Full text of Treasury Bulletin : June 1985

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LIBRARY
ROOM 5030
MAY

I

1986

TREASURY DEPARTMENT

DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

POSTAGE AND FEES PAID
DEPARTMENT OF THE TREASURY
TREAS553

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300
FIRST CLASS

Library
Room 5030
M.T.
4 copies

:/

©

Spring Issue

Fiscal

1985

OM 5310
')

TREASURY

Office of the Secretary
Department of the Treasury
Washington, D.C.

nPH'85
•suriY

Connpiled by
Financial
Service

Management

I

TREASURY

Connpilecl by

Office of the Secretary
Department of the Treasury
Washington, D.C.

The Treasury Bulletin is
US. Government

Financial IVIanagement
Service

for sale

by the Superintendent of Documents,
Washington, DC. 20402

Printing Office.

SPRING ISSUED SECOND QUARTER, FISCAL 1985
FINANCIAL OPERATIONS

Page

FEDERAL FISCAL OPERATIOKS

Chart

Summary of fiscal operations

3

Budget and off-budget results

4

-

Budget receipts by source
Budget receipts by source

5

-

Budget outlays by agency

8

-

FFO-1.
-

FFO-2.
-

Chart
FFO-3.

7

FEDERAL OBLIGATIOKS
FO-1.

-

FO-2.

-

Gross obligations incurred within and outside the Federal Government by object class
Gross obligations incurred outside the Federal Government by department or agency

10
11

ACCOUNT OF THE U.S. TREASURV
Elements of changes in Federal Reserve and tax and loan note account balances

-

UST-1.

13

FEDERAL DEBT
1<

FD-1.

-

Summary of Federal debt

FO-2.

-

Interest-bearing public debt

FO-3.

-

Government account series

IS

FO-4.

-

16

1*

i

FD-5.

-

Interest-bearing securities issued by Government agencies
Maturity distribution and average length of marketable interest-bearing public debt held by private investors

FO-6.

-

Debt subject to statutory limitation

17

FD-7.

-

Treasury holdings of securities Issued by Government corporations and other agencies

18

17

PUBLIC DEBT OPERATIONS
15

PDO-1.

-

Treasury financing operations
Maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week
Treasury bills outstanding

21

PDO-2.

-

Offerings of bills

22

PDO-3.

-

24

PDO-4.

-

Public offerings of marketable securities other than regular weekly Treasury bills
Allotments by investor classes on subscriptions for public marketable securities

-

Article

U.S.

26

SAVINGS BONDS AND NOTES

SBN-1.

-

Sales and redemptions by series, cumulative

28

SBN-2.

-

Sales and redemptions by period, all series of savings bonds and notes combined

28

SBN-3.

-

Sales and redemptions by period,

series

E,

E£,

H,

29

and HH

ONNERSHIP OF FEDERAL SECURITIES
OFS-1.

-

OFS-2.

-

30

Distribution of Federal securities by class of investors and type of issues
Estimated ownership of public debt securities by private investors

30

HARKET BID YIELDS ON TREASURY SECURITIES
NBY-1.

Chart

31

Treasury market bid yields at constant maturities, bills, notes, and bonds

-

32

Yields of Treasury securities

-

AVERAGE YIELDS OF LONG-TERN BONOS
AY-1.

-

Chart

-

Average yields of long-term Treasury, corporate, and municipal bonds by period
Average yields of long-term Treasury, corporate, and municipal bonds

33
34

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1.

-

U.S. reserve assets

IFS-2.

-

Selected U.S.

37

38

liabilities to foreigners

IFS-3.

-

Konmarketable U.S. Treasury bonds and notes Issued to official Institutions and other residents of foreign countries.

36

IFS-4.

-

Weighted average of exchange rate changes for the dollar

39

CAPITAL MOVEMENTS

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
CM-I-1. - Total liabilities by type of holder

41

CM-I-2.

-

Total

liabilities by type, payable in dollars

42

CH-I-3.

-

Total

liabilities by country

43

CM-I-4.

-

Total

liabilities by type and country

44

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
45

CH-II-1.

-

Total claims by type

CM-II-2.

-

Total

CH-Il-3.

-

Total claims on foreigners by type and country reported by banks In the United States

46

claims by country

SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS

IN

47

THE UNITED STATES

CM-III-1.

-

4B

CM-III-2.

-

49

Dollar claims on nonbank foreigners
Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately..
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES

50

CM-IV-1.

-

Total

liabilities and claims by type

CM-IV-2.

-

Total

liabilities by country

51

CM-IV-3.

-

Total

liabilities by type and country

52

CM-IV-4.

-

Total claims by country

CM-IV-5.

-

Total

53
54

claims by type and country

III

""

(g@[Ji]fi(i[JDB^
Page

TRANSACTIOKS IN LONG-TERH SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS IN THE UNITED STATES
CM-v-1. - Foreign purchases and sales of long-term domestic securities by type
CH-V-2, - Foreign purchases and sales of long-term foreign securities by type
CM-V-3. - Net foreign transactions in long-term domestic securities by type and country
CM-v-4. - Foreign purchases and sales of long-term securities, by type and country, latest date
CH-V-5. - Foreign purchases and sales of long-term securities, by type and country, latest year

55
55
56
57

58

FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS
6

positions.

FCP-l-l.

-

Nonbanking firms'

FCP-I-2.

