Full text of Treasury Bulletin : December 1999
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Contents DE CEM BER 1999 FI NAN CIAL OP ER A TIONS PROFILE OF THE ECONOMY Anal y sis.—Sum mary of eco nomic in di ca tors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FED ERAL FIS CAL OP ER A TIONS In tro duc tion.—Fed eral fis cal op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and fourth-quar ter re ceipts by source . . . . . . . . . . . . . . . . 10 FFO-A.—Chart: Monthly re ceipts and out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-B.—Chart: Bud get re ceipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-1.—Sum mary of fis cal op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-2.—On-budget and off-budget re ceipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 FFO-3.—On-budget and off-budget out lays by agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 FFO-4.—Sum mary of U.S. Gov ern ment re ceipts by source and out lays by agency, September 1999 and other periods . . . . 18 AC COUNT OF THE U.S. TREA SURY In tro duc tion.—Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 FED ERAL DEBT In tro duc tion.—Fed eral debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 FD-1.—Summary of Fed eral debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 FD-2.—In ter est-bearing pub lic debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 FD-3.—Gov ern ment ac count se ries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors . . . . . 26 FD-6.—Debt sub ject to stat u tory lim i ta tion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agencies. . . . . . . . . . . . . . . . . . . . . . . 27 FD-A.—Chart: Av er age length of pri vately held mar ket able debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 PUB LIC DEBT OP ER A TIONS In tro duc tion.—Pub lic debt op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 TREA SURY FI NANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties other than reg u lar weekly and 52-week Trea sury bills out stand ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 PDO-2.—Of fer ings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills . . . . . . . . . . . . . . . . . . . . . . . . . 39 PDO-4A.—Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties other than bills . . . . . . . . . . . . . . . . . . . . . . . . 42 PDO-4B.—Al lot ments by in ves tor class of mar ket able pub lic debt se cu ri ties, 52-week bills . . . . . . . . . . . . . . . . . . . . . . . . . 44 Al lot ments by in ves tor class for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly se ries (his tor i cal) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 U.S. SAV INGS BONDS AND NOTES In tro duc tion.—Sav ings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 SBN-1.—Sales and re demp tions by se ries, cu mu la tive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined. . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH and I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 OWN ER SHIP OF FED ERAL SE CU RITIES In tro duc tion.—Own er ship of Fed eral se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 OFS-2.—Es ti mated own er ship of pub lic debt se cu ri ties by pri vate in ves tors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 MARKET YIELDS In tro duc tion.—Mar ket yields . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes, and bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 MY-A.—Chart: Yields of Trea sury se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 MY-2.—Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION In tro duc tion.—U.S. currency and coin out stand ing and in cir cu la tion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 IV Contents USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive totals. . . . . . . . . . . . . . . . . . . 58 IN TER NA TIONAL STA TIS TICS INTERNATIONAL FI NAN CIAL STA TIS TICS In tro duc tion.—In ter na tional fi nan cial sta tis tics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 IFS-1.—U.S. Re serve as sets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 IFS-2.—Se lected U.S. li a bil i ties to for eign ers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions and other res i dents of for eign coun tries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 CAPITAL MOVEMENTS In tro duc tion.—Cap i tal move ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 SECTION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES CM-I-1.—To tal li a bil i ties by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 CM-I-2.—To tal li a bil i ties by type, pay able in dol lars . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 CM-I-3.—To tal li a bil i ties by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 CM-I-4.—To tal li a bil i ties by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers and deal ers with re spect to se lected coun tries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71 SECTION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES CM-II-1.—To tal claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 CM-II-2.—To tal claims by coun try. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 CM-II-3.—To tal claims on for eign ers by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers and deal ers with re spect to se lected coun tries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 SECTION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED STATES CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar easnot reg u larly re ported sep a rately . . 78 SECTION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED BY NONBANKING BUSINESS EN TER PRISES IN THE UNITED STATES CM-IV-1.—To tal li a bil i ties and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 CM-IV-2.—To tal li a bil i ties by coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 CM-IV-3.—To tal li a bil i ties by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 CM-IV-4.—To tal claims by coun try. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 CM-IV-5.—To tal claims by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun t ries . . . . . . . . . . . . . . . . . . . . . 88 SECTION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, dur ing third quar ter 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, dur ing cal en dar year 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 FOR EIGN CUR RENCY PO SI TIONS In tro duc tion.—For eign cur rency po si tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 SECTION I.—CA NA DIAN DOL LAR PO SI TIONS FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-I-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION II.—GER MAN MARK PO SI TIONS FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-II-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 V Contents SECTION III.—JAP A NESE YEN PO SI TIONS FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-III-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 SECTION IV.—SWISS FRANC POSITIONS FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 FCP-IV-3.—Quar terly re port of large mar ket par tic i pants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION V.—STER LING PO SI TIONS FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 FCP-V-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SECTION VI.—U.S. DOL LAR PO SI TIONS FCP-VI-1.—Weekly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 FCP-VI-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 FCP-VI-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 SECTION VII.—EURO PO SI TIONS FCP-VII-1.—Weekly re port of ma jor mar ket par tic i pants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 FCP-VII-2.—Monthly re port of ma jor mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 FCP-VII-3.—Quar terly re port of large mar ket par tic i pants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 EXCHANGESTABILIZATION FUND In tro duc tion.—Ex change Sta bi li za tion Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 ESF-1.—Bal ance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 ESF-2.—In come and ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 SPE CIAL RE PORTS TRUST FUNDS In tro duc tion.—Trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 TF-A.—Chart: Ma jor trust funds, to tal net in crease or de crease in as sets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 TF-B.—Chart: To tal re ceipts of ma jor trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 TF-C.—Chart: To tal ex pen di tures of ma jor trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120 TF-2.—Fed eral Hos pi tal In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 TF-3.—Fed eral Dis abil ity In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 TF-6.—Na tional Ser vice Life In sur ance Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 TF-7.—Rail road Re tire ment Ac count . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 TF-8.—Un em ploy ment Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 TF-9.—In vest ments of spec i fied trust ac counts in pub lic debt se cu ri ties by is sue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 In tro duc tion.—High way Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 TF-15A.—High way Trust Fund, high way ac count . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 RE SEARCH PAPER IN DEX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 GLOSSARY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 ORDER FORM FOR TREA SURY PUB LI CA TIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In side back cover NOTES: Def i ni tions for words shown in ital ics can be found in the glos sary; Fig ures may not add to to tals be cause of round ing; p= Pre lim i nary; n.a.= Not avail able; r= Re vised. VI Nonquarterly Tables and Reports For the con ve nience of the “Trea sury Bul le tin” user, nonquarterly ta bles and re ports are listed be low along with the is sues in which they ap pear. Is sues March June Sept. Dec. Fed eral Fis cal Op er a tions FFO-5.—Sum mary of in ter nal rev e nue col lec tions by States and other ar eas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . √ Spe cial Re ports Fi nan cial Report of the United States Gov ern ment ex cerpt. . . . . . . . . . . . State ment of Li a bil i ties and Other Fi nan cial Com mit ments of the United States Gov ern ment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trust Fund Re ports: Air port and Air way Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aquatic Re sources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Black Lung Dis abil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Civil Ser vice Re tire ment and Dis abil ity Fund . . . . . . . . . . . . . . . . . . . Fed eral Dis abil ity In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . Fed eral Hos pi tal In sur ance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Fed eral Old-Age and Sur vi vors In sur ance Trust Fund . . . . . . . . . . . . . Fed eral Sup ple men tary Med i cal In sur ance Trust Fund. . . . . . . . . . . . . Har bor Main te nance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Haz ard ous Sub stance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . High way Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In land Wa ter ways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In vest ments of spec i fied trust ac counts . . . . . . . . . . . . . . . . . . . . . . . . . Leaking Un der ground Stor age Tank Trust Fund . . . . . . . . . . . . . . . . . . Na tional Rec re ational Trails Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . Na tional Ser vice Life In sur ance Fund . . . . . . . . . . . . . . . . . . . . . . . . . . Nu clear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Spill Li a bil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rail road Re tire ment Ac count . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Re for es ta tion Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Un em ploy ment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ura nium En rich ment De con tam i na tion and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Vac cine In jury Com pen sa tion Trust Fund . . . . . . . . . . . . . . . . . . . . . . . √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy [Source: Of fice of Mac ro eco nomic Anal y sis] cent pace in the lat est quar ter, led by a surge in the newly defined equipment and software component. Real consumer Fig ures on GDP and other na tional in come ac counts mea sures spending in creased at a healthy 4.3 per cent rate in the third were re cently re vised back to 1959, re flect ing a pe ri odic up dat ing quarter. of methodologies, def initions The for eign trade def i cit has and source data. The new fig widened through most of the Gro wth o f Re al GDP ures show that growth in real past 3-1/2 years but de te ri o ra(Pe rc e nt c ha nge , fourth qua rte r to fourth qua rte r) GDP was a lit tle stron ger over tion mod er ated in the third the 1959-through-1998 period, quar ter. Ex port growth at a 12.4 6 posting a 3.4 per cent an nual rate percent annual rate was more in crease com pared with 3.2 perthan three times as fast as in the 5 4.6 cent pre vi ously. On the new basec ond quar ter, led by a boost in 4.3 4.2 4.2 4.1 sis, real GDP accelerated to a deliveries of commercial air 4.8 percent annual rate in the 4 3.5 craft to overseas cus tomers. third quarter of 1999 from 1.9 Imports rose at a 17.2 percent percent in the sec ond quar ter. So 3 pace in the third quarter, just far, in 1999 real GDP has risen 2.2 2.2 slightly higher than the 14.4 at a 3.5 percent pace, a bit 2 per cent in the pre vi ous quar ter. slower than growth over the 1.2 The national ac counts mea prior 3 years. sures of in fla tion in di cate lit tle 1 0.5 up ward pres sure on prices. The The pickup in the third quar ter was mostly accounted for 0 GDP price index slowed to a 1.0 percent an nual rate in the by an in crease in in ven tory in90 91 92 93 94 95 96 97 98 99* third quarter from 1.3 percent vest ment fol low ing a decline Real gross do mes tic prod uct (GDP) *Ba s e d on firs t thre e qua rte rs in the sec ond quar ter. Do mesin the sec ond and 2.0 per cent in the first. Growth in the do mestic fi nal de mand con tin ued to tic pur chases in dex, which in cludes im ports and ex cludes exper form ex tremely well in the third quar ter, al though growth in that mea sure slowed to about a 4.8 per cent an nual rate in the ports to re flect only prices paid by U.S. res i dents, rose at a 1.6 lat est two quar ters from much larger gains early in the year and per cent pace in the third quar ter. Af ter ex clud ing food and energy, it also was up at a 1.0 per cent rate. in 1998. Busi ness fixed in vest ment grew at al most a 15 per- Inflation The rate of in fla tion has picked up a lit tle this year from the mod est pace of the last 2 years. This resulted from a turn around in the en ergy area, where prices have jumped this year for pe tro leum-based en ergy prod ucts. Fur ther back in the produc tion chain prices have turned higher, but la bor costs have con tin ued to rise at only a mod er ate pace. Over all, fun da mentals seem to fa vor low in fla tion. Dur ing the first 10 months of the year, the Consumer Price In dex (CPI) moved up at a 2.8 per cent an nual rate. This was a lit tle more than one per cent age point above the pace of the previous 2 years. Prices for petroleum-based energy products were re spon si ble for the ac cel er a tion in 1999. These are up by close to 31 per cent at an an nual rate this year fol low ing declines of about 7 per cent and 15 per cent in 1997 and 1998, respec tively. Food prices have in creased at a 2.1 per cent an nual rate, down from a 2.3 per cent ad vance in 1998 but some what faster than the 1.5 per cent rise in 1997. The an nual rate of increase in the core CPI (ex clud ing food and en ergy) has slowed to 1.9 per cent from 2.2 per cent in 1997, which was the small est yearly in crease since 1965, and 2.4 per cent in 1998. (Meth odolog i cal changes over the last sev eral years, de signed to improve the ac cu racy of the CPI, have been a fac tor in low er ing the rate of in crease in the in dex.) 4 PRO FILE OF THE ECON OMY Pro ducer prices for fin ished goods are up at a 2.9 per cent an nual rate dur ing the first 10 months of this year fol low ing no change in 1998 and a de cline of 1.2 per cent in 1997. En ergy prices have jumped by 19 per cent at an an nual rate af ter dropping close to 12 per cent in 1998 and 6-1/2 per cent in 1997. Food prices are up by 0.4 per cent at an an nual rate. The core Pro ducer Price In dex (PPI) for fin ished goods (ex clud ing food and en ergy) has moved up at a mod est 0.9 per cent an nual pace so far this year fol low ing an in crease of 2.5 per cent in 1998. Core prices for crude and intermediate goods have moved higher fol low ing de clines last year. Hourly compensation in the nonfarm business sector in creased at a 4.6 per cent an nual rate in the first three quar ters of 1999, off a lit tle from 5.3 per cent dur ing 1998. The in crease in hourly com pen sa tion out paced a 2.5 per cent rise in pro duc tivity, re sult ing in a 2.1 per cent rise in unit la bor costs—the same as dur ing 1998. The em ploy ment cost in dex for to tal com pensa tion, a sep a rate com pen sa tion mea sure com puted by the Bureau of Labor Statistics, rose by only 3.1 percent for the 12-month pe riod end ing in Sep tem ber, a de cel er a tion of 0.6 per cent age point from the 3.7 per cent dur ing the year end ing in Sep tem ber 1998. Pro duc e r Pric e s - Finis he d Go o ds Co nsum e rPric e s (Pe rc e nt c ha nge from a ye a r e a rlie r) (Pe rc e nt c ha n ge from a ye ar e a r lie r) 10 8 8 6 6 Exc luding foo d a nd e n e rgy Exc luding food a nd e ne rgy 4 4 2 0 2 Tota l -2 Tota l -4 0 89 90 91 92 93 94 95 9 6 97 98 99 Employment and unemployment La bor mar kets con tin ued to tighten at the start of the fourth quarter of 1999, with the un em ploy ment rate de clin ing to a new low in Oc to ber. Wage growth re mains tame. Growth of nonfarm pay roll em ploy ment has slowed slightly this year, with 211,000 jobs created monthly on average through Oc to ber of this year com pared to 244,000 dur ing all of 1998. De mand for la bor has re mained par tic u larly strong in the pri vate ser vice-producing sec tor. Growth in con struc tion in dus try em ploy ment has slowed compared to last year, al though strong gains were registered in both Sep tem ber and Oc to ber. Em ploy ment in man u fac tur ing and min ing has contin ued to de cline, but there have been ten ta tive signs of improve ment in re cent months. Since early 1998, job losses have reached 534,000 (2.8 per cent) in man u fac tur ing and 77,000 (nearly 13 per cent) in min ing. 89 90 91 92 93 94 95 96 97 98 99 The un em ploy ment rate de clined to 4.1 per cent in Oc to ber and was the low est since Jan u ary 1970, when un em ploy ment stood at 3.9 per cent. The share of the work ing-age pop u la tion em ployed has de clined slightly since hit ting a record-breaking 64.5 per cent in Jan u ary, but at 64.2 per cent still re mains quite high. Ac cord ing to these in di ca tors, the economy continues to oper ate at a very high level of labor uti li za tion. Wage gains in nom i nal terms have re mained sur pris ingly low. Aver age hourly earn ings of pro duction and other nonsupervisory workers inched ahead by 0.1 percent to $13.37 in Oc to ber, and over the past 12 months have risen by only 3.5 per cent. This rep re sents a slow ing from 12-month growth near 4-1/2 per cent in early 1998. Growth of earn ings in real terms remains positive, but the 0.8 percent increase posted over the 12 months ended in Oc to ber is con sid er ably be low the very rapid in creases of more than 3 per cent in early 1998. PRO FILE OF THE ECON OMY 5 U ne mplo yme nt Ra te Es tab lis hmen t Em plo yme nt (P e rc e nt ) (Ave rag e monthly ch ange in thou s an ds ) 7.0 4 00 32 0 6.5 3 00 2 59 6.0 310 275 233 243 22 4 20 9 2 10 1 81 2 00 5.5 5.0 1 00 4.5 0 4.0 9 7-III IV 94 95 96 97 98 99 Real disposable personal income and consumer spending Real dis pos able (af ter-tax) per sonal in come rose at a 2.5 percent an nual rate in the third quar ter and so far this year has increased at a 3.3 percent pace. Growth over the first three quar ters of 1999 is down some what from a 4.2 per cent ad vance dur ing all of 1998. An uptick in in fla tion in re sponse to higher oil prices has been a ma jor fac tor in re strain ing real in come gains this year. In nom i nal terms, dis pos able in come has risen at just over a 5 per cent an nual rate so far in 1999—about the same as last year. In come growth in the third quar ter slowed to a 4-1/2 per cent an nual rate from about 5-1/2 per cent in the first two quar ters of the year, as hur ri cane dam age cut into pro prietors’ and rental in come. Wages and sal a ries con tin ued to increase rap idly at nearly a 7 per cent an nual rate. Real con sumer spend ing rose at a still strong 4.3 per cent annual rate in the third quar ter, fol low ing even big ger ad vances at a 6.5 per cent pace in the first quar ter and 5.1 per cent rate in the sec ond. Large spend ing in creases for dis cre tion ary items such as fur ni ture and ap pli ances, rec re ational ser vices and cloth ing sug gest con tin ued con sumer con fi dence in the out look for the economy. The greater in crease in spend ing than in dis pos able in come in the third quar ter pulled the per sonal sav ing rate down further to 2.1 per cent from 2.5 per cent in the sec ond quar ter. The sav ing rate has been de clin ing steadily from a re cent high of 8.7 per cent in 1992. (Note that U.S. per sonal sav ing has re cently been broad ened to in clude Gov ern ment pen sion funds in or der to con form to the treat ment of pri vate-sector pen sion funds.) The definition of saving in the na tional in come and prod uct ac counts on which per sonal sav ing is based does not 98-I II III IV 99 -I II III IV* *Ba s ed on Oc t ob er data include cap i tal gains. The wealth as so ci ated with the re cent boom ing stock mar ket has been an im por tant fac tor in the willing ness of con sum ers to in crease spend ing faster than in comes are grow ing, and thus re duce sav ing. In dus trial pro duc tion and ca pac ity uti li za tion In dus trial pro duc tion in man u fac tur ing, min ing and util i ties climbed by 0.7 per cent in Oc to ber fol low ing a weather-related de cline of 0.1 per cent in Sep tem ber. So far this year, in dus trial out put has grown by 3.4 per cent at an an nual rate. While still moderate com pared to gains av er ag ing 5.0 per cent be tween 1992 and 1997, this rep re sents a vast im prove ment over the slug gish 1.6 per cent gain re corded over the 12 months of last year. Much of the recent acceleration has been centered in the man u fac tur ing sec tor, which ac counts for nearly 89 per cent of total industrial pro duction. In October, factory production jumped by 0.6 percent—the largest in crease since October 1998, when re sump tion of mo tor ve hi cle pro duc tion fol low ing the GM strike boosted out put. The strong Oc to ber ad vance, which fol lowed a hurricane-depressed rise of 0.1 per cent in Sep tem ber, brought the increase since last De cem ber to 3.3 per cent at an an nual rate. This com pares to the mod est 2.3 percent rise in man u fac tur ing reg is tered over the 12 months of 1998. Increased pro duc tion in the du ra ble goods pro duc ing sec tor, es pe cially in the high tech in dus tries, is re spon si ble for much of the re cent im prove ment. The pro duc tion re bound re corded in Octo ber lifted the rate of in dus trial ca pac ity uti li za tion to a 10-month high of 80.7 per cent. Nev er the less, ca pac ity uti li za tion still re mains 4 per- 6 PRO FILE OF THE ECON OMY centage points below the expansion high of 84.7 percent reached in early 1995 and 1.4 points be low its long-term av erage of 82.1 per cent. Uti li za tion dropped off sharply last year, bot tom ing out at a 6-1/2 year low of 80.2 per cent in Feb ru ary. The rel a tively low rates of uti li za tion posted since the be ginning of 1998 re flect not only a slower pace of pro duc tion but also a con tin u ing rapid buildup in ca pac ity. Nonfarm pro duc tiv ity and unit la bor costs Nonfarm business productivity (real out put per hour worked) ac cel er ated to a 4.2 per cent an nual rate in the third quar ter af ter in creases av er ag ing 1.7 per cent in the pre vi ous two quar ters. Mea sured over the past four quar ters to smooth the vol a til ity in the se ries, pro duc tiv ity has in creased at a rapid 2.9 per cent an nual rate, ex tend ing the fa vor able per for mance ob served since the mid 1990s. The av er age in crease posted since the end of 1995 has been 2.6 per cent at an an nual rate, well above long-term trend productivity growth now es timated to be 1.6 per cent based on re vised data. Hourly com pen sa tion costs in the nonfarm busi ness sec tor rose at a 4.8 per cent an nual rate in the third quar ter, in line with in creases ear lier in the year. The large gain in pro duc tiv ity offset much of the rise in the cost of com pen sat ing la bor. As a result, labor costs per unit of output rose at a moderate 0.6 per cent an nual rate in the third quar ter af ter jump ing by 4.2 per cent in the pre vi ous quar ter. Growth of unit la bor costs has av er aged a mod er ate 1.7 per cent over the past four quar ters, help ing to keep in fla tion sub dued. Pro duc tiv ity growth in the man u fac tur ing sec tor has slowed over the course of the year. In the third quar ter, out put per hour in this sec tor rose by 3.4 per cent at an an nual rate af ter post ing in creases of 4.5 per cent in the sec ond quar ter and 6.3 per cent in the first. Hourly com pen sa tion costs in man u fac tur ing rose at a 6.2 per cent pace in the July-to-September pe riod, faster than in creases in the prior three quar ters. Unit la bor costs in this sec tor have ac cel er ated over the past year, turn ing from a de cline of 2.3 per cent at an an nual rate in the fi nal quar ter of 1998 to an in crease of 2.7 per cent by the most re cent quar ter. Cur rent ac count bal ance The current ac count is a summary of U.S. international trans ac tions, mea sur ing trade in goods and ser vices as well as the net flow of in vest ment in come and net uni lat eral cur rent trans fers. Ex cept for a sur plus of $4.3 bil lion in 1991, the current ac count has been in def i cit al most con tin u ously since the early 1980s. Since 1991, the deficit wid ened sub stan tially, reach ing a re cord high in the sec ond quar ter of $322.7 bil lion at an an nual rate. That rep re sented a 3.5 per cent share of GDP (based on newly revised GDP fig ures), matching the share posted in the fi nal quar ter of 1986 as an all-time high. Over the past sev eral years, U.S. eco nomic growth has outpaced that of ma jor trad ing part ners, caus ing im ports to grow much more rap idly than ex ports. The sharp ap pre ci a tion of the dol lar in more re cent years wid ened the trade gap fur ther. Deterioration in the current ac count bal ance has pri mar ily reflected a deepening of the deficit on trade in goods. In addition, what had been a pos i tive bal ance on in vest ment income shifted to a negative as the in flow of cap i tal into the United States boosted payments of earnings and interest to for eign ers. The cur rent ac count def i cit is matched by off set ting trans actions in the fi nan cial and cap i tal ac counts. In the sec ond quarter, the fi nan cial ac count (which mea sures net fi nan cial flows) recorded a net in flow of $467.5 bil lion at an an nual rate, as finan cial in flows for for eign-owned as sets in the United States far ex ceeded fi nan cial out flows for U.S.-owned as sets abroad. Net cap i tal ac count trans ac tions (which con sist mainly of debt for give ness and im mi grants’ trans fers) were $0.7 bil lion at an an nual rate. The dif fer ence be tween the sum of trans ac tions in the financial and capital accounts ($468.2 billion) and the $322.7 bil lion def i cit in the cur rent ac count is the sta tis ti cal dis crep ancy and is usually taken to con sist largely of un recorded fi nan cial flows. Ex change rate of the dol lar The ex change rate of the dol lar against a broad in dex of currencies of important U.S. trading partners has been fairly steady this year. Af ter ris ing a bit in the first few months of the year, it held about flat through the spring and sum mer be fore dip ping back slightly since July. This steady per for mance contrasts with last year, when the value of the dol lar spiked in August due to effects of global financial uncertainty, then dropped back sharply once the cri sis had passed. Prior to last summer, the dol lar had consistently ap pre ci ated against the broad in dex of im por tant trad ing part ners since 1995. Since July, the ex change rate of the dol lar against the broad trade-weighted in dex has dipped by about 1-3/4 per cent. From July through mid-November, de pre ci a tion against ma jor curren cies (con sist ing of the euro plus the cur ren cies of other major part ners such as Can ada, Ja pan and the U.K.) just about off set mod est ap pre ci a tion against the cur ren cies of other impor tant trad ing part ners. Much of the de pre ci a tion against the in dex of ma jor cur rencies re flected de pre ci a tion of the dol lar against the yen. The yen has been strength en ing amid signs of re cov ery in the Jap anese econ omy and the en act ment of new fis cal stim u lus programs by the Jap a nese gov ern ment. Be tween mid-May and mid-September, the dol lar de pre ci ated by about 15 percent against the yen, but held about flat in Oc to ber and No vem ber. The ex change rate of the dol lar against the euro was down about 11 percent over the first 7 months of 1999 before strength en ing by about 2 per cent from July through mid-November. PRO FILE OF THE ECONOMY Interest rates The Fed eral Re serve Board’s Open Mar ket Com mit tee increased short-term in ter est rates for the third time this year in No vem ber, rais ing the Fed eral funds tar get rate (the rate that banks charge one an other for over night bor row ing) from 5.25 per cent to 5.50 per cent and the dis count rate (the rate the Federal Reserve charges banks for short-term funds) from 4.75 per cent to 5.0 per cent. The in creases re flected a judg ment by the Fed eral Re serve that the con tin ued growth of the econ omy above its po ten tial rate posed a risk that in fla tion ary pres sures may be gin to emerge. In clud ing two pre vi ous rate in creases that were made in June and Au gust, the Fed eral funds tar get is up 3/4 percentage point this year and the discount rate 1/2 point. The mar ket in ter est rate for the 3-month Trea sury bill, which tends to cen ter around the level of the dis count rate, was about 5 per cent in No vem ber. The in ter est rate in creases in 1999 re versed the cuts that the Fed eral Re serve made last fall. At that time, the Fed eral Re serve lowered rates in order to stem a rapid process of deleveraging and a rush to li quid ity which re sulted from global fears of de fault. The Fed eral funds tar get was cut by a to tal of 7 3/4 point in three moves in the months of Sep tem ber, Oc to ber and No vem ber of 1998, and the dis count rate was cut by a to tal of 1/2 point. R ates on long-term Trea sury se cu ri ties dropped dur ing the cri sis re flect ing the flight to li quid ity, but then in creased as international financial conditions strengthened and U.S. eco nomic growth con tin ued to ex pand at a rapid pace. Long-term rates con tin ued to rise through 1999. The in ter est rate on the 30-year Trea sury bond in creased from a low of just un der 5 percent in Oc to ber 1998 to about 6 percent this November. Yields on the 10-year note fol lowed a sim i lar pat tern, ris ing from 4.4 per cent last year, a more than 30-year low, to over 6 per cent in No vem ber. Mort gage rates also have in creased. Through out 1998 the inter est rate on a con ven tional 30-year fixed rate loan was at or below 7 percent, dipping to as low as 6.7 percent last fall. Those rates were the low est since the mid-1960s and con tributed to a re cord-setting pace of home sales in 1998. Mort gage in ter est rates have moved up over the course of this year and approached 8 percent in early August be fore easing back slightly to 7.8 per cent in No vem ber. S ho rt-te rm Inte re s t Rate s Long -term Inte re s t Rates (Pe rc e nt) (Pe rc e nt) 6.0 7.0 6.5 5.5 Fe de ra l funds 30-ye a r bond 6.0 5.0 5.5 4.5 Dis c ount ra te 4.0 3-month Tre a s ury bills 5.0 10-ye a r note 4.5 4.0 3.5 1997 1998 1999 Housing Housing has been one of the stron gest sec tors of the econ omy in the past few years. Growth was fu eled by ex cep tion ally low mort gage in ter est rates, sound eco nomic fun da men tals such as grow ing em ploy ment and in come, and by the wealth ef fects of ris ing stock prices. Af ter reach ing peak lev els of ac tiv ity ear lier this year, how ever, hous ing in di ca tors ap pear to be lev el ing off. 1997 1998 1999 Sales of new sin gle-family homes, which in creased by more than 10 per cent in 1998 to their high est an nual to tal on re cord, have fallen back this year, es pe cially in the third quar ter when hurricane weather may have depressed results. Despite the slow down, new home sales still av er aged an ex cep tion ally high 908,000 units at an an nual rate over the first three quar ters of the year. Re sales of ex ist ing homes also posted a re cord year in 1998, reach ing 4.8 mil lion, and con tin ued to climb to a new 8 PRO FILE OF THE ECON OMY peak of 5.6 mil lion at an an nual rate in June be fore eas ing back from July through Sep tem ber. The homeownership rate rose to 67.0 per cent in the third quar ter of 1999, an all-time re cord. The high level of new home sales last year spurred rapid gains in new con struc tion, and mild win ter weather in many regions of the coun try boosted the num ber of new hous ing starts on a sea son ally ad justed ba sis in the first quar ter of 1999. Starts of new homes surged to 1.77 mil lion units at an an nual rate in the first quar ter, their high est quar terly rate in more than 12 years, but gave back some of that gain and av er aged a 1.64 million-unit pace in the sec ond and third quar ters. Real res i den tial in vest ment grew by al most 11 per cent at an an nual rate on aver age over the four quar ters of 1998 and the first half of 1999, but fell in the third quar ter due to the pull back in starts. Federal budget The Fed eral bud get posted a sur plus of $122.7 bil lion in fis cal 1999, more than $53 billion above the surplus in fiscal 1998. These were the first back-to-back sur pluses since 1956 to 1957, and re sulted in a nearly $140 bil lion re duc tion in the amount of Fed eral debt held by the pub lic. The 1999 sur plus rep re sented 1.3 per cent of GDP, the high est such ra tio since 1951. Achieve ment of bud get sur pluses re sulted from strong Net na tional sav ing and in vest ment eco nomic growth and pas sage of def i cit re duc tion pro grams, which placed the def i cit on a down ward course af ter it reached an all-time high of $290 bil lion in fis cal 1992. Since 1992, growth in Fed eral out lays have been con tained while re ceipts have been boosted by ex pan sion in jobs and income and capi tal gains. In fiscal 1999, receipts rose by a healthy 6.1 per cent, al though this was less than the 9.0 per cent in crease in the pre vi ous fis cal year and the slow est since 1993. A de cline in net cor po rate tax pay ments of 2.1 per cent was mainly re spon si ble for the slow down, and growth in in di vid ual tax re ceipts mod er ated as well. Growth in out lays was held to 3.2 per cent, in line with the in crease in fis cal 1998. Out lays in re la tion to GDP dipped to 19.3 per cent in fis cal 1999, the lowest ra tio in 25 years. The Administration’s Mid-Session Review of the “Fiscal Year 2000 Bud get” es ti mates the sur plus will con tinue to increase through the year 2009. These re sults are sim i lar to es timates from the Con gres sio nal Bud get Of fice. Af ter re serv ing much of the sur plus for So cial Se cu rity and Medicare fund ing, the amount of debt held by the pub lic is pro jected to be cut almost in half be tween fis cal 2000 and 2009, drop ping as a percent age of GDP from about 40 per cent cur rently to less than 12 per cent by fis cal 2009. re vi sions and defi ni tional changes to the na tional in come and prod uct ac counts that ex tend back to 1959.) Net national saving averaged 7.5 percent of net national Pri vate sav ing has de clined since 1992 as a sharp fall in savprod uct (NNP) in 1998 as well as the first half of 1999. This ing by house holds has more than off set a gain in cor po rate savread ing is nearly dou ble the post-World War II low of 3.9 per ing. In creased wealth gen er ated by a surg ing stock mar ket is an cent reached in 1992 and im por tant fac tor in the reduced 1993. (Net sav ing and NNP de sire of house holds to save out exclude depreciation to re Ne t Natio nal S aving of current income. In the first place wornout or obsolete half of 1999, personal sav ing (Sa ving a s a pe rc e nt of NNP) equip ment, software and was equiv a lent to only 2.3 perstructures used in pro duccent of NNP, down from 7.4 per15 cent in 1992. Strong growth of tion.) The swing in the Fed Tota l corporate profits, on the other eral bud get from large def i cit 10 hand, lifted net cor po rate sav ing to sur plus has more than ac from 2.2 per cent of NNP in 1992 counted for the im proveto about 3-1/2 percent dur ing 5 ment. As a result, public the past 3-1/2 years. sav ing has moved from Net do mes tic in vest ment (by 0 dissaving equivalent to 5.4 Gov ern ment and pri vate in dustry in structures, equipment, percent of NNP in 1992 to Public -5 soft ware and in ven tory) insav ing of 1.9 per cent so far creased from 5.2 percent of this year. De spite the prog NNP in 1991 to about 9-1/2 perress, net sav ing still re mains -10 cent in 1998 and the first half of well be low the 12 per cent of 60 65 70 75 80 85 90 95 00 1999. Even so, net do mes tic inNNP av er aged in the 1960s. vestment re mains well below (Note that these figures re Note : 1999 ba s e d on firs t tw o qua rte rs . the 11.6 percent of NNP av erflect re cent bench mark aged in the 1960s. 9 INTRODUCTION: Federal Fiscal Operations Bud get au thor ity usu ally takes the form of ap pro pri a tions that al low obligationsto be in curred and pay ments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have ex pired or would oth er wise ex pire. These are counted as new bud get au thor ity in the fis cal year of the leg is la tion in which thereappropriation act is in cluded, re gard less of when the amounts were orig i nally appro pri ated or when they would oth er wise lapse. Ob li ga tions gen er ally are liq ui dated by the is su ance of checks or the dis burse ment of cash—outlays . Ob li ga tions may also be liq ui dated (and out lays re corded) by the ac crual of inter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an in crease in re demp tion value of bonds out stand ing); or by the issuance of bonds, de ben tures, notes, mon e tary credits, or elec tronic pay ments. Re funds of col lec tions gen er ally are treated as re duc tions of col lec tions, whereas pay ments for earned-income tax credits in ex cess of tax li a bil i ties are treated as out lays. Out lays dur ing a fis cal year may be for pay ment of ob li ga tions in curred in prior years or in the same year. Out lays, there fore, flow in part from un ex pended bal ances of prior year bud get au thor ity and from bud get au thor ity pro vided for the year in which the money is spent. Total out lays include both budget and off-budget out lays and are stated net of off set ting col lec tions. Receipts are re ported in the ta bles as ei ther bud get receipts or off set ting col lec tions. They are col lec tions from the pub lic, ex clud ing re ceipts off set against out lays. These, also called gov ern men tal re ceipts, con sist mainly of tax receipts (in clud ing so cial in sur ance taxes), re ceipts from court fines, cer tain li censes, and de pos its of earn ings by the Fed eral Reserve system. Refunds of re ceipts are treated as de duc tions from gross re ceipts. To tal Gov ern ment re ceipts are com pared with to tal out lays in cal cu lat ing the bud get sur plus or def i cit. Offsetting collections from other Government ac counts or the pub lic are of a busi ness-type or mar ket-oriented na ture. They are clas si fied as ei ther col lec tions cred ited to ap pro pri ations or fund ac counts, or off set ting re ceipts ( i.e., amounts de pos ited in re ceipt ac counts). The for mer nor mally can be used with out ap pro pri a tion act by Con gress. These oc cur in two instances: (1) when authorized by law, amounts col lected for ma te ri als or ser vices are treated as re im burse ments to ap propri a tions. For ac count ing purposes, earned reimbursements are also known as rev e nues. These off set ting col lec tions are net ted against gross out lays in de ter min ing net out lays from such ap pro pri a tions; and (2) in the three types of re volv ing funds (pub lic en ter prise, intragovernmental and trust); off setting col lec tions are net ted against spend ing, and out lays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used with out ap pro pri a tion. They are sub di vided into three cat e gories: (1) pro pri etary re ceipts, or col lec tions from the pub lic, off set against out lays by agency and by func tion; (2) intragovernmental trans ac tions, or pay ments into re ceipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agen cies and are cred ited with col lec tions from other Gov ernment accounts; and (3) offsetting governmental receipts which in clude for eign cash con tri bu tions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (ei ther Fed eral funds or trust funds) to a re ceipt ac count in the other fund group; (2) Fed eral intrafund trans actions—pay ments and re ceipts both oc cur within the Fed eral fund group; and (3) trust intrafund trans ac tions—pay ments and re ceipts both oc cur within the trust fund group. Off setting re ceipts are gen er ally de ducted from bud get authority and out lays by func tion, subfunction, or agency. There are four types of re ceipts, how ever, that are de ducted from budget totals as undistributed offsetting receipts. They are: (1) agen cies’ pay ments (in clud ing pay ments by off-budget Fed eral entities) as em ploy ers into em ploy ees’ re tire ment funds; (2) interest re ceived by trust funds; (3) rents and royalties on the Outer Con ti nen tal Shelf lands; and (4) other in ter est (i.e., that col lected on Outer Con ti nen tal Shelf money in de posit funds when such money is trans ferred into the bud get). The Gov ern ment has used the uni fied bud get con cept set forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get Con cepts” as a foun da tion for its bud get ary anal y sis and presen ta tion since 1969. The con cept calls for the bud get to in clude all of the Government’s fiscal transactions with the public. Since 1971, how ever, var i ous laws have been en acted re mov ing sev eral Fed eral en ti ties from (or cre at ing them out side of) the bud get. Other laws have moved cer tain off-budget Fed eral en tities onto the bud get. Un der cur rent law, the off-budget Fed eral en ti ties con sist of the two So cial Se cu rity trust funds, Fed eral Old-Age and Sur vi vors In sur ance and the Fed eral Dis abil ity Insur ance Trust Fund, and the Postal Ser vice. Although an off-budget Fed eral en tity’s re ceipts, out lays, and sur plus or def i cit or di narily are not sub ject to tar gets set by the Con gres sio nal res o lu tion, the Bal anced Bud get and Emergency Deficit Control Act of 1985 [com monly known as the Gramm-Rudman-Hollings Act as amended by the Bud get Enforce ment Act of 1990 (2 United States Code 900-922)] in cluded off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets un der that act and in cal cu lat ing ex cess def i cit. Partly for this rea son, attention has fo cused on both on- and off-budget re ceipts, out lays and def i cit of the Gov ern ment. Tables FFO-1, FFO-2 and FFO-3 are pub lished quar terly and cover 5 years of data, es ti mates for 2 years, de tail for 13 months, and fis cal year-to-date data. They pro vide a sum mary of data re lat ing to Fed eral fis cal op er a tions re ported by Fed eral en tities and dis burs ing of fi cers, and daily re ports from the FRBs. They also de tail ac count ing trans ac tions af fect ing re ceipts and out lays of the Gov ern ment and off-budget Fed eral en ti ties and their re lated ef fect on as sets and li a bil i ties of the Government. Data are de rived from the “Monthly Trea sury State ment of Receipts and Out lays of the United States Gov ern ment.” 10 FED ERAL FIS CAL OP ER A TIONS ! Ta ble FFO-1 sum ma rizes the amount of to tal re ceipts, out lays, and sur plus or def i cit, as well as trans ac tions in Federal se cu ri ties, mon e tary as sets and bal ances in Trea sury op erat ing cash. ! Ta ble FFO-2 in cludes on- and off-budget re ceipts by source. Amounts represent in come taxes, social in surance taxes, net con tri bu tions for other in sur ance and re tire ment, excise taxes, es tate and gift taxes, cus toms du ties and net mis cella neous re ceipts. ! Ta ble FFO-3 details on- and off-budget outlays by agency. ! Ta ble FFO-4 sum ma rizes on- and off-budget re ceipts by source and outlays by func tion as re ported to each ma jor fund group clas si fi ca tion for the cur rent quar ter and the current fis cal year to date. ! Table FFO-5 sum ma rizes in ter nal rev e nue col lec tions by States and other ar eas and by type of tax. Amounts re ported are col lec tions made in a fis cal year. They span sev eral tax li a- bility years be cause they con sist of pre pay ments (es ti mated tax pay ments and taxes with held by em ploy ers for in di vid ual in come and So cial Se cu rity taxes), pay ments made with tax re turns and sub se quent pay ments made af ter tax re turns are due or are filed (i.e., pay ments with de lin quent re turns or on de lin quent ac counts). It is im por tant to note that these data do not nec es sar ily reflect the Fed eral tax bur den of in di vid ual States. Amounts are re ported based on the pri mary fil ing ad dress pro vided by each tax payer or re port ing en tity. For multistate cor po ra tions, the ad dress may re flect only the State where such a cor po ra tion reported its taxes from a prin ci pal of fice rather than other States where in come was earned or where in di vid ual in come and Social Se cu rity taxes were with held. In ad di tion, an in di vid ual may re side in one State and work in an other. Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source [Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy] Fourth-Quarter Re ceipts The fol low ing cap sule anal y sis of bud get re ceipts, by source, for the fourth quar ter of fis cal 1999 supple ments fis cal data re ported in the September is sue of the “Trea sury Bul le tin.” At the time of that is sue’s release, not enough data were avail able to an a lyze ad e quately col lec tions for the quar ter. Unemployment in surance—Unemployment insurance re ceipts, net of re funds, for the fourth quar ter of fiscal 1999 were $6.0 billion, a neg li gi ble change over the comparable quar ter of fiscal 1998. Net de pos its by States of $4.7 bil lion and Fed eral Un em ploy ment Tax Act tax de pos its of $1.2 billion were not sig nif i cantly dif fer ent than the prior year same quar ter amounts. Con tri bu tions for other in sur ance and re tireIn di vid ual in come taxes—Individual in come tax receipts, net of re funds, were $209.9 bil lion for the fourth quar ter of fis- ment—Con tri bu tions for other re tire ment were $1.1 bil lion cal 1999. This is an in crease of $5.2 bil lion over the com pa ra ble for the fourth quar ter of fis cal 1999. This is a $0.1 bil lion inprior year quar ter. With held re ceipts in creased by $3.7 bil lion crease over the comparable quarter of fiscal 1998. The and non-withheld re ceipts in creased by $2.7 bil lion dur ing this growth in contributions will re main rel a tively flat over the period. Re funds in creased by $1.2 bil lion over the com pa ra ble next few years as the num ber of em ploy ees cov ered by the fiscal 1998 quar ter. Menwhile, there was a de crease of $8.7 bil- Fed eral Em ployees’ Re tire ment Sys tem grows slowly rel alion in ac count ing ad just ments be tween in di vid ual in come tax tive to those covered un der the Civil Service Retirement re ceipts and the So cial Se cu rity and Medicare trust funds over System. the com pa ra ble quar ter in fiscal 1998. Ex cise taxes—Net ex cise tax re ceipts for the fourth quarCorporate income taxes—Net corporate income tax re - ter of fiscal 1999 were $18.3 bil lion, an in crease of $6.0 bilceipts were $47.3 bil lion for the fourth quar ter of fiscal 1999. lion over the com pa ra ble prior year quar ter. The ma jor ity of This is an in crease of $5.0 bil lion com pared to the prior year this dif fer ence is at trib ut able to a change in de posit rules. Tofourth quar ter. The $5.0 bil lion change is com prised of an in- tal ex cise tax re funds for the quar ter were $0.6 bil lion, a decrease of $5.3 bil lion in es ti mated and fi nal pay ments, and an crease of $0.2 bil lion over the com pa ra ble prior year quar ter. in crease of $0.3 bil lion in cor po rate re funds. Estate and gift taxes—Net estate and gift tax receipts Em ploy ment taxes and con tributions—Em ploy ment were $6.4 bil lion for the fourth quar ter of fiscal 1999. These taxes and con tri bu tions re ceipts for the fourth quarter of fiscal re ceipts rep re sent an in crease of $0.5 bil lion over the same 1999 were $144.1 bil lion, an in crease of $18.5 bil lion over the quar ter in fiscal 1998. Customs du ties— Customs receipts net of refunds were com pa ra ble prior year quar ter. Re ceipts to the Fed eral Old-Age and Survivors In surance, Federal Disability Insurance, and $5.3 bil lion for the fourth quar ter of fiscal 1999. This is an inFederal Hospital Insurance trust funds changed by $10.0 bil- crease of $0.1 bil lion over the com pa ra ble prior year quar ter. lion, $1.6 bil lion and $6.4billion re spec tively. There was a $4.6 Mis cel la neous re ceipts— Net mis cel la neous re ceipts for bil lion ac count ing ad just ment for prior years em ploy ment tax the fourth quarter of fiscal 1999 were $10.1 bil lion, an inli a bil i ties made in the fourth quar ter of fiscal 1999, while there crease of $0.8 bil lion over the com pa ra ble prior year quar ter. was a - $4.1 billion ad just ment in the fourth quar ter of fiscal This change is due in part to de pos its of earn ings by Fed eral 1998. Re serve Banks in creas ing by $0.3 bil lion. FED ERAL FIS CAL OP ER A TIONS 11 Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source, con. To tal On- and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Fourth quar ter July - Sept. Fis cal 1999 To tal on- and off-budget re sults: To tal re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448,615 1,827,285 On-budget re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,789 1,382,817 Off-budget re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,827 444,468 To tal out lays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419,861 1,704,545 On-budget out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,164 1,383,767 Off-budget out lays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,697 320,778 To tal sur plus or def i cit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,753 122,740 On-budget sur plus or def i cit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,625 -951 Off-budget sur plus or def i cit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,130 123,691 Bor rowing from the pub lic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -20,055 -88,323 Re duc tion of op er at ing cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -3,356 -17,580 Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,343 -16,837 To tal on- and off-budget fi nanc ing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -28,753 -122,740 Means of fi nanc ing: Fourth-Quarter Net Bud get Re ceipts by Source, Fis cal 1999 [In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] Source July Aug. Sept. In di vid ual in come taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.0 60.7 89.3 Cor po rate in come taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4 3.7 40.2 Em ploy ment taxes and con tri bu tions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.4 45.0 54.8 Unemploymentinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 4.1 0.3 Con tri bu tions for other in sur ance and re tire ment. . . . . . . . . . . . . . . . . . . . . . 