750,607 172,056 578,551 17,177 Nov. r . . . . . 2,424,356 764,477 298,257 428,371 5,955 31,894 884,532 759,195 166,986 592,209 16,152 Dec. r . . . . . 2,452,968 749,295 283,685 428,004 5,994 31,612 932,335 757,193 172,405 584,788 14,145 1998 - Jan. r . . . . . 2,443,102 752,319 286,480 426,815 6,033 32,991 911,134 765,432 174,746 590,686 14,217 Feb. r . . . . . 2,470,200 752,087 284,030 428,057 6,069 33,931 916,304 782,782 183,461 599,321 19,027 Mar. r . . . . . 2,420,434 762,688 288,069 434,190 6,110 34,319 861,208 775,966 188,426 587,540 20,572 Apr. r . . . . . 2,440,611 758,865 283,330 435,352 6,149 34,034 874,160 788,046 196,116 591,930 19,540 May . . . . . . 2,451,551 756,506 280,278 436,250 6,189 33,789 880,732 795,325 182,949 612,376 18,988 June . . . . . . 2,466,688 752,791 278,423 432,764 6,229 35,375 892,375 803,927 186,255 617,672 17,595 July. . . . . . . 2,481,349 748,182 273,229 433,233 6,269 35,451 908,036 807,272 193,700 613,572 17,859 Aug. p. . . . . 2,502,277 734,040 274,443 416,313 6,311 36,973 936,089 813,415 198,699 614,716 18,733 Sept. p . . . . 2,513,597 708,680 259,647 406,009 6,351 36,673 967,568 818,664 198,917 619,747 18,685 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gentina, 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.” 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 2 7 Total (8) Liabilities to other foreigners Liabilities reported by banks in United States (9) Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Asian Development Bank. Data on the two lines shown for this date reflect different benchmark bases for foreigners’ hold ings of se lected U.S. long-term se cu ri ties. Fig ures on the first line are com pa ra ble to those for earlier dates; figures on the second line are based in part on a benchmark survey as of end-year 1994 and are comparable to those shown for following dates. 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 sec tion and in the “Cap i tal Movements” sec tion. Ta ble ex cludes In ter na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Treasury letters of credit and non ne go tia ble noninterest-bearing spe cial U.S. notes held by international and regional organizations. 8 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] End of calendar year or month Total (2) 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 . . . . . . . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118 1997 - Sept. . . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186 Oct. . . . . . . . . . . . . . . . . . . 5,918 5,918 1,078 3,646 1,194 Nov. . . . . . . . . . . . . . . . . . . 5,955 5,955 1,084 3,669 1,202 Dec. . . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211 1998 - Jan. . . . . . . . . . . . . . . . . . . 6,033 6,033 1,097 3,717 1,219 Feb. . . . . . . . . . . . . . . . . . . 6,069 6,069 1,103 3,740 1,226 Mar. . . . . . . . . . . . . . . . . . . 6,110 6,110 1,110 3,765 1,235 Apr. . . . . . . . . . . . . . . . . . . 6,149 6,149 1,117 3,789 1,243 May . . . . . . . . . . . . . . . . . . 6,189 6,189 1,124 3,814 1,251 June . . . . . . . . . . . . . . . . . . 6,229 6,229 1,130 3,839 1,260 July . . . . . . . . . . . . . . . . . . 6,269 6,269 1,137 3,864 1,268 Aug. . . . . . . . . . . . . . . . . . . 6,311 6,311 1,144 3,890 1,277 Sept. . . . . . . . . . . . . . . . . . 6,351 6,351 1,151 3,915 1,285 1 Beginning April 1993, includes current value (principal and accrued interest) of zero-coupon, 30-year ma tu rity Treasury bond is sue to the gov ern ment of Ar gen tina. Face value of the is sue is $6,685 million. 2 Includes the current value of the following zero-coupon, Treasury bond issues to the government of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,058 million that was retired in full in April 1997; and beginning March 1990, 30 year maturity issue with remaining face value of $20,412 million. 3 Argentina 1 (3) Payable in dollars Mexico 2 (4) Grand total (1) Venezuela 3 (5) Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond is sue to the Re pub lic of Ven e zuela. Re maining face value of the is sue is $7,162 mil lion. 64 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, secu ri ties 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 CAPITAL MOVEMENTS 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. 65 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 is, before it enters and after it departs the reporting system, ownership of a security may be transferred between foreigners of different countries. Such transfers may occur any number of times and are concealed among the net figures for U.S. transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of the foreign buyers and sellers of securities in a particular round of transactions. SECTION I.—Liabilities to Foreigners Reported by Banks in the United States TABLE CM-I-1.—Total Liabilities by Type of Holder [In millions of dollars. Source: Office of International Financial Analysis] Foreign countries End of calendar year or month Official institutions 1 Payable in Payable foreign curTotal in dollars rencies 3 (2) (3) (4) Total liabilities (1) Banks and other foreigners Payable in Payable foreign curTotal in dollars rencies 3 (5) (6) (7) Memoranda Total liabilities to all foreigners reported by International and regional 2 IBF’s Payable in Payable in Payable foreign cur- Payable foreign curTotal in dollars rencies 3 in dollars rencies 3 (8) (9) (10) (11) (12) 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 . . . . . . . . . . . . . . . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782 1997 - Sept. r . . . . . . . . 1,320,599 300,186 300,186 - 1,007,793 888,502 119,291 12,620 11,806 814 359,736 85,285 Oct. r . . . . . . . . . 1,346,106 307,387 307,387 - 1,023,991 904,700 119,291 14,728 13,914 814 379,165 85,285 Nov. r . . . . . . . . . 1,362,967 298,198 298,198 - 1,051,486 932,195 119,291 13,283 12,469 814 388,790 85,285 Dec. r . . . . . . . . . 1,401,210 283,627 283,627 - 1,104,697 988,369 116,328 12,886 11,690 1,196 407,102 86,232 1998 - Jan. r . . . . . . . . . 1,384,778 286,540 286,540 - 1,085,802 969,474 116,328 12,436 11,240 1,196 386,378 86,232 Feb. r . . . . . . . . . 1,401,175 284,063 284,063 - 1,099,732 983,404 116,328 17,380 16,184 1,196 390,675 86,232 Mar. r . . . . . . . . . 1,355,417 288,054 288,054 - 1,049,634 951,775 97,859 17,729 15,246 2,483 373,476 73,087 Apr. r . . . . . . . . . 1,370,968 283,347 283,347 - 1,070,244 972,385 97,859 17,377 14,894 2,483 372,107 73,087 May . . . . . . . . . . 1,360,615 280,310 280,310 - 1,063,636 965,777 97,859 16,669 14,186 2,483 373,732 73,087 June . . . . . . . . . . 1,378,151 278,423 278,423 - 1,084,132 995,506 88,626 15,596 14,103 1,493 362,764 52,191 July . . . . . . . . . . 1,396,607 273,229 273,229 - 1,107,571 1,018,945 88,626 15,807 14,314 1,493 385,557 52,191 Aug. p . . . . . . . . 1,431,741 274,468 274,468 - 1,140,592 1,051,966 88,626 16,681 15,188 1,493 399,588 52,191 Sept. p . . . . . . . . 1,438,715 259,638 259,638 - 1,162,385 1,073,759 88,626 16,692 15,199 1,493 395,451 52,191 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 66 CAPITAL MOVEMENTS TABLE CM-I-2.—Total Liabilities by Type, Payable in Dollars Part A.—Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month 1993 1994 1995 1996 Official institutions 1 U.S. Treasury Deposits Deposits Total forbills and eign certifi- Other lia2 2 countries Demand Time cates bilities Demand Time 2 (1) (2) (3) (4) (5) (6) (7) . . . . . . . . . . . . 915,736 . . . . . . . . . . . . 1,006,390 . . . . . . . . . . . . 1,088,510 . . . . . . . . . . . . 1,148,176 1,600 1,564 2,098 1,511 21,653 23,511 30,717 33,336 151,100 139,571 168,534 198,921 46,468 48,311 74,579 78,251 1997 - Sept. r . . . . . 1,188,688 Oct. r . . . . . . 1,212,087 Nov. r . . . . . . 1,230,393 Dec. r . . . . . . 1,271,996 1998 - Jan. r . . . . . . 1,256,014 Feb. r . . . . . . 1,267,467 Mar. . . . . . . . 1,239,829 Apr.. . . . . . . . 1,255,732 May . . . . . . . 1,246,087 June . . . . . . . 1,273,929 July. . . . . . . . 1,292,174 Aug. p. . . . . . 1,326,434 Sept. p . . . . . 1,333,397 1,745 2,034 1,891 2,314 1,682 1,910 2,051 2,532 2,052 2,582 3,560 3,456 3,607 40,284 42,070 40,016 41,420 38,726 37,242 40,265 38,865 36,060 36,068 36,358 35,603 28,067 161,610 153,283 150,102 148,301 145,609 144,324 153,335 138,418 137,652 134,324 131,089 130,398 128,146 96,547 110,000 106,189 91,592 100,523 100,587 92,403 103,532 104,546 105,449 102,222 105,011 99,818 Banks U.S. Treasury bills and To own certifi- Other li- foreign 2 cates abilities offices (8) (9) (10) Other foreigners U.S. Treasury Deposits bills and certifi- Other li2 Demand Time cates abilities 2 (11) (12) (13) (14) 9,718 105,262 10,633 111,171 11,758 103,471 13,692 89,765 10,712 11,264 15,872 23,106 148,206 149,986 164,021 166,728 318,273 395,478 396,290 401,544 10,236 11,160 10,571 11,802 45,411 48,532 53,714 58,025 10,652 11,822 12,599 14,495 36,445 43,387 44,286 57,000 13,852 18,354 21,316 17,527 15,974 16,084 18,350 17,152 16,111 20,772 15,097 16,063 15,799 30,012 33,085 32,995 31,915 27,607 30,620 28,499 26,650 26,920 25,337 22,929 20,696 21,563 192,406 195,115 201,190 198,137 207,258 200,801 206,656 220,386 222,255 209,560 223,515 221,331 227,206 412,017 403,501 425,675 485,052 464,838 477,183 439,784 439,378 443,524 478,351 485,452 521,051 542,409 11,964 13,079 12,440 12,247 11,885 11,623 12,089 12,058 12,809 12,666 12,252 13,460 13,742 65,361 63,658 63,726 68,151 64,785 65,448 66,827 67,734 68,053 68,603 67,092 67,500 69,267 14,137 13,603 13,245 12,954 11,580 11,471 9,490 8,844 8,942 9,226 9,907 10,651 10,454 72,589 81,669 77,487 78,953 86,496 94,919 100,020 107,480 93,145 95,760 104,449 107,063 105,675 76,164 82,636 84,121 83,433 79,051 75,255 70,060 72,703 74,018 75,231 78,252 74,151 67,644 PART B.—Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month Total (1) Demand deposits (2) Time deposits 2 (3) U.S. Treasury bills and certificates (4) Other liabilities 2 (5) 1993 . . . . . . . . . . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 10,936 8,606 11,039 13,972 15 29 21 29 2,780 3,298 4,656 5,784 4,275 281 350 352 3,866 4,998 6,012 7,807 1997 - Sept. . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . Dec. r. . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug. p . . . . . . . . . . . . . . . . . . 11,806 13,914 12,469 11,690 11,240 16,184 15,246 14,894 14,186 14,103 14,314 15,188 771 36 43 16 175 74 98 365 229 226 19 59 5,967 5,161 6,310 5,466 5,023 5,316 5,957 6,646 7,029 6,784 6,354 6,252 53 148 46 69 85 149 247 344 359 338 349 490 5,015 8,569 6,070 6,139 5,957 10,645 8,944 7,539 6,569 6,755 7,592 8,387 1 Includes Bank for International Settlements. 2 Time deposits exclude negotiable time certificates of deposit, which are included in “Other liabilities.” Note.—Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. CAPITAL MOVEMENTS 67 TABLE CM-I-3.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1995 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 . . . . . . . . . . . . . . . . . . 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 1998 1996 1997 r May r June July Aug. Sept. p 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 3,388 46,246 729 1,324 1,903 2,869 52,148 30,589 1,558 1,064 4,376 15,498 8,359 341 5,112 3,736 734 7,979 19,878 2,834 46,214 4,068 212,790 239 4,111 40,536 1,109 669 1,667 2,054 52,587 33,288 2,616 931 4,660 14,447 8,488 806 6,520 3,294 1,089 3,958 16,513 2,775 37,413 4,570 199,978 275 2,988 38,591 1,145 277 2,254 2,067 51,323 34,427 2,434 1,186 6,159 14,055 7,626 870 6,327 3,935 1,080 4,661 12,843 3,637 42,333 5,075 200,354 234 3,322 36,982 1,015 464 2,278 1,840 52,301 32,687 2,789 1,078 6,467 13,660 7,878 1,442 7,617 4,424 1,126 6,405 13,273 2,687 48,123 5,258 220,510 322 3,391 38,223 834 639 2,393 1,979 53,489 37,708 2,946 968 8,423 13,171 10,020 1,732 6,864 4,025 899 2,725 15,477 2,258 42,624 4,498 242,798 242 3,857 37,073 866 327 1,843 1,810 55,515 34,767 2,549 691 8,540 11,730 8,847 951 5,581 3,893 642 3,092 21,681 3,774 51,875 4,445 228,494 253 Other Europe . . . . . . . . . . . . . . . . 14,255 13,331 14,251 13,895 10,349 11,962 13,288 11,630 Total Europe . . . . . . . . . . . . . . . 422,195 441,198 488,227 458,249 456,230 485,910 511,614 504,726 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 . . . . . . . . . . . . . 32,002 41,438 33,185 30,316 32,882 33,544 31,862 32,584 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 27,749 259,860 3,050 3,279 21 1,779 1,287 652 32,396 6,388 4,198 847 601 1,907 17,566 20,279 114,319 7,138 31,407 283,441 4,126 3,668 66 2,084 1,497 475 35,295 5,446 4,269 901 597 2,403 21,771 17,007 117,360 7,420 38,945 286,490 4,277 4,404 59 1,790 1,355 464 39,000 7,659 4,174 980 404 2,023 22,088 18,544 119,514 7,912 36,097 305,480 4,496 4,821 63 1,623 1,365 547 39,270 7,060 3,731 933 470 2,004 20,749 21,052 118,388 7,359 35,044 300,501 5,127 4,039 63 1,779 1,275 544 39,780 9,121 3,604 992 536 2,119 19,799 21,697 116,622 7,475 28,576 301,629 4,866 4,118 62 1,615 1,239 575 39,313 8,539 3,683 908 520 2,113 20,432 18,426 125,885 8,063 19,248 308,689 5,865 4,479 62 1,547 1,243 566 36,907 8,787 3,834 851 484 2,299 19,610 7,241 8,176 9,068 9,623 9,748 9,465 9,288 9,421 See footnotes at end of table. 68 CAPITAL MOVEMENTS TABLE CM-I-3.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year 1998 Country 1995 1996 1997 r May r June July Aug. Sept. p Asia: China: Mainland . . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . . Hong Kong. . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan. . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand. . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . . 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 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 18,252 11,779 19,216 4,574 3,616 6,282 172,352 13,107 1,102 1,737 1,335 3,255 18,412 35 6,505 15,490 20,209 12,667 19,961 4,885 3,241 6,252 133,182 14,057 1,638 1,967 1,073 3,179 18,850 51 8,880 15,763 21,558 11,637 21,248 4,824 3,873 6,097 129,598 13,317 1,282 1,988 1,316 3,798 22,060 43 7,151 14,394 18,919 11,351 17,354 4,681 3,963 5,971 134,096 12,761 1,510 1,954 1,168 2,989 20,084 41 6,783 14,467 18,506 11,308 19,877 6,440 5,676 5,298 142,305 12,546 1,628 1,919 1,306 3,157 23,163 40 7,872 15,097 18,523 12,098 18,155 5,147 5,495 5,986 153,686 13,034 1,208 2,048 1,262 3,092 21,701 42 6,667 17,140 Other Asia . . . . . . . . . . . . . . . . . . . 2,413 2,804 3,873 4,292 4,347 3,979 4,466 4,458 Total Asia . . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco. . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . . 274,166 271,320 300,922 270,147 268,531 262,071 280,604 289,742 2,137 229 368 104 810 10 1,837 2,013 251 351 112 517 10 2,630 1,667 302 257 138 2,163 10 3,143 1,461 263 316 115 2,465 5 4,355 1,525 225 302 88 2,643 5 3,637 1,321 243 331 78 2,447 7 3,978 1,461 183 315 80 2,429 35 3,769 1,618 196 377 92 2,659 6 3,812 Other Africa . . . . . . . . . . . . . . . . . . 2,271 2,306 2,766 2,324 2,410 2,483 2,390 2,438 Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia. . . . . . . . . . . . . . . . . . . . . 7,766 8,190 10,446 11,304 10,835 10,888 10,662 11,198 5,732 6,511 6,377 7,467 8,561 6,541 5,982 6,478 All other . . . . . . . . . . . . . . . . . . . . . 1,163 1,478 917 941 1,089 1,259 1,066 1,029 Total other countries . . . . . . . . . . 6,895 7,989 7,294 8,408 9,650 7,800 7,048 7,507 Total foreign countries . . . . . . . International and regional orgs.: International. . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . 1,197,085 1,249,919 1,388,324 1,343,946 1,362,555 1,380,800 1,415,060 1,422,023 10,179 119 1,152 194 496 13,459 60 1,643 157 281 11,592 111 493 562 123 14,705 306 1,117 390 151 13,972 237 763 495 129 12,644 295 819 1,891 158 14,249 319 790 1,187 136 14,193 320 869 1,161 149 Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . 37 36 5 - - - - - 12,177 15,636 12,886 16,669 15,596 15,807 16,681 16,692 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya and Nigeria. CAPITAL MOVEMENTS 69 TABLE CM-I-4.—Total Liabilities by Type and Country, Sept. 30, 1998, Preliminary [Position 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 4 . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . United Kingdom . . . . . . . . Yugoslavia 5 . . . . . . . . . . . Liabilities payable in dollars To foreign official institutions and unafTotal liabilities filiated foreign banks To all other foreigners Totals Liabilities Shortto banks’ Payable term U.S. Short-term own forin foreign Banks’ Treasury U.S. TreaDe posits De posits Payable curren- own Custody eign obliga- Other sury obliga- Other Total in dollars cies1 liabilities liabilities Demand Time2 tions3 liabilities offices Demand Time2 tions3 liabilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 3,857 37,073 866 327 1,843 1,810 55,515 34,767 2,549 691 8,540 11,730 8,847 951 5,581 3,893 642 3,092 21,681 3,774 51,875 4,445 228,494 253 Other Europe. . . . . . . . . . 