-

Weekly bank positions

'°

CANADIAN DOLLAR POSITIONS
51

positions

FCP-II-1.

-

Nonbanking firms'

FCP-II-2.

-

Weekly bank positions

"

GERMAN MARK POSITIONS
^2

positions

FCP-III-1.

-

Nonbanking firms'

FCP-III-2.

-

Weekly bank positions

*2

JAPANESE YEN POSITIONS
'3

positions

FCP-I»-1.

-

Nonbanking firms'

FCP-IV-2.

-

Weekly bank positions

53

SWISS FRANC POSITIONS
'^

positions

FCP-V-I.

-

Nonbanking firms'

FCP-V-2.

-

Weekly bank positions

'*

STERLING POSITIONS
FCP-VI-1. - Nonbanking firms' positions
FCP-VI-2.

'5
'^

Weekly bank positions

-

U.S. DOLLAR POSITIONS ABROAD

FCP-VII-1.

-

FCP-VII-2.

-

56

positions

Nonbanking firms' foreign subsidiaries'
Weekly bank foreign office positions

56

EXCHANGE STABILIZATION FUND
ESF-1.

-

Balance sheet.

68

ESF-2.

-

Income and expense

°°

CASH MANAGEMENT/DEBT COLLECTION
CASH MANAGEMENT INITIATIVES
'^

Collection and Deposit Legislation--Update
Reform '88 Cash Management

^^

ACCOUNTS AND LOANS RECEIVABLE DUE FROM THE PUBLIC
Accounts and loans receivable by function
Chart

-

'5

Accounts and loans receivable by function

Accounts and loans receivable by agency
Summary reconciliation of gross accounts and loans receivable due from the public
Summary aging schedule of gross accounts and loans receivable due from the public

76

76

SPECIAL REPORTS
80

NATIONAL BANK REPORT
U.S. CURRENCY AND COIN OUTSTANDING AIID

Note.

82

IN CIRCULATION

Details of figures aay not add to totals because of rounding.

Abbreviations and symbol:

r

represents Revised,

p

Preliminary, n.a. Hot available,

t

Includes funds transferred from others.

FEDERAL FISCAL OPERATIONS
Table FFO-1.
fin

mfnions of dollars.

- Summary

of Fiscal Operations

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Goverrnnent]

in
GO

m

o
o
o
O O
O
o
CD
Tt
CO
Tin
(N

<e

O
00

=
DO

0000
00000
m

OQ

00

i>^

N-

CD

Tj-

CO

OJ

1-

FEDERAL FISCAL OPERATIONS
Table FFO-2.
[In

minions of doTlars.

- Budget

Receipts by Source

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Income taxes

Fiscal year
or month

budget
receipts

Social insurance
taxes and contributions

Corporation

Net

Withheld

Net
income
taxes

Employment taxes and contributions
Old-age. disability, and
hospi tal insurance
Gross

1980
1981
1982
1983
1984

620.066
599.272
617,766
600.562
666.457

1985 (Est.)
1986 (Est.)

740.595
794.300

1984-Har
Apr
Hay
June
July
Aug
Sept
Oct
Nov
Dec
19a5-Jan
Feb
Mar

44 ,464

80,180
37,459
69,282
52,017
55,209
66.019
52.251
51,494
62,404
70,454
54.021
49.606

223.763

Refunds

Net

FEDERAL FISCAL OPERATIONS
Table FFO-2.

- Budget
[In

Social Insurance
taxes and
contributions

by Source-Continued

of dollars]

Excise taxes

Airport and airway trust fund

Con.

Fiscal year
or month

Receipts

minions

Highway trust fund

Black lung disability
trust fund

Gross

Net

soda!
Insurance
taxes and
contributions

1980
1981
1982
1983
1984

160,747
182.720
201.131
208,994
241,902

19SS (Est.)
1986 (Est.)

267,139
288,724

19S4-nar
»pr

Hay
June
July
Aug
Sept
Oct
Nov
Dec
1985-Oan
Feb
Mar

Fiscal

1985 to date.

17,703
26,036
26,441
19,759
21,361
21,932
18,639
19,107
19,525
18,127
23,394
22,943
20,551
123,647

1,877
25

67

2,165
2,501

2,165
2.499

272
237
466
494
518
n.a.
n.a.

196
199
197
225
225
281
236
237
237
240
241
226

195
199
197
225
227
281
236
237
234

240
241
226
196

59
54

44
30

272

Refunds

Miscellaneous

Gross

Refunds

FEDERAL FISCAL OPERATIONS

I

o
00

o
CO

o
•*

I

o
"

I

o

3

FEDERAL FISCAL OPERATIONS
Table FFO-3.

riscai year
Fiscal
vear
or month

Bk
tr^uS
tratlon

~
andh
soace

- Budget
[In

F^-'
"'"'^''
ment

Outlays by Agency-Continued

minions

of dollars]

--"
«<l"l"ts-

---

-:u»e.

tratlon

agencies

tratinn

Ill
22,
,45

""
"'!'""