0.4 0.3 0.4 Ex cise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7 5.4 7.2 Es tate and gift taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 2.2 2.3 Cus toms du ties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 1.8 1.7 Mis cel la neous re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 3.1 4.2 To tal bud get re ceipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121.9 126.3 200.4 Note: De tail may not sum to to tals due to in de pend ent round ing. 12 FED ERAL FIS CAL OP ER A TIONS CHART FFO-A.— Monthly Receipts and Outlays, 1999-2000 (In billio ns of dolla rs ) 250 O n-budge t re c e ipts 200 O ff-budge t re c e ipts 150 100 O n-budge t o utla ys 50 O ff-budge t o utla ys 0 -50 O N CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 1999-2000 D J F M A M J J A S O (In billio ns of do l ars ) 100 2 00 0 1 99 9 * 75 50 25 0 Individual inc ome t axe s Corporate in come taxes Soc ia l in suran ce ta xes * Prior-year data are for the com pa ra ble pe riod. Excis e t axe s E st ate/gift taxe s C us toms duties Misc. rec eipts FED ERAL FIS CAL OP ER A TIONS 13 TA BLE FFO-1.—Sum mary of Fis cal Op er a tions [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] Means of fi nanc ing -net trans ac tions On-budget surplus or deficit (-) (8) Bor rowing from the pub lic— Off-budget Fed eral surplus se cu ri ties or Pub lic deficit debt (-) se cu ri ties (9) (10) To tal on-budget and off-budget re sults 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) 1995 1 . . . . . . . . . . . . . 1996 11 . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . 1,350,576 1,452,763 1,578,977 1,721,421 1,827,285 999,496 1,085,271 1,186,987 1,305,621 1,382,817 351,080 367,492 391,989 415,800 444,468 1,514,389 1,560,094 1,601,595 1,651,383 1,704,545 1,225,724 1,259,638 1,290,594 1,334,781 1,383,767 288,665 300,455 311,000 316,602 320,778 -163,813 -107,331 -22,618 70,039 122,740 -226,228 -174,367 -103,607 -29,160 -951 62,415 67,036 80,989 99,198 123,691 278,535 252,891 189,634 112,831 128,230 1999 - Est. . . . . . . . . . 1,826,340 1,381,924 444,416 1,727,502 1,406,683 320,819 98,838 -24,759 123,597 137,350 1998 - Sept . . . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan . . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . 180,947 119,974 113,978 178,646 r 171,728 r 99,502 r 130,416 r 266,229 r 98,663 r 199,507 121,923 126,324 200,396 149,737 90,064 81,836 143,338 r 129,927 r 65,146 r 92,548 r 219,490 r 62,723 r 156,929 87,959 91,554 161,304 31,210 29,910 32,142 35,309 41,801 34,356 37,867 46,739 35,940 42,578 33,964 34,770 39,093 142,725 152,413 130,915 183,803 r 101,223 r 141,847 r 152,825 r 152,770 r 122,631 r 145,939 147,086 129,127 143,966 107,911 123,752 99,975 149,258 r 102,385 r 110,656 r 122,211 r 123,474 r 91,435 r 136,141 117,652 97,983 108,846 34,814 28,661 30,940 34,544 -1,162 31,192 30,614 29,296 31,197 9,798 29,434 31,143 35,120 38,222 -32,440 -16,937 -5,156 70,505 -42,345 -22,409 113,459 -23,969 53,568 -25,164 -2,803 56,430 41,826 -33,688 -18,139 -5,921 27,542 -45,509 -29,662 96,016 -28,712 20,788 -29,693 -6,430 52,458 -3,604 1,249 1,202 765 42,963 3,164 7,253 17,443 4,744 32,779 4,530 3,627 3,973 -37,799 35,006 32,657 22,533 -3,624 10,039 29,681 -66,795 18,562 34,238 -839 33,437 -16,665 Fis cal 1999 . . . . . . . . 1,827,285 1,382,817 444,468 1,704,545 1,383,767 320,778 122,740 -951 123,691 128,230 Other (18) Transactions not ap plied to year’s sur plus or To tal deficit fi nanc ing (19) (20) Fis cal year or month Fis cal year or month 1995 1 1996 1 1 1997 1 1998 1999 1 Bor rowing from the pub lic— Fed eral se cu ri ties, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) Means of fi nanc ing—net transactions, con. Cash and mon e tary assets (de duct) Reserve position U.S. on the U.S. Treasury Special quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) ............. ............. ............. ............. ............. -1,224 8,088 -1,857 -3,814 -449 106,024 131,266 149,606 160,067 216,105 171,288 129,713 38,171 -51,051 -88,323 2,007 6,276 -603 -4,743 17,580 -1,086 -408 338 108 2,178 9,109 -4,626 -3,034 3,381 783 2,614 746 -1,383 7,110 -1,173 4,447 -21,009 -20,711 -13,701 -16,055 722 615 472 569 1,009 163,813 107,331 22,618 -70,039 -122,740 1999 - Est. . . . . . . . . . . -815 203,366 -66,831 6,122 * * * -25,885 * -98,838 1998 - Sept . . . . . . . . . Oct . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1999 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . -252 -326 -17 189 -281 -177 74 -137 -1 205 -158 -103 283 8,362 r 19,372 r 10,327 r 28,105 27,344 r 8,170 r -7,317 r 18,279 r 19,108 r 56,707 -2,190 6,864 31,335 -46,413 r 15,309 r 22,313 r -5,383 r -31,250 r 1,692 r 37,073 r -85,211 r -547 r -22,264 1,193 26,470 -47,718 2,451 -2,661 -20,334 1,621 39,566 -52,432 16,988 36,512 -32,495 27,460 -13,553 -3,160 20,069 307 273 14 210 -137 -991 1,208 -48 151 -65 206 871 488 -1,322 371 1,310 -1,202 1,228 -3,708 2,452 1,484 7 -1,261 1,719 1 -1,616 476 623 -223 1,177 40 179 285 -176 -1,366 -228 * -1,579 94 9,885 r 15,737 r -24,609 r 12,345 r 1,442 r -16,299 r 6,288 r 9,518 -9,183 r -5,919 12,343 -27,534 9,823 218 -19 6 521 500 -38,222 32,440 16,937 5,156 -70,505 42,345 22,409 -113,459 23,969 -53,568 25,164 2,803 -56,430 Fis cal 1999. . . . . . . . . . -449 216,105 -88,323 17,580 2,178 783 -1,173 -16,055 1,009 -122,740 * Less than $500,000. 1 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury 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 es ti mates are based on the “Mid-session Re view” of the fiscal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999. These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form framework. 14 FED ERAL FIS CAL OP ER A TIONS TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] In come taxes Fis cal year or month 1 Withheld (1) In di vid ual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) So cial insurance and re tire ment re ceipts Em ploy ment and gen eral re tire ment Old-age, dis abil ity, and Net in come hos pi tal in sur ance taxes Gross Refunds Net (8) (9) (10) (11) 1995 . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1 1999 . . . . . . . . . . . . . . 499,898 533,080 580,207 646,483 693,940 175,884 212,234 250,819 281,590 308,246 85,624 88,897 93,560 99,476 122,706 590,157 656,417 737,466 828,597 879,480 174,422 189,055 204,492 213,270 216,325 17,334 17,231 22,199 24,593 31,645 157,088 171,824 182,294 188,677 184,680 747,245 828,241 919,760 1,017,274 1,064,160 447,104 474,134 503,749 537,733 578,244 1,644 1,051 2,071 1,508 447,104 472,490 502,698 535,662 576,736 1999 - Est.. . . . . . . . . . . 886,657 - - 886,657 179,494 - 179,494 1,066,151 572,509 - 572,509 1998 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1999 - Jan. . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . . May. . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . 53,353 54,277 52,530 69,628 58,527 59,055 69,559 55,484 50,727 57,716 59,717 57,476 49,244 39,854 7,099 2,215 7,094 42,325 2,956 7,260 145,948 4,131 37,714 3,264 5,164 43,078 2,729 1,120 3,404 734 r 988 r 19,131 r 26,227 r 36,513 r 24,197 r 2,410 2,989 1,921 3,072 90,479 60,255 51,341 75,988 r 99,863 r 42,880 r 50,591 r 164,919 r 30,661 r 93,020 59,992 60,719 89,250 38,928 6,547 4,805 45,123 7,185 3,641 23,131 27,118 5,176 40,610 5,303 5,115 42,571 2,128 4,789 1,364 2,749 2,055 2,465 4,578 5,419 1,229 1,346 1,898 1,418 2,336 36,800 1,758 3,440 42,374 5,130 1,176 18,553 21,699 3,948 39,264 3,405 3,697 40,235 127,279 62,013 54,781 118,362 r 104,993 r 44,056 r 69,144 r 186,618 r 34,609 r 132,284 63,397 64,416 129,485 44,288 39,361 42,461 47,529 53,377 43,290 48,130 59,812 45,374 54,447 43,998 44,501 55,962 2,071 1,508 42,217 39,361 42,461 47,529 53,377 43,290 48,130 59,812 45,374 54,447 43,998 44,501 54,455 Fis cal 1999 . . . . . . . . . . 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736 So cial in sur ance and re tire ment re ceipts, con. Em ploy ment and gen eral re tire ment, con. Fis cal year or month 1995 1 1996 1 1997 1 1998 1 1999 1 Gross (12) Rail road re tire ment Refunds Net (13) (14) Net employment and gen eral retirement (15) Unemploymentinsurance Net unemployment Gross Refunds insurance (16) (17) (18) Net for other in sur ance and re tire ment Federal employees Other retirement retirement Total (19) (20) (21) ............. ............. ............. ............. ............. 3,972 3,966 4,063 4,381 4,150 30 93 12 28 7 3,942 3,872 4,052 4,353 4,143 451,046 476,362 506,750 540,016 580,880 28,985 28,687 28,307 27,595 26,655 107 103 105 111 175 28,878 28,584 28,202 27,484 26,480 4,461 4,389 4,344 4,261 4,399 89 80 74 74 73 4,550 4,469 4,418 4,335 4,472 1999 - Est. . . . . . . . . . . 4,474 - 4,474 576,983 26,719 - 26,719 4,248 71 4,319 1998 - Sept . . . . . . . . . Oct . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1999 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . May. . . . . . . . . . June. . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . 323 330 480 340 348 445 462 375 246 -67 394 459 340 * 1 1 * * * * 3 * * * 2 323 328 478 340 348 445 462 375 243 -67 394 459 339 42,540 39,690 42,940 47,869 53,725 43,735 48,592 60,186 45,617 54,380 44,392 44,960 54,794 210 1,147 2,658 315 873 2,595 279 4,584 7,797 379 1,597 4,097 335 4 5 3 6 1 11 37 66 8 24 12 3 206 1,142 2,655 315 867 2,594 269 4,547 7,731 370 1,573 4,085 332 327 400 325 412 331 346 348 424 343 388 396 340 348 6 5 6 6 6 7 7 4 7 6 7 4 8 333 405 331 417 337 353 355 428 350 393 403 344 356 Fis cal 1999 . . . . . . . . . 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472 See foot note at end of ta ble. FED ERAL FIS CAL OP ER A TIONS 15 TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con. [In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”] Socialinsurance and re tire ment receipts, con. Fis cal year or month 1 1995 1996 1 1997 1 1 1998 1999 1 Net so cial insurEx cise taxes ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund re tire ment receipts Gross Refunds Net Gross Refunds Net Gross Refunds Net (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) Gross (32) Mis cel la neous Re funds Net (33) (34) .............. .............. .............. .............. .............. 484,474 509,415 539,371 571,835 611,832 5,406 2,405 4,044 7,556 10,395 39 21 37 43 4 5,367 2,384 4,007 7,513 10,391 608 614 614 636 596 - 608 614 614 636 596 23,358 25,309 24,665 26,515 40,325 913 329 798 805 1,148 22,445 24,980 23,867 25,710 39,177 29,926 27,698 29,368 24,524 20,760 861 1,662 931 714 524 29,065 26,036 28,437 23,810 20,236 1999 - Est. . . . . . . . . . . . 608,021 10,397 - 10,397 638 - 638 38,464 - 38,464 21,156 - 21,156 1998 - Sept . . . . . . . . . . Oct . . . . . . . . . . . Nov . . . . . . . . . . . Dec . . . . . . . . . . . 1999 - Jan . . . . . . . . . . . Feb . . . . . . . . . . . Mar . . . . . . . . . . . Apr . . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug . . . . . . . . . . . Sept . . . . . . . . . . 43,079 41,237 45,926 48,601 54,928 46,683 49,216 65,162 53,698 55,144 46,368 49,389 55,481 -276 1,782 1,003 694 632 717 419 734 797 823 767 867 1,162 13 6 -52 24 -1 -1 12 * 10 6 -289 1,775 1,003 746 632 692 420 735 785 823 767 857 1,156 68 40 54 51 60 53 35 58 53 34 52 57 48 - 68 40 54 51 60 53 35 58 53 34 52 57 48 -304 8,127 2,469 2,293 2,767 1,801 2,656 2,971 2,703 r 3,063 2,815 3,957 4,702 73 152 6 1 314 14 215 -1 448 -376 7,975 2,469 2,287 2,766 1,488 2,642 2,971 2,489 r 3,064 2,815 3,957 4,254 4,178 -288 2,539 2,469 1,415 1,682 2,856 1,887 1,662 r 2,036 2,150 876 1,475 621 -127 44 107 68 23 73 72 10 78 60 349 -234 3,557 -161 2,495 2,361 1,348 1,659 2,783 1,815 1,652 r 1,958 2,089 527 1,710 Fis cal 1999 . . . . . . . . . . 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236 Fis cal year or month Ex cise taxes, con. Net ex cise Es tate and gift taxes taxes Gross Refunds Net (35) (36) (37) (38) Net mis cel la neous re ceipts De posits Uni ver sal serof earn ings vice fund Cus toms du ties by Fed eral and all Gross Refunds Net Re serve Banks other Total (39) (40) (41) (42) (43) (44) To tal re ceipts OnOffbud get bud get (45) (46) 1995 1 . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . 1 1999 . . . . . . . . . . . . . 57,485 54,015 56,926 57,669 70,399 15,144 17,592 20,356 24,631 28,386 380 403 511 555 603 14,764 17,189 19,845 24,076 27,782 21,067 19,788 19,872 19,689 19,486 1,767 1,117 1,945 1,392 1,150 19,300 18,671 17,927 18,297 18,336 23,378 20,477 19,636 24,540 25,917 3,928 4,755 5,513 7,730 8,860 27,306 25,232 25,149 32,270 34,777 999,496 1,085,271 1,186,987 1,305,621 1,382,817 351,080 367,492 391,989 415,800 444,468 1999 - Est.. . . . . . . . . . 70,655 28,441 - 28,441 17,994 - 17,994 26,065 9,013 35,078 1,381,924 444,416 1998 - Sept.. . . . . . . . . Oct . . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . . 2,961 9,630 6,021 5,446 4,806 3,892 5,880 5,579 4,978 5,880 5,723 5,397 7,167 2,405 2,140 2,195 2,304 2,229 1,645 2,209 5,192 1,979 1,922 1,988 2,234 2,348 49 51 63 65 23 45 37 54 37 65 50 59 54 2,356 2,089 2,132 2,239 2,206 1,600 2,172 5,138 1,942 1,857 1,938 2,175 2,294 1,784 1,868 1,559 1,616 1,351 1,475 1,640 1,465 1,339 1,688 1,792 1,905 1,788 84 93 179 143 65 72 94 115 83 88 67 91 61 1,701 1,776 1,380 1,472 1,286 1,403 1,546 1,350 1,256 1,599 1,725 1,814 1,727 2,599 2,603 3,023 1,715 2,852 1,279 1,760 1,737 1,661 2,203 1,904 2,390 2,789 974 626 716 812 657 589 697 646 519 539 867 740 1,453 Fis cal 1999 . . . . . . . . . 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 1 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury 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 es ti mates are based on the “Mid-ses sion Re view” of the 3,572 3,228 3,738 2,527 3,509 1,868 2,457 2,383 2,181 2,742 2,771 3,131 4,242 149,737 r 90,064 81,836 143,338 r 129,927 r 65,146 r 92,548 r 219,490 r 62,723 r 156,929 87,959 91,554 161,304 31,210 29,910 32,142 35,309 41,801 34,356 37,867 46,739 35,940 42,578 33,964 34,770 39,093 34,777 1,382,817 444,468 fiscal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999. These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form framework. 16 FED ERAL FIS CAL OP ER A TIONS TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] De part- Department Department Fis cal year or month Legislative branch (1) 1995 1 . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1999 1 . . . . . . . . . . . . . . 2,621 2,272 2,361 2,543 2,621 2,903 3,061 3,259 3,463 3,793 56,667 54,338 52,558 53,949 62,885 3,403 3,703 3,780 4,047 5,036 259,565 253,258 258,330 256,136 261,379 31,321 29,900 30,013 30,492 33,521 17,618 16,199 14,470 14,444 16,079 303,074 319,803 339,492 350,564 359,700 29,045 25,512 27,833 30,224 32,736 7,415 6,720 6,724 7,234 7,773 10,781 11,951 14,291 16,129 18,318 32,170 32,496 30,461 30,003 32,459 1999 - Est.. . . . . . . . . . . 2,853 3,912 62,678 4,796 268,570 34,323 15,544 371,260 32,988 8,580 18,648 32,885 1998 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1999 - Jan. . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . . May. . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . 283 326 202 243 199 189 188 196 203 263 199 212 201 303 370 250 292 353 308 310 374 309 293 307 311 317 6,158 6,652 8,643 6,469 7,137 3,964 4,974 4,018 3,450 6,020 3,603 3,555 4,399 402 397 507 524 320 382 362 389 380 506 379 430 460 23,574 24,183 16,640 25,756 18,262 19,883 24,230 24,049 18,162 22,808 24,793 19,661 22,951 2,738 2,758 2,442 3,080 3,132 3,130 4,258 2,194 2,538 2,101 1,973 2,422 3,492 1,375 1,439 1,281 1,705 922 1,240 1,169 1,224 1,315 1,581 1,335 1,317 1,551 29,010 33,425 24,542 32,703 26,282 28,438 32,359 34,225 25,202 31,187 32,700 27,446 31,187 3,990 2,930 2,049 3,359 2,793 1,937 2,344 1,969 2,855 2,616 2,290 2,816 4,776 781 684 599 1,006 457 826 600 481 510 500 668 638 805 1,037 1,285 1,555 1,471 1,472 1,322 1,506 1,946 1,306 1,823 1,333 1,638 1,661 2,227 2,409 2,228 2,516 3,018 2,650 3,218 3,056 2,619 2,560 2,757 2,769 2,656 Fis cal 1999. . . . . . . . . . 2,621 3,793 62,885 5,036 261,379 33,521 16,079 359,700 32,736 7,773 18,318 32,459 Fis cal year or month 1 De partDe part- ment of De partJudicial ment of ment of Defense, ment of branch Agriculture Commerce mil i tary Education (2) (3) (4) (5) (6) De part ment of Depart- the Trea sury, DepartDepartDepart- ment of interest ment of the ment of Corps ment Transporon the Treasury, Veterans of of State tation Pub lic Debt other Affairs Engineers (13) (14) (15) (16) (17) (18) Depart- of Health of Housing Department of and Hu man and Ur ban ment of Energy Services Development the In te rior (7) (8) (9) (10) Department of Justice (11) Department of Labor (12) Other EnvironFederal General InterDe fense, mental Executive Emergency Services national civil Protection Of fice of the Management Admin- Assistance programs Agency President Agency istration Program (19) (20) (21) (22) (23) (24) 1995 . . . . . . . . . . . . . . 1996 1 . . . . . . . . . . . . . . 1997 1 . . . . . . . . . . . . . . 1998 1 . . . . . . . . . . . . . . 1999 1 . . . . . . . . . . . . . . 5,347 4,953 5,237 4,585 6,464 38,776 38,777 39,838 39,468 41,819 332,414 343,955 355,796 363,824 353,511 16,027 21,375 23,585 26,276 33,769 37,770 36,915 39,279 41,775 43,169 3,833 4,186 31,664 32,535 33,833 31,215 32,008 6,349 6,046 6,167 6,300 6,752 213 202 219 213 416 2,101 4,040 708 625 1,083 1,136 -46 11,163 9,716 10,191 9,001 10,059 1999 - Est.. . . . . . . . . . . 7,034 41,913 354,651 33,799 43,913 4,209 32,311 6,666 387 3,120 361 10,497 1998 - Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1999 - Jan. . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . . May. . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . 370 504 808 816 374 485 499 583 434 373 612 477 497 4,224 3,743 3,660 3,679 2,739 2,484 2,888 3,020 3,212 4,129 3,705 4,040 4,518 20,878 -2,129 20,655 2,126 25,440 61 69,882 2,556 19,828 r 1,201 19,870 r 11,216 21,278 r 8,199 20,337 r 4,259 25,383 r 1,771 70,054 r 3,012 19,223 1,780 21,776 -305 19,785 -2,106 3,467 5,463 1,825 5,145 1,824 3,562 3,675 5,483 1,886 3,628 5,142 1,904 3,633 460 298 484 501 262 312 347 235 257 r 285 364 352 490 2,590 2,636 2,632 2,654 2,678 2,682 2,693 2,707 2,666 2,666 2,664 2,668 2,662 608 486 515 639 447 516 593 573 537 666 563 608 609 11 13 46 105 18 74 20 40 21 19 20 20 21 226 381 665 782 434 238 343 184 194 328 130 211 151 -126 29 424 -414 -31 -62 165 66 -26 104 -65 -167 -69 666 -105 4,157 314 768 976 568 1,121 427 728 -3 347 761 Fis cal 1999 . . . . . . . . . . 6,464 41,819 43,169 4,186 32,008 6,752 416 4,040 -46 10,059 See foot note at end of ta ble. 353,511 33,769 FED ERAL FIS CAL OP ER A TIONS 17 TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con. [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] Fis cal year or month National Aeronautics and Na tional Of fice of Small Space Science Personnel Business AdminisFoun- Manage- Administration dation ment tration (25) (26) (27) (28) Social Security Administration (29) Other independent agencies (30) Un dis trib uted off set ting re ceipts Rents and Employer Interest royalties Allowshare, received on the Outer ances employee by trust Continental and retirement funds Shelf lands other (31) (32) (33) (34) To tal outays OnOffbudget bud get (35) (36) 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 1999 1 . . . . . . . . . . . . . . 13,664 3,285 47,515 58 419,790 6,865 -35,594 -118,634 -3,098 -1,754 1,383,767 320,778 1999 - Est.. . . . . . . . . . . 14,043 3,259 48,268 -814 420,509 6,482 -35,498 -119,104 -3,442 -2,099 1,406,683 320,819 1998 - Sept . . . . . . . . . . 1,335 289 4,083 -443 34,309 8,944 -6,067 -1,006 -354 -1,488 107,911 34,814 Oct. . . . . . . . . . . 1,085 249 3,890 16 36,349 2,217 -2,861 -1,404 -217 * 123,752 28,661 Nov . . . . . . . . . . 1,114 249 3,912 39 31,729 436 -2,347 -5,390 -481 * 99,975 30,940 Dec . . . . . . . . . . 1,452 240 4,061 34 66,316 -577 -2,746 -50,164 -316 -281 149,258 34,544 1999 - Jan. . . . . . . . . . . 988 278 3,732 156 2,826 939 -2,544 -55 14 - r 102,385 -1,162 Feb . . . . . . . . . . 889 247 3,694 -828 34,539 489 -2,522 -1,110 -178 - r 110,656 31,192 Mar . . . . . . . . . . 1,178 253 4,104 49 34,781 -128 -2,583 -825 -379 -414 r 122,211 30,614 Apr . . . . . . . . . . . 1,111 249 3,814 34 37,120 1,295 -2,827 -606 -149 * 123,474 29,296 May . . . . . . . . . . 1,140 261 3,963 12 32,362 -2,417 -2,606 -5,438 -33 -226 91,435 31,197 June. . . . . . . . . . 1,281 328 4,047 114 38,842 -2,468 -2,711 -51,177 -567 * 136,141 9,798 July . . . . . . . . . . 1,051 294 4,079 21 37,246 1,168 -3,151 -31 -6 -56 117,652 29,434 Aug . . . . . . . . . . 1,113 339 3,856 160 32,659 327 -2,620 -1,381 -475 - 97,983 31,143 Sept . . . . . . . . . . 1,261 299 4,363 249 35,020 5,580 -6,076 -1,052 -311 -777 108,846 35,120 Fis cal 1999 . . . . . . . . . . 13,664 3,285 47,515 58 419,790 6,865 -35,594 -118,634 -3,098 -1,754 1,383,767 320,778 * Less than $500,000. 1 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury 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 es ti mates are based on the “Mid-session Re view” of the fis cal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999. These estimates exclude the Administration’s Medicare and Social Se cu rity re form framework. 18 FED ERAL FIS CAL OP ER A TIONS TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Agency, Sep tem ber 1999 and Other Pe riods [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Clas si fi ca tion Bud get re ceipts: In di vid ual in come taxes. . . . . . . . . . . . . . . . . . . . . . . Cor po ra tion in come taxes. . . . . . . . . . . . . . . . . . . . . So cial in sur ance and re tire ment re ceipts: Em ploy ment and gen eral re tire ment (off-budget) . . . . . . . . . . . . Em ploy ment and gen eral re tire ment (on-budget) . . . . . . . . . . . . Un em ploy ment in sur ance . . . . . . . . . . . . . . . . . . Other re tire ment. . . . . . . . . . . . . . . . . . . . . . . . . . Ex cise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Es tate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . Cus toms du ties. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mis cel la neous re ceipts . . . . . . . . . . . . . . . . . . . . . . . To tal re ceipts. . . . . . . . . . . . . . . . . . . . . . . . . . . (On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . (Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . Bud get out lays: Leg is la tive branch. . . . . . . . . . . . . . . . . . . . . . . . . . . Ju di cial branch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . De part ment of Ag ri cul ture. . . . . . . . . . . . . . . . . . . . . De part ment of Com merce. . . . . . . . . . . . . . . . . . . . . De part ment of De fense-military . . . . . . . . . . . . . . . . De part ment of Ed u ca tion . . . . . . . . . . . . . . . . . . . . . De part ment of En ergy . . . . . . . . . . . . . . . . . . . . . . . . De part ment of Health and Hu man Ser vices. . . . . . . De part ment of Hous ing and Ur ban De vel op ment. . . De part ment of the In te rior. . . . . . . . . . . . . . . . . . . . . De part ment of Jus tice . . . . . . . . . . . . . . . . . . . . . . . . De part ment of La bor. . . . . . . . . . . . . . . . . . . . . . . . . De part ment of State . . . . . . . . . . . . . . . . . . . . . . . . . De part ment of Transportation. . . . . . . . . . . . . . . . . . De part ment of theTreasury: In ter est on the pub lic debt. . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . De part ment of Vet er ans Af fairs . . . . . . . . . . . . . . . . . Corps of En gi neers. . . . . . . . . . . . . . . . . . . . . . . . . . Other de fense civil pro grams . . . . . . . . . . . . . . . . . . En vi ron men tal Pro tec tion Agency. . . . . . . . . . . . . . . Ex ec u tive Of fice of the Pres i dent . . . . . . . . . . . . . . . Fed eral Emer gency Man age ment Agency . . . . . . . . Gen eral Ser vices Ad min is tra tion. . . . . . . . . . . . . . . . In ter na tional As sis tance Pro gram . . . . . . . . . . . . . . . Na tional Aero nau tics and Space Ad min is tra tion . . . . Na tional Sci ence Foun da tion . . . . . . . . . . . . . . . . . . Of fice of Per son nel Man age ment . . . . . . . . . . . . . . . Small Busi ness Ad min is tra tion . . . . . . . . . . . . . . . . . So cial Se cu rity Ad min is tra tion. . . . . . . . . . . . . . . . . . Other in de pend ent agen cies. . . . . . . . . . . . . . . . . . . Un dis trib uted off set ting re ceipts: In ter est. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . To tal out lays. . . . . . . . . . . . . . . . . . . . . . . . . . . (On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . (Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . Sur plus (+) or def i cit (-) . . . . . . . . . . . . . . . . . . . (On-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . (Off-budget). . . . . . . . . . . . . . . . . . . . . . . . . . . - No trans ac tions. * Less than $500,000. This fis cal year to date Management, con sol i dated, re volv ing and Gen eral funds spe cial funds Trust funds To tal funds Gen eral funds (1) (2) (3) (4) (5) Prior fis cal year to date Management, con sol i dated, re volv ing and Trust spe cial funds funds (6) (7) To tal funds (8) 879,419 184,670 61 - 10 879,480 184,680 828,523 188,598 63 - 79 828,587 188,677 - - 444,468 444,468 - - 415,800 415,800 18,958 27,782 12,007 27,614 1,150,449 443 5,720 6,731 12,956 136,411 26,480 4,472 50,998 609 432 663,881 136,411 26,480 4,472 70,399 27,782 18,336 34,777 1,827,285 21,223 24,076 11,860 27,030 1,101,310 439 5,725 4,809 11,037 124,215 27,484 4,335 36,007 711 486 609,119 124,215 27,484 4,335 57,669 24,076 18,297 32,325 1,721,465 1,150,449 12,956 219,412 1,382,817 1,101,310 11,037 193,319 1,305,666 - - 444,468 444,468 - - 415,800 415,800 2,462 3,642 43,899 5,059 260,354 33,555 17,257 238,583 37,236 7,322 12,375 7,515 6,228 4,784 141 120 18,961 -34 864 -34 -1,180 53 -4,500 291 938 -660 -44 -57 17 31 -21 11 161 * 2 121,063 * 174 5,005 25,604 279 37,091 2,621 3,793 62,839 5,036 261,379 33,521 16,079 359,700 32,736 7,787 18,318 32,459 6,463 41,819 2,345 3,413 44,093 4,225 255,471 31,634 16,215 222,779 33,781 6,927 11,551 7,194 5,073 8,935 236 21 9,817 -169 493 -136 -1,774 -8 -3,556 68 931 -1,222 45 67 19 30 40 -10 160 * 3 127,800 237 3,687 24,031 255 30,465 2,600 3,463 53,950 4,047 256,124 31,498 14,444 350,571 30,224 7,232 16,169 30,002 5,373 39,467 353,511 33,679 43,746 3,978 15,314 5,731 416 4,109 175 11,092 13,663 3,244 25,982 529 40,579 8,004 -580 -1,587 -97 2 * * -69 -222 -1,565 * -11 -471 -2 -1,945 95 1,010 305 16,692 1,021 1 * * 534 1 42 21,544 * 379,212 870 353,511 33,195 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 13,664 3,285 47,515 58 419,790 6,929 363,824 24,981 41,206 3,416 15,175 5,353 222 2,562 238 10,832 14,205 3,144 25,539 312 38,135 11,257 1,241 -445 -148 * -4 * -462 856 -1,778 -27 -390 * -4,931 48 1,015 565 16,041 939 13 * * -74 1 44 20,796 * 370,068 4,326 363,824 26,270 41,776 3,833 31,216 6,288 236 2,101 1,095 8,980 14,206 3,188 46,307 -78 408,202 10,653 -3,854 1,240,172 -997 7,317 -118,634 -35,594 456,518 -118,634 -40,446 1,704,006 -10,878 1,203,158 -1,448 -2,724 -113,839 -34,872 451,789 -113,839 -47,197 1,652,224 1,240,172 6,296 136,761 1,383,228 1,203,158 -2,940 135,404 1,335,622 - 1,021 319,757 320,778 - 217 316,385 316,602 -89,723 5,639 207,363 123,279 -101,848 13,760 157,329 69,242 -89,723 6,660 82,651 -412 -101,848 13,977 57,915 -29,956 - -1,021 124,712 123,691 - -217 99,414 99,198 19 INTRODUCTION: Source and Availability of the Bal ance in the Account of the U.S. Treasury The De part ment of Trea sury’s (Trea sury) op er at ing cash is main tained in ac counts with the Fed eral Re serve Banks (FRBs) and branches, as well as in tax and loan ac counts in other fi nan cial in sti tu tions. Ma jor in for ma tion sources in clude the Daily Bal ance Wire re ceived from the FRBs and branches, and elec tronic trans fers through the Let ter of Credit Pay ment, Fedline Pay ment and Fedwire De posit Sys tems. As the FRB accounts are de pleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the coun try. Under au thor ity of Pub lic Law 95-147, Trea sury im plemented a pro gram on No vem ber 2, 1978, to in vest a por tion of its op er at ing cash in ob li ga tions of depositaries main tain ing tax and loan ac counts. Un der the Trea sury tax and loan in vest ment pro gram, de pos i tary fi nan cial in sti tu tions se lect the man ner in which they will par tic i pate. Fi nan cial in sti tu tions wish ing to re tain funds de pos ited into their tax and loan ac counts in in ter - est-bearing ob li ga tions par tic i pate un der the Note Op tion. The pro gram per mits Trea sury to col lect funds through fi nan cial insti tu tions and to leave the funds in Note Op tion depositaries and in the fi nan cial com mu ni ties in which they arise un til Treasury needs the funds for its op er a tions. In this way, Trea sury is able to neutralize the effect of its fluc tu at ing op er a tions on Note Op tion fi nan cial in sti tu tion re serves and on the econ omy. Likewise, those in sti tu tions wish ing to re mit the funds to the Trea sury’s ac count at FRBs do so un der the Re mit tance Option. De posits to tax and loan ac counts oc cur as cus tom ers of finan cial in sti tu tions de posit tax pay ments, which the fi nan cial institutions use to purchase Gov ernment securities. In most cases, this in volves a trans fer of funds from a cus tomer’s ac count to the tax and loan ac count in the same fi nan cial in sti tution. Also, Trea sury can di rect the FRBs to in vest ex cess funds in tax and loan ac counts di rectly from the Trea sury ac count at TA BLE UST-1.—El e ments of Change in Fed eral Re serve and Tax and Loan Note Ac count Bal ances [In mil lions of dol lars. Source: Fi nan cial Man age ment Servic e] Credits and with draw als Fis cal year or month Fed eral Re serve ac counts Credits 1 Re ceived through Re mittance Op tion tax and Re ceived di rectly loan depositaries (1) (2) With drawals (3) 2 Tax and loan note ac counts Withdrawals (trans fers to Fed eral 3 Taxes Re serve ac counts) (4) (5) 1995 . . . . . . . . . . . . . . . 3,904,812 226,833 4,129,866 642,952 642,716 1996 . . . . . . . . . . . . . . . 4,366,413 194,156 4,561,495 629,083 621,887 1997 . . . . . . . . . . . . . . . 4,263,210 191,134 4,454,345 775,799 776,394 1998 . . . . . . . . . . . . . . . 4,238,957 259,197 4,500,895 969,668 971,671 1999 . . . . . . . . . . . . . . . 4,893,279 259,019 5,150,608 1,048,120 1,032,230 1998 - Sept. . . . . . . . . . 342,862 24,424 369,039 92,010 87,807 Oct. . . . . . . . . . . 286,216 20,048 306,776 72,447 74,597 Nov. . . . . . . . . . . 364,049 21,110 384,380 67,868 88,981 Dec. . . . . . . . . . . 406,620 31,232 436,984 110,726 109,972 1999 - Jan. . . . . . . . . . . 326,580 22,904 347,947 78,185 40,156 Feb. . . . . . . . . . . 369,971 20,951 394,007 72,921 122,268 Mar . . . . . . . . . . 432,087 25,994 457,245 94,848 78,696 Apr . . . . . . . . . . . 638,403 20,287 654,024 97,109 65,263 May . . . . . . . . . . 376,386 16,401 397,771 74,694 102,205 June. . . . . . . . . . 460,130 22,476 480,942 110,685 84,890 July . . . . . . . . . . 352,815 17,805 372,356 81,092 92,909 Aug . . . . . . . . . . 443,460 17,931 460,817 80,137 83,871 Sept . . . . . . . . . . 436,562 21,880 457,360 107,408 88,422 See foot notes at end of ta ble. 20 AC COUNT OF THE U.S. TREA SURY TA BLE UST-1.—El e ments of Change in Fed eral Re serve and Tax and Loan Note Ac count Bal ances, con. [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Balances Fis cal year or month End of pe riod Federal Tax and loan Reserve note accounts (6) (7) High Federal Tax and loan Reserve note ac counts (8) (9) Dur ing pe riod Low Federal Tax and loan Reserve note ac counts (10) (11) Federal Reserve (12) Average Tax and loan note ac counts (13) 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 r . . . . . . . . . . . . . . 7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 1998 r . . . . . . . . . . . . . . 4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 1999 . . . . . . . . . . . . . . . 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 1998 - Sept . . . . . . . . . 4,952 33,926 8,555 48,056 3,407 1,772 6,296 20,377 Oct. . . . . . . . . . . 4,440 31,776 6,382 36,389 4,440 4,153 5,407 19,314 Nov. . . . . . . . . . 5,219 10,663 6,056 31,776 4,056 10,663 5,135 18,680 Dec. . . . . . . . . . 6,086 11,417 10,174 51,804 3,837 1,442 5,923 24,419 1999 - Jan. . . . . . . . . . . 7,623 49,446 8,001 58,264 4,960 11,417 6,597 30,760 Feb. . . . . . . . . . 4,538 100 6,334 32,580 3,777 100 4,800 6,874 Mar. . . . . . . . . . 5,374 16,252 10,305 21,963 4,671 5,213 5,463 12,082 Apr. . . . . . . . . . . 10,040 48,098 10,052 65,585 3,873 1,557 6,379 16,489 May. . . . . . . . . . 5,056 20,586 10,040 48,098 4,095 18,897 5,421 28,434 June . . . . . . . . . 6,720 46,382 8,021 57,036 3,838 923 5,929 24,022 July. . . . . . . . . . 4,984 34,565 6,141 38,665 4,566 15,642 5,221 27,191 Aug. . . . . . . . . . 5,559 30,831 5,703 34,565 4,439 3,018 5,076 9,184 Sept . . . . . . . . . 6,641 49,817 10,128 65,300 4,146 3,714 6,389 29,293 1 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties other than Gov ern ment ac count se ries and taxes. 2 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp tions of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds out of this ac count to the tax and loan note ac counts. 3 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be ginning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion income taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988. 21 IN TRO DUC TION: Fed eral Debt Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise most of the Fed eral debt, with se cu ri ties is sued by other Fed eral agen cies ac count ing for the rest. Ta bles in this sec tion of the “Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in forma tion is pub lished in the “Monthly State ment of the Pub lic Debt of the United States.” Like wise, in for ma tion on agency securities and on investments of Federal Government ac counts in Fed eral se cu ri ties is pub lished in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States Government.” • Table FD-1 sum ma rizes the Fed eral debt by list ing public debt and agency se cu ri ties held by the pub lic, in clud ing the Fed eral Re serve. It also in cludes debt held by Fed eral agen cies, largely by the So cial Se cu rity and other Fed eral re tire ment trust funds. The net un am or tized pre mium and dis count also are listed by to tal Fed eral se cu ri ties, se cu ri ties held by Gov ern ment ac counts and se cu ri ties held by the pub lic. The dif fer ence be tween the out stand ing face value of the Fed eral debt and the net un am or tized pre mium and dis count is clas sified as the ac crual amount. (For greater de tail on hold ings of Fed eral se cu ri ties by par tic u lar classes of in ves tors, see the own er ship ta bles, OFS-1 and OFS-2.) • Table FD-2cat e go rizes by type in ter est-bearing mar ketable and non mar ket able Trea sury se cu ri ties. The difference between in ter est-bearing and to tal pub lic debt se cu ri ties reflects out stand ing ma tured Trea sury se cu ri ties—that is, un redeemed securities that have matured and are no longer ac cru ing in ter est. Be cause the Fed eral Fi nancing Bank is under the su per vi sion of Trea sury, its se cu ri ties are held by a U.S. Gov ern ment ac count. • In ta ble FD-3, non mar ket able Trea sury se cu ri ties held by U.S. Government accounts are sum ma rized by is sues to par tic u lar funds within Gov ern ment. Many of the funds in vest in par value spe cial se ries nonmarketables at in ter est rates deter mined by law. Oth ers in vest in mar ket-based spe cial Treasury securities whose terms mirror those of marketable securities. • Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued by Gov ern ment agen cies. Fed eral agency bor row ing has declined in re cent years, in part be cause the Fed eral Fi nancing Bank has pro vided fi nanc ing to other Fed eral agen cies. (Federal agency borrowing from Treasury is pre sented in the “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment.”) • Ta bleFD-5 il lus trates the av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors and the ma tu rity dis tri bu tion of that debt. The av er age length hit a low of 2 years, 5 months in December 1975. The length then gradually in creased un til it reached a high of 6 years, 4 months in May 1991. Since then, the av er age length has de creased. For ex am ple, dur ing most of 1996 the av er age length was at 5 years, 3 months. In March 1971, Con gress en acted a lim ited ex cep tion to the amount of bonds with rates greater than 4-1/4 per cent that could be held by the pub lic. This per mit ted Trea sury to of fer se cu ri ties ma tur ing in more than 7 years at cur rent mar ket inter est rates for the first time since 1965. In March 1976, the def i ni tion of a bond was changed to in clude those se cu ri ties longer than 10 years to ma tu rity. This ex cep tion has ex panded since 1971, au thorizing Trea sury to con tinue to iss u e long-term se cu ri ties. The ceil ing on Trea sury bonds was repealed on No vem ber 10, 1988. The vol ume of pri vately held Trea sury mar ket able se cu rities by ma tu rity class re flects the re main ing pe riod to ma tu rity of Trea sury bills, notes and bonds. The av er age length is comprised of an average of re maining periods to ma tu rity, weighted by the amount of each se cu rity held by pri vate in vestors. In other words, com pu ta tions of av er age length ex clude Gov ern ment ac counts and the FRBs. • In ta ble FD-6, the debt ceil ing is com pared with the outstand ing debt sub ject to lim i ta tion by law. The other debt cat egory in cludes Fed eral debt Con gress has des ig nated as be ing sub ject to the debt ceil ing. Changes in the non-interest-bearing debt shown in the last col umn re flect ma tu ri ties of Treasury se cu ri ties on non busi ness days, which can be re deemed on the next busi ness day. • Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties issued by Gov ern ment cor po ra tions and other agen cies. Cer tain Federal agencies are authorized to borrow money from the Trea sury, largely to fi nance di rect loan pro grams. In ad di tion, agen cies such as the Bonneville Power Ad min is tra tion are autho rized to bor row from the Trea sury to fi nance cap i tal projects. Treasury, in turn, finances these loans by selli n g Trea sury se cu ri ties to the pub lic. 22 FED ERAL DEBT TA BLE FD-1.—Sum mary of Fed eral Debt [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] Se cu ri ties held by End of fis cal year or month 1995 1996 1997 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount outstanding Pub lic debt Agency securities se cu ri ties Total . . . . Gov ern ment ac counts Pub lic debt Agency To tal se cu ri ties se cu ri ties To tal The pub lic Pub lic debt se cu ri ties Agency se cu ri ties . . . . 5,000,945 5,259,854 5,446,333 5,555,565 4,973,983 5,224,811 5,413,146 5,526,193 26,962 35,043 33,187 29,372 1,320,800 1,454,608 1,605,557 1,769,497 1,320,784 1,447,001 1,598,459 1,765,580 16 7,606 7,098 3,917 3,680,145 3,805,246 3,840,776 3,786,068 3,653,199 3,777,810 3,814,687 3,760,613 26,946 27,437 26,089 25,455 1999 . . . . . . . . . . . . 5,685,181 5,656,271 28,910 1,989,705 1,989,072 634 3,695,476 3,667,199 28,276 1998 - Sept . . . . . . . . Oct. . . . . . . . . Nov . . . . . . . . 5,555,565 5,588,301 5,621,009 5,526,193 5,559,255 5,591,979 29,372 29,046 29,030 1,769,497 1,789,068 1,799,471 1,765,580 1,788,351 1,798,755 3,917 717 717 3,786,068 3,799,233 3,821,538 3,760,613 3,770,904 3,793,224 25,455 28,329 28,313 Dec . . . . . . . . 5,643,435 5,614,217 29,218 1,827,543 1,826,826 717 3,815,892 3,787,391 28,501 1999 - Jan. . . . . . . . . Feb . . . . . . . . Mar . . . . . . . . 5,639,054 5,650,706 5,680,450 5,610,117 5,621,946 5,651,615 28,937 28,760 28,835 1,854,971 1,864,805 1,857,783 1,854,253 1,864,089 1,857,066 717 717 717 3,784,083 3,785,901 3,822,667 3,755,864 3,757,857 3,794,549 28,220 28,043 28,118 Apr . . . . . . . . . 5,614,538 5,585,840 28,698 1,876,571 1,875,854 717 3,737,967 3,709,986 27,981 May . June . July . Aug . Sept . 5,632,895 5,667,682 5,667,400 5,701,027 5,685,181 5,604,198 5,638,780 5,638,656 5,672,386 5,656,271 28,697 28,902 28,744 28,641 28,910 1,896,258 1,954,247 1,952,587 1,959,698 1,989,705 1,895,541 1,953,613 1,951,953 1,959,064 1,989,072 717 634 634 634 634 3,736,637 3,713,435 3,714,813 3,741,329 3,695,476 3,708,657 3,685,167 3,686,703 3,713,322 3,667,199 27,980 28,268 28,110 28,007 28,276 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fed eral debt se cu ri ties End of fis cal year or month Amount outstand ing face value Net unamortized pre mium and dis count (10) (11) Se cu ri ties held by Gov ern ment ac counts Ac crual amount Amount outstand ing face value Net unamortized premium and dis count (12) (13) (14) Se cu ri ties held by the pub lic Accrual amount Amount out stand ing face value Net unamortized pre mium and dis count Accrual amount (15) (16) (17) (18) 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 1997 . . . . . . . . . . . . 5,000,945 5,259,854 5,446,333 79,995 77,931 76,633 4,920,950 5,181,923 5,369,700 1,320,800 1,454,608 1,605,557 3,188 5,698 6,984 1,317,612 1,448,910 1,598,573 3,680,145 3,805,246 3,840,776 76,807 72,233 69,649 3,603,338 3,733,013 3,771,127 1998 . . . . . . . . . . . . 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092 1999 . . . . . . . . . . . . 5,685,181 78,696 5,606,486 1,989,705 16,510 1,973,196 3,695,476 62,186 3,633,290 1998 - Sept . . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . 5,555,565 5,588,301 5,621,009 76,849 74,904 74,973 5,478,717 5,513,397 5,546,037 1,769,497 1,789,068 1,799,471 10,872 11,093 10,992 1,758,625 1,777,975 1,788,479 3,786,068 3,799,233 3,821,538 65,977 63,811 63,981 3,720,092 3,735,422 3,757,558 Dec . . . . . . . . 5,643,435 74,677 5,568,759 1,827,543 10,952 1,816,591 3,815,892 63,725 3,752,168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,639,054 5,650,706 5,680,450 5,614,538 5,632,895 74,201 75,990 75,979 76,997 76,793 5,564,854 5,574,716 5,604,472 5,537,540 5,556,101 1,854,971 1,864,805 1,857,783 1,876,571 1,896,258 11,035 12,697 12,935 13,446 14,021 1,843,935 1,852,109 1,844,848 1,863,124 1,882,236 3,784,083 3,785,901 3,822,667 3,737,967 3,736,637 63,166 63,293 63,044 63,551 62,772 3,720,919 3,722,607 3,759,624 3,674,416 3,673,865 June . July . Aug . Sept . . . . . . . . . . . . . . . . . 5,667,682 5,667,400 5,701,027 5,685,181 77,138 77,853 78,146 78,696 5,590,544 5,589,547 5,622,881 5,606,486 1,954,247 1,952,587 1,959,698 1,989,705 15,322 15,852 16,099 16,510 1,938,925 1,936,735 1,943,599 1,973,196 3,713,435 3,714,813 3,741,329 3,695,476 61,816 62,001 62,047 62,186 3,651,619 3,652,812 3,679,282 3,633,290 1999 - Jan. Feb Mar Apr . May . . . . . . . . . . . . FED ERAL DEBT 23 TA BLE FD-2.—In ter est-Bearing Pub lic Debt [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”] Marketable To tal Trea sury bills Trea sury notes Trea sury bonds Trea sury in fla tion-indexed notes Fed eral Fi nancing Bank Non mar ket able To tal (1) (2) (3) (4) (5) (6) (7) (8) 1995. . . . . . . . . . . 4,950,644 3,260,447 742,462 1,980,343 522,643 - 15,000 1,690,197 1996. . . . . . . . . . . 5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419 1997. . . . . . . . . . . 1998. . . . . . . . . . . 1999. . . . . . . . . . . 5,407,528 5,518,681 5,647,241 3,439,616 3,331,030 3,232,998 701,909 637,648 653,165 2,122,172 2,009,115 1,828,775 576,151 610,444 643,695 24,384 58,823 92,365 15,000 15,000 15,000 1,967,912 2,187,651 2,414,242 1998 - Sept . . . . . . . 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 Oct Nov Dec 1999 - Jan. Feb 5,515,449 5,584,548 5,605,401 5,568,063 5,580,223 3,308,852 3,363,372 3,355,457 3,292,804 3,294,534 651,414 685,481 690,986 662,725 667,495 1,964,603 1,974,251 1,960,668 1,917,738 1,903,388 610,444 621,166 621,166 621,166 632,516 67,391 67,474 67,637 76,174 76,134 15,000 15,000 15,000 15,000 15,000 2,206,597 2,221,176 2,249,944 2,275,260 2,285,689 Mar . . . . . . . 5,643,138 3,361,344 725,517 1,912,003 632,516 76,307 15,000 2,281,795 Apr . . . . . . . May . . . . . . . June. . . . . . . 5,577,369 5,563,128 5,629,535 3,272,572 3,240,626 3,248,509 650,083 648,489 647,844 1,891,214 1,860,612 1,868,541 632,516 632,516 632,516 83,759 84,009 84,608 15,000 15,000 15,000 2,304,797 2,322,502 2,381,026 July . . . . . . . 5,599,069 3,223,689 654,796 1,829,279 632,516 92,097 15,000 2,375,380 Aug . . . . . . . Sept . . . . . . . 5,663,351 5,647,241 3,280,999 3,232,998 689,895 653,165 1,840,312 1,828,775 643,695 643,695 92,097 92,365 15,000 15,000 2,382,352 2,414,242 End of fis cal year or month . . . . . . . . . . . . . . . To tal in ter est-bearing pub lic debt . . . . . . . . . . . . . . . . . . . . End of fis cal year or month U.S. savings securities (9) 1995 . . . . . . . . . . . . . . . . . . 1996 . 1997 . 1998 . 1999 . For eign se ries (10) Non mar ket able, con. Gov ern ment State and lo cal ac count se ries gov ern ment se ries (11) (12) Do mes tic se ries (13) Other (14) 181,181 40,950 1,324,270 113,368 29,995 432 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184,147 182,665 180,816 180,019 37,488 34,909 35,079 30,970 1,454,690 1,608,478 1,777,329 2,005,166 95,674 111,863 164,431 168,091 29,995 29,995 29,995 29,995 424 1 1 1 1998 - Sept Oct. Nov Dec 1999 - Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,816 181,210 181,469 180,326 180,426 35,079 32,792 34,417 34,322 34,122 1,777,329 1,798,579 1,811,934 1,840,012 1,866,255 164,431 164,019 163,360 165,287 164,460 29,995 29,995 29,995 29,995 29,995 1 1 1 1 1 Feb . Mar . Apr . . May . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,579 180,614 180,750 179,952 179,979 33,922 33,522 32,922 31,846 30,920 1,875,939 1,870,215 1,889,400 1,908,341 1,967,542 165,252 167,447 171,728 172,366 172,589 29,995 29,995 29,995 29,995 29,995 1 1 1 1 1 July . . . . . . . . . . . . . . 180,087 30,920 1,964,756 169,621 29,995 1 Aug . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . 179,973 180,019 30,745 30,970 1,973,088 2,005,166 168,550 168,091 29,995 29,995 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 FED ERAL DEBT Ta ble FD-3.—Gov ern ment Ac count Series [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”] End of fis cal year or month To tal Air port and Air way Trust Fund Bank In sur ance Fund Federal Fed eral Em ployees Exchange Disability em ployees Life In sur- sta bi li za tion In sur ance re tire ment ance Fund fund Trust Fund funds Federal Hospital In sur ance Trust Fund Federal Fed eral Old-age and Housing Survivors Ad min is tra- In sur ance tion Trust Fund 1995. . . . . . . . . . . . 1,324,270 11,145 20,117 15,839 2,399 35,150 357,539 129,864 6,277 447,947 1996. 1997. 1998. 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,454,690 1,608,478 1,777,329 2,005,166 7,682 6,360 8,550 12,414 22,186 26,329 27,445 28,359 16,962 18,038 19,377 20,755 11,853 15,460 15,981 12,382 50,051 63,513 76,947 92,622 377,677 407,202 440,145 474,692 125,805 116,621 118,250 153,767 7,894 13,643 14,518 15,152 499,403 567,445 653,282 762,226 1998 - Sept . Oct . Nov . Dec . 1999 - Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,777,329 1,798,579 1,811,934 1,840,012 1,866,255 8,550 10,213 10,849 12,075 11,047 27,445 27,456 27,817 27,982 27,564 19,377 18,972 19,657 19,539 19,405 15,981 16,046 15,926 14,418 14,472 76,947 77,191 77,543 78,215 82,319 440,145 442,427 440,081 454,464 451,983 118,250 115,067 117,520 120,739 126,973 14,518 14,708 15,211 15,307 15,307 653,282 655,461 656,371 662,376 692,979 Feb . Mar . Apr . May . June. . . . . . . . . . . . . . . . . . . . . . . . . . 1,875,939 1,870,215 1,889,400 1,908,341 1,967,542 11,151 10,950 11,096 11,309 11,861 27,757 28,046 28,094 28,158 28,428 19,937 19,995 20,112 19,892 20,413 19,271 14,557 12,902 12,922 13,546 82,947 83,845 86,127 86,841 90,867 449,664 447,221 445,029 442,726 456,921 125,385 124,181 128,550 131,905 139,591 15,600 14,761 16,405 16,803 16,954 695,930 701,098 716,667 720,469 749,287 July . . . . . . . . 