11,630 736 570 20,092 695 687 10 56 41 824 39 840 16 21,350 632 9,865 616 1,183 204 360 43 4,359 139 1,398 355 2,423 230 186 30 3,382 25 1,456 74 480 26 1,925 233 13,838 294 1,957 59 18,461 478 1,761 117 19,045 1,977 1 7 1,350 186 435 535 1,343 33 3,070 3,470 15,036 7,337 15 687 146 4 63 119 12 190 44 677 119 7 536 196 100 7,111 16,979 5,854 16,424 3,010 2,491 9,858 3,331 316 1,105 410 80 602 7 659 587 2,141 372 1,745 154 5,500 543 1,838 199 2,220 2,340 32 49 212 70 93 2,580 2,059 277 271 1,322 154 201 155 443 8 19 550 2,100 6 2,215 1,871 13,481 942 322 1,248 635 88 1,606 7,052 12,828 23,809 424 1,695 1,054 280 23,358 2,629 22,530 126,756 10 167 4,673 500 4,836 366 12 229 3 23 8 323 296 45 2 60 120 168 74 2 14 4 17 103 19 289 16 2,171 1 25 168 325 4 76 17 14 320 899 301 8 277 358 111 32 6 112 3 123 799 67 752 435 2,183 12 174 27 14 375 3,399 5 1 3 466 3 301 29 2,682 68 5,241 14 69 26 302 3,573 13 396 102 858 13 176 1 516 2 142 1 5 32 46 736 86 761 1,001 798 30 213 1,074 22,165 56 24 32 Total Europe . . . . . . . . . 504,726 450,599 54,127 322,584 128,015 7,096 Canada. . . . . . . . . . . . . . . . 32,584 28,566 4,018 19,698 8,868 498 Latin America and Caribbean: Argentina . . . . . . . . . . . . . 18,426 18,384 42 14,388 3,996 268 Bahamas . . . . . . . . . . . . . 125,885 122,806 3,079 96,655 26,151 161 Bermuda . . . . . . . . . . . . . 8,063 7,920 143 4,283 3,637 182 Brazil . . . . . . . . . . . . . . . . 19,248 18,496 752 14,834 3,662 298 British West Indies. . . . . . 308,689 298,530 10,159 178,985 119,545 121 Chile . . . . . . . . . . . . . . . . 5,865 5,725 140 5,005 720 299 Colombia . . . . . . . . . . . . . 4,479 4,463 16 4,192 271 51 Cuba . . . . . . . . . . . . . . . . 62 62 62 1 Ecuador . . . . . . . . . . . . . . 1,547 1,540 7 1,191 349 73 Guatemala. . . . . . . . . . . . 1,243 1,241 2 1,103 138 64 Jamaica . . . . . . . . . . . . . . 566 541 25 522 19 34 Mexico . . . . . . . . . . . . . . . 36,907 35,681 1,226 20,694 14,987 140 Netherlands Antilles. . . . . 8,787 8,588 199 7,752 836 77 Panama . . . . . . . . . . . . . . 3,834 3,826 8 3,315 511 84 Peru . . . . . . . . . . . . . . . . . 851 843 8 800 43 41 Trinidad and Tobago . . . . 484 483 1 463 20 25 Uruguay. . . . . . . . . . . . . . 2,299 2,277 22 2,079 198 59 Venezuela . . . . . . . . . . . . 19,610 19,303 307 15,015 4,288 334 Other Latin America 63 8,354 1,004 318 and Caribbean . . . . . . . 9,421 9,358 Total Latin America and Caribbean . . . . . . 576,266 560,067 16,199 379,692 180,375 2,630 51,482 46,438 104,601 183,505 4,024 7,576 3,224 42,653 19,161 663 1,730 See footnotes at end of table. 3,137 720 33,936 3,137 866 320 7 1,578 265 1,181 629 50,354 5,161 25,810 8,957 2,544 5 688 3 8,110 430 9,184 2,546 8,066 781 688 263 5,559 22 2,292 1,601 640 2 3,085 7 20,487 1,194 3,285 489 48,613 3,262 4,264 181 204,843 23,651 253 10,816 814 2,401 13,844 179 264 754 341 29,004 15,945 1,361 328 3,751 7,786 5,643 502 2,177 836 160 1,160 6,649 1,328 30,152 2,503 185,798 252 9,466 Memorandum Negotiable CD’s held for all foreigners (15) 1,819 2,172 7,066 1,872 602 3,401 3,791 635 168 35 78 147 3,538 181 295 19 121 20 2,092 1,873 2,949 286 312 23,554 89,522 459 1,924 46 1,491 7,765 770 99 106,412 148,306 216 1,106 714 848 269 7 541 67 2 167 43 3 162 23 9,787 7,267 1,905 13 275 311 12 428 674 68 40 155 15 35 492 724 2,700 2,915 225 2,004 353 3,978 10,349 1,746 346 26,065 17,355 158,781 244,286 626 4,721 268 1,629 64 160 626 3,546 631 6,892 269 1,988 328 2,600 44 146 614 123 723 34 136 1,166 10,114 68 680 147 1,652 86 548 22 136 76 760 1,295 9,133 670 3,452 6,645 49,528 217 15 474 100 968 3,236 35 355 67 534 1 3 6 674 316 5,028 18 6,666 1 664 7,140 181 185 410 507 4,981 383 4,100 237 362 2,667 29,611 45 453 13 186 10 12 52 3 38 2 408 1,356 565 6,418 147 387 13 28 9 31 80 117 492 944 657 42 156 1,116 89 214 15 58 1 445 76 58 21 5 51 112 36 433 228 5,369 49,408 4,288 70 CAPITAL MOVEMENTS TABLE CM-I-4.—Total Liabilities by Type and Country, Sept. 30, 1998, 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. . . . . . . . . . Liabilities payable in dollars To foreign official institutions and unafTotal liabilities filiated foreign banks To all other foreigners Totals Liabilities Shortto banks’ Payable term U.S. Short-term own forin foreign Banks’ Treasury U.S. TreaDe posits De posits Payable curren- own Custody eign obliga- Other sury obliga- Other Total in dollars cies1 liabilities liabilities Demand Time2 tions3 liabilities offices Demand Time2 tions3 liabilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 18,523 12,098 18,155 5,147 5,495 5,986 153,686 13,034 1,208 2,048 1,262 3,092 21,701 42 6,667 18,523 12,080 16,627 5,144 5,470 5,984 142,757 12,986 1,208 2,048 1,255 2,712 21,091 42 6,664 18 1,528 3 25 2 10,929 48 7 380 610 3 4,943 8,947 12,888 2,786 3,566 2,873 80,260 6,394 1,176 1,536 1,139 1,951 19,538 38 1,229 13,580 3,133 3,739 2,358 1,904 3,111 62,497 6,592 32 512 116 761 1,553 4 5,435 284 292 467 328 305 186 1,036 278 49 165 105 422 1,064 5 293 1,179 2,205 1,433 27 16 191 2,110 631 481 105 55 86 4,155 2 57 4,478 2,684 155 1,711 1,863 2,875 56,634 614 484 66 110 886 5,402 566 16,769 4,263 770 2,539 2,782 14,119 166,033 109,590 6,049 15,272 80,744 10,298 3,828 4,675 931 2,091 696 10,039 6,825 560 639 131 1,218 2,253 5 447 1,540 581 4,916 1,621 797 873 68,461 4,177 18 335 827 99 12,214 325 45 244 334 34 55 74 609 42 10 13 20 96 185 4 28 7,185 6,378 146 363 156 1,304 317 54 63 2,358 181 18 1 6 128 87 1 4 Memorandum Negotiable CD’s held for all foreigners (15) 312 1,992 2,897 174 288 986 808 215 59 303 45 551 184 22 107 24 98 446 1 1 40 702 23 13 3 2 63 3 1 55 145 14 30 2 68 3,016 18 1 1 2 17 5 1 2 548 68 616 100 9,491 1,488 5,657 3,477 Other Asia . . . . . . . . 21,598 21,032 Total Asia . . . . . . . Africa: Egypt . . . . . . . . . . . . Ghana . . . . . . . . . . . Liberia . . . . . . . . . . . Morocco. . . . . . . . . . South Africa . . . . . . . Zaire . . . . . . . . . . . . 289,742 275,623 1,618 196 377 92 2,659 6 1,616 196 374 88 2,658 6 2 3 4 1 - 1,240 193 197 87 1,396 6 376 3 177 1 1,262 - 64 35 1 29 334 3 122 10 6 5 - 314 1,250 - 623 125 2 36 687 - 300 10 7 189 1 15 6 16 2 65 2 167 5 172 8 70 - 1 114 6 - 10 5 69 52 - 10 10 2 - Other Africa . . . . . . . 6,250 6,160 90 5,304 856 1,949 640 818 1,855 364 208 209 1 116 9 Total Africa . . . . . . Other countries: Australia. . . . . . . . . . 11,198 11,098 100 8,423 2,675 2,415 783 2,382 3,328 871 314 631 122 252 31 6,478 6,427 51 4,136 2,291 683 288 533 3,980 115 93 166 13 556 252 All other . . . . . . . . . Total other countries. . . . . . . Total foreign countries . . . . . 1,029 1,017 12 900 117 35 2 85 535 121 64 145 21 9 1 7,507 7,444 63 5,036 2,408 718 290 618 4,515 236 157 311 34 565 253 88,626 901,466 431,931 19,406 95,711 149,709 327,024 542,409 13,742 69,267 10,454 105,675 27,391 International and regional orgs.: International. . . . . . . European regional . . Latin American regional . . . . . . . . . Asian regional . . . . . African regional . . . . Middle Eastern regional . . . . . . . . . Total international and regional . . . . 1,422,023 1,333,397 51,821 103,162 1,939 14,193 320 12,769 320 1,424 - 12,583 121 186 199 382 14 5,140 78 186 199 7,061 29 - - - - - - 869 1,161 149 800 1,161 149 69 - 777 266 99 23 895 50 10 1 1 530 1 11 50 - 260 1,109 137 - - - - - - - - - - - - - - - - - - - - - 16,692 15,199 1,493 13,846 1,353 408 5,760 435 8,596 - - - - - - 1 These data as of June 30, 1998. 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 $1,737 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 71 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars. Source: Office of International Financial Analysis] United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . . 187,081 161,112 182,035 212,790 228,494 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . . 253,586 261,083 259,163 275,437 276,232 Caribbean banking centers . . . . . . . . . . . . . . . . . 361,659 360,351 366,503 414,613 455,258 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 172,352 153,686 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,999 135,110 133,172 128,570 136,056 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 982,629 1,056,712 1,079,021 1,203,762 1,249,726 All other countries. . . . . . . . . . . . . . . . . . . . . . . . . 121,625 152,550 186,534 197,448 188,989 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,401,210 1,438,715 1 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 72 CAPITAL MOVEMENTS SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Type of claim Calendar year 1996 1997 1998 1995 Dec. Mar. r June Sept. Dec. r Mar. June p Total claims . . . . . . . . . . . . . . . . . . . . . . . . 735,372 820,915 881,391 909,296 926,692 944,128 932,257 956,667 Payable in dollars . . . . . . . . . . . . . . . . . . 655,211 743,919 798,472 813,740 825,444 852,899 842,354 881,218 Banks’ own claims on foreigners . . . . . 532,444 599,925 636,500 651,483 655,451 708,272 687,541 727,942 Foreign public borrowers . . . . . . . . . . . 22,518 22,216 28,770 29,400 28,875 20,660 28,232 27,780 Deposits . . . . . . . . . . . . . . . . . . . . . 37,771 33,826 39,273 37,646 31,178 31,042 25,553 22,843 Other . . . . . . . . . . . . . . . . . . . . . . . . 63,824 79,856 79,175 81,899 73,566 78,182 82,137 84,682 Own foreign offices . . . . . . . . . . . . . . . . 307,427 341,574 360,341 379,426 374,452 431,685 402,387 435,201 All other foreigners . . . . . . . . . . . . . . . . 100,904 122,453 128,941 123,112 147,380 146,703 149,232 157,436 Claims of banks’ domestic customers . . . . . . . . . . . . . . 122,767 143,994 161,972 162,257 169,993 144,627 154,813 153,276 Deposits . . . . . . . . . . . . . . . . . . . . . . . 58,519 77,657 95,147 94,591 100,460 73,110 85,406 86,408 Negotiable and readily transferable instruments . . . . . . . . . 44,161 51,207 49,518 50,301 51,514 53,967 51,594 52,171 Collections and other . . . . . . . . . . . . . 20,087 15,130 17,307 17,365 18,019 17,550 17,813 14,697 Payable in foreign currencies . . . . . . . . . 80,161 76,996 82,919 95,556 101,248 91,229 89,903 75,449 Banks’ own claims on foreigners . . . . . 74,016 66,018 72,731 85,305 91,158 83,038 81,977 68,095 Claims of banks’ domestic customers . . . . . . . . . . . . . . 6,145 10,978 10,188 10,251 10,090 8,191 7,926 7,354 Claims reported by IBFs . . . . . . . . . . . . . 255,035 261,076 273,605 276,151 276,511 302,813 277,768 271,159 Payable in dollars . . . . . . . . . . . . . . . . . 202,411 219,600 229,561 232,366 229,642 256,342 232,016 239,741 Payable in foreign currencies . . . . . . . . 52,624 41,476 44,044 43,785 46,869 46,471 45,752 31,418 Customer liability on acceptances . . . . . . 8,410 10,388 11,212 11,452 10,881 9,624 7,495 6,604 On foreign public borrowers . . . . . . . . . . 14,995 15,411 19,935 17,979 20,123 12,069 16,965 17,023 On all other unaffiliated foreigners. . . . . . 163,862 196,448 203,905 192,918 197,858 193,790 197,967 194,006 7,522 6,790 8,835 11,406 8,752 8,525 11,263 10,651 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: On foreign public borrowers . . . . . . . . . . CAPITAL MOVEMENTS 73 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 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 . . . . . . . . . . . . . . . . . . 1995 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 1996 Dec. 3,611 11,264 66 172 3,125 1,143 29,148 21,535 948 61 1,824 9,868 10,600 1,020 1,142 553 175 2,725 4,503 6,738 26,692 3,053 129,301 115 1997 Mar. r 5,081 12,920 3 621 2,574 1,797 39,307 25,654 1,142 95 2,461 10,429 13,939 1,865 2,561 645 164 3,530 8,311 8,842 30,241 3,199 147,623 87 1998 June Sept. 5,558 13,268 2 192 3,808 1,617 30,172 30,705 1,189 53 2,150 12,578 17,716 1,203 883 727 167 3,680 8,011 8,366 31,116 2,974 142,428 75 4,659 14,404 1 263 3,433 2,163 32,612 30,367 856 62 2,695 11,476 18,651 2,233 2,030 1,214 237 3,922 7,082 8,276 37,402 3,683 141,063 78 Dec. r 4,731 10,850 1 867 2,713 1,477 28,903 31,030 696 87 3,168 10,108 13,883 826 1,438 929 145 1,319 6,513 8,123 39,351 4,381 151,645 52 Mar. 4,728 10,474 2 247 3,110 2,066 34,187 38,904 927 60 5,021 12,555 13,748 1,500 1,981 745 146 1,192 8,996 9,213 39,422 3,841 141,477 61 June p 4,606 12,013 4 255 3,886 1,498 29,397 40,109 650 37 4,077 13,078 14,166 1,928 1,805 1,099 52 1,077 10,020 10,642 41,823 4,549 161,313 53 Other Europe . . . . . . . . . . . . . . . . . 3,901 4,378 4,336 4,389 5,747 5,400 4,816 6,719 Total Europe . . . . . . . . . . . . . . . . 229,314 273,760 327,427 323,027 334,609 328,636 339,419 364,856 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 . . . . . . . . . . . . . . 35,840 43,948 59,386 60,857 48,167 51,058 52,241 50,593 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 7,779 74,332 5,172 21,714 135,411 5,356 7,345 1,056 632 352 22,042 25,774 2,886 2,764 531 654 2,358 7,321 70,187 7,105 19,818 135,247 6,123 6,383 1,174 660 838 22,450 19,031 3,322 2,535 608 786 2,227 7,982 70,214 8,390 21,569 158,780 5,941 6,580 1,159 691 343 22,850 14,518 3,469 2,620 687 754 2,428 8,087 71,267 9,919 21,518 179,534 6,596 6,793 1,241 808 380 22,305 20,552 3,793 3,085 824 781 2,361 9,800 94,458 9,355 23,825 171,475 8,284 7,147 1,332 930 430 21,861 18,071 4,636 3,520 854 670 2,715 9,586 84,880 9,822 27,513 182,918 8,399 6,969 1,499 944 372 23,066 17,790 4,316 3,643 498 958 2,685 9,228 83,235 10,134 26,484 210,947 8,735 7,193 1,450 968 326 22,929 14,378 4,429 4,110 519 988 2,716 2,982 2,745 2,942 3,135 2,663 3,380 3,264 3,846 See footnotes at end of table. 74 CAPITAL MOVEMENTS TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1995 1996 1997 1998 Dec. Mar. r June Sept. 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 . . . . . . . . . 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 1,601 2,068 16,261 2,140 2,213 4,935 92,172 19,425 50 1,162 941 1,848 9,061 1 2,964 11,375 1,638 1,843 17,901 2,433 2,549 4,886 89,812 20,444 54 1,307 1,120 1,726 10,537 2 3,704 10,892 2,280 2,021 20,848 2,532 3,014 4,757 91,083 21,409 49 1,481 1,529 2,272 9,773 3,688 9,824 3,059 1,373 19,013 2,336 3,248 5,022 83,158 20,517 52 1,099 1,682 1,723 12,587 74 2,781 8,485 1,775 1,061 17,850 2,507 3,102 4,753 86,750 18,775 62 899 708 1,877 11,308 3 2,523 11,502 2,971 892 15,546 2,169 2,698 4,761 71,277 11,801 60 985 754 1,912 8,770 3 2,264 9,544 2,077 985 16,828 2,166 2,218 4,529 51,898 11,197 37 1,080 994 1,579 7,447 3 1,972 9,084 Other Asia . . . . . . . . . . . . . . . . . . . 484 368 460 487 341 576 251 327 Total Asia . . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . . 165,721 168,585 171,308 177,047 166,550 166,031 136,658 114,421 233 18 550 720 606 1 654 265 24 574 777 744 26 476 272 18 534 700 600 1 641 359 22 446 839 723 1,177 284 47 579 747 834 1,155 281 25 521 709 960 1,271 314 31 536 699 719 1,398 309 27 568 460 813 313 Other Africa . . . . . . . . . . . . . . . . . . 682 587 624 518 467 436 485 275 Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia. . . . . . . . . . . . . . . . . . . . . 3,464 3,473 3,390 4,084 4,113 4,203 4,182 2,765 4,919 7,799 6,757 8,011 7,351 7,554 7,006 7,821 1,557 1,821 2,831 2,225 1,349 1,414 675 671 6,476 9,620 9,588 10,236 8,700 8,968 7,681 8,492 733,441 818,289 879,856 907,361 924,646 941,639 929,303 953,742 1,837 94 - 2,416 1 209 - 1,351 10 174 - 1,768 167 - 1,875 2 169 - 2,233 255 - 2,741 4 203 - 2,787 3 121 5 - - - - - - 1 6 9 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 . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya and Nigeria. CAPITAL MOVEMENTS 75 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 1998 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Reporting banks’ own claims On foreign public borrowers and Payable in unaffiliated On own forforeign foreigners eign offices currencies (3) (4) (5) Memorandum Claims of banks’ domestic customers Customers’ liability on acceptances (6) Total (7) Payable in dollars (8) Payable in foreign currencies (9) Total claims (1) Total banks’ own claims (2) 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 . . . . . . . . . . . . 