-

""

1984-Har
Apr
"»»
June
July
Aug
Sept
Oct
NOV

pen
:::::::::

Dec

1'85-Jan
Feb
"»r
Fiscal 1985 to date

-

':-

c-,-,

7°

186
226

-226
16,
44

603
573
615

118
134
-266
313
52

37

3,^46

-293

?"
\l-fjl
2l"278

":-

U
,

-,,

479

"'

-it

2"n6

,ci

J;^

17.811

W-ll'

"dll

l?;f.?

o'L'S

"

l.n,
J"„,
111
•?"
I'lel
J-'jo
1 980

.35
"-i"'
lllll

•

'l',]

'|

23
"

l',l

502
802
ezt
609
ITs
617
642

Ot""

»"'"

?"

l"'
Continental
Shelf lands

'Jlf

M2

6664

^

««""

Admlnistratlon

1980
198i;.....
1982
1983

r?^;;— --'"-

215

"s
-37
.54

'-z

'-St

2
loo
\-^°°

00*7
3
3.007

?"5aS
•?"
H^d

1??
821

,

V^l

^!?'
j'«n

^'gl?

,

2

1874
''"

-24
-"

p'^J?
2.291

"'31

94

13.268

Hi

^-ill
??l
'•'?!

.,7.631
-20.168

"'•""

-"""

579.603
657 204

"-1-X.I

:^^

Ill-Ill

11

'dt
1,180
,

6,320

"8

424

-"'

-''"">

"""
,'',tl
-1.789
"^*'
-569
-'80
"^"^

""'

-1.130

71,391
71,283
68,433
86 707

-1.2"
"^«'

,

pM

2 055

Oisborsements less proprietary receipts fro. the
n„h?frT;5","°r."?'l"K°!
public
and certain Intrabudgetary transactions. Budget
estimates are based
on current budget estimates released Apr. 15.
1985, by the Office of Management
ana bua^et.

"'

-4,101
-10.138

""J
"^"
"^''
22

-'853
-791

-1.094
-'•802
-2.313
-^.'S'
"13.186

•^•3"
-^-^^

".o^o

51234
81.037
79.956
77.583
76,838

".851

-2.394
-2,394

7P (16 7
78,067

24.951

468,332

10
FEDERAL OBLIGATIONS

'Obligations* are the basis on which the use of funds Is controlted
Government.
They are recorded at the point at which the
Governnent nakes a fira cosnltiient to acquire goods or services and are
the first of the four key events order- delivery, payment, and conIn
sunptlon which characterize the acquisition and use of resources.
general, they consist of orders placed, contracts awarded, services
received, and similar transactions requiring the dlsburseient of aoney.
In the Federal

—

—

The obllgatlonal stage of Governtnent transactions Is a strategic
point In gauging the Inpact of the Governaent's operations on the
national econony. since It frequently represents for business firms the
Government comnltinent which stioulates business Investnent, Including
Disbursements nay not
Inventory purchases and eiploynent of labor.
occur for months after the Governnent places Its order, but the order
Itself usually causes Immediate pressure on the private econoqy.

Table FO-1.

Obligations are classified according to a uniform set of categories
based upon the nature of the transaction without regard to its ultinBte
purpose. All payments for salaries and wages, for exaiple. are reported
as personnel coqiensatlon, whether the personal services are used in
current operations or In the construction of capital Items.
Federal agencies often do business with one another; In doing so,
the 'buying' agency records obligations, and the 'performing" agency
records relatiursements.
In table FO-1, obligations Incurred within the
those
the
Government
are
distinguished
from
Incurred
outside
Government. Table FO-Z shows only those Incurred outside.

Gross Obligations Incurred Within and Outside the Federal Government by Object Class, as
[In millions of dollars.

of Dec. 31,

1984

Source: Standard Form 225, Report on Obligations, from agencies]

Gross obligations incurred

Personal services and benefits:

Personnel compensation
Personnel benefits
Benefits for former personnel

,

,

26,513
4,472
9,019

26.513
1,642
9.019

Contractual services and supplies:
Travel and transportation of persons..
Transportation of things
Rent, cownunications, and utilities..,
Printing and reproduction
Other services
Supplies and materials
,

,

,

1.002
1,249
2,436
587

37.230
17.688

208
690
1,131
145
12,328
6,545

1.210
1.939
3.567
732
49,558
24,233

7,151
827

26.623
3.652
16.500

Acquisition of capital assets:
Equipment
Lands and structures
Investments and loans

,

19,472
3,025
16.498

2

Grants and fixed charges:
Grants, subsidies, and contributions.,
Insurance claims and indemnities
Interest and dividends
Refunds
,

,

,

43.343
74,974
55,359
208

38,440
74,944
45,805
208

Other:

42
-723

Unvouchered
Undistributed U.S. obligations

Gross obligations Incurred

1/

~

_!/

2

1,661

,

For Federal budget presentation a concept of "net obligations
This concept eliminates transactions
incurred" is generally used.
within the Government and revenue and reimbursements from the public
which by statute may be used by Government agencies without appropriation action by the Congress.
Summary figures on this basis
follow.
(Data are on the basis of Reports on Obligations

presentation and therefore may differ somewhat from the Budget of the U.S. Government. )
Gross obligations incurred (as above)
Deduct:
Advances, reimbursements, other income, etc

Offsetting receipts
Net obligations incurred

343,083
-44,163
-53.566
245.334

n
FEDERAL OBLIGATIONS
Table FO-2.

-

Gross Obligations Incurred Outside the Federal Government by Department or Agency, as
[In

minions of dollars.

Source:

Standard Form 225, Report on Obligations, from agencies]

Personal services and benefits

Classification

of Dec. 31,

1984

12
FEDERAL OBLIGATIONS
Table FO-2.

•

Gross Obligations Incurred Outside the Federal Government
[In

minions

by Department or Agency, as of Dec. 31,

of dollars]

drants and fixed charges
Acqutsi tton

Classification

1984-Con.