1,964,756 12,042 27,995 20,439 13,427 91,270 454,718 139,604 17,709 753,396 Aug . . . . . . . . Sept. . . . . . . . 1,973,088 2,005,166 12,312 12,414 28,650 28,359 20,729 20,755 13,328 12,382 91,586 92,622 452,324 474,692 141,955 153,767 17,898 15,152 755,857 762,226 Trea sury de posit funds Un em ployment Trust Fund Other . . . . . . . . . . . . . . End of fis cal year or month Federal Sav ings and Loan Corporation, resolution fund Federal Sup ple menNational tary Med i cal Government Ser vice Life Railroad In sur ance life in sur ance Highway Insurance Postal Retirement Trust Fund fund Trust Fund fund Ser vice fund Account (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 1995 . . . . . . . . . . . 1996 . . . . . . . . . . . 1997 . . . . . . . . . . . 528 694 1,806 13,513 27,175 34,464 106 99 - 8,954 11,660 22,341 11,954 12,007 12,023 1,249 860 860 12,129 14,763 17,486 130 77 74 47,098 53,849 61,880 202,332 213,993 222,933 1998 . . . . . . . . . . . 1999 . . . . . . . . . . . 2,087 2,304 39,502 26,528 - 17,926 28,083 12,008 11,954 1,000 - 19,764 22,347 71 71 70,598 77,357 239,878 264,153 1998 - Sept . . . . . . . Oct . . . . . . . . 2,087 2,067 39,502 38,480 - 17,926 25,771 12,008 11,939 1,000 - 19,764 20,007 71 78 70,598 69,928 239,878 252,768 Nov . . . . . . . 2,076 40,532 - 26,622 11,872 - 20,029 75 71,222 258,531 . . . . . . . . 2,083 2,105 2,114 2,126 46,296 42,118 43,434 42,008 - 23,950 21,097 21,783 22,485 12,253 12,184 12,110 12,001 - 20,127 20,237 20,508 20,805 75 74 75 72 71,760 70,103 70,420 68,000 258,353 256,288 257,853 258,064 Apr . . . . . . . . May . . . . . . . 2,136 2,146 38,269 36,407 - 23,920 24,553 11,909 11,837 - 20,887 21,141 70 70 67,988 76,250 259,239 264,912 June . . . . . . . July . . . . . . . Aug . . . . . . . 2,163 2,207 2,229 35,954 32,600 32,303 - 25,168 25,612 26,333 12,211 12,132 12,055 - 21,586 21,858 22,136 70 70 71 76,946 76,304 78,782 265,576 263,373 264,540 Sept . . . . . . . 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153 Dec 1999 - Jan. Feb. Mar . . . . . . . . . . . . . . . . . . . . . FED ERAL DEBT 25 TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice] Fed eral Deposit InsuranceCorporation End of fis cal year or month Total outstanding (1) Bank In sur ance Fund (2) De part ment Fed eral of Housing Sav ings and Ur ban and Loan Development In sur ance Cor po ra tion, Fed eral resolution Housing fund Ad min is tra tion (3) (4) Farm Credit System Fi nan cial As sis tance Corp. (5) Other in de pend ent Ten nes see Val ley Au thor ity (6) Postal Ser vice (7) Other (8) 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 1999 . . . . . . . . . . . . . . . . . 28,910 - 63 114 1,261 26,378 634 460 1998 - Sept . . . . . . . . . . . . . . 29,372 - 63 174 1,261 26,685 717 471 Oct . . . . . . . . . . . . . . 29,046 - 63 188 1,261 26,344 717 473 Nov . . . . . . . . . . . . . . 29,030 - 63 205 1,261 26,309 717 474 Dec . . . . . . . . . . . . . . 29,218 - 63 205 1,261 26,496 717 475 1999 - Jan . . . . . . . . . . . . . . 28,937 - 63 70 1,261 26,349 717 476 Feb . . . . . . . . . . . . . . 28,760 - 63 69 1,261 26,174 717 476 Mar . . . . . . . . . . . . . . 28,835 - 63 80 1,261 26,237 717 477 Apr . . . . . . . . . . . . . . 28,698 - 63 84 1,261 26,094 717 478 May . . . . . . . . . . . . . . 28,697 - 63 88 1,261 26,088 717 479 June. . . . . . . . . . . . . . 28,902 - 63 99 1,261 26,364 634 481 July . . . . . . . . . . . . . . 28,744 - 63 105 1,261 26,198 634 482 Aug . . . . . . . . . . . . . . 28,641 - 63 109 1,261 26,101 634 472 Sept. . . . . . . . . . . . . . 28,910 - 63 114 1,261 26,378 634 460 26 FED ERAL DEBT TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors [In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance] Ma tu rity classes End of fis cal year or month 1995 1996 1997 1998 1999 . . . . . . . . . . . . . . . Amount outstanding pri vately held (1) Within 1 year (2) 1-5 years (3) 5-10 years (4) 10-20 years (5) 20 years or more (6) Av er age length 1 (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,870,781 3,011,185 2,998,846 2,856,637 2,728,011 1,002,875 1,058,558 1,017,913 940,572 915,146 1,157,492 1,212,258 1,206,993 1,105,175 946,041 290,111 306,643 321,622 319,331 331,115 87,297 111,360 154,205 157,347 149,703 333,006 322,366 298,113 334,212 298,750 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 4 3 4 8 9 mos. mos. mos. mos. mos. 1998 - Sept . Oct . Nov . Dec . 1999 - Jan . Feb . Mar . Apr . May. June July . Aug . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,856,637 2,837,432 2,884,352 2,887,273 2,825,086 2,820,023 2,879,622 2,783,211 2,745,144 2,747,670 2,725,180 2,774,834 2,728,011 940,572 945,953 981,135 986,500 953,672 954,337 1,010,698 928,597 926,147 920,996 919,082 950,892 915,146 1,105,175 1,069,335 1,068,719 1,072,170 1,035,290 1,021,966 1,027,821 1,007,440 982,625 989,891 962,199 973,938 946,041 319,331 327,268 335,700 368,435 376,570 374,166 373,913 373,146 369,372 369,607 376,718 378,017 331,115 157,347 159,593 164,364 123,614 123,614 141,265 140,849 140,587 135,759 135,759 135,759 149,703 149,703 334,212 335,283 334,433 336,554 335,940 328,289 326,341 333,441 331,241 331,415 331,421 322,284 298,750 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 8 8 8 6 7 9 6 8 9 8 8 8 9 mos. mos. mos. mos. mos. mos. mos. mos. mos. mos. mos. mos. mos. TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”] Debt out stand ing sub ject to lim i ta tion End of fis cal year or month 1995 . 1996 . 1997 . 1998 . 1999 . . . . . . . . . . . . . . . . To tal (2) Pub lic debt (3) Other debt (4) 2 Pub lic debt (5) Other debt (6) Non-interestbear ing debt sub ject to lim i ta tion (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 5,500,000 5,950,000 5,950,000 5,950,000 4,884,605 5,137,195 5,327,624 5,439,447 5,567,694 4,884,518 5,137,113 5,327,556 5,439,281 5,567,588 87 82 68 166 106 4,863,076 5,135,157 5,323,010 5,432,833 5,559,616 87 82 68 166 106 21,442 1,956 4,546 6,448 7,972 1998 - Sept . Oct. . Nov . Dec . 1999 - Jan. . Feb . Mar . Apr . . May . June . July . Aug . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 5,950,000 5,439,447 5,474,401 5,507,224 5,529,676 5,525,832 5,536,058 5,565,670 5,498,836 5,517,432 5,551,588 5,551,257 5,584,349 5,567,694 5,439,281 5,474,220 5,507,026 5,529,477 5,525,769 5,535,990 5,565,591 5,498,754 5,517,346 5,551,497 5,551,160 5,584,248 5,567,588 166 181 198 198 63 68 79 83 87 91 98 102 106 5,432,833 5,431,478 5,500,657 5,521,723 5,484,777 5,495,329 5,558,174 5,491,343 5,477,336 5,543,311 5,512,631 5,576,271 5,559,616 166 181 198 198 63 68 79 83 87 91 98 102 106 6,448 42,742 6,369 7,754 40,992 40,661 7,417 7,411 40,010 8,186 38,529 7,977 7,972 1 . . . . . Stat u tory debt limit (1) In ter est-bearing debt sub ject to lim i ta tion Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in 1997) are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the end of the fis cal years back through 1967. 2 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion. FED ERAL DEBT 27 TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment Cor po ra tions and Other Agencies [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] De part ment of Ag ri cul ture Total Com mod ity Credit Cor po ra tion Ru ral De vel op ment Administration (1) (2) (3) (4) (5) 1995 . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . 134,892 117,290 - - - 1997 . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 133,301 154,155 183,033 - - 1998 - Sept . . . . . . . . . . . 154,155 - Oct . . . . . . . . . . . 170,738 - End of fis cal year or month Ru ral Elec tri fi ca tion Administration Farmers Home Farm-Service Ad min is tra tion Agency Ru ral Util ities Service (6) (7) - 8,596 3,273 12,161 12,042 - - 9,818 19,937 32,625 12,925 13,295 13,882 - - - 19,937 13,295 - - - 23,809 13,930 Nov . Dec . 1999 - Jan . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,018 170,662 174,747 175,639 - - - - 20,901 23,024 27,122 28,021 14,573 14,433 14,433 14,428 Mar . Apr . May. June July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,133 176,819 184,810 187,986 184,512 - - - - 29,122 29,444 30,260 32,361 32,422 14,452 14,460 14,460 14,435 14,437 Aug . . . . . . . . . . . Sept. . . . . . . . . . . 185,506 183,033 - - - - 32,523 32,625 14,508 13,882 De part ment of Energy De part ment of Ag ri cul ture, con. De part ment of Housing and Ur ban De vel op ment Ru ral Housing and Com mu nity De vel op ment Service (8) Ru ral Busi ness and Co op er a tive Development Ser vice (9) For eign Ag ri cul tural Ser vice (10) 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 1997 . . . . . . . . . . . . 5,354 6,430 6,676 91 113 157 563 647 670 6,745 13,398 23,532 2,563 2,456 2,499 1,647 3,123 3,639 7,714 6,909 6,174 1998 . . . . . . . . . . . . 7,808 203 642 35,610 2,499 6,579 5,293 1999 . . . . . . . . . . . . 8,506 261 761 52,440 2,515 7,996 4,628 1998 - Sept . . . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . . 7,808 7,808 9,027 203 203 255 642 641 641 35,610 48,872 48,873 2,499 2,499 2,499 6,579 6,579 6,579 5,293 4,628 4,628 Dec . 1999 - Jan . Feb . Mar . Apr . . . . . . 9,027 9,027 9,027 9,027 9,027 255 255 255 255 255 641 641 641 641 641 48,873 48,878 48,878 48,878 48,878 2,499 2,499 2,559 2,559 2,559 6,579 6,579 6,579 6,579 6,579 4,628 4,628 4,628 4,628 4,628 May. . . . . . . . . 9,027 255 641 56,397 2,485 6,579 4,628 June July . Aug . Sept 9,027 9,027 9,027 8,506 255 255 255 261 641 641 803 761 56,395 56,395 57,095 52,440 2,435 2,435 2,435 2,515 6,579 6,579 6,579 7,996 4,628 4,628 4,628 4,628 End of fis cal year or month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . De part ment of Ed u ca tion (11) Bonneville Power Ad min is tra tion (12) Fed eral Housing Ad min is tra tion (13) Other hous ing pro grams (14) 28 FED ERAL DEBT TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties Is sued by Gov ern ment Cor po ra tions and Other Agencies, con. [In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”] Department of Trea sury End of fis cal year or month Fed eral Fi nancing Bank (15) De part ment of Vet erans Af fairs Di rect loan fund (16) Loan quaranty fund (17) Ex port-Import Bank of the United States (18) Rail road Re tire ment Board (19) Small Busi ness Ad min is tra tion (20) Other (21) 1995 . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 1996 . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 1997 . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 1998 . . . . . . . . . . 34,036 - - 3,956 4,993 9,559 9,745 1999 . . . . . . . . . . 28,115 - - 6,603 4,848 9,825 10,030 1998 - Sept . . . . . . 34,036 - - 3,956 4,993 9,559 9,745 Oct. . . . . . . 33,028 - - 3,931 5,260 9,559 9,989 Nov. . . . . . . 29,823 - - 4,217 5,493 9,559 9,950 Dec. . . . . . . 29,128 - - 4,217 5,762 9,559 12,039 1999 - Jan . . . . . . . 28,802 - - 4,217 6,024 9,559 12,083 Feb. . . . . . . 28,150 - - 4,217 6,254 9,699 12,306 Mar. . . . . . . 26,453 - - 5,135 6,501 9,699 12,207 Apr . . . . . . . 26,637 - - 5,135 6,748 9,699 12,131 May . . . . . . 26,131 - - 5,135 6,981 9,699 12,133 June . . . . . . 25,585 - - 6,586 7,237 9,699 12,125 July. . . . . . . 24,900 - - 6,586 4,361 9,699 12,148 Aug. . . . . . . 24,340 - - 6,798 4,596 9,699 12,224 Sept . . . . . . 28,115 - - 6,603 4,848 9,825 10,030 * Less than $500,000. FED ERAL DEBT 29 CHARTS FD-A.—Average Length of Privately Held Marketable Debt (Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.) Years 6 5.5 Sep tem ber 30, 1999 5 Years, 9 Months 5 J F M A M J J A S O N D Years 12 June 1947 10 Years, 5 Months 10 8 Dec. 1975 2 Years, 5 Months 6 4 2 0 45 49 53 57 61 65 69 73 77 81 85 89 93 97 01 30 INTRODUCTION: Public Debt Operations Chap ter 31 of Ti tle 31 of the United States Code al lows the Sec re tary of Trea sury to bor row money by is su ing Treasury se cu ri ties. The Sec re tary de ter mines the terms and con ditions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate. New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds ma ture in more than 10 years from the is sue date. Each mar ketable se cu rity is listed in the “Monthly State ment of the Pub lic Debt of the United States.” The in for ma tion in this sec tion of the “Trea sury Bul le tin” per tains only to mar ket able Trea sury se cu ri ties, cur rent bills, notes and bonds. • Ta ble PDO-1 pro vides a maturity schedule of interest-bearing mar ket able pub lic debt se cu ri ties other than reg ular weekly and 52-week bills. All unmatured Trea sury notes and bonds are listed in ma tu rity or der, from ear li est to lat est. A sep a rate break out is pro vided for the com bined hold ings of the Gov ern ment ac counts and Fed eral Re serve Banks (FRBs), so that the “all other in ves tors” cat e gory in cludes all pri vate holdings. • Ta ble PDO-2 pres ents the re sults of weekly auc tions of 13- and 26-week bills, as well as auc tions 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 is sued ev ery fourth week to ma ture the same Thurs day as an ex ist ing 52-week bill is a reopen ing of the ex ist ing 52-week bill. New is sues of cash manage ment bills are also pre sented. High, low and av er age yields on ac cepted ten ders and the dol lar value of to tal bids are presented, with the dol lar value of awards made both on a compet i tive and non com pet i tive ba sis. Trea sury ac cepts non com pet i tive ten ders of up to $1 million for bills and $5 mil lion for notes and bonds in each auc tion of securities to encourage participation of individuals and smaller in sti tu tions. • Ta ble PDO-3lists the re sults of auc tions of mar ket able se cu ri ties, other than weekly bills, in chro no log i cal or der over the past 2 years. In cluded are: notes and bonds from ta ble PDO-1, 52-week bills from ta ble PDO-2, and data for cash man age ment bills. • Table PDO-4in di cates the to tal amount of mar ket able se cu ri ties al lot ted to each class of in ves tor. The FRBs tally into in ves tor classes the ten ders in each auc tion of mar ket able secu ri ties other than weekly auc tions of 13- and 26-week bills. TREA SURY FI NANCING: JULY-SEPTEMBER [Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing] JULY per cent. All non com pet i tive and suc cess ful com pet i tive bidders were al lot ted se cu ri ties at the high yield of 4.040 per cent with an equivalent ad justed price of 100.033. The median yield was 4.000 per cent, and the low yield was 3.920 per cent. Non com pet i tive ten ders to taled $44 mil lion. Com pet i tive tenders ac cepted from pri vate in ves tors to taled $6,957 mil lion. In ad di tion to the $7,000 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $368 mil lion from Fed eral Re serve Banks (FRBs) for their own ac counts. The min i mum par amount re quired for STRIPS of in fla tion-indexed se cu rities is $1,000. Auction of 9-Year 6-Month Inflation-Indexed Notes On June 30, 1999, Trea sury an nounced it would auc tion $7,000 million of 9-year 6-month, 3-7/8 percent, in flation-indexed notes of se ries A-2009. The pur pose was to raise cash. The 9-1/2 year 3-7/8 percent notes of Series A-2009 were dated Jan u ary 15, 1999, and is sued July 15, 1999. They are due Jan u ary 15, 2009, with in ter est pay able Jan u ary 15 and July 15 un til ma tu rity. Trea sury re ceived ten ders for the notes be fore 12 noon eastern day light time (e.d.t.) for non com pet i tive ten ders and before 1 p.m. e.d.t. for com pet i tive ten ders on July 7. Ten ders to taled $14,728 mil lion; Trea sury ac cepted $7,000 mil lion. It also ac cepted in full all com pet i tive ten ders at yields lower than 4.040 per cent. Ten ders at 4.040 per cent were al lot ted 88 Auc tion of 2-Year Notes On July 21, Trea sury an nounced it would auc tion $15,000 mil lion of 2-year notes of Se ries AB-2001. The is sue was to refund $25,690 mil lion of se cu ri ties ma tur ing July 31 and to pay down about $10,690 mil lion. The notes of Se ries AB-2001 were dated July 31, 1999. They are due July 31, 2001, with in ter est pay able Jan u ary 31 and July 31 un til ma tu rity. Trea sury set an in ter est rate of 5-1/2 per cent af ter de ter min ing which ten ders were ac cepted on a yield auc tion ba sis. It paid ac crued in ter est of $0.29891 per $1,000 with each ac cepted ten der. This in ter est cov ered the period from July 31 to Au gust 2, 1999. Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders July 28. Ten ders to taled $32,191 mil lion; Trea- On August 14, 1999, the Deputy Secretary of the Trea sury an nounced that the Department of the Treasury (Treasury) would no lon ger is sue 30-year bonds in No vember but would continue to issue 30-year bonds in February and August. PUB LIC DEBT OP ER A TIONS 31 TREASURY FINANCING: JULY-SEPTEMBER, con. sury accepted $15,001 million. It also accepted in full all com pet i tive ten ders at yields lower than 5.544 per cent. Ten ders at 5.544 per cent were al lot ted 1 per cent. All non com pet itive and successful competitive bidders were allotted se cu ri ties at the high yield of 5.544 per cent with an equiv a lent price of 99.917. The me dian yield was 5.520 per cent, and the low yield was 5.488 per cent. Non com pet i tive ten ders to taled $1,600 mil lion. Com pet i tive ten ders ac cepted from pri vate inves tors to taled $13,401 mil lion. In ad di tion to the $15,001 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $1,950 mil lion from FRBs as agents for for eign and in ter na tional mon e tary au thor i ties. It also accepted $3,560 million from FRBs for their own ac counts. The minimum par amount required for STRIPS of notes of Se ries AB-2001 is $400,000. 52-Week Bills On July 15, 1999, Treasury in vited ten ders for ap prox imately $10,000 million of 364-day Treasury bills. The bills were dated July 22, 1999, and will ma ture July 20, 2000. The is sue was to re fund $25,504 mil lion of all ma tur ing bills and to pay down about $504 mil lion. Trea sury auc tioned the bills on July 20. Ten ders to taled $33,753 mil lion; Trea sury ac cepted $10,013 mil lion. That in cluded $958 mil lion of non com pet itive ten ders from the pub lic and $1,454 mil lion of the bills is sued to FRBs as agents for for eign and in ter na tional mon e tary authorities. Treasury issued an additional $416 million to FRBs as agents for for eign and in ter na tional mon e tary au thori ties for new cash. It also is sued $4,940 mil lion of the bills to FRBs for their own ac counts. The high bank dis count rate was 4.710 per cent. A U G U S T Au gust Quar terly Fi nancing On Au gust 4, Trea sury an nounced it would auc tion $15,000 mil lion of 5-year notes of Se ries G-2004, $12,000 mil lion of 10-year notes of Se ries C-2009 and $10,000 mil lion of 30-year bonds. The is sue was to re fund $28,890 mil lion of Trea sury se cu ri ties ma tur ing Au gust 15 and to raise about $8,110 mil lion of new cash. The notes of Se ries G-2004 were dated Au gust 15, 1999, and is sued Au gust 16, 1999. They are due Au gust 15, 2004, with in ter est pay able Feb ru ary 15 and Au gust 15 un til ma tu rity. Trea sury set an in ter est rate of 6 per cent af ter de ter min ing which ten ders were ac cepted on a yield auc tion ba sis. It paid accrued in ter est of $0.16304 per $1,000 with each ac cepted ten der. This in ter est cov ered the pe riod from Au gust 15 to 16, 1999. Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on Au gust 10. Ten ders to taled $27,721 mil lion; Treasury ac cepted $15,004 mil lion. All non com pet i tive and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the high yield of 6.014 per cent with an equiv a lent price of 99.940. The me dian yield was 5.990 per cent, and the low yield was 5.949 per cent. Ten ders at the high yield were al lot ted 71 per - cent. Non com pet i tive ten ders to taled $577 mil lion. Com pet itive ten ders ac cepted from pri vate in ves tors to taled $14,427 million. In ad di tion to the $15,004 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $1,450 mil lion from FRBs as agents for for eign and in ter na tional mon e tary au thor i ties. It also ac cepted $1,617 mil lion from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Se ries G-2004 is $100,000. The 10-year notes of Se ries C-2009 were dated Au gust 15, 1999, and is sued Au gust 16, 1999. They are due Au gust 15, 2009, with in ter est pay able Feb ru ary l5 and Au gust 15 un til ma tu rity. Trea sury set an in ter est rate of 6 per cent af ter de termin ing which ten ders were ac cepted on a yield auc tion ba sis. It paid ac crued in ter est of $0.16304 per $1,000 with each accepted ten der. This in ter est cov ered the pe riod from Au gust 15 to 16, 1999. Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on Au gust 11. Ten ders to taled $24,831 mil lion; Trea sury ac cepted $12,006 mil lion. All non com pet i tive and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the high yield of 6.085 per cent with an equiv a lent price of 99.370. The me dian yield was 6.070 per cent, and the low yield was 6.019 per cent. Ten ders at the high yield were al lot ted 58 percent. Non com pet i tive ten ders to taled $131 mil lion. Com pet itive ten ders ac cepted from pri vate in ves tors to taled $11,875 million. In ad di tion to the $12,006 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $1,450 mil lion from FRBs as agents for for eign and in ter na tional mon e tary au thor i ties. It also ac cepted $1,290 mil lion from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Se ries C-2009 is $100,000. The bonds of Au gust 2029 were dated Au gust 15, 1999, and is sued Au gust 16, 1999. They are due Au gust 15, 2029, with interest payable Feb ru ary 15 and Au gust 15 un til ma tu rity. Trea sury set an in ter est rate of 6-1/8 per cent af ter de ter min ing which ten ders were ac cepted on a yield auc tion ba sis. It paid accrued in ter est of $0.16644 per $1,000 with each ac cepted ten der. This in ter est cov ered the pe riod from Au gust 15 to 16, 1999. Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on Au gust 12. Ten ders to taled $22,158 mil lion; Trea sury ac cepted $10,001 mil lion at the high yield of 6.144 per cent with an equiv a lent price of 99.741. The me dian yield was 6.113 per cent, and the low yield was 6.049 per cent. Tenders at the high yield were al lot ted 68 per cent. Non com pet i tive tenders totaled $73 million. Competitive tenders accepted from private in ves tors to taled $9,929 mil lion. In ad di tion to the $10,001 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $100 mil lion from FRBs as agents for for eign and in ter na tional mon e tary au thor i ties. It also ac cepted $1,075 mil lion from FRBs for their own account. The minimum par amount required for STRIPS of bonds of Au gust 2029 is $1,600,000. 32 PUB LIC DEBT OP ER A TIONS TREASURY FINANCING: JULY-SEPTEMBER, con. Auc tion of 2-Year Notes On August 18, Treasury announced it would auction $15,000 mil lion of 2-year notes of Se ries AC-2001. The is sue was to re fund $26,356 mil lion of se cu ri ties ma tur ing Au gust 31 and to pay down about $11,356 mil lion. The notes of Se ries AC-2001 were dated Au gust 31, 1999. They are due Au gust 31, 2001, with in ter est pay able on the last day of Feb ru ary and Au gust un til ma tu rity. Trea sury set an in terest rate of 5-1/2 percent af ter de ter min ing which tenders were ac cepted on a yield auc tion ba sis. Treasury received ten ders for the notes be fore 12 noon e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for competitive ten ders on August 25. Ten ders to taled $27,989 mil lion; Trea sury ac cepted $15,000 mil lion. It also ac cepted in full all com pet i tive ten ders at yields lower than 5.557 per cent. Ten ders at 5.557 per cent were al lot ted 54 per cent. All non com pet i tive and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the high yield of 5.557 per cent with an equiv a lent price of 99.893. The me dian yield was 5.527 per cent, and the low yield was 5.479 per cent. Non com pet i tive ten ders to taled $1,397 mil lion. Com pet i tive ten ders ac cepted from pri vate inves tors to taled $13,603 mil lion. In ad di tion to the $15,000 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $1,850 mil lion from FRBs as agents for for eign and in ter na tional mone tary au thor i ties. Treasury also accepted $3,256 mil lion from FRBs for their own ac counts. The min i mum par amount re quired for STRIPS of notes of Se ries AC-2001 is $400,000. 52-Week Bills On Au gust 12, Trea sury in vited ten ders for ap prox i mately $10,000 million of 364-day Treasury bills. The bills were dated Au gust 19, 1999, and will ma ture Au gust 17, 2000. The is sue was to re fund $25,371 mil lion of all ma tur ing bills and to raise about $629 mil lion of new cash. Trea sury auc tioned the bills on Au gust 17. Ten ders to taled $25,082 mil lion; Trea sury accepted $10,006 mil lion. That in cluded $920 mil lion of non com pet i tive ten ders from the pub lic and $1,644 mil lion is sued to FRBs as agents for for eign and in ter na tional mon e tary au thor i ties. Trea sury is sued an ad di tional $26 mil lion to FRBs as agents for for eign and in ter na tional mon e tary author i ties for new cash. It also is sued $5,010 mil lion to FRBs for their own ac counts. The high bank dis count rate was 4.945 per cent. Cash Man age ment Bills On Au gust 26, Trea sury in vited ten ders for ap prox i mately $33,000 mil lion of 15-day bills. The bills were is sued Au gust 31, 1999, and ma tured Sep tem ber 15, 1999. The is sue was to raise new cash. Ten ders were opened on Au gust 26. They totaled $99,360 million; Treasury accepted $33,011 million. The high bank dis count rate was 5.18 per cent. SEPTEMBER Auc tion of 2-Year Notes On September 22, Treasury announced it would auction $15,000 mil lion of 2-year notes of Se ries AD-2001. The is sue was to re fund $28,198 mil lion of se cu ri ties ma tur ing Sep tember 30 and to pay down about $13,198 mil lion. The notes of Series AD-2001 were dated September 30, 1999. They are due Sep tem ber 30, 2001, with in ter est pay able on March 31 and Sep tem ber 30 un til ma tu rity. Trea sury set an in ter est rate of 5-5/8 per cent af ter de ter min ing which ten ders were ac cepted on a yield auc tion ba sis. Trea sury re ceived ten ders for the notes be fore 12 noon e.d.t. for non com pet i tive ten ders and be fore 1 p.m. e.d.t. for com peti tive ten ders on September 29. Ten ders to taled $31,529 million; Trea sury ac cepted $15,007 mil lion. It also ac cepted in full all com pet i tive ten ders at yields lower than 5.665 per cent. Ten ders at 5.665 per cent were al lot ted 58 per cent. All noncom pet i tive and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at the high yield of 5.665 per cent with an equiv a lent price of 99.925. The me dian yield was 5.649 per cent, and the low yield was 5.570 per cent. Non com pet i tive ten ders to taled $1,326 mil lion. Com pet i tive ten ders ac cepted from pri vate inves tors to taled $13,682 mil lion. In ad di tion to the $15,007 mil lion of ten ders ac cepted in the auc tion pro cess, Trea sury ac cepted $1,650 mil lion from FRBs as agents for for eign and in ter na tional mon e tary au thor i ties. It also ac cepted $2,125 mil lion from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Se ries AD-2001 is $320,000. 52-Week Bills On September 9, Treasury invited tenders for ap prox imately $10,000 mil lion of 364-day Trea sury bills. The bills were dated Sep tem ber 16, 1999, and will ma ture Sep tem ber 14, 2000. The is sue was to re fund $25,457 mil lion of all ma turing bills and to pay down about $1,457 mil lion. Trea sury auctioned the bills on September 14. Tenders totaled $28,679 million; Treasury accepted $10,003 million. That included $901 million of non com pet i tive ten ders from the pub lic and $1,733 mil lion is sued to FRBs as agents for for eign and in terna tional mon e tary au thor i ties. Trea sury is sued an additional $367 million to FRBs as agents for for eign and in ter na tional mon e tary au thor i ties for new cash. In ad di tion, Trea sury issued $5,170 mil lion to FRBs for their own ac counts. The high bank dis count rate was 5.000 per cent. PUB LIC DEBT OP ER A TIONS 33 TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999 [In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance] Amount of ma tu ri ties Held by Date of fi nal ma tu rity 1999 Oct. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description Is sue date (1) (2) 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%-AN note 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 Total . . . . . . . . . . . . . . . . . . 2000 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 5-3/8%-Y note 7-3/4%-G note 1 8-1/2%-A note 5-7/8%-U note 7-1/8%-H note 1 5-1/2%-Z 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 8-1/4% bond 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%-AEnote 6-1/8%-N note 1 5-3/8%-AF note 1 8-3/4%-C note 6%-W note 6-1/4%-P note 1 5-1/8%-AG note 6-1/8%-Q note 1 4-1/2%-AH note 5-3/4%-R note 4%-AJ note 1 8-1/2%-D note 1 5-3/4%-X note 5-5/8%-S note 4-5/8%-AK note 5-1/2%-T note 4-5/8%-AL note 1 01/15/93 02/02/98 01/31/95 02/15/90 02/18/97 02/28/95 03/02/98 03/31/95 03/31/98 04/15/93 04/30/98 05/01/95 05/15/75 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 11/02/98 11/15/90 11/17/97 11/30/95 11/30/98 01/02/96 12/31/98 Total . . . . . . . . . . . . . . . . . . 2001 Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See foot note at end of ta ble. 5-1/4%-E note 4-1/2%-U note 11-3/4% bond 1 7-3/4%-A note 1 5-3/8%-S note 5-5/8%-F note 1 5%-V note 01/31/96 02/01/99 01/12/81 02/15/91 02/17/98 02/29/96 03/31/99 To tal (3) U.S. Gov ernment ac counts and Fed eral Reserve Banks All other in ves tors (4) (5) 10,337 12,152 16,824 10,774 22,870 11,934 17,051 12,523 16,747 538 1,632 1,049 1,302 3,023 1,597 1,546 1,380 796 9,799 10,520 15,775 9,472 19,847 10,337 15,505 11,143 15,951 131,212 12,863 118,349 10,104 17,502 12,229 10,673 20,421 12,496 17,776 13,188 17,206 10,535 15,634 12,433 4,224 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 20,525 11,520 16,036 12,357 20,158 12,821 19,475 510,774 690 1,906 1,598 1,304 2,166 1,578 1,497 1,402 1,998 418 2,149 1,720 2,177 486 2,877 1,614 2,224 838 1,418 869 2,521 1,538 2,504 1,226 2,994 1,034 2,242 860 2,798 1,028 2,182 1,265 2,601 891 2,555 59,168 9,414 15,596 10,630 9,369 18,255 10,918 16,279 11,787 15,208 10,117 13,485 10,713 2,047 10,010 17,886 11,139 14,356 11,626 13,521 11,469 16,163 9,542 15,549 10,696 17,034 10,978 17,027 11,220 17,727 10,491 13,854 11,092 17,557 11,930 16,920 451,605 12,816 19,777 1,501 11,313 15,367 12,820 19,587 801 2,765 166 1,209 1,653 1,204 2,646 12,015 17,012 1,336 10,104 13,715 11,616 16,941 34 PUB LIC DEBT OP ER A TIONS TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con. [In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance] Amount of ma tu ri ties Held by Date of fi nal ma tu rity 2001 con. Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description Is sue date (1) (2) 6-3/8%-G note note 6-1/4%-H note 1 5%-X note 13-1/8% bond 1 8%-B note 1 5-5/8%-T note 6-1/2%-J note 1 5-1/4%-Y note 1 5-3/4%-Z note 6-5/8%-K note 6-5/8%-L note 1 5-1/2%-AB note 1 7-7/8%-C note 13-3/8% bond 6-1/2%-M note 1 5-1/2%-AC note 6-3/8%-N note 1 5-5/8%-AD 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 2003 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See foot note at end of ta ble. (5) 12,532 18,220 12,370 18,014 1,529 10,715 10,604 12,319 16,830 16,517 12,939 12,605 16,981 10,738 1,497 12,774 16,862 13,065 16,670 13,675 1,525 20,951 13,302 12,875 388,848 01/31/97 02/15/77 01/06/82 02/28/97 03/31/97 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 11/15/77 09/29/82 12/01/97 12/31/97 13,453 4,234 1,759 13,800 14,301 14,475 11,714 13,504 13,059 17,503 12,231 23,859 12,732 12,807 11,737 1,495 2,753 12,121 12,052 1,260 1,546 200 1,354 1,668 1,977 1,554 1,634 1,094 900 782 3,203 1,047 735 841 379 348 1,335 830 12,194 2,688 1,559 12,446 12,633 12,498 10,161 11,870 11,965 16,603 11,449 20,656 11,685 12,072 10,897 1,116 2,405 10,786 11,222 Total . . . . . . . . . . . . . . . . . . 219,589 22,687 196,905 13,101 3,007 23,563 13,670 14,173 12,573 3,249 13,132 1,118 739 2,285 1,787 1,472 1,653 433 1,275 11,983 2,267 21,278 11,883 12,701 10,920 2,816 11,857 6-1/4%-C note 7-5/8% bond 14-1/4% bond 6-1/4%-D note 6-5/8%-E note 6-5/8%-F note 1 7-1/2%-A note 6-1/2%-G note 6-1/4%-H note 1 3-5/8%-J note 6%-K note 1 6-3/8%-B note 6-1/4%-L note 1 5-7/8%-M note 1 5-3/4%-N note 7-7/8% bond 11-5/8% bond 1 5-3/4%-P note 1 5-5/8%-Q note 1 5-1/2%-C (4) 1,649 3,385 1,411 3,020 221 1,683 2,270 1,403 3,056 2,484 1,343 1,532 3,560 1,601 256 1,226 3,256 1,453 2,125 965 228 3,275 729 1,096 53,671 Total . . . . . . . . . . . . . . . . . . 2002 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) All other investors 14,181 21,605 13,780 21,034 1,750 12,398 12,874 13,722 19,886 19,001 14,282 14,137 20,541 12,339 1,753 14,000 20,119 14,519 18,795 14,640 1,753 24,226 14,031 13,971 442,518 1 4-7/8%-W 04/10/96 02/29/96 03/31/99 04/30/99 04/02/81 05/15/91 05/15/98 05/31/96 06/01/99 06/30/99 07/01/96 07/31/96 08/02/99 08/15/91 07/02/81 09/03/96 08/31/99 09/30/96 09/30/99 10/31/96 10/07/81 11/15/91 12/02/96 12/31/96 To tal U.S. Gov ernment ac counts and Fed eral Reserve Banks 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 02/02/98 01/04/83 02/16/93 03/02/98 03/31/98 04/30/98 04/04/83 06/01/98 PUB LIC DEBT OP ER A TIONS 35 TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con. [In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance] Date of fi nal ma tu rity 2003 con. June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 03-08. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-3/8%-H note 8-3/8% bond 11-1/8% bond 1 5-3/4%-B note 1 5-1/4%-J note 8-3/4% bond 11-7/8% bond 4-1/4%-K note 1 Is sue date (2) 06/30/98 08/15/78 07/05/83 08/16/93 08/17/98 11/15/78 10/05/83 11/16/98 Total . . . . . . . . . . . . . . . . . 2004 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-7/8%-A note 1 4-3/4%-E note 9-1/8% bond 12-3/8% bond 1 7-1/4%-B note 1 5-1/4%-F note 13-3/4% bond 1 7-1/4%-C note 1 6%-G note 10-3/8% bond 1 11-5/8% bond 1 7-7/8%-D note 02/15/94 02/16/99 05/15/79 04/05/84 05/16/94 05/17/99 07/10/84 08/15/94 08/16/94 11/15/79 10/30/84 11/15/94 Total . . . . . . . . . . . . . . . . . 2005 Feb. 15, 05-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 05-10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 1 7-1/2%-A note 10% bond 12% bond 1 6-1/2%-B note 1 10-3/4% bond 1 6-1/2%-C note 12-3/4% bond 1 5-7/8%-D note 1 02/15/80 02/15/95 05/15/80 04/02/85 05/15/95 07/02/85 08/15/95 11/17/80 11/15/95 Total . . . . . . . . . . . . . . . . . 2006 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 06-11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-3/8% bond 1 5-5/8%-A note 13-7/8% bond 1 6-7/8%-B note 1 1 7%-C note 6-1/2%-D note 14% bond 01/15/86 02/15/96 05/15/81 05/15/96 07/15/96 10/15/96 11/16/81 Total . . . . . . . . . . . . . . . . . 2007 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 07-12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-3/8%-A note 1 6-1/4%-B note 1 6-5/8%-C note 1 6-1/8%-D note 10-3/8% bond 02/06/97 02/18/97 05/15/97 08/15/97 11/15/82 Total . . . . . . . . . . . . . . . . . See foot note at end of ta ble. To tal (3) Amount of ma tu ri ties Held by U.S. Gov ernment ac counts and Fed eral ReAll other serve Banks in ves tors (4) (5) 13,127 2,103 3,501 28,011 19,852 5,230 7,260 18,626 194,178 1,309 789 514 3,685 2,834 1,666 969 1,518 24,046 11,818 1,314 2,987 24,326 17,018 3,564 6,290 17,107 170,129 12,955 17,823 4,606 3,755 14,440 18,925 4,000 13,346 18,090 4,201 8,302 14,374 134,817 650 2,013 1,013 770 1,941 2,562 528 875 1,617 1,076 1,110 1,808 15,963 12,305 15,810 3,593 2,985 12,500 16,364 3,472 12,471 16,473 3,125 7,192 12,566 118,856 2,494 13,835 2,987 4,261 14,740 9,270 15,003 4,736 15,210 82,536 858 1,477 1,177 728 2,000 1,187 2,015 1,261 1,960 12,663 1,636 12,358 1,811 3,532 12,740 8,083 12,988 3,476 13,250 69,874 4,756 15,514 4,609 16,015 22,740 22,460 4,901 90,995 292 1,918 1,074 2,075 3,095 3,056 975 12,485 4,464 13,596 3,535 13,940 19,646 19,404 3,925 78,510 16,578 13,104 13,958 25,637 11,032 80,309 1,010 1,051 1,900 3,489 1,612 9,062 15,568 12,053 12,058 22,148 9,420 71,247 36 PUB LIC DEBT OP ER A TIONS TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con. [In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance] Date of fi nal ma tu rity 2008 Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 Description (1) Is sue date (2) 3-5/8%-A note 5-1/2%-B note 5-5/8%-C note 12% bond 4-3/4%-D note 01/15/98 02/17/98 05/15/98 08/15/83 11/16/98 Total . . . . . . . . . . . . . . . . . . 2009 May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4%bond 12-1/2%bond 1 11-3/4%bond 1 3-7/8%-A note 1 5-1/2%-B note 1 6%-C note 05/15/84 08/15/84 11/15/84 01/15/99 05/17/99 08/16/99 Total . . . . . . . . . . . . . . . . . . 2015 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 11-1/4%bond 1 10-5/8%bond 1 9-7/8% bond 02/15/85 08/15/85 11/15/85 Total . . . . . . . . . . . . . . . . . . 2016 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 9-1/4% bond 7-1/4% bond 7-1/2% bond 02/15/86 05/15/86 11/15/86 Total . . . . . . . . . . . . . . . . . . 2017 May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/15/87 Total . . . . . . . . . . . . . . . . . . 2018 May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/16/88 11/22/88 Total . . . . . . . . . . . . . . . . . . 2019 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total . . . . . . . . . . . . . . . . . . 2020 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8-1/2% bond 8-3/4% bond 8-3/4% bond 02/15/90 05/15/90 08/15/90 Total . . . . . . . . . . . . . . . . . . 2021 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See foot note at end of ta ble. 1 1 1 7-7/8% bond 8-1/8% bond 8-1/8% bond 02/15/91 05/15/91 08/15/91 To tal (3) Amount of ma tu ri ties Held by U.S. Gov ernment ac counts and Fed eral ReAll other serve Banks in ves tors (4) (5) 17,345 13,583 27,191 14,755 25,083 97,957 1,260 1,420 4,084 3,041 2,475 12,280 16,085 12,163 23,107 11,715 22,608 85,678 5,007 5,128 6,006 16,163 14,795 14,757 869 906 1,195 768 2,045 1,290 4,138 4,223 4,811 15,395 12,750 13,467 61,856 7,073 54,784 12,668 7,150 6,900 1,336 1,167 942 11,332 5,983 5,958 26,718 3,445 23,273 7,267 18,824 18,864 975 1,098 1,378 6,292 17,726 17,486 44,955 3,451 41,504 18,194 14,017 32,211 2,382 1,854 4,236 15,812 12,163 27,975 8,709 9,033 17,742 1,096 474 1,570 7,613 8,559 16,172 19,251 20,214 39,465 1,655 1,841 3,496 17,596 18,373 35,969 10,229 10,159 21,419 41,807 1,336 1,384 1,493 4,213 8,893 8,775 19,926 37,594 11,113 11,959 12,163 841 1,260 1,425 10,273 10,699 10,738 PUB LIC DEBT OP ER A TIONS 37 TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1999, con. [In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance] Date of fi nal ma tu rity Description (1) Is sue date (2) To tal (3) Amount of ma tu ri ties Held by U.S. Gov ernment ac counts and Fed eral ReAll other serve Banks in ves tors (4) (5) 2021 con. 1 8% Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . bond 11/15/91 Total . . . . . . . . . . . . . . . . . . 2022 Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total . . . . . . . . . . . . . . . . . . 2023 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total . . . . . . . . . . . . . . . . . . 2024 Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total . . . . . . . . . . . . . . . . . . 2025 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total . . . . . . . . . . . . . . . . . . 2026 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6% bond 6-3/4% bond 6-1/2% bond 02/15/96 08/15/96 11/15/96 Total . . . . . . . . . . . . . . . . . . 2027 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6-5/8% bond 6-3/8% bond 6-1/8% bond 02/18/97 08/15/97 11/17/97 Total . . . . . . . . . . . . . . . . . . 2028 Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 3-5/8% bond 5-1/2% bond 5-1/4% bond 04/15/98 08/17/98 11/16/98 Total . . . . . . . . . . . . . . . . . . 2029 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 5-1/4% bond 3-7/8% bond 6-1/8% bond 02/15/99 04/15/99 08/16/99 Total . . . . . . . . . . . . . . . . . . 1 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Public Debt of the United States.” 32,798 68,033 2,514 6,040 30,284 61,994 10,353 10,700 21,053 846 1,317 2,163 9,507 9,383 18,890 18,374 22,909 2,192 1,487 16,182 21,422 41,283 3,679 37,604 11,470 11,470 1,212 1,212 10,258 10,258 11,725 12,602 24,327 1,066 1,655 2,721 10,659 10,947 21,606 12,905 10,894 11,493 35,292 1,009 1,280 1,520 3,809 11,896 9,614 9,973 31,483 10,456 10,736 22,519 43,711 610 1,145 2,755 4,510 9,846 9,591 19,764 39,201 17,322 11,776 10,947 40,045 820 1,772 945 3,537 16,502 10,004 10,002 36,508 11,350 7,453 11,179 1,340 350 1,075 10,010 7,103 10,104 29,982 2,765 27,217 38 PUB LIC DEBT OP ER A TIONS TA BLE PDO-2.—Of fer ings of Bills [Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States” and al lot ments; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] De scrip tion of new is sue Maturity date (1) Is sue date Reg u lar weekly: (13 week and 26 week) 1999 - June 3. . . . . Amounts of bids ac cepted Number of days to maturity 1 (2) Amount of bids ten dered (3) Total amount (4) On to tal com pet i tive bids ac cepted Total Amount unmatured ma tur ing on issues On nonis sue date out stand ing High price High dis- High in vestOn com pet- com pet i tive of new af ter new per count rate ment rate i tive ba sis 2 ba sis 3 of fer ing issues hun dred (percent) (percent) 4 (5) (6) (7) (8) (9) (10) (11) Sept. Dec. Sept. Dec. Sept. Dec. Sept. Dec. Sept. 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. Dec. Mar. 2 2 9 9 16 16 23 23 30 30 7 6 14 13 21 20 28 27 4 3 12 10 18 17 26 24 2 2 9 9 16 16 23 23 30 30 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 92 182 91 182 92 182 91 182 91 182 91 182 91 182 91 182 26,026.6 25,055.7 32,685.1 26,499.5 27,487.3 27,753.8 29,467.3 29,764.0 25,642.7 27,344.2 32,948.1 34,742.6 30,410.3 31,712.6 29,862.4 28,776.2 26,736.8 26,777.5 30,095.9 28,081.3 26,195.8 27,021.6 26,247.2 27,104.3 22,509.4 24,318.7 28,013.7 27,327.1 29,317.2 27,848.2 27,582.4 28,329.9 25,208.1 29,096.4 26,570.1 28,185.2 11,604.1 11,650.6 11,571.4 11,481.5 11,605.2 11,589.3 10,885.3 11,067.8 11,277.7 12,604.2 10,959.5 12,168.4 11,353.6 12,523.8 11,269.7 11,642.2 11,213.8 11,540.2 12,392.4 12,470.3 11,804.8 12,289.1 12,198.4 12,330.2 11,440.9 11,372.4 11,462.2 12,040.6 10,373.5 11,864.6 10,165.2 11,380.9 9,838.6 11,437.2 10,304.0 11,181.6 10,245.5 10,581.0 10,271.8 10,399.2 10,272.8 10,503.7 9,587.9 10,062.8 10,019.2 11,572.2 9,614.5 10,826.8 9,958.5 11,225.2 10,061.2 10,473.7 9,904.8 10,331.2 10,947.3 11,233.0 10,438.4 11,053.4 10,830.8 11,095.9 10,146.3 10,202.7 10,078.5 10,854.2 9,091.3 10,703.0 8,840.0 10,189.4 8,590.1 10,223.8 9,147.3 10,009.3 1,358.7 1,069.6 1,299.5 1,082.3 1,332.4 1,085.6 1,297.4 1,005.0 1,258.5 1,032.0 1,345.0 1,341.6 1,395.1 1,298.6 1,208.5 1,168.5 1,309.0 1,209.0 1,445.1 1,237.3 1,366.4 1,235.7 1,367.6 1,234.3 1,294.6 1,169.8 1,383.7 1,186.3 1,282.2 1,161.6 1,325.2 1,191.6 1,248.5 1,213.4 1,156.7 1,172.2 11,724.6 11,862.2 11,539.4 12,614.4 11,594.6 12,120.7 9,958.2 10,553.9 10,188.0 11,059.3 10,268.6 11,367.8 10,279.1 11,583.0 11,316.9 10,824.0 11,334.3 11,082.7 12,080.7 12,810.8 11,364.0 11,646.4 11,604.0 11,162.5 11,498.9 11,423.2 11,609.6 11,516.6 11,592.5 11,598.1 11,618.9 11,112.5 10,901.5 11,085.0 11,286.4 11,649.0 143,807.5 314,199.4 143,839.5 313,066.5 143,850.2 312,535.0 144,777.3 313,048.9 145,867.0 314,593.8 146,557.8 315,394.4 147,632.3 316,335.2 147,585.1 317,153.5 147,464.6 317,611.0 147,776.3 317,270.4 148,217.2 317,913.1 148,811.6 319,080.7 148,753.6 319,030.0 148,606.2 319,553.9 147,387.1 319,820.4 145,933.5 320,088.8 144,870.6 320,441.1 143,888.2 319,973.6 98.832 97.599 98.860 97.594 98.832 97.546 98.835 97.548 98.799 97.492 98.840 97.680 98.837 97.705 98.857 97.730 98.854 97.715 98.813 97.599 98.776 97.515 98.817 97.523 98.761 67.498 98.768 97.477 98.807 97.498 98.822 97.510 98.822 97.525 98.807 97.568 4.62 4.75 4.51 4.76 4.62 4.86 4.61 4.85 4.75 4.96 4.59 4.59 4.60 4.54 4.52 4.49 4.54 4.52 4.70 4.75 4.79 4.92 4.68 4.90 4.85 4.95 4.88 4.99 4.72 4.95 4.66 4.93 4.66 4.89 4.72 4.81 4.75 4.95 4.64 4.96 4.75 5.06 4.74 5.06 4.89 5.17 4.72 4.78 4.73 4.72 4.65 4.67 4.66 4.70 4.83 4.95 4.93 5.13 4.82 5.11 4.99 5.16 5.02 5.21 4.86 5.16 4.79 5.14 4.79 5.10 4.86 5.01 52 week: 1998 - Sept. 17 . . . . 1999 - Sept. Oct. 15 . . . . Oct. Nov. 12 . . . . Nov. Dec. 10 . . . . Dec. 1999 - Jan. 7. . . . . 2000 - Jan. Feb. 4. . . . . Feb. Mar. 4. . . . . Mar. Apr. 1. . . . . Mar. Apr. 29 . . . . Apr. May 27 . . . . May June 24 . . . . June July 22 . . . . July Aug. 19 . . . . Aug. Sept. 16 . . . . Sept. 16 14 12 9 6 3 2 30 27 25 22 20 17 14 364 364 365 364 364 364 364 364 364 364 364 364 364 364 35,829.9 30,404.1 35,376.1 32,950.8 35,157.7 33,234.6 35,942.8 32,541.9 34,989.6 27,950.8 28,802.6 39,109.3 30,118.0 34,215.7 15,439.9 16,669.8 16,253.8 16,371.1 15,841.7 15,401.4 15,344.6 15,884.2 15,017.1 15,288.1 14,848.6 15,368.8 15,042.1 15,540.2 14,552.1 15,937.2 15,622.9 15,613.6 14,960.3 14,340.4 14,323.7 14,805.1 13,950.2 14,291.8 13,890.6 14,448.6 14,140.7 15,540.2 1,002.4 887.9 732.5 631.0 757.5 881.4 1,061.0 1,020.9 1,079.1 1,067.0 996.3 958.1 920.3 901.4 15,439.9 18,774.1 18,451.4 18,011.0 17,836.8 19,190.2 17,973.1 16,751.0 15,022.5 15,540.1 15,093.2 15,372.6 15,047.5 15,542.3 250,547.3 248,443.0 246,661.3 244,904.2 243,438.4 240,089.9 237,518.2 236,111.8 236,973.5 236,450.6 236,645.5 236,121.5 236,442.8 235,942.7 94.813 95.445 95.900 95.539 95.647 95.617 95.581 95.283 95.455 95.460 95.319 95.238 95.000 94.944 5.13 4.51 4.06 4.39 4.28 4.34 4.37 4.67 4.50 4.49 4.63 4.71 4.95 5.00 5.41 4.73 4.24 4.62 4.51 4.55 4.58 4.92 4.73 4.73 4.88 4.97 5.22 5.29 10 . . . . 17 . . . . 24 . . . . July 1. . . . . 8. . . . . 2000 15 . . . . 1999 2000 22 . . . . 1999 2000 29 . . . . 1999 2000 Aug. 5. . . . . 1999 2000 12 . . . . 1999 2000 19 . . . . 1999 2000 26 . . . . 1999 2000 Sept. 2. . . . . 1999 2000 9. . . . . 1999 2000 16 . . . . 1999 2000 23 . . . . 1999 2000 30 . . . . 1999 2000 - 1 All 13-week bills rep re sent ad di tional is sue of bills with an orig i nal ma tu rity of 26 weeks or 52 weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu ri ty of 52 weeks. 2 In cludes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral Re serve Banks. 3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-priceformat as of No vem ber 2, 1998. 4 Equiv a lent cou pon-issue yield. PUB LIC DEBT OP ER A TIONS 39 TA BLE PDO-3.—Pub lic Of fer ings of Marketable Se cu ri ties Other than Reg u lar Weekly Trea sury Bills [In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing] Auc tion date 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 08/18/98 08/26/98 08/27/98 Is sue date De scrip tion of se cu ri ties 1 (1) (2) 10/15/97 10/16/97 10/31/97 10/31/97 6 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 6 02/17/98 03/02/98 03/02/98 03/05/98 6 03/03/98 03/31/98 03/31/98 04/02/98 6 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 6 07/15/98 07/23/98 07/31/98 08/17/98 6 08/17/98 08/17/98 08/20/98 08/31/98 08/31/98 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-reopening 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-reopening 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-reopening 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 5.271% bill—08/19/99 5-1/8% note—08/31/00 5.54% bill—09/15/98 6 See foot notes at end of ta ble. Pe riod to fi nal ma tu rity (years, months, days) 2 Amount ten dered (3) (4) 4y 9m 364d 2y 5y 80d 3y 9y 30y 9m 364d 2y 5y 15d 364d 2y 5y 364d 10y 2y 5y 364d 3y 10y 29y 9m 65d 2y 5y 364d 44d 2y 5y 364d 13d 30y 364d 2y 5y 3y 10y 364d 2y 5y 12d 364d 2y 5y 29y 2y 5y 9y 30y 9m 364d 9m 364d 2y 15d 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 38,815 37,908 60,925 Amount ac cepted 3,4 (5) 5 8,413 18,774 516,822 511,736 21,139 516,036 512,599 511,185 18,453 5 17,055 512,120 35,209 18,013 516,748 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 15,758 20,030 40,010 Range of ac cepted 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 40 PUB LIC DEBT OP ER A TIONS TA BLE PDO-3.—Pub lic Of fer ings of Mar.ketable Se cu ri ties Other than Reg u lar Weekly Trea sury Bills, con. [In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing] Auc tion date 09/15/98 09/23/98 10/07/98 10/13/98 10/28/98 11/02/98 11/03/98 11/04/98 11/05/98 11/09/98 11/24/98 11/30/98 12/08/98 12/29/98 01/05/99 01/06/99 01/27/99 02/02/99 02/09/99 02/10/99 02/11/99 02/11/99 02/24/99 02/25/99 03/02/99 03/02/99 03/24/99 03/30/99 03/30/99 03/31/99 04/07/99 04/22/99 04/27/99 04/28/99 05/11/99 05/12/99 05/25/99 05/26/99 05/27/99 06/02/99 06/22/99 06/23/99 07/07/99 07/20/99 07/28/99 08/10/99 08/11/99 08/12/99 08/17/99 08/25/99 08/26/99 09/14/99 09/29/99 Is sue date De scrip tion of se cu ri ties1 Pe riod to fi nal ma tu rity2 (years, months, days) Amount ten dered (1) (2) (3) (4) (5) 09/17/98 09/30/98 6 10/15/98 10/15/98 11/02/98 6 11/03/98 11/16/98 11/16/98 11/16/98 11/12/98 11/30/98 12/01/98 12/10/98 12/31/98 01/07/99 01/15/99 02/01/99 02/04/99 02/16/99 6 02/16/99 6 02/16/99 02/16/99 03/01/99 6 03/01/99 03/03/99 03/04/99 03/31/99 03/31/99 04/01/99 6 04/01/99 04/15/99 04/22/99 04/29/99 04/30/99 05/17/99 05/17/99 05/27/99 06/01/99 06/01/99 06/03/99 06/24/99 06/30/99 6 07/15/99 07/22/99 08/02/99 08/16/99 08/16/99 08/16/99 08/19/99 08/31/99 08/31/99 09/16/99 09/30/99 4.730% bill—09/16/99 4-1/2% note—09/30/00 3-5/8% ii note—01/15/08-A-reopening 4.055% bill—10/14/99 4% note—10/31/ 00-AJ 4.67% bill—01/21/99-reopening 4-1/4% note—11/15/03-K 4-3/4% note—11/15/08-D 5-1/4% bond—11/15/28 4.40% bill—11/12/99 4-5/8% note—11/30/00-AK 4.86% bill—12/15/98 4.305% bill—12/09/99 4-5/8% note—12/31/00-AL 4.335% bill—01/06/00 3.875% note—01/15/09-A 4.5% note—01/31/01-U 4.370% bill—02/03/00 4.75% note—02/15/04-E 4.75%note—11/15/08-D-reopening 4.48% bill—04/22/99-reopening 5.25% bond—02/15/29 5% note—02/28/01-V 4.74% bill—04/22/99-reopening 4.79% bill—03/15/99 4.665% bill—03/02/00 4.875% note—03/31/01-W 4.83% bill—04/19/99 4.495% bill—03/30/00 4.85% bill—04/15/99-reopening 3.875% bond—04/15/29 4.51% bill—04/23/99 4.490% bill—04/27/00 5% note—04/30/01-X 5.25% note—05/15/04-F 5.5% note—05/15/09-B 4.630% bill—05/25/00 5.25% note—05/31/01-Y 4.73% bill—06/15/99 4.70% bill—06/15/99 4.890% bill—06/22/00 5.75% note—06/30/01-Z 3-7/8% ii note—01/15/09-A-reopening 4.710% bill—07/20/00 5-1/2% note—07/31/01-AB 6% note—08/15/04-G 6% note—08/15/09-C 6-1/8% bond—08/15/29 4.945% bill—08/17/00 5-1/2% note—08/31/01-AC 5.18% bill—09/15/99 5.000% bill—09/14/00 5-5/8% note—09/30/01-AD 35,830 40,179 15,745 30,404 36,124 53,977 31,405 19,744 17,228 35,376 38,800 42,919 32,951 42,988 35,158 25,476 36,637 33,235 30,243 22,044 29,945 21,844 31,961 77,425 46,945 35,943 39,664 43,115 32,542 42,824 15,045 35,895 34,990 40,875 29,987 22,281 27,951 35,124 39,756 64,870 28,803 29,693 15,096 39,109 37,701 30,788 27,571 23,333 30,118 33,095 99,360 34,216 35,304 15,440 19,269 8,401 16,670 20,527 25,000 18,626 13,488 10,947 16,254 20,158 23,012 16,371 19,478 15,842 8,531 19,772 15,401 17,815 11,593 8,028 11,349 19,576 42,000 19,041 15,345 21,588 20,025 15,884 26,024 7,350 8,020 15,017 21,027 18,912 14,798 15,288 19,870 11,030 20,007 14,849 18,986 7,368 15,369 20,511 18,071 14,746 11,176 15,042 20,106 33,011 15,540 18,783 See foot notes at end of ta ble. 2y 9y 364d 3m 364d 2y 79d 5y 10y 30y 365d 2y 14d 364d 2y 364d 10y 2y 364d 5y 9y 9m 65d 30y 2y 52d 12d 364d 2y 19d 364d 14d 30y 1d 364d 2y 5y 10y 364d 2y 14d 12d 364d 2y 9y 6m 364d 2y 5y 10y 30y 364d 2y 2y 15d 364d Amount ac cepted 3,4 Range of ac cepted bids for notes and bonds (6) 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 PUB LIC DEBT OP ER A TIONS 41 TA BLE PDO-3.