4,606 12,013 4 255 3,886 1,498 29,397 40,109 650 37 4,077 13,078 14,166 1,928 1,805 1,099 52 1,077 10,020 10,642 41,823 4,549 161,313 53 1,407 9,698 4 236 1,383 1,421 17,597 22,681 409 32 3,813 11,267 6,533 719 1,733 1,047 51 1,077 7,365 3,446 36,779 2,502 127,407 53 1,253 5,932 4 117 642 115 7,657 8,491 349 23 1,866 3,622 4,306 674 1,683 777 51 903 3,685 1,495 2,305 2,285 37,327 53 6 1,850 99 556 1,031 7,817 7,260 15 1,140 2,813 1,457 6 48 111 154 1,875 1,574 32,665 129 72,428 - 148 1,916 20 185 275 2,123 6,930 45 9 807 4,832 770 39 2 159 20 1,805 377 1,809 88 17,652 - 2 35 3 1 3 22 1 7 9 1 1 56 198 91 - 3,199 2,315 19 2,503 77 11,800 17,428 241 5 264 1,811 7,633 1,209 72 52 1 2,655 7,196 5,044 2,047 33,906 - 3,191 2,223 2,492 56 11,489 16,903 227 258 1,622 7,518 1,182 3 40 1 2,604 7,130 4,862 1,525 31,919 - 8 92 19 11 21 311 525 14 5 6 189 115 27 69 12 51 66 182 522 1,987 - Other Europe . . . . . . . . . . . 6,719 4,740 3,831 797 112 3 1,979 1,968 11 Total Europe . . . . . . . . . . 364,856 263,400 89,446 133,831 40,123 433 101,456 97,213 4,243 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 . . . . . . . . 50,593 37,209 11,329 21,374 4,506 2 13,384 12,519 865 9,228 83,235 10,134 26,484 210,947 8,735 7,193 1,450 968 326 22,929 14,378 4,429 4,110 519 988 2,716 8,835 81,563 9,851 25,021 188,226 8,643 7,167 1,435 959 320 21,017 14,361 4,364 4,100 517 978 2,661 7,590 11,874 9,351 18,902 39,955 8,201 6,869 1,339 807 303 20,010 9,610 2,204 3,501 506 561 2,404 928 65,721 101 5,650 136,870 296 233 91 125 17 361 4,684 2,029 464 8 398 91 317 3,968 399 469 11,401 146 65 5 27 646 67 131 135 3 19 166 69 72 16 755 206 4 39 45 20 474 71 34 5 23 393 1,672 283 1,463 22,721 92 26 15 9 6 1,912 17 65 10 2 10 55 351 1,672 283 1,298 22,613 69 26 15 9 6 892 17 65 9 2 10 53 42 165 108 23 1,020 1 2 3,846 3,797 3,562 198 37 81 49 48 1 Country See footnotes at end of table. 76 CAPITAL MOVEMENTS TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 1998, 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 and Payable in unaffiliated On own forforeign foreigners eign offices currencies (3) (4) (5) Memorandum Claims of banks’ domestic customers Customers’ liability on acceptances (6) Total (7) Payable in dollars (8) Payable in foreign currencies (9) Asia: China: Mainland . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . Singapore. . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . 2,077 985 16,828 2,166 2,218 4,529 51,898 11,197 37 1,080 994 1,579 7,447 3 1,972 1,990 846 14,291 1,982 2,176 970 45,745 11,079 33 1,054 984 1,545 6,068 1,911 1,718 398 5,405 1,787 2,000 504 6,263 8,803 31 876 482 1,348 2,075 539 271 437 7,466 185 98 450 36,747 2,198 2 147 494 193 3,871 1,350 1 11 1,420 10 78 16 2,735 78 31 8 4 122 22 120 11 80 426 28 458 2,469 15 3 15 114 18 203 87 139 2,537 184 42 3,559 6,153 118 4 26 10 34 1,379 3 61 87 50 2,492 146 13 3,554 5,795 96 4 15 3 32 1,359 3 59 89 45 38 29 5 358 22 11 7 2 20 2 Other Asia . . . . . . . . . . . . 9,411 9,238 3,909 4,757 572 153 173 172 1 Total Asia . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . South Africa . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . 114,421 99,912 36,138 58,666 5,108 4,113 14,509 13,880 629 309 27 568 460 813 - 290 26 533 438 697 - 225 26 523 428 627 - 58 2 26 - 7 10 8 44 - 49 4 23 - 19 1 35 22 116 - 13 35 19 28 - 6 1 3 88 - Other Africa . . . . . . . . . . . 588 570 545 24 1 5 18 13 5 Total Africa . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . 2,765 2,554 2,374 110 70 81 211 108 103 7,821 5,644 2,677 2,762 205 55 2,177 2,071 106 All other . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . Total foreign countries . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . European regional . . . . . . Latin American regional . . Asian regional . . . . . . . . . African regional . . . . . . . . 671 584 313 193 78 5 87 41 46 8,492 6,228 2,990 2,955 283 60 2,264 2,112 152 953,742 793,118 289,826 435,201 68,091 6,603 160,624 153,270 7,354 2,787 3 121 5 - 2,781 3 121 5 - 2,778 2 121 5 - - 3 1 - 1 - 6 - 6 - - 9 9 9 - - - - - - 2,925 2,919 2,915 - 4 1 6 6 - Middle Eastern regional . . Total international and regional . . . . . . . . 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 77 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] 1994 1995 1996 1997 June 1998 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers1. . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,820 107,991 208,408 93,647 103,375 125,939 229,526 98,745 129,301 144,459 243,575 92,172 151,645 176,991 297,995 86,750 161,313 203,535 323,120 51,891 All other Asia.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,836 66,976 76,413 79,281 62,523 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,702 624,561 685,920 792,662 802,382 All other countries. . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,701 110,811 134,995 151,466 154,267 673,403 735,372 820,915 944,128 956,649 Country 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. 78 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] Total liabilities Calendar year Total banks’ own claims 1998 Calendar year 1998 Country 1996 1997 June 1996 1997 June Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 n.a. 607 155 83 471 321 n.a. 344 54 n.a. n.a. 58 n.a. n.a. n.a. 16 n.a. 145 1,033 94 779 990 8 1,130 1,159 27 441 748 101 681 101 177 1,079 195 833 1,341 10 1,303 1,170 33 360 1,019 118 698 121 175 1,457 97 886 1,298 31 1,234 1,252 30 383 1,157 135 719 142 7 65 52 371 233 37 454 621 n.a. 30 230 14 182 n.a. 18 119 14 426 361 n.a. 518 845 n.a. 29 335 47 183 51 23 354 16 530 448 n.a. 614 733 n.a. 29 306 42 203 43 45 3 243 n.a. 210 155 56 10 290 114 257 128 n.a. 5 229 n.a. 292 158 n.a. n.a. 80 n.a. 94 n.a. n.a. 95 52 7 n.a. n.a. 87 49 n.a. 197 16 185 7 50 118 n.a. 52 91 6 n.a. n.a. 25 28 244 73 n.a. 30 163 282 20 183 n.a. 59 179 n.a. 55 129 5 n.a. 23 17 33 379 n.a. 196 41 159 242 28 n.a. 57 74 206 21 93 90 4 n.a. 15 18 19 177 142 177 49 156 15 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. 2 n.a. n.a. 24 n.a. n.a. n.a. n.a. n.a. n.a. 9 129 5 5 2 n.a. 18 n.a. n.a. 8 23 n.a. n.a. n.a. 1 n.a. n.a. 9 155 n.a. n.a. 2 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Asia: Afghanistan . . . . . . . . . . . . . . . . . . . . . . . . . . Burma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ivory Coast . . . . . . . . . . . . . . . . . . . . . . . . . . Kenya . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Madagascar. . . . . . . . . . . . . . . . . . . . . . . . . . Mauritius . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mozambique . . . . . . . . . . . . . . . . . . . . . . . . . Niger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sudan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uganda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zambia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zimbabwe . . . . . . . . . . . . . . . . . . . . . . . . . . . All other: * 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 79 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year 1997 1998 Type of liability or claim 1994 1995 1996 June r Sept. r Dec. r Mar. June p Total liabilities. . . . . . . . . . . . . . . . . . . . . . . 54,309 46,448 54,798 56,501 55,891 59,618 56,741 52,022 Payable in dollars . . . . . . . . . . . . . . . . . . 38,298 33,903 38,956 38,651 39,746 41,888 42,237 40,914 Financial . . . . . . . . . . . . . . . . . . . . . . . . 18,818 12,903 11,327 11,442 11,487 12,975 13,547 12,634 Trade payables . . . . . . . . . . . . . . . . . 8,860 9,996 11,683 10,121 9,944 9,599 9,074 8,878 Advance receipts and other . . . . . . . . 10,620 11,004 15,946 17,088 18,315 19,314 19,616 19,402 Payable in foreign currencies . . . . . . . . . 16,011 12,545 15,842 17,850 16,145 17,730 14,504 11,108 Financial . . . . . . . . . . . . . . . . . . . . . . . . 14,136 11,338 14,738 16,821 14,974 16,138 13,204 10,035 Trade payables . . . . . . . . . . . . . . . . . 1,145 1,017 1,037 919 941 1,305 1,033 964 Advance receipts and other . . . . . . . . 730 190 67 110 230 287 267 109 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 57,888 52,509 63,642 68,266 70,760 70,077 72,837 64,020 Payable in dollars . . . . . . . . . . . . . . . . . . 53,805 48,711 58,630 62,082 64,144 62,173 65,359 58,463 Deposits . . . . . . . . . . . . . . . . . . . . . . . 18,026 14,654 20,631 22,817 22,566 21,290 19,322 14,244 Other . . . . . . . . . . . . . . . . . . . . . . . . . 14,306 10,976 12,069 13,152 14,621 11,576 16,814 14,567 Trade receivables. . . . . . . . . . . . . . . . 19,316 20,993 23,495 23,671 23,730 26,157 25,638 25,692 Advance payments and other . . . . . . 2,157 2,088 2,435 2,442 3,227 3,150 3,585 3,960 Payable in foreign currencies . . . . . . . . . 4,083 3,798 5,012 6,184 6,616 7,904 7,478 5,557 Deposits . . . . . . . . . . . . . . . . . . . . . . . 481 479 773 1,491 1,559 1,849 1,708 1,678 Other . . . . . . . . . . . . . . . . . . . . . . . . . 1,084 1,289 1,795 3,257 3,313 4,193 4,290 2,631 1,842 2,005 2,256 1,187 1,380 1,379 1,250 1,125 Commercial: Commercial: Financial: Commercial: Financial: Commercial: Trade receivables. . . . . . . . . . . . . . . . 80 CAPITAL MOVEMENTS TABLE CM-IV-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1997 1998 1993 1994 1995 1996 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 . . . . . . . . . . . . . . . . . . 58 414 3 8 49 362 3,194 1,659 252 3 485 485 1,222 359 15 24 6 60 164 286 1,009 104 15,335 9 70 736 5 6 277 236 2,455 2,565 196 6 449 359 1,274 176 17 35 8 84 127 242 1,015 109 17,987 12 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 177 171 233 1,308 118 13,706 6 67 1,111 2 22 93 161 1,771 2,836 72 12 449 911 1,322 424 30 33 9 105 222 204 1,323 129 14,480 9 97 974 2 24 133 202 1,988 2,610 75 13 626 827 754 312 55 40 14 53 218 182 1,020 81 16,786 9 160 792 6 96 138 171 2,116 2,675 40 12 884 878 959 264 46 36 113 99 310 238 1,045 158 15,994 7 112 852 5 38 170 281 2,448 3,292 89 13 1,133 923 933 271 7 36 165 115 334 244 1,151 285 16,404 6 126 692 6 40 116 177 2,635 3,646 157 17 1,215 1,011 915 285 14 29 203 184 389 190 752 182 15,887 5 128 632 3 31 86 258 2,577 3,660 245 27 1,211 1,125 969 337 9 30 220 179 509 240 538 292 12,206 8 Other Europe . . . . . . . . . . . . . . . . . 36 30 188 165 118 125 159 86 126 Total Europe . . . . . . . . . . . . . . . . 25,601 28,476 23,322 25,962 27,213 27,362 29,466 28,959 25,646 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 . . . . . . . . . . . . . 1,738 1,666 1,672 2,491 2,752 1,801 3,567 2,392 2,050 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 3 223 272 299 347 274 1,044 160 123 5 27 12 16 682 53 12 44 144 6 329 224 157 452 322 801 121 143 2 44 15 13 609 8 15 34 86 20 305 201 48 244 285 692 117 101 2 26 23 17 638 17 18 23 72 22 323 219 157 432 363 616 150 120 22 30 18 591 23 16 30 75 20 262 206 44 260 340 522 167 182 3 19 28 13 541 11 13 33 69 12 220 201 20 258 322 872 195 160 1 22 7 4 608 17 8 25 41 15 197 218 145 364 393 414 422 418 333 632 3,812 3,891 3,523 4,242 3,785 3,291 3,562 3,016 3,605 See footnotes at end of table. CAPITAL MOVEMENTS 81 TABLE CM-IV-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1997 1998 1993 1994 1995 1996 June r 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 . . . . . . . . . 723 579 785 91 363 229 9,201 1,701 22 475 26 57 733 11 259 1,557 597 853 805 59 296 141 11,869 1,736 14 178 27 50 622 24 194 1,611 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 990 697 610 181 314 205 10,483 1,558 72 586 77 110 908 61 473 2,193 1,122 978 721 223 253 205 10,098 1,243 92 843 98 183 974 7 359 2,459 1,280 1,051 712 202 239 207 10,278 1,138 23 764 49 223 1,014 6 479 3,007 1,250 936 760 170 213 185 9,585 1,150 29 766 60 222 1,252 23 405 3,143 1,196 892 861 302 139 174 9,139 1,018 84 444 59 271 1,422 10 345 3,161 1,175 746 520 169 205 287 7,864 1,024 17 321 52 260 1,671 9 376 3,194 Other Asia . . . . . . . . . . . . . . . . . . . 79 68 206 327 265 195 211 179 129 Total Asia . . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . . 16,891 19,144 16,409 19,845 20,123 20,867 20,360 19,696 18,019 111 1 1 41 55 1 290 48 29 32 1 379 157 16 24 42 376 198 29 21 154 532 163 48 1 23 204 5 423 74 47 1 46 221 1 504 90 28 1 49 255 408 54 14 2 56 220 376 27 33 65 231 5 354 Other Africa . . . . . . . . . . . . . . . . . . 86 74 154 144 103 68 103 144 235 Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia. . . . . . . . . . . . . . . . . . . . . 586 563 769 1,078 970 962 934 866 950 517 372 461 945 909 857 911 869 744 148 153 230 125 646 639 810 932 997 665 525 691 1,070 1,555 1,496 1,721 1,801 1,741 49,293 54,265 46,386 54,688 56,398 55,779 59,610 56,730 52,011 18 - 44 - 2 60 - 55 55 - 55 43 2 3 - 55 46 10 1 8 - 11 - 11 - - - - - - - - - - 18 44 62 110 103 112 8 11 11 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 . . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 82 CAPITAL MOVEMENTS TABLE CM-IV-3.—Total Liabilities by Type and Country, June 30, 1998, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities 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 . . . . . . . . . . . . . . . . . . Total liabilities (1) 128 632 3 31 86 258 2,577 3,660 245 27 1,211 1,125 969 337 9 30 220 179 509 240 538 292 12,206 8 Total (2) Payable in dollars (3) 2 75 6 73 1,965 2,441 155 16 967 427 484 30 1 22 16 179 35 189 157 8,463 - 1 56 5 25 1,323 1,902 155 12 363 82 362 3 21 11 38 1 70 156 4,452 - Payable in foreign currencies (4) 1 19 1 48 642 539 4 604 345 122 27 1 1 5 141 34 119 1 4,011 - Commercial liabilities (5) 126 557 3 31 80 185 612 1,219 90 11 244 698 485 307 8 8 220 163 330 205 349 135 3,743 8 Other Europe . . . . . . . . . . . . . . . . . 126 19 3 16 107 Total Europe . . . . . . . . . . . . . . . . 25,646 15,722 9,041 6,681 9,924 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 . . . . . . . . . . . . . . 2,050 539 221 318 1,511 201 20 258 322 872 195 160 1 22 7 4 608 17 8 25 41 15 197 86 6 49 76 845 24 2 6 51 2 3 1 19 6 49 20 815 24 1 3 14 2 - 67 56 30 1 3 37 2 1 1 115 14 209 246 27 171 158 1 16 7 4 557 17 8 23 38 15 196 632 169 168 1 463 See footnotes at end of table. CAPITAL MOVEMENTS 83 TABLE CM-IV-3.—Total Liabilities by Type and Country, June 30, 1998, 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) Commercial liabilities (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . . 1,175 61 48 13 1,114 Taiwan . . . . . . . . . . . . . . . . . . . . 746 14 1 13 732 Hong Kong. . . . . . . . . . . . . . . . . . . 520 23 13 10 497 India . . . . . . . . . . . . . . . . . . . . . . . . 169 5 2 3 164 Indonesia . . . . . . . . . . . . . . . . . . . . 205 41 39 2 164 Israel . . . . . . . . . . . . . . . . . . . . . . . 287 96 95 1 191 Japan . . . . . . . . . . . . . . . . . . . . . . . 7,864 3,869 1,741 2,128 3,995 Korea . . . . . . . . . . . . . . . . . . . . . . . 1,024 13 12 1 1,011 Lebanon. . . . . . . . . . . . . . . . . . . . . 17 4 4 - 13 Malaysia. . . . . . . . . . . . . . . . . . . . . 321 5 2 3 316 Pakistan . . . . . . . . . . . . . . . . . . . . . 52 - - - 52 Philippines . . . . . . . . . . . . . . . . . . . 260 - - - 260 Singapore . . . . . . . . . . . . . . . . . . . 1,671 270 269 1 1,401 Syria. . . . . . . . . . . . . . . . . . . . . . . . 9 - - - 9 Thailand . . . . . . . . . . . . . . . . . . . . . 376 - - - 376 Other Asia . . . . . . . . . . . . . . . . . . . 3,323 7 7 - 3,316 Total Asia . . . . . . . . . . . . . . . . . . 18,019 4,408 2,233 2,175 13,611 Egypt . . . . . . . . . . . . . . . . . . . . . . . 27 2 2 - 25 Ghana . . . . . . . . . . . . . . . . . . . . . . 33 - - - 33 Liberia . . . . . . . . . . . . . . . . . . . . . . - - - - - Morocco . . . . . . . . . . . . . . . . . . . . . 65 - - - 65 South Africa . . . . . . . . . . . . . . . . . . 231 17 - 17 214 Zaire. . . . . . . . . . . . . . . . . . . . . . . . 5 - - - 5 Other Africa . . . . . . . . . . . . . . . . . . 589 10 10 - 579 Total Africa . . . . . . . . . . . . . . . . . 950 29 12 17 921 Africa: Other countries: Australia. . . . . . . . . . . . . . . . . . . . . 744 49 1 48 695 All other countries . . . . . . . . . . . . . 997 602 5 597 395 Total other countries . . . . . . . . . 1,741 651 6 645 1,090 Total foreign countries . . . . . . . 52,011 22,669 12,634 10,035 29,342 International and regional orgs.: 1 International. . . . . . . . . . . . . . . . . . - - - - - European regional . . . . . . . . . . . . . 11 - - - 11 Latin American regional . . . . . . . . . - - - - - Asian regional . . . . . . . . . . . . . . . . - - - - - African regional . . . . . . . . . . . . . . . - - - - - Middle Eastern regional . . . . . . . . . - - - - - Total international and regional . . . . . . . . . . . . . . . 11 - - - 11 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 inde- pendent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 84 CAPITAL MOVEMENTS TABLE CM-IV-4.—Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 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 . . . . . . . . . . . . . . . . . . 1997 1998 1993 1994 1995 1996 June Sept. Dec. Mar. June p 88 318 32 48 103 171 2,773 1,544 149 6 416 883 925 132 116 191 5 228 459 460 962 246 5,962 55 123 299 37 52 81 173 2,681 1,567 136 72 315 812 740 242 122 217 17 254 484 352 1,080 216 7,205 39 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 300 537 288 1,018 256 6,959 13 159 411 19 34 101 173 2,338 1,613 148 17 274 1,039 1,055 251 108 92 14 239 645 372 1,116 222 9,065 6 90 530 16 32 72 135 2,057 1,510 89 59 267 979 1,132 303 111 60 10 215 601 345 836 210 12,650 8 74 691 19 95 105 179 2,754 1,747 345 57 297 1,021 1,337 319 119 76 7 157 665 640 829 381 14,158 6 126 734 32 42 155 211 2,811 2,041 386 62 277 1,466 1,274 303 124 78 7 221 623 504 988 379 15,946 11 84 610 17 56 75 180 2,841 2,063 547 64 288 1,044 1,445 269 113 71 13 236 624 521 877 525 15,950 10 71 734 15 117 107 256 2,751 2,047 311 69 241 1,188 1,467 336 104 115 22 223 591 470 821 382 14,249 10 Other Europe . . . . . . . . . . . . . . . . . 132 160 153 214 190 270 267 351 285 Total Europe . . . . . . . . . . . . . . . . 16,404 17,476 17,433 19,725 22,507 26,348 29,068 28,874 26,982 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 . . . . . . . . . . . . . . 3,813 5,569 4,802 5,610 8,886 6,928 5,973 7,570 5,814 299 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 32 317 617 1,487 415 2,771 15,372 374 422 5 107 98 40 1,585 114 109 201 25 42 388 633 2,093 385 2,753 13,651 313 392 1 126 100 61 1,637 141 123 215 26 47 472 719 2,464 318 2,602 13,055 303 387 1 113 88 47 1,727 110 118 147 32 44 433 688 2,486 352 2,475 10,420 327 424 101 93 52 1,929 153 145 147 20 49 612 773 1,329 304 2,536 13,639 330 440 114 107 55 2,269 138 132 148 40 38 488 863 1,322 407 2,577 8,263 315 427 118 97 48 2,551 28 126 148 24 36 642 553 600 705 681 797 1,496 820 808 865 See footnotes at end of table. CAPITAL MOVEMENTS 85 TABLE CM-IV-4.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1997 1998 1993 1994 1995 1996 June Sept. 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 . . . . . . . . . 378 411 298 147 354 218 3,167 549 65 477 32 111 390 5 174 707 526 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 992 511 669 402 665 323 3,038 822 41 560 99 245 781 7 288 993 1,115 724 546 423 599 309 2,845 767 38 551 66 200 648 4 400 1,034 1,148 700 561 447 549 309 3,047 725 34 568 32 171 787 15 334 1,002 1,076 814 562 439 704 347 2,799 988 37 547 44 144 779 11 280 1,118 880 849 448 460 690 357 2,504 916 48 472 40 144 647 3 200 996 873 737 404 375 736 360 2,643 866 27 414 34 161 588 7 227 1,139 Other Asia . . . . . . . . . . . . . . . . . . . 188 124 108 161 125 162 157 158 152 Total Asia . . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . . 7,671 8,853 8,891 10,597 10,394 10,591 10,846 9,812 9,743 137 7 19 45 108 18 73 261 7 9 53 142 30 67 160 16 13 57 321 11 92 155 15 29 27 277 13 180 144 27 32 27 289 5 96 152 43 9 24 271 5 223 286 9 8 28 322 3 134 307 6 7 21 253 2 138 126 9 11 23 310 1 131 Other Africa . . . . . . . . . . . . . . . . . . 185 258 260 224 177 211 209 204 201 Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia. . . . . . . . . . . . . . . . . . . . . 592 827 930 920 797 938 999 938 812 945 1,218 1,310 1,536 1,449 1,384 1,485 1,497 1,409 208 269 270 265 257 286 390 458 376 1,153 1,487 1,580 1,801 1,706 1,670 1,875 1,955 1,785 49,131 57,865 52,500 63,506 68,256 70,679 70,054 72,837 63,993 28 - 19 4 - 8 1 - 60 58 2 13 3 5 5 - 3 23 3 51 1 18 5 - - 15 12 - - - - - - - - - - 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 . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin- ning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 86 CAPITAL MOVEMENTS TABLE CM-IV-5.—Total Claims by Type and Country, June 30, 1998, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims 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 . . . . . . . . . . . . . . . . . . Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) 71 734 15 117 107 256 2,751 2,047 311 69 241 1,188 1,467 336 104 115 22 223 591 470 821 382 14,249 10 7 518 9 1 48 4 796 290 221 51 157 188 975 84 49 7 49 80 224 403 230 9,595 - 1 498 9 1 5 1 683 251 221 44 152 167 741 68 36 4 42 53 210 388 56 8,132 - 6 20 43 3 113 39 7 5 21 234 16 13 3 7 27 14 15 174 1,463 - Commercial claims (5) 64 216 6 116 59 252 1,955 1,757 90 18 84 1,000 492 252 55 108 22 174 511 246 418 152 4,654 10 Other Europe . . . . . . . . . . . . . . . . . 285 61 57 4 224 Total Europe . . . . . . . . . . . . . . . . 26,982 14,047 11,820 2,227 12,935 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 . . . . . . . . . . . . . . 5,814 3,035 2,727 308 2,779 863 1,322 407 2,577 8,263 315 427 118 97 48 2,551 28 126 148 24 36 642 272 1,310 48 1,394 8,153 10 58 22 23 3 1,089 10 25 11 4 2 57 267 1,296 48 554 8,098 9 32 18 17 2 1,025 10 20 9 1 40 5 14 840 55 1 26 4 6 1 64 5 2 3 2 17 591 12 359 1,183 110 305 369 96 74 45 1,462 18 101 137 20 34 585 865 284 268 16 581 See footnotes at end of table. CAPITAL MOVEMENTS 87 TABLE CM-IV-5.—Total Claims by Type and Country, June 30, 1998, 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 . . . . . . . . . . . . . . . . . . . . . 873 737 404 375 736 360 2,643 866 27 414 34 161 588 7 227 193 69 43 89 427 33 886 258 269 3 4 42 8 191 65 17 73 422 31 279 254 267 3 4 42 8 2 4 26 16 5 2 607 4 2 - 680 668 361 286 309 327 1,757 608 27 145 31 157 546 7 219 Other Asia . . . . . . . . . . . . . . . . . . . 1,291 52 47 5 1,239 Total Asia . . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . . 9,743 2,376 1,703 673 7,367 126 9 11 23 310 1 1 2 5 105 - 1 2 5 104 - 1 - 125 9 9 18 205 1 Other Africa . . . . . . . . . . . . . . . . . . 332 42 39 3 290 Total Africa . . . . . . . . . . . . . . . . . Other countries: Australia. . . . . . . . . . . . . . . . . . . . . 812 155 151 4 657 1,409 520 510 10 889 376 200 186 14 176 1,785 720 696 24 1,065 63,993 33,108 28,811 4,297 30,885 15 12 - 12 - - 12 - 15 - - - - - - 27 12 - 12 15 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 . . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 88 CAPITAL MOVEMENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during 1998 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 1995 1996 1997 Jan. - Sept. 1998 July - Sept. 1998 United Kingdom. . . . . . . . . . . . . . . . . . . . . . 100,411 130,645 174,865 107,639 29,071 All other Europe . . . . . . . . . . . . . . . . . . . . . . 24,795 71,073 104,375 71,516 3,725 Caribbean banking centers . . . . . . . . . . . . . 48,344 41,081 24,999 14,984 -18,056 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,504 55,167 34,504 1,066 346 All other Asia.. . . . . . . . . . . . . . . . . . . . . . . . 25,657 59,327 26,669 -6,016 -11,716 Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . 215,711 357,293 365,412 189,189 3,370 All other countries. . . . . . . . . . . . . . . . . . . . . 16,226 12,925 22,514 4,413 -3,998 Grand total . . . . . . . . . . . . . . . . . . . . . . . . 231,937 370,218 387,926 193,602 -628 1 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles and Panama. CAPITAL MOVEMENTS 89 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 Total (1) Marketable Treasury bonds and notes Net foreign U.S. Government corporaCorporate and other securities purchases tions and Federally sponsored agencies Bonds 1 Stocks Foreign countries Interna- Gross Net for- Gross Gross Net for- Gross tional foreign Gross Official Other eign foreign Gross Net for- foreign Gross eign foreign purforeign institu- foreign- and repurpurforeign eign pur- purforeign purpurgional chases sales chases chases sales chases chases sales chases chases tions ers (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 1994. . . . . . . . . . . . . 78,801 41,822 1995. . . . . . . . . . . . . 134,115 39,631 1996. . . . . . . . . . . . . 232,241 85,807 1997. . . . . . . . . . . . . 184,171 43,959 1998 - Jan. - Sept. p 15,746 -21,995 36,815 164 2,711,142 2,632,341 94,045 439 2,981,158 2,847,043 148,276 -1,842 3,682,940 3,450,699 139,729 483 4,865,145 4,680,974 36,957 784 3,881,047 3,865,301 1997 - Sept. . . . . . . . 15,500 3,397 Oct. . . . . . . . . 17,182 -12,542 Nov. . . . . . . . 15,909 1,831 Dec. . . . . . . . -9,398 -367 1998 - Jan.. . . . . . . . 5,512 -1,189 Feb. r . . . . . . 9,959 1,242 Mar. . . . . . . . -4,091 6,133 Apr. . . . . . . . . 6,078 1,162 May. . . . . . . . 21,267 898 June . . . . . . . 1,674 -3,486 July . . . . . . . . -3,578 469 Aug. p . . . . . . -15,776 -16,920 Sept. p . . . . . -5,299 -10,304 11,695 408 29,941 -217 13,658 420 -7,421 -1,610 6,179 522 8,851 -134 -11,420 1,196 5,607 -691 20,218 151 5,464 -304 -4,100 53 1,144 5,014 -9 397,027 506,334 352,968 320,492 415,329 375,389 426,164 374,056 402,470 456,455 380,275 496,074 554,835 21,680 28,729 41,723 49,853 46,789 159,270 137,590 125,453 96,724 141,121 99,398 259,296 209,443 356,463 309,674 381,527 1,772 489,152 7,875 337,059 -558 329,890 2,837 409,817 4,685 365,430 8,432 430,255 10,263 367,978 6,944 381,203 3,691 454,781 6,624 383,853 1,030 511,850 3,585 560,134 1,535 22,110 26,126 28,563 25,702 29,844 35,873 35,183 36,971 31,718 38,595 40,575 41,311 66,393 20,338 18,251 29,121 22,865 25,159 27,441 24,920 30,027 28,027 31,971 39,545 37,726 64,858 37,992 57,853 83,743 84,305 91,417 130,067 168,080 252,832 350,820 297,793 7,404 5,879 3,987 6,153 8,469 8,997 9,608 17,283 9,220 14,309 10,529 4,966 8,036 28,177 31,815 23,659 26,462 27,704 31,547 34,896 39,481 33,777 35,505 33,197 25,918 35,768 92,075 110,227 169,089 266,515 206,376 Gross foreign sales (15) 1,877 350,593 348,716 11,240 462,950 451,710 12,511 590,714 578,203 69,597 1,097,958 1,028,361 39,650 1,182,645 1,142,995 20,773 8,760 25,936 -252 19,672 5,472 20,309 5,530 19,235 7,126 22,550 9,487 25,288 13,415 22,198 3,549 24,557 8,173 21,196 3,556 22,668 2,525 20,952 1,844 27,732 -10,025 96,182 122,428 96,441 103,667 100,282 106,988 136,184 134,177 129,528 146,147 152,833 141,566 134,940 87,422 122,680 90,969 98,137 93,156 97,501 122,769 130,628 121,355 142,591 150,308 139,722 144,965 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] Calendar year or month Foreign bonds Net foreign purchases of for- Net foreign pur- Gross foreign eign securities chases from purchases from from U.S. U.S. U.S. (1) (2) (3) Gross foreign sales to U.S. (4) Foreign stocks Net foreign pur- Gross foreign chases from purchases from U.S. U.S. (5) (6) Gross foreign sales to U.S. (7) 1994 . . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . . 1998 - Jan. - Sept. p . . . . . . . . . . . . . -57,295 -98,696 -110,637 -89,113 -24,677 -9,224 -48,405 -51,369 -48,171 -29,000 848,368 889,541 1,114,035 1,451,704 1,120,170 857,592 937,946 1,165,404 1,499,875 1,149,170 -48,071 -50,291 -59,268 -40,942 4,323 386,106 345,540 450,365 756,015 709,939 434,177 395,831 509,633 796,957 705,616 1997 - Sept. r . . . . . . . . . . . . . . . . . . Oct. r . . . . . . . . . . . . . . . . . . . Nov. r . . . . . . . . . . . . . . . . . . . Dec. r . . . . . . . . . . . . . . . . . . . 1998 - Jan. r . . . . . . . . . . . . . . . . . . . Feb. r . . . . . . . . . . . . . . . . . . . Mar. r . . . . . . . . . . . . . . . . . . . Apr. r . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . Sept. p . . . . . . . . . . . . . . . . . . -6,149 -3,885 -3,170 -1,775 -11 -6,212 -6,248 -12,295 -5,275 -9,820 -451 6,570 9,065 -7,633 -1,009 -4,877 -3,212 -99 -5,003 -4,559 -12,158 -1,882 -12,355 3,065 1,018 2,973 117,264 157,816 112,025 114,979 100,712 100,043 128,396 118,296 110,403 151,477 118,890 139,341 152,612 124,897 158,825 116,902 118,191 100,811 105,046 132,955 130,454 112,285 163,832 115,825 138,323 149,639 1,484 -2,876 1,707 1,437 88 -1,209 -1,689 -137 -3,393 2,535 -3,516 5,552 6,092 66,853 81,070 73,525 70,462 63,632 68,832 81,360 80,736 80,941 88,508 82,130 74,358 89,442 65,369 83,946 71,818 69,025 63,544 70,041 83,049 80,873 84,334 85,973 85,646 68,806 83,350 90 CAPITAL MOVEMENTS TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners 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 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 . . . . . . . . . . . . . . . . . . Calendar year 1997 (1) U.S. Government corporations and Federal agency bonds 1998 Jan. July through through Sept. Sept. p (2) (3) Calendar year 1997 (4) 1998 Jan. July through through Sept. Sept. p (5) (6) Corporate bonds Calendar year 1997 (7) Corporate stocks 1998 Jan. July through through Sept. Sept. p (8) (9) Calendar year 1997 r (10) 1998 Jan. July through through Sept. Sept. p (11) (12) Other Europe . . . . . . . . . . . . . . . . 1,175 3,427 -8 77 647 457 -2,082 22,471 -637 -968 1,229 2,300 1,746 259 488 2,754 -54 -1,265 10,351 -465 6,028 -71 98,253 25 -1,216 159 1,753 147 216 -366 -228 3,487 -1,107 128 -1,420 -77 6,187 -4,845 195 1,625 1,018 109 292 -3,723 126 1,723 1,122 20,182 -6,018 306 995 110 149 -493 253 459 -862 -235 -75 -983 550 -3,925 362 971 525 4 -95 -4,676 -243 -1,144 -1,921 4,494 -6,030 345 835 2 189 40 142 497 17 -59 588 123 2,194 6 -13 59 -11 -1 903 -18 390 -1 9,644 8 387 77 595 235 174 147 510 14 339 754 96 1,381 77 -12 39 438 248 811 71 2,279 4 18,924 128 108 306 141 55 60 -9 -1 124 -433 133 553 130 -10 23 438 248 78 77 347 1 6,556 125 263 1,380 4 23 132 -44 3,158 2,245 24 6 1,128 4 1,382 418 -120 583 7 227 -52 -203 21 44,490 289 194 4,215 -5 44 39 29 2,414 3,562 72 1,449 152 563 -219 -42 105 3 -38 260 2,412 -266 49,805 258 78 1,693 9 31 745 1,228 31 551 419 -138 54 -14 57 -12 192 990 -76 14,347 57 480 4,562 1 429 48 6,641 9,059 249 -2 751 2,830 3,831 523 12 -238 -6 325 577 2,081 7,848 11 22,478 12 186 504 5,279 11 9 867 91 6,443 10,413 69 -4 175 6,868 5,170 458 -8 70 4 4 701 608 9,023 33 18,728 26 593 170 538 6 1 219 22 1,412 4,165 53 4 -440 1,911 2,305 -58 -2 11 62 214 554 53 3,674 134 Total Europe. . . . . . . . . . . . . . . . 144,921 20,685 -11,504 16,266 27,329 9,050 55,365 65,006 20,242 62,688 66,135 15,008 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. . . . . . . . . . . . . -811 -2,407 -3,323 433 225 291 5,831 4,816 1,229 -1,406 -3,086 -886 215 -355 -6,376 -2,589 4,312 1,331 958 32 -1 -13 979 -2,660 103 304 19 175 655 -486 1,126 7,529 1,398 5,543 376 -596 167 -13 -54 674 -17,358 32 315 29 -123 -509 115 -586 6,288 -567 2,777 478 -328 63 9 3 452 -14,573 40 103 12 15 -852 154 714 7,658 2,388 3,791 34 121 59 8 -14 840 84 160 1 65 56 918 497 2,126 1,857 -1,330 4,357 67 71 100 7 43 1,017 57 195 117 100 28 592 321 -174 -1,548 -1,527 -1,369 33 17 29 4 -20 500 171 108 55 31 11 115 444 2,291 4,984 -190 5,147 239 19 98 9 43 705 1,974 -436 41 136 217 98 2,209 7,719 -682 7,565 19 66 -23 1 -28 849 543 290 18 29 57 352 42 -714 1,738 -36 1,538 14 12 -18 -5 5 211 29 103 6 12 25 98 386 678 -1,983 88 4,488 -20 175 -1 25 12 1 374 -269 694 8 15 246 303 335 -219 -2,320 150 2,187 -104 55 11 16 21 163 -8,693 239 6 9 123 76 -630 -1,750 33 -2,105 -11 26 9 5 15 -62 -7,454 55 4 -1 -24 18 357 479 327 1,067 1,721 380 908 1,013 502 -17 -4 57 -2,554 -1,471 -6,224 18,104 11,622 -2,863 16,629 20,095 3,562 5,203 -8,025 -11,739 See footnotes at end of table. CAPITAL MOVEMENTS 91 TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners 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 1998 Corporate bonds 1998 Corporate stocks 1998 1998 Calendar year 1997 (1) Jan. through Sept. (2) July through Sept. p (3) Calendar year 1997 (4) Jan. through Sept. (5) July through Sept. p (6) Calendar year 1997 (7) Jan. through Sept. (8) July through Sept. p (9) Calendar year 1997 r (10) Jan. through Sept. (11) July through Sept. p (12) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel. . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore . . . . . . . . . . . . . . . . . . . Syria . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . 8,158 1,537 12,253 510 2 3,125 20,360 -5,119 -2 -2,559 -7 -561 -3,713 -1,904 7,636 -1,470 -3,005 10,175 225 219 -115 754 11,033 -1,616 2 -337 2,694 -2,514 -14,069 -816 -1,042 5,057 33 -108 -241 1,201 4,391 1 -179 -1 -214 2,957 -824 -12,575 1,708 -705 3,832 -64 612 7,718 -2,158 -1 -289 1 302 1,511 -1 2,042 -273 -777 -480 2 -11 262 2,852 2,227 -24 106 2,052 1,381 161 -388 -1,712 1 -10 67 -875 1,359 -50 9 1,515 103 70 -134 1,758 -35 2 175 1,639 -191 10 9 49 1,176 15 113 -104 7 -129 4 4 329 475 13 19 -16 7 367 2 304 -96 10 -375 6 2 35 -359 22 3 1 492 1 -178 62 429 -212 -33 20 -539 4,787 -5 78 -170 18 2 -2,302 18 -9 383 19 67 -1,986 -13 -18 -70 -3,015 -41 31 -172 22 24 -9,300 14 -14 -350 22 -48 -1,526 -5 2 32 379 6 14 -27 13 3 -6,493 3 -3 -141 Other Asia. . . . . . . . . . . . . . . . . . . -149 -331 -376 -64 -22 -150 51 -301 -395 -72 -69 -64 Total Asia . . . . . . . . . . . . . . . . . . Africa: Egypt. . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire . . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . 39,567 1,645 -2,736 14,444 7,295 30 4,707 981 -831 2,455 -14,871 -7,833 1,090 122 93 -12 269 321 3 -100 2 20 188 -91 1 384 226 29 8 81 -22 36 -1 67 -88 - 37 120 134 9 13 -58 -13 -60 1 -4 -106 -51 -2 65 2 -99 9 355 12 37 38 -106 10 677 1 52 32 -79 5 42 19 Other Africa. . . . . . . . . . . . . . . . . . 231 52 2 21 5 -1 37 94 59 91 112 28 Total Africa. . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . 1,524 547 120 668 99 -22 337 -23 -104 472 784 47 1,054 -13 -4,033 -4 -1,032 2 -157 31 479 -492 32 -285 582 355 248 -12 -12 -649 251 91 -874 -45 3 1,041 -4,037 -1,030 -126 -13 -253 937 236 -661 342 -919 3 183,688 14,962 -24,697 49,789 46,557 6,233 83,806 91,111 23,437 69,754 40,018 -5,400 621 -139 170 -277 93 -116 -118 203 342 89 -433 -10 195 304 - 27 6 -1 -20 52 28 -20 -1 50 175 -103 -26 40 6 59 -69 519 5 -15 145 161 - -2 96 - 31 -199 10 -1 -97 -278 7 - -50 -207 1 - 15 384 -12 - - - - - - 2 - - Country 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 . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 92 CAPITAL MOVEMENTS TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 1998, Preliminary [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 andCaribbean . . . . . . See footnotes at end of table. Gross purchases by foreigners from U.S. residents Domestic securities Market- Bonds able of U.S. TreasGovt. ury and corps. Federal and fedFinanc- erally ing Bank sponCorporate and Total bonds sored Foreign securities other purand agenchases notes Bonds Stocks cies Bonds Stocks (1) (2) (3) (4) (5) (6) (7) 4,448 22,910 327 2,028 3,628 2,421 105,551 58,624 1,861 1,444 69,316 24,296 30,264 2,928 2,125 4,397 1,201 3,597 13,579 9,036 60,382 1,653 1,219,969 5 6,510 2,892 167 5,771 1,291 242 1,976 846 524 1,194 112 32,059 91 22,677 539 933 863 522 26,562 8,148 10,476 597 8,477 2,303 1,279 193 1,612 3,147 59 385 805 2,638 287 8,578 227 3,348 84 23,294 502 1,215 8 771,930 23,841 3,500 151 1,652,500 935,894 40,451 169,356 83,339 13,900 72,586 165,252 31,576 201,855 2,128 1,776 540 163 141 9,806 72,350 3,715 575 237 1,992 2,113 7,270 101 3,157 92 47 1,209 2,068 61 1,197 535 709 174 4 78 1 74 203 1,866 13 48,687 86 Total sales (8) Gross sales by foreigners to U.S. residents Domestic securities Market- Bonds able of U.S. TreasGovt. ury and corps. Federal and fedFinanc- erally ing Bank sponCorporate and bonds sored Foreign securities other and agenBonds Stocks notes cies Bonds Stocks (9) (10) (11) (12) (13) (14) 827 181 280 3,688 2,586 8,229 2,128 2,334 19,293 4,776 6 30 49 192 132 8 5 39 1,855 1,827 633 760 773 3,408 1,339 62 198 808 2,099 941 57,706 8,938 5,548 101,521 31,600 16,899 4,398 12,043 54,524 23,539 345 241 281 1,681 1,168 11 5 43 1,427 938 3,324 27,384 2,701 69,975 27,545 8,158 1,242 3,288 21,134 9,926 8,552 2,848 7,375 29,203 12,402 551 92 639 2,228 917 17 444 48 939 641 102 47 964 3,325 2,622 2 9 750 381 49 464 158 3,278 2,733 999 879 2,822 16,996 13,254 2,109 705 2,587 7,783 3,591 23,238 1,671 9,811 56,970 24,438 100 162 155 3,866 3,136 85,734 186,381 103,396 1,192,500 767,436 5 1,516 805 452 11,738 9,530 59 985 383 57 31 548 1 398 8,581 464 1,750 63 10 36 367 39 149 7 155 7 17,285 26 23 1,464 83 16 464 840 30 646 116 847 120 18 21 1 86 11 876 89 34,340 29 60,362 219,177 240,022 156,594 1,610,373 947,398 31,401 40,120 204,169 242,301 144,984 859 3,221 20,123 49,069 12,745 168,396 86,662 568 1,992 577 412 31,959 12,206 37,784 28,206 8,433 395 70,440 45,384 921 37 1,426 81 349 49 9 4 3 10 2,342 519 25,689 340 1,700 211 104 55 12 182 167 107 685 155 190 9,529 6,372 76 8,855 21 28 5 1 8 422 670 208 9 12 50 177 605 7,042 53,669 433 55,816 363 105 29 69 32 882 29,015 914 71 13 224 369 12,552 74,536 162,018 31,371 203,282 1,759 2,491 1 453 146 55 8,936 99,234 3,275 330 166 1,982 2,994 462 32,545 31,496 9,000 67,663 443 1,754 286 1,890 40,262 1,660 1 152 1,537 91 12,380 29,754 1,922 46,753 4 64 20 30 19 169 103 151 96 40 676 668 4,514 768 228 1,095 608 10,601 1,515 10,419 1,431 34,229 4,992 14,837 7,402 13,519 7,841 384 402 109 27 105 3 61 19 84 4 2,924 2,717 6,202 10,434 467 215 227 109 17 1 1,180 264 587 140 991 3,232 657 102 7,691 2,055 7 7 414 788 40 157 56,294 7,979 12,734 5,586 292 56 7 2 3,764 26,561 6,247 671 6,247 2,455 609 107 19 191 91 46 2 49 283 937 758 1,895 428 22,684 1,463 47 394 82,060 191,879 1,382 333 261 2,322 53 21 401 888 5,153 11,277 134 82 2,878 3,710 5,502 412 60 509 173 1,812 1,851 7,354 193 99,500 438 21,009 47,715 10,450 148 10,243 4,634 112 7,317 7 16 23 6 3 211 641 105 3 25 79 529 7,672 55,419 400 57,921 374 79 20 64 17 944 36,469 859 67 14 248 351 9,764 10,017 34,932 13,062 12,965 545 565 1 104 64 1 3,552 6,156 357 125 1,232 848 1,558 1,679 5,783 6,875 10,663 386 13 12 4 2,320 15,537 191 134 1 229 139 174 611 899 1,834 CAPITAL MOVEMENTS 93 TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Third Quarter 1998, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis Country Asia: China: Mainland. . . . . . . . . Taiwan . . . . . . . . . . Hong Kong . . . . . . . . India . . . . . . . . . . . . . Indonesia . . . . . . . . . Israel . . . . . . . . . . . . . Japan . . . . . . . . . . . . Korea . . . . . . . . . . . . Lebanon . . . . . . . . . . Malaysia . . . . . . . . . . Pakistan . . . . . . . . . . Philippines. . . . . . . . . Singapore . . . . . . . . . Syria . . . . . . . . . . . . . Thailand . . . . . . . . . . Other Asia . . . . . . . . . Total Asia . . . . . . . . Africa: Egypt. . . . . . . . . . . . . Ghana . . . . . . . . . . . . Liberia . . . . . . . . . . . . Morocco . . . . . . . . . . South Africa . . . . . . . Zaire . . . . . . . . . . . . . Other Africa. . . . . . . . Total Africa . . . . . . . Other countries: Australia . . . . . . . . . . All other. . . . . . . . . . . Total other countries . . . . . . . Total foreign countries . . . . . . International and regional orgs.: International . . . . . . . European regional. . . Latin American regional . . . . . . . . . Asian regional . . . . . . African regional. . . . . Middle Eastern regional . . . . . . . . . 1 Gross purchases by foreigners from U.S. residents Domestic securities Market- Bonds able of U.S. TreasGovt. ury and corps. Federal and fedFinanc- erally ing Bank sponCorporate and Total bonds sored Foreign securities other purand agenchases notes Bonds Stocks cies Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners to U.S. residents Domestic securities Market- Bonds able of U.S. TreasGovt. ury and corps. Federal and fedFinanc- erally ing Bank sponCorporate and bonds sored Foreign securities other and agenBonds Stocks notes cies Bonds Stocks (9) (10) (11) (12) (13) (14) Total sales (8) 6,809 3,310 48,366 804 1,160 4,338 168,932 7,184 255 435 187 1,614 36,824 27 4,339 25,376 4,748 1,295 31,418 395 1,012 2,834 116,060 4,932 1 143 1 1,242 24,324 4,278 15,800 1,222 139 1,441 2 131 7,902 1,389 19 21 2,477 2,119 102 205 14 949 281 2,511 11 252 2 87 74 712 772 16,328 30 64 181 18 36 91 7 111 912 5,169 16 1 27 457 6,461 512 308 3,678 13 8 59 10,038 441 43 76 85 2,272 7 183 20 605 9,037 131 51 528 17,832 328 30 143 95 148 1,670 11 26 356 7,098 4,282 43,183 771 1,274 4,732 165,073 1,129 200 746 114 1,768 38,896 22 5,222 39,258 5,564 2,337 26,361 362 1,120 3,075 114,859 541 322 2 1,456 21,367 5,102 28,751 1,061 198 527 4 3,153 656 1 5 10 64 39 8,777 1,131 30 8 69 15 12 6 962 420 2,166 1,030 183 997 4,037 257 85 680 15,949 58 167 63 78 108 11,662 13 30 6,666 47 92 2,232 7 1 521 6,879 25 9 53 1 77 1,349 11 230 45 325 6,744 139 58 353 17,478 467 24 224 33 109 3,136 9 79 415 309,960 208,483 16,862 2,681 33,200 17,723 31,011 313,768 211,219 16,832 3,512 41,033 11,534 29,638 477 8 598 13 663 12 677 161 257 1 76 121 118 84 2 22 6 9 70 115 1 197 11 321 9 333 9 36 154 43 52 7 18 1 103 3 108 374 1 793 17 1,188 9 579 141 69 1 167 118 51 172 3 26 112 60 13 83 1 276 6 279 9 286 8 138 4 164 40 65 26 6 518 119 2,448 616 204 107 987 242 292 2,961 496 226 211 940 354 734 25,820 5,844 13,040 559 534 279 522 524 3,684 1,249 4,377 2,421 3,663 812 27,234 6,230 14,072 557 502 534 564 1,173 3,684 1,246 4,476 2,120 3,966 570 31,664 13,599 813 1,046 4,933 6,798 4,475 33,464 14,629 1,066 1,707 4,930 6,596 4,536 410,797 245,865 2,739,057 1,450,323 141,917 71,289 434,139 403,689 237,700 2,753,903 1,425,626 148,150 94,726 428,739 5,081 - 4,709 - 1 - 55 - 218 - 40 - 58 - 5,730 10 5,142 10 104 - 57 - 268 - 87 - 72 - 755 657 47 238 598 - 41 40 47 102 - 374 8 - 6 - 5 - 697 339 41 43 294 - 67 41 6 - 581 7 - 10 - 28 - 15 13 - - - - 2 28 25 - - - 1 2 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. 94 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 1997 [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents Domestic securities Bonds of MarketU.S. able Govt. Treasury corps. and Fed- and federal Fierally nancing sponCorporate and Bank sored Foreign securities other Total pur- bonds agenchases and notes cies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Europe: Austria . . . . . . . . . . . 24,043 18,819 Belgium-Luxembourg 84,621 40,390 Bulgaria . . . . . . . . . . 477 57 Czech Republic . . . . 4,115 3,880 Denmark. . . . . . . . . . 13,752 6,560 Finland . . . . . . . . . . . 11,621 8,456 France . . . . . . . . . . . 327,852 116,573 Germany . . . . . . . . . 196,676 119,990 Greece . . . . . . . . . . . 3,821 1,274 Hungary . . . . . . . . . . 3,018 2,640 Ireland . . . . . . . . . . . 49,946 29,583 Italy. . . . . . . . . . . . . . 52,602 21,135 Netherlands . . . . . . . 85,470 28,372 Norway . . . . . . . . . . . 12,787 7,296 Poland . . . . . . . . . . . 8,348 7,427 Portugal . . . . . . . . . . 13,993 11,476 Romania. . . . . . . . . . 11 Russia 1. . . . . . . . . . . 44,332 39,885 Spain . . . . . . . . . . . . 61,044 43,886 Sweden . . . . . . . . . . 29,120 11,046 Switzerland. . . . . . . . 122,847 28,285 Turkey . . . . . . . . . . . 7,738 6,435 United Kingdom . . . . 3,979,460 2,465,170 2 Yugoslavia . . . . . . . 204 25 31,995 26,200 Other Europe . . . . . . Total Europe . . . . . 5,169,893 3,044,860 Canada . . . . . . . . . . . . 624,288 308,369 Latin American and Caribbean: Argentina . . . . . . . . . 80,861 2,905 Bahamas . . . . . . . . . 124,657 34,017 Bermuda. . . . . . . . . . 408,955 96,146 Brazil . . . . . . . . . . . . 119,687 19,782 British West Indies . . 450,690 192,023 Chile . . . . . . . . . . . . . 8,868 2,795 Colombia . . . . . . . . . 6,721 5,504 Cuba. . . . . . . . . . . . . Ecuador . . . . . . . . . . 3,400 1,735 Guatemala . . . . . . . . 341 62 Jamaica . . . . . . . . . . 320 3 Mexico . . . . . . . . . . . 43,020 10,070 Netherlands Antilles . 227,562 92,021 Panama . . . . . . . . . . 10,786 1,026 Peru . . . . . . . . . . . . . 1,603 312 Trinidad and Tobago 240 20 Uruguay . . . . . . . . . . 11,604 1,226 Venezuela . . . . . . . . 11,009 4,236 Other Latin America 11,660 1,752 and Caribbean . . . . See footnotes at end of table. 389 404 2,589 997 2,403 7,206 22,260 6,360 2 11 5 382 47 44 85 2,174 379 1,710 922 151 98 171 1,070 458 7,023 164,624 19,543 2,054 6,422 31,105 11,678 60 94 1,246 497 231 11 27 36 1,193 3,828 4,186 5,789 501 1,194 15,155 7,799 5,593 2,660 22,020 9,529 74 595 1,843 921 16 189 27 434 72 652 296 527 2 4 21 486 2,944 993 666 3,511 3,619 31 154 7,214 1,550 895 5,593 63,732 6,921 61 272 284 44,817 194,892 245,689 755,466 8 24 32 449 416 2,944 514 Total sales (8) Gross sales by foreigners to U.S. residents Domestic securities Market- Bonds of able U.S. Treasury Govt. and corps. Federal and fedFinanc- erally ing Bank sponCorporate and bonds sored Foreign securities other and agenBonds Stocks notes cies Bonds Stocks (9) (10) (11) (12) (13) (14) 845 22,116 17,644 6,002 71,768 36,963 20 508 65 59 4,017 3,803 2,007 13,142 5,913 1,675 12,988 7,999 19,631 325,556 118,655 25,427 160,140 97,519 650 4,325 1,911 73 4,360 3,608 5,367 46,228 28,354 6,818 45,264 18,835 17,296 76,059 26,626 2,058 12,449 7,037 255 9,174 6,939 970 11,166 8,722 9 91 54 992 45,546 41,150 8,369 47,534 33,535 9,125 26,616 11,511 17,421 107,952 22,257 686 7,973 6,506 273,426 3,832,888 2,366,917 115 302 1,472 32,365 27,416 44 141 2,109 1,318 860 1,568 5,826 17,698 5,091 4,622 7 5 408 23 24 43 43 104 1,985 247 1,281 1,643 2,073 111 142 123 2,259 2,354 316 3,865 157,983 20,258 24,479 1,557 4,177 22,046 10,677 24,164 43 70 997 923 381 290 5 29 29 399 605 2,700 3,435 5,447 5,687 378 1,190 12,325 5,418 7,118 3,399 1,278 18,189 10,637 15,930 68 177 1,320 1,724 2,123 29 309 15 1,507 375 13 69 534 319 1,509 11 8 5 13 5 14 161 2,624 1,592 90 439 2,934 4,342 6,194 49 206 5,133 2,336 7,381 505 5,796 55,884 6,970 16,540 1 40 261 328 837 35,173 150,402 223,211 766,713 290,472 12 22 268 62 127 2,758 609 1,393 62,568 232,616 591,182 837,899 400,768 4,920,527 2,899,939 46,302 177,251 528,494 851,650 416,891 5,626 14,258 63,792 152,503 560 1,177 1,977 3,774 8,027 24,110 84,244 20,073 117,758 3,340 1,285 2,608 38,568 28,943 102,481 50 350 1,224 165 71 429 83 238 166 10 30 127 139 48 27 958 5,303 2,404 1,123 11,765 66,056 1,106 1,159 3,508 1 101 104 95 26 56 186 340 1,156 1,069 422 1,277 1,406 2,463 1,313 79,740 623,326 309,180 5,193 68,578 48,415 77,434 74,214 61,146 3,279 328 1,166 84 95 12,276 22,950 3,006 647 39 7,642 3,263 5,664 6,314 13,300 18,458 27,529 1,170 224 12 28 8 12,009 33,647 981 438 4 1,054 742 85,951 120,021 406,594 126,039 438,102 6,544 6,745 1 3,300 297 450 43,380 230,073 10,668 1,787 119 11,401 9,617 2,690 34,372 102,522 22,371 187,711 1,464 4,546 1,703 63 16 9,091 94,681 923 8 1 1,051 3,581 406 3,060 76,586 952 34,777 16 44 24 2 153 118 1,039 946 30 130 151 3,406 1,320 8,771 1,395 339 8,427 65,198 154,091 733 1,591 5,736 23,432 15,089 119,741 1,475 2,520 23,796 97,993 111 1,244 52 254 1 140 141 21 115 5 26 4,598 2,030 9,791 66,325 1,595 2,814 60 96 26 41 204 910 205 974 1,555 1,330 81,237 74,369 47,449 78,463 77,967 66,753 2,346 1,353 1,288 75 241 15,654 23,173 3,566 1,003 14 8,182 3,630 6,162 5,972 14,193 20,754 27,072 1,363 496 4 21 9 11,889 35,064 824 620 7 924 1,076 3,344 808 CAPITAL MOVEMENTS 95 TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1997, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Asia: China: Mainland . . . . . . . Taiwan . . . . . . . . . Hong Kong . . . . . . . India . . . . . . . . . . . . Indonesia . . . . . . . . Israel. . . . . . . . . . . . Japan . . . . . . . . . . . Korea . . . . . . . . . . . Lebanon . . . . . . . . . Malaysia . . . . . . . . . Pakistan . . . . . . . . . Philippines . . . . . . . Singapore . . . . . . . . Syria . . . . . . . . . . . . Thailand . . . . . . . . . Other Asia. . . . . . . . Total Asia. . . . . . . Africa: Egypt . . . . . . . . . . . Ghana. . . . . . . . . . . Liberia. . . . . . . . . . . Morocco . . . . . . . . . South Africa . . . . . . Zaire . . . . . . . . . . . . Other Africa . . . . . . Total Africa. . . . . . Other countries: Australia . . . . . . . . . All other countries. . 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 . . . 1 Gross purchases by foreigners from U.S. residents Domestic securities Bonds of MarketU.S. able Govt. Treasury corps. and Fed- and federal Fierally nancing sponCorporate and Bank sored Foreign securities other Total pur- bonds agenchases and notes cies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Total sales (8) 49,907 26,238 193,196 3,806 10,712 23,311 737,500 16,748 694 12,801 418 7,564 142,527 144 10,608 85,809 44,213 2,725 18,987 477 125,924 6,142 2,625 33 7,991 19,010 699 551,668 34,459 9,879 112 66 7 8,092 104 4 1 5,034 390 103,526 2,096 9,373 2 58,763 4,895 371 111 3,002 11 4 252 7,504 552 11 301 3 85 2,455 16 3,569 374 3,363 8,283 395 275 1,904 55,200 258 420 245 201 414 16,027 98 125 15,476 40,339 24,721 173,890 4,997 12,353 22,347 712,997 30,266 546 16,176 762 9,941 146,919 151 13,834 75,694 36,055 17,450 113,671 2,115 7,989 15,885 531,308 14,998 68 10,651 11 5,595 107,239 11,277 51,276 1,017 1,182 2,310 97 87 26,741 2,270 8 393 88 585 3 2,917 301 245 1,244 46 2 77 5,865 743 1 292 3 36 1,279 1 3,405 312 2,934 8,495 428 255 2,443 50,413 263 342 415 183 412 18,329 80 134 15,165 1,321,983 965,155 52,142 18,247 103,058 45,194 138,187 1,285,933 925,588 37,698 13,540 100,603 1,704 520 661 2,639 10,402 39,443 122 620 535 1,907 291 1,155 17,722 70,947 3,141 2,806 134 56 287 3,772 30 179 533 1,108 8,024 10,399 4 42 141 951 1,463 1,643 Gross sales by foreigners to U.S. residents Domestic securities Market- Bonds of able U.S. Treasury Govt. and corps. Federal and fedFinanc- erally ing Bank sponCorporate and bonds sored Foreign securities other and agenBonds Stocks notes cies Bonds Stocks (9) (10) (11) (12) (13) (14) 1,651 440 8,895 1,000 1,598 1,972 18,224 7,422 90 849 214 2,563 7,314 4 1,538 1,426 1,003 2,470 39,275 1,311 2,509 1,883 80,446 4,570 37 3,576 351 1,247 12,173 67 881 1,505 55,200 153,304 3,367 19 3,358 32 1,967 29 2,204 2,432 929 1 123 441 428 560 40 41 73 385 140 131 288 4 949 17 624 14 860 64 13 432 369 243 82 2 103 14 671 15 488 1,823 18 2,900 152 2,809 9 3,557 1,342 807 1 30 222 44 334 11 12 36 265 6 85 223 2 1,048 8 269 2 732 51 329 122 895 1,688 127 16 117 21 1,598 7 818 10,976 3,926 1,069 729 2,756 1,121 1,375 11,268 2,402 401 392 2,284 3,085 2,704 77,405 16,015 41,520 2,227 338 311 1,811 594 5,946 2,061 17,051 10,739 9,223 1,599 78,714 14,800 40,466 2,240 495 1,229 280 239 5,695 1,970 17,800 8,353 13,029 1,718 93,420 43,747 649 2,405 8,007 26,274 12,338 93,514 42,706 775 1,468 7,665 26,153 14,747 8,742,544 4,831,692 258,931 350,076 1,095,576 1,450,959 755,310 8,444,428 4,648,004 209,142 266,270 1,025,822 1,499,049 796,141 31,422 290 29,396 129 54 6 68 100 883 - 357 31 664 24 30,626 557 28,775 268 27 - 9 169 852 - 285 1 678 119 4,797 976 481 2,268 913 323 167 138 554 5 17 1,461 35 1 347 8 2 15 - 4,409 1,341 354 2,098 1,190 230 168 20 86 35 32 1,660 25 2 448 92 - 14 4 428 424 - - 2 - 2 410 409 - - - - 1 38,394 33,453 365 744 2,382 745 705 37,697 32,970 301 245 2,539 826 816 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. 