.

,

13
ACCOUNT OF THE

U.S.

TREASURY

SOURCE AND AVAILABILITY OF THE BALANCE IK THE ACCOUITT OF THE U.S. TREASURT

The operating cash of the Treasury Is oalntalned In Treasury's
accounts with the Federal Reserve hanks and branches and In tax and loan
accounts.
Hajor Information sources Include the Dally Balance Wire
received fron the Federal Reserve banks and branches, and electronic
As the
transfers through the Treasury Financial Comunlcatlons Systen.
balances In the accounts at the Federal Reserve banks becone depleted,
they are restored by calling In (withdrawing) funds froa thousands of
financial Institutions throughout the country authorized to nalntaln tax
and loan accounts.
Under authority of Public Law 95-147, the Treasury Ifplenerted a
progran on Nov. Z, 1978, to Invest a portion of Its operating cash In
Under
obligations of depositaries aalntalnlng tax and loan accounts.
the Treasury tax and loan Investaent program, depositary financial
Institutions select the Banner in which they will participate In the
prograa.
Depositaries that wish to retain funds deposited In their tax
and loan accounts in interest-bearing obligations participate under the
Note Option; depositaries that wish to renlt the funds to the Treasury's
account at Federal Reserve banks participate under the Reorlttance
Option.

Table UST-1.

Deposits to tax and loan accounts occur In the noraal course of
financial
business under a
unlfors procedure applicable to all
Institutions whereby customers of financial Institutions deposit with
then tax payments and funds for the purchase of Government securities.
In BDSt cases the transaction Involves merely the transfer of funds fro*
a custosier's account to the tax and loan account In the same financial
Institution.
On occasions, to the extent authorized by the Treasury,
financial Institutions are permitted to deposit In these accounts
proceeds fron subscriptions to public debt securities entered for their
own account as well as for the accounts of their customers.
The tax and loan system penrlts the Treasury to collect funds
through financial Institutions and to leave the funds in Note Option
depositaries and in the financial conunitles In which they arise until
such tlae as the Treasury needs the funds for Its operations.
In this
way the Treasury Is able to neutralize the effect of Its fluctuation
operations on Note Option financial Institution reserves and the
econoiv.

of Changes in Federal Reserve and Tax and Loan Note Account Balances
minions of dollars. Source: Financial Management Service]

Elements
[In

Credits and withdrawals
Tax and loan note accounts

Federal Reserve accounts

Credits

Fiscal year
or iTonth

Withdrawals^/
Received
directly

1980
1981
1982
1983
1984

19e4-Har.
Apr..,
Hay...
June,
July.
Aug..,
Sept.
Oct..,
Nov..

Dec,
19e5-Jan..
Feb..,

Mar..

Proceeds from sales of securities 3/

1/

Taxes
Harlcetable

Received
through remittance option
tax and loan
depositaries

issues

1.165.226
1.372.394
1.512,662
1,752,320
1,808,415

64,047
80.177
94,732
107,837
125,293

1,231.660
1.453.153
1,599,939
1.854.575
1,941,748

147,655
179,563
170,339
150,028
148,561
171,016
126.852
161,115
178,574
157,243
166,515
153,020
137,726

11,705
11,219
10,393
11,984
10,523
10,455
11,697
11.411
10,467
12,960
12,136
10,487
12,712

158.903
177,736
192,603
162,471
159,507
181,413
134,063
177,249
190,621
167,104
178,621
165,546
150,681

Nonmarketable
issues 4/

1,385
941
771
949
827
78

1,407

5,350
5,368
7,211
8,702
4,443
7,801
10,633
9,244
8,780
5,535
5,967

64
65

y

~

329,555

Total
credits

withdrawals
(transfers to
Federal Reserve
accounts)

141

FEDERAL DEBT
Table FD-1.
[In

mmions

of dollars.

- Summary

of Federal

Debt

Source: Monthly Treasury Stateront of Receipts and Outlays of the United States Government]

Amount outstandfnt;

Securities held by:
Governrrent accounts

End of
fiscal year
or month

Public
debt
securities

Agency
securities

Public

debt
securi-

The public

Agency
securi-

Public
debt
securi-

ties

ties

1980
1981
1982
1983
1984

1984-Har
Apr
May
June
July
Aug
Sept

Oct
Nov
Dec

1985-Jan
Feb
Bar

ties

914,317
1,003,941
1.146,987
1,381,886
1,576,748

907,701
997.855
1,142,035
1,377,211
1,572,267

6,616
6,086
4,952
4,675
4,481

199,212
209,507
217,640
240.116
264.159

197,743
208,056
216,404
239,023
263.084

1.469
1,450
1,236
1.092
1.075

715,105
794,434
929,346
1,141.770
1,312,589

709,958
789,799
925,631
1,138,188
1.309.183

5.147
4.636
3.716
3.582
3,406

1.468.303
1.490,663
1.501.656
1.517,221
1,543,117
1.565,140
1.576.748
1.616,010
1,635,510
1.667.425
1.684.364
1.702.793
1,715.148

1.463.741
1.486,116
1.497,124
1.512.697
1,538,602
1,560.649
1.572.267
1.611,537
1,631.041
1.662.966
1,679,916
1.698.358
1.710.731