—Pub lic Of fer ings of Mar.ketable Se cu ri ties Other than Reg u lar Weekly Trea sury Bills, con. 1 Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown is the av er age ban k dis- 34 Ac cepted yields ranged up to 5.495% (price 99.776) in this sin gle-price auc tion. count rate up to Nov.em ber 1, 1998. Be gin ning on Nov.em ber 2, 1998, the rate shown is the high 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 fer ings, see ta ble PDO-2. As of Oct.ober 1, 1997, all Trea sury is sues of notes and bonds are el i gi ble for STRIPS. 2 From date of ad di tional is sue in case of a re open ing. 35 Ac cepted yields ranged up to 5.454% (price 99.658) in this sin gle-price auc tion. 3 In reopenings, the amount ac cepted is in ad di tion to the amount of orig i nal of fer ings. 4 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral Re serve Banks; and to for eign and in ter na tional mon e tary au thor i ties, whether in ex change for ma tur ing se curi ties or for new cash. 5 All notes and bonds are el i gi ble for STRIPS. 6 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of this loan. 7 Ac cepted yields ranged up to 3.600% (ad justed price 100.400) in this sin gle-price auc tion of an in fla tion-indexed note. 8 Ac cepted yields ranged up to 5.720% (price 99.823) in this sin gle-price auc tion. 9 Ac cepted yields ranged up to 5.830% (price 99.657) in this sin gle-price auc tion. 1 0 Yields ac cepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the aver age at 5.762% (price 99.967). 1 1 Yields ac cepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the av er age at 5.955% (price 101.221). 1 2Yields ac cepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the av er age at 6.201% (price 98.970). 1 3 Ac cepted yields ranged up to 5.700% (price 99.860) in this sin gle-price auc tion. 1 4 Ac cepted yields ranged up to 5.769% (price 99.918) in this sin gle-price auc tion. 1 5 Ac cepted yields ranged up to 5.690% (price 99.879) in this sin gle-price auc tion. 1 6 Ac cepted yields ranged up to 5.685% (price 99.742) in this sin gle-price auc tion. 1 7 Ac cepted yields ranged up to 3.730% (ad justed price 99.130) in this sin gle-price auc tion of an in fla tion-indexed note. 1 8 Ac cepted yields ranged up to 5.440% (price 99.878) in this sin gle-price auc tion. 1 9 Ac cepted yields ranged up to 5.558% (price 99.749) in this sin gle-price auc tion. 2 0Yields ac cepted ranged from 5.404% (price 99.920) up to 5.420% (price 99.876) with the av er age at 5.414% (price 99.893). 21 Yields ac cepted ranged from 5.550% (price 99.620) up to 5.564% (price 99.514) with the av er age at 5.558% (price 99.559). 2 2 Yields ac cepted ranged from 5.800% (price 104.558) up to 5.830% (price 104.122) with the av er age at 5.822% (price 104.238). 2 3 Ac cepted yields ranged up to 5.537% (price 99.930) in this sin gle-price auc tion. 2 4 Ac cepted yields ranged up to 5.605% (price 99.547) in this sin gle-price auc tion. 2 5 Ac cepted yields ranged up to 5.500% (price 100.000) in this sin gle-price auc tion. 2 6 Ac cepted yields ranged up to 5.620% (price 99.483) in this sin gle-price auc tion. 2 7 Ac cepted yields ranged up to 3.740% (ad justed price 97.937) in this sin gle-price auc tion of an in fla tion-indexed bond. 2 8 Ac cepted yields ranged up to 5.677% (price 99.903) in this sin gle-price auc tion. 2 9 Ac cepted yields ranged up to 5.795% (price 99.807) in this sin gle-price auc tion. 3 0 Yields ac cepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the av er age at 5.633% (price 99.978). 3 1Yields ac cepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the av er age at 5.646% (price 99.841). 3 2 Ac cepted yields ranged up to 5.530% (price 99.944) in this sin gle-price auc tion. 3 3 Ac cepted yields ranged up to 5.575% (price 99.676) in this sin gle-price auc tion. 36 Ac cepted yields ranged up to 3.680% (ad justed price 99.550) in this sin gle-price auc tion of an in fla tion-indexed bond. 37 Ac cepted yields ranged up to 5.475% (price 99.813) in this sin gle-price auc tion. 38 Ac cepted yields ranged up to 5.327% (price 99.665) in this sin gle-price auc tion. 39 Yields ac cepted ranged from 5.418% (price 101.533) up to 5.436% (price 101.397) with the av er age at 5.428% (price 101.457). 40 Yields ac cepted ranged from 5.587% (price 98.740) up to 5.598% ( price 98.583) with the av er age at 5.590% (price 98.697). 41 Ac cepted yields ranged up to 5.125% (price 100.000) in this sin gle-price auc tion. 42 Ac cepted yields ranged up to 4.615% (price 99.783) in this sin gle-price auc tion. 43 Ac cepted yields ranged up to 3.650% (ad justed price 100.869) in this sin gle-price auc tion of an in fla tion-indexed note. 44 Ac cepted yields ranged up to 4.025% (price 99.952) in this sin gle-price auc tion. 45 Ac cepted yields ranged up to 4.340% (price 99.599) in this sin gle-price auc tion. 46 Ac cepted yields ranged up to 4.825% (price 99.410) in this sin gle-price auc tion. 47 Ac cepted yields ranged up to 5.300% (price 99.253) in this sin gle-price auc tion. 48 Ac cepted yields ranged up to 4.629% (price 99.992) in this sin gle-price auc tion. Ac cepted yields ranged up to 4.690% (price 99.877) in this sin gle-price auc tion. 50 Ac cepted yields ranged up to 3.898% (ad justed price 99.811) in this sin gle-price auc tion of an in fla tion-indexed note. 51 Ac cepted yields ranged up to 4.575% (price 99.858) in this sin gle-price auc tion. 52 Ac cepted yields ranged up to 4.767% (price 99.925) in this sin gle-price auc tion. 53 Ac cepted yields ranged up to 4.913% (price 98.735) in this sin gle-price auc tion. 54 Ac cepted yields ranged up to 5.298% (price 99.282) in this sin gle-price auc tion. 55 Ac cepted yields ranged up to 5.009% (price 99.983) in this sin gle-price auc tion. 56 Ac cepted yields ranged up to 4.995% (price 99.774) in this sin gle-price auc tion. 49 57 Ac cepted yields ranged up to 3.899% (ad justed price 99.578) in this sin gle-price auc tion of an in fla tion-indexed bond. 58 Ac cepted yields ranged up to 5.017% (price 99.968) in this sin gle-price auc tion. 59 Ac cepted yields ranged up to 5.367% (price 99.493) in this sin gle-price auc tion. 60 Ac cepted yields ranged up to 5.510% (price 99.923) in this sin gle-price auc tion. 61 Ac cepted yields ranged up to 5.315% (price 99.878) in this sin gle-price auc tion. 62 Ac cepted yields ranged up to 5.754% (price 99.993) in this sin gle-price auc tion. 63 Ac cepted yields ranged up to 4.040% (ad justed price 100.033) in this sin gle-price auc tion of an in fla tion-indexed note. 64 Ac cepted yields ranged up to 5.544% (price 99.917) in this sin gle-price auc tion. 65 Ac cepted yields ranged up to 6.014% (price 99.940) in this sin gle-price auc tion. 66 Ac cepted yields ranged up to 6.085% (price 99.370) in this sin gle-price auc tion. 67 Ac cepted yields ranged up to 6.144% (price 99.741) in this sin gle-price auc tion. 68 Ac cepted yields ranged up to 5.557% (price 99.893) in this sin gle-price auc tion. 69 Ac cepted yields ranged up to 5.665% (price 99.925) in this sin gle-price auc tion. Note.—All notes and bonds were sold at auc tion through com pet i tive and non com pet i tive bid ding. Starting with the Jan.uary 5, 1999, auc tion, amounts listed as ten dered and ac cepted are amounts ten dered and awarded on auc tion day. Be fore the Jan.uary 5, 1999, auc tion, amounts listed as ten dered and ac cepted are amounts ten dered and awarded on is sue day. 42 PUB LIC DEBT OP ER A TIONS TA BLE PDO-4A.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties Other than Bills [In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance] Date of financing De scrip tion of se cu ri ties Total is sue (1) Fed eral Reserve Banks (2) De pos itory in stitu tions 1 (3) In di viduals 2 (4) Dealers and brokers (5) Private pension and re tirement funds (6) In vestment funds (7) In sur ance companies (8) Foreign and international (9) Other 3 (10) 01/15/98 3-5/8% note—1/15/08-A 8,410 400 601 62 4,920 1 1,300 3 1,093 30 02/02/98 5-3/8% note—1/31/00-Y 17,502 1,066 315 877 13,313 9 319 1 1,440 162 02/02/98 5-1/2% note—1/31/03-C 13,101 785 526 288 9,495 3 278 79 1,340 307 02/15/98 5-1/2% note—2/15/08-B 13,583 1,420 611 179 9,456 2 1,555 101 182 77 11,334 1,325 207 109 7,207 5 517 5 46 1,913 02/15/98 6-1/8% bond—11/15/27-reopening 02/17/98 5-3/8% note—2/15/01-S 15,367 1,533 467 684 10,792 12 264 1 780 834 03/02/98 5-1/2% note—2/28/00-Z 17,776 1,497 642 733 12,683 5 314 * 1,460 442 03/02/98 5-1/2% note—2/28/03-D 13,670 1,095 1,669 244 8,374 1 215 30 1,643 399 03/31/98 5-1/2% note—3/31/00-AB 17,206 1,758 938 1,010 10,477 5 137 1 1,390 1,490 03/31/98 5-1/2% note—3/31/03-E 14,173 1,385 1,426 285 8,523 104 412 25 1,788 225 04/15/98 3-5/8% note—4/15/28 8,404 400 1,409 35 3,571 347 1,973 - 510 159 04/30/98 5-5/8% note—4/30/00-AC 15,634 1,191 151 1,099 9,726 2 1,019 1 1,650 795 04/30/98 5-3/4% note—4/30/03-F 12,573 1,010 312 258 9,757 7 31 * 909 289 05/15/98 5-5/8% note—5/15/01-T 12,874 2,270 163 513 8,339 5 772 1 595 216 05/15/98 5-5/8% note—5/15/08-C 14,775 2,720 1,001 87 7,347 * 3,560 - 52 8 06/01/98 5-1/2% note—5/31/00-AD 16,580 1,321 485 1,163 10,773 15 135 3 2,270 415 06/01/98 5-1/2% note—5/31/03-G 13,132 1,115 52 250 9,533 3 655 2 1,024 498 06/30/98 5-3/8% note—6/30/00-AE 14,939 1,383 258 1,140 9,439 7 214 1 1,535 962 06/30/98 5-3/8% note—6/30/03-H 13,127 1,265 12 220 8,486 3 1,510 1 1,152 478 8,404 400 267 21 5,087 * 669 21 621 1,318 07/15/98 3-5/8% bond—4/15/28-reopening 07/31/98 5-3/8% note—7/31/00-AF 18,683 1,842 378 1,453 9,576 11 1,826 2 2,150 1,445 08/17/98 5-1/4% note—8/15/03-J 19,852 2,834 895 465 13,340 100 125 * 1,105 988 12,416 1,364 1,595 60 8,852 * * - 98 447 08/17/98 5-5/8% note—5/15/08-C-reopening 08/17/98 5-1/2% note—8 /15/28-bond 11,776 1,772 411 30 5,832 * 3,593 - 5 133 08/31/98 5-1/8% note—8/31/00-AG 20,029 2,994 352 1,243 12,727 10 136 1 2,000 566 09/30/98 4-1/2% note—9/30/00-AH 19,269 2,242 235 1,060 13,302 4 191 * 2,136 99 8,401 400 308 12 5,566 1 488 100 262 1,264 10/15/98 3-5/8% note—1/15/08-A-reopening 11/02/98 4% note—10/30/00-AJ 20,525 2,463 193 796 14,680 7 111 1 2,235 39 11/16/98 4-1/4% note—11/15/03-K 18,626 1,518 41 298 14,943 223 141 1 1,272 189 11/16/98 4-3/4% note—11/15/08-D 13,488 1,135 201 45 11,231 1 371 10 429 65 See foot notes at end of ta ble. PUB LIC DEBT OP ER A TIONS 43 TA BLE PDO-4A.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con. [In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary f or Do mes tic Fi nance] Date of financing De scrip tion of se cu ri ties Total is sue Fed eral Re serve Banks De pos itory in stitu tions 1 In di viduals 2 Dealers and brokers (1) (2) (3) (4) (5) Private pension and re tirement funds In vestment funds Insurance companies For eign and international Other 3 (6) (7) (8) (9) (10) 11/16/98 5-1/4% bond—11/15/28 10,947 945 20 76 8,167 85 1,159 180 211 104 11/30/98 4-5/8% note—11/30/00-AK 20,158 2,032 411 696 12,992 6 1,513 2 2,185 321 12/31/98 4-5/8% note—12/31/00-AL 19,475 2,555 170 962 12,174 12 1,124 7 2,100 371 01/15/99 3-7/8% note—1/15/09-A 8,532 400 884 103 2,077 282 773 - 165 3,848 02/01/99 4-1/2% note—1/31/01-U 19,777 2,765 309 1,173 12,938 2 271 1 2,001 317 02/16/99 4-3/4% note—2/15/04-E 17,823 2,013 86 315 12,253 4 2,102 1 800 249 02/16/99 4-3/4% note—11/15/08-D-reopening 11,595 1,340 1,374 55 7,728 * 406 - 364 328 02/16/99 5-1/4% bond—2/15/29 11,350 1,340 5 54 8,515 455 369 290 35 287 03/01/99 5% note—2/28/01-V 19,587 2,571 95 994 13,554 6 150 4 2,105 108 03/31/99 4-7/8% note—3/31/99-W 21,605 3,385 235 1,297 11,861 2 444 1 3,375 1,005 04/15/99 3-7/8% bond—4/15/29 7,351 350 20 17 5,093 1 527 60 871 412 04/30/99 5% note—4/30/01-X 21,034 3,020 53 1,201 12,793 7 102 1 3,585 272 05/17/99 5-1/4% note—5/15/04-F 18,925 2,562 24 456 12,569 2 374 75 1,525 1,338 05/17/90 5-1/2% note—5/15/09-B 14,795 2,045 214 584 9,956 2 572 10 750 662 06/01/99 5-1/4% note—5/31/01-Y 19,886 3,556 114 1,268 12,715 10 74 4 1,596 549 06/30/99 5-3/4% note—6/30/01-Z 19,007 2,484 243 1,540 12,398 1 392 * 1,893 56 07/15/99 3-7/8% note—1/15/09-A-reopening 7,369 368 19 115 4,686 365 1,074 20 534 188 08/02/99 5-1/2% note—7/15/01-AB 20,541 3,560 98 1,496 12,286 5 718 * 2,327 51 08/16/99 6-1/8% bond—8/15/29 11,179 1,075 15 574 6,670 - 2,391 25 266 163 08/16/99 6% note—8/15/04-G 18,090 1,617 120 1,022 12,817 1 807 1 1,637 68 08/16/99 6% note—8/15/09-C 14,757 1,290 113 125 9,246 1 2,431 15 1,453 83 08/31/99 5-1/2% note—8/31/01-AC 20,119 3,256 222 1,314 12,136 1 475 1 2,529 185 09/30/99 5-5/8% note—9/30/01-AD 18,798 2,125 401 1,655 12,101 1 119 6 2,260 130 *1 Less than $500,000. De pos i tory in sti tu tions in clude banks. 2 In cludes part ner ships and per sonal trust ac counts. 3 Re sid ual. 44 PUB LIC DEBT OP ER A TIONS TA BLE PDO-4B.—Al lot ments by In ves tor Class of Mar ket able Pub lic Debt Se cu ri ties, 52-Week Bills** [Dol lar amounts in mil lions. Source: Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance] Date of fi nanc ing Date of maturity (1) High rate (percent) (2) Total amount is sued (3) Al lot ments by in ves tor class Federal Foreign Re serve De pos i tory Dealers and Pen sion and Investment Insurance and in terBanks in sti tu tions1 In di vid uals2 bro kers re tire ment funds companies na tional (4) (5) (6) (7) (8) (9) (10) (11) All other 3 (12) 07/22/99 7-20-2000 4.710 15,373 4,940 30 938 7,494 - 79 * 1,875 17 08/19/99 09/16/99 8-20-2000 9-14-2000 4.945 5.000 15,048 15,542 5,010 5,170 12 15 920 899 7,366 7,209 1 50 53 1 1 1,670 2,179 19 15 ** Be gin ning July 1999, Trea sury made changes to the pro ce dures and cat e go ries used to clas sify bids by type of in ves tor. See PDO-4B (His tor i cal) be low for data be fore that date. Note.—For de tail of of fer ings, see ta ble PDO-3 . * Less than $500,000. De pos i tory in sti tu tions in clude banks. 2 In cludes partnerships and per sonal trust ac counts. 3 Re sid ual. 1 TA BLE PDO-4B.—Al lot ments by In ves tor Class for Mar ket able Pub lic Debt Se cu ri ties for Bills Other than Reg u lar Weekly Se ries (His tor i cal) [Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac counting] To tal amount issued Date of fi nanc ing 1 2 Date of ma tu rity (1) Av er age rate (percent) (2) 52-week se ries (3) Fed eral Re serve Banks (4) Al lot ments by in ves tor class Com merDealers cial banks Cor po ra tions 1 and bro kers (5) (6) (7) All other (8) 01/08/98 02/05/98 01/07/99 02/04/99 5.07 4.97 17,839 19,191 5,740 6,205 121 11 39 157 9,947 9,202 1,992 3,616 03/05/98 04/02/98 03/04/99 04/01/99 5.13 5.11 17,974 16,753 5,845 5,495 15 247 436 665 9,215 7,837 2,463 2,509 04/30/98 05/28/98 06/25/98 07/23/98 08/20/98 09/17/98 10/15/98 11/12/98 12/10/98 01/07/99 02/04/99 03/04/99 04/29/99 05/27/99 06/24/99 04/29/99 05/27/99 06/24/99 07/22/99 08/19/99 09/16/99 10/14/99 11/12/99 12/09/99 01/06/00 02/03/00 03/02/00 04/27/00 05/25/00 06/22/00 5.13 5.15 5.13 5.10 5.00 4.51 4.06 4.39 4.28 4.32 4.36 4.65 4.49 4.63 4.89 15,333 15,540 15,094 15,215 15,758 15,441 16,670 16,254 16,371 15,853 15,408 15,352 15,023 15,299 14,853 5,210 5,490 4,915 5,305 5,565 5,390 5,650 5,225 5,360 4,980 6,390 5,165 4,855 5,145 4,570 418 34 15 130 89 22 9 616 415 128 14 18 268 14 133 67 49 443 915 89 2,585 112 355 560 31 68 168 613 523 90 7,365 7,667 7,334 7,061 7,407 4,865 8,987 8,311 8,599 8,106 7,390 7,393 6,140 7,132 7,610 2,273 2,300 2,387 1,804 2,608 2,579 1,912 1,747 1,437 2,608 1,546 2,608 3,147 2,485 2,450 Ex clu sive of banks and in sur ance com pa nies. In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts. Note.—For de tail of of fer ings, see ta ble PDO-3. 2 45 INTRODUCTION: Savings Bonds and Notes Se ries EE bonds, on sale since Jan u ary 1, 1998, and se ries I bonds, on sale since Sep tem ber 1, 1998, are the sav ings bonds cur rently be ing sold. Se ries HH bonds are is sued in ex change for Se ries E and EE sav ings bonds and sav ings notes. Se ries A-D were sold from March 1, 1935, through April 30, 1941. Se ries E was on sale from May 1, 1941, through De cem ber 31, 1979 (through June 1980 to pay roll sav ers only). Se ries F and G were sold from May 1, 1941, through April 30, 1952. Se ries H was sold from June 1, 1952, through De cem ber 31, 1979. Se ries HH bonds were sold for cash from January 1, 1980, through Oc to ber 31, 1982. Se ries J and K were sold from May 1, 1952, through April 30, 1957. U.S. sav ings notes were on sale May 1, 1967, through June 30, 1970. The notes were el i gible for purchase by individuals with the simultaneous purchase of se ries E sav ings bonds. The prin ci pal terms and con di tions for pur chase and re demption and in for ma tion on in vest ment yields of sav ings notes ap pear in the “Trea sury Bul le tins” of March 1967 and June 1968; and in the An nual Re port of the Sec re tary of the Trea sury for fis cal 1974. TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Sept. 30, 1999 [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Sales 1 (1) Se ries A-D 2 . . . . . . . . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1 Se ries E, EE, H and HH. . . . . . . . . . . . . . 355,557 205,787 561,344 369,290 179,950 6,188 Se ries I. . . . . . . . . . . . . . . . . . . . . . . . . . . 480 3 483 10 469 - Se ries F and G. . . . . . . . . . . . . . . . . . . . . 28,396 1,125 29,521 29,517 - 3 Se ries J and K . . . . . . . . . . . . . . . . . . . . . 3,556 198 3,754 3,753 - - Sav ings notes . . . . . . . . . . . . . . . . . . . . . 862 703 1,565 1,216 167 - 392,800 208,870 601,670 408,788 180,586 6,192 Series Sales plus ac crued dis count (3) Amount out stand ing InterestMa tured nonbear ing debt interest-bearingdebt (5) (6) Accrued discount (2) Redemptions 1 (4) Sav ings bonds: To tal. . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E 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 bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be ginning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH bonds. the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.” 46 U.S. SAV INGS BONDS AND NOTES TA BLE SBN-2.—Sales and Re demp tions by Pe riod, All Se ries of Sav ings Bonds and Notes Com bined [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Amount out stand ing Period Sales (1) Fis cal years: 1935-94 . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . . . Accrued discount (2) Sales plus accrued discount (3) Redemptions Sales price 1 (5) To tal (4) Accrued dis count 1 (6) Interestbear ing debt (7) Matured non-interestbear ing debt (8) 363,460 7,222 5,936 5,334 4,765 6,257 163,984 9,481 9,822 9,083 9,141 8,924 527,444 16,703 15,758 14,417 13,906 14,955 348,780 11,805 2,495 2,084 14,338 14,214 272,261 7,268 7,234 8,435 6,897 8,267 76,459 4,537 5,261 5,968 7,441 6,324 176,766 181,529 184,423 182,589 180,744 179,950 1,857 1,997 2,292 3,601 5,091 6,188 Cal en dar years: 1935-95 . . . . . . . . . . . . . . . 376,477 1996 . . . . . . . . . . . . . . . . . 5,828 1997 . . . . . . . . . . . . . . . . . 9,904 1998 . . . . . . . . . . . . . . . . . 3,123 188,372 9,636 17,301 6,175 564,849 15,464 27,205 9,298 369,368 13,408 27,647 10,054 285,004 7,603 15,412 4,608 84,364 5,805 12,235 5,446 182,266 182,781 181,133 180,615 2,724 4,222 5,359 5,157 713 873 674 721 841 740 702 853 651 685 799 714 671 941 1,336 1,146 1,307 1,661 1,253 1,226 1,358 1,094 1,112 1,240 1,136 1,086 1,026 1,010 912 1,176 1,446 1,207 1,291 1,300 1,088 1,208 1,235 1,349 992 550 516 358 545 661 563 598 688 767 1,767 593 662 549 476 408 477 497 696 544 583 577 494 537 553 590 368 180,744 181,138 181,397 180,254 180,354 180,508 180,543 180,680 179,882 179,909 180,017 179,903 179,950 5,091 5,042 4,999 6,273 6,113 5,998 5,897 5,809 6,600 6,487 6,383 6,282 6,188 1998 - Sept . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June. . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . 332 435 435 545 820 514 523 504 443 427 441 423 415 TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price (5) Accrued discount (6) Amount outstandng Ex change of Matured E bonds for Interestnon-interestH and HH bonds bear ing debt bear ing debt (7) (8) (9) Se ries E and EE Fis cal years: 1941-94 . . . . . . . . . 1995 . . . . . . . . . . . 1996 . . . . . . . . . . . 1997 . . . . . . . . . . . 1998 . . . . . . . . . . . 1999 . . . . . . . . . . . 321,899 7,222 6,035 5,334 4,765 5,542 160,472 9,464 9,708 9,067 9,141 8,914 482,371 16,686 15,743 14,401 13,906 14,927 291,359 11,069 11,809 8,435 14,136 13,628 217,284 6,532 6,480 7,541 6,954 5,963 77,650 4,537 5,315 6,456 7,182 6,321 17,106 874 1,173 1,254 1,190 1,090 165,387 170,005 172,483 169,969 180,744 166,529 1,835 1,977 2,276 3,584 5,091 6,169 Cal en dar years: 1941-95 . . . . . . . . . 1996 . . . . . . . . . . . 1997 . . . . . . . . . . . 1998 . . . . . . . . . . . 326,991 5,820 9,316 3,123 176,324 9,633 16,499 6,173 503,315 15,453 25,815 9,296 299,483 12,625 24,863 10,054 228,955 6,825 13,044 4,952 77,438 5,803 11,598 4,394 18,298 1,447 2,192 858 170,690 170,744 168,802 180,615 2,700 4,198 5,359 5,157 1998 - Sept . . . . . . . . Oct . . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1999 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June. . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 332 435 435 545 764 470 477 459 400 394 400 388 375 713 873 673 720 840 739 702 853 651 685 797 712 669 1,089 1,334 1,143 1,306 1,656 1,252 1,226 1,353 1,091 1,118 1,235 1,136 1,077 1,026 1,012 909 1,122 1,379 1,135 1,212 1,222 1,026 1,139 1,158 1,273 1,041 465 456 307 489 592 488 523 554 442 521 520 590 481 550 408 477 497 698 547 580 574 496 533 553 590 368 80 87 75 81 90 100 110 95 87 86 90 98 91 180,744 168,330 168,528 167,375 167,399 167,488 167,446 167,527 166,678 166,643 166,695 166,524 166,529 5,091 5,023 4,981 6,250 6,091 5,977 5,876 5,789 6,577 6,465 6,362 6,262 6,169 See foot notes at end of ta ble. U.S. SAV INGS BONDS AND NOTES 47 TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries H, HH and I [In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing] Period Sales plus accrued discount (3) Accrued discount (2) Sales (1) Redemptions Sales price (5) Total (4) Accrued discount (6) Amount out stand ing Ex change of Matured E bonds for Interestnon-interestH and HH bonds bear ing debt bear ing debt (7) (8) (9) Se ries H and HH Fis cal years: 1952-94. . . . . . . . . 13,548 - 13,548 18,990 18,990 - 17,106 11,379 17 8 16 10 56 41 - 8 16 10 56 41 737 744 893 941 792 737 744 893 941 792 - 874 1,173 1,254 1,108 1,091 11,524 11,940 12,294 12,541 12,813 16 16 17 19 19 1952-95. . . . . . . . . 1996 . . . . . . . . . . . 1997 . . . . . . . . . . . 1998 . . . . . . . . . . . 13,536 17 -7 37 - 13,536 17 -7 37 19,831 789 1,693 654 20,131 789 1,693 654 - 18,212 1,266 2,193 776 11,576 12,038 12,331 12,495 24 23 23 20 1998 - Sept. . . . . . . . Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . 25 2 3 1 4 - 25 2 3 1 4 85 61 50 56 68 85 61 50 56 68 - 80 88 75 81 90 12,515 12,541 12,571 12,594 12,621 20 19 19 23 22 Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June. . . . . . . . 1 1 5 4 5 - 1 1 5 4 5 74 75 73 64 63 74 75 73 64 63 - 100 110 95 87 86 12,646 12,681 12,699 12,715 12,744 21 20 20 23 22 July . . . . . . . . . 5 - 5 71 71 - 90 12,768 21 Aug . . . . . . . . . Sept . . . . . . . . 1 9 - 1 9 70 67 70 67 - 98 91 12,797 12,813 20 19 1995 1996 1997 1998 1999 ........... ........... ........... ........... ........... Cal en dar years: - Se ries I Fis cal year: 1999 . . . . . . . . . . . 403 3 406 6 6 - - 469 - 1998 . . . . . . . . . . . 77 - 77 - - - - 77 - 1998 - Dec . . . . . . . . 1999 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr . . . . . . . . . 40 52 43 46 41 - 40 52 43 46 41 - - - - 117 168 211 257 297 - May . . . . . . . . 39 - 39 - - - - 335 - June. . . . . . . . July. . . . . . . . . Aug. . . . . . . . . Sept . . . . . . . . 39 37 34 32 1 1 1 39 38 35 33 2 2 2 2 2 2 - - 372 407 440 469 - Cal en dar year: Note.—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buy ers. 48 INTRODUCTION: Ownership of Federal Securities Federal se curities presented in the following tables are pub lic debt se cu ri ties such as sav ings bonds, bills, notes and bonds that the Trea sury is sues. The ta bles also de tail debt is sued by other Fed eral agen cies un der spe cial fi nanc ing au thori ties. [See the Fed eral debt (FD) ta bles for a more com plete de scrip tion of the Fed eral debt.] • Ta ble OFS-1 pres ents Trea sury mar ket able and non market able se cu ri ties and debt is sued by other Fed eral agen cies held by Gov ern ment ac counts, the FRBs and pri vate in ves tors. So cial Se cu rity and Fed eral re tire ment trust fund in vest ments com prise much of the Gov ern ment ac count hold ings. The FRBs ac quire Trea sury se cu ri ties in the mar ket as a means of ex e cut ing mon e tary pol icy. • Ta ble OFS-2 pres ents the es ti mated amount of pub lic debt securities held by private inves tors. In for ma tion is obtained from sources such as the Fed eral fi nan cial in sti tu tion reg u la tory agen cies. State, lo cal and for eign hold ings in clude spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en tities and for eign of fi cial ac counts. They also in clude mu nic ipal, foreign official and private holdings of mar ketable Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion of in ves tor cat e go ries.) OWN ER SHIP OF FED ERAL SE CU RITIES 49 TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Total Federal securities outstanding (1) Total outstanding (2) 1995. . . . . . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . . . . . . 1998. . . . . . . . . . . . . . . . . . . . . . . . . 1999. . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 5,259,854 5,446,333 5,555,565 5,685,181 4,950,644 5,220,790 5,407,528 5,518,681 5,647,241 1,320,800 1,447,001 1,598,459 1,765,580 1,989,072 1,519 1,506 1,254 1,254 1,123 1,319,281 1,445,495 1,597,205 1,764,326 1,987,949 374,114 390,924 436,496 458,131 496,472 1998 - Sept. . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . 5,555,565 5,588,301 5,621,009 5,643,435 5,639,054 5,650,706 5,680,450 5,614,538 5,632,895 5,667,682 5,667,400 5,701,027 5,685,181 5,518,681 5,515,449 5,584,548 5,605,401 5,568,063 5,580,223 5,643,138 5,577,369 5,563,128 5,629,535 5,599,069 5,663,351 5,647,241 1,765,580 1,788,351 1,798,755 1,826,826 1,854,253 1,864,089 1,857,066 1,875,854 1,895,541 1,953,613 1,951,953 1,959,064 1,989,072 1,254 1,254 1,171 1,123 1,123 1,123 1,123 1,123 1,123 1,123 1,123 1,123 1,123 1,764,326 1,787,097 1,797,584 1,825,703 1,853,130 1,862,966 1,855,943 1,874,731 1,894,418 1,952,490 1,950,830 1,957,941 1,987,949 458,131 454,406 462,890 471,736 478,329 458,845 464,517 482,411 488,419 493,816 489,141 492,617 496,472 End of fis cal year or month End of fis cal year or month In ter est-bearing pub lic debt se cu ri ties Total (3) In ter est-bearing pub lic debt se cu ri ties, con. To tal (7) Held by pri vate in ves tors Marketable Nonmarketable (8) (9) Held by U.S. Gov ern ment ac counts Mar ket able Nonmarketable (4) (5) Matured public debt and debt Pub lic is sues held by Fed eral Re serve Banks (6) Agency se cu ri ties Held by U.S. Gov ern ment ac counts and Held by bear ing no interest (10) Total outstanding (11) Fed eral Re serve Banks (12) private investors (13) 1995 . . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 3,382,865 3,372,573 2,884,814 3,025,941 3,001,866 370,916 356,924 370,707 23,339 4,021 5,618 26,962 35,043 33,187 16 7,606 7,098 26,946 27,437 26,089 1998 . . . . . . . . . . . . . . . . . . . . . . . . . 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455 1999 . . . . . . . . . . . . . . . . . . . . . . . . . 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276 1998 - Sept . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . 3,294,970 3,272,692 2,871,645 2,853,192 423,325 419,500 7,512 43,806 29,372 29,046 3,917 717 25,455 28,329 Nov . . . . . . . . . . . . . . . . . . . . 3,322,903 2,899,311 423,592 7,431 29,030 717 28,313 Dec . . . . . . . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . 3,306,839 3,235,481 3,257,289 3,321,555 2,882,598 2,813,352 2,834,566 2,895,704 424,241 422,130 422,723 425,852 8,816 42,054 41,723 8,477 29,218 28,937 28,760 28,835 717 717 717 717 28,501 28,220 28,043 28,118 Apr. . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . 3,219,104 3,179,168 2,789,038 2,751,084 430,066 428,084 8,471 41,070 28,698 28,697 717 717 27,981 27,980 June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . 3,182,106 3,157,975 3,211,670 2,753,570 2,733,425 2,787,259 428,536 424,550 424,411 9,245 39,587 9,035 28,902 28,744 28,641 634 634 634 28,268 28,110 28,007 Sept. . . . . . . . . . . . . . . . . . . . 3,161,697 2,735,403 426,293 9,030 28,910 634 28,276 50 OWN ER SHIP OF FED ERAL SE CU RITIES TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties [In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance] End of month Total public debt1 (1) Federal Reserve Total and Gov ernmentac2- privately held counts (2) (3) Pen sion funds De pos i tory in sti tutions3,4 (4) U.S. sav ings bonds 5 (5) Pri vate 6 (6) 3 State and In sur ance lo cal gov ern- compaMu tual ments nies 3 funds 3,7 (7) (8) (9) State and lo cal governments 3 (10) For eign and interOther na tional 8 in ves tors 9 (11) (12) 1989 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 2,740.9 2,799.9 2,857.4 2,953.0 837.5 890.8 899.1 935.6 1,903.4 1,909.1 1,958.3 2,017.4 239.0 218.2 205.4 204.2 112.2 114.0 115.7 117.7 r 109.3 r 115.9 r 122.9 r 131.5 r 127.3 r 127.9 r 129.4 r 128.6 119.7 120.6 121.2 123.9 118.5 116.5 120.4 124.9 355.9 358.6 359.8 369.1 373.5 366.4 391.8 426.1 r 348.1 r 371.1 r 391.7 r 391.4 1990 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 3,052.0 3,143.8 3,233.3 3,364.8 935.4 1,003.8 1,026.0 1,059.5 2,116.6 2,140.0 2,207.3 2,305.3 218.8 214.2 214.8 206.5 119.9 121.9 123.9 126.2 r 121.6 r 128.4 r 133.2 r 137.2 r 139.0 r 144.6 r 146.4 r 144.5 132.3 133.7 136.4 138.2 142.7 141.2 147.6 162.8 401.1 405.0 407.3 410.6 445.4 451.0 463.8 487.1 r 395.8 r 399.9 r 434.0 r 492.3 1991 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 3,465.2 3,538.0 3,665.3 3,801.7 1,104.6 1,139.1 1,166.9 1,223.2 2,360.6 2,398.9 2,498.4 2,578.5 222.5 231.5 251.7 271.5 129.7 133.2 135.4 138.1 r 131.2 r 132.0 r 136.2 r 137.7 r 153.4 r 155.0 r 140.2 r 141.7 147.2 156.8 171.4 181.8 186.1 180.1 199.5 221.8 415.6 416.8 430.2 435.5 492.0 502.0 506.3 520.9 r 482.9 r 491.5 r 527.6 r 529.5 1992 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 3,881.3 3,984.7 4,064.6 4,177.0 1,215.5 1,272.3 1,282.4 1,329.7 2,665.8 2,712.4 2,782.2 2,847.3 300.5 315.1 337.1 348.3 142.0 145.4 150.3 157.3 r 128.5 r 129.3 r 133.3 r 135.3 r 140.7 r 146.7 r 166.4 r 172.3 188.4 192.8 194.8 197.5 227.9 235.2 245.1 259.5 460.0 435.6 429.3 418.2 536.4 558.2 562.8 576.7 r 541.4 r 554.1 r 563.2 r 582.2 1993 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 4,230.6 4,352.0 4,411.5 4,535.7 1328.6 1,400.6 1,422.2 1,476.1 2,902.0 2,951.4 2,989.3 3,059.6 362.6 361.0 366.2 373.0 163.6 166.5 169.1 171.9 r 127.2 r 127.4 r 141.8 r 136.8 r 171.2 r 176.9 r 188.7 r 186.3 208.0 217.8 229.4 234.5 261.5 269.2 283.9 294.0 434.0 441.2 434.0 447.8 585.9 596.8 619.1 650.3 r 588.1 r 594.6 r 557.2 r 565.0 1994 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 4,575.9 4,645.8 4,692.8 4,800.2 1,476.0 1,547.5 1,562.8 1,622.6 3,099.9 3,098.3 3,130.0 3,177.6 397.4 383.9 364.0 339.6 175.0 177.1 178.6 180.5 r 138.0 r 145.0 r 131.7 r 157.9 r 195.0 r 193.4 r 191.9 r 192.1 233.4 238.1 243.7 r 240.1 278.0 271.6 265.3 273.0 443.4 425.2 398.2 370.0 661.1 659.9 682.0 667.3 r 578.6 r 604.2 r 674.6 r 757.1 1995 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 4,864.1 4,951.4 4,974.0 4,988.7 1,619.3 1,690.1 1,688.0 1,681.0 3,244.8 3,261.3 3,286.0 3,307.7 352.9 340.0 330.8 315.4 181.4 182.6 183.5 185.0 r 162.8 r 166.6 r 170.6 r 176.5 r 203.1 r 197.2 r 193.0 r 191.7 244.2 245.0 245.2 241.5 273.0 263.9 272.6 286.5 350.5 313.7 304.3 289.8 707.0 762.5 820.4 835.2 r 770.0 r 790.0 r 765.6 r 786.1 1996 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 5,117.8 5,161.1 5,224.8 5,323.2 1,731.1 1,806.7 1,831.6 1,892.0 3,386.7 3,354.4 3,393.2 3,431.2 322.1 318.7 310.9 296.6 185.8 186.5 186.8 187.0 r 180.4 r 183.9 r 186.9 r 189.2 r 198.9 r 208.2 r 202.4 r 203.5 239.4 229.5 226.8 214.1 310.4 306.5 308.4 315.8 283.6 283.3 263.8 257.0 908.1 929.7 993.4 1,102.1 r 758.0 r 708.1 r 713.8 r 665.9 1997 - Mar . . . . . . . June . . . . . . . Sept . . . . . . . Dec . . . . . . . . 5,380.9 5,376.2 5,413.1 5,502.4 1,928.7 1,998.9 2,011.5 2,087.8 3,452.2 3,377.3 3,401.6 3,414.6 317.3 300.2 292.8 300.3 186.5 186.3 186.2 186.5 r 192.4 r 195.9 r 199.7 r 204.1 r 203.7 r 209.3 r 219.7 r 216.9 182.2 183.6 187.3 176.6 r 310.6 r 305.4 r 311.4 r 321.5 250.6 243.3 237.7 239.3 1,157.6 1,182.7 1,230.5 1,241.6 r 651.3 r 570.6 r 536.2 r 527.9 1998 - Mar . . . . . . . June . . . . . . Sept. . . . . . . Dec . . . . . . . 5,542.4 5,547.9 5,526.2 5,614.2 2,104.9 2,198.6 2,213.0 2,280.2 3,437.5 3,349.3 3,313.2 3,334.0 308.2 r 290.7 244.4 r 237.3 186.3 186.0 186.0 186.7 r 198.7 r 204.8 r 208.2 r 218.1 r 211.9 r 214.8 r 211.2 r 216.6 170.1 161.9 150.7 r 144.5 r 325.1 r 319.4 r 319.7 r 343.2 r 238.1 r 258.5 r 266.4 r 269.3 1,250.5 1,256.0 1,224.2 1,278.7 r 548.6 r 331.0 r 502.4 r 439.6 1999 - Mar . . . . . . . June . . . . . . Sept. . . . . . . 5,651.6 5,638.8 5,656.3 2,324.0 2,439.5 2,480.7 3,327.6 3,199.3 3,175.6 p 247.7 p 243.0 n.a. 186.6 186.6 186.3 r 220.0 226.6 n.a. r 217.2 212.9 n.a. p 143.8 p 141.8 n.a. 351.1 328.1 n.a. p 272.5 p 279.1 n.a. r 1,272.1 r 1,258.6 p 1,281.3 r 416.6 p 322.6 n.a. 1 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Face value. 2 Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con di- tion, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Gov ern ment ac counts. Fed eral Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments. 3 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209. 4 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions. 5 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Cur rent ac crual value. 6 In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift Sav ings Plan "G Fund." 7 In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies. 8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ket- able for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury secu rities held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to De cem ber 1994 and the 1994 bench mark to date. 9 In cludes in di vid u als, Gov ern ment-sponsored en ter prises, bro kers and deal ers, bank per s onal trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors. Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral MARKET YIELDS 51 INTRODUCTION: Market Yields The tables and charts in this section present yields on Trea sury mar ket able se cu ri ties, and com pare long-term yields on Trea sury se cu ri ties with yields on long-term cor po rate and mu nic i pal se cu ri ties. • Table MY-1 lists Trea sury mar ket bid yields at constant ma tu ri ties for bills, notes and bonds. The Trea sury yield curve in the ac com pa ny ing chart is based on cur rent mar ket bid quo ta tions on the most ac tively traded Trea sury se cu ri ties as of 3:30 p.m. on the last busi ness day of the cal en dar quar ter. The Treasury uses quotations ob tained by the FRB of New York to de rive the yield curve, based on semi an nual in terest pay ments and read at con stant ma tu rity points to de velop a consistent data series. Yields on Treasury bills are coupon equivalent yields of bank discount rates at which Trea sury bills trade in the mar ket. The Board of Gov er nors of the Fed eral Re serve Sys tem pub lishes the Trea sury constant ma tu rity data se ries in its weekly H.15 press re lease. • Ta ble MY-2 shows av er age yields of long-term Treasury, cor po rate and mu nic i pal bonds. The long-term Trea sury av er age yield is the 30-year con stant ma tu rity yield. The corpo rate bond av er age yield is de vel oped by Trea sury by cal culat ing reoffering yields on new long-term se cu ri ties ma tur ing in at least 20 years and ratedAa by Moody’s In ves tors Ser vice. The mu nic i pal bond av er age yield prior to 1991 was com piled by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield is the “Municipal Bond Yield Av erage,” published b y Moody’s In ves tors Ser vice for 20-yearreoffering yields on selected Aa-rated general obligations. See the footnotes for further explanation. TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities: Bills, Notes and Bonds* [In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance] Period 3-mo. (1) 6-mo. (2) 1-yr. (3) Monthly av er age: 1998 - Oct. . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . 4.07 4.53 4.50 4.45 4.56 4.57 4.41 4.63 4.72 4.69 4.87 4.82 4.20 4.59 4.57 4.49 4.61 4.65 4.54 4.75 5.03 4.75 5.09 5.08 End of month: 1998 - Oct. . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . 4.33 4.57 4.48 4.48 4.66 4.49 4.55 4.66 4.78 4.75 4.98 4.88 4.36 4.58 4.55 4.47 4.70 4.53 4.66 4.83 5.04 4.85 5.21 4.99 * Rates are from the Trea sury yields curve. 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) 4.12 4.53 4.52 4.51 4.70 4.78 4.69 4.85 5.10 5.03 5.20 5.25 4.09 4.54 4.51 4.62 4.88 5.05 4.98 5.25 5.62 5.55 5.68 5.66 4.18 4.57 4.48 4.61 4.90 5.11 5.03 5.33 5.70 5.62 5.77 5.75 4.18 4.54 4.45 4.60 4.91 5.14 5.08 5.44 5.81 5.68 5.84 5.80 4.46 4.78 4.65 4.80 5.10 5.36 5.28 5.64 6.05 5.94 6.15 6.12 4.53 4.83 4.65 4.72 5.00 5.23 5.18 5.54 5.90 5.79 5.94 5.92 5.01 5.25 5.06 5.16 5.37 5.58 5.55 5.81 6.04 5.98 6.07 6.07 4.18 4.53 4.53 4.51 4.88 4.72 4.78 4.97 5.07 5.13 5.30 5.22 4.12 4.54 4.54 4.58 5.13 4.99 5.08 5.42 5.53 5.63 5.73 5.63 4.24 4.54 4.55 4.57 5.16 5.07 5.17 5.51 5.59 5.70 5.82 5.70 4.24 4.51 4.56 4.55 5.21 5.12 5.24 5.60 5.67 5.82 5.88 5.78 4.47 4.70 4.73 4.72 5.39 5.38 5.42 5.83 5.93 6.10 6.20 6.10 4.64 4.74 4.65 4.66 5.29 5.25 5.36 5.64 5.81 5.92 5.98 5.90 5.15 5.08 5.09 5.09 5.57 5.63 5.68 5.84 5.98 6.11 6.07 6.06 52 MARKET YIELDS CHART MY-A.—Yields of Trea sury Se cu ri ties, September 30, 1999* Based on clos ing bid quo ta tions (in per cent ages) 6.5 6 Note: The curve is based only on the most actively traded is sues. Mar ket yields on cou pon is sues due in less than 3 months are ex cluded. 5.5 5 4.5 0 2 4 6 8 10 12 14 16 18 Years to maturity * Source: Of fice of Mar ket Fi nance 20 22 24 26 28 30 MARKET YIELDS 53 TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds [In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance] Treasury 30-yr. bonds (1) Pe riod New Aa Cor po rate bonds 1 (2) New Aa municipal bonds 2 (3) 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 8.93 9.01 9.17 9.03 8.83 8.27 8.08 8.12 8.15 8.00 7.90 7.90 9.92 10.11 10.33 10.11 9.82 9.24 9.20 9.09 9.29 9.04 9.20 9.23 7.18 7.31 7.42 7.30 7.05 6.94 6.89 6.73 7.10 7.13 6.95 6.76 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 MONTHLY SERIES AV ER AGES OF DAILY OR WEEKLY SERIES 1988 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1989 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See foot notes at end of ta ble. 54 MARKET YIELDS TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con. [In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance] Pe riod 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1994 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See foot notes at end of ta ble. Treasury 30-yr. bonds (1) New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 MARKET YIELDS 55 MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con. [In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do me s tic Fi nance] Treasury 30-yr. bonds Pe riod 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1999 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate 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 New Aa corporate bonds 1 New Aa municipal bonds 2 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 5.54 5.20 5.01 5.25 5.06 6.62 6.66 6.63 6.59 6.63 6.43 6.36 6.34 6.26 6.21 6.42 6.13 4.93 4.96 5.10 5.10 5.17 5.01 5.04 5.06 4.94 4.82 4.93 4.90 5.16 5.37 5.58 5.55 5.81 6.04 5.98 6.07 6.07 6.14 6.33 6.52 6.58 6.86 7.21 7.20 7.36 7.38 4.94 4.89 5.02 5.00 5.15 5.31 5.30 5.56 5.67 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s In ves tors Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent. 56 MARKET YIELDS CHART MY-B.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds* Monthly av er ages (in per cent ages) 11 10 Aa corpor ate bonds 9 8 Treas ury 30-yr. bonds 7 Aa mu nic ipal bonds 6 5 4 88 89 90 91 92 93 94 Cal en dar years *Source: Of fice of Mar ket Fi nance 95 96 97 98 99 57 INTRODUCTION: U.S. Currency and Coin Out stand ing and in Cir cu la tion The U.S. Cur rency and Coin Out stand ing and in Cir cu lation (USCC ) state ment informs the pub lic of the to tal face value of cur rency and coin used as a me dium of ex change that is in cir cu la tion at the end of a given ac count ing month. The state ment de fines the to tal amount of cur rency and coin outstanding and the portion deemed to be in cir cu la tion. It in cludes some old and cur rent rare is sues that do not cir cu late or that may do so to a lim ited ex tent. Trea sury in cludes them in the state ment be cause the is sues were orig i nally in tended for gen eral cir cu la tion. The USCC state ment pro vides a de scrip tion of the var ious is sues of pa per money. It also gives an es ti mated av er age of cur rency and coin held by each in di vid ual, us ing es ti mates of pop u la tion from the Bu reau of the Cen sus.USCC information has been pub lished by Trea sury since 1888, and was published sep a rately un til 1983, when it was in cor po rated into the “Trea sury Bul le tin.” The USCC co mes from monthly re ports com piled by Trea sury of fices, var i ous U.S. Mint of fices, the Fed eral Re serve Banks and the Fed eral Re serve Board. TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, Sept. 30, 1999 [Source: Fi nan cial Man age ment Ser vice] Cur rency Amounts out stand ing. . . . . . . . . . . . . . . . . To tal cur rency and coin (1) To tal (2) $854,531,573,503 $827,596,545,805 110,940,385 24,342,370 FRBs . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,337,624,480 310,039,524,754 Amounts in cir cu la tion. . . . . . . . . . . . . . . . $544,083,008,638 $517,532,678,681 Fed eral Re serve notes1 (3) $827,074,568,140 U .S. notes (4) Cur rency no lon ger is sued (5) $267,804,316 $254,173,349 20,739 182,569 310,039,521,874 200 2,680 $517,010,907,204 $267,783,377 $253,988,100 Less amounts held by: The Trea sury. . . . . . . . . . . . . . . . . . . . . Coins 2 Amounts out stand ing. . . . . . . . . . . . . . . . . . . To tal (1) 24,139,062 Dol lars 3 (2) Frac tional coins (3) $26,935,027,698 $2,038,423,898 $24,896,603,800 The Trea sury. . . . . . . . . . . . . . . . . . . . . . . . 86,598,015 13,477,115 73,120,900 FRBs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,099,726 12,055,322 286,044,404 Amounts in cir cu la tion . . . . . . . . . . . . . . . . . . $26,550,329,957 $2,012,891,461 $24,537,438,496 Less amounts held by: See foot notes fol low ing ta ble USCC-2. 58 U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, Sept. 30, 1999 [Source: Fi nan cial Man age ment Ser vice] To tal (1) Cur rency in cir cu la tion by de nom i na tion Federal Re serve notes (2) U.S. notes (3) Cur rency no lon ger is sued (4) $1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,916,552,104 $6,770,011,909 $143,481 $2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,184,520,172 1,052,066,330 132,441,266 12,576 $5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,938,344,395 7,797,075,765 110,136,610 31,132,020 $10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,772,450,640 13,750,140,420 5,950 22,304,270 $20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,864,002,220 90,843,895,080 3,380 20,103,760 $50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,295,951,750 52,284,454,900 - 11,496,850 $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . 344,245,211,300 344,198,166,300 25,052,600 21,992,400 $500 . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,573,500 143,385,500 - 188,000 $1,000. . . . . . . . . . . . . . . . . . . . . . . . . . 166,877,000 166,671,000 - 206,000 $5,000. . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000 $10,000. . . . . . . . . . . . . . . . . . . . . . . . . 3,440,000 3,340,000 - 100,000 Frac tional parts. . . . . . . . . . . . . . . . . . . 485 - - 485 Par tial notes 4 . . . . . . . . . . . . . . . . . . . . 115 - 90 25 To tal cur rency . . . . . . . . . . . . . . . . . . $517,532,678,681 $517,010,907,204 $267,783,377 $253,988,100 Amount (in mil lions) Com par a tive to tals of cur rency and coins in cir cu la tion—se lected dates 1 2 3 (1) $146,396,714 Per ca pita (2) Sept. 30, 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544,083 $1,988.24 Aug. 31, 1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538,457 1,969.57 July 31, 1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 533,492 1,953.25 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 Is sued on or af ter July 1, 1929. Ex cludes coins sold to col lec tors at pre mium prices. In cludes $481,781,898 in stan dard sil ver dol lars. 4 5 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion. Based on Bu reau of the Cen sus es ti mates of pop u la tion. 5 61 INTRODUCTION: In ternational Finan cial Sta tis tics The ta bles in this sec tion pro vide sta tis tics on U.S. Govern ment re serve as sets, li a bil i ties to foreigners and its in ter national fi nan cial po si tion. All mon e tary fig ures are in dol lars or dol lar equiv a lents. • Ta ble IFS-1 shows re serve as sets of the United States, in clud ing its gold stock, special drawing rights held in the Spe cial Draw ing Ac count in the In ter na tional Mon e tary Fund (IMF) , hold ings of con vert ible for eign cur ren cies and re serve po si tion in the IMF. • Table IFS-2 con tains sta tis tics on li a bil i ties to for eign official insti tu tions, and selected liabilities to all other foreigners , which are used in the U.S. bal ance of pay ments sta tis tics. • Ta bleIFS-3 shows non mar ket able bonds and notes that the Trea sury is sues to of fi cial in sti tu tions and other res i dents of for eign coun tries. TA BLE IFS-1.—U.S. Re serve As sets End of calendar year or month To tal re serve as sets 1 (1) Gold stock (2) 2 Spe cial draw ing rights 1,3 (3) For eign cur ren cies 4 (4) Re serve po sition in In ter national Mon e tary Fund 1,5,6 (5) 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 . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071 1998 - Oct . . . . . . . . . . . . 79,183 11,041 10,379 35,485 22,278 Nov . . . . . . . . . . . . 77,683 11,041 10,393 34,200 22,049 Dec . . . . . . . . . . . . 81,761 11,046 10,603 36,001 24,111 1999 - Jan . . . . . . . . . . . . 80,677 11,048 10,465 35,035 24,129 Feb . . . . . . . . . . . . 75,321 11,047 9,474 30,517 24,283 Mar . . . . . . . . . . . . 74,359 11,049 9,682 30,397 23,231 Apr . . . . . . . . . . . . 73,694 11,049 9,634 29,957 23,054 May . . . . . . . . . . . 72,121 11,049 9,784 29,599 21,689 June . . . . . . . . . . . 71,689 11,046 9,719 29,462 21,462 July . . . . . . . . . . . . 73,305 11,048 9,925 30,870 21,462 Aug . . . . . . . . . . . . 72,649 11,046 10,152 31,566 19,885 Sept . . . . . . . . . . . 73,414 11,047 10,284 32,105 19,978 Oct . . . . . . . . . . . . 73,228 11,047 10,232 32,378 19,571 1 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u i ng the spe cial draw ing right (SDR) based on a weighted-average of ex change rates for the cur rencies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also are val ued on this ba sis be gin ning July 1974. 2 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against all gold held. 3 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus transac tions in SDRs. 4 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber 1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such other rates as may be agreed upon by the par ties to the trans ac tions. 5 The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United States could pur chase ad di tional amounts re lated to the U.S. quota. 6 In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Borrow in July 1998, and an SDR $619 mil lion loan to the IMF un der the New Ar range ments to Bor row in De cem ber 1998. 62 INTERNATIONAL FI NAN CIAL STA TIS TICS TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Li a bil i ties to for eign coun tries End of calendar year or month Of fi cial in sti tu tions 1 Market- Nonmarketable U.S. able U.S. Liabilities Treasury Treasury re ported by bonds bonds banks in and and 2 3 United States notes notes (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to 5 banks (7) Total (8) Li a bil i ties to other for eign ers Liabilities re ported by banks in United States (9) LiabiliMarketties able U.S. to nonTrea sury monetary bonds international and and re gional 2,6 7 notes organizations (10) (11) Total (1) Total (2) 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581 Se ries 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 . . . . . . . . . . . 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 1998 -Sept . . . . . . 2,513,479 708,391 259,358 406,009 6,351 36,673 965,793 820,194 198,968 621,226 19,101 1994 8 . . . . . . . . . . Oct . . . . . . . 2,534,273 720,509 263,534 415,010 5,997 35,968 990,487 806,216 196,846 609,370 17,061 Nov. . . . . . . 2,534,191 728,120 259,036 426,853 6,035 36,196 977,235 811,472 188,389 623,083 17,364 Dec. r . . . . . 