96 CAPITAL MOVEMENTS CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors * (In billions of dollars) (Note: To facilitate comparison of net purchases during 1998 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 1994 1995 1996 Foreign bonds . . . . . . . . . . . . . . . . . . . 9,224 48,405 25,730 48,171 29,000 -7,056 Foreign stocks . . . . . . . . . . . . . . . . . . . 48,071 50,291 12,260 40,942 -4,323 -8,128 Total . . . . . . . . . . . . . . . . . . . . . . . . . 57,295 98,696 37,990 89,113 24,677 -15,184 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 1997 Jan. - Sept. 1998 July - Sept. 1998 97 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports 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 Institu- tion 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 that 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 also is separately noted on monthly and quarterly reports. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. 98 FOREIGN CURRENCY POSITIONS SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) Purchased (1) Sold (2) 04/08/98 . . . . . . . . . . . . . . . . . . . . . . 277,923 277,641 -4,517 1.4242 04/15/98 . . . . . . . . . . . . . . . . . . . . . . 277,881 281,508 -4,904 1.4385 04/22/98 . . . . . . . . . . . . . . . . . . . . . . 277,650 279,925 -5,287 1.4324 04/29/98 . . . . . . . . . . . . . . . . . . . . . . 282,558 284,275 -5,006 1.4371 05/06/98 . . . . . . . . . . . . . . . . . . . . . . 277,481 277,867 -4,685 1.4392 05/13/98 . . . . . . . . . . . . . . . . . . . . . . 285,548 285,831 -3,971 1.4449 05/20/98 . . . . . . . . . . . . . . . . . . . . . . 276,811 276,710 -3,458 1.4490 05/27/98 . . . . . . . . . . . . . . . . . . . . . . 277,344 276,826 -3,577 1.4539 06/03/98 . . . . . . . . . . . . . . . . . . . . . . 274,403 277,853 -3,381 1.4539 06/10/98 . . . . . . . . . . . . . . . . . . . . . . 284,062 285,288 -3,370 1.4663 06/17/98 . . . . . . . . . . . . . . . . . . . . . . 290,749 295,336 -3,301 1.4614 06/24/98 . . . . . . . . . . . . . . . . . . . . . . 282,224 285,012 -3,371 1.4707 07/01/98 . . . . . . . . . . . . . . . . . . . . . . 298,133 297,689 -3,357 1.4632 07/08/98 . . . . . . . . . . . . . . . . . . . . . . 293,406 292,120 -3,869 1.4718 07/15/98 . . . . . . . . . . . . . . . . . . . . . . 302,388 296,221 -4,279 1.4893 07/22/98 . . . . . . . . . . . . . . . . . . . . . . 295,387 294,481 -4,639 1.4955 07/29/98 . . . . . . . . . . . . . . . . . . . . . . 299,743 297,277 -5,368 1.5060 08/05/98 . . . . . . . . . . . . . . . . . . . . . . 294,018 292,083 -3,371 1.5178 08/12/98 . . . . . . . . . . . . . . . . . . . . . . 308,221 307,826 -2,580 1.5210 08/19/98 . . . . . . . . . . . . . . . . . . . . . . 302,156 304,669 -3,143 1.5329 08/26/98 . . . . . . . . . . . . . . . . . . . . . . 314,646 316,626 -1,976 1.5657 09/02/98 . . . . . . . . . . . . . . . . . . . . . . 332,909 330,245 -3,550 1.5425 09/09/98 . . . . . . . . . . . . . . . . . . . . . . 338,490 337,762 -3,430 1.5227 09/16/98 . . . . . . . . . . . . . . . . . . . . . . 329,216 323,250 -3,284 1.5115 09/23/98 . . . . . . . . . . . . . . . . . . . . . . 322,601 315,396 -3,043 1.5174 09/30/98 . . . . . . . . . . . . . . . . . . . . . . 322,553 315,014 -2,856 1.5320 FOREIGN CURRENCY POSITIONS 99 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] 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) 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 - Dec. . . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708 1997 - Oct. . . . . . . . . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088 Nov. . . . . . . . . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240 Dec. . . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298 1998 - Jan. . . . . . . . . 306,286 297,285 75,869 65,720 48,844 56,506 40,699 33,080 -4,977 157,700 1.4548 Feb. . . . . . . . . 323,566 314,829 76,702 68,522 43,959 50,726 43,789 39,724 -3,244 159,001 1.4240 Mar. . . . . . . . . 290,734 286,012 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195 Apr. . . . . . . . . 288,488 282,467 65,624 55,121 48,887 57,726 46,758 45,038 -4,855 160,579 1.4317 May . . . . . . . . 280,809 277,065 61,206 51,996 42,233 49,052 45,402 43,884 -3,642 162,434 1.4571 June. . . . . . . . 295,548 291,082 64,524 56,100 45,159 52,398 53,283 49,979 -3,800 160,067 1.4690 July . . . . . . . . 308,830 301,689 67,857 52,869 49,381 61,157 55,545 51,646 -5,102 161,346 1.5120 Aug. . . . . . . . . 341,096 335,128 71,303 59,467 69,684 82,658 n.a. 72,167 -2,045 162,627 1.5695 Sept. . . . . . . . 335,636 325,822 62,513 55,989 68,085 72,926 71,770 70,594 -2,864 161,043 1.5320 Spot, forward, and future contracts Report date Options positions 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] Spot, forward, and future contracts Options positions 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 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621 Dec. . . . . . . . . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708 1997 - Mar. . . . . . . . . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854 June. . . . . . . . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806 Sept. . . . . . . . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815 Dec. . . . . . . . . 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298 1998 - Mar. . . . . . . . . 30,834 34,505 60,049 51,682 1,463 755 1,769 726 -420 10,322 1.4195 June. . . . . . . . 29,615 32,133 61,414 46,881 1,553 678 1,452 1,067 n.a. 13,436 1.4690 Report date Purchased (1) Sold (2) 1994 - Dec. . . . . . . . . 38,697 37,175 1995 - Dec. . . . . . . . . 40,940 1996 - Sept. . . . . . . . Assets (3) 100 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 Report date Net options positions (3) Exchange rate (Deutsche marks per U.S. dollar) (4) Purchased (1) Sold (2) 04/08/98 . . . . . . . . . . . . . . . . . . . . . . 2,401,511 2,390,165 -12,906 1.8150 04/15/98 . . . . . . . . . . . . . . . . . . . . . . 2,340,006 2,332,000 -12,876 1.8014 04/22/98 . . . . . . . . . . . . . . . . . . . . . . 2,436,585 2,420,167 -13,565 1.7940 04/29/98 . . . . . . . . . . . . . . . . . . . . . . 2,445,807 2,429,655 -10,977 1.7959 05/06/98 . . . . . . . . . . . . . . . . . . . . . . 2,519,405 2,507,924 -10,051 1.7652 05/13/98 . . . . . . . . . . . . . . . . . . . . . . 2,412,797 2,398,795 -14,577 1.7795 05/20/98 . . . . . . . . . . . . . . . . . . . . . . 2,371,224 2,361,237 -12,735 1.7705 05/27/98 . . . . . . . . . . . . . . . . . . . . . . 2,499,201 2,471,548 -17,535 1.7838 06/03/98 . . . . . . . . . . . . . . . . . . . . . . 2,369,856 2,341,997 -13,767 1.7707 06/10/98 . . . . . . . . . . . . . . . . . . . . . . 2,439,694 2,417,264 -19,374 1.7958 06/17/98 . . . . . . . . . . . . . . . . . . . . . . 2,354,380 2,321,895 -22,074 1.7870 06/24/98 . . . . . . . . . . . . . . . . . . . . . . 2,250,729 2,218,181 -22,877 1.8032 07/01/98 . . . . . . . . . . . . . . . . . . . . . . 2,316,412 2,284,090 -22,412 1.8188 07/08/98 . . . . . . . . . . . . . . . . . . . . . . 2,225,457 2,191,579 -19,952 1.8195 07/15/98 . . . . . . . . . . . . . . . . . . . . . . 2,326,609 2,296,453 -17,409 1.7991 07/22/98 . . . . . . . . . . . . . . . . . . . . . . 2,208,229 2,175,458 -17,706 1.7896 07/29/98 . . . . . . . . . . . . . . . . . . . . . . 2,364,482 2,333,951 -14,571 1.7721 08/05/98 . . . . . . . . . . . . . . . . . . . . . . 2,299,367 2,266,360 -13,708 1.7703 08/12/98 . . . . . . . . . . . . . . . . . . . . . . 2,354,217 2,327,641 -13,851 1.7865 08/19/98 . . . . . . . . . . . . . . . . . . . . . . 2,329,615 2,294,487 -13,596 1.7982 08/26/98 . . . . . . . . . . . . . . . . . . . . . . 2,352,207 2,317,643 -12,571 1.8072 09/02/98 . . . . . . . . . . . . . . . . . . . . . . 2,548,521 2,504,058 -12,351 1.7490 09/09/98 . . . . . . . . . . . . . . . . . . . . . . 2,616,880 2,554,556 -10,357 1.7213 09/16/98 . . . . . . . . . . . . . . . . . . . . . . 2,581,711 2,518,428 -7,376 1.6945 09/23/98 . . . . . . . . . . . . . . . . . . . . . . 2,619,797 2,550,408 -7,233 1.6779 09/30/98 . . . . . . . . . . . . . . . . . . . . . . 2,553,492 2,477,409 -5,157 1.6675 FOREIGN CURRENCY POSITIONS 101 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] Spot, forward, and future contracts Report date Purchased (1) Sold (2) Options positions Non-capital items Assets (3) Liabilities (4) Calls Puts Bought (5) 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) 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 - 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 - Oct. . . . . . . . . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248 Nov. . . . . . . . . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647 Dec. . . . . . . . . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990 1998 - Jan. . . . . . . . . 2,380,985 2,378,196 280,599 275,977 630,785 649,746 648,910 675,016 -5,939 397,824 1.8312 Feb. . . . . . . . . 2,327,236 2,340,808 303,501 305,247 607,570 629,483 621,002 650,738 -9,397 400,530 1.8155 Mar. . . . . . . . . 2,297,728 2,299,357 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493 Apr. . . . . . . . . 2,403,695 2,391,849 285,563 291,087 651,132 683,492 615,610 646,558 -7,844 425,549 1.7965 May . . . . . . . . 2,458,329 2,439,116 302,336 295,365 717,950 761,784 666,730 703,763 -18,116 434,885 1.7867 June. . . . . . . . 2,300,692 2,270,451 295,827 288,794 820,499 863,030 737,637 743,605 -22,419 432,794 1.8090 July . . . . . . . . 2,357,644 2,336,709 307,828 298,406 773,631 781,046 676,450 701,082 -20,599 445,529 1.7770 Aug. . . . . . . . . 2,572,257 2,526,032 336,391 325,464 766,999 822,664 742,841 748,500 -10,593 452,509 1.7552 Sept. . . . . . . . 2,646,657 2,578,089 360,367 344,131 837,092 857,068 759,006 763,257 -5,139 n.a. 1.6675 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date Options positions Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385 Non-capital items Purchased (1) Sold (2) Assets (3) 1994 - Dec. . . . . . . . . 304,637 287,651 103,734 1995 - Dec. . . . . . . . . 232,935 242,840 116,608 Liabilities (4) Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 1996 - Sept. . . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254 Dec. . . . . . . . . 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420 1997 - Mar. . . . . . . . . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750 June. . . . . . . . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457 Sept. . . . . . . . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600 Dec. . . . . . . . . 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990 1998 - Mar. . . . . . . . . 231,182 229,947 129,386 109,382 28,389 23,930 24,724 19,190 -1,892 28,359 1.8493 June. . . . . . . . 238,746 228,718 121,956 102,124 24,910 21,817 24,410 16,633 633 27,774 1.8090 102 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 Purchased (1) Sold (2) Net options positions (3) Exchange rate (Yen per U.S. dollar) (4) 04/08/98 . . . . . . . . . . . . . . . . . . . . . . 189,539 196,769 2,361 131.2700 04/15/98 . . . . . . . . . . . . . . . . . . . . . . 190,869 198,894 2,028 130.0000 04/22/98 . . . . . . . . . . . . . . . . . . . . . . 189,088 197,094 2,241 130.4200 04/29/98 . . . . . . . . . . . . . . . . . . . . . . 199,846 207,662 2,139 132.4000 05/06/98 . . . . . . . . . . . . . . . . . . . . . . 192,472 200,108 2,000 133.2000 05/13/98 . . . . . . . . . . . . . . . . . . . . . . 187,081 195,429 2,152 134.2000 05/20/98 . . . . . . . . . . . . . . . . . . . . . . 191,748 200,007 2,529 136.0200 05/27/98 . . . . . . . . . . . . . . . . . . . . . . 197,975 206,228 2,798 137.4700 06/03/98 . . . . . . . . . . . . . . . . . . . . . . 197,307 204,902 2,245 138.2500 06/10/98 . . . . . . . . . . . . . . . . . . . . . . 203,657 211,685 2,396 141.5500 06/17/98 . . . . . . . . . . . . . . . . . . . . . . 225,459 234,864 3,095 136.5600 06/24/98 . . . . . . . . . . . . . . . . . . . . . . 211,882 220,983 1,730 141.5000 07/01/98 . . . . . . . . . . . . . . . . . . . . . . 226,020 236,486 3,204 138.0500 07/08/98 . . . . . . . . . . . . . . . . . . . . . . 214,931 225,255 3,036 139.4800 07/15/98 . . . . . . . . . . . . . . . . . . . . . . 219,664 229,976 3,075 140.5500 07/22/98 . . . . . . . . . . . . . . . . . . . . . . 216,638 227,125 3,050 141.2200 07/29/98 . . . . . . . . . . . . . . . . . . . . . . 223,346 233,528 2,159 142.4000 08/05/98 . . . . . . . . . . . . . . . . . . . . . . 222,391 232,121 2,110 143.9800 08/12/98 . . . . . . . . . . . . . . . . . . . . . . 229,079 239,665 2,229 146.2900 08/19/98 . . . . . . . . . . . . . . . . . . . . . . 230,310 239,530 1,959 144.1200 08/26/98 . . . . . . . . . . . . . . . . . . . . . . 225,574 234,971 1,965 144.1000 09/02/98 . . . . . . . . . . . . . . . . . . . . . . 242,634 251,212 1,892 137.8300 09/09/98 . . . . . . . . . . . . . . . . . . . . . . 244,767 253,100 1,800 136.9500 09/16/98 . . . . . . . . . . . . . . . . . . . . . . 243,225 250,867 1,986 135.2600 09/23/98 . . . . . . . . . . . . . . . . . . . . . . 240,125 247,032 1,858 135.8200 09/30/98 . . . . . . . . . . . . . . . . . . . . . . 231,744 237,535 1,582 136.5500 Report date FOREIGN CURRENCY POSITIONS 103 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] 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) 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 - Dec. . . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000 1997 - Oct. . . . . . . . . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500 Nov. . . . . . . . . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500 Dec. . . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800 1998 - Jan. . . . . . . . . 193,006 198,794 32,244 30,345 35,123 34,659 48,956 49,167 1,194 71,768 127.1000 Feb. . . . . . . . . 195,207 199,614 30,741 28,780 32,953 32,756 48,097 48,649 1,034 71,549 126.0800 Mar. . . . . . . . . 187,453 196,116 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300 Apr. . . . . . . . . 194,060 203,415 31,487 30,196 38,138 37,690 56,413 56,405 2,035 72,981 132.8500 May . . . . . . . . 194,693 204,692 30,489 29,571 40,001 39,980 59,564 60,737 2,364 73,499 138.9300 June. . . . . . . . 222,593 234,994 28,150 28,201 57,796 55,601 78,741 80,977 3,079 75,287 138.9800 July . . . . . . . . 221,908 234,399 31,522 31,670 50,286 49,542 83,916 82,227 2,651 76,538 144.7000 Aug. . . . . . . . . 228,184 239,486 29,654 29,828 60,545 51,934 83,510 85,391 2,144 78,406 140.5800 Sept. . . . . . . . 236,459 243,859 31,158 32,104 54,306 54,041 82,101 83,496 1,582 96,855 136.5500 Spot, forward, and future contracts Report date Options positions 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] 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 - Dec. . . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200 1996 - Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500 Dec. . . . . . . . . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000 1997 - Mar. . . . . . . . . 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.7500 June. . . . . . . . 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.6600 Sept. . . . . . . . 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.3800 Dec. . . . . . . . . 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.5800 1998 - Mar. . . . . . . . . 14,394 15,201 10,362 10,316 936 1,069 2,746 1,068 -923 3,751 133.2300 June. . . . . . . . 