4,563
4,547
4.532
4.525
4,515
4.492
4,481
4.473
4.469
4.459
4,449
4.434
4.417

240,927
246.249
248.637
258,679
260,036
256,719
264,159
282.668
282.814
290.674
294,939
297.373
296.570

239.843
245.164
247,553
257,597
258,953
255.640
263,084
281.594
281.738
289.600
293,863
296,300
295.499

1.085
1.085
1.084
1.083
1.083
1,079
1.075
1,074
1,077
1,074
1.075
1,073
1,070

1.227,376
1,244.414
1.253,018
1,258,542
1,283,081
1.308,421
1.312.589
1,333.343
1.352,696
1,376,750
1.389,426
1.405.420
1,418,578

1,223,898
1,240,952
1,249,571
1.255.100
1,279,649
1,305,009
1,309.183
1,329,943
1,349.303
1,373,366
1,386.053
1.402.058
1,415,232

3.478
3.462
3.448
3.442
3,432
3,413
3,406
3.399
3.392
3.385
3,374
3.361
3.347

Table FD-2.
[In

End of

Agency
securities

minions

of dollars.

-

Interest-Bearing Public Debt

Source: Monthly Statement of the Public Debt of the United States]

15
FEDERAL DEBT
Table
[In

minions

of dollars.

Airport and
End of
fJscal year
or month

FD— 3. — Government Account

Series

Source: Monthly Statement of the Public Debt of the llnfted States]

16
FEDERAL DEBT

17
FEDERAL DEBT
Table FD-5,

-

Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private
Investors
[In

End of
fiscal year
or month

mtlHons

of dollars.

Amount
outstanding
privately
held

Source: Office of Government Finance and Market Analysis in the Office of the Secretary]

Maturity classes
Within
1 year

10-20

years

20 years
and over

Average

18
FEDERAL DEBT
Table FD-7.
[In

End of
fiscal year
or month

mtlHons

-

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

19

TREASURY FINANCING OPERATIONS, JANUARY-MARCH
1985
« N U A R

Auction of 2-Year Notes

STRIPS Program

On January 16 the Treasury announced that It would
auction JO.OOO mflKon
to refund S7.673 million of notes maturing
January 31
1985
to raise SI. 325 million new cash.
The notes offered were

of Z-year notes

and

Treasury dotes

of Scries «-19e;. dated January 31. 1985. due January
31. 1987, with Interest
payable on July 31 and January 31 until maturity.
An Interest rate of 9-3/4
percent was set after the determination as to which tenders
were accepted on a
yield auction basis.

Tenders for the notes were received until 1 p.m. EST.
January 23
and
totaled S26.791 Billion, of which S9.O20 million
was accepted at yie Ids
'." percent, price 99.893. up to 9.84 percent, price 99.8...
840.
Lo;™,.«"
Noncompetitive tenders were accepted In full at the
average yield
9 63

^""^ ""''" "'« """""•
,1"" ."•."";
'.VrlX:, from
accepted
private Investors totaled $8,032 million.

Competitive

52-Ueelc Bills

""

",""""=
'"»'«'' f"- approximately S8.50O million of
'° "' ""'"' ^'""''y 2<' l'«S. '""
"""'e January 23
'" '° """"' ''•"" """"" <" "<-««' "lis maturing
I"".'
"""^ "" ^'"""''
,1'"'
"">
million,
\l
til
of which S8. 529 million was accepted. Including
i639 million of noncompetitive
tenders from the public and S850 million of
the bills Issued at the average
price to Federal Reserve banks for themselves and
as agents for foreign and
International monetary authorities.
The average bank discount rate was 8 39
,1,°"

,ii7

.-'""""'"l'

" I. ","'''

,ttt..

MJ,L

"'"

»

L

"

On August 16. 1984. the Treasury stated that. In the
future. It would be
Offering certain Issues of Treasury notes and bonds In
a form that would allow
the trading of separate Interest payments.
On January 15. 1985. Secretary
""',.,"",'". 'i^"""' '•"'"9 »' Registered Interest and
prlnrinT°"f'".
Princ pal
of Securities)
Program.
llilder
the STIilPS Prograii.
Treasury
securities from selected Issues may be maintained In
the Federal Reserve bookentry system In a manner that allows separate
trading and ownership of
principal and Interest paymjnts.
Hhen the principal and Interest components
are traded separately, they become. In effect.
;ero-coupon Instruments that
are direct obligations of the United States.
The objective of the STRIPS
Program Is to lower financing costs for the Treasury and
facilitate expansion
of the market for zero-coupon securities.

t'end^rs

addition to the 59,020 million of tenders accepted In
the auction
process. S480 million was awarded at the average
price to Federal Reserve
for foreign and International monetary
authorities.
"/?!!,'
An
,h!I;^
additional
S625 million was accepted at the average price from
Governinent
accounts and Federal Reserve banks for their own
account In ".change f"
maturing securities.
In

«4

»

Treasury docs not Itself issue zero-coupon securities
under the
cTo.nl'''.
STRIPS
Program.
The Department continues to auction Its securities
In the
usual manner.
Nowevcr. a depository financial Institution that maintains
a
book-entry account at a Federal Reserve bank may request
that securities from
the designated issues be divided Into their principal
and Interest components,
which may be traded and owned separately.