2,556,206 736,402 260,055 432,127 6,074 38,146 985,536 818,021 190,786 627,235 16,247 1999 - Jan. r . . . . . 2,538,741 740,509 262,016 433,590 6,114 38,789 964,918 815,169 192,225 622,944 18,145 Feb. r . . . . . 2,533,438 742,013 266,224 429,891 6,151 39,747 953,376 814,477 202,016 612,461 23,572 Mar. r . . . . . 2,536,364 741,750 266,684 425,046 6,191 43,829 952,376 823,128 204,060 619,068 19,110 Apr. r . . . . . 2,532,681 742,607 271,496 418,350 6,231 46,530 948,898 821,496 198,989 622,507 19,680 May . . . . . . 2,557,896 736,421 260,469 421,573 6,143 48,236 981,953 821,374 196,774 624,600 18,148 June . . . . . 2,584,265 741,593 264,698 421,970 5,982 48,943 1,007,362 813,327 189,939 623,388 21,983 July. . . . . . . 2,536,061 749,286 273,365 420,197 6,022 49,702 950,521 813,811 194,876 618,935 22,443 Aug. . . . . . . 2,601,188 758,262 279,719 422,590 6,060 49,892 985,665 834,542 199,153 635,389 22,719 Sept . . . . . . 2,605,849 756,229 276,805 420,794 6,098 52,532 979,330 847,302 210,121 637,181 22,988 1 Includes Bank for In ter na tional Set tle ments. 2 Derived by ap ply ing re ported trans ac tions to bench mark data. 3 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as fol - lows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990, 30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Argentina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3. 4In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies and pri vate cor po ra tions. 5In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in f or eign cur rencies to for eign banks and to “other for eign ers.” 6 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks. 7 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American De vel op ment Bank and the Asian De vel op ment Bank. 8 Data on the two lines shown for this date re flect dif fer ent bench mark bases for for eign ers’ 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 ear lier dates; fig ures on the sec ond line are based in part on a bench mark sur vey as of end-year 1994 and are com pa ra ble to those shown for fol low ing dates. Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks, other de pos i tory in sti tu tions and bro kers in the United States. Data cor re spond gen er ally to sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In terna tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ganizations. INTERNATIONAL FI NAN CIAL STA TIS TICS 63 TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] End of cal en dar year or month Pay able in dol lars Argentina 1 Mex ico 2 (3) (4) Ven e zuela3 (5) Grand to tal (1) Total (2) 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 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211 1998 - Sept. . . . . . . . . . . . . . . . . . . . . 6,351 6,351 1,151 3,915 1,285 Oct. . . . . . . . . . . . . . . . . . . . . . 5,997 5,997 1,158 3,940 899 Nov. . . . . . . . . . . . . . . . . . . . . . 6,035 6,035 1,165 3,965 905 Dec. . . . . . . . . . . . . . . . . . . . . . 6,074 6,074 1,172 3,991 911 1999 - Jan. . . . . . . . . . . . . . . . . . . . . . 6,114 6,114 1,179 4,018 917 Feb. . . . . . . . . . . . . . . . . . . . . . 6,151 6,151 1,186 4,042 923 Mar. . . . . . . . . . . . . . . . . . . . . . 6,191 6,191 1,193 4,069 929 Apr . . . . . . . . . . . . . . . . . . . . . . 6,231 6,231 1,200 4,096 935 May . . . . . . . . . . . . . . . . . . . . . 6,143 6,143 1,207 4,123 813 June. . . . . . . . . . . . . . . . . . . . . 5,982 5,982 1,214 4,149 619 July . . . . . . . . . . . . . . . . . . . . . 6,022 6,022 1,222 4,177 623 Aug.. . . . . . . . . . . . . . . . . . . . . 6,060 6,060 1,229 4,204 627 1 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon, 30-year ma tu rity Trea sury bond is sue to the gov ern ment of Ar gen tina. Face value of the issue is $6,685 mil lion. 2 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ernment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of $1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma turity is sue with re main ing face value of $20,412 mil lion. Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $3,249 mil lion. 3 64 INTRODUCTION: Capital Movements Trea sury col lects in for ma tion about the trans fer ence of finan cial as sets and other port fo lio cap i tal move ments be tween the United States and for eign ers and has since 1935. Com mercial banks and other de pos i tory in sti tu tions, bank hold ing companies, securities bro kers and dealers, and nonbanking en ter prises in the United States file cap i tal move ment re ports with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re serve Board also per forms ser vices on be half of the Trea sury in sup port of this data col lec tion sys tem. Forms and in struc tions are de vel oped with the co op er a tion of other Gov ern ment agen cies and the Fed eral Re serve Sys tem and in consultation with rep re sen ta tives of banks, securities firms and nonbanking enterprises. Copies of the reporting forms and in struc tions may be ob tained from the Of fice of Program Ser vices, Of fice of the As sis tant Sec re tary for In ter national Affairs, Treasury, Wash ington, D.C. 20220; the International Finance Di vi sion, Board of Gov er nors of the Fed eral Re serve Sys tem, Wash ing ton, D.C. 20551; or dis trict FRBs. In gen eral, in for ma tion is re ported op po site the coun try or geo graph ical area where the for eigner is lo cated, as shown on records of report ing in sti tu tions. However, in for ma tion may not al ways re flect the ul ti mate own er ship of as sets. Re porting in sti tu tions are not re quired to go be yond ad dresses shown on their re cords and so may not be aware of the ac tual coun try of do mi cile of the ul ti mate ben e fi ciary. Trans ac tions with branches or agen cies of for eign of fi cial in sti tu tions, wher ever lo cated, are re ported op po site the country that has sov er eignty over the in sti tu tions. Trans ac tions with in ter na tional and re gional or ga ni za tions are not re ported op posite any coun try, but are ac counted for in re gional group ings of such or ga ni za tions. The only ex cep tion is in for ma tion per taining to the Bank for In ter na tional Set tle ments, which is re ported op po site “Other Eu rope.” Banks and other de pos i tory in sti tu tions, bank hold ing compa nies, In ter na tional Banking Fa cil ities (IBFs), se cu ri ties brokers and dealers, and nonbanking en ter prises in the United States must file reports. These en terprises include the branches, agencies, sub sidiaries and other affiliates in the United States of for eign bank ing and nonbanking firms. Those with li a bil i ties, claims or se cu ri ties trans ac tions be low spec ified ex emp tion lev els are ex empt from re port ing. Banks and other de pos i tory in sti tu tions, and some bro kers and deal ers, file monthly re ports cov er ing their dol lar li a bil ities to, and dol lar claims on, for eign ers in a num ber of countries. Twice a year, June 30 and De cem ber 31, they also re port the same li a bil i ties and claims items at trib uted to for eign ers in coun tries not shown sep a rately on the monthly re ports. Quarterly re ports are filed for li a bil i ties and claims de nom i nated in for eign cur ren cies. The ex emp tion level applicable to these bank ing re ports is $15 mil lion. Banks and other de pos i tory in sti tu tions, se cu ri ties bro kers and deal ers, and other en ter prises re port monthly their trans actions with for eign ers in long-term se cu ri ties. They must re port se cu ri ties trans ac tions with for eign ers if their ag gre gate purchases or their ag gre gate sales amount to at least $2 mil lion dur ing the cov ered month. Ex porters, im port ers, in dus trial and commer cial con cerns, fi nan cial in sti tu tions (other than banks, other de pos i tory in stitutions and bro kers), and other nonbanking en ter prises must file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated for eign ers amount to $10 mil lion or more at the end of the covered quar ter. Nonbanking en ter prises also re port each month their ag gregate U.S. dol lar de nom i nated de posit and cer tif i cates of deposit claims of $10 mil lion or more on banks abroad. The data in these ta bles do not cover all types of re ported cap i tal move ments be tween the United States and other countries. The prin ci pal ex clu sions are the intercompany cap i tal trans ac tions of nonbanking busi ness en ter prises in the United States with their own branches and sub sid iar ies abroad or with their for eign par ent com pa nies (own for eign of fices) and cap ital trans ac tions of the U.S. Gov ern ment. Con sol i dated data on all types of in ter na tional cap i tal trans ac tions are pub lished by the De part ment of Com merce (Com merce) in its reg u lar re ports on the U.S. bal ance of pay ments. • Sec tion I pres ents li a bil i ties to for eign ers re ported by U.S. banks and other de pos i tory in sti tu tions, as well as bro kers and deal ers. Dol lar li a bil i ties are re ported monthly; those de nom inated in for eign cur ren cies are re ported quar terly. Re spon dents re port cer tain of their own li a bil i ties and a wide range of their cus tody li a bil i ties to foreigners. • Sec tion II pres ents claims on for eign ers re ported by U.S. banks and other depos i tory in sti tu tions, bro kers and deal ers. Data on banks’ claims held for their own ac count are col lected monthly. In for ma tion on claims held for their do mes tic custom ers as well as on for eign cur rency claims is col lected on a quar terly ba sis only. Ma tu rity data are re ported ac cord ing to time re main ing to ma tu rity. Re porting also cov ers cer tain items held by bro kers and deal ers in the United States. • Sec tion III con tains sup ple men tary data on dol lar li a bil ities to, and dol lar claims on, coun tries not listed sep a rately on the monthly re ports sub mit ted by banks, other de pos i tory in stitu tions, bro kers and deal ers in the United States. The sup plemen tary re ports are filed semi an nu ally as of the end of June and De cem ber. •Sec tion IV shows the li a bil i ties to, and claims on, un af fil iated for eign ers of ex port ers, im port ers, in dus trial and com mercial concerns, financial institutions (other than banks, other de pos i tory in sti tu tions and bro kers), and other nonbanking enter prises in the United States. In for ma tion does not in clude accounts of nonbanking en ter prises in the United States with their own branches and sub sid iar ies abroad or with their foreign par ent com pa nies. These are re ported by busi ness en terprises to Commerce on its direct investment forms. Data ex clude claims on for eign ers held through banks in the United States. CAP I TAL MOVE MENTS • Sec tion V con tains in for ma tion on trans ac tions with foreigners in long-term domestic and foreign se cu ri ties as reported by banks, brokers and other entities in the United States. The data cover transactions executed in the United States for the ac counts of for eign ers and trans ac tions ex e cuted abroad for the ac counts of re port ing in sti tu tions and their domes tic cus tom ers. This in cludes trans ac tions in newly is sued se cu ri ties as well as trans ac tions in and re demp tions of out stand ing is sues. How ever, the datado not in clude non mar ketable Trea sury bonds and notes shown in ta ble IFS-3. The geo graph ical break down of the trans ac tions data does not nec es sar ily re flect the do mi cile of the ul ti mate own ers or the orig i nal is su ers of the se cu ri ties. This is be cause the path of a se cu rity is not tracked prior to its be ing pur chased from, or af ter it is sold to, a for eigner in a re port able trans ac tion. That is, be fore it en ters and af ter it de parts the re port ing sys tem, owner ship of a se cu rity may be trans ferred be tween for eign ers of 65 dif fer ent coun tries. Such trans fers may oc cur any num ber of times and are con cealed among the net fig ures for U.S. transac tions op po site in di vid ual coun tries. Hence, the geo graph ical break down shows only the coun try of do mi cile of the for eign buy ers and sell ers of se cu ri ties in a par tic u lar round of trans actions. NOTE: Cur rent and his tor i cal data on United States transac tions with for eign ers in long-term se cu ri ties and on the gross for eign li a bil i ties and claims re ported by banks in the United States are avail able on the Trea sury In ter na tional Cap i tal (TIC) report ing sys tem website: http://www.ustreas.gov/tic . These data may be down loaded as sep a rate time se ries for each coun try or geo graph ical area reg u larly shown in the cap i tal move ments ta bles. Also avail able on this website is a ta ble on “Ma jor Foreign Holders of Trea sury Se cu ri ties,” show ing es ti mated to tal hold ings of U.S. Trea sury bills, bonds and notes for cur rent and re cent pe ri ods. All data se ries on the TIC website are updated on the last busi ness day of each month . SEC TION I.—Li a bil i ties to For eigners Re ported by Banks in the United States TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] For eign coun tries Banks and other for eign ers Of fi cial in sti tu tions1 Pay able in Pay able in Payable Pay able in for eign curfor eign curTotal dollars ren cies 3 Total in dol lars ren cies 3 (2) (3) (4) (5) (6) (7) Memoranda To tal li a bil i ties to all for eign ers re ported by In ter na tional and re gional 2 IBFs Pay able in Pay able in Pay able in for eign cur- Payable for eign curTotal dollars ren cies 3 in dol lars rencies 3 (8) (9) (10) (11) (12) End of cal en dar year or month Total li a bil ities (1) 1994 . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,400,551 212,957 275,928 312,019 283,685 212,957 275,928 312,019 283,685 - 882,155 921,157 937,900 1,103,980 793,433 812,582 836,157 987,652 88,722 108,575 101,743 116,328 9,142 12,177 15,636 12,886 8,606 11,039 13,972 11,690 536 1,138 1,664 1,196 358,076 369,660 352,881 407,336 67,397 85,755 71,782 86,232 1998 - Sept. . . . . . . . . . Oct . . . . . . . . . . . Nov. . . . . . . . . . . Dec. r . . . . . . . . . 1999 - Jan. r . . . . . . . . . Feb. r . . . . . . . . . Mar. r . . . . . . . . . Apr. r . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . . July. . . . . . . . . . . Aug. p. . . . . . . . . Sept. p . . . . . . . . 1,441,177 1,465,223 1,439,419 1,448,896 1,433,634 1,441,959 1,439,231 1,436,078 1,454,037 1,480,469 1,437,708 1,483,488 1,485,385 259,358 263,534 259,036 260,055 262,016 266,224 266,684 271,496 260,469 264,698 273,365 279,719 276,805 259,358 263,534 259,036 260,055 262,016 266,224 266,684 271,496 260,469 264,698 273,365 279,719 276,805 - 1,164,761 1,187,333 1,165,624 1,176,322 1,157,143 1,155,392 1,156,436 1,147,887 1,178,727 1,197,301 1,145,397 1,184,818 1,189,451 1,073,254 1,095,826 1,074,117 1,075,833 1,056,654 1,054,903 1,055,851 1,047,302 1,078,142 1,099,964 1,048,060 1,087,481 1,092,114 91,507 91,507 91,507 100,489 100,489 100,489 100,585 100,585 100,585 97,337 97,337 97,337 97,337 17,058 14,356 14,759 12,519 14,475 20,343 16,111 16,695 14,841 18,470 18,946 18,951 19,129 15,631 12,929 13,332 11,883 13,839 19,707 15,337 15,921 14,067 17,987 18,463 18,468 18,646 1,427 1,427 1,427 636 636 636 774 774 774 483 483 483 483 395,214 388,041 378,832 372,043 359,772 361,535 348,193 350,225 362,132 356,699 350,185 358,557 361,965 61,057 61,057 61,057 69,509 69,509 69,509 62,940 62,940 62,940 57,516 57,516 57,516 57,516 1 2 In cludes Bank for In ter na tional Set tle ments. Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the Inter- Ameri can De vel op ment Bank. 3 Data as of pre ced ing quar ter for non-quarter-end months. 66 CAP I TAL MOVE MENTS TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars Part A.—For eign Coun tries [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] End of cal en dar year or month Of fi cial in sti tu tions 1 U.S. Trea To tal forsury bills De posits Deposits eign counand cer tif i- Other li a2 tries Demand Time cates bilities 2 De mand Time (1) (2) (3) (4) (5) (6) (7) 2 Banks Other for eign ers U.S. TreaU.S. Trea sury bills To own sury bills De posits and cer tif i- Other li a- for eign ofand cer tif i- Other li a2 2 cates bil i ties fices Demand Time cates bil i ties 2 (8) (9) (10) (11) (12) (13) (14) 1994 . . . . . . . . . . 1995 . . . . . . . . . . 1996 . . . . . . . . . . 1,006,390 1,088,510 1,148,176 1,564 2,098 1,511 23,511 30,717 33,336 139,571 168,534 198,921 48,311 74,579 78,251 10,633 111,171 11,758 103,471 13,692 89,765 11,264 15,872 23,106 149,986 164,021 166,728 395,478 396,290 401,544 11,160 10,571 11,802 48,532 53,714 58,025 11,822 12,599 14,495 43,387 44,286 57,000 1997 . . . . . . . . . . 1,271,337 2,314 41,396 148,301 91,674 16,767 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953 1998 - Sept . . . . . Oct. . . . . . Nov . . . . . 1,332,612 1,359,360 1,333,153 3,605 3,325 2,757 27,755 26,159 25,705 128,147 128,591 133,672 99,851 105,459 96,902 15,798 15,802 15,119 71,676 56,157 51,319 21,479 27,415 35,124 223,393 232,181 228,579 541,940 567,425 555,587 13,733 12,846 13,995 69,059 70,899 66,965 10,537 105,639 12,249 100,852 13,551 93,878 Dec. r . . . . 1,335,888 3,003 29,602 134,177 93,273 14,071 46,219 35,359 226,552 562,846 12,310 70,612 13,322 1999 - Jan. r . . . . Feb. r. . . . Mar. r. . . . Apr. r . . . . 1,318,670 1,321,127 1,322,535 1,318,798 3,912 3,107 3,393 3,599 24,176 25,988 23,840 29,049 137,106 138,235 141,941 135,765 96,822 98,894 97,510 103,083 15,327 15,275 13,985 13,344 46,741 46,704 49,101 50,206 35,090 34,134 36,737 29,636 220,768 223,636 219,165 224,448 546,503 533,138 532,803 530,679 13,738 13,117 13,341 14,224 70,377 73,369 72,361 72,101 12,477 95,633 11,970 103,560 13,612 104,746 12,558 100,106 94,542 May . . . . . June. . . . . July . . . . . Aug. p . . . Sept. p. . . 1,338,611 1,364,662 1,321,425 1,367,200 1,368,919 2,789 2,952 2,652 2,537 2,932 27,372 26,643 26,845 24,856 25,301 136,199 138,518 147,492 153,499 152,457 94,109 96,585 96,376 98,827 96,115 15,957 15,812 14,086 15,436 14,087 49,217 47,998 49,540 49,872 49,667 28,323 27,757 28,284 26,314 24,749 236,479 244,015 223,506 240,892 228,776 551,392 574,443 537,768 555,814 564,714 13,413 17,509 26,379 26,936 27,556 74,086 74,805 73,126 74,052 74,097 12,630 12,120 11,143 11,387 11,163 96,645 85,505 84,228 86,778 97,305 PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] To tal End of cal en dar year or month 1994 1995 1996 1997 De mand de pos its (1) Time de pos its 2 U.S. Trea sury bills and cer tif i cates Otherliabilities (2) (3) (4) (5) .......................... .......................... .......................... .......................... 8,606 11,039 13,972 11,690 29 21 29 16 3,298 4,656 5,784 5,466 281 350 352 69 4,998 6,012 7,807 6,139 1998 - Sept . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . Apr. r . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . Aug. p . . . . . . . . . . . . . . . . . . . . Sept. p . . . . . . . . . . . . . . . . . . . 15,631 12,929 13,332 11,883 13,839 19,705 15,337 15,921 14,067 17,987 18,463 18,468 18,646 408 22 234 172 62 407 194 13 25 49 66 31 21 5,913 5,418 5,827 5,793 6,161 7,215 6,856 6,324 5,840 7,231 7,380 6,419 7,370 435 509 570 636 623 549 548 555 616 956 953 896 661 8,875 6,980 6,701 5,282 6,993 11,534 7,739 9,029 7,586 9,751 10,064 11,122 10,594 1 In cludes Bank for In ter na tional Set tle ments. 2 Time de pos its ex clude ne go tia ble time cer tif i cates of de posit, which are in cluded in “O ther li a- bil i ties.” 2 Note.—Nonmonetary in ter na tional and re gional or ga ni za tions in clude prin ci pally the In ter national Bank for Re con struc tion and De vel op ment and the Inter-American De vel op ment Bank. CAP I TAL MOVE MENTS 67 TA BLE CM-I-3.—To tal Li a bil i ties by Coun try [Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem] 1996 Cal en dar year 1997 1998 r May r June Europe: Austria . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . 5,688 31,085 3,388 46,246 3,474 45,004 2,701 40,917 3,076 32,876 3,168 32,820 3,608 36,412 3,857 35,012 Bulgaria . . . . . . . . . . . . . . . . . . . Czech Re pub lic . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . Finland. . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . 418 653 2,905 2,031 42,540 729 564 1,903 2,869 52,148 776 323 1,720 2,098 49,839 474 615 1,533 1,793 57,128 291 387 1,187 1,448 52,113 382 441 1,369 1,422 49,500 385 369 2,037 1,399 49,302 399 402 2,129 1,286 52,686 Germany . . . . . . . . . . . . . . . . . . Greece. . . . . . . . . . . . . . . . . . . . 31,778 1,845 30,589 1,558 30,898 2,085 36,217 2,709 29,193 2,746 31,144 3,177 30,913 3,130 31,671 3,367 Hungary. . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . 1,142 2,021 1,064 4,376 911 8,485 823 7,637 1,002 9,055 1,230 9,000 1,244 9,612 1,222 9,440 Italy . . . . . . . . . . . . . . . . . . . . . . Netherlands. . . . . . . . . . . . . . . . 15,690 12,258 15,498 8,359 10,103 12,163 8,782 13,150 9,853 12,789 10,087 12,843 9,501 11,929 9,892 12,275 Norway . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . 1,464 5,546 341 5,112 788 6,053 1,244 5,705 1,064 5,089 1,199 5,031 1,348 5,068 1,240 4,164 Portugal. . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . Russia 1. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . United King dom . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . 3,664 275 7,625 20,526 2,168 47,402 6,813 182,035 295 3,736 734 7,979 19,878 2,834 46,065 4,068 212,790 239 3,787 311 2,441 16,985 3,237 53,891 4,358 202,280 233 2,992 299 2,794 8,880 3,757 68,584 5,875 201,079 242 2,775 172 2,871 9,251 3,103 68,181 6,022 209,967 254 2,573 459 2,756 8,273 3,988 62,972 7,894 222,695 289 2,248 675 2,665 8,767 3,916 78,390 7,991 215,088 270 2,312 675 2,816 10,052 4,708 72,567 8,476 219,116 266 Country 1999 July Aug. Sept. p Other Eu rope. . . . . . . . . . . . . . . 13,331 14,394 14,383 13,514 13,946 11,651 12,691 12,834 To tal Eu rope . . . . . . . . . . . . . . 441,198 487,461 476,626 489,444 478,711 486,363 498,958 502,864 Canada. . . . . . . . . . . . . . . . . . . . . Latin Amer ica and Ca rib bean: 41,438 33,185 34,708 34,435 35,856 35,302 35,849 35,138 Argentina. . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . 13,971 90,244 20,279 114,319 19,036 126,029 16,449 124,513 17,827 131,041 17,225 129,957 17,084 139,934 15,567 146,593 Bermuda . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . 5,813 27,749 7,138 31,407 7,279 16,468 8,037 18,253 9,267 15,262 9,509 15,955 9,418 15,965 8,846 16,774 Brit ish West In dies. . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . 259,860 3,050 283,470 4,126 309,076 5,042 343,393 7,273 356,687 5,986 303,527 6,812 325,118 5,873 320,223 6,669 Colombia . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . Ecuador. . . . . . . . . . . . . . . . . . . Guatemala. . . . . . . . . . . . . . . . . Jamaica. . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . 3,279 21 1,779 1,287 652 32,396 3,668 66 2,084 1,497 475 35,295 4,631 62 1,575 1,335 604 38,635 4,878 64 1,802 1,450 598 38,576 4,628 70 1,932 1,470 567 38,566 4,647 70 1,977 1,427 511 39,670 4,465 72 1,726 1,523 573 36,947 4,721 76 1,794 1,473 590 35,674 Neth er lands An til les . . . . . . . . . Pan ama. . . . . . . . . . . . . . . . . . . Peru. . . . . . . . . . . . . . . . . . . . . . 6,388 4,198 847 5,446 4,269 901 5,308 3,869 843 4,236 4,045 854 5,752 4,131 817 3,102 3,845 837 3,498 3,817 995 3,017 4,030 1,042 Trin i dad and To bago. . . . . . . . . Uruguay. . . . . . . . . . . . . . . . . . . 601 1,907 597 2,403 475 2,522 435 2,352 457 2,591 393 2,358 406 2,186 545 2,214 Venezuela . . . . . . . . . . . . . . . . . Other Latin Amer ica and Ca rib bean. . . . . . . . . . . . To tal Latin Amer ica and Ca rib bean . . . . . . . . . . . 17,566 21,771 20,202 21,476 20,614 20,658 20,017 19,667 8,176 9,067 9,805 10,686 11,266 10,596 10,451 10,613 479,784 548,278 572,796 609,370 628,931 573,076 600,068 600,128 See foot notes at end of ta ble. 68 CAP I TAL MOVE MENTS TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem] Country 1996 Cal en dar year 1997 1998 r May r June 1999 July Aug. China: Mainland . . . . . . . . . . . . . . . . . 30,438 18,252 13,441 14,753 13,366 10,872 12,359 11,914 Taiwan. . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . India. . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . 16,018 19,443 3,932 2,307 11,859 19,216 4,574 3,616 12,748 21,779 5,372 8,326 10,827 26,359 5,607 6,264 11,447 25,195 5,474 6,585 12,521 24,820 5,917 7,364 12,717 24,769 5,461 6,688 12,583 23,988 5,678 6,523 Israel . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . 6,062 138,148 6,009 6,282 172,352 13,107 7,756 193,202 12,525 7,011 149,107 11,387 6,151 164,526 12,901 5,083 166,543 12,792 5,066 166,294 12,723 5,695 170,409 11,903 Lebanon . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . 1,180 2,048 996 3,383 1,102 1,737 1,335 3,255 1,190 2,392 847 3,564 908 3,904 1,146 2,796 878 2,638 1,261 2,822 899 3,305 1,324 2,726 826 4,092 1,317 2,738 945 2,493 1,392 2,963 Singapore. . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . Oil-exporting coun tries 3 . . . . . . . 10,794 53 10,921 16,784 18,412 35 6,505 15,490 24,838 40 7,363 17,068 22,962 76 5,741 16,998 23,129 58 5,352 15,958 27,140 52 6,110 16,371 31,570 52 5,865 16,732 30,349 59 5,337 15,157 Other Asia . . . . . . . . . . . . . . . . . 2,804 3,873 3,975 3,965 3,953 4,156 4,482 4,586 Sept. p Asia: To tal Asia . . . . . . . . . . . . . . . . 271,320 301,002 336,426 289,811 301,694 307,995 313,751 311,974 Africa: Congo 4 . . . . . . . . . . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . 10 2,013 251 10 1,667 302 5 1,343 213 12 1,340 146 16 1,576 139 13 1,566 175 13 1,851 122 13 1,852 142 Liberia . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . South Af rica . . . . . . . . . . . . . . . . Oil-exporting coun tries 5 . . . . . . . 351 112 517 2,630 257 138 2,163 3,143 269 97 1,539 3,177 263 72 1,149 2,591 231 101 1,162 2,328 222 116 1,120 2,362 231 108 956 2,591 259 118 824 2,889 Other Af rica . . . . . . . . . . . . . . . . 2,306 2,766 2,492 2,337 2,090 2,092 1,946 2,126 To tal Af rica . . . . . . . . . . . . . . . 8,190 10,446 9,135 7,910 7,643 7,666 7,818 8,223 Other coun tries: . . . . . . . . . . . . . . Australia . . . . . . . . . . . . . . . . . . . 6,511 6,377 5,528 6,852 7,643 7,271 6,982 6,808 All other . . . . . . . . . . . . . . . . . . . 1,478 916 1,158 1,374 1,452 1,020 1,042 1,052 To tal other coun tries . . . . . . . . 7,989 7,293 6,686 8,226 9,095 8,291 8,024 7,860 To tal for eign coun tries . . . . . I nternational and re gional orgs. 1,249,919 1,387,665 1,436,377 1,439,196 1,461,999 1,418,762 1,464,537 1,466,256 International. . . . . . . . . . . . . . . . Eu ro pean re gional . . . . . . . . . . . Latin Amer i can re gional . . . . . . . Asian re gional . . . . . . . . . . . . . . 13,459 60 1,643 157 11,592 111 493 562 10,648 577 750 477 12,462 471 664 1,173 15,382 666 898 1,480 16,217 959 819 777 16,707 622 725 833 16,965 563 662 896 Af ri can re gional . . . . . . . . . . . . . 281 123 67 71 44 174 64 43 Mid dle East ern re gional. . . . . . . To tal in ter na tional and re gional . . . . . . . . . . . . . Grand to tal . . . . . . . . . . . . . . 36 5 - - - - - - 15,636 1,265,555 12,886 1,400,551 12,519 1,448,896 14,841 1,454,037 18,470 1,480,469 18,946 1,437,708 18,951 1,483,488 19,129 1,485,385 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.” In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in depend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 2 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates (Trucial States). 4 For merly known as Zaire. 5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria. CAP I TAL MOVE MENTS 69 TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 1999, Pre lim i nary [Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em] Country Europe: Austria . . . . . . . . . . . . . Bel giumLuxembourg . . . . . . . Bulgaria . . . . . . . . . . . . Czech Re pub lic . . . . . . Denmark . . . . . . . . . . . Finland. . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece. . . . . . . . . . . . . Hungary. . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal. . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 4. . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland . . . . . . . . . Turkey . . . . . . . . . . . . . United King dom . . . . . . Yugoslavia5 . . . . . . . . . Other Eu rope. . . . . . . . To tal Eu rope. . . . . . . Canada. . . . . . . . . . . . . . Latin Amer ica and Ca rib bean: Argentina. . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda . . . . . . . . . . . Brazil . . . . . . . . . . . . . . Brit ish West In dies. . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba . . . . . . . . . . . . . . Ecuador. . . . . . . . . . . . Guatemala. . . . . . . . . . Jamaica. . . . . . . . . . . . Mexico . . . . . . . . . . . . . NetherlandsAntilles . . . Pan ama. . . . . . . . . . . . Peru. . . . . . . . . . . . . . . Trin i dad and To bago . . Uruguay. . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin Amer ica and Ca rib bean. . . . . . To tal Latin Amer ica and Ca rib bean . . . . See foot notes at end of ta ble. Li a bil i ties pay able in dol lars To for eign of fi cial in sti tu tions and un afMem oTotalli a bil i ties fil i ated for eign banks To all other for eign ers ran dum Totals ShortLi a bil i ties Negotia Payable term U.S. to banks’ Short-term ble CDs in for eign Banks’ Treasury own for U.S. Treaheld for De posits De posits Payable cur ren- own li a- Custody ob li ga- Other li a- eign of sury ob li ga-Other li a - all forTotal in dol lars cies 1 bilities liabilities De mand Time 2 tions 3 bilities fices Demand Time 2 tions 3 bil i ties eign ers (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 3,857 3,459 398 2,055 1,404 35,012 33,434 1,578 399 399 402 352 50 2,129 1,903 226 1,286 1,222 64 52,686 45,808 6,878 31,671 24,477 7,194 3,367 3,358 9 1,222 994 228 9,440 9,288 152 9,892 6,231 3,661 12,275 11,638 637 1,240 1,225 15 4,164 4,138 26 2,312 1,976 336 675 673 2 2,816 2,816 10,052 9,479 573 4,708 4,571 137 72,567 70,353 2,214 8,476 8,368 108 219,116 196,459 22,657 266 266 12,834 11,846 988 10,126 126 242 1,647 442 18,746 18,987 1,191 211 3,965 5,778 7,420 1,095 1,543 635 138 2,535 4,669 2,313 55,784 1,826 182,481 266 10,628 714 343 23,308 273 110 256 780 27,062 5,490 2,167 783 5,323 453 4,218 130 2,595 1,341 535 281 4,810 2,258 14,569 6,542 13,978 1,218 328 1,124 4 3 26 42 28 82 30 505 2,644 928 3,733 137 132 38 333 97 464 1,571 265 2,894 28 222 26 71 64 38 12 1 404 7 309 478 314 283 882 391 85 86 1,768 19,848 7 10 356 2,672 9,523 273 100 110 257 21,992 765 2,090 47 360 173 584 11 1,575 1,250 260 125 234 505 6,249 6,508 1,660 866 502,864 454,733 48,131 334,849 119,884 35,138 29,698 5,440 16,741 12,957 7,552 37,143 325 1,179 15,567 15,544 146,593 139,101 8,846 8,747 16,774 16,208 320,223 310,904 6,669 6,601 4,721 4,708 76 76 1,794 1,792 1,473 1,471 590 550 35,674 35,028 3,017 2,927 4,030 4,029 1,042 1,041 545 543 2,214 2,175 19,667 19,446 10,613 10,507 23 7,492 99 566 9,319 68 13 2 2 40 646 90 1 1 2 39 221 106 12,092 3,452 114,315 24,786 5,219 3,528 14,555 1,653 187,063 123,841 5,650 951 4,517 191 76 1,645 147 1,319 152 548 2 23,837 11,191 2,469 458 3,472 557 1,007 34 536 7 2,008 167 14,198 5,248 8,910 1,597 600,128 581,398 18,730 403,436 177,962 211 161 133 24 283 88 190 33 2 100 27 21 150 38 47 33 73 28 171 4,265 1,588 225 5,214 3,050 695 352 56 42 116 3,406 138 281 31 94 4 1,505 227 2,349 1,829 23,411 1,687 8 167 40 276 125 16,406 3,172 266 345 114 1 4 33 56 6 74 1,498 124 19 13 668 167 6 19 7,526 11,276 381 314 11,397 2,618 291 748 250 308 46 314 889 5 5 9 2,166 440 249 262 2,338 787 152 372 2,722 2,661 188 392 449 338 17 21 2,075 376 4 11 250 192 24 102 383 10 2 5 1,957 201 25 84 5,671 869 118 822 253 1,234 48 84 12,552 46,941 266 716 926 251 19 479 25,297 118,422 16,204 1,554 176 1 14 7,352 267 33 235 370 10 3 2 34 166 13 1 277 20 887 10 36 31 105 1,482 5 809 43 1,900 5 26 73 1,136 3,831 68 5,104 354 1,045 129 20 13 947 1,745 874 9 10,897 58 22 724 100 987 3,217 38 774 73 644 3 10 857 1,423 3,043 18 5,441 54 55,860 105,035 190,723 18,384 7,160 1,433 5,311 7,425 745 3,008 4,344 104 28,532 17,531 10,168 471 5,037 1,865 355 3,693 7,084 2,289 2,926 47 1,040 919 182 10,950 308 1,831 595 129 635 9,338 202 604 327 259 1,746 114 16 14 6 1 343 225 143 1 1 23 98 930 3,240 5,166 539 35,629 898 274 19 58 54 2 1,364 1,074 390 32 6 146 802 89 723 179 198 659 375 119 28 15 1 455 120 96 9 5 61 191 646 563 3,673 114 527 194 14,069 153,030 274,764 6,012 52,896 4,237 51,150 3,517 2,204 1,832 377 636 22,003 108,948 143 2,442 2 840 3,748 1,045 164 106,021 156,722 55 722 1,357 740 55 8 171 120 269 43 191 21 6,685 8,238 2,527 9 524 537 1 330 884 120 154 215 11 268 1,009 2,840 3,272 306 492 1,916 13 536 84 63 587 400 281 312 233 111 16 1,365 74 122 75 14 62 1,114 70 CAP I TAL MOVE MENTS TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, Sept. 30, 1999, Pre lim i nary, con. [Po si tion in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys t em] Country Asia: China: Mainland . . . . . . . . Tai wan. . . . . . . . . . Hong Kong . . . . . . . . India . . . . . . . . . . . . . Indonesia. . . . . . . . . Israel . . . . . . . . . . . . Japan . . . . . . . . . . . . Korea . . . . . . . . . . . . Lebanon. . . . . . . . . . Malaysia. . . . . . . . . . Pakistan. . . . . . . . . . Philippines . . . . . . . . Singapore. . . . . . . . . Syria. . . . . . . . . . . . . Thailand. . . . . . . . . . Other Asia . . . . . . . . To tal Asia . . . . . . . Africa: Congo 6 . . . . . . . . . . Egypt . . . . . . . . . . . . Ghana . . . . . . . . . . . Liberia . . . . . . . . . . . Morocco. . . . . . . . . . South Africa . . . . . . . Li a bil i ties pay able in dol lars To for eign of fi cial in sti tu tions and un afMem oTo tal liabilities fil i ated for eign banks To all other for eign ers ran dum Totals ShortLiabilities Ne go tiaPayable term U.S. to banks’ Short-term ble CDs in for eign Banks’ Treasury own forU.S. Treaheld for De posits De posits Payable cur ren- own li a- Custody ob li ga- Other li a- eign of sury ob li ga- Other li a- all for Total in dol lars cies 1 bilities liabilities Demand Time 2 tions 3 bilities fices Demand Time 3 tions 3 bilities eign ers (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 11,914 11,914 12,583 12,544 39 23,988 23,368 620 5,678 5,625 53 6,523 6,468 55 5,695 5,688 7 170,409 149,518 20,891 11,903 11,903 945 945 2,493 2,370 123 1,392 1,385 7 2,963 2,414 549 30,349 28,763 1,586 59 59 5,337 5,281 56 19,743 18,952 791 4,678 7,236 9,521 3,023 10,905 12,463 2,530 3,095 1,816 4,652 2,963 2,725 64,521 84,997 4,572 7,331 915 30 1,177 1,193 1,256 129 2,037 377 21,490 7,273 58 1 1,387 3,894 14,100 383 287 396 201 165 96 763 285 46 218 51 433 925 25 167 4,852 1,264 311,974 287,197 24,777 143,926 143,271 5,705 13 1,852 142 258 118 753 4,929 1 71 86 13 1,354 138 164 116 547 3,775 498 4 94 2 206 1,154 1,902 2,370 12,489 103,442 8,185 295 4,526 600 11,574 5,384 1,043 1,297 957 330 1,042 874 6,168 52,982 6,779 2,940 441 8 655 292 245 863 901 244 7,039 16,190 7 277 713 5,424 6,466 55,263 89,478 68 187 405 69 47 64 539 31 4 13 22 70 104 5 24 404 2,083 2,664 236 342 982 1,025 369 77 290 63 504 444 20 158 92 36 475 1 21 1,457 13 1 64 26 1 1 550 270 661 190 57 123 2,996 776 2 4 5 31 122 6 15 113 83 5 3 23 1,500 32 1 6 14 15 2 146 530 115 735 433 1,798 10,191 2,303 6,528 2,245 2 105 19 1 30 102 848 259 7 1 474 440 1,035 768 69 8 28 331 1,621 8 177 15 6 35 429 2 11 5 12 3 52 131 1 51 10 148 50 80 257 1 26 64 4 40 17 63 1 88 130 42 10 25 11 To tal Af rica . . . . . . 8,223 8,065 158 6,107 1,958 1,107 Other coun tries: Australia. . . . . . . . . . 6,808 6,789 19 3,625 3,164 472 1,052 1,039 13 922 117 29 All other . . . . . . . . . . To tal other countries. . . . . . . 7,860 7,828 32 4,547 3,281 501 To tal for eign countries . . . . . 1,466,256 1,368,919 97,337 909,606 459,313 17,019 In ter na tional and re gional orgs: International . . . . . . . 16,965 16,570 395 16,377 193 13 Eu ro pean re gional . . 563 475 88 7 468 2 Latin Amer i can regional . . . . . . . . . 662 662 653 9 4 Asian re gional . . . . . 896 896 646 250 1 Af ri can re gional . . . . 43 43 43 1 Mid dle East ern regional . . . . . . . . . To tal in ter na tional and re gional . . . . 19,129 18,646 483 17,726 920 21 Grand to tal . . . . . 1,485,385 1,387,565 97,820 927,332 460,233 17,040 741 1,475 2,825 670 216 597 95 339 88 4 1 876 51 2,927 500 1,508 146 307 94 80 165 31 49 584 4 507 - 5 927 3,427 1,654 401 245 80 588 507 Other Af rica . . . . . . . 13 1,852 142 259 118 824 5,015 1,444 493 1,947 2,608 473 1,336 42 2,546 14 4,556 75 2,411 4,311 79,277 56 667 354 897 48 88 22 145 1,736 2,177 1 64 3,871 74,968 177,206 324,891 564,714 27,556 74,097 11,163 97,305 24,359 6,974 1 193 468 9,386 4 - - 4 - - - - 381 10 - 277 895 32 - - - - - 8 - - - - - - - - - - 7,366 661 10,594 - - 4 - - 8 82,334 177,867 335,485 564,714 27,556 74,101 11,163 97,305 24,367 1 5 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og- 2 3 nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in dependent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 6 For merly known as Zaire. These data as of Dec. 31, 1998. Ex cludes ne go tia ble time cer tif i cates of de posit, which are in cluded in “Other li a bil ities.” U.S. Trea sury bills and cer tif i cates held in cus tody for the ac count of oil-exporting coun tries in “Other Asia” and “Other Af rica” amount to $1,449 mil lion. 4 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.” CAP I TAL MOVE MENTS 71 CHART CM-A.—U.S. Liabilities to Foreigners Reported by U.S. Banks, Bro kers and Dealers for Selected Countries 6 00 In the first three quar ters of 1999, U.S. bank ing li a bil i ties increased $36 bil lion. (In bil lions of dol lars) 5 00 For the year to date, in creases op po site the Ca rib bean fi nan cial cen ters ($31 bil lion) and Eu rope ($27 bil lion) more than off set signif i cant de creases in U.S. banking li a bil i ties op po site Ja pan ($23 billion). 4 00 U.S. bank ing li a bil i ties to foreign ers, ex clud ing li a bil i ties repre sented by long-term se cu ri ties, are con cen trated in in ter na tional fi nan cial cen ters. This page shows that nearly one-half of those li a bili ties cur rently is re ported oppo site the United King dom and off shore bank ing cen ters in the Ca rib bean. For eigners in the rest of Eu rope and Asia hold an ad di tional 40 percent. 3 00 2 00 1 00 0 1995 1996 19 97 United King dom All other Eu rope Japan All other Asia 1 998 S ep t. 19 99 Ca rib bean bank ing cen ters All other coun tries [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Cal en dar years Country 1995 1996 1997 1998 Sept. 1999 United Kingdom. . . . . . . . . . . . . . 161,112 182,035 212,790 202,280 219,116 All other Europe. . . . . . . . . . . . . . 261,083 259,163 274,671 274,346 283,748 Caribbean banking centers 1. . . . . 360,351 366,503 414,642 451,561 482,709 Japan. . . . . . . . . . . . . . . . . . . . . . 139,056 138,148 172,352 193,202 170,409 All other Asia . . . . . . . . . . . . . . . . 135,110 133,172 128,650 143,224 141,565 Subtotal. . . . . . . . . . . . . . . . . . . 1,056,712 1,079,021 1,203,105 1,264,613 1,297,547 All other countries.. . . . . . . . . . . . 1 152,550 186,534 197,446 184,283 187,838 Grand total . . . . . . . . . . . . . . . . 1,209,262 1,265,555 1,400,551 1,448,896 1,485,385 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama. U.S. bank ing li a bil i ties in the mid-1990s went through a growth spurt. The annual growth rate be tween 1993 and 1997 av er aged 10 per cent. Growth in 1998 and the first three quar ters of 1999 slowed to around 3 per cent per year, which is more in line with 1989 through 1992 period. 72 CAP I TAL MOVE MENTS SEC TION II.—Claims on For eigners Re ported by Banks in the United States TA BLE CM-II-1.—To tal Claims by Type [Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem] 1997 1998 Cal en dar year 1996 Dec. Mar. Total claims . . . . . . . . . . . . . . . . . . . . . . 820,915 944,081 937,316 964,863 Payable in dollars. . . . . . . . . . . . . . . . . 743,919 852,852 847,181 Banks’ own claims on foreigners . . . . 599,925 708,225 Foreign public borrowers . . . . . . . . 22,216 Deposits . . . . . . . . . . . . . . . . . . . . Type of claim June 1999 Sept. r Dec. r Mar. June p 1,000,119 974,800 954,596 989,839 889,223 923,765 875,920 862,902 898,428 692,368 736,347 765,502 735,058 710,938 750,859 20,581 28,116 27,821 26,657 23,540 34,752 37,344 33,826 30,995 25,529 22,737 30,671 27,196 25,040 24,164 Other . . . . . . . . . . . . . . . . . . . . . . 79,856 78,235 82,196 85,031 78,228 79,085 68,989 79,938 Own foreign offices. . . . . . . . . . . . . . 341,574 431,685 407,173 443,393 483,326 484,525 468,018 488,803 All other foreigners . . . . . . . . . . . . . . 122,453 146,729 149,354 157,365 146,620 120,712 114,139 120,610 Claims of banks’ domestic customers . . . . . . . . . . . . 143,994 144,627 154,813 152,876 158,263 140,862 151,964 147,569 Deposits . . . . . . . . . . . . . . . . . . . . . 77,657 73,110 85,406 86,008 89,814 78,491 91,380 93,597 Negotiable and readily transferable instruments . . . . . . . 51,207 53,967 51,594 52,171 53,362 48,752 47,990 43,616 Collections and other. . . . . . . . . . . 15,130 17,550 17,813 14,697 15,087 13,619 12,594 10,356 Payable in foreign currencies. . . . . . . . 76,996 91,229 90,135 75,640 76,354 98,880 91,694 91,411 Banks’ own claims on foreigners . . . . 66,018 83,038 82,209 68,286 67,901 78,162 80,655 67,937 Claims of banks’ domestic customers . . . . . . . . . . . . 10,978 8,191 7,926 7,354 8,453 20,718 11,039 23,474 Claims reported by IBFs . . . . . . . . . . . 261,076 303,117 278,402 271,535 263,792 254,208 235,508 242,413 Payable in dollars . . . . . . . . . . . . . . . 219,600 256,646 232,418 239,887 233,304 219,123 200,904 208,453 Payable in foreign currencies . . . . . . 41,476 46,471 45,984 31,648 30,488 35,085 34,604 33,960 Customer liability on acceptances . . . . 10,388 9,624 7,495 6,599 6,068 4,519 4,485 4,437 On foreign public borrowers. . . . . . . . . 15,411 12,081 16,874 16,997 14,842 13,699 20,921 24,658 On all other unaffiliated foreigners . . . . 196,448 193,700 197,885 194,589 193,868 172,954 154,569 162,205 On foreign public borrowers. . . . . . . . . 6,790 8,499 11,285 10,688 10,926 9,840 13,290 11,657 On all other unaffiliated foreigners . . . . 39,457 62,270 59,515 70,773 61,706 54,054 53,683 60,702 Un af fil i ated for eign banks: Memoranda: Claims with re main ing ma tu rity of 1 year or less: Claims with re main ing ma tu rity of more than 1 year: CAP I TAL MOVE MENTS 73 TA BLE CM-II-2.—To tal Claims by Coun try [Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem] 1997 1998 1999 Cal en dar year 1996 Dec. Mar. June Sept. r Dec. r Mar. June p Europe: Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . 3,611 11,264 66 172 3,125 4,731 10,850 1 867 2,713 4,728 10,474 2 247 3,110 4,606 12,013 4 255 3,886 4,110 12,437 1 262 3,581 2,744 11,989 3 162 4,367 4,582 10,810 2 238 4,534 4,600 14,166 3 212 3,529 Finland. . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . 1,143 29,148 1,477 28,903 2,066 34,189 1,498 29,397 1,259 32,805 1,292 27,708 1,924 27,657 1,991 28,583 Germany . . . . . . . . . . . . . . . . . . . . Greece. . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . 21,535 948 61 31,030 696 87 38,925 927 60 40,109 650 37 42,442 757 60 46,117 1,072 54 44,416 972 194 49,633 974 40 Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . 1,824 9,868 3,168 10,108 5,021 12,555 4,077 13,118 4,071 11,717 5,495 13,063 3,997 11,368 5,082 11,354 Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . . 10,600 1,020 1,142 553 175 13,883 826 1,438 929 145 13,793 1,500 1,981 745 146 14,242 1,928 1,677 1,099 52 12,358 995 1,116 1,191 60 15,868 1,560 706 866 59 19,244 1,427 1,394 1,362 85 20,716 1,477 1,257 1,471 91 Russia 1 . . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . 2,725 4,503 6,738 26,692 3,053 129,301 115 1,319 6,513 8,123 39,351 4,381 151,645 52 1,192 8,996 9,213 39,422 3,841 141,477 61 1,077 10,020 10,642 41,948 4,549 161,312 53 983 13,309 10,978 61,088 3,739 157,405 53 858 7,760 9,196 53,678 3,781 162,874 62 1,040 4,276 10,789 57,040 3,605 159,291 64 823 8,198 7,421 82,719 4,145 192,826 54 Other Europe . . . . . . . . . . . . . . . . . 4,378 5,400 4,816 6,719 6,206 5,427 8,405 8,124 Total Europe . . . . . . . . . . . . . . . . 273,760 328,636 339,487 364,968 382,983 376,761 378,716 449,489 Canada. . . . . . . . . . . . . . . . . . . . . . . Latin Amer ica and Ca rib bean: 43,948 51,071 52,254 50,591 63,212 73,577 63,896 54,653 Argentina . . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies. . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . 7,779 74,332 5,172 21,714 135,411 5,356 7,345 9,800 94,458 9,355 23,825 171,475 8,284 7,147 9,633 89,790 9,822 27,513 182,934 8,413 6,969 9,233 91,348 10,139 26,477 210,839 8,748 7,193 9,587 92,027 11,415 20,682 213,084 8,525 6,849 10,910 100,955 5,418 18,224 187,464 8,503 6,687 11,048 95,393 4,413 16,317 198,891 8,238 6,238 11,371 78,984 6,336 16,022 204,346 7,624 5,686 Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . 1,056 1,332 1,499 1,450 1,487 1,461 1,276 1,128 Guatemala . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . 632 352 22,042 930 430 21,771 944 372 22,999 968 326 22,929 1,189 310 22,909 1,149 247 24,026 1,077 327 22,072 1,066 320 20,673 Netherlands Antilles. . . . . . . . . . . . Panama. . . . . . . . . . . . . . . . . . . . . 25,774 2,886 18,071 4,636 17,790 4,317 14,378 4,429 10,384 4,398 6,816 3,742 6,684 3,550 5,536 3,481 Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . 2,764 531 654 2,358 3,520 854 670 2,715 3,643 498 958 2,685 4,110 519 988 2,716 3,862 594 988 2,868 3,296 461 1,156 3,217 3,249 505 861 3,734 2,995 557 1,073 3,747 2,745 3,380 3,264 3,843 4,162 5,109 5,215 5,087 318,903 382,653 394,043 420,633 415,320 388,841 389,088 376,032 Country See foot notes at end of ta ble. 74 CAP I TAL MOVE MENTS TA BLE CM-II-2.—To tal Claims by Coun try, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] 1997 1998 1999 Cal en dar year 1996 Dec. Mar. June Sept. r Dec. r Mar. June p Mainland. . . . . . . . . . . . . . . . . . . Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong. . . . . . . . . . . . . . . . . . . India. . . . . . . . . . . . . . . . . . . . . . . . Indonesia. . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . Korea. . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan. . . . . . . . . . . . . . . . . . . . . Philippines. . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand. . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . . 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 1,775 1,062 17,851 2,507 3,119 4,753 86,759 18,775 62 899 708 1,877 11,309 3 2,523 11,502 2,971 893 15,547 2,169 2,742 4,761 71,286 11,801 60 985 754 1,912 8,771 3 2,264 9,544 2,077 986 16,827 2,166 2,259 4,529 51,900 11,223 37 1,080 994 1,579 7,447 3 1,972 9,084 1,359 1,127 13,207 2,045 2,256 4,504 60,014 10,008 56 1,173 1,235 1,318 7,021 1 2,206 13,346 1,297 1,196 10,408 1,600 2,239 4,586 55,169 8,432 35 1,096 645 1,664 7,591 1 1,885 20,132 3,384 1,475 9,255 1,827 1,971 4,502 48,587 9,284 40 1,427 793 1,568 5,091 1,770 14,492 3,772 1,071 9,008 1,714 1,810 5,262 32,612 11,483 29 1,426 918 1,702 4,390 1,875 11,576 Other Asia . . . . . . . . . . . . . . . . . . . 368 576 251 327 303 281 331 429 Total Asia . . . . . . . . . . . . . . . . . . 168,585 166,060 136,714 114,490 121,179 118,257 105,797 89,077 Africa: Congo 4 . . . . . . . . . . . . . . . . . . . . . Egypt. . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco. . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Oil-exporting countries 5 . . . . . . . . 26 265 24 574 777 744 476 281 25 521 709 960 1,271 314 31 536 699 719 1,398 309 27 568 460 813 313 1 328 29 636 424 806 788 1 320 26 627 446 768 936 327 19 574 453 916 327 1 326 17 632 479 825 341 Country Asia: China: Other Africa . . . . . . . . . . . . . . . . . . 587 436 485 275 334 379 633 355 Total Africa . . . . . . . . . . . . . . . . . 3,473 4,203 4,182 2,765 3,346 3,503 3,249 2,976 Other coun tries: Australia. . . . . . . . . . . . . . . . . . . . . 7,799 7,555 7,007 7,820 8,209 9,459 8,382 12,856 1,821 1,414 675 671 543 772 748 609 9,620 8,969 7,682 8,491 8,752 10,231 9,130 13,465 818,289 941,592 934,362 961,938 994,792 971,180 949,889 985,765 International . . . . . . . . . . . . . . . . . . European regional. . . . . . . . . . . . . Latin American regional. . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional. . . . . . . . . . . . . . . 2,416 1 209 - 2,233 255 - 2,741 4 203 - 2,787 3 121 5 - 5,117 9 78 114 - 3,499 42 79 - 4,582 29 96 - 3,963 1 107 3 - Middle Eastern regional. . . . . . . . . Total international and regional. . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . - 1 6 9 9 - - - All other . . . . . . . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . In ter na tional and re gional orgs.: 2,626 2,489 2,954 2,925 5,327 3,620 4,707 4,074 820,915 944,081 937,316 964,863 1,000,119 974,800 954,596 989,839 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as independ ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates (Trucial States). 4 For merly known as Zaire. 5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria. CAP I TAL MOVE MENTS 75 TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, June 30, 1999 [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Re porting banks’ own claims Memorandum Claims of banks’ do mes tic cus tom ers Customers’ li a bil ity on ac cep tan ces Pay able in dollars To tal claims To tal banks’ own claims On for eign pub lic borrow ers and unaffiliated foreigners On own foreign of fices Pay able in for eign currencies 4,600 14,166 3 3,079 11,121 2 2,484 8,379 2 30 1,649 - 565 1,093 - 3 1 - 1,521 3,045 1 1,520 2,472 1 1 573 - 212 3,529 1,991 28,583 49,633 974 40 5,082 11,354 20,716 1,477 1,257 1,471 91 823 8,198 7,421 82,719 4,145 192,826 54 8,124 211 1,948 1,836 21,872 30,826 761 36 4,851 8,819 14,060 814 1,218 1,229 91 786 6,707 3,316 76,867 2,387 148,827 54 2,521 114 888 250 8,842 10,064 397 14 3,479 4,347 5,989 607 1,160 972 87 758 3,203 1,081 3,197 2,029 43,361 54 2,036 84 1,013 1,480 9,411 10,729 154 16 1,081 2,436 2,735 110 48 150 4 10 2,975 1,924 72,347 259 87,498 40 13 47 106 3,619 10,033 210 6 291 2,036 5,336 97 10 107 18 529 311 1,323 99 17,968 445 1 42 44 1 27 11 26 15 1 6 1 33 90 164 7 1 1,581 155 6,711 18,807 213 4 231 2,535 6,656 663 39 242 37 1,491 4,105 5,852 1,758 43,999 5,603 1,567 5 6,478 18,223 189 212 1,913 6,649 650 1 207 37 1,489 3,971 5,721 1,401 35,587 2,961 1 14 150 233 584 24 4 19 622 7 13 38 35 2 134 131 357 8,412 2,642 Total Europe . . . . . . . . . . 