15,816 16,904 9,353 9,840 882 1,223 3,583 1,066 -1,532 4,010 138.9800 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 104 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) 04/08/98 . . . . . . . . . . . . . . . . . . . . . . 609,287 623,460 6,183 1.5085 04/15/98 . . . . . . . . . . . . . . . . . . . . . . 581,437 597,447 7,628 1.4965 04/22/98 . . . . . . . . . . . . . . . . . . . . . . 629,783 646,894 8,118 1.4865 04/29/98 . . . . . . . . . . . . . . . . . . . . . . 590,877 607,234 8,689 1.4983 05/06/98 . . . . . . . . . . . . . . . . . . . . . . 588,317 604,557 9,466 1.4736 05/13/98 . . . . . . . . . . . . . . . . . . . . . . 583,914 599,414 8,682 1.4815 05/20/98 . . . . . . . . . . . . . . . . . . . . . . 595,010 607,546 6,651 1.4768 05/27/98 . . . . . . . . . . . . . . . . . . . . . . 628,195 641,695 6,180 1.4740 06/03/98 . . . . . . . . . . . . . . . . . . . . . . 605,585 618,413 7,283 1.4755 06/10/98 . . . . . . . . . . . . . . . . . . . . . . 623,087 639,304 5,750 1.4860 06/17/98 . . . . . . . . . . . . . . . . . . . . . . 572,683 584,634 6,412 1.4892 06/24/98 . . . . . . . . . . . . . . . . . . . . . . 551,030 560,491 3,955 1.5089 07/01/98 . . . . . . . . . . . . . . . . . . . . . . 599,597 610,386 2,816 1.5285 07/08/98 . . . . . . . . . . . . . . . . . . . . . . 574,910 585,165 1,983 1.5295 07/15/98 . . . . . . . . . . . . . . . . . . . . . . 572,025 582,019 3,866 1.5122 07/22/98 . . . . . . . . . . . . . . . . . . . . . . 551,362 560,957 4,772 1.5117 07/29/98 . . . . . . . . . . . . . . . . . . . . . . 586,308 598,158 8,242 1.4838 08/05/98 . . . . . . . . . . . . . . . . . . . . . . 564,419 576,866 7,925 1.4880 08/12/98 . . . . . . . . . . . . . . . . . . . . . . 605,923 618,153 7,254 1.4895 08/19/98 . . . . . . . . . . . . . . . . . . . . . . 578,645 587,957 5,108 1.5065 08/26/98 . . . . . . . . . . . . . . . . . . . . . . 554,352 565,601 5,172 1.5060 09/02/98 . . . . . . . . . . . . . . . . . . . . . . 612,518 624,996 5,247 1.4440 09/09/98 . . . . . . . . . . . . . . . . . . . . . . 605,919 618,161 5,669 1.4117 09/16/98 . . . . . . . . . . . . . . . . . . . . . . 587,329 595,753 7,993 1.3932 09/23/98 . . . . . . . . . . . . . . . . . . . . . . 571,481 579,903 8,054 1.3900 09/30/98 . . . . . . . . . . . . . . . . . . . . . . 521,494 531,777 8,444 1.3812 Report date FOREIGN CURRENCY POSITIONS 105 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] Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Net delta equivalent (9) 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) 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 - Dec.. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420 1997 - Oct. . . . . . . . . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990 Nov. . . . . . . . . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264 Dec. . . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625 1998 - Jan. . . . . . . . . 613,207 638,723 33,192 37,159 91,648 89,128 115,764 121,794 5,125 127,317 1.4780 Feb. . . . . . . . . 593,341 613,641 38,259 42,224 90,116 88,884 118,321 123,453 4,993 133,393 1.4660 Mar. . . . . . . . . 581,900 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240 Apr. . . . . . . . . 595,017 611,454 34,779 37,632 84,515 80,899 111,676 108,820 8,631 130,652 1.5018 May . . . . . . . . 621,922 631,079 40,368 41,918 97,930 90,328 117,103 119,984 5,607 134,475 1.4846 June. . . . . . . . 603,939 616,370 35,979 35,675 96,595 92,986 113,830 114,837 3,127 125,763 1.5210 July . . . . . . . . 602,438 613,712 39,760 40,677 97,300 90,680 108,979 113,535 3,083 128,191 1.4920 Aug. . . . . . . . . 647,412 656,444 39,874 40,692 99,994 98,185 104,998 107,313 4,954 129,785 1.4430 Sept. . . . . . . . 550,255 558,225 51,262 52,919 97,310 90,608 101,652 106,256 8,406 138,062 1.3812 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] 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 - Dec. . . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545 1996 - Sept. . . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550 Dec. . . . . . . . . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420 1997 - Mar. . . . . . . . . 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480 June. . . . . . . . 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620 Sept. . . . . . . . 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485 Dec. . . . . . . . . 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (Francs per U.S. dollar) (11) 1998 - Mar. . . . . . . . . 38,650 36,049 20,771 14,192 n.a. n.a. 5,438 4,367 -735 12,652 1.5240 June. . . . . . . . 38,244 32,456 19,256 13,858 n.a. n.a. 3,513 2,147 -421 18,057 1.5210 106 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 Exchange rate (U.S. dollars per pound) (4) Purchased (1) Sold (2) Net options positions (3) 04/08/98 . . . . . . . . . . . . . . . . . . . . . . 413,495 403,191 1,375 1.6755 04/15/98 . . . . . . . . . . . . . . . . . . . . . . 396,573 387,640 1,019 1.6855 04/22/98 . . . . . . . . . . . . . . . . . . . . . . 406,432 396,860 806 1.6712 04/29/98 . . . . . . . . . . . . . . . . . . . . . . 415,633 405,839 638 1.6702 05/06/98 . . . . . . . . . . . . . . . . . . . . . . 424,450 413,205 1,010 1.6580 05/13/98 . . . . . . . . . . . . . . . . . . . . . . 432,681 419,334 1,092 1.6320 05/20/98 . . . . . . . . . . . . . . . . . . . . . . 421,564 406,279 178 1.6325 05/27/98 . . . . . . . . . . . . . . . . . . . . . . 438,991 426,406 1,147 1.6305 06/03/98 . . . . . . . . . . . . . . . . . . . . . . 421,797 411,513 1,595 1.6364 06/10/98 . . . . . . . . . . . . . . . . . . . . . . 441,790 431,559 1,927 1.6288 06/17/98 . . . . . . . . . . . . . . . . . . . . . . 452,150 447,007 2,949 1.6675 06/24/98 . . . . . . . . . . . . . . . . . . . . . . 449,852 440,657 3,742 1.6678 07/01/98 . . . . . . . . . . . . . . . . . . . . . . 483,479 470,487 3,465 1.6592 07/08/98 . . . . . . . . . . . . . . . . . . . . . . 464,061 449,764 2,484 1.6363 07/15/98 . . . . . . . . . . . . . . . . . . . . . . 484,206 466,618 1,282 1.6345 07/22/98 . . . . . . . . . . . . . . . . . . . . . . 479,020 461,924 1,597 1.6430 07/29/98 . . . . . . . . . . . . . . . . . . . . . . 514,870 499,826 1,234 1.6433 08/05/98 . . . . . . . . . . . . . . . . . . . . . . 508,852 494,957 1,859 1.6360 08/12/98 . . . . . . . . . . . . . . . . . . . . . . 528,319 516,035 2,921 1.6260 08/19/98 . . . . . . . . . . . . . . . . . . . . . . 511,757 498,906 1,574 1.6220 08/26/98 . . . . . . . . . . . . . . . . . . . . . . 525,451 514,721 2,472 1.6373 09/02/98 . . . . . . . . . . . . . . . . . . . . . . 532,920 524,392 2,654 1.6692 09/09/98 . . . . . . . . . . . . . . . . . . . . . . 536,369 526,760 2,166 1.6670 09/16/98 . . . . . . . . . . . . . . . . . . . . . . 520,572 513,504 1,900 1.6775 09/23/98 . . . . . . . . . . . . . . . . . . . . . . 516,445 508,802 1,997 1.6858 09/30/98 . . . . . . . . . . . . . . . . . . . . . . 519,383 511,966 2,181 1.6996 Report date FOREIGN CURRENCY POSITIONS 107 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] 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) 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 - Dec. . . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120 1997 - Oct. . . . . . . . . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730 Nov. . . . . . . . . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880 Dec. . . . . . . . . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480 1998 - Jan. . . . . . . . . 405,480 389,483 82,928 90,049 62,190 62,406 64,902 70,662 898 81,577 1.6330 Feb. . . . . . . . . 399,742 386,855 85,064 91,906 63,940 63,777 65,722 69,576 1,308 82,754 1.6437 Mar. . . . . . . . . 409,091 400,265 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720 Apr. . . . . . . . . 415,998 407,262 85,364 90,940 73,993 74,249 73,590 77,099 969 89,507 1.6705 May . . . . . . . . 437,354 426,555 87,465 91,688 77,981 76,361 76,478 79,795 1,177 89,522 1.6310 June. . . . . . . . 487,634 473,141 88,629 93,982 85,210 82,575 88,254 95,234 3,349 89,349 1.6672 July . . . . . . . . 520,350 505,598 93,811 100,086 79,358 73,859 85,439 87,484 1,056 90,633 1.6330 Aug. . . . . . . . . 562,428 553,852 99,899 106,286 76,247 72,133 82,202 84,781 2,527 92,604 1.6790 Sept. . . . . . . . 516,082 509,726 97,086 102,222 72,082 68,439 67,369 83,151 2,158 131,405 1.6996 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (U.S. dollars per pound) (11) TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] 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 - Dec. . . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500 1996 - Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646 Dec. . . . . . . . . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120 1997 - Mar. . . . . . . . . 44,216 48,560 40,627 34,423 5,237 5,228 4,291 2,693 -274 5,047 1.6392 June. . . . . . . . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642 Sept. . . . . . . . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190 Dec. . . . . . . . . 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480 1998 - Mar. . . . . . . . . 37,873 43,466 53,634 39,424 2,558 1,904 3,572 1,784 373 7,216 1.6720 June. . . . . . . . 31,039 37,968 48,790 36,477 2,203 2,483 4,567 2,040 -591 7,917 1.6672 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (U.S. dollars per pound) (11) 108 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, 1998, and June 30, 1998 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Man agement] Mar. 31, 1998, Assets, liabilities and capital Mar. 31, 1998 through June 30, 1998 June 30, 1998 Assets U.S. dollars: Held with Treasury: U.S. Government securities . . . . . . . . . . . 1 Special drawing rights . . . . . . . . . . . . . . . . . . 15,627,495 63,739 15,691,234 10,108,061 -107,367 10,000,694 2 Foreign exchange and securities: German marks . . . . . . . . . . . . . . . . . . . . . . . 5,703,066 195,103 5,898,169 Japanese yen . . . . . . . . . . . . . . . . . . . . . . . 7,878,633 139,398 8,018,031 Accounts receivable . . . . . . . . . . . . . . . . . . . . 109,896 9,226 119,122 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . 39,427,151 300,099 39,727,250 Accounts payable. . . . . . . . . . . . . . . . . . . . . 63,667 158,983 222,650 Total current liabilities . . . . . . . . . . . . . . . 63,667 158,983 222,650 Special drawing rights certificates.. . . . . . . . 9,200,000 - 9,200,000 Special drawing rights allocations.. . . . . . . . 6,545,212 -21,274 6,523,938 Total other liabilities. . . . . . . . . . . . . . . . . 15,745,212 -21,274 15,723,938 Capital account . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000 Net income (+) or loss (-) (see table ESF-2) 23,418,272 162,390 23,580,662 Total capital . . . . . . . . . . . . . . . . . . . . . . . 23,618,272 162,390 23,780,662 Liabilities and capital Current liabilities: Other liabilities: Capital: See footnotes on the following page. EXCHANGE STABILIZATION FUND 109 TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Man agement] Current quarter Apr. 1, 1998, through June 30, 1998 Fiscal year to date Oct. 1, 1997, through June 30, 1998 Income and expense Profit (+) or loss (-) on: Foreign exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -134,910 -1,221,549 Adjustment for change in valuation of SDR holdings and allocations1 . . . . . . . . . . . . . . . -13,557 -91,231 Special drawing rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,527 112,144 U.S. Government securities.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,023 641,921 Foreign exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,307 169,314 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,390 -389,401 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.” 113 INTRODUCTION: Trust Funds 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 1999,” released February 2, 1998. CHART TF-A.—Major Trust Funds Total Net Increase or Decrease in Assets (In billions of dollars) Source: Financial Management Service 114 TRUST FUNDS CHART TF-B.—Total Receipts of Major Trust Funds (In billions of dollars) 450 400 1998 1997 350 300 250 200 150 100 50 0 Civil Service Retirement and Disability Fund Federal Hospital Insurance Trust Fund Federal Disability Insurance Trust Fund Federal Old-age and Survivors Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Source: Financial Management Service National Service Life Insurance Fund Railroad Retirement Account Unemployment Trust Fund TRUST FUNDS CHART TF-C.—Total Expenditures of Major Trust Funds (In billions of dollars) Source: Financial Management Service 115 116 TRUST FUNDS TABLE TF-1.—Civil Service Retirement and Disability Fund [In millions of dollars. Source: Financial Management Service] Receipts Fiscal year or month Total (1) Agencies’ contributions (2) Employees’ contributions (3) Federal contributions (4) Donations, service credit payments, and other miscellaneous receipts (5) Interest and profits on investments (6) 1994. . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . 1998. . . . . . . . . . . . . . . . . . . 63,491 65,699 67,336 70,228 72,229 13,055 13,206 13,632 14,133 14,828 4,420 4,318 4,251 4,205 4,124 19,793 19,950 20,060 21,254 21,357 179 168 154 154 153 26,139 28,056 29,239 30,483 31,766 1999 - Est. . . . . . . . . . . . . . . 74,288 14,860 4,364 21,484 25 33,555 1997 - Oct . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . 1998 - Jan . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 1,415 1,306 16,934 1,251 1,282 1,288 1,268 1,620 16,962 1,421 1,308 26,173 1,003 848 1,075 857 881 903 905 1,060 976 1,009 905 4,405 392 318 406 316 319 320 318 388 350 367 314 316 21,357 18 11 15 11 12 13 9 13 13 12 13 13 3 129 15,437 66 69 53 35 159 15,623 33 76 82 Fiscal 1998. . . . . . . . . . . . . . 72,229 14,828 4,124 21,357 153 31,766 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) 1994. . . . . . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . 1998. . . . . . . . . . . . . . . . . . . 36,364 38,435 39,778 41,723 43,058 27,127 27,264 27,558 28,505 29,170 337,638 364,901 392,459 420,965 450,135 338,889 366,126 385,443 414,404 446,757 -1,251 -1,225 7,016 6,561 3,378 1999 - Est . . . . . . . . . . . . . . 45,116 29,172 480,144 480,144 - 1997 - Oct . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . 1998 - Jan . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . 3,528 3,471 3,481 3,602 3,566 3,637 3,649 3,598 3,635 3,654 3,577 3,661 -2,113 -2,164 13,453 -2,352 -2,285 -2,348 -2,381 -1,977 13,328 -2,233 -2,269 22,513 418,851 416,687 430,140 427,788 425,504 423,156 420,774 418,797 432,125 429,891 427,622 450,135 412,313 410,098 424,260 423,816 421,401 419,064 416,774 414,745 428,282 426,165 423,818 446,757 6,538 6,589 5,880 3,972 4,103 4,092 4,000 4,052 3,843 3,726 3,804 3,378 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. TRUST FUNDS 117 TABLE TF-2.—Federal Hospital Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Receipts Fiscal year or month Interest and profits on investments (5) Total (1) Net appropriations (2) Federal payments (3) Deposits by States (4) 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . 106,114 114,786 123,501 128,583 138,100 91,513 97,489 106,422 112,137 121,308 2,247 4,504 4,696 4,319 5,331 * * 1 17 -2 10,593 10,870 10,389 9,758 9,154 1,762 1,922 1,992 2,353 2,308 1999 - Est. . . . . . . . . 141,919 126,614 5,991 - 8,765 549 1997 - Oct . . . . . . . . Nov . . . . . . . . Dec . . . . . . . . 1998 - Jan . . . . . . . . Feb . . . . . . . . Mar . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . July . . . . . . . . Aug . . . . . . . . Sept. . . . . . . . 9,133 9,856 16,048 12,633 8,792 10,112 14,689 9,017 17,357 9,137 9,312 12,014 8,907 9,679 11,489 10,927 8,623 9,756 12,302 8,829 11,610 8,891 9,130 11,165 * * * 1,528 * 192 2,200 2 669 68 * 670 * 1 -3 * - 60 17 4,403 9 8 8 24 27 4,529 14 33 22 165 159 157 168 160 159 163 160 548 165 149 157 Fiscal 1998. . . . . . . . 138,100 121,308 5,331 -2 9,154 2,308 Fiscal year or month 1994 1995 1996 1997 1998 Expenditures other than investments Benefit Administrative Total payments expenses (7) (8) (9) Other (10) Net increase, or decrease (-), in assets (11) Total (12) Other (6) Assets, end of period Unexpended Investments balance (13) (14) ............. ............. ............. ............. ............. 102,770 114,883 125,317 137,378 136,690 101,535 113,583 124,088 136,175 135,487 1,235 1,297 1,222 1,179 1,178 * 2 7 24 25 3,344 -97 -1,816 -8,795 1,410 125,562 125,465 123,649 114,854 -7,385 128,716 129,864 125,805 116,621 118,250 -3,154 -4,399 -2,156 -1,767 -125,635 1999 - Est . . . . . . . . . 