1?'.,"''^ =«"Fltles made eligible for STRIPS were the 10-year notes and
noncallable 30-year bonds Issued on February
15. 1985.
On March 8
the 10year notes and callable 30-year bonds previously Issued on
Hovember 'l5 ige4
were made eligible for STRIPS.
The January 15 announcement of the STRIPS
Program also stated that the 20-year bonds originally
Issued on October 30
1984. and later reopened on January 8. 1985. would become
eligible for STRIPS
after their first Interest payment date of May 15, 1985.

"""" "'"!

FEBRUARV
February Quarterly Financing
On January 30 the Treasury announced that It would
sell to the public at
auction, under competitive and noncompetitive
bidding, up to 17,250 million of
"•"'X' """°" "' '"-'"' "°<" 0' Series Afoor^rn'^
""i'*°'
and
1995.
55.750 million of 30-year bonds of 2015 to refund
57.998 million of
publicly held Treasury securities maturing February
15 and to raise 511 000
million new cash.

In addition to the 55,751 million of tenders
accepted in the auction
process. 5493 million was accepted at the
average price from Government
accounts and Federal Reserve banks for their own account
in exchange for
maturing securities.
'^

iL^V^V

^°'^"

'"""^ '" "«

™t^s

"" "<^
•>' Series R-19ee
xf,„*",h'
after
the "??"."!!
determination as to which tenders were accepted on a
yield auction
^'''" """°' "'" ''"" February 15, 1985. due February
..",?.".°
TS
lion with
15. 1988,
Interest payable on August 15 and February 15 until
maturity.
°'

Tenders for the notes of Series R-I988 were received
until
EST
February 5. and totaled 528.292 million, of
which 57.266 million was accepted
= ''"\'''"5'"9 ''»"' 'O-SB percent, price 99.987, up to 10.40 percent,
price
noncompetitive tenders were accepted In full at the
average yield,
10.40 percent, price 99.937.
These totaled 51.061 million.
Compet1tiv4
tenders accepted from private investors totaled
56.205 million.

1pm

j!
JJ
99.937.

o
"" "•"' "" "
°' """'"'' accepted In the auction
'"-", ,^°
nrnr.ij '."n
process.
5110 million was accepted at the average price from
Federal Reserve
banks as agents for foreign and International monetary
authorities, and 51 000
""
«"* ""^90 price from Government accounts and Federal
J.l.l°" banks
''""'J
Reserve
for their own account In exchange for maturing
securities

™

f

Auction of 2-Year Notes
On February 13 the Treasury announced that it
would auction 59.000
million of 2-year notes to refund $7,789 million of
publicly held notes
maturing February 28. 1985. and to raise about 51,200 million
new cash.
The
notes offered were Treasury Notes of Series S-1987.
dated February 28 1985
due February 28. 1987. with Interest payable on August
31 and February 28
until
maturity.
An
Interest rate of
10
percent was set after the
determination as to which tenders were accepted on a yield
auction basis.

Tenders for the notes were received until 1 p.m. EST.
February 20 and
tota ed 517,910 million, of which 59,013 million was
accepted at yields
ranging from 10.08 percent, price 99.858. up to
10.14 percent, price 99 752
noncompetitive tenders were accepted In full at the average
yield
10 12
percent, price 99.788.
These totaled $953 million.
Competitive tenders
accepted from private Investors totaled $8,060 million.
In addition to the 59.013 million of tenders
accepted in the auction
process. 5320 million was accepted at the average price
from Federal Reserve
banks as agents for foreign and International monetary
authorities, and 5645
million was accepted at the average price from Government accounts
and Federal
Reserve banks for their own account in exchange for
maturing securities

Auction of 5-Year 2-flonth Notes
Tenders

for

the

notes of Series A-I995 were received until

1

o

m

EST

S6.012 million of tenders accepted In the auction
nror.ss
n .,,5?
process, fi
million was awarded at the average price to Federal
5310
Reserve
banks as agents for foreign and International
monetary authorities
An
'" accepted at the average price from Government
'.trl^l°,1 ..l V J""V°S
"""" '" """• °"" """"' '" '">""" 'lltZIll securufe"

""""

«" Interest rate of 11-1/4 percent was set on the bonds of
2015 after the
"«",=" '° '"'"' ""'"^" ""' "«P»<1 »" ' yield auction basis.
The
bonds of 2015 were dated February 15.
1985. due February 15. 2015
with
^". ">"
Interest payable on August 15 and February 15 until
maturity.

h^J^^,,

"*" received until 1 p.m. EST. February 7 and
"' ""'" "•"'
accepted at
rlT,]Z V'-"n",V"°"ranging
from 11.24 percent, price 100.086. up
to
11.31 percent
price
.489.
Noncompetitive
9
tenders were accepted In full at the '^average'
yied
11.27 percent, price 99.629.
These totaled $375 million.
Cometitive
'•""P^ti
tive tenders
tenderj
accepted from private Investors totaled $5,376 million
.

.

/!"''f.'''

'"'

'"^

'"""'^

»""»"""

yed

On February 19 the Treasury announced that it
would auction $7,000
million of 5-year 2-montb notes to raise new cash.
The notes offered were
Treasury Notes of Series J-I990, dated March 1. 1985, due May
IS
1990 with
Interest payable on November 15 and May 15 until
maturity.
An Interest rate
of 11-3/8 percent was set after the determination
as to which tenders were
accepted on a yield auction basis.
.''"' "* "°'*s ""^ received until
p.m. EST, February 26. and
1
. . Jt''^^^
tota
ed $19,252 million, of which 57,005 million was
accepted at yields
ranging from 11.42 percent, price 99.703, up to 11.43 percent,
price 99.664.
Noncompetitive tenders were accepted in full at the average
yield
11 43
percent, price 99.664.
These totaled 5677 million.
Competitive tenders
accepted from private investors totaled 56.428 million.