449,489 344,239 103,794 196,183 44,262 473 105,250 91,254 13,996 Canada . . . . . . . . . . . . . . . . . Latin Amer ica and Ca rib bean: Argentina . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . British West Indies . . . . . . . Chile. . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . Guatemala. . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . 54,653 39,420 10,348 27,106 1,966 - 15,233 13,473 1,760 11,371 78,984 6,336 16,022 204,346 7,624 5,686 1,128 1,066 320 11,024 77,799 6,225 15,010 174,884 7,596 5,575 1,115 1,057 320 8,912 3,901 6,011 12,215 25,832 7,515 5,417 978 932 303 1,864 68,095 100 2,655 140,676 16 153 91 101 - 248 5,803 114 140 8,376 65 5 46 24 17 31 24 15 601 216 3 13 16 31 - 347 1,185 111 1,012 29,462 28 111 13 9 - 219 1,180 111 828 29,457 27 111 13 9 - 128 5 184 5 1 - Mexico . . . . . . . . . . . . . . . . Netherlands Antilles. . . . . . Panama . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . 20,673 5,536 3,481 2,995 557 19,404 5,535 3,446 2,986 556 18,420 1,187 1,968 2,503 477 218 4,297 1,385 472 71 766 51 93 11 8 190 83 9 1 1,269 1 35 9 1 885 1 35 9 1 384 - Uruguay . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . Total Latin America and Caribbean . . . . . . . 1,073 3,747 1,072 3,671 567 3,232 483 247 22 192 4 4 1 76 1 75 1 5,087 4,823 3,845 924 54 123 264 264 - 342,098 104,215 221,848 16,035 1,364 33,934 33,226 708 Country Eu rope: 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 . . . . . . . . . . . . OtherEurope . . . . . . . . . . . See foot notes at end of ta ble. 376,032 Total Pay able in for eign currencies 76 CAP I TAL MOVE MENTS TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, June 30, 1999, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] To tal claims (1) To tal banks’ own claims (2) Mainland . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . Korea. . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . Pakistan. . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . Singapore . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . Thailand. . . . . . . . . . . . . . . 3,772 1,071 9,008 1,714 1,810 5,262 32,612 11,483 29 1,426 918 1,702 4,390 1,875 3,746 915 7,728 1,610 1,780 1,976 29,892 11,352 26 1,320 906 1,676 3,448 1,861 Other Asia . . . . . . . . . . . . . 12,005 11,857 Total Asia . . . . . . . . . . . . Africa: Congo 3 . . . . . . . . . . . . . . . Egypt. . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . Morocco. . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . 89,077 80,093 1 326 17 632 479 825 1 248 16 522 476 757 OtherAfrica . . . . . . . . . . . . 696 Total Africa . . . . . . . . . . . Other coun tries: Australia. . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . Total foreign countries . . . . . . . . . . In ter na tional and re gional orgs: International . . . . . . . . . . . . European regional . . . . . . . Latin American regional . . . Asianregional . . . . . . . . . . African regional . . . . . . . . . Country Re porting banks’ own claims On for eign pub lic borrow ers and Pay able in unaffiliated On own forfor eign foreigners eign of fices currencies (3) (4) (5) Memorandum Claims of banks’ do mes tic cus tom ers Customers’ li a bil i ties on ac cep tan ces (6) Total (7) Pay able in dollars (8) Pay able in for eign currencies (9) 27 4 17 71 12 2 112 1,990 5 21 77 9 6 26 156 1,280 104 30 3,286 2,720 131 3 106 12 26 942 14 25 28 1,039 89 12 3,282 1,651 46 1 5 4 16 886 7 1 128 241 15 18 4 1,069 85 2 101 8 10 56 7 Asia: China: Middle Eastern regional . . . Total international and regional. . . . . . . . . Grand total . . . . . . . . . . 3,590 468 2,368 1,332 1,739 1,588 5,503 8,657 26 1,059 339 1,617 748 258 155 402 4,734 237 21 367 21,590 2,660 212 565 52 2,379 1,592 1 45 626 41 20 21 2,799 35 49 2 7 321 11 3,922 6,513 1,422 76 148 148 - 33,214 41,479 5,400 2,429 8,984 7,239 1,745 217 16 504 453 695 24 1 29 1 7 18 22 33 65 83 78 1 110 3 68 4 1 110 2 12 74 1 56 692 665 25 2 2 4 1 3 2,976 2,712 2,550 79 83 150 264 130 134 12,856 609 5,718 369 3,623 239 2,013 95 82 35 20 - 7,138 240 2,170 77 4,968 163 13,465 6,087 3,862 2,108 117 20 7,378 2,247 5,131 985,765 814,722 257,983 488,803 67,936 4,436 171,043 147,569 23,474 3,963 1 107 3 - 3,963 1 107 3 - 3,963 107 3 - - 1 - 1 - - - - - - - - - - - - - 4,074 4,074 4,073 - 1 1 - - - 989,839 818,796 262,056 488,803 67,937 4,437 171,043 147,569 23,474 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde- pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be ginning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 For merly known as Zaire. CAP I TAL MOVE MENTS 77 CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Bro kers and Dealers for Se lected Coun tries 400 Claims op po site Asia con tin ued to fall in the first half of 1999 and now stand $77 bil lion be low their end-1997 level. (In bil lions of dol lars) Claims op po site the Ca rib bean banking cen ters and “All other coun tries” also fell in the first half. Can ada rep re sented a large amount of the de crease in the lat ter group; U.S. bank ing claims op po site Can ada fell $18.9 bil lion in the first half of 1999. Claims op po site the United King dom and “All other Eu rope,” no ta bly Switzerland, in creased in the first half. 300 200 U.S. bank ing claims on for eign ers, ex clud ing claims rep re sented by long-term se cu ri ties, are con cen trated in in ter na tional fi nan cial cen ters. This page shows that over three-quarters of U.S. claims cur rently is re ported op po site the United King dom, “All other Eu rope,” and, most no ta bly, the off shore banking cen ters in the Ca rib bean. For eigners do mi ciled in Asia hold an ad di tional 10 per cent of U.S. claims. 100 Af ter ex tremely strong growth in the mid-1990s, to tal U.S. bank ing claims on for eign ers are lev el ing off. An nual growth peaked at 15 per cent in 1997. Since then, claims have grown at a much slower an nual rate of 3 per cent. In the first half of 1999, U.S. bank ing claims in creased $15 bil lion, to $989.8 bil lion. 0 1995 1996 1997 1998 June 19 99 United King dom All other Eu rope Ca rib bean bank ing cen ters Japan All other Asia All other coun tries In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem Cal en dar years Country 1995 United Kingdom . . . . . . . . . . . . . . . . . . . 103,375 All other Europe. . . . . . . . . . . . . . . . . . . 125,939 Caribbean banking centers1. . . . . . . . . . 229,526 1996 1997 1998 June 1999 129,301 144,459 243,575 151,645 176,991 297,995 162,874 213,887 304,395 192,826 256,663 298,683 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . 98,745 92,172 86,759 55,169 32,612 All other Asia.. . . . . . . . . . . . . . . . . . . . . 66,976 76,413 79,301 63,088 56,465 Subtotal. . . . . . . . . . . . . . . . . . . . . . . . 624,561 685,920 792,691 799,413 837,249 All other countries.. . . . . . . . . . . . . . . . . 110,811 Grand total . . . . . . . . . . . . . . . . . . . . . 735,372 134,995 151,390 175,387 152,590 820,915 944,081 974,800 989,839 1 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama. 78 CAP I TAL MOVE MENTS SECTION III.—SupplementaryLiabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners in Coun tries and Areas Not Reg u larly Re ported Sep a rately [Po si tionat end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] To tal li a bil i ties Country Cal en dar year 1997 1998 To tal banks’ own claims 1999 June Cal en dar year 1997 1998 1999 June Other Eu rope: Cyprus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Latin Amer ica and Ca rib bean: Aruba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . . . . . . . . . . . . . . . . Belize. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Bolivia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . . . . . . . . . . . . . . . . Dominica . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dominican Republic. . . . . . . . . . . . . . . . . . . . El Salvador . . . . . . . . . . . . . . . . . . . . . . . . . . . French West Indies and French Guiana . . . . Haiti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . . . . . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 83 471 179 n.a. 265 304 70 307 58 n.a. n.a. 762 14 n.a. 93 18 179 177 1,079 195 833 1,341 10 1,303 1,170 33 360 1,019 118 698 216 1,351 92 713 1,260 n.a. 1,422 985 31 497 1,299 110 782 344 2,338 90 704 1,427 n.a. 1,416 955 48 390 1,495 114 872 18 119 14 426 361 n.a. 518 845 n.a. 29 335 47 183 32 465 18 624 541 n.a. 606 830 n.a. 24 366 62 112 n.a. 551 27 620 539 n.a. 613 951 n.a. 22 317 56 105 Suriname. . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Asia: Afghanistan . . . . . . . . . . . . . . . . . . . . . . . . . . Burma . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Af rica: Angola . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ivory Coast . . . . . . . . . . . . . . . . . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Madagascar. . . . . . . . . . . . . . . . . . . . . . . . . . Mauritius . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mozambique . . . . . . . . . . . . . . . . . . . . . . . . . Niger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sudan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Uganda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Zimbabwe . . . . . . . . . . . . . . . . . . . . . . . . . . . All other: 121 181 166 51 89 67 56 10 290 114 257 128 n.a. 5 287 81 135 95 105 6 260 37 116 139 n.a. 95 52 7 n.a. 78 n.a. 45 n.a. n.a. 74 n.a. n.a. n.a. 282 20 183 n.a. 59 179 n.a. 55 129 5 n.a. 23 17 33 379 n.a. 196 41 159 244 35 162 70 80 173 30 165 179 4 34 49 16 15 253 90 n.a. 59 99 167 18 211 37 54 221 12 136 114 3 52 36 15 11 241 69 127 38 38 n.a. n.a. 2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9 129 5 5 2 n.a. n.a. n.a. 7 19 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 168 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11 1 n.a. n.a. n.a. 6 n.a. n.a. 136 2 n.a. * New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . . . . . . . . . . 400 n.a. 648 56 1,052 28 n.a. n.a. 388 33 271 n.a. * Less than $500,000. Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing dates for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury Bulletin.” CAP I TAL MOVE MENTS 79 SEC TION IV.—Li a bil i ties to, and Claims on, Foreigners Re ported by Nonbanking Busi ness En ter prises in the United States TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Type of li a bil ity or claim 1995 Cal en dar year 1996 1997 r June 1998 Sept. Dec. r Mar. 1999 June p Total liabilities . . . . . . . . . . . . . . . . . . . . . . . 46,448 61,782 57,382 51,433 49,279 46,570 46,663 49,337 Payable in dollars . . . . . . . . . . . . . . . . . . 33,903 39,542 41,543 40,026 38,410 36,668 34,030 36,032 Financial . . . . . . . . . . . . . . . . . . . . . . . . 12,903 11,913 12,630 11,988 9,812 10,371 11,225 13,205 Trade payables . . . . . . . . . . . . . . . . . 9,996 11,683 9,599 8,573 9,118 10,133 8,765 9,837 Advance receipts and other . . . . . . . . 11,004 15,946 19,314 19,465 19,480 16,164 14,040 12,990 Payable in foreign currencies . . . . . . . . . 12,545 22,240 15,839 11,407 10,869 9,902 12,633 13,305 Financial . . . . . . . . . . . . . . . . . . . . . . . . 11,338 21,136 14,247 10,334 9,519 8,884 11,233 11,853 Trade payables . . . . . . . . . . . . . . . . . 1,017 1,037 1,305 964 1,158 845 1,234 1,098 Advance receipts and other . . . . . . . . 190 67 287 109 192 173 166 354 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 52,509 65,897 68,128 63,188 67,976 77,462 68,973 63,767 Payable in dollars . . . . . . . . . . . . . . . . . . 48,711 59,156 62,173 57,587 62,034 72,171 63,988 56,931 Deposits . . . . . . . . . . . . . . . . . . . . . . . 14,654 20,852 21,060 13,084 13,374 28,549 17,101 11,636 Other . . . . . . . . . . . . . . . . . . . . . . . . . 10,976 12,374 11,806 14,904 19,867 14,049 17,419 14,762 Trade receivables. . . . . . . . . . . . . . . . 20,993 23,495 26,157 25,639 24,584 25,743 25,538 26,533 Advance payments and other. . . . . . . 2,088 2,435 3,150 3,960 4,209 3,830 3,930 4,000 Payable in foreign currencies . . . . . . . . . 3,798 6,741 5,955 5,601 5,942 5,291 4,985 6,836 Deposits . . . . . . . . . . . . . . . . . . . . . . . 479 772 1,849 1,678 2,032 1,650 1,585 1,714 Other . . . . . . . . . . . . . . . . . . . . . . . . . 1,289 3,525 2,244 2,675 1,989 2,012 2,031 3,765 Trade receivables. . . . . . . . . . . . . . . . 2,005 2,256 1,379 1,125 1,746 1,459 1,186 1,221 Advance payments and other. . . . . . . 25 188 483 123 175 170 183 136 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 80 CAP I TAL MOVE MENTS TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try [Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem] Cal en dar year Country 1994 1995 1998 1996 1999 1997 r June Sept. Dec. r Mar. June p Europe: Austria. . . . . . . . . . . . . . . . . . . . . . 70 44 67 112 128 101 118 79 88 Belgium-Luxembourg . . . . . . . . . . Bulgaria. . . . . . . . . . . . . . . . . . . . . Czech Republic. . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France. . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . 736 5 6 277 236 2,455 2,565 700 1 26 138 179 1,480 2,741 1,111 2 22 93 161 1,771 2,836 852 5 38 170 281 2,189 3,232 632 3 94 86 258 2,311 3,660 773 5 99 65 101 2,197 3,575 357 3 105 132 83 2,017 3,455 279 4 82 110 56 1,832 2,994 259 2 84 87 42 1,943 3,102 Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland. . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands. . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland. . . . . . . . . . . . . . . . . . . . . . Portugal. . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . Spain. . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey. . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . 196 6 449 359 1,274 176 17 35 8 84 127 242 1,015 109 17,987 12 89 9 414 374 966 209 7 35 3 177 171 233 1,308 118 13,706 6 72 12 449 911 1,322 424 30 33 9 105 222 204 1,323 129 21,464 9 89 13 1,136 923 933 242 7 36 165 115 334 244 936 285 15,753 6 92 27 1,211 1,125 969 337 9 30 220 179 509 240 538 155 12,508 8 162 6 1,212 1,081 857 262 11 32 255 178 550 218 686 196 10,896 223 120 3 1,307 1,177 1,835 188 11 29 149 82 546 171 654 211 9,677 8 100 5 1,154 1,047 1,698 130 48 15 165 124 543 184 676 198 12,737 4 168 6 807 665 2,536 158 17 15 122 71 518 156 640 455 16,056 7 Other Europe . . . . . . . . . . . . . . . . 30 188 165 159 126 174 181 414 292 Total Europe. . . . . . . . . . . . . . . . 28,476 23,322 32,946 28,255 25,455 23,915 22,619 24,678 28,296 Canada . . . . . . . . . . . . . . . . . . . . . . 1,666 1,672 2,491 3,549 1,745 1,893 2,083 2,378 1,990 Argentina. . . . . . . . . . . . . . . . . . . . Bahamas. . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . 88 120 425 136 60 352 272 299 347 219 157 432 201 20 258 161 49 241 118 21 299 145 12 303 172 20 232 Brazil. . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . . . Colombia. . . . . . . . . . . . . . . . . . . . 368 1,021 44 19 155 922 76 63 274 1,044 160 123 363 616 150 120 322 872 195 160 410 839 151 85 304 967 111 72 244 1,071 127 86 243 949 87 83 Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador. . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica. . . . . . . . . . . . . . . . . . . . . Mexico. . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama. . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago. . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . . 33 8 14 574 645 50 30 25 1 281 1 26 4 18 428 635 23 21 13 3 223 5 27 12 16 682 53 12 44 144 6 329 22 30 18 591 23 16 30 75 20 262 1 22 7 4 608 17 8 25 41 15 197 3 18 11 11 534 15 9 23 41 10 231 5 19 12 12 406 44 16 35 34 8 204 9 25 11 19 459 11 39 21 34 8 157 18 25 15 18 509 12 63 39 32 9 150 145 364 393 418 632 349 426 359 367 3,891 3,523 4,242 3,562 3,605 3,191 3,113 3,140 3,043 Latin Amer ica and Ca rib bean: See foot notes at end of ta ble. CAP I TAL MOVE MENTS 81 TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Cal en dar year Country 1994 1995 1998 1996 1997 r 1999 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 countries3 . . . . . . . . . 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 1,250 936 750 170 213 176 8,602 1,150 29 766 60 222 1,252 23 405 3,138 1,175 746 520 169 205 194 7,864 1,024 17 321 52 260 1,671 9 376 3,194 945 938 557 276 138 221 7,533 1,002 28 201 40 249 1,219 68 362 3,582 708 898 388 387 154 228 7,439 945 27 141 33 169 1,240 15 362 2,852 679 884 280 464 113 219 6,052 843 44 112 38 199 1,081 14 236 2,480 481 946 245 513 117 152 5,788 785 58 122 29 199 1,083 29 186 2,211 Other Asia . . . . . . . . . . . . . . . . . . . 68 206 327 211 129 185 141 165 312 Total Asia . . . . . . . . . . . . . . . . . . Africa: 19,144 16,409 19,845 19,353 17,926 17,544 16,127 13,903 13,256 Congo 4 . . . . . . . . . . . . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco. . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Oil-exporting countries5 . . . . . . . . . 1 48 29 32 379 74 157 16 24 42 376 154 198 29 21 154 532 144 90 28 1 49 255 408 103 5 27 33 65 231 354 235 55 6 3 49 190 372 166 39 9 9 41 189 393 142 53 7 42 122 379 155 79 11 1 36 151 392 191 Total Africa . . . . . . . . . . . . . . . . . Other coun tries: 563 769 1,078 934 950 841 822 758 861 Australia. . . . . . . . . . . . . . . . . . . . . 372 461 945 911 744 807 949 959 1,010 All other . . . . . . . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . 153 230 125 810 997 836 852 841 859 525 691 1,070 1,721 1,741 1,643 1,801 1,800 1,869 54,265 46,386 61,672 57,374 51,422 49,027 46,565 46,657 49,315 44 - 2 60 - 55 55 - 8 - 11 - 7 222 4 9 10 - 5 - 6 - 22 - Other Africa . . . . . . . . . . . . . . . . . . In ter na tional and re gional orgs.: International. . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional. . . . . . . . . Asian regional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . Middle Eastern regional. . . . . . . . . Total international and regional . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 1 44 62 110 8 11 252 5 6 22 54,309 46,448 61,782 57,382 51,433 49,279 46,570 46,663 49,337 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in dependent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates (Trucial States). 4 For merly known as Zaire. 5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria. 82 CAP I TAL MOVE MENTS TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, June 30, 1999, Pre lim i nary [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Fi nan cial li a bil i ties Country To tal li a bil i ties Total Pay able in dol lars Pay able in for eign currencies Com mer cial li a bil i ties (1) (2) (3) (4) (5) Eu rope: 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 . . . . . . . . . . . . . . . . . . OtherEurope . . . . . . . . . . . . . . . . . 88 259 2 84 87 42 1,943 3,102 168 6 807 665 2,536 158 17 15 122 71 518 156 640 455 16,056 7 292 5 70 10 1,287 1,959 2 2 628 23 2,104 7 7 14 94 2 143 16 13,097 108 2 47 6 825 1,550 2 1 359 7 2,071 4 5 9 9 1 110 16 5,379 3 3 23 4 462 409 1 269 16 33 3 2 5 85 1 33 7,718 105 83 189 2 84 87 32 656 1,143 166 4 179 642 432 151 17 8 122 57 424 154 497 439 2,959 7 184 Total Europe . . . . . . . . . . . . . . . . 28,296 19,578 10,406 9,172 8,718 Canada . . . . . . . . . . . . . . . . . . . . . . . 1,990 320 78 242 1,670 172 20 232 243 949 87 83 18 25 15 18 509 12 63 39 32 9 150 45 1 52 131 944 8 1 4 1 3 19 1 3 1 10 18 900 8 1 4 1 3 14 3 - 35 1 52 113 44 5 1 1 127 19 180 112 5 79 82 14 24 15 15 490 12 63 38 29 9 149 367 155 153 2 212 3,043 1,369 1,115 254 1,674 Latin Amer ica and Ca rib bean: Argentina . . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies. . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles. . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay. . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . See foot notes at end of ta ble. CAP I TAL MOVE MENTS 83 TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, June 30, 1999, Pre lim i nary, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Fi nan cial li a bil i ties Country To tal li a bil i ties Total Pay able in dol lars Pay able in for eign currencies (4) Com mer cial li a bil i ties (1) (2) (3) (5) Mainland . . . . . . . . . . . . . . . . . . . 481 70 54 16 411 Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . 946 245 513 117 8 24 3 13 1 13 2 6 7 11 1 7 938 221 510 104 Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan. . . . . . . . . . . . . . . . . . . . . 152 5,788 785 58 122 29 1 3,035 1 4 - 1 1,453 4 - 1,582 1 - 151 2,753 784 54 122 29 Philippines . . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . 199 1,083 2 45 39 2 6 197 1,038 Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand. . . . . . . . . . . . . . . . . . . . . 29 186 - - - 29 186 Other Asia . . . . . . . . . . . . . . . . . . . 2,523 11 11 - 2,512 Total Asia . . . . . . . . . . . . . . . . . . 13,256 3,217 1,584 1,633 10,039 Africa: Congo 3 . . . . . . . . . . . . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco. . . . . . . . . . . . . . . . . . . . . 79 11 1 36 2 - 2 - - 77 11 1 36 South Africa . . . . . . . . . . . . . . . . . . 151 15 - 15 136 OtherAfrica . . . . . . . . . . . . . . . . . . 583 12 12 - 571 Total Africa . . . . . . . . . . . . . . . . . 861 29 14 15 832 Asia: China: Other coun tries: Australia. . . . . . . . . . . . . . . . . . . . . 1,010 49 1 48 961 All other . . . . . . . . . . . . . . . . . . . . . 859 496 7 489 363 Total other countries. . . . . . . . . . 1,869 545 8 537 1,324 Total foreign countries . . . . . . . 49,315 25,058 13,205 11,853 24,257 22 - - - - 22 - African regional . . . . . . . . . . . . . . . - - - - - Middle Eastern regional . . . . . . . . . - - - - - 22 49,337 25,058 13,205 11,853 22 24,279 In ter na tional and re gionalorgs.: International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asianregional . . . . . . . . . . . . . . . . Total international and regional. . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for m er U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in depend- ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 For merly known as Zaire. 84 CAP I TAL MOVE MENTS TA BLE CM-IV-4.—To tal Claims by Coun try [Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i ta l Re porting Sys tem] Cal en dar year Country 1994 1995 Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . 123 299 37 52 81 173 2,681 114 424 29 53 107 185 2,633 Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . 1,567 136 72 315 812 740 Norway . . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . 1998 1996 1999 1997 June Sept. Dec. r Mar. June p 159 411 19 34 101 173 2,338 126 734 32 42 155 211 2,811 71 734 15 54 107 256 2,751 92 715 14 61 108 286 3,238 146 899 11 67 81 244 3,035 162 750 7 49 193 318 3,086 368 743 7 39 99 258 3,460 1,506 193 50 290 1,029 969 1,613 148 17 274 1,039 1,055 2,041 386 62 277 1,466 1,274 2,047 311 69 241 1,188 1,467 1,861 308 65 231 1,238 1,330 2,126 316 66 244 1,257 1,342 1,901 257 66 305 1,190 1,370 2,027 287 62 270 1,226 1,348 242 122 169 78 251 108 303 124 336 104 283 84 165 111 185 78 203 73 Portugal . . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . 217 17 254 64 16 300 92 14 239 78 7 221 115 22 223 103 23 246 153 20 232 99 24 214 57 12 220 Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . 484 352 1,080 216 537 288 1,018 256 645 372 1,116 222 623 504 988 379 591 470 821 382 638 450 955 228 527 565 897 236 600 372 897 270 779 420 889 403 United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . 7,205 39 6,959 13 10,868 6 13,997 11 14,303 10 14,530 36 12,535 14 12,886 18 13,204 24 OtherEurope . . . . . . . . . . . . . . . . . 160 153 214 267 285 379 251 285 378 Total Europe . . . . . . . . . . . . . . . . 17,476 17,433 21,528 27,119 26,973 27,502 25,540 25,582 26,856 Canada . . . . . . . . . . . . . . . . . . . . . . . 5,569 4,802 5,607 5,973 5,799 6,381 5,120 6,094 5,672 Eu rope: Latin Amer ica and Ca rib bean: Argentina . . . . . . . . . . . . . . . . . . . . 347 396 617 688 863 974 893 869 1,030 Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies. . . . . . . . . . . . . 2,433 261 1,132 15,311 1,995 353 1,728 10,472 1,588 415 2,771 15,726 2,335 352 2,475 10,571 1,318 407 2,577 7,459 2,144 236 1,772 11,051 427 575 1,859 24,492 676 541 2,048 14,738 488 622 1,987 7,520 Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . 229 396 1 112 46 248 413 1 123 48 374 422 5 107 98 327 424 101 93 315 427 118 97 293 328 107 102 320 279 103 88 250 287 3 86 83 252 248 1 66 92 Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles. . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . 42 1,966 65 102 41 1,547 32 156 40 1,585 114 109 52 1,929 153 145 48 2,551 28 126 49 2,478 55 153 45 2,790 37 173 41 3,014 23 172 37 3,176 48 165 Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . 175 27 221 36 201 25 147 20 148 24 149 66 183 55 149 44 199 33 Uruguay. . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . 25 383 32 317 42 388 49 612 36 642 55 616 59 456 54 433 51 454 600 705 681 820 865 903 1,176 1,244 1,284 23,653 18,864 25,308 21,293 18,049 21,531 34,010 24,755 17,753 See foot notes at end of ta ble. CAP I TAL MOVE MENTS 85 TA BLE CM-IV-4.—To tal Claims by Coun try, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Cal en dar year 1995 1998 Country 1994 1996 1997 China: Mainland . . . . . . . . . . . . . . . . . . . 526 696 992 1,076 Taiwan. . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon. . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . . Pakistan. . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . . Thailand. . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . . 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 511 669 402 665 323 3,038 822 41 560 99 245 781 7 288 993 814 562 439 704 347 2,799 988 37 547 44 144 779 11 280 1,118 June 1999 Sept. Dec. r Mar. June p 873 839 825 821 809 737 404 375 736 360 2,643 866 27 414 34 161 588 7 227 1,139 709 358 384 449 358 2,717 900 25 456 49 118 487 105 222 980 770 331 348 417 327 2,875 1,084 26 492 37 148 734 12 489 1,144 730 247 390 307 369 2,428 1,130 23 446 53 166 676 13 460 1,294 839 293 455 372 333 2,458 1,243 14 480 39 266 728 6 452 1,470 Asia: Other Asia . . . . . . . . . . . . . . . . . . . 124 108 161 157 152 155 160 175 222 Total Asia . . . . . . . . . . . . . . . . . . 8,853 8,891 10,597 10,846 9,743 9,311 10,219 9,728 10,479 Congo 4 . . . . . . . . . . . . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . Morocco. . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . Oil-exporting countries 5. . . . . . . . . . . 30 261 7 9 53 142 67 11 160 16 13 57 321 92 13 155 15 29 27 277 180 3 286 9 8 28 322 134 1 126 9 11 23 310 131 6 165 7 8 26 315 144 1 136 14 11 29 272 181 3 176 9 5 26 315 142 159 7 4 34 360 207 OtherAfrica . . . . . . . . . . . . . . . . . . 258 260 224 209 201 226 226 183 195 Total Africa . . . . . . . . . . . . . . . . . 827 930 920 999 812 897 870 859 966 1,218 269 1,310 270 1,536 265 1,485 390 1,409 376 1,437 255 1,398 286 1,580 295 1,700 337 1,487 1,580 1,801 1,875 1,785 1,692 1,684 1,875 2,037 57,865 52,500 65,761 68,105 63,161 67,314 77,443 68,893 63,763 19 4 - 8 1 - 60 58 2 13 18 5 - 15 12 - 60 432 116 34 15 3 - 22 10 22 23 1 - - 3 - - - 20 - 1 - 3 - 1 2 Africa: Other coun tries: Australia. . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . . Total other countries. . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . In ter na tional and re gional orgs.: International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asianregional . . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . 23 9 136 23 27 662 19 80 4 57,888 52,509 65,897 68,128 63,188 67,976 77,462 68,973 63,767 1 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all oth er re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in dependent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab Emirates (Trucial States). 4 For merly known as Zaire. 5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria. 86 CAP I TAL MOVE MENTS TA BLE CM-IV-5.—To tal Claims by Type and Coun try, June 30, 1999, Pre lim i nary [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Fi nan cial 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 . . . . . . . . . . . . . . . Yugoslavia2 . . . . . . . . . . . . . . . . . . . To tal claims To tal De nom i nated in dol lars De nom i nated in for eign currencies (1) (2) (3) (4) 368 743 7 39 99 258 3,460 2,027 287 62 270 1,226 1,348 203 73 57 12 220 779 420 889 403 13,204 24 279 457 22 9 8 1,368 367 215 44 191 120 959 82 6 8 59 186 158 504 200 8,589 2 264 448 22 7 8 1,153 239 215 43 190 77 708 82 4 6 58 157 140 497 200 5,230 2 15 9 2 215 128 1 1 43 251 2 2 1 29 18 7 3,359 - Com mer cial claims (5) 89 286 7 17 90 250 2,092 1,660 72 18 79 1,106 389 121 67 49 12 161 593 262 385 203 4,615 22 Other Europe. . . . . . . . . . . . . . . . . 378 65 60 5 313 Total Europe . . . . . . . . . . . . . . . . 26,856 13,898 9,810 4,088 12,958 Canada. . . . . . . . . . . . . . . . . . . . . . . Latin Amer ica and Ca rib bean: 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 . . . . . . . . . . . . . 5,672 2,828 2,407 421 2,844 1,030 488 622 1,987 7,520 252 248 1 66 92 37 3,176 48 165 199 33 51 454 306 467 39 1,102 7,393 7 66 16 16 2 1,702 3 46 6 3 15 71 296 459 39 1,083 7,368 5 58 15 13 1,689 3 41 3 1 13 64 10 8 19 25 2 8 1 3 2 13 5 3 2 2 7 724 21 583 885 127 245 182 1 50 76 35 1,474 45 119 193 30 36 383 1,284 226 221 5 1,058 17,753 11,486 11,371 115 6,267 See foot notes at end of ta ble. CAP I TAL MOVE MENTS 87 TA BLE CM-IV-5.—To tal Claims by Type and Coun try, June 30, 1999, Pre lim i nary, con. [Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem] Fi nan cial claims Country To tal claims To tal De nom i nated in dol lars (1) (2) (3) De nom i nated in for eign cur ren cies Com mer cial claims (4) (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . . 809 178 172 6 631 Taiwan . . . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . . Israel. . . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . 839 293 455 372 333 2,458 125 32 125 144 17 949 77 16 117 143 16 285 48 16 8 1 1 664 714 261 330 228 316 1,509 Korea . . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . . 1,243 14 563 - 560 - 3 - 680 14 Malaysia . . . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . . 480 39 266 284 3 7 257 3 6 27 1 196 36 259 Singapore. . . . . . . . . . . . . . . . . . . . Syria . . . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . . 728 6 452 90 258 65 257 25 1 638 6 194 Other Asia . . . . . . . . . . . . . . . . . . . 1,692 26 24 2 1,666 Total Asia. . . . . . . . . . . . . . . . . . . 10,479 2,801 1,998 803 7,678 Congo 3 . . . . . . . . . . . . . . . . . . . . . . Egypt . . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . . 159 7 4 34 360 4 5 187 2 5 187 2 - 155 7 4 29 173 OtherAfrica . . . . . . . . . . . . . . . . . . 402 32 23 9 370 To tal Af rica . . . . . . . . . . . . . . . . . Other coun tries: 966 228 217 11 738 Australia . . . . . . . . . . . . . . . . . . . . . 1,700 545 520 25 1,155 All other . . . . . . . . . . . . . . . . . . . . . 337 89 73 16 248 Africa: Total other countries. . . . . . . . . . . . . . . . . . Total foreign countries . . . . . . . . . . . . . . . . . 2,037 634 593 41 1,403 63,763 31,875 26,396 5,479 31,888 In ter na tional and re gional orgs.: International . . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . . Latin American regional . . . . . . . . . Asianregional. . . . . . . . . . . . . . . . . 1 - - - 1 African regional . . . . . . . . . . . . . . . 1 - - - 1 Middle Eastern regional . . . . . . . . . Total international and regional . . . . . . . . . . . . . . . 2 2 2 - - 4 2 2 - 2 Grand total . . . . . . . . . . . . . . . . 63,767 31,877 26,398 5,479 31,890 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former U.S.S.R. are re ported un der “Other Europe.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec ognized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in depend- ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 For merly known as Zaire. 88 CAP I TAL MOVE MENTS CHART CM-C.—Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries 200 This page pres ents ag gre gate net purchases on an an nual ba sis for 1996 through 1998. It also shows cu mu la tive ac tiv ity for 1999. Fig ures confirm that for eign ers = an nual net pur chases (gross pur chases mi nus gross sales) of U.S. se cu ri ties have main tained an extremely high level since 1996. (In bil lions of dol lars) Note: To fa cil i tate com par i son of net pur chases dur ing 1999 with those in prior years, the chart de picts data for all pe ri ods at an an nu al ized rate. 150 U.S. banks, bro kers and other per sons report foreigners= trans ac tions in long-term U.S. se cu ri ties (in clud ing U.S. Trea sury and Fed eral agency bonds and notes, as well as U.S. cor porate bonds and stocks), which are con ducted largely through in ter national fi nan cial cen ters. 100 50 0 1 996 1997 199 8 1999 19 99 Jan. - S ept. July - Se pt. United King dom All other Eu rope Ca rib bean bank ing cen ters Japan All other Asia All other coun tries [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Cal en dar years 1999 1999 Jan. - Sept. July - Sept. 1996 1997 1998 United Kingdom. . . . . . . . . . . . . . . . . . . . 130,645 174,918 137,973 89,870 All other Europe. . . . . . . . . . . . . . . . . . . . 71,073 104,375 84,005 40,723 3,035 Caribbean banking centers1 . . . . . . . . . . . 41,081 24,999 11,729 44,664 23,893 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,167 34,504 20,261 30,122 19,469 All other Asia.. . . . . . . . . . . . . . . . . . . . . . 59,327 26,669 11,035 26,075 4,485 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . 357,293 365,465 265,003 231,454 99,830 All other countries.. . . . . . . . . . . . . . . . . . 12,925 22,514 12,770 26,315 9,655 Grand total . . . . . . . . . . . . . . . . . . . . . . 370,218 387,979 277,773 257,769 109,485 Coun try 1 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama. 48,948 An nual net for eign pur chases of U.S. se cu ri ties first sur passed $100 bil lion in 1993. They reached a re cord high of $388 bil lion in 1997. Since then, an nual net pur chases have averaged about $300 bil lion. The larg est in creases in the third quar ter of 1999 were re ported op po site the United King dom ($48 bil lion), the Ca rib bean bank ing cen ters ($24 bil lion), and Japan ($19 bil lion). Sig nif i cant, but much smaller, net pur chases of U.S. se cu ri ties also were re ported opposite Ger many and Can ada in the third quarter. Over the past few years, the com po sition of for eign ers’ net pur chases has changed dra mat i cally. In the mid-1990s, the ma jor ity of for eign ers’ net pur chases con sisted of U.S. Treasury bonds and notes. Since 1997, how ever, for eign ers in creas ingly have turned to other long-term se cu ri ties. CAP I TAL MOVE MENTS 89 SECTION V.—U.S. International Transactions in Long-Term Securities TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type [In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Calendar year or month Total Mar ket able Trea sury bonds and notes Net for eign U.S. Gov ern ment cor po rapurchases tions and fed er ally sponFor eign coun tries sored agen cies In ter na- Gross Net for - Gross Net forOfficial Other tional for eign Gross eign for eign Gross eign in sti tu for eign and re pur- for eign purpur for eign purtions ers gional chases sales chases chases sales chases (1) (2) 1995 . . . . . . . . . 134,115 39,631 1996 . . . . . . . . . 232,241 85,807 1997 . . . . . . . . . 184,171 43,959 1998 . . . . . . . . . 49,039 4,123 1999 - Jan. - Sept. p -1,256 -11,333 (3) (4) (5) 94,045 148,276 139,729 42,447 9,946 439 -1,842 483 2,469 131 2,981,158 3,682,940 4,865,145 5,154,168 3,378,560 1998 - Sept . . . . . -5,270 -10,304 5,043 Oct . . . . . . -2,193 9,001 -11,856 Nov. . . . . . 25,456 11,843 13,713 Dec. . . . . . 10,549 5,274 4,152 1999 - Jan. r . . . . . -2,886 1,463 -4,291 Feb. . . . . . -14,623 -3,699 -10,483 Mar. . . . . . 1,532 -4,845 6,607 Apr. . . . . . -3,271 -6,696 3,439 May. . . . . . 5,638 3,223 2,093 June . . . . . -609 397 -1,212 July. . . . . . -6,242 -1,773 -4,453 Aug. p . . . . 19,118 2,393 16,454 Sept. p . . . . 87 -1,796 1,792 -9 662 -100 1,123 -58 -441 -230 -14 322 206 -16 271 91 554,963 531,532 448,440 290,260 378,603 405,890 418,560 347,181 397,876 378,389 335,265 398,104 318,692 (6) (7) 2,847,043 3,450,699 4,680,974 5,105,129 3,379,816 28,729 41,723 49,853 56,802 69,984 (8) (9) (10) Cor po rate and other se cu ri ties Bonds 1 Stocks Gross Net for- Gross foreign Gross eign foreign Gross purforeign purpurfor eign chases sales chases chases sales (11) 125,453 96,724 57,853 168,080 141,121 99,398 83,743 252,832 259,296 209,443 84,358 350,873 524,384 467,582 121,936 381,398 372,776 302,792 116,500 268,545 560,233 -108 533,725 -5,647 422,984 9,655 279,711 7,519 381,489 8,602 420,513 3,695 417,028 11,814 350,452 11,263 392,238 6,562 378,998 5,028 341,507 7,507 378,986 5,520 318,605 9,993 64,765 77,009 54,512 33,741 45,384 42,014 42,645 41,749 36,732 41,299 39,299 39,952 43,702 64,873 82,656 44,857 26,222 36,782 38,319 30,831 30,486 30,170 36,271 31,792 34,432 33,709 8,093 8,863 11,704 10,281 6,209 15,287 12,956 11,265 10,851 10,344 20,287 11,926 17,375 (12) 110,227 169,089 266,515 259,462 152,045 35,921 31,710 27,381 25,327 23,335 33,155 34,456 28,295 29,826 26,270 36,479 24,161 32,568 27,828 22,847 15,677 15,046 17,126 17,868 21,500 17,030 18,975 15,926 16,192 12,235 15,193 (13) (14) (15) 11,240 462,950 451,710 12,511 590,714 578,203 69,597 1,097,958 1,028,361 49,996 1,574,185 1,524,189 72,541 1,626,045 1,553,504 -10,477 2,756 7,068 4,564 3,490 4,138 2,961 17,593 8,538 11,907 8,316 12,216 3,382 137,424 145,591 126,764 139,201 156,128 159,703 179,801 222,900 185,646 179,785 188,099 178,428 175,555 147,901 142,835 119,696 134,637 152,638 155,565 176,840 205,307 177,108 167,878 179,783 166,212 172,173 1 Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and is sues of States and mu nici pali ties. TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type [In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Calendar year or month Net for eign purchases of for- Net for eign pur eign se cu ri ties chases from from U.S. U.S. (1) (2) For eign bonds Gross for eign pur chases from U.S. (3) Gross for eign sales to U.S. (4) Net for eign purchases from U.S. (5) For eign stocks Gross for eign pur chases from U.S. (6) Gross for eign sales to U.S. (7) 1995. . . . . . . . . 1996. . . . . . . . . 1997. . . . . . . . . 1998 r . . . . . . . . 1999 - Jan. - Sept. p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -98,696 -110,637 -89,083 -11,123 14,136 -48,405 -51,369 -48,144 -17,350 -7,592 889,541 1,114,035 1,451,731 1,328,281 623,857 937,946 1,165,404 1,499,875 1,345,631 631,449 -50,291 -59,268 -40,939 6,227 21,728 345,540 450,365 756,018 929,923 825,442 395,831 509,633 796,957 923,696 803,714 1998 - Sept . . Oct. r . . Nov . . Dec . . 1999 - Jan. r. . Feb. r . Mar. r . Apr. r . . May . . June . . July . . Aug. p . Sept. p. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,493 24,022 -3,647 -3,840 991 2,801 3,493 356 1,956 15,189 -7,013 -5,827 2,190 3,384 15,980 -918 -4,684 -2,304 -255 1,710 -5,147 -499 8,969 -4,777 -6,421 1,132 152,881 102,202 55,573 56,845 56,072 66,198 76,129 73,376 72,372 79,013 63,975 70,061 66,661 149,497 86,222 56,491 61,529 58,376 66,453 74,419 78,523 72,871 70,044 68,752 76,482 65,529 6,109 8,042 -2,729 844 3,295 3,056 1,783 5,503 2,455 6,220 -2,236 594 1,058 89,590 90,509 70,402 69,585 77,984 74,004 95,302 98,607 86,345 97,622 106,264 91,851 97,463 83,481 82,467 73,131 68,741 74,689 70,948 93,519 93,104 83,890 91,402 108,500 91,257 96,405 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 CAP I TAL MOVE MENTS TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties by Type and Coun try [In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. Source: Trea sury In ter na tional Cap i tal Reporting Sys tem] Mar ket able Trea sury bonds and notes U.S. Gov ern ment cor po ra tions and Fed eral agency bonds 1999 Country Calendar year 1998 (1) 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 . . . . . . Jan. through Sept. (2) -1,432 -1,958 3,805 1,425 125 11 480 -333 -339 -172 -183 6 5,418 -2,308 144 1,090 500 629 -1,562 1,038 -1,167 -3,186 7,242 1,959 -5,533 1,364 76 671 2,665 -86 2,482 693 79 150 1,063 472 -5,712 -14,488 1,486 1,019 5,240 -3,677 -68 -270 14,384 -20,734 -10 Other Europe . . . . . -5,396 -4,242 Total Europe . . . . . 23,797 -40,937 615 8,336 Canada . . . . . . . . . Latin Amer ica and Ca rib bean: Argentina . . . . . . . -906 -642 Bahamas . . . . . . . -412 -438 Bermuda . . . . . . . . 5,142 4,290 Brazil. . . . . . . . . . 2,704 1,577 British West Indies. . . 857 -6,750 Chile . . . . . . . . . . 660 123 Colombia . . . . . . . -638 -169 Cuba. . . . . . . . . . Ecuador . . . . . . . . 292 -757 Guatemala. . . . . . . 8 12 Jamaica . . . . . . . . -54 9 Mexico . . . . . . . . . 546 3,470 Netherlands Antilles. . -13,244 5,283 Panama . . . . . . . . 128 181 Peru . . . . . . . . . . 508 Trinidad and Tobago . 40 5 Uruguay . . . . . . . . -72 -31 Venezuela . . . . . . . 59 216 Other Latin America 720 615 and Caribbean. . . . Total Latin America 6,994 and Caribbean . . . -3,662 See foot notes at end of ta ble. Cor po rate bonds 1999 July through Sept. p (3) Cal en dar year 1998 (4) Jan. through Sept. (5) July through Sept. p (6) Cal en dar year 1998 (7) Cor po rate stocks 1999 Jan. July through through Sept. Sept. p (8) (9) Cal en dar year 1998 (10) 1999 Jan. July through through Sept. Sept. p (11) (12) -535 154 -23 -54 225 -197 -2,430 1,118 18 187 -311 -1,696 -1,194 42 -159 284 161 -125 -3,974 602 -696 -401 -215 -10 -4,008 272 1,326 1 187 167 234 403 18 346 377 26 2,695 28 -55 45 490 227 1,284 79 2,905 5 31,727 46 668 1,226 236 244 346 428 3 5 545 581 2,089 343 -67 -5 120 334 1,736 297 604 12 11,791 870 -288 26 29 131 205 355 1 -181 80 250 712 312 11 180 -18 226 34 383 12 3,463 907 446 5,977 -5 51 267 65 3,152 3,966 73 2,122 86 748 -148 -32 38 -5 40 9 261 1,921 -259 67,910 541 377 3,252 -1 4 149 -38 1,150 4,885 36 19 2,258 199 -62 151 6 2 136 -24 2,698 48 66,777 690 167 1,061 -1 3 32 36 426 2,027 8 20 1,166 402 47 36 26 2 69 77 1,140 61 27,845 648 624 5,007 10 1 913 68 5,672 9,195 -32 -11 178 6,408 8,249 239 -8 60 3 14 873 1,138 5,001 26 23,952 26 518 375 4,355 1 8 771 139 3,168 7,627 -103 -8 1,667 3,942 4,914 1 -13 10 2 32 1,763 121 5,180 23 32,036 9 392 29 181 1 282 38 360 1,079 -45 2 301 2,564 433 61 -11 -2 15 748 -166 -810 8 17,855 1 58 -13,237 42,833 22,406 6,830 87,224 82,712 35,298 68,124 66,412 22,982 4,180 484 1,472 558 5,637 1,830 613 -4,689 988 -824 -486 2,158 3,240 18 -1,422 15 -280 -205 4 1,328 7,646 57 -2 11 102 156 545 1,368 -5,702 -1,987 -389 85 32 55 8 74 1,456 8 361 91 180 38 333 285 667 9,648 -40 7,983 309 231 98 24 77 211 241 303 366 28 75 350 45 395 2,829 153 2,610 175 35 20 6 -7 114 392 68 68 30 198 -207 1,586 11,364 -659 9,523 45 65 -25 -1 -28 1,003 801 307 16 21 71 448 91 678 10,298 314 6,798 510 116 21 25 1,245 456 952 13 1 85 269 67 453 4,176 110 2,434 388 58 10 15 339 201 257 53 80 356 -34 -1,736 82 4,572 12 57 12 22 20 69 -3,113 342 -9 1 21 97 341 168 -1,587 -210 9,222 71 104 37 17 23 339 -4,190 461 14 -2 117 292 171 -267 -1,914 73 4,483 67 45 20 11 7 295 -4,173 170 3 1 65 39 51 2,160 625 238 892 377 126 -11 139 -2 12,391 -1,284 21,481 7,369 25,222 22,249 8,767 760 5,356 -906 CAP I TAL MOVE MENTS 91 TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties by Type and Coun try, con. [In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i d ents or a net out flow of cap i tal from the United States. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Country Mar ket able Trea sury bonds and notes 1999 Cal en dar Jan. July year through through 1998 Sept. Sept. p (1) (2) (3) U.S. Gov ern ment cor po ra tions and Fed eral agency bonds 1999 Cal en dar Jan. July year through through 1998 Sept. Sept. p (4) (5) (6) Cor po rate bonds 1999 Cal en dar Jan. July year through through 1998 Sept. Sept. p (7) (8) (9) Cor po rate stocks 1999 Cal en dar Jan. July year through through 1998 Sept. Sept. p (10) (11) (12) Asia: China: Mainland . . . . . . 2,599 Taiwan . . . . . . . -1,452 Hong Kong . . . . . . 9,683 India . . . . . . . . . 293 Indonesia . . . . . . 463 Israel. . . . . . . . . 2,209 Japan . . . . . . . . 13,048 Korea . . . . . . . . 13,186 Lebanon . . . . . . . Malaysia . . . . . . . -1,031 Pakistan . . . . . . . 2 Philippines . . . . . . -143 Singapore . . . . . . 7,818 Syria . . . . . . . . . Thailand . . . . . . . -2,446 Oil-exporting countries 3 . . . . . -16,554 -242 Other Asia . . . . . . Total Asia . . . . . 27,433 Africa: Congo 4 . . . . . . . Egypt. . . . . . . . . 327 Ghana . . . . . . . . Liberia . . . . . . . . 465 Morocco . . . . . . . 3 South Africa . . . . . 8 Oil-exporting” countries 5 . . . . . 2 -54 Other Africa . . . . . 751 Total Africa. . . . . Other coun tries: Australia . . . . . . . -2,226 -138 All other . . . . . . . Total other -2,364 countries. . . . . Total foreign countries . . . . 46,570 In ter na tional and re gional orgs.: International . . . . . 1,502 European regional . . -26 Latin American regional . . . . . . 199 Asian regional . . . . 328 African regional . . . 64 Middle Eastern 402 regional . . . . . . Total international and regional . . . Grand total . . . . 2,469 49,039 7,266 -2,204 1,794 698 1,805 -1,021 15,873 6,545 5 -375 2 384 -14,626 1,709 1,458 -1,144 970 100 219 451 7,778 135 3 -523 -29 -354 348 873 -1,570 -508 4 -20 254 6,639 2,590 2 -24 147 2,278 - 6,684 1,049 3,887 19 306 7,099 2,072 3 251 386 25 710 341 1,035 9 41 5,793 417 52 -100 10 47 26 48 6 3 445 1,745 36 1 21 -16 20 -161 5 386 224 237 69 -25 318 3,963 74 12 10 17 3,173 26 153 195 48 55 -23 145 2,429 31 3 6 5 524 2 -76 -2,236 -18 -13 -221 -1,171 -84 13 -173 21 7 -8,429 17 -16 38 128 -927 3 77 -350 3,187 -35 119 5 34 1 -3,315 17 22 -15 -38 -1,312 -14 40 -229 3,469 -14 34 -11 11 545 1 -2 7,612 -138 25,329 493 -48 9,857 4,411 49 15,125 2,337 79 24,197 -210 5 8,103 586 -278 2,534 -339 -170 7,975 66 22 3,661 -1,449 32 -13,796 -319 11 -1,304 -125 -7 2,333 -1,232 -177 -1 75 -859 -82 15 -34 86 -5 39 39 224 13 23 -268 1 31 -35 -13 -49 63 165 3 16 67 - -1 1 -1 -140 12 695 -1 -8 1 10 7 55 -1 11 -17 -100 1 -264 1 -143 -1 37 8 139 5 202 2 98 11 -54 52 21 61 287 4 139 -1,598 -1,102 156 423 -37 34 242 29 639 412 36 464 25 481 47 533 -308 -137 10 -17 11 1,162 -271 1,087 -15 830 15 -571 -91 564 119 352 -20 489 528 225 -127 -6 891 1,072 845 -662 683 332 -1,387 12,617 57,539 69,852 22,817 121,542 116,080 49,213 50,376 72,547 23,953 -194 -89 230 -69 30 -21 -41 - 203 - 225 - 410 -10 346 -10 -86 -4 -13 - -55 - 670 -255 -19 357 -176 - 110 49 -905 -14 132 55 -40 40 - 169 - 20 - 39 - -295 5 - -2 7 - 8 6 - 18 4 - - - - - - - 2 2 131 -1,256 346 12,963 -737 56,802 132 69,984 203 23,020 394 121,936 420 116,500 375 49,588 -380 49,996 -6 72,541 -39 23,914 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for- gin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. mer U.S.S.R. are re ported un der “Other Eu rope.” 3 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec- og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be- Emirates (Trucial States). 4 For merly known as Zaire. 5 In cludes Al ge ria, Ga bon, Libya and Ni ge ria. 92 CAP I TAL MOVE MENTS TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic and For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 1999, Pre lim i nary [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System] Gross pur chases by for eign ers from U.S. resi dents Domesticsecurities Mar ketable Treas ury and Federal Fi nancing Bank Total bonds pur and chases notes (1) (2) Country Europe: Austria . . . . . . . BelgiumLuxembourg . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,402 3,388 23,329 6,581 116 101 1,173 1,137 3,269 1,546 3,045 1,113 104,973 56,842 48,624 15,141 1,374 612 1,894 1,537 59,686 42,102 50,506 31,313 29,664 8,564 8,553 6,527 524 454 3,250 2,262 916 629 352 75 12,284 6,376 9,954 4,935 42,970 8,386 7,783 106 875,511 476,386 7 11,257 5,743 Total Europe . . . . 1,306,416 681,856 Canada . . . . . . . . . 112,969 59,202 Latin Amer ica and Ca rib bean: Argentina . . . . . . . 4,639 289 Bahamas . . . . . . . 26,690 10,848 Bermuda . . . . . . . 174,288 54,469 Brazil . . . . . . . . . 9,480 1,347 British West Indies . . 238,706 46,621 Chile . . . . . . . . . 2,414 523 Colombia . . . . . . . 2,667 1,822 Cuba . . . . . . . . . Ecuador . . . . . . . . 321 111 Guatemala . . . . . . 144 5 Jamaica . . . . . . . . 164 8 Mexico . . . . . . . . 7,731 2,491 Netherlands Antilles. . 77,562 34,101 Panama . . . . . . . . 2,346 153 Peru . . . . . . . . . . 200 Trinidad and Tobago . 74 35 Uruguay . . . . . . . . 1,015 155 Venezuela. . . . . . . 1,451 208 Other Latin America 2,149 427 and Caribbean . . . Total Latin America and Caribbean. . . 