145,014 131,949 1,213 11,851 -3,095 107,896 107,896 - 1997 - Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan . . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 12,990 8,972 13,472 10,764 11,167 10,513 12,127 10,693 10,962 14,479 9,324 11,226 12,891 8,869 13,387 10,689 11,026 10,396 11,994 10,663 10,827 14,427 9,191 11,125 96 101 81 73 140 114 131 31 129 57 127 99 3 2 3 2 2 2 1 -1 7 -4 7 2 -3,857 884 2,576 1,869 -2,376 -401 2,562 -1,675 6,394 -5,342 -13 788 -12,653 -11,769 -9,192 -7,324 -9,699 -10,100 -7,538 -9,213 -2,819 -8,160 -8,173 -7,385 112,707 113,798 116,441 118,056 116,518 116,904 120,451 115,663 122,736 119,236 116,952 118,250 -125,360 -125,567 -125,633 -125,380 -126,217 -127,004 -127,989 -124,876 -125,555 -127,396 -125,125 -125,635 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. 118 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) 1994 . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . 34,017 70,148 59,435 60,112 62,956 33,008 67,919 56,528 56,135 57,944 * * 6 1 698 1,888 2,481 3,526 4,432 310 341 426 446 579 37,984 41,380 44,355 46,701 49,459 36,860 40,242 43,278 45,430 47,739 1999 - Est . . . . . . . . . . . 66,210 66,100 - 5,100 10 53,490 51,873 1997 - Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . . 4,051 4,162 6,609 5,582 4,607 5,204 6,296 4,715 8,189 4,630 4,568 4,342 3,881 4,152 4,538 5,459 4,595 5,192 6,160 4,678 5,929 4,467 4,560 4,332 * * 1 * - 10 10 2,069 2 9 7 14 34 2,258 3 8 8 160 1 1 121 3 4 122 3 2 161 1 2 3,953 3,926 4,037 4,075 4,061 4,126 4,137 4,177 4,406 4,237 4,147 4,178 3,849 3,823 3,866 3,924 3,959 4,021 4,017 4,043 4,022 4,056 4,065 4,093 Fiscal 1998 . . . . . . . . . . 62,956 57,944 1 4,432 579 49,459 47,739 Fiscal year or month Expenditures other than investments, con. Payments to railroad retirement Administrative account expenses Other (8) (9) (10) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) 1994. . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . 1998. . . . . . . . . . . . . . 106 68 2 59 157 1,018 1,064 1,060 1,160 1,488 1 5 15 52 76 -3,967 28,768 15,080 13,411 13,497 7,311 36,079 51,160 64,571 78,068 6,100 35,225 50,100 63,562 76,996 1,211 854 1,060 1,009 1,072 1999 - Est . . . . . . . . . 95 1,438 84 12,720 88,563 88,563 - 1997 - Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1998 - Jan . . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May. . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . Sept . . . . . . . . 157 - 99 99 163 147 98 100 116 127 204 170 84 79 5 3 7 4 3 5 3 7 24 11 -2 6 98 236 2,572 1,507 547 1,078 2,159 538 3,783 393 421 165 64,669 64,905 67,477 68,984 69,531 70,609 72,768 73,306 77,089 77,482 77,903 78,068 63,687 63,910 66,367 68,013 68,607 69,650 71,815 72,318 76,068 76,462 76,886 76,996 982 995 1,110 971 924 959 953 988 1,021 1,020 1,017 1,072 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. TRUST FUNDS 119 TABLE TF-4.—Federal Old-Age and Survivors Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month 1994 1995 1996 1997 1998 Total (1) Appropriations (2) Receipts Deposits by States (3) Net earnings on investments (4) Other (5) Expenditures other than investments Payments to railBenefit road retirement Total payments account (6) (7) (8) ............. ............. ............. ............. ............. 341,973 325,860 357,041 386,485 415,687 308,134 289,299 316,965 342,013 364,632 -45 1 33 30 -5 28,505 31,417 34,026 37,688 42,197 5,379 5,143 3,013 6,754 8,863 281,586 294,474 305,461 318,569 329,769 276,292 288,622 299,987 312,880 324,274 3,420 4,052 3,554 3,688 3,662 1999 - Est . . . . . . . . . 438,568 374,612 - 46,523 17,433 345,176 336,904 3,690 1997 - Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan . . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 27,042 26,217 48,792 36,345 29,007 32,785 40,511 29,609 58,895 30,247 28,702 27,535 24,428 26,133 28,608 34,348 28,942 32,714 38,440 29,396 37,518 28,018 28,628 27,459 * 4 -1 -11 3 * * * 65 67 20,159 12 57 51 89 212 21,353 12 63 60 2,550 17 20 1,986 20 17 1,982 2 24 2,218 11 16 26,618 26,607 26,954 27,163 27,219 27,299 27,201 27,316 31,024 27,483 27,275 27,611 26,463 26,444 26,758 27,028 27,036 27,111 27,106 27,168 27,227 27,280 27,267 27,387 3,662 - Fiscal year or month 1994 1995 1996 1997 1998 Expenditures other than investments, con. Administrative expenses Other (9) (10) Net increase, or decrease (-), in assets (11) Assets, end of period Total (12) Investments (13) Unexpended balance (14) ............. ............. ............. ............. ............. 1,875 1,799 1,791 2,001 1,832 129 - 60,387 31,386 51,580 67,916 85,919 424,303 455,688 507,269 575,185 661,104 413,425 447,947 499,403 567,445 653,282 10,878 7,741 7,866 7,740 7,822 1999 - Est . . . . . . . . . 2,133 2,449 93,392 746,461 746,461 - 1997 - Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 155 162 196 136 183 188 95 148 135 203 8 224 - 424 -390 21,838 9,181 1,788 5,487 13,310 2,293 27,871 2,765 1,427 -76 575,609 575,219 597,057 606,239 608,027 613,513 626,823 629,116 656,988 659,752 661,180 661,104 567,905 567,453 589,082 598,426 600,256 605,741 618,967 621,248 648,883 651,777 653,016 653,282 7,704 7,766 7,975 7,813 7,771 7,772 7,856 7,868 8,105 7,975 8,164 7,822 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. 120 TRUST FUNDS TABLE TF-5.—Federal Supplementary Medical Insurance Trust Fund [In millions of dollars. Source: Financial Management Service] ments Fiscal year or month Receipts Expenditures other than invest- Total Premiums Federal contributions ............... ............... ............... ............... ............... 57,367 58,169 82,025 80,806 81,955 15,212 17,126 16,858 16,984 17,153 38,355 36,988 61,702 59,471 59,919 2,116 1,935 1,388 2,192 2,606 1,685 2,120 2,077 2,159 2,277 59,724 65,213 68,946 72,553 76,272 58,006 63,491 67,176 71,133 74,837 1999 - Est . . . . . . . . . . . 95,126 20,101 62,036 2,565 10,424 94,586 82,407 1997 - Oct . . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan . . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . Apr . . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . . July. . . . . . . . . . . Aug. . . . . . . . . . . Sept . . . . . . . . . . 6,673 6,593 8,004 6,599 6,550 6,654 6,528 6,571 7,899 6,601 6,618 6,665 1,430 1,408 1,427 1,431 1,420 1,444 1,408 1,422 1,453 1,429 1,433 1,447 5,035 4,985 5,184 4,963 4,927 5,005 4,894 4,942 5,029 4,963 4,980 5,013 21 11 1,206 16 14 15 37 15 1,228 17 12 14 187 188 187 189 189 190 189 192 189 193 192 190 7,599 5,030 7,716 6,622 6,046 5,575 6,567 6,346 6,837 6,541 5,152 6,242 7,479 4,925 7,652 6,543 5,813 5,465 6,439 6,237 6,703 6,447 5,005 6,129 1994 1995 1996 1997 1998 Fiscal year or month 1994 1995 1996 1997 1998 Expenditures other than investments, con. Administrative expenses Other (8) (9) Interest and profits on investments Other Total Net increase, or decrease (-), in assets (10) Total (11) Investments (12) Benefit payments Assets, end of period Unexpended balance (13) .............. .............. .............. .............. .............. 1,718 1,720 1,733 1,403 1,413 * 2 5 17 22 -2,357 -7,044 13,079 8,252 5,683 20,567 13,523 26,602 34,855 40,538 21,489 13,513 27,175 34,464 39,502 -922 10 -573 391 1,036 1999 - Est . . . . . . . . . . 1,443 10,736 540 40,044 40,044 - 1997 - Oct . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr . . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept . . . . . . . . . 118 103 62 77 232 108 127 106 131 96 142 112 2 1 3 1 1 2 1 4 3 -3 5 2 -926 1,563 288 -23 504 1,080 -39 224 1,063 60 1,466 423 33,929 35,492 35,780 35,757 36,261 37,341 37,302 37,526 38,589 38,649 40,115 40,538 33,596 35,177 35,053 35,555 35,100 35,120 34,318 37,430 37,899 36,083 39,578 39,502 333 315 727 202 1,161 2,221 2,984 96 690 2,566 537 1,036 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. TRUST FUNDS 121 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 dividends) (-), in assets (2) (3) (4) (5) (6) Assets, end of period Unexpended Total Investments balance (7) (8) (9) 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. . . . . . . . . . . . . . . 1,196 217 2 977 1,210 -15 12,044 12,008 36 1999 - Est . . . . . . . . . . 1,683 210 7 1,466 1,854 -171 11,769 11,769 - 1997 - Oct . . . . . . . . . . 20 17 * 2 90 -70 11,988 11,952 36 Nov . . . . . . . . . . 17 14 * 3 85 -68 11,920 11,880 40 Dec . . . . . . . . . . 502 19 * 482 94 408 12,327 12,291 36 1998 - Jan . . . . . . . . . . 22 22 * * 102 -80 12,247 12,206 41 Feb . . . . . . . . . . 19 18 * 1 100 -81 12,167 12,122 45 Mar . . . . . . . . . . 22 20 * 1 127 -105 12,062 12,025 37 Apr . . . . . . . . . . 19 17 * 2 108 -89 11,973 11,935 38 May . . . . . . . . . . 18 16 * 2 100 -81 11,892 11,864 28 June . . . . . . . . . 500 19 * 481 91 409 12,301 12,265 36 July . . . . . . . . . . 21 20 * * 97 -76 12,224 12,185 39 Aug . . . . . . . . . . 15 14 * 1 100 -86 12,139 12,108 31 Sept. . . . . . . . . . 21 19 * 3 117 -95 12,044 12,008 36 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. 122 TRUST FUNDS TABLE TF-7.—Railroad Retirement Account [In millions of dollars. Source: Financial Management Service] Receipts Fiscal year or month 1994 1995 1996 1997 1998 Total (1) Appropriations (2) Interest and profits on investments (3) Other (4) Expenditures other than investments Benefit Total payments (5) (6) ............. ............. ............. ............. ............. 7,660 9,093 4,958 9,270 10,443 3,755 3,942 3,872 4,051 4,353 587 1,033 1,108 1,234 2,017 3,318 4,118 -21 3,985 4,073 7,794 7,917 7,992 8,322 8,391 2,944 2,915 2,940 2,984 2,984 1999 - Est . . . . . . . . . 3,580 2,612 968 - 3,049 - 1997 - Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 600 448 410 563 543 526 538 817 4,028 570 799 601 364 317 310 378 434 486 380 395 76 494 395 324 171 131 100 122 109 41 95 422 133 12 404 277 65 63 63 3,819 63 - 680 676 668 683 685 680 679 679 927 678 678 678 243 254 248 250 251 247 249 247 252 248 247 247 Fiscal year or month 1994 1995 1996 1997 1998 Expenditures other than investments, con. Administrative expenses Other (7) (8) Net increase, or decrease (-), in assets (9) Assets, end of period Total (10) Investments (11) Unexpended balance (12) .............. .............. .............. .............. .............. 70 71 71 86 87 4,780 4,931 4,981 5,252 5,321 -134 1,176 -3,034 948 2,052 8,651 9,827 6,793 7,741 9,793 12,203 14,440 17,122 19,239 21,811 -3,552 -4,613 -10,329 -11,498 -12,018 1999 - Est . . . . . . . . . . - - 531 14,484 14,484 - 1997 - Oct . . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr . . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . . 9 7 8 6 6 8 6 9 6 7 7 8 428 414 412 427 428 425 424 423 669 423 423 423 -80 -228 -257 -120 -142 -154 -141 138 3,100 -108 121 -77 7,661 7,433 7,175 7,056 6,914 6,760 6,619 6,757 9,857 9,749 9,870 9,793 19,165 19,171 19,160 19,212 19,354 19,532 20,190 21,173 21,261 21,424 21,723 21,811 -11,504 -11,738 -11,985 -12,156 -12,440 -12,772 -13,571 -14,416 -11,404 -11,675 -11,853 -12,018 Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. TRUST FUNDS 123 TABLE TF-8.—Unemployment Trust Fund [In millions of dollars. Source: Financial Management Service] Fiscal year or month Total (1) Receipts State Federal Advances from the unemployment taxes unemployment taxes general fund (2) (3) (4) Deposits by Railroad Retirement Board (5) Interest and profits on investments (6) 1994 . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . 33,816 32,820 32,398 32,481 32,297 22,484 23,158 22,706 22,071 21,047 5,460 5,696 5,854 6,103 6,369 3,321 1,233 438 564 508 27 24 24 28 68 2,523 2,710 3,376 3,715 4,305 1999 - Est . . . . . . . . . . 35,552 24,175 6,254 526 104 4,493 1997 - Oct. . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1998 - Jan . . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . . 1,490 2,579 2,524 1,090 2,656 368 4,636 8,333 2,497 2,319 3,537 269 900 2,279 400 618 2,027 259 1,781 7,756 260 1,286 3,300 180 535 246 25 411 560 42 2,785 514 32 993 198 26 27 48 35 46 61 51 29 53 65 15 29 50 8 * * 7 1 * 22 4 * 22 4 * 20 5 2,064 8 7 15 19 7 2,139 2 6 13 Fiscal year or month 1994 1995 1996 1997 1998 Total (7) State unemployment benefits (8) Expenditures other than investments Repayment of State adminisadvances from trative expenses the general fund (9) (10) Federal administrative expenses (11) Railroad administrative expenses (12) ............. ............. ............. ............. ............. 30,273 25,096 26,062 24,203 23,284 26,915 21,628 22,600 20,829 19,933 3,100 3,197 3,180 3,088 3,085 - 171 190 196 208 204 18 2 * 1999 - Est . . . . . . . . . 27,789 27,590 - - - - 1997 - Oct . . . . . . . . . Nov. . . . . . . . . Dec . . . . . . . . . 1998 - Jan . . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 1,670 1,430 1,979 2,427 2,165 2,402 2,085 1,680 1,799 2,019 1,876 1,750 1,358 1,182 1,748 2,062 1,896 2,133 1,817 1,426 1,533 1,761 1,591 1,425 299 234 216 317 224 223 252 241 253 244 271 309 - 7 10 9 40 39 40 10 10 11 9 9 10 * * * * * * * * * - See footnotes at end of table. 124 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) Total (15) Investments (16) 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. . . . . . . . . . . . . . 59 3 9,014 81,970 70,641 11,329 1999 - Est . . . . . . . . . 73 126 7,763 78,734 78,734 - 1997 - Oct . . . . . . . . . 6 * -180 72,777 61,296 11,481 Nov . . . . . . . . . 4 - 1,149 73,926 62,786 11,140 Dec . . . . . . . . . 5 * 544 74,470 63,367 11,103 1998 - Jan . . . . . . . . . 7 * -1,337 73,133 61,704 11,429 Feb . . . . . . . . . 6 * 491 73,624 62,454 11,170 Mar . . . . . . . . . 6 * -2,034 71,590 60,405 11,185 Apr . . . . . . . . . 5 * 2,551 74,141 60,693 13,448 May . . . . . . . . . 3 * 6,653 80,793 69,468 11,325 June . . . . . . . . 2 * 697 81,491 70,195 11,296 July . . . . . . . . . 4 1 299 81,790 69,693 12,097 Aug . . . . . . . . . 5 * 1,660 83,450 72,144 11,306 Sept . . . . . . . . 5 * -1,480 81,970 70,641 11,329 * Less than $500,000. Note.—Estimates are based on the "Budget of the United States Government, Fiscal Year 1999," released by the Office of Management and Budget February 2, 1998. Assets, end of period Unexpended balance (17) TRUST FUNDS 125 TABLE TF-9a.—Investments of Specified Trust Accounts in Public Debt Securities by Issue, as of Sept. 30, 1998 [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, 1998 [In millions of dollars. Source: Financial Management Service] Type Issued (1) Retired (-) or inflation adjusted (2) Outstanding (3) Government account series: Federal Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 92,552 -15,606 76,947 Federal Hospital Insurance Trust Fund . . . . . . . . . . . . . . . . . . 137,272 -19,022 118,250 Federal Old-age and Survivors Insurance Trust Fund . . . . . . . 740,860 -87,579 653,282 Federal Supplementary Medical Insurance Trust Fund . . . . . . 65,782 -26,280 39,502 Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . . . . 27,711 -7,947 19,764 Unemployment Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,393 -5,794 70,598 1,140,570 -162,228 978,343 Total Government account series . . . . . . . . . . . . . . . . . . . . 126 TRUST FUNDS 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 the 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 127 Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 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. 9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil. December 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. 128 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, I 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. Com pet i tive ten ders (“Treasury Fi nancing Op er ations”)—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. Cur rent in come bonds (“U.S. Sav ings 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 1998, 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 (coupon-equivalent 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 non-interest-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 129 Glossary departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic 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 trans ac tions (“Fed eral Fis cal Op er ations”)—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, I, 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. Quar terly fi nanc ing (“Treasury Fi nancing Op er ations”)—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 130 Glossary State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit 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 trans ac tion (“Fed eral Fis cal Op er ations”)—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