52-lleek Bills

On February 8 tenders were invited for approximately
58.500 million of
364-day Treasury bills to be dated February 21. 1985. and to
mature February
20. 1986.
The issue was to refund 58.529 million of 364-day bills maturing
February 21.
Tenders were opened on February 14.
They totaled 543 736
million, of which 58.504 million was accepted. Including
5578 million' of
noncompetitive tenders from the public and $1,725 million of the
bills Issued
at the average price to Federal Reserve banks for themselves and as agents
for
foreign and International monetary authorities.
The average bank discount
rate was 8.46 percent.

20
TREASURY FINANCING OPERATIONS, JANUARY-MARCH 1985

Auction of Z-Year Notes
the Treasury announced that It would auction $9,000 million
of 2-year notes to refund $8,458 mllHon of publicly held notes maturing March
The notes offered were
31, 1986, and to raise about $650 million new cash.
Treasury Notes of Series T-1987, dated April 1, 1985. due March 31, 1987, with
An interest
interest payable on September 30 and March 31 until maturity.
rate of 10-3/4 percent was set after the determination as to which tenders
were accepted on a yield auction basis.
On March

13

Tenders for the notes were received until 1 p.m. EST, March 20, and
totaled $22,025 million, of which $9,015 million was accepted at yields
ranging from 10.83 percent, price 99.860. up to 10.88 percent, price 99.772.
Noncompetitive tenders were accepted In full at the average yield. 10.86
Competitive tenders
These totaled $1,325 million.
percent, price 99.807.
accepted from private investors totaled $7,690 million.
In addition to the $9,015 million of tenders accepted in the auction
process. $440 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $750
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account in exchange for maturing securities.

In addition to the $6,255 million of tenders accepted in the auction
process. $300 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $365
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account in exchange for maturing securities.

An interest rate of 11-3/4 percent was set on the notes of Series E-1992
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series E-1992 were dated April 2. 1985. due April 15,
1992, with interest payable on October 15 and April 15 until maturity.

Tenders for the notes of Series E-1992 were received until 1 p.m. EST,
March 27, and totaled $16,006 million, of which $5,762 million was accepted at
yields ranging from 11.82 percent, price 99,648. up to 11.85 percent, price
Noncompetitive tenders were accepted in full at the average yield,
99.508.
These totaled $560 million.
Competitive tenders
11.85 percent, price 99.508.
accepted from private investors totaled $5,192 million.
An Interest rate of 12 percent was set on the bonds of 2005 after the
determination as to which tenders were accepted on a yield auction basis. The
bonds of 2005 were dated April 2, 1985, due May 16, 2005, with Interest
The bonds will become
payable on November 15 and May 15 until maturity.
eligible for the STRIPS Program, announced January 15, after the first
interest payment date of November 15. 1985.

Auctions of 4-Year Notes. 7-Year Notes, and 20-Year 1-Honth Bonds
March 19 the Treasury announced that It would sell to the public at
auction, under competitive and noncompetitive bidding, up to $6,250 million of
4-year notes of Series L-19B9. $6,760 million of 7-year notes of Series E1992, and $4,250 million of 20-year l-month bonds of 2005 to refund $3,384
million of publicly held 4-year notes maturing March 31 and to raise about
$12,875 minion new cash.
On

An interest rate of 11-1/4 percent was set on the notes of Series L-1989
after the determination as to which tenders were accepted on a yield auction
The notes of Series L-1989 were dated April 1. 1985, due March 31,
basis.
1989, with interest payable on September 30 and March 31 until maturity.

Tenders for the notes of Series L-1989 were received until 1 p.m. EST,
March 26, and totaled $21,807 million, of which $6,255 million was accepted at
yields ranging from 11.30 percent, price 99.843, up to 11.32 percent, price
Noncompetitive tenders were accepted In full at the average yield.
99.780.
Competitive tenders
These totaled $914 million.
11.30 percent, price 99.843.
accepted from private Investors totaled $5,341 million.

Tenders for the bonds of 2005 were received until 1 p.m. EST. March 28,
and totaled $10,699 million, of which $4,261 million was accepted at yields
ranging from 12.00 percent, price 99.920. up to 12.05 percent, price 99.545.
Noncompetitive tenders were accepted in full at the average yield, 12.04
Competitive tenders
These totaled $329 million.
percent, price 99.620.
accepted from private investors totaled $3,932 million.

52-Heek Bills

lllon of the
themselves and
The average

'

PUBLIC DEBT OPERATIONS
Table

PDO-1. -

21

---IV^^;;^^^:?^.!;;!:^^^;;^!:^^-^--^^^^^?--^- °-e.
Amount of na turl ties

..an Pegula.

late

^:

May
"a,
May
Ma,
Ma,
June

'^^^
-^
10-3/8J-C
Note

'

Federal Rebanks

l^il^ll
12/04/79

fnvestors

VX^

-I

539

io
147

2

>aoQ
^'Wl

Bond
Note
Bond
Note
Note

5/17/82
4/J5/6O
5/31/83
6/30/81

Aug.
15.... 9-5/8S.E
Aug.
15.... 13-l/ej-«
Aug.
15.... 10-5/81-X
Sept. 30.... 15-7/8I-J
Sept. 30.... J0-7/8J-V
Oct.
31.... I0-1/2I-Z

Note
Note
Note
Note
Note
Note

6/J5 80
8/16/82
8/31/83
9/30/81
9/3S/8]
10/31/83

l\lll
9.062

M\
896

8

III:

'.:\i

^I'AIT.