552,041 153,613 See foot notes at end of ta ble. Bonds of U.S. Gov’t. corps. and federally sponsored agenies (3) 138 Cor po rate and other Bonds Stocks (4) (5) 1,665 2,096 8,823 1,252 2,912 21,552 4 5 6 143 3 15 18 1,215 64 40 919 285 415 2,742 297 65 154 73 1,343 2,822 950 922 37,053 2,632 6,574 106,006 1,369 2,481 16,613 2,457 10,563 48,902 1 11 325 59 366 1,480 206 20 33 1 97 1,905 2,908 1,972 6,611 3,644 2,449 58,666 1,151 567 11,059 578 5,838 47,765 1,909 388 10,607 1,361 6,835 29,720 550 211 595 223 447 7,879 13 15 42 711 35 40 616 27 270 2,915 285 2 576 7 2 81 32 155 434 348 78 2,222 149 3,111 14,416 62 143 2,306 274 2,234 8,566 1,498 1,618 22,357 971 8,140 41,446 12 63 63 7,395 144 8,147 24,406 51,081 112,026 99,916 111,696 830,307 1 6 58 1,051 692 1,498 552 1,721 13,648 38,912 62,672 235,114 122,048 165,814 1,257,914 6,427 124 1,191 1,321 1,310 59,272 14,023 594 1,350 42,413 33,009 9,758 6,485 613 1,978 468 200 10,350 4,333 9,082 507 476,601 10 9,751 695,093 186 1,450 7,685 189 41,729 175 56 48 6 87 177 2,281 190 68 103 221 311 141 438 Total sales (8) 3,923 2,821 1,118 For eign se cu ri ties Bonds Stocks (6) (7) Mar ketable Bonds of Treas ury U.S. and Gov’t. Federal corps. Fi nanc- and feding Bank erally bonds sponand sored notes agenies (9) (10) 5,893 1,472 179 Gross sales by for eign ers to U.S. resi dents Domesticsecurities 426 Cor po rate and other Bonds Stocks (11) (12) 12 1,639 1,035 1 35 8 166 29 745 496 1,014 454 3 387 2,828 806 901 165 1,197 341 238 175 24 14 105 25 122 9 28 66 1,115 478 2 20,943 23,236 144 44 32,082 27,374 1,089 Foreignsecurities Bonds Stocks (13) (14) 75 368 8,642 1,125 2,684 3 4 11 15 9 637 128 613 116 27 1,174 36,693 2,425 6,375 15,534 6,763 11,114 370 43 470 31 21 116 6,310 3,195 3,114 8,495 736 4,459 10,174 2,222 6,028 534 114 333 24 1 73 618 8 273 2 1 66 3 140 1,474 192 2,269 2,472 152 1,515 23,167 822 6,782 55 7,514 69 94,171 107,602 107,754 48 1,440 302 1,967 212,132 133,522 157,711 18,964 19,348 11,162 108,669 55,022 914 2,208 19,788 19,128 11,609 242 790 2,469 1,659 7,661 1,528 7,186 78,320 21,185 135 970 3,618 7,610 121,841 6,558 416 510 614 91 311 370 13 88 52 15 108 6 35 34 455 1,360 1,392 1,218 27,381 4,577 287 1,246 299 59 29 24 15 59 252 391 107 597 240 663 4,187 775 3,544 24,650 8,690 5,443 166,252 51,229 3,221 9,171 1,329 14,347 231,230 48,043 176 1,401 508 17 2,622 2,102 9 508 316 4 109 5 135 4 1,856 5,800 1,163 8,004 72,176 26,455 171 1,624 96 44 232 2 48 24 55 730 53 78 932 52 141 1,055 4,856 36 39,119 21 28 94 63 1,889 122 73 23 175 1,206 3,010 25 5,176 28 33 3 116 1,017 30 6 27 619 7,928 80,234 897 117,358 443 266 68 97 28 1,065 31,554 1,076 56 23 187 558 1,962 2,128 20,925 3,913 6,273 150 188 89 5 9 1,311 2,505 163 35 351 173 515 3,643 5,998 2,971 15,261 272 12 4 2 2,082 8,756 137 139 1 60 99 73 54 822 249 292 47,593 10,906 243,279 40,429 40,244 180 820 278 54,962 19,673 242,373 43,655 133 1,866 376 37,765 523,673 141,222 CAP I TAL MOVE MENTS 93 TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic and For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 1999, Pre lim i nary, con. [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Total purchases (1) Country Asia: China: Mainland Taiwan . Hong Kong India. . . . Indonesia . Israel . . . Japan . . . Korea . . . Lebanon . . Malaysia . Pakistan . . Philippines Singapore . Syria . . . Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Asia. . . . . . . Total Asia . Africa: Congo 3 . . . Egypt . . . . Ghana . . . . Liberia . . . . Morocco . . . South Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross pur chases by for eign ers from U.S. resi dents Domesticsecurities Mar ketable Bonds of Treas ury U.S. and Gov’t. Federal corps. Fi nanc - and fed ing Bank erally Cor po rate and bonds sponother For eign se cu ri ties and sored notes agencies Bonds Stocks Bonds Stocks (2) (3) (4) (5) (6) (7) 16,708 13,467 5,728 1,908 31,370 11,184 1,293 822 1,179 613 5,614 3,901 170,545 72,692 6,763 3,305 359 8 952 316 110 1,457 833 36,421 22,564 28 3,554 3,277 20,226 9,620 302,307 144,510 1 374 2,027 37 615 1,323 4,377 134 325 15 182 138 794 2,364 775 3,682 10 82 13,868 456 52 1,448 10 2,150 24,897 189 206 201 55 13 159 3,567 51 3 6 13 1,437 2 469 6,371 31 1,393 1 207 1,632 48 81 34 163 330 293 1,315 395 2,726 1,098 205 13 172 30 922 69 23,778 6,517 60 448 335 4 70 84 102 5 131 181 3,740 1,838 24 61 7 7,197 380 41,168 11,362 112 205 18 196 622 1,153 7 4 31 53 95 Total sales (8) 65 14,230 1,129 6,699 12,479 29,575 198 1,185 341 774 481 5,299 50,123 160,769 2,443 5,510 9 320 476 1,993 3 98 247 1,645 5,394 35,043 4 27 197 3,142 410 19,887 73,999 286,196 1 42 19 4 205 269 540 1 1,187 2,331 19 915 1,131 5,584 Gross sales by for eign ers to U.S. resi dents Domesticsecurities Mar ketable Bonds of Treas ury U.S. and Gov’t. Federal corps. Financ - and fed ing Bank erally Cor po rate and bonds spon other Foreignsecurities and sored notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 12,009 3,052 10,214 722 394 3,450 64,914 3,170 5 839 862 22,918 2,929 9,175 134,653 1,654 434 2,647 1 41 8,075 39 1,548 2,355 16,794 36 11 153 36 14 1,138 20 8 913 381 2,710 345 1,353 4,038 219 132 1,151 20,309 74 301 81 91 131 3,195 23 63 7,329 38,835 92 68 778 12 17 121 7,259 42 6 1,002 4 469 1,812 36 348 12,066 94 1,781 11,745 232 194 522 59,074 2,165 8 71 3 175 4,657 4 114 299 81,138 993 407 216 280 1,896 8 1,661 1,669 32 14 88 134 1 101 222 18 296 479 1,117 4 7 43 47 101 49 20 1 360 237 667 745 32 194 22 2,350 393 3,722 1,475 4,156 243 777 216 2,743 5,197 4,399 43,548 517,894 210,443 295,768 Other Africa . . . . . . Total Africa . . . . . Other coun tries: Australia . . . . . . . . 20,995 8,784 728 1,024 2,702 2,437 5,320 19,470 8,303 All other . . . . . . . . 2,494 229 43 37 373 1,512 300 2,347 182 Total other 23,489 9,013 771 1,061 3,075 3,949 5,620 21,817 8,485 countries. . . . . . Total foreign countries. . . . . 2,301,599 1,048,988 122,646 92,761 541,847 200,457 294,900 2,203,853 1,036,371 In ter na tional and re gional orgs.: International. . . . . . 2,832 1,993 243 399 129 43 25 2,095 1,763 European regional . . 848 129 95 624 719 198 Latin American regional . . . . . . . 795 520 4 48 94 100 29 448 163 Asian regional . . . . . 497 427 60 10 628 603 African regional . . . . 2 2 Middle Eastern 6 4 2 1 regional . . . . . . . Total international 4,980 3,073 307 447 235 240 678 3,891 2,727 and regional. . . . Grand total . . . . 2,306,579 1,052,061 122,953 93,208 542,082 200,697 295,578 2,207,744 1,039,098 1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for- mer U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as 99,829 40 - 53 10 184 - 41 162 14 349 44 20 - 9 - 86 4 - 116 1 - 30 - - - - - 1 72 274 43,620 518,168 320 210,763 394 296,162 104 99,933 in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 For merly known as Zaire. 94 CAP I TAL MOVE MENTS TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1998 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Gross pur chases by for eign ers from U.S. resi dents Do mes tic se cu ri ties Country Gross sales by for eign ers to U.S. resi dents Do mes tic se cu ri ties Total purchases Marketable Treasury and Federal Financing Bank bonds and notes (1) (2) (3) (4) (5) (6) (7) 13,016 483 539 3,332 585 1,273 Europe: Austria . . . . . . 19,228 BelgiumLuxembourg. . 89,663 Bulgaria . . . . . 700 Czech Republic . 4,961 Denmark. . . . . 14,362 Finland . . . . . 7,326 France . . . . . . 387,714 Germany . . . . 198,005 Greece . . . . . 7,712 Hungary . . . . . 5,983 Ireland . . . . . . 163,608 Italy . . . . . . . 84,040 Netherlands . . . 117,563 Norway . . . . . 11,770 Poland . . . . . . 9,299 Portugal . . . . . 15,920 Romania. . . . . 2,160 Russia1 . . . . . 11,173 Spain . . . . . . 58,007 Sweden . . . . . 35,279 Switzerland . . . 177,703 Turkey . . . . . . 10,869 United Kingdom . 4,413,268 Yugoslavia 2 . . . 55 Other Europe . . 24,082 Total Europe. . 5,870,450 643,364 Canada . . . . . . Latin Amer ica and Ca rib bean: Argentina . . . . 49,289 Bahamas . . . . 227,601 Bermuda. . . . . 593,722 Brazil . . . . . . 105,010 British West Indies . . 659,943 Chile . . . . . . . 7,685 Colombia . . . . 7,254 Cuba. . . . . . . Ecuador . . . . . 2,588 Guatemala. . . . 700 Jamaica . . . . . 426 Mexico . . . . . . 37,944 Netherlands Antilles. . . . . 294,379 Panama . . . . . 12,873 Peru . . . . . . . 2,087 Trinidad and Tobago . . . . 746 Uruguay . . . . . 7,066 Venezuela . . . . 12,084 Other Latin America and 17,857 Caribbean . . Total Latin America and Caribbean . 2,039,254 See foot notes at end of ta ble. Bonds of U.S. Gov’t. corps. and fed erally Cor po rate and spon other sored agenies Bonds Stocks 25,986 4,271 11,596 528 1 4,671 54 4,166 1,812 554 3,456 356 180 134,608 462 6,804 77,323 2,907 9,071 4,799 25 144 3,298 2,321 20 70,239 20,423 4,634 34,845 2,262 1,145 33,969 10,505 2,500 5,183 445 465 7,786 17 4 12,694 212 222 954 1,170 7,328 396 45 39,341 1,640 409 14,976 114 406 52,654 3,737 5,433 8,569 17 62 2,768,839 89,201 202,869 15,084 335 620 3,344,312 143,112 247,776 For eign se cu ri ties Bonds Stocks To tal sales (8) 18,866 Mar ketable Bonds of Treasury U.S. and Gov’t. Federal corps. Fi nanc- and feding Bank erally bonds sponand sored notes agenies (9) 14,448 Cor po rate and other Bonds Stocks For eign se cu ri ties Bonds Stocks (10) (11) (12) (13) (14) 211 93 2,708 445 961 32,174 7,227 8,409 71,772 22,181 2,945 5,619 18 89 64 542 403 5 39 44 153 4,333 4,191 3 2,634 2,780 2,416 13,125 4,505 1,625 287 218 870 2,246 7,830 3,639 189 115 198,776 23,936 23,128 372,402 129,190 228 3,652 52,045 14,218 42,441 183,217 77,179 2,504 5,105 1,410 452 882 7,285 4,299 7 71 39 15 290 7,205 4,860 1,975 20 11,861 48,433 8,018 163,893 71,406 20,046 2,512 28,745 4,683 12,360 69,323 27,603 2,236 1,059 31,558 12,770 26,261 105,896 39,502 7,810 1,752 2,505 448 2,724 12,054 5,107 417 613 40 1,285 167 7,435 5,121 72 36 421 167 2,204 12,929 10,212 167 184 9 24 3 1,578 875 680 5 209 2,373 822 9,891 6,265 169 5 4,947 3,123 8,547 63,386 45,053 356 400 8,942 2,412 8,429 32,517 13,490 35 145 80,195 6,244 29,440 159,578 47,414 832 3,512 252 445 1,524 11,277 8,637 12 321 319,987 631,017 401,355 4,271,536 2,754,455 57,474 134,959 46 6 3 32 4,796 1,559 1,688 27,938 20,480 289 79 785,198 765,205 584,847 5,635,840 3,320,515 100,279 160,552 27,167 5,474 8,386 8 64 62 38 46 55 1,721 3,328 1,659 150 764 2,973 193,104 23,598 22,630 42,850 16,446 39,133 1,442 499 967 50 15 285 11,683 49,337 8,909 22,337 2,778 13,310 23,309 12,153 21,370 2,266 1,494 2,157 48 1,963 195 361 202 1,803 6 9 3 195 2,248 1,009 4,074 4,606 8,897 7,804 2,612 8,431 75,194 5,381 27,245 226 672 1,409 296,035 643,107 385,506 20 6 6 4,278 950 1,862 717,074 778,197 559,223 336,898 4,228 15,117 73,426 159,225 54,470 643,218 336,283 3,744 9,480 78,115 164,367 51,229 1,457 86,748 129,632 23,902 966 49,489 99,982 2,384 779 25,779 28,089 399 2,569 37,791 25,295 34,230 214,868 105,201 2,132 52,316 5,727 6,060 15,950 23,877 50,492 2,363 421 225,035 87,160 48,121 586,576 124,490 105,684 104,277 21,198 4,371 986 24,193 16,725 1,058 2,213 39,299 25,329 33,083 216,604 104,916 2,050 51,607 5,210 7,149 18,157 23,993 218,467 138,284 3,670 108 5,823 304 1,474 284 145 16 4 185 13,779 1,564 34,952 141 184 29 21 15 2,130 188,829 48,706 1,513 1,067 479 370 125 665 229 229 78 103 3,292 8,048 30,705 1,186 94 11 60 41 9,131 650,264 217,610 138,673 7,799 3,010 23 8,632 6,461 272 1 2,300 1,182 229 609 137 8 299 58 111 36,768 13,233 108 25,429 96 119 54 22 43 1,127 184,257 1,501 422 113 207 58 3,223 49,844 1,901 1,292 1 719 198 12 10,900 34,451 1,268 66 3 37 17 8,177 115,937 17,855 3,778 1,670 206 545 43,612 793 605 314,862 126,041 11,434 4,393 1,233 45 1,437 911 39 1,932 532 32 119,050 3,436 215 17,329 1,442 450 49,073 720 452 112,797 4,521 553 1,445 1,272 130 2,733 839 48 70 912 5,868 556 270 878 25 168 910 56 958 1,682 36 3,901 2,057 3 857 689 492 7,220 11,491 30 984 5,809 376 232 545 4 97 462 55 937 1,585 24 4,277 2,436 3 693 654 3,203 3,111 1,516 2,025 2,465 5,537 12,232 2,483 951 624 2,036 2,235 3,903 613,025 301,228 98,757 616,687 302,512 73,535 564,051 317,255 144,938 2,032,016 563,291 321,965 154,026 CAP I TAL MOVE MENTS 95 TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1998, con. [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] Total purchases (1) Country Asia: China: Mainland . Taiwan . . Hong Kong . India . . . . Indonesia . . Israel . . . . Japan . . . Korea. . . . Lebanon . . Malaysia . . Pakistan . . Philippines . Singapore . Syria . . . . Thailand . . Other Asia . Total Asia Africa: Congo 3 . . Egypt. . . . Ghana . . . Liberia . . . Morocco . . South Africa Other Africa . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross pur chases by for eign ers from U.S. resi dents Do mes tic se cu ri ties Marketable Bonds of Treasury U.S. and Gov’t. Federal corps. Financand feding Bank erally Cor po rate and bonds sponother For eign se cu ri ties and sored notes agencies Bonds Stocks Bonds Stocks (2) (3) (4) (5) (6) (7) 40,860 18,788 142,952 3,424 4,516 25,854 677,817 22,047 860 3,428 550 6,043 134,099 154 15,807 92,671 1,189,870 30,611 10,899 85,645 1,888 3,590 19,483 456,791 15,743 2 1,692 7 4,554 86,295 15,270 49,799 782,269 6,810 926 6,018 5 1 589 38,663 2,765 2 59 242 4,801 10,208 71,089 530 602 107 3,502 1,194 9,044 27 869 4 314 723 2,553 6,788 62,916 117 178 4 636 97 207 312 47 470 2,448 22,844 100 5 125 2,778 27,134 14,869 131,806 2,161 146 1,144 2,210 11,134 29,917 68 567 284 323 299 2,207 35,828 76,831 1,729 1,515 94 122 112 1,261 13 218 273 457 7,894 9,817 1 53 59 348 1,026 1,726 62,119 127,718 Total sales (8) Gross sales by for eign ers to U.S. res i dents Do mes tic se cu ri ties Mar ketable Bonds of Treas ury U.S. and Gov’t. Fed eral corps. Fi nanc- and fed ing Bank erally Cor po rate and bonds sponother For eign se cu ri ties and sored notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 35,633 28,012 21,532 12,351 134,898 75,962 3,071 1,595 3,873 3,127 23,588 17,274 659,298 443,743 11,387 2,557 792 2 4,545 2,723 540 5 7,128 4,697 131,077 78,477 137 18,408 17,716 106,659 66,595 1,162,566 754,836 5,937 483 602 2,496 81 3,578 6,526 1,146 11,280 1 21 887 21 1 327 335 278 2,774 32,024 5,043 64,087 175 81 262 3 623 83 76 380 16 291 95 27 463 2,523 2,609 31,273 83 141 5,748 2,470 28,551 55,964 12,335 145,602 445 154 329 2,697 8,682 31,302 25 542 44 353 1,149 1,778 33,876 80,525 4,890 3,422 31 133 94 1,189 6 222 1,297 549 5,449 10,746 54 121 430 1,079 2,216 57,517 136,312 . . . . . . . . . . . . . . 25 2,612 8 3,294 54 3,564 2,853 1,759 1,411 5 756 393 194 313 44 86 2 104 376 56 140 10 342 2 879 36 1,538 1,349 7 51 187 8 508 243 6 162 6 128 5 662 642 20 2,161 6 3,343 56 3,790 2,679 1,432 946 2 748 445 108 318 5 50 2 73 411 13 105 40 11 341 3 1,019 24 843 1,276 2 46 1 544 4 576 143 5 161 2 105 13 1,513 725 Total Africa. . Other coun tries: Australia . . . . All other countries . . . Total other countries . . Total foreign countries . In ter na tional and re gional orgs.: International . . European regional . . . . Latin American regional . . . . Asian regional . African regional Middle Eastern regional . . . . Total international and regional . 12,410 4,324 637 678 4,156 1,004 1,611 12,055 3,573 481 644 3,517 1,316 2,524 . 92,941 48,142 2,431 2,368 9,975 16,295 13,730 95,172 50,368 1,898 1,206 10,546 15,457 15,697 . 16,076 1,546 695 1,271 3,517 6,729 2,318 18,249 1,684 1,003 1,542 3,608 6,381 4,031 . 109,017 49,688 3,126 3,639 13,492 23,024 16,048 113,421 52,052 2,901 2,748 14,154 21,838 19,728 929,632 9,599,116 5,083,946 465,881 259,2941,521,753 1,345,200 923,042 . 523,420 380,836 1,572,129 1,327,832 . 22,758 20,549 326 291 951 369 272 21,348 19,047 296 66 1,037 305 597 . 155 135 4 - 2 2 12 245 161 25 - 6 44 9 . . . 2,396 1,635 360 724 1,489 89 283 80 271 271 - 1,068 35 - 50 26 - 5 - 2,227 1,283 1,203 525 1,161 25 173 31 1,176 102 - 1,363 30 - 55 24 2 9 37 - . 670 666 - - - 2 2 267 264 - - - 1 2 . 27,974 23,652 964 562 2,056 449 291 26,573 21,183 1,701 168 2,436 431 654 929,923 9,625,689 5,105,129 467,582 259,4621,524,189 1,345,631 923,696 Grand total . . 1 9,864,365 5,130,516 9,892,339 5,154,168 524,384 381,398 1,574,185 1,328,281 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former U.S.S.R. are re ported un der “Other Eu rope.” 2 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia. 3 For merly kown as Zaire. 96 CAP I TAL MOVE MENTS CHART CM-D.—Net Purchases of Long-Term Foreign Securities by U.S. Investors 150 (In bil lions of dol lars) Note: To fa cil i tate com par i son of net pur chases dur ing 1999 with those of prior years, this chart de picts data for all pe ri ods at an an nu al ized rate. 100 50 To date in 1999, for eign net stock sales to taled $21.7 bil lion. There were strong net U.S. sales in the sec ond quar ter, but the third quarter showed a small amount of net pur chases. U.S. in ves tors sold stocks opposite Eu rope in the amount of $49 bil lion. The bulk of these sales were made to the United King dom, a fi nan cial center. But net sales were the rule for al most ev ery Eu ro pean coun try. Con trary to the over all slow ing of net pur chases of foreign se cu ri ties by U.S investors, there is ev i dence that U.S. in ves tors are re turn ing to East Asia. Net pur chases of Jap anese stocks by U.S. in ves tors totaled $26 bil lion in 1999. To date in 1999, for eign net bond pur chases have to taled $7.6 billion. Af ter net sales in the sec ond quar ter, the third quar ter showed rel a tively strong net pur chases. Net bond pur chases op po site Latin Amer ica, no ta bly Brazil and Mex ico, and the Ca rib bean fi nan cial cen ters ac counted for all of the net pur chases of for eign bonds by U.S. in ves tors in 1999. 0 -50 1995 1996 For eign bonds 1997 1998 For eign stocks 1999 1999 Jan.-S ept. July-S ept. To tal for eign se cu ri ties [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System] Cal en dar years Type 1995 1996 1997 1998 Jan. - Sept. 1999 July - Sept. 1999 Foreign bonds . . . . . 48,405 51,369 48,144 17,350 7,592 10,066 Foreign stocks . . . . . 50,291 59,268 40,939 -6,227 -21,728 584 Total . . . . . . . . . 98,696 110,637 89,083 11,123 -14,136 10,650 Af ter av er ag ing about $100 bil lion in an nual net pur chases in the mid-1990s, U.S. in ves tors have sold more long-term for eign se curi ties in 1999 than they pur chased. The de cline in net pur chases of for eign se cu ri ties be gan in late 1997. At that time, for eign stock pur chases by U.S. in ves tors dried up. Al though bond pur chases re mained strong through the first half of 1998, by the sec ond half of 1998 pur chases of bonds also dried up. In Oc to ber 1998 alone, U.S. in ves tors’ net sales of for eign bonds reached $16 bil lion . Not since 1987 has there been net U.S sales of for eign stocks. The Trea sury In ter na tional Cap i tal Reporting Sys tem has never re corded net sales in for eign bonds over the course of a whole year. 97 INTRODUCTION: Foreign Cur rency Positions The “Trea sury Bul le tin” re ports for eign cur rency hold ings of large for eign ex change mar ket par tic i pants. These re ports pro vide in for ma tion on positions in de riv a tive in stru ments, such as for eign ex change fu tures and op tions, that are in creasingly used in es tab lish ing for eign ex change po si tions but were not cov ered in the old re ports. The information is based on re ports of large for eign exchange mar ket par tic i pants on hold ings of six ma jor for eign currencies (Canadian dollar, German mark, Japanese yen, Swiss franc, pound ster ling and Euro) and the U.S. dol lar. Foreign cur rency po si tions in the U.S. dol lar, which have been col lected since Jan u ary 1999, are in tended to ap prox i mate "all other" cur rency po si tions of re port ing in sti tu tions. U.S.-based businesses file a consolidated re port for their domestic and for eign sub sid iar ies, branches and agen cies. U.S. sub sid iar ies of for eign en ti ties file only for them selves, not for their for eign parents. Filing is required by law (31 United States Code 5315; 31 Code of Fed eral Reg u la tions 128, Subpart C). Weekly and monthly re ports must be filed through out the cal en dar year by ma jor for eign ex change mar ket par tic i pants, which are de fined as mar ket par tic i pants with more than $50 billion equivalent in for eign ex change con tracts on the last busi ness day of any cal en dar quar ter dur ing the pre vi ous year (end March, June, Sep tem ber or De cem ber). Such con tracts include the amounts of foreign exchange spot contracts bought and sold, for eign ex change for ward con tracts bought and sold, for eign ex change fu tures bought and sold, and one half the no tional amount of for eign ex change op tions bought and sold. Ex emp tions from fil ing the monthly re port are given to bank ing in sti tu tions that file the Fed eral Fi nan cial In sti tu- tion Examination Council (FFIEC) 035 report (“Monthly Con sol i dated For eign Cur rency Re port”). A quar terly re port must be filed throughout the calendar year by each foreign ex change market par tic i pant that had more than $1 bil lion equiv a lent in for eign ex change con tracts on the last busi ness day of any quar ter the pre vi ous year (end March, June, Sep tem ber or De cem ber). Ex emp tions from filing the quar terly re port are given to ma jor nonbank market par tic i pants that file weekly and monthly re ports and bank ing in sti tu tions that file FFIEC 035 re ports. This in for ma tion is pub lished in seven sec tions cor re sponding to each of the ma jor cur ren cies cov ered by the re ports. Tables I-1 through VII-1 present the currency data reported weekly by major market participants. Tables I-2 through VII-2 pres ent more de tailed cur rency data of ma jor market par tic i pants, based on monthly Trea sury and FFIEC 035 re ports. Ta bles I-3 through VII-3 pres ent quar terly con sol i dated currency data reported by large market participants and FFIEC re port ers that do not file weekly re ports. Principal ex changed under cross-currency interest rate swaps is re ported as part of pur chases or sales of for eign exchange. Such prin ci pal also was noted sep a rately on monthly and quar terly re ports through De cem ber 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an op tions po si tion, is an es ti mate of the re la tion ship be tween an op tion’s value and an equiv a lent currency hedge. The delta equiv a lent value is de fined as the prod uct of the first par tial de riv a tive of an op tion val u a tion for mula (with re spect to the price of the un der ly ing cur rency) mul ti plied by the no tional prin ci pal of the con tract. 98 FOR EIGN CUR RENCY PO SI TIONS SEC TION I.—Ca na dian Dol lar Po si tions TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Ex change rate (Ca na dian dol lars per U.S. dol lar) Purchased Sold Net op tions po si tions (1) (2) (3) (4) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . 308,075 309,450 -4,540 1,4992 04/14/99 . . . . . . . . . . . . . . . . . . . . . . 311,445 316,568 -1,296 1.4941 04/21/99 . . . . . . . . . . . . . . . . . . . . . . 319,162 325,969 -717 1.4880 04/28/99 . . . . . . . . . . . . . . . . . . . . . . 325,253 333,004 -909 1.4750 05/05/99 . . . . . . . . . . . . . . . . . . . . . . 331,501 339,982 -381 1.4511 05/12/99 . . . . . . . . . . . . . . . . . . . . . . 327,294 330,953 244 1.4590 05/19/99 . . . . . . . . . . . . . . . . . . . . . . 338,149 354,421 -460 1.4688 05/26/99 . . . . . . . . . . . . . . . . . . . . . . 356,748 361,983 -330 1.4698 06/02/99 . . . . . . . . . . . . . . . . . . . . . . 344,483 347,236 -251 1.4805 06/09/99 . . . . . . . . . . . . . . . . . . . . . . 341,887 345,020 -352 1.4738 06/16/99 . . . . . . . . . . . . . . . . . . . . . . 326,769 329,835 -155 1.4595 06/23/99 . . . . . . . . . . . . . . . . . . . . . . 329,335 331,777 -481 1.4728 06/30/99 . . . . . . . . . . . . . . . . . . . . . . 329,319 335,511 -119 1.4632 07/07/99 . . . . . . . . . . . . . . . . . . . . . . 344,835 340,295 67 1.4706 07/14/99 . . . . . . . . . . . . . . . . . . . . . . 347,175 343,155 -476 1.4810 07/21/99 . . . . . . . . . . . . . . . . . . . . . . 345,143 349,830 -706 1.5002 07/28/99 . . . . . . . . . . . . . . . . . . . . . . 347,368 350,399 -1,275 1.5083 08/04/99 . . . . . . . . . . . . . . . . . . . . . . 344,982 347,478 -900 1.4908 08/11/99 . . . . . . . . . . . . . . . . . . . . . . 345,799 343,557 -1,040 1.4878 08/18/99 . . . . . . . . . . . . . . . . . . . . . . 342,697 342,478 -509 1.4840 08/25/99 . . . . . . . . . . . . . . . . . . . . . . 350,383 350,833 -549 1.4970 09/01/99 . . . . . . . . . . . . . . . . . . . . . . 341,750 347,285 -1,431 1.4903 09/08/99 . . . . . . . . . . . . . . . . . . . . . . 346,813 349,927 -1,442 1.4886 09/15/99 . . . . . . . . . . . . . . . . . . . . . . 345,378 345,975 -944 1.4766 09/22/99 . . . . . . . . . . . . . . . . . . . . . . 331,958 335,542 -1,210 1.4708 09/29/99 . . . . . . . . . . . . . . . . . . . . . . 360,902 363,337 -1,150 1.4661 Re port date FOR EIGN CUR RENCY PO SI TIONS 99 SEC TION I.—Ca na dian Dol lar Po si tions, con. TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Calls Puts Ex change rate Cross cur- (Canadian rency in ter- dol lars per est rate U.S. swaps dollar) (10) (11) 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 - Dec. . . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298 1998 - Oct. . . . . . . . . 374,133 370,411 74,617 61,612 78,344 81,768 74,330 73,097 -3,755 186,573 1.5435 Nov . . . . . . . . 327,182 325,217 52,389 46,459 54,779 62,288 54,747 50,822 -3,508 162,832 1.5330 Dec . . . . . . . . 1999 - Jan. . . . . . . . . 290,380 298,553 290,271 293,283 58,800 60,296 51,966 56,272 45,192 45,672 52,906 52,074 47,165 50,224 42,987 47,024 -4,347 -3,853 158,643 n.a. 1.5315 1.5117 Feb . . . . . . . . 300,674 302,506 54,426 46,709 41,179 47,126 47,632 45,121 -3,367 n.a. 1.5083 Mar . . . . . . . . 313,924 315,073 61,777 53,373 37,438 44,439 44,899 42,313 -4,424 n.a. 1.5092 Apr. . . . . . . . . 333,064 338,919 66,983 58,614 33,601 36,387 36,637 37,243 -885 n.a. 1.4578 May.. . . . . . . . 343,280 343,826 58,820 60,549 34,824 35,410 40,018 41,408 -299 n.a. 1.4736 June. . . . . . . . 330,928 333,743 60,591 53,318 33,424 34,989 33,934 36,357 -121 n.a. 1.4632 July . . . . . . . . Aug . . . . . . . . 344,584 403,965 340,670 402,546 62,555 53,590 57,291 50,370 37,269 34,911 37,713 35,492 35,642 31,307 38,165 34,558 -1,239 -1,652 n.a. n.a. 1.5068 1.4930 Sept. . . . . . . . 331,433 329,368 61,649 57,989 32,591 34,045 28,808 31,008 -895 n.a. 1.4678 TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants [In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Ex change Cross currate rency in ter- (Canadian Net delta est rate dol lars per equivalent swaps U.S. dol lar) (9) (10) (11) Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) 1996 - 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 . . . . . . . . 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.4195 June. . . . . . . . 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.4690 Sept. . . . . . . . 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.5320 Re port date Calls Bought (5) Puts Written (6) Bought (7) Written (8) Dec . . . . . . . . 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.5315 1999 - Mar . . . . . . . . 43,138 40,151 47,932 51,300 373 229 875 341 -2,849 n.a. 1.5092 June. . . . . . . . 26,185 25,679 50,571 45,768 378 n.a. n.a. 358 n.a. n.a. 1.4632 100 FOR EIGN CUR RENCY PO SI TIONS SECTION II.—German Mark Positions TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Re port date Purchased (1) Sold (2) Net op tions po si tions (3) Ex change rate (Deut sche marks per U.S. dol lar) (4) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . 167,997 174,141 -2,159 2.1074 04/14/99 . . . . . . . . . . . . . . . . . . . . . . 158,873 168,229 -3,297 2.1123 04/21/99 . . . . . . . . . . . . . . . . . . . . . . 152,162 156,282 -4,625 2.0746 04/28/99 . . . . . . . . . . . . . . . . . . . . . . 143,721 149,209 -4,771 2.0797 05/05/99 . . . . . . . . . . . . . . . . . . . . . . 135,403 139,274 -4,321 2.1037 05/12/99 . . . . . . . . . . . . . . . . . . . . . . 120,915 125,057 -3,162 2.0830 05/19/99 . . . . . . . . . . . . . . . . . . . . . . 116,106 120,571 -2,681 2.0840 05/26/99 . . . . . . . . . . . . . . . . . . . . . . 115,026 119,580 -2,205 2.0439 06/02/99 . . . . . . . . . . . . . . . . . . . . . . 109,056 112,707 -2,199 2.0257 06/09/99 . . . . . . . . . . . . . . . . . . . . . . 118,248 121,320 -3,248 2.0480 06/16/99 . . . . . . . . . . . . . . . . . . . . . . 113,589 116,587 -3,084 2.0151 06/23/99 . . . . . . . . . . . . . . . . . . . . . . 107,016 110,766 -2,984 2.0202 06/30/99 . . . . . . . . . . . . . . . . . . . . . . 100,276 106,060 -2,492 2.0227 07/07/99 . . . . . . . . . . . . . . . . . . . . . . 101,204 108,639 -651 1.9979 07/14/99 . . . . . . . . . . . . . . . . . . . . . . 99,306 107,054 -928 1.9954 07/21/99 . . . . . . . . . . . . . . . . . . . . . . 94,246 102,942 -1,215 2.0601 07/28/99 . . . . . . . . . . . . . . . . . . . . . . 92,666 101,551 -876 2.0859 08/04/99 . . . . . . . . . . . . . . . . . . . . . . 86,176 99,639 102 2.1070 08/11/99 . . . . . . . . . . . . . . . . . . . . . . 82,650 91,611 411 2.0836 08/18/99 . . . . . . . . . . . . . . . . . . . . . . 79,213 87,385 488 2.0587 08/25/99 . . . . . . . . . . . . . . . . . . . . . . 76,849 87,249 -193 2.0370 09/01/99 . . . . . . . . . . . . . . . . . . . . . . 69,240 78,486 572 2.0697 09/08/99 . . . . . . . . . . . . . . . . . . . . . . 62,545 70,078 243 2.0722 09/15/99 . . . . . . . . . . . . . . . . . . . . . . 56,738 62,665 661 2.0333 09/22/99 . . . . . . . . . . . . . . . . . . . . . . 54,021 59,038 630 2.0425 09/29/99 . . . . . . . . . . . . . . . . . . . . . . 48,697 54,915 -956 2.0822 FOR EIGN CUR RENCY PO SI TIONS 101 SEC TION II.—Ger man Mark Po si tions, con. TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Cross cur rency inNet delta ter est rate equiv a lent swaps (9) (10) Ex change rate (Dutsche marks per U.S. dollar) (11) 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 - 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 - Oct. . . . . . . . . Nov . . . . . . . . Dec . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . 3,082,739 2,579,333 2,137,633 280,276 220,248 3,001,543 2,509,441 2,095,888 281,198 225,876 365,064 269,532 275,795 14,523 14,354 361,925 269,293 276,946 14,960 16,786 895,424 678,618 538,892 216,797 183,775 840,511 667,183 569,968 219,159 187,494 843,204 634,741 535,282 216,739 190,619 875,990 651,355 564,736 214,614 161,604 976 2,088 5,041 -2,849 -2,991 486,314 419,021 434,747 n.a. n.a. 1.6545 1.6940 1.9558 1.6824 1.7313 Mar . . . . . . . . 183,639 189,501 12,523 16,073 157,718 188,464 203,569 173,400 -3,341 n.a. 1.7968 Apr . . . . . . . . . May . . . . . . . . June. . . . . . . . 132,208 100,045 99,703 134,509 105,538 105,555 16,365 12,022 10,835 18,693 17,157 15,126 98,915 89,647 66,310 105,812 95,224 68,253 118,421 100,111 76,727 115,044 98,839 73,867 -4,833 -2,240 -2,493 n.a. n.a. n.a. 1.8152 1.8183 1.8884 July . . . . . . . . 86,584 95,882 10,329 15,563 52,785 n.a. 60,263 58,393 -871 n.a. 2.0922 Aug . . . . . . . . Sept. . . . . . . . 68,144 47,516 76,933 52,399 10,431 13,875 14,024 15,053 56,181 22,184 60,564 24,092 67,788 32,541 65,085 26,431 1,276 -673 n.a. n.a. 2.0677 2.0918 Cross currency in ter est rate swaps (10) Ex change rate (Deut sche marks per U.S. dollar) (11) TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants [In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Net delta equiv a lent (9) 1996 - 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 . . . . . . . . June. . . . . . . . 235,890 242,644 231,338 232,986 129,807 122,544 109,527 102,431 29,139 24,910 24,292 21,817 25,243 24,974 20,051 16,914 -1,648 729 28,619 27,753 1.8493 1.8090 Sept. . . . . . . . 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.6675 Dec . . . . . . . . 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.9558 1999 - Mar . . . . . . . . 34,889 30,558 77,822 76,972 5,273 3,681 6,945 3,443 -1,786 n.a. 1.7968 June. . . . . . . . 29,533 24,041 67,515 60,512 2,430 1,973 n.a. 2,189 n.a. n.a. 2.0227 102 FOR EIGN CUR RENCY PO SI TIONS SECTION III.—Japanese Yen Po si tions TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Ex change rate (Jap anese yen per U.S. dol lar) Purchased Sold Net op tions po si tions (1) (2) (3) (4) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . 200,585 204,085 1,803 121.50 04/14/99 . . . . . . . . . . . . . . . . . . . . . . 196,800 199,742 1,683 118.68 04/21/99 . . . . . . . . . . . . . . . . . . . . . . 196,922 199,766 1,542 119.80 04/28/99 . . . . . . . . . . . . . . . . . . . . . . 196,986 200,103 1,622 119.20 05/05/99 . . . . . . . . . . . . . . . . . . . . . . 210,123 213,302 1,703 120.77 05/12/99 . . . . . . . . . . . . . . . . . . . . . . 190,676 193,661 1,583 120.95 05/19/99 . . . . . . . . . . . . . . . . . . . . . . 205,234 208,693 1,254 124.35 05/26/99 . . . . . . . . . . . . . . . . . . . . . . 199,139 202,419 1,156 122.26 06/02/99 . . . . . . . . . . . . . . . . . . . . . . 195,237 198,612 1,098 121.37 06/09/99 . . . . . . . . . . . . . . . . . . . . . . 203,556 207,152 1,251 119.00 06/16/99 . . . . . . . . . . . . . . . . . . . . . . 191,771 194,775 1,306 120.38 06/23/99 . . . . . . . . . . . . . . . . . . . . . . 187,804 190,864 1,476 121.93 06/30/99 . . . . . . . . . . . . . . . . . . . . . . 182,766 185,937 1,461 121.25 07/07/99 . . . . . . . . . . . . . . . . . . . . . . 181,760 183,678 1,126 122.28 07/14/99 . . . . . . . . . . . . . . . . . . . . . . 181,721 183,774 1,111 120.69 07/21/99 . . . . . . . . . . . . . . . . . . . . . . 193,552 196,746 1,150 118.11 07/28/99 . . . . . . . . . . . . . . . . . . . . . . 187,251 190,484 1,166 116.10 08/04/99 . . . . . . . . . . . . . . . . . . . . . . 186,233 189,049 985 114.45 08/11/99 . . . . . . . . . . . . . . . . . . . . . . 182,511 185,795 951 115.42 08/18/99 . . . . . . . . . . . . . . . . . . . . . . 187,365 190,624 860 111.92 08/25/99 . . . . . . . . . . . . . . . . . . . . . . 188,408 191,419 624 111.22 09/01/99 . . . . . . . . . . . . . . . . . . . . . . 185,542 189,691 805 109.13 09/08/99 . . . . . . . . . . . . . . . . . . . . . . 184,059 187,681 714 111.11 09/15/99 . . . . . . . . . . . . . . . . . . . . . . 195,029 198,987 636 104.50 09/22/99 . . . . . . . . . . . . . . . . . . . . . . 176,408 179,341 1,007 104.07 09/29/99 . . . . . . . . . . . . . . . . . . . . . . 177,991 181,969 1,026 106.97 Re port date FOR EIGN CUR RENCY PO SI TIONS 103 SEC TION III.—Jap a nese Yen Po si tions, con. TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Calls Written (6) Bought (7) Puts Written (8) Cross currency inNet delta ter est rate equiv a lent swaps (9) (10) Ex change rate (Japanese yen per U.S. dollar) (11) 1996 - Dec . . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.00 1997 - Dec . . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.58 1998 - Oct. . . . . . . . . 268,583 274,223 33,329 34,122 59,676 57,765 80,198 81,392 2,137 79,469 116.20 Nov . . . . . . . . 240,839 246,118 24,397 22,893 42,531 42,251 66,784 68,211 1,653 76,406 123.19 Dec . . . . . . . . 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30 1999 - Jan. . . . . . . . . 211,257 212,146 26,797 26,932 36,641 34,905 53,471 54,505 1,009 n.a. 116.40 Feb . . . . . . . . 224,903 224,615 25,031 24,689 42,030 36,296 58,048 60,453 1,094 n.a. 119.10 Mar . . . . . . . . 207,384 207,784 23,503 24,930 34,155 32,131 50,132 51,449 1,784 n.a. 118.90 Apr. . . . . . . . . 197,175 198,089 21,564 21,146 33,154 31,541 52,227 46,669 1,665 n.a. 119.43 May . . . . . . . . 195,249 197,202 19,375 19,021 35,589 33,232 47,452 48,636 1,418 n.a. 121.64 June . . . . . . . . 184,612 185,525 19,844 19,248 32,556 29,902 40,123 41,431 1,186 n.a. 121.25 July . . . . . . . . 188,240 188,795 27,372 25,729 32,000 30,068 41,131 41,372 1,082 n.a. 114.60 Aug . . . . . . . . 185,739 187,133 28,036 26,103 30,597 28,023 38,653 40,315 928 n.a. 109.57 Sept . . . . . . . . 178,117 181,879 28,834 26,540 30,762 29,721 46,166 48,465 1,000 n.a. 106.35 TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants [In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Puts Bought (5) Written (6) Bought (7) Written (8) Ex change Cross currate Net delta rency in ter- (Japanese equivaest rate yen per U.S. lent swaps dollar) (9) (10) (11) 1996 - Dec . . . . . . . . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.00 1997 - Mar . . . . . . . . 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.75 June . . . . . . . 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.66 Sept. . . . . . . . Dec . . . . . . . . 13,242 12,623 15,716 14,720 10,472 9,377 9,641 9,182 1,840 1,317 1,940 1,475 3,016 2,265 2,589 1,594 -329 -447 2,871 2,745 120.38 130.58 1998 - Mar . . . . . . . . 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.23 June . . . . . . . 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.98 Sept. . . . . . . . 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.55 Dec . . . . . . . . 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30 1999 - Mar . . . . . . . . 9,901 10,895 8,245 7,566 480 1,027 1,053 724 69 n.a. 118.90 June . . . . . . . 9,793 10,803 8,502 8,811 640 817 1,127 523 -77 n.a. 121.25 104 FOR EIGN CUR RENCY PO SI TIONS SEC TION IV.—Swiss Franc Positions TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Ex change rate (Swiss francs per U.S. dol lar) Purchased Sold Net op tions po si tions (1) (2) (3) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . 420,543 414,246 384 1.4820 04/14/99 . . . . . . . . . . . . . . . . . . . . . . 418,971 411,213 -366 1.4842 04/21/99 . . . . . . . . . . . . . . . . . . . . . . 430,783 422,348 -629 1.5105 04/28/99 . . . . . . . . . . . . . . . . . . . . . . 441,696 433,263 -2,170 1.5115 05/05/99 . . . . . . . . . . . . . . . . . . . . . . 438,820 434,619 62 1.4935 05/12/99 . . . . . . . . . . . . . . . . . . . . . . 424,477 421,758 -707 1.5051 05/19/99 . . . . . . . . . . . . . . . . . . . . . . 434,406 443,025 -173 1.5037 05/26/99 . . . . . . . . . . . . . . . . . . . . . . 472,203 478,498 -297 1.5245 06/02/99 . . . . . . . . . . . . . . . . . . . . . . 428,909 447,268 -1,034 1.5377 06/09/99 . . . . . . . . . . . . . . . . . . . . . . 471,816 469,008 -1,519 1.5227 06/16/99 . . . . . . . . . . . . . . . . . . . . . . 410,593 409,112 -1,205 1.5483 06/23/99 . . . . . . . . . . . . . . . . . . . . . . 392,771 390,426 -1,270 1.5462 06/30/99 . . . . . . . . . . . . . . . . . . . . . . 397,679 400,917 -1,174 1.5507 07/07/99 . . . . . . . . . . . . . . . . . . . . . . 399,579 396,291 -1,382 1.5704 07/14/99 . . . . . . . . . . . . . . . . . . . . . . 402,253 404,603 -1,592 1.5740 07/21/99 . . . . . . . . . . . . . . . . . . . . . . 426,379 426,070 -425 1.5254 07/28/99 . . . . . . . . . . . . . . . . . . . . . . 438,068 441,882 1,826 1.4988 08/04/99 . . . . . . . . . . . . . . . . . . . . . . 430,077 431,133 605 1.4853 08/11/99 . . . . . . . . . . . . . . . . . . . . . . 426,873 429,051 -324 1.5045 08/18/99 . . . . . . . . . . . . . . . . . . . . . . 439,506 438,498 -679 1.5203 08/25/99 . . . . . . . . . . . . . . . . . . . . . . 459,585 458,496 -803 1.5388 09/01/99 . . . . . . . . . . . . . . . . . . . . . . 452,554 451,956 -561 1.5128 09/08/99 . . . . . . . . . . . . . . . . . . . . . . 452,565 447,705 -1,086 1.5107 09/15/99 . . . . . . . . . . . . . . . . . . . . . . 429,916 436,370 -2,945 1.5437 09/22/99 . . . . . . . . . . . . . . . . . . . . . . 429,287 410,678 -2,339 1.5374 09/29/99 . . . . . . . . . . . . . . . . . . . . . . 462,615 445,012 -1,430 1.5031 Re port date (4) FOR EIGN CUR RENCY PO SI TIONS 105 SEC TION IV.—Swiss Franc Po si tions, con. TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items As sets Liabilities (3) (4) Calls Puts Bought (5) Written (6) Bought (7) Written (8) Ex change rate Cross cur(Swiss Net delta rency in ter- francs per equivaest rate U.S. lent swaps dollar) (9) (10) (11) 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 - Dec . . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625 1998 - Oct . . . . . . . . . 646,841 648,810 42,752 41,608 97,573 94,510 99,856 100,946 5,046 123,719 1.3519 Nov . . . . . . . . 503,604 505,726 27,696 28,860 79,251 76,206 77,194 79,097 4,879 123,010 1.3944 Dec . . . . . . . . 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.3745 1999 - Jan. . . . . . . . . 450,636 446,627 26,369 29,264 81,695 76,531 71,407 75,559 -301 n.a. 1.4155 Feb . . . . . . . . 451,113 446,586 29,233 32,622 82,594 78,255 73,355 80,096 3,755 n.a. 1.4475 Mar . . . . . . . . 427,056 423,650 27,910 29,917 77,624 79,728 76,911 72,885 -192 n.a. 1.4820 Apr . . . . . . . . . 443,612 437,115 30,571 32,731 72,298 75,107 78,468 76,195 -1,474 n.a. 1.5245 May . . . . . . . . 439,399 438,226 27,258 29,556 75,314 77,639 82,050 79,727 -602 n.a. 1.5277 June. . . . . . . . 411,523 406,598 28,287 29,000 75,294 74,288 83,326 82,349 -1,269 n.a. 1.5507 July . . . . . . . . 433,797 434,944 28,411 30,052 67,535 67,260 71,354 71,919 1,108 n.a. 1.4912 Aug . . . . . . . . 460,181 471,023 26,306 27,834 66,413 68,821 71,455 72,028 -490 n.a. 1.5140 Sept . . . . . . . . 471,174 451,434 27,387 29,867 66,977 70,904 68,345 67,696 -869 n.a. 1.4954 TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants [In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Cross currency inNet delta ter est rate equiv a lent swaps (9) (10) Ex change rate (Swiss francs per U.S. dollar) (11) 1996 - 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 1998 - Mar . . . . . . . . 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.5240 June. . . . . . . . 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.5210 Sept. . . . . . . . 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.3812 Dec . . . . . . . . 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.3745 1999 - Mar . . . . . . . . 27,947 24,482 n.a. 19,202 n.a. n.a. 1,184 1,076 -298 n.a. 1.4820 June. . . . . . . . 29,812 31,250 25,519 15,996 1,748 n.a. 967 839 -396 n.a. 1.5507 106 FOR EIGN CUR RENCY PO SI TIONS SEC TION V.—Ster ling Po si tions TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Purchased Sold Net op tions po si tions Ex change rate (U.S. Dollars per pound) (1) (2) (3) (4) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . 510,408 498,617 536 1.5955 04/14/99 . . . . . . . . . . . . . . . . . . . . . . 493,508 481,040 1,061 1.6133 04/21/99 . . . . . . . . . . . . . . . . . . . . . . 489,365 480,104 1,460 1.6062 04/28/99 . . . . . . . . . . . . . . . . . . . . . . 494,918 488,541 1,710 1.6140 05/05/99 . . . . . . . . . . . . . . . . . . . . . . 503,272 492,465 2,290 1.6367 05/12/99 . . . . . . . . . . . . . . . . . . . . . . 487,221 476,142 1,734 1.6173 05/19/99 . . . . . . . . . . . . . . . . . . . . . . 481,470 468,406 1,767 1.6170 05/26/99 . . . . . . . . . . . . . . . . . . . . . . 497,037 485,920 1,839 1.5943 06/02/99 . . . . . . . . . . . . . . . . . . . . . . 502,773 492,666 1,669 1.6047 06/09/99 . . . . . . . . . . . . . . . . . . . . . . 514,423 503,027 1,433 1.6027 06/16/99 . . . . . . . . . . . . . . . . . . . . . . 491,431 480,907 1,198 1.5880 06/23/99 . . . . . . . . . . . . . . . . . . . . . . 489,889 478,832 1,126 1.5800 06/30/99 . . . . . . . . . . . . . . . . . . . . . . 487,713 473,484 839 1.5768 07/07/99 . . . . . . . . . . . . . . . . . . . . . . 490,118 476,795 703 1.5596 07/14/99 . . . . . . . . . . . . . . . . . . . . . . 485,464 470,942 853 1.5630 07/21/99 . . . . . . . . . . . . . . . . . . . . . . 493,055 481,996 1,062 1.5792 07/28/99 . . . . . . . . . . . . . . . . . . . . . . 505,856 491,632 1,113 1.5965 08/04/99 . . . . . . . . . . . . . . . . . . . . . . 500,754 487,144 1,106 1.6216 08/11/99 . . . . . . . . . . . . . . . . . . . . . . 519,077 504,312 2,328 1.6120 08/18/99 . . . . . . . . . . . . . . . . . . . . . . 511,604 496,431 1,677 1.6022 08/25/99 . . . . . . . . . . . . . . . . . . . . . . 525,867 510,674 2,050 1.5849 09/01/99 . . . . . . . . . . . . . . . . . . . . . . 518,866 503,199 1,559 1.6043 09/08/99 . . . . . . . . . . . . . . . . . . . . . . 519,500 502,720 980 1.6184 09/15/99 . . . . . . . . . . . . . . . . . . . . . . 501,467 485,501 -22 1.6129 09/22/99 . . . . . . . . . . . . . . . . . . . . . . 498,641 473,755 -354 1.6292 09/29/99 . . . . . . . . . . . . . . . . . . . . . . 548,007 527,701 -323 1.6446 Re port date FOR EIGN CUR RENCY PO SI TIONS 107 SEC TION V.—Ster ling Positions, con. TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Spot, for ward and fu ture con tracts Purchased (1) Re port date Sold (2) Non-capital items Assets (3) Calls Puts Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Cross cur- Ex change rency in terrate Net delta est rate (U.S. Dol lars equivalent swaps per pound) (9) (10) (11) 1996 - Dec . . . . . . . . 1997 - Dec . . . . . . . . 319,811 387,578 308,666 372,725 70,639 82,499 72,805 90,336 49,180 60,600 50,160 62,696 45,203 63,212 47,519 68,012 -324 809 60,305 78,781 1.7120 1.6480 1998 - Oct. . . . . . . . . Nov . . . . . . . . Dec . . . . . . . . 662,734 511,460 451,435 655,281 501,265 436,782 100,717 78,413 90,311 108,586 81,867 83,682 83,670 67,680 62,967 79,949 63,997 59,537 91,857 77,358 84,861 99,336 82,243 81,929 2,767 1,618 1,817 100,023 93,621 106,491 1.6745 1.6479 1.6548 1999 - Jan. . . . . . . . . Feb . . . . . . . . Mar . . . . . . . . Apr . . . . . . . . . 487,583 496,030 512,728 489,904 477,056 482,364 503,529 479,923 90,272 100,198 88,543 92,073 92,204 101,123 89,057 91,496 62,385 62,256 61,333 55,849 61,423 61,263 60,462 55,365 80,018 68,567 64,172 62,432 81,100 69,703 66,868 63,531 1,433 -747 587 1,102 n.a. n.a. n.a. n.a. 1.6460 1.6025 1.6115 1.6090 May . . . . . . . . 495,179 481,530 92,158 92,214 52,678 51,276 56,714 61,202 707 n.a. 1.6036 June. . . . . . . . July . . . . . . . . Aug . . . . . . . . Sept. . . . . . . . 493,914 505,654 520,016 546,347 477,816 491,501 500,258 527,938 96,012 92,533 97,350 93,162 97,069 93,229 98,928 93,517 48,784 48,773 52,052 48,100 47,506 48,581 54,874 51,086 57,312 57,026 66,158 57,149 61,093 59,731 75,327 58,340 -194 279 405 -1,028 n.a. n.a. n.a. n.a. 1.5768 1.6220 1.6052 1.6465 TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants [In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Spot, for ward and fu ture con tracts Re port date Purchased (1) Non-capital items Calls Puts Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Cross cur- Ex change rency in terrate Net delta est rate (U.S.Dollars equivalent swaps per pound) (9) (10) (11) 1996 - 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 . . . . . . . . . . 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.6720 June . . . . . . . . . 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.6672 Sept. . . . . . . . . . 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.6996 Dec . . . . . . . . . . 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.6548 1999 - Mar . . . . . . . . . . 33,546 38,906 49,167 38,023 1,339 1,970 3,120 3,484 -468 n.a. 1.6115 June . . . . . . . . . 32,816 38,434 61,034 48,668 1,652 1,822 1,848 n.a. -448 n.a. 1.5768 108 FOR EIGN CUR RENCY PO SI TIONS SEC TION VI.—U.S. Dol lar Po si tions TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Re port date Purchased (1) Sold (2) Net op tions po si tions (3) Ex change rate (4) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,191,958 5,216,282 -1,942 n.a. 04/14/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,177,530 5,186,411 -3,460 n.a. 04/21/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,187,635 5,167,506 -1,665 n.a. 04/28/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,196,212 5,180,465 -2,825 n.a. 05/05/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,295,698 5,301,506 -3,366 n.a. 05/12/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,161,968 5,166,695 -4,439 n.a. 05/19/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,246,131 5,241,583 -2,376 n.a. 05/26/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,326,530 5,327,701 -2,664 n.a. 06/02/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,186,503 5,189,732 271 n.a. 06/09/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,430,866 5,448,005 1,453 n.a. 06/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,141,112 5,168,892 2,265 n.a. 06/23/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,089,513 5,129,918 -249 n.a. 06/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,068,173 5,096,664 -607 n.a. 07/07/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,019,808 5,075,408 -1,316 n.a. 07/14/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,048,743 5,088,557 -2,324 n.a. 07/21/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,255,062 5,288,783 -3,790 n.a. 07/28/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,233,367 5,267,133 -3,790 n.a. 08/04/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,223,275 5,263,155 -6,398 n.a. 08/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,202,029 5,235,452 -4,933 n.a. 08/18/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,249,219 5,285,871 -4,797 n.a. 08/25/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,268,092 5,336,768 -2,277 n.a. 09/01/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,230,315 5,274,123 -625 n.a. 09/08/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,221,728 5,281,764 3,972 n.a. 09/15/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,231,028 5,268,215 6,451 n.a. 09/22/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,058,591 5,107,582 5,421 n.a. 09/29/99 . . . . . . . . . . . . . . . . . . . . . . . . . 5,305,851 5,350,071 7,465 n.a. FOR EIGN CUR RENCY PO SI TIONS 109 SEC TION VI.—U.S. Dol lar Po si tions, con. TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions] Report date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items As sets Li a bil i ties (3) (4) Calls Bought (5) Written (6) Op tions po si tions Puts Bought Written (7) (8) Net delta equiv a lent (9) Ex change rate (10) 1999 - Jan . . . . . . . . 5,537,723 5,535,483 - - 763,547 1,462,327 718,645 689,063 -13,456 n.a. Feb . . . . . . . . 5,587,436 5,553,305 - - 793,634 1,498,088 748,568 722,894 -3,120 n.a. Mar . . . . . . . . 5,440,238 5,425,796 - - 729,810 665,770 644,917 653,165 -5,914 n.a. Apr . . . . . . . . 5,315,004 5,287,849 - - 682,510 648,960 632,525 613,643 -3,911 n.a. May . . . . . . . 5,275,344 5,279,115 - - 698,885 681,262 674,963 647,732 -1,573 n.a. June . . . . . . . 5,154,576 5,176,838 - - 634,850 615,868 605,099 573,999 -1,028 n.a. July. . . . . . . . 5,279,823 5,302,309 - - 628,617 606,469 610,172 582,079 -7,213 n.a. Aug . . . . . . . . 5,268,144 5,279,461 - - 641,397 622,160 623,278 592,968 -4,545 n.a. Sept . . . . . . . 5,317,938 5,354,366 - - 644,972 624,798 702,227 547,030 3,703 n.a. TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants [In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions] Op tions po si tions Re port date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items Assets Liabilities (3) (4) Bought (5) Calls Written (6) Bought (7) Puts Written (8) Net delta equiv a lent (9) Cross cur rency inter est rate swaps (10) Exchange rate (11) 1999 - Mar. . . . . . . 340,424 342,819 - - 44,981 n.a. 24,758 31,891 -2,548 n.a. n.a. June . . . . . . 342,722 370,516 - - 28,176 n.a. 12,908 31,435 -4,313 n.a. n.a. 110 FOR EIGN CUR RENCY PO SI TIONS SEC TION VII.—Euro Po si tions TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Re port date Purchased Sold Net op tions po si tions Ex change rate (Euros per U.S. dol lar) (1) (2) (3) (4) 04/07/99 . . . . . . . . . . . . . . . . . . . . . . 1,412,156 1,418,220 -2,565 0.9281 04/14/99 . . . . . . . . . . . . . . . . . . . . . . 1,454,609 1,464,087 -2,342 0.9259 04/21/99 . . . . . . . . . . . . . . . . . . . . . . 1,445,261 1,446,862 -3,593 0.9428 04/28/99 . . . . . . . . . . . . . . . . . . . . . . 1,447,381 1,445,543 -3,981 0.9405 05/05/99 . . . . . . . . . . . . . . . . . . . . . . 1,464,065 1,474,074 -5,049 0.9297 05/12/99 . . . . . . . . . . . . . . . . . . . . . . 1,480,645 1,490,629 -3,478 0.9390 05/19/99 . . . . . . . . . . . . . . . . . . . . . . 1,492,178 1,494,774 -4,457 0.9385 05/26/99 . . . . . . . . . . . . . . . . . . . . . . 1,531,197 1,531,301 -4,937 0.9569 06/02/99 . . . . . . . . . . . . . . . . . . . . . . 1,494,925 1,500,792 -7,324 0.9655 06/09/99 . . . . . . . . . . . . . . . . . . . . . . 1,595,380 1,600,639 -5,202 0.9550 06/16/99 . . . . . . . . . . . . . . . . . . . . . . 1,447,979 1,458,906 -6,548 0.9706 06/23/99 . . . . . . . . . . . . . . . . . . . . . . 1,454,574 1,464,936 -4,536 0.9681 06/30/99 . . . . . . . . . . . . . . . . . . . . . . 1,456,870 1,466,820 -5,880 0.9669 07/07/99 . . . . . . . . . . . . . . . . . . . . . . 1,440,465 1,448,007 -7,322 0.9790 07/14/99 . . . . . . . . . . . . . . . . . . . . . . 1,463,814 1,476,073 -3,073 0.9802 07/21/99 . . . . . . . . . . . . . . . . . . . . . . 1,524,518 1,539,028 -1,994 0.9494 07/28/99 . . . . . . . . . . . . . . . . . . . . . . 1,501,724 1,518,344 -1,455 0.9376 08/04/99 . . . . . . . . . . . . . . . . . . . . . . 1,530,420 1,538,962 -537 0.9282 08/11/99 . . . . . . . . . . . . . . . . . . . . . . 1,510,444 1,524,622 -203 0.9387 08/18/99 . . . . . . . . . . . . . . . . . . . . . . 1,544,637 1,559,511 -2,347 0.9500 08/25/99 . . . . . . . . . . . . . . . . . . . . . . 1,591,487 1,608,972 -2,567 0.9602 09/01/99 . . . . . . . . . . . . . . . . . . . . . . 1,533,324 1,550,042 -3,564 0.9450 09/08/99 . . . . . . . . . . . . . . . . . . . . . . 1,587,056 1,600,868 -3,911 0.9438 09/15/99 . . . . . . . . . . . . . . . . . . . . . . 1,575,436 1,599,496 -3,830 0.9619 09/22/99 . . . . . . . . . . . . . . . . . . . . . . 1,586,180 1,591,799 -4,105 0.9576 09/29/99 . . . . . . . . . . . . . . . . . . . . . . 1,674,578 1,692,268 -4,504 0.9393 FOR EIGN CUR RENCY PO SI TIONS 111 SEC TION VII.—Euro Po si tions, con. TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants [In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions] Report date Spot, for ward and fu ture con tracts Purchased Sold (1) (2) Non-capital items As sets Liabilities (3) (4) Bought (5) Written (6) Op tions po si tions Puts Bought Written (7) (8) Calls Net delta equivalent (9) Exchange rate (10) 1999 - Jan. . . . . . . . 1,566,699 1,532,673 393,367 390,239 202,578 227,242 221,568 231,761 -480 0.8800 Feb . . . . . . . 1,561,850 1,542,552 421,460 408,904 253,912 340,648 367,143 300,936 11 0.9072 Mar . . . . . . . 1,533,315 1,540,410 436,268 415,362 321,976 359,188 392,951 344,535 -944 0.9289 Apr. . . . . . . . 1,478,252 1,479,302 449,714 438,523 370,757 352,512 434,286 381,994 -4,650 0.9456 May . . . . . . . 1,533,635 1,529,586 458,925 465,158 328,363 355,660 407,031 356,631 -6,873 0.9592 June. . . . . . . 1,499,547 1,491,928 455,688 439,095 328,733 367,383 415,102 348,041 -5,932 0.9669 July . . . . . . . 1,548,840 1,535,220 516,778 501,493 383,833 404,428 439,824 336,243 -1,453 0.9348 Aug . . . . . . . 1,548,312 1,546,834 443,457 422,338 480,873 493,330 449,582 331,725 -2,388 0.9459 Sept. . . . . . . 1,696,687 1,689,902 433,942 412,149 485,119 475,029 399,095 350,204 -3,638 0.9350 TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants [In bil lions of Euros. Source: Of fice of For eign Ex change Op er a tions] Spot, for ward and fu ture con tracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Op tions po si tions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Cross cur Net delta rency in ter est Exchange equivalent rate swaps rate (9) (10) (11) 1999 - Mar . . . . . . . 92,678 153,729 97,868 93,525 4,212 4,265 5,228 4,413 -1,083 n.a. 0.9289 June . . . . . . 110,006 119,130 78,834 65,181 3,725 6,673 6,235 4,257 -2,594 n.a. 0.9669 112 INTRODUCTION: Exchange Stabilization Fund To sta bi lize the ex change value of the dol lar, the Ex change Sta bi li za tion Fund (ESF) was es tab lished un der the Gold Re serve Act of Jan u ary 30, 1934 (31 United States Code 5302), which au tho rized es tab lish ment of a Trea sury fund to be op er ated un der the ex clu sive con trol of the Sec re tary, with ap proval of the Pres i dent. Sub se quent amend ment of the Gold Re serve Act mod ified the orig i nal pur pose some what to re flect ter mi na tion of the fixed ex change rate sys tem. Resources of the fund in clude dol lar bal ances, par tially invested in U.S. Government se cu ri ties, special drawing rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal sources of in come (+) or loss (-) for the fund are prof its (+) or losses (-) on SDRs and for eign ex change, as well as in ter est earned on as sets. • Table ESF-1 pres ents the as sets, li a bil i ties and cap i tal of the fund. The fig ures are in U.S. dol lars or their equiv a lents based on cur rent ex change rates com puted ac cord ing to the accrual method of ac count ing. The cap i tal ac count rep re sents the original capital ap pro pri ated to the fund by Con gress of $2 billion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary Fund. Gains and losses are re flected in the cu mu la tive net income (+) or loss (-) ac count. • Ta ble ESF-2 shows the re sults of op er a tions by quar ter. Figures are in U.S. dol lars or their equiv a lents com puted ac cord ing to the ac crual method. “Profit (+) or loss (-) on for eign ex change” in cludes re al ized prof its or losses. “Ad just ment for change in val u a tion of SDR hold ings and al lo ca tions” re flects net gain or loss on re val u a tion of SDR hold ings and al lo ca tions for the quar ter. TA BLE ESF-1.—Bal ances as of Dec. 31, 1998, Mar. 31, 1999, and June 30, 1999 [In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man agement] Dec. 31, 1998 Jan. 1, 1999, through Mar. 31, 1999 Held with Trea sury: U.S. Gov ern ment se cu ri ties . . . . . . . . . . . . . . . . . Spe cial draw ing rights1 . . . . . . . . . . . . . . . . . . . . . . . . 15,985,875 157,779 16,143,654 216,488 16,360,142 10,602,657 -920,778 9,681,879 37,076 9,718,955 For eign ex change and se cu ri ties: 2 Ger man marks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jap a nese yen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,494,397 742,221 7,236,618 -292,017 6,944,601 9,820,754 -1,852,213 7,968,541 -181,559 7,786,982 Ac counts re ceiv able . . . . . . . . . . . . . . . . . . . . . . . . . . 114,721 -20,889 93,832 9,968 103,800 To tal as sets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,018,404 -1,893,880 41,124,524 -210,044 40,914,480 65,702 1,105 66,807 142,648 209,455 65,702 1,105 66,807 142,648 209,455 Other li a bil i ties: Spe cial draw ing rights cer tif i cates . . . . . . . . . . . . . . 9,200,000 -1,000,000 8,200,000 - 8,200,000 Spe cial draw ing rights al lo ca tions . . . . . . . . . . . . . . 6,898,657 -245,881 6,652,776 -107,642 6,545,134 To tal other li a bil i ties . . . . . . . . . . . . . . . . . . . . . . . 16,098,657 -1,245,881 14,852,776 -107,642 14,745,134 As sets, li a bil i ties and cap i tal Mar. 31, 1999 Apr. 1, 1999, through June 30, 1999 June 30, 1999 Assets U.S. dol lars: Li a bil i ties and cap i tal Cur rent li a bil i ties: Ac counts pay able . . . . . . . . . . . . . . . . . . . . . . . . . . To tal cur rent li a bil i ties . . . . . . . . . . . . . . . . . . . . . Capital: Cap i tal ac count . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000 - 200,000 Net in come (+) or loss (-) (see ta ble ESF-2). . . . . . 26,654,045 -649,104 26,004,941 -245,050 25,759,891 To tal cap i tal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,854,045 -649,104 26,204,941 -245,050 25,959,891 43,018,404 -1,893,880 41,124,524 -210,044 40,914,480 To tal li a bil i ties and cap i tal . . . . . . . . . . . . . . . . See foot notes on the fol low ing page. EX CHANGE STA BI LI ZA TION FUND 113 TA BLE ESF-2.—In come and Ex pense [In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man agement] Pre vi ous quar ter Jan. 1, 1999, through Mar. 31, 1999 Pre vi ous fis cal year to date Oct. 1, 1998 through Mar. 31, 1999 Cur rent quar ter Apr. 1, 1999, through June 30, 1999 Fis cal year to date Oct. 1, 1998, through June 30, 1999 In come and expense Profit (+) or loss (-) on: -817,377 882,061 -500,468 381,593 -112,932 -21,330 -51,449 -72,779 Spe cial draw ing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,691 61,221 25,417 86,638 U.S. Gov ern ment se cu ri ties . . . . . . . . . . . . . . . . . . . . . . . . . 209,768 407,761 190,800 598,561 For eign ex change. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,746 104,390 55,104 159,494 Com mis sions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - 35,546 35,546 In come from op er a tions . . . . . . . . . . . . . . . . . . . . . . . . . . -649,104 1,434,103 -245,050 1,189,053 Net in come (+) or loss (-) . . . . . . . . . . . . . . . . . . . . . . . -649,104 1,434,103 -245,050 1,189,053 For eign ex change. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ad just ment for change in val u a tion of spe cial draw ing rights hold ings and al lo ca tions1 . . . . . . . In ter est (+) or net charges (-) on: 1 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the spe cial draw ing rights based on a weighted av er age of ex change rates for the cur ren cies of s e lected mem ber countries . The U.S. spe cial draw ing rights hold ings and al lo ca tions are val ued on this ba sis be gin ning July 1974. 2 Ex cludes for eign ex change trans ac tions for fu ture and spot de liv ery. Note.—An nual bal ance sheets for fis cal years 1934 through 1940 ap peared in the 1940 “Annual Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in subse quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938, have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978, may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.” 117 INTRODUCTION: Trust Funds The ta bles and charts in this sec tion pres ent the most re cent data avail able on var i ous trust funds ad min is tered by the Trea sury. Trust funds are mon eys held by the Gov ern ment in ac counts es tab lished by law or by trust agree ment for spe cific pur poses and des ig nated by law as be ing trust funds. This re port com piles data from many sources and pro vides in for ma tion in a con sol i dated man ner. The Civil Ser vice Re tire ment and Dis abil ity Fund is op erated by the Office of Personnel Man agement. The Federal Hospital Insurance and Fed eral Sup ple men tary Med i cal Insur ance Trust Funds are un der the aus pices of the De part ment of Health and Hu man Ser vices’ Health Care Fi nancing Administration. The Federal Old-age and Survivors In surance and Fed eral Dis abil ity In sur ance Trust Funds are ad min is tered by So cial Se cu rity. In ad di tion, the De part ment of Vet erans Af fairs’ Vet erans Ben e fits Ad min is tra tion dis burses the Na tional Ser vice Life In sur ance Fund. The De part ment of La bor’s Em ploy ment and Training Ad min is tra tion is re spon si ble for the Un em ploy ment Trust Fund. Data for the Rail road Re tire ment Trust Fund are also included in this sec tion. That trust fund is ad min is tered by the Rail road Re tire ment Board, an in de pend ent agency. The fol low ing ta bles are pub lished in the De cem ber is sue of the “Trea sury Bul le tin” each year. Most of the data for the tables came from the “Monthly Treasury Statement of Re ceipts and Out lays of the United States Gov ern ment,” in which monthly data are pub lished. Es ti mated fig ures are based on the “Bud get of the United States Gov ern ment, Fis cal Year 2000,” re leased Feb ru ary 1, 1999. CHART TF-A.—Major Trust Funds Total Net In crease or De crease in As sets (In bil lions of dol lars) 120 110 1999 100 1998 90 80 70 60 50 40 30 20 10 0 -10 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 Sup plementary Medical Insurance Trust Fund Source: Fi nan cial Man age ment Ser vice National Service Life Insurance Fund Railroad Retirement Account Un em ployment Trust Fund 118 TRUST FUNDS CHART TF-B.—To tal Re ceipts of Major Trust Funds (In bil lions of dol lars) 500 450 1999 1998 400 350 300 250 200 150 100 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 Sup plementary Medical Insurance Trust Fund Source: Fi nan cial Man age ment Ser vice National Service Life Insurance Fund Railroad Retirement Account Un em ployment Trust Fund TRUST FUNDS 119 CHART TF-C.—Total Expenditures of Major Trust Funds (In bil lions of dol lars) 350 1999 300 1998 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 Sup plementary Medical Insurance Trust Fund Source: Fi nan cial Man age ment Ser vice National Service Life Insurance Fund Railroad Re tire ment Account Un em ployment Trust Fund 120 TRUST FUNDS TA BLE TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Re ceipts Fis cal year or month Total (1) Agencies’ contributions (2) Employees’ contributions (3) Federal contributions (4) Do na tions, service credit payments, and other miscellaneous receipts (5) In ter est and prof its on investments (6) 1995 . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . . . . . 65,699 67,336 70,228 72,229 74,522 13,206 13,632 14,133 14,828 15,131 4,318 4,251 4,205 4,124 4,250 19,950 20,060 21,254 21,357 21,401 168 154 154 153 161 28,056 29,239 30,483 31,766 33,579 2000 - Est. . . . . . . . . . . . . . . 76,329 15,502 4,346 21,812 28 34,641 1998 - Oct . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . 1999 - Jan . . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . 2,740 1,197 17,480 1,245 1,267 1,290 1,618 1,383 17,464 1,469 1,258 26,110 1,123 804 1,111 910 895 915 1,146 925 1,009 1,072 889 4,332 383 314 396 322 337 337 409 333 375 382 328 335 1,216 21,401 18 13 15 11 11 13 14 12 13 13 13 14 2 66 15,957 2 24 26 50 113 16,067 1 28 28 Fis cal 1999. . . . . . . . . . . . . . 74,522 15,131 4,250 21,401 161 33,579 Fis cal year or month To tal ex pen di tures other than in vest ments (7) Net in crease, or de crease (-), in as sets (8) Total (9) As sets, end of pe riod Investments (10) Un ex pended bal ance (11) 1995. . . . . . . . . . . . . . . . . . . 38,435 27,264 364,901 366,126 -1,225 1996. . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . 1998. . . . . . . . . . . . . . . . . . . 1999. . . . . . . . . . . . . . . . . . . 39,778 41,723 43,058 43,932 27,558 28,505 29,170 30,590 392,459 420,965 450,135 480,725 385,443 414,404 446,757 480,640 7,016 6,561 3,378 85 2000 - Est . . . . . . . . . . . . . . 46,701 29,628 510,551 510,551 - 1998 - Oct . . . . . . . . . . . . . . Nov . . . . . . . . . . . . . . Dec . . . . . . . . . . . . . . 1999 - Jan. . . . . . . . . . . . . . Feb . . . . . . . . . . . . . . Mar . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . May . . . . . . . . . . . . . . 3,638 3,568 3,570 3,678 3,628 3,635 3,753 3,655 -898 -2,371 13,910 -2,433 -2,361 -2,345 -2,135 -2,272 449,237 446,866 460,776 458,343 455,982 453,637 451,502 449,231 449,064 446,682 460,597 458,150 455,866 453,456 451,297 449,025 173 184 179 193 116 181 205 206 June . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . 3,640 3,700 3,662 3,805 13,824 -2,231 -2,404 22,305 463,055 460,824 458,420 480,725 462,898 460,724 458,282 480,640 157 100 138 85 Fis cal 1999 . . . . . . . . . . . . . 43,932 30,590 480,725 480,640 85 Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. TRUST FUNDS 121 TA BLE TF-2.—Fed eral Hos pi tal In sur ance Trust Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Re ceipts Fis cal year In ter est and prof its or month Total (1) Net ap pro pri a tions (2) Fed eral pay ments (3) De posits by States (4) on in vest ments (5) Other (6) 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . 114,786 123,501 128,583 138,100 97,489 106,422 112,137 121,308 4,504 4,696 4,319 5,331 * 1 17 -2 10,870 10,389 9,758 9,154 1,922 1,992 2,353 2,308 1999 . . . . . . . . . . . . . 152,948 133,774 7,484 * 9,287 2,402 2000 - Est. . . . . . . . . 152,387 136,111 7,052 - 9,068 156 1998 - Oct . . . . . . . . 9,807 9,613 1 - 31 163 Nov . . . . . . . . Dec . . . . . . . . 1999 - Jan . . . . . . . . Feb . . . . . . . . Mar . . . . . . . . 10,646 16,962 13,969 9,264 11,402 10,482 12,383 11,723 9,082 10,410 * 1 2,067 1 749 * * - 7 4,423 8 25 78 156 156 170 156 166 Apr . . . . . . . . . May . . . . . . . . June . . . . . . . July . . . . . . . . Aug . . . . . . . . 15,429 9,792 18,073 10,535 10,075 13,228 9,590 11,636 10,201 9,897 1,989 * 1,255 138 * * * - 51 39 4,591 8 11 160 163 590 189 167 Sept. . . . . . . . 16,993 15,528 1,283 - 16 166 Fis cal 1999. . . . . . . . 152,948 133,774 7,484 * 9,287 2,402 Fis cal year or month Ex pen di tures other than investments Benefit Administrative Total payments expenses Other Net in crease, or de crease (-), in as sets As sets, end of pe riod Unexpended Investments bal ance Total (10) (11) (12) (13) (14) (7) (8) (9) ............. ............. ............. ............. ............. 114,883 125,317 137,378 136,690 130,759 113,583 124,088 136,175 135,487 129,463 1,297 1,222 1,179 1,178 1,282 2 7 24 25 15 -97 -1,816 -8,795 1,410 22,188 125,465 123,649 114,854 116,264 138,453 129,864 125,805 116,621 118,250 153,767 -4,399 -2,156 -1,767 -1,986 -15,314 2000 - Est . . . . . . . . . 146,046 135,307 1,299 9,440 6,341 123,976 123,976 - 1998 - Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . 12,195 9,435 12,351 8,573 10,109 12,106 13,441 8,755 11,237 12,098 9,450 11,010 12,081 9,353 12,216 8,484 10,005 11,997 13,416 8,597 11,109 11,994 9,334 10,874 114 82 134 89 104 108 25 154 122 101 115 135 4 6 2 1 2 -2,388 1,210 4,612 5,396 -844 -703 1,988 1,038 6,836 -1,563 624 5,983 113,876 115,087 119,698 125,094 124,250 123,546 125,534 126,572 133,408 131,845 132,469 138,453 115,067 117,520 120,739 126,973 125,385 124,181 128,550 131,905 139,591 139,604 141,955 153,767 -1,191 -2,433 -1,041 -1,879 -1,135 -635 -3,016 -5,333 -6,183 -7,759 -9,486 -15,314 Fis cal 1999 . . . . . . . . 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314 1995 1996 1997 1998 1999 * Less than $500,000. Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 122 TRUST FUNDS TA BLE TF-3.—Fed eral Dis abil ity In sur ance Trust Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Fis cal year or month Total (1) Appropriations (2) Receipts Deposits In ter est and prof its Ex pen di tures other thanin vest ments Benefit by States (3) on in vest ments (4) Other (5) Total (6) payments (7) 1995 . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . 70,148 59,435 60,112 62,956 67,792 67,919 56,528 56,135 57,944 61,884 * 6 1 * 1,888 2,481 3,526 4,432 5,223 341 426 446 579 684 41,380 44,355 46,701 49,459 52,142 40,242 43,278 45,430 47,739 50,488 2000 - Est. . . . . . . . . . . 74,160 68,277 - 5,873 10 56,132 54,388 1998 - Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1999 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June. . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . 4,378 4,498 7,367 5,989 4,803 5,286 6,690 5,049 8,508 4,883 4,867 5,475 4,179 4,485 4,891 5,810 4,789 5,270 6,490 5,010 5,919 4,736 4,854 5,451 * * * * - 5 12 2,474 2 13 14 55 39 2,588 -1 12 12 193 1 1 177 1 2 145 1 1 149 1 12 4,179 4,132 7,776 765 4,278 4,341 4,373 4,325 4,505 4,498 4,526 4,445 4,045 4,035 7,623 637 4,162 4,215 4,229 4,212 4,212 4,364 4,400 4,353 Fis cal 1999 . . . . . . . . . . 67,792 61,884 * 5,223 684 52,142 50,488 Fis cal year or month Ex pen di tures other than investments, con. Payments to rail road retirement Administrative account expenses Other (8) (9) (10) Net in crease, or de crease (-), in as sets (11) As sets, end of pe riod Total (12) Investments (13) Unexpended balance (14) 1995 . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 68 2 59 157 135 1,064 1,060 1,160 1,488 1,480 5 15 52 76 40 28,768 15,080 13,411 13,497 15,650 36,079 51,160 64,571 78,068 93,718 35,225 50,100 63,562 76,996 92,666 854 1,060 1,009 1,072 1,052 2000 - Est . . . . . . . . . 122 1,540 82 18,028 110,038 110,038 - 1998 - Oct . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . 135 - 134 96 153 128 116 126 143 77 163 132 123 * 36 -4 2 3 199 366 -410 5,224 525 945 2,317 725 4,003 385 340 78,266 78,633 78,223 83,447 83,972 84,917 87,234 87,959 91,962 92,347 92,688 77,240 77,592 78,264 82,368 82,996 83,894 86,176 86,890 90,916 91,314 91,630 1,026 1,041 -41 1,079 976 1,023 1,058 1,069 1,046 1,033 1,058 Sept . . . . . . . . - 87 4 1,031 93,718 92,666 1,052 Fis cal 1999 . . . . . . . . 135 1,480 40 15,650 93,718 92,666 1,052 * Less than $500,000. Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. TRUST FUNDS 123 TA BLE TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Ex pen di tures other than in vest ments Pay ments to rail- Receipts Fis cal year or month Total (1) Appropriations (2) Deposits by States (3) Net earn ings on in vest ments (4) Other (5) Total (6) Benefit payments (7) road re tire ment account (8) 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . 325,860 357,041 386,485 415,687 446,977 289,299 316,965 342,013 364,632 389,705 1 33 30 -5 * 31,417 34,026 37,688 42,197 46,847 5,143 3,013 6,754 8,863 10,425 294,474 305,461 318,569 329,769 337,916 288,622 299,987 312,880 324,274 332,383 4,052 3,554 3,688 3,662 3,681 2000 - Est . . . . . . . . . 468,252 398,780 - 50,619 18,853 354,990 346,941 3,508 1998 - Oct. . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . 29,444 28,282 53,509 39,351 30,236 33,291 43,516 31,844 60,578 31,965 30,624 34,337 26,299 28,225 30,986 36,560 30,136 33,167 40,849 31,531 37,259 29,864 30,552 34,277 * * * * - 29 44 22,510 5 78 97 327 297 23,303 15 61 80 3,115 13 14 2,785 21 27 2,340 16 16 2,086 12 -20 27,460 27,438 53,764 1,880 27,815 27,952 27,944 27,966 31,787 27,936 27,864 28,109 27,282 27,305 53,549 1,735 27,648 27,753 27,799 27,835 27,917 27,802 27,851 27,907 3,681 - Fis cal 1999 . . . . . . . . 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681 Ex pen di tures other than in vest ments, con. Fis cal year or month 1995 1996 1997 1998 1999 Administrative expenses (9) Other (10) Net in crease, As sets, end of pe riod or de crease (-), in as sets (11) Total (12) Investments (13) Unexpended balance (14) ............. ............. ............. ............. ............. 1,799 1,791 2,001 1,832 1,851 129 - 31,386 51,580 67,916 85,919 109,061 455,688 507,269 575,185 661,104 770,165 447,947 499,403 567,445 653,282 762,226 7,741 7,866 7,740 7,822 7,939 2000 - Est. . . . . . . . . 1,841 2,700 113,262 873,485 873,485 - 1998 - Oct. . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . 178 134 215 145 167 199 145 131 189 134 14 202 - 1,983 844 -255 37,470 2,421 5,339 15,572 3,879 28,790 4,029 2,760 6,229 663,087 663,931 663,676 701,147 703,567 708,906 724,478 728,357 757,147 761,176 763,936 770,165 655,461 656,371 662,376 692,979 695,930 701,098 716,667 720,469 749,287 753,396 755,857 762,226 7,626 7,560 1,300 8,168 7,637 7,808 7,811 7,888 7,860 7,780 8,079 7,939 Fis cal 1999 . . . . . . . . 1,851 - 109,061 770,165 762,226 7,939 * Less than $500,000. Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 124 TRUST FUNDS TA BLE TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Fis cal year or month Total (1) Premiums (2) Re ceipts Federal In ter est and prof its contributions (3) on in vest ments (4) Ex pen di tures other than in vest ments Benefit Other (5) Total (6) payments (7) 1995 . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . . 58,169 82,025 80,806 81,955 85,278 17,126 16,858 16,984 17,153 17,722 36,988 61,702 59,471 59,919 62,185 1,935 1,388 2,192 2,606 2,925 2,120 2,077 2,159 2,277 2,446 65,213 68,946 72,553 76,272 80,518 63,491 67,176 71,133 74,837 79,008 2000 - Est . . . . . . . . . . . 100,912 21,441 68,221 2,928 8,322 101,720 91,644 1998 - Oct. . . . . . . . . . . Nov . . . . . . . . . . . Dec. . . . . . . . . . . 1999 - Jan. . . . . . . . . . . Feb . . . . . . . . . . . Mar . . . . . . . . . . . Apr . . . . . . . . . . . May. . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . . Aug . . . . . . . . . . . Sept . . . . . . . . . . 6,688 6,657 13,682 1,297 6,927 7,165 6,925 6,997 8,176 6,886 6,986 6,892 1,452 1,440 2,815 142 1,566 1,529 1,386 1,486 1,461 1,450 1,576 1,418 5,030 5,011 9,310 986 5,221 5,388 5,219 5,261 5,225 5,195 5,265 5,074 15 11 1,315 9 17 44 43 45 1,274 24 18 109 191 195 241 159 123 204 278 206 215 217 127 291 8,426 4,415 8,862 4,385 6,276 7,232 7,788 5,230 7,233 8,300 5,527 6,843 8,328 4,302 8,714 4,265 6,149 7,095 7,742 4,956 7,078 8,185 5,508 6,685 Fis cal 1999 . . . . . . . . . . 85,278 17,722 62,185 2,925 2,446 80,518 79,008 Fis cal year or month Ex pen di tures other than in vest ments, con. Administrative expenses Other (8) (9) Net in crease, or de crease (-), in as sets (10) As sets, end of pe riod Total (11) Investments (12) Unexpended balance (13) 1995 . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 1,720 1,733 1,403 1,413 1,493 2 5 17 22 17 -7,044 13,079 8,252 5,683 4,760 13,523 26,602 34,855 40,538 45,297 13,513 27,175 34,464 39,502 26,528 10 -573 391 1,036 18,769 2000 - Est . . . . . . . . . . 1,593 8,483 -808 45,391 45,391 - 1998 - Oct . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1999 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept . . . . . . . . . 98 113 148 120 128 136 46 264 151 114 18 157 10 4 1 1 1 -1,738 2,242 4,819 -3,089 650 -67 -863 1,767 943 -1,414 1,459 49 38,800 41,042 45,861 42,772 43,423 43,356 42,493 44,260 45,203 43,789 45,248 45,297 38,480 40,532 46,296 42,118 43,434 42,008 38,269 36,407 35,954 32,600 32,303 26,528 320 510 -435 654 -11 1,348 4,224 7,853 9,249 11,189 12,945 18,769 Fis cal 1999 . . . . . . . . . 1,493 17 4,760 45,297 26,528 18,769 Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. TRUST FUNDS 125 TA BLE TF-6.—Na tional Ser vice Life In sur ance Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Ex pen di tures other than in vest ments Fis cal year or month Total (1) Re ceipts (benefits, Trans fers from Interest net lend ing, Pre miums and gen eral and and prof its re funds, and other re ceipts spe cial funds on in vest ments dividends) (2) (3) (4) (5) Net in crease, or de crease (-), in as sets (6) Total (7) As sets, end of pe riod Unexpended Investments balance (8) (9) 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 . . . . . . . . . . . . . . . 1,146 204 6 936 1,201 -55 11,989 11,954 35 2000 - Est. . . . . . . . . . . 1,560 196 2 1,362 1,782 -222 11,656 11,656 - 1998 - Oct . . . . . . . . . . 20 17 * 3 94 -74 11,970 11,939 31 Nov . . . . . . . . . . 19 15 * 3 85 -66 11,904 11,872 32 Dec . . . . . . . . . . 481 18 * 463 96 384 12,288 12,253 35 1999 - Jan . . . . . . . . . . 24 19 5 * 101 -77 12,211 12,184 27 Feb . . . . . . . . . . 18 17 * * 93 -75 12,136 12,110 26 Mar . . . . . . . . . . 22 21 * 1 122 -100 12,037 12,001 36 Apr . . . . . . . . . . 18 16 * 1 109 -91 11,946 11,909 37 May . . . . . . . . . . 16 15 * 2 99 -82 11,863 11,837 26 June . . . . . . . . . 487 28 * 459 102 385 12,249 12,211 38 July . . . . . . . . . . 6 6 * * 92 -85 12,164 12,132 32 Aug . . . . . . . . . . 17 16 * 1 93 -76 12,088 12,055 33 Sept. . . . . . . . . . 18 15 * 2 117 -99 11,989 11,954 35 Fis cal 1999. . . . . . . . . . 1,146 204 6 936 1,201 -55 11,989 11,954 35 * Less than $500,000. Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. 126 TRUST FUNDS TA BLE TF-7.—Rail road Re tire ment Ac count [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Re ceipts Ex pen di tures other than in vest ments In ter est Fis cal year or month 1995 1996 1997 1998 1999 Total (1) Appropriations (2) and prof its on in vest ments (3) Other (4) Total (5) Benefit payments (6) ............. ............. ............. ............. ............. 9,093 4,958 9,270 10,443 8,763 3,942 3,872 4,051 4,353 4,143 1,033 1,108 1,234 2,017 313 4,118 -21 3,985 4,073 4,308 7,917 7,992 8,322 8,391 8,384 2,915 2,940 2,984 2,984 2,977 2000 - Est. . . . . . . . . 3,831 2,839 992 - 3,136 - 1998 - Oct. . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July. . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . 560 518 441 520 177 610 602 85 3,665 687 524 374 328 478 339 348 445 462 375 242 -67 393 459 339 150 40 102 94 -295 148 142 -157 -85 73 65 35 81 78 27 85 3,816 221 - 680 676 678 681 683 678 681 680 920 672 677 677 243 248 250 252 254 252 252 253 254 247 247 226 Fis cal 1999 . . . . . . . . 8,763 4,143 313 4,308 8,384 2,977 Fis cal year or month Ex pen di tures other than in vest ments, con. Administrative expenses Other (7) (8) Net in crease, or de crease (-), in as sets (9) As sets, end of pe riod Total (10) Investments (11) Unexpended bal ance (12) 1995 . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 71 71 86 87 88 4,931 4,981 5,252 5,321 5,319 1,176 -3,034 948 2,052 379 9,827 6,793 7,741 9,793 10,172 14,440 17,122 19,239 21,811 24,345 -4,613 -10,329 -11,498 -12,018 -14,173 2000 - Est . . . . . . . . . . - - 695 16,265 16,265 - 1998 - Oct . . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan . . . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept. . . . . . . . . 8 7 9 6 7 6 10 7 8 6 8 7 429 421 420 423 422 421 420 420 659 419 422 444 -120 -157 -238 -161 -506 -68 -79 -595 2,745 15 -153 -304 9,673 9,515 9,278 9,116 8,611 8,543 8,464 7,869 10,614 10,629 10,476 10,172 22,025 21,999 22,252 22,388 22,568 22,879 22,967 23,218 23,650 23,874 24,149 24,345 -12,352 -12,484 -12,974 -13,272 -13,957 -14,336 -14,503 -15,349 -13,036 -13,245 -13,673 -14,173 Fis cal 1999 . . . . . . . . . 88 5,319 379 10,172 24,345 -14,173 Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. TRUST FUNDS 127 TA BLE TF-8.—Un em ploy ment Trust Fund [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Fis cal year or month Total (1) Re ceipts State Federal Ad vances from the un em ploy ment taxes un em ploy ment taxes gen eral fund (2) (3) (4) De posits by Rail road Re tire ment Board (5) In ter est and prof its on in vest ments (6) 1995 . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . . 32,820 32,398 32,481 32,297 31,681 23,158 22,706 22,071 21,047 19,894 5,696 5,854 6,103 6,369 6,475 1,233 438 564 508 403 24 24 28 68 111 2,710 3,376 3,715 4,305 4,798 2000 - Est . . . . . . . . . . 35,793 23,464 6,536 776 77 4,940 1998 - Oct. . . . . . . . . . Nov . . . . . . . . . Dec . . . . . . . . . 1999 - Jan. . . . . . . . . . Feb . . . . . . . . . . Mar . . . . . . . . . . Apr . . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept. . . . . . . . . 1,164 2,717 2,670 923 2,648 293 4,610 7,799 2,722 1,644 4,125 366 759 2,213 269 484 1,966 216 1,596 7,352 305 1,007 3,432 296 362 437 46 367 616 53 2,924 378 65 545 646 36 4 55 13 49 48 * 41 63 7 68 32 22 22 5 * 15 12 * 28 1 * 21 7 * 17 7 2,342 7 7 24 22 5 2,345 3 8 12 Fis cal 1999 . . . . . . . . . 31,681 19,894 6,475 403 111 4,798 Fis cal year or month Total 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . 1999 . . . . . . . . . . . . . 25,096 26,062 24,203 23,284 24,752 21,628 22,600 20,829 19,933 21,180 3,197 3,180 3,088 3,085 3,361 2000 - Est . . . . . . . . . 29,386 29,217 1998 - Oct. . . . . . . . . Nov . . . . . . . . . Dec. . . . . . . . . 1999 - Jan. . . . . . . . . Feb . . . . . . . . . Mar . . . . . . . . . Apr . . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . . Aug . . . . . . . . . Sept . . . . . . . . 1,652 1,591 2,131 2,453 2,384 2,760 2,212 1,841 2,049 1,865 1,990 1,824 Fis cal 1999 . . . . . . . . 24,752 (7) See foot notes at end of ta ble. State unemployment ben e fits Ex pen di tures other than in vest ments Re pay ment of State adminisad vances from trative ex penses the gen eral fund Fed eral administrative ex penses Rail road administrative ex penses (10) (11) (12) - 190 196 208 204 140 18 2 * * - - - - 1,333 1,341 1,809 2,123 2,099 2,378 1,923 1,545 1,766 1,662 1,694 1,509 305 236 303 288 239 335 271 280 267 260 279 298 - 9 9 11 35 39 40 13 11 11 -61 11 11 * * * * - 21,180 3,361 - 140 * (8) (9) 128 TRUST FUNDS TA BLE TF-8.—Un em ploy ment Trust Fund, con. [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Ex pen di tures other than in vest ments, co n. Rail road un em ploy ment in sur ance Fis cal year or month Benefit payments (13) Administrative expenses (14) Net in crease, or de crease (-), in as sets (15) Total (16) Investments (17) Un ex pended bal ance (18) 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. . . . . . . . . . . . . . 68 4 6,929 88,899 77,358 11,541 2000 - Est . . . . . . . . . 99 70 6,407 84,564 84,564 - 1998 - Oct . . . . . . . . . 5 * -488 81,482 69,971 11,511 Nov . . . . . . . . . 5 * 1,126 82,609 71,222 11,387 Dec . . . . . . . . . 8 - 539 83,148 71,760 11,388 1999 - Jan . . . . . . . . . 6 * -1,530 81,618 70,103 11,515 Feb . . . . . . . . . 8 * 264 81,882 70,420 11,462 Mar . . . . . . . . . 8 * -2,467 79,415 68,000 11,415 Apr . . . . . . . . . 5 * 2,398 81,812 67,988 13,824 May . . . . . . . . . 3 1 5,958 87,770 76,250 11,520 June . . . . . . . . 4 * 673 88,443 76,946 11,497 July . . . . . . . . . 3 1 -221 88,222 76,304 11,918 Aug . . . . . . . . . 5 * 2,135 90,357 78,782 11,575 Sept . . . . . . . . 6 * -1,458 88,899 77,358 11,541 Fis cal 1999 . . . . . . . . 68 4 6,929 88,899 77,358 11,541 * Less than $500,000. Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year 2000," re leased by the Of fice of Man age ment and Bud get Feb ru ary 1, 1999. As sets, end of pe riod TRUST FUNDS 129 TA BLE TF-9A.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties by Is sue, as of Sept. 30, 1999 [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Fed eral DisType and rate In vest ment of se cu ri ties Pay able date Is sue date (1) (2) Fed eral Hos- Fed eral Old-age Fed eral Suppleand Sur vi vors mentary Med i cal Railroad abil ity Insurpital Insurance Trust Fund ance Trust Fund (3) (4) Insurance Trust Fund (5) Insurance Trust Fund (6) Retirement Account (7) Unemployment Trust Fund (8) Pub lic is sues: Bonds: 7-5/8%. . . . . . . . . . . . . . . 02/15/02-07 02/15/77 8-1/4%. . . . . . . . . . . . . . . 05/15/00-05 11-3/4%. . . . . . . . . . . . . . 02/15/05-10 10 - - - - - 05/15/76 4 - - - - - 02/15/80 30 - - - - - 44 - - - - - To tal pub lic is sues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TA BLE TF-9B.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties by Is sue, as of Sept. 30, 1999 [In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice] Type Is sued (1) Re tired (-) or inflation ad justed (2) Outstanding (3) Gov ern ment ac count se ries: Fed eral Dis abil ity Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . 103,424 -10,802 92,622 Fed eral Hos pi tal In sur ance Trust Fund . . . . . . . . . . . . . . . . . . 172,809 -19,042 153,767 Fed eral Old-age and Sur vi vors In sur ance Trust Fund . . . . . . . 815,409 -53,183 762,226 Fed eral Sup ple men tary Med i cal In sur ance Trust Fund . . . . . . 39,699 -13,171 26,528 Rail road Re tire ment Account . . . . . . . . . . . . . . . . . . . . . . . . . . 36,849 -14,502 22,347 Un em ploy ment Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,698 -8,341 77,357 -119,041 1,134,847 To tal Government ac count se ries . . . . . . . . . . . . . . . . . . . . 1,253,888 130 TRUST FUNDS TA BLE TF-15A.—High way Trust Fund The following in for ma tion is re leased ac cord ing to the pro vi sions of the Byrd Amend ment to theIntermodal Sur face Transportation Efficiency Act of 1991 and represents data con cern ing the High way Trust Fund. The fig ure de scribed as “un funded au tho ri za tions” is the lat est es ti mate re ceived from the De part ment of Trans por ta tion (DOT) for fis cal 1998. The 24-month revenue es timates for the highway and mass transit accounts, respectively, include the latest es timates re ceived from Trea sury’s Of fice of Tax Anal y sis for excise taxes, net of re funds. They rep re sent net high way re ceipts for those pe ri ods be gin ning at the close of fiscal 1998. High way Ac count [In mil lions of dol lars. Source: DOT] Un funded au tho ri za tions (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,277 24-month rev e nue es ti mate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,094 Mass Transit Ac count [In mil lions of dol lars. Source: DOT] Un funded au tho ri za tions (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4,922 24-month rev e nue es ti mate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,301 TECH NI CAL PA PERS 131 Research Paper Series Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy 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 ob tained by writ ing to: Ann Bailey, De part ment of the Trea sury 1500 Penn syl va nia Ave., NW., Room 4422 Wash ing ton, D.C. 20220 Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563. 132 Glossary With References to Applicable Sections and Tables Source: Fi nan cial Man age ment Ser vice Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates on sav ings bonds from the date of pur chase un til the date of redemp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B, C, D, E, EE, F, I and J are discount or ac crual type bonds—mean ing prin ci pal and in ter est are paid when bonds are redeemed. Series G, H, HH and K are current-income bonds, and the semi an nual in ter est paid to their hold ers is not in cluded in ac crued dis count. Amounts outstanding and in circulation (USCC)— In cludes all is sues by the Bu reau of the Mint pur posely in tended as a me dium of ex change. Coins sold by the Bu reau of the Mint at pre mium prices are ex cluded; how ever, uncirculated coin sets sold at face value plus han dling charge are in cluded. Average dis count rate (PDO-2, -3)—In Trea sury bill auc tions, pur chas ers ten der com pet i tive bids on a dis count rate basis. The av er age dis count rate is the weighted, or ad justed, av er age of all bids ac cepted in the auc tion. Budget au thority (“Federal Fiscal Op erations”)—Con gress passes laws giv ing bud get au thor ity to Gov ern ment en tities, which gives the agencies the power to spend Federal funds. Con gress can stip u late var i ous cri te ria for the spend ing of these funds. For example, Congress can stip u late that a given agency must spend within a specific year, number of years, or any time in the fu ture. The ba sic forms of bud get au thor ity are ap pro pri a tions, author ity to bor row, con tract au thor ity, and au thor ity to ob li gate and ex pend off set ting re ceipts and col lec tions. The pe riod of time during which Con gress makes funds avail able may be spec i fied as 1-year, mul ti ple-year or no-year. The avail able amount may be clas si fied as ei ther def i nite or in def i nite; a specific amount or an un spec i fied amount can be made avail able. Au thor ity may also be clas si fied as cur rent or per ma nent. Perma nent au thor ity re quires no cur rent ac tion by Con gress. Bud get def i cit—The to tal, cu mu la tive amount by which budget outlays (spend ing) ex ceed bud get re ceipts (in come). Cash management bills (PDO-2)—Marketable Treasury bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund short-term cash needs of Trea sury. Their sale, hav ing higher min i mum and mul ti ple pur chase re quire ments than those of other is sues, is gen er ally re stricted to com pet i tive bid ders. Com pet i tive ten ders (“Trea sury Fi nancing Op er ations”)—A bid to pur chase a stated amount of one is sue of Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is ac cepted if it is within the range ac cepted in the auc tion. (See Non com pet i tive ten ders.) Cou pon is sue—The is sue of bonds or notes (pub lic debt). Currency no longer is sued (USCC)—Old and new series gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional bank notes and 1890 Se ries Trea sury notes. Cur rent i n come bonds (“U.S. Sav ings Bonds and Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In terest is not in cluded in ac crued dis count. Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt in curred by the Trea sury sub ject to the stat u tory limit set by Con gress. Un til World War I, a spe cific amount of debt was au tho rized to each sep a rate se cu rity is sue. Be gin ning with the Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion was mod i fied un til, in 1941, it de vel oped into an over all limit on the out stand ing Fed eral debt. As of September 1999, the debt limit was $5,950,000 mil lion; the limit may change from year to year. The debt sub ject to lim i ta tion in cludes most of Trea sury’s public debt ex cept se cu ri ties is sued to the Fed eral Fi nancing Bank, upon which there is a lim i ta tion of $15 bil lion, and certain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Febru ary 1991). Discount—The in ter est de ducted in ad vance when pur chasing notes or bonds. (See Ac crued dis count.) Dis count rate (PDO-2)—The dif fer ence be tween par value and the ac tual pur chase price paid, an nu al ized over a 360-day year. Because this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any com par -i son with cou pon is sue se cu ri ties. Dollar coins (USCC)—Include standard sil ver and nonsilver coins. Domestic series (FD-2)—Non mar ket able, inter est and non-interest-bearing securities issued periodically by Treasury to the Res o lu tion Funding Cor po ra tion (RFC) for in vestment of funds authorized under sec tion 21B of the Fed eral Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary trans ac tions in which pay ments and re ceipts both oc cur within the same Fed eral fund group (Federal funds or trust funds). Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ernment to the pub lic through the Fed eral Re serve Banks and their mem ber banks. They rep re sent money owed by the Govern ment to the pub lic. Cur rently, the item “Fed eral Reserve notes—amounts outstanding” consists of new se ries is sues. The Fed eral Re serve note is the only class of cur rency currently is sued. For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Locations other than those included under the definition of the United States. (See United States.) For eigner (“Cap i tal Move ments,” IFS-2)— All in sti tu tions and in di vid u als living outside the United States, includ ing U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and other af fil i ates abroad of U.S. banks and busi ness con cerns; central gov ern ments, cen tral banks, and other of fi cial in sti tutions of coun tries other than the United States, and in ter national and regional or ganizations, wherever located. Also, re fers to per sons in the United States to the ex tent that they are known by re port ing in sti tu tions to be act ing for foreigners. For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—Includes cen tral gov ern ments of for eign coun tries, in clud ing all 133 Glossary departments and agencies of national governments; central banks, ex change au thor i ties, and all fis cal agents of for eign na tional gov ern ments that un der take ac tiv i ties sim i lar to those of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic and con sular es tab lish ments of for eign na tional gov ern ments; and any in ter na tional or re gional or ga ni za tion, in clud ing subor di nate and af fil i ate agen cies, cre ated by treaty or con ven tion be tween sov er eign states. Foreign public bor rower (“Capital Movements”)— In cludes for eign of fi cial in sti tu tions, as de fined above, the corporations and agen cies of foreign cen tral gov ernments, in clud ing de vel op ment banks and in sti tu tions, and other agencies that are ma jor ity-owned by the cen tral gov ern ment or its departments; and state provincial and local governments of for eign coun tries and their de part ments and agen cies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted is sues were notes sold between October 1984 and February 1986 to for eign in sti tu tions, for eign branches of U.S. in sti tutions, for eign cen tral banks or mon e tary au thor i ties, or to international organizations in which the United States held mem ber ship. Sold as companion issues, they could be con verted to do mes tic (nor mal) Trea sury notes with the same matu rity and in ter est rates. In ter est was paid an nu ally. Frac tional coins (USCC)—Coins minted in de nom i na tions of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent). Gov ern ment ac count se ries (FD-2)—Cer tain trust fund statutes re quire the Sec re tary of the Trea sury to ap ply mon ies held by these funds to ward the is su ance of non mar ket able spe cial se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a spe cific Gov ern ment agency, trust fund or ac count. Their rate is based on an av er age of mar ket yields on out stand ing Treasury ob li ga tions, and they may be re deemed at the op tion of the holder. Roughly 80 per cent of these are is sued to five holders: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund; the civil service retirement and disability fund; the Federal Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund; and the Un em ploy ment Trust Fund. Interfund trans ac tions (“Fed eral Fis c a l O p er ations”)—Trans ac tions in which pay ments are made from one fund group (ei ther Fed eral funds or trust funds) to a re ceipt account in an other group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Es tab lished by the United Nations, the IMF pro motes in ter na tional trade, sta bil ity of ex change and mon e tary co op er a tion. Mem bers are al lowed to draw from the fund. Intrabudgetary transactions (“Fed eral Fiscal Op er ations”)—These oc cur when pay ment and re ceipt both oc cur within the bud get, or when pay ment is made from off-budget Fed eral en ti ties whose bud get au thor ity and outlays are ex cluded from the bud get to tals. Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding sav ings bonds and notes that have reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued between May 1941 and November 1965), Series EE (issued since Jan u ary 1980), Se ries H (is sued from June 1952 through De cem ber 1979), and sav ings notes is sued be tween May 1967 and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH bonds (is sued since Jan u ary 1980) ma ture af ter 20 years. Noncompetitive tenders (“Treasury Financing Operations”)—Of fers by an in ves tor to pur chase Trea sury se cu rities at the price equiv a lent to the weighted av er age dis count rate or yield of ac cepted com pet i tive ten ders in a Trea sury auction. Non com pet i tive tenders are al ways ac cepted in full. Off-budget Federal entities (“Federal Fiscal Oper ations”)—Federally owned and controlled en tities w hose trans ac tions are ex cluded from the bud get to tals un der pro visions of law. Their re ceipts, out lays, and sur plus or def i cit are not in cluded in bud get re ceipts, out lays or def i cits. Their budget au thor ity is not in cluded in to tals of the bud get. Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob liga tions in the form of cash, checks, the is su ance of bonds or notes, or the ma tur ing of in ter est cou pons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ par ent or ganizations, branches and/or majority-owned sub sidiaries located outside t h e United States. Par value—The face value of bonds or notes, in clud ing in terest. Quar terly f i nanc ing (“Trea sury Fi nancing Oper ations”)—Trea sury has his tor i cally of fered pack ages of several “cou pon” se cu rity is sues on the 15th of Feb ru ary, May, Au gust and No vem ber, or on the next work ing day. These issues cur rently consist of a 3-year note, a 10-year note and a 30-year bond. Trea sury some times of fers ad di tional amounts of out stand ing long-term notes or bonds, rather than sell ing new se cu rity is sues. (See Re opening.) Re ceipts (“Fed eral Fis cal Op er a tions”)— Funds col lected from sell ing land, cap i tal, or ser vices, as well as col lec tions from the pub lic (bud get re ceipts), such as taxes, fines, du ties, and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of out stand ing is sues, rather than an en tirely new issue. A re opened is sue will al ways have the same ma tu rity date, CUSIP-number and in ter est rate as the orig i nal is sue. Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,” IFS-1)— In ter na tional as sets cre ated by IMF that serve to increase inter na tional li quid ity and pro vide ad di tional in ter national reserves. SDRs may be purchased and sold among el i gi ble hold ers through IMF. (See IMF.) SDR al lo ca tions are the coun ter part to SDRs is sued by IMF based on members’ quotas in IMF. Al though shown in exchange sta bi li za tion fund (ESF) state ments as li a bil i ties, they must be re deemed by ESF only in the event of liq ui da tion of, or U.S. with drawal from, the SDR de part ment of IMF or cancel la tion of SDRs. SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem against SDRs when SDRs are le gal ized as money. Pro ceeds of mon e ti za tion are de pos ited into an ESF ac count at the Fed eral Re serve Bank of New York. Spot (“For eign Cur rency Po si tions”)—Due for receipt or de liv ery within 2 work days. State and lo cal gov ern ment se ries (FD-2)— (SLUGs) Special non mar ket able cer tif i cates, notes and bonds offered t o 134 Glossary State and local governments as a means to in vest pro ceeds from their own tax-exempt fi nanc ing. In ter est rates and ma turi ties com ply with IRS ar bi trage pro vi sions. SLUGs are of fered in both time de posit and de mand de posit forms. Time de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes mature in 1 to 10 years and bonds ma ture in more than 10 years. De mand de posit se cu ri ties are 1-day cer tif i cates rolled over with a rate ad just ment daily. Stat u tory debt limit (FD-6)—By Act of Con gress there is a limit, ei ther tem po rary or per ma nent, on the amount of pub lic debt that may be out stand ing. When this limit is reached, Treasury may not sell new debt is sues un til Con gress in creases or ex tends the limit. For a de tailed list ing of changes in the limit since 1941, see the Bud get of the United States Gov ern ment. (See debt out stand ing sub ject to lim i ta tion.) STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In terest and Prin ci pal Se cu ri ties. Long-term notes and bonds may be divided into principal and interest-paying com ponents, which may be trans ferred and sold in amounts as small as $1,000. STRIPS are sold at auc tion at a min i mum par amount, vary ing for each is sue. The amount is an arith me tic func tion of the is sue’s in ter est rate. Trea sury bills—The short est term Fed eral se cu rity (ma tu rity dates nor mally vary ing 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 trans ac tion in which both payments and re ceipts oc cur within the same trust fund group. United States— In cludes the 50 States, Dis trict of Co lum bia, Com mon wealth of Puerto Rico, Amer i can Sa moa, Midway Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and possessions. U.S. notes (USCC)— Legal ten der notes of five dif fer ent 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