1:111

ell

Note

1/03/84

101

600
n-TTT
13.335

:::: Ji3/\'J^r

Oec.

31.... I0-7/8J-AC
Total

Jan.
Feb.
Feb.

31

\l\
952

6

1

\M

8

"•="!'"»"

.atur tv
"'^'"Ity

Note
Note
Note

1/31/84
12 08 lo
2/15/83

:?:

::::i2;r-"

:i\i

V,^^

l:\\\

ril

Z:

p.:Vc^^

liw

\'AIZ

l:lll

,Ml

Hay
Ha,
June
June
Jul,

15....
31....
30....
30....
31....

9-3/8.-M
12-5/8J-U
14-7/8I-H
13.-V
12-5/8«-»

Note
Bote
Note
Note
Note

5/31/84
7/06/82
7/02 84
7/31/84

Jul:

}f::::

ii-T""^

:i\i

V,\^^l

Sept. 30.... 11-7/8S-V
Oct.
31.... 11-5/81-2
NC.
5.... 16-l/8.-f
"0..
5.... 6-1/81

Note
Note
Note
Bond

10/01/84
10/31/84
9/08/81
11/15/71

Hit

,\',rs',r,

ov':

No,.
Dec.
Oec.

:::; llHi"-'
30.... I0-3/SS-AB
.... lOJ-K
3
31.... 9-7/8I-AC

Note
Note
Note

^°"'

issue

Total

accounts and
p^^^^^, ^^_
banks

j„j

11/30/64
12/31/82
12/31/84

L'rHal"

«>J

:r

Aug

:ili
Note
Note

Ic"""

??:::: !5:5;4^t:^
IS.... I2-3/8I-P

F

Ma%'"

5

«.l
June

\l

pi
Sept.

o"
u.
Nov.
Dec.

—
"

O"-"

121-L

Anr"
Ma%
4

NOV.
Sol"
Nov.

M'
''°"'

1"'
"""

?;'

1°'.'

»;'«

11:::: Itl^lli
llll
30.... 1/11-3/8. -P Note

-"""T: S?"k
,y '""
15.... :e-3/41-B
\l

31....

10-5/8. -0

'">""

15....

14-5/8.-C

\l'"-

I'.'l'.ll'^

5""""J;/4?;

p::lli^l^,
15

"""

15....

2"
af'J
12-3/4.
-k
10-3/4. -B

N°,"
""''
Note
Note

Note

V.iV,'"

Jn'c^*"'
i5::::i/in.H

""'

'iilV.V
9/06/83
U/15/78
12/31/84

°J'
Note
Note

9/04/84
11/15/79

Trrm

'T^'^a'l

a

207

:

ell

\'\\i

48

7

5040
085

6

2:812

ini
'jt,

3,"98
973

5

2306
6:442
380
6'244
'.III
2.16,
3

-

'23'

942
ftrri

3837

6

552

nrzu

f"-

Bond

'°e\.

is....

""

5-

•

•
•

foreign-targeted Treasury

^^^

="S^6?

tH

1
J^Sn

14-1/4.
1-5/8.
1

Bond
Bond

230

220

7^2

^
764

"-'•
"0..

2004
""'

12-3/8.
5.
J
13-3/4.
1^
15.... 11-5/8.
.

.

.

1/12/81
4/02/81

366

*^°

I'lA

T^
'"

1.501
750

13
51

1

488

1

1600

lo/'S^/TiJJJ

[^

IJli

^'"'^

l'"'

'.'9'

1.759
2:753
512

106

':647

7Z

TTZ

1/04/83

3.007

57

2

^/'Si;,'^

^^„?

3;

l-lll
','

1/06/82
9/29/82

a

Bond

K

Bond

10/05/83

Bond
Bond
Bond

4/05/84
7/10/84
10/30/84

'-""

»°-

^^'^^"

Bond
Bond

2/15/77
11/15/77

««V.15. 02-07 7-7/8.
Total
"">»
Aug. 1 5, 03-08 8-3/8.
No,.15.03-08 8-3/4.

^

"»'

7

3.755
4 000

^-"^
4

234

14
r'jTZ

Bond
Bond

8/15/78
11/15/78

2,103
5:230
'^'^^

"'^ 15,04-09 9-1/SJ

15,04-0910-3/8.

Bond
Bond

5/15/79
11/15/79

Total

No, .15. 05-10 12-3/4.
Total
2011
«>, 15.06-11 13-7/s.
No, .15. 06-11 14.

Bond

11/17/80

,olr""°'"" "'
:=' if'"-' '^-""

-i— -m.
^"• "
IS....

^'-^'.'^

11-1/4.

nrm
671
nun

-

3
a

-

t'Z

^i"

i^

568
'"65

?

1

fi«s
"

1"^

"

TT^T
3,896
1354

749
1.611

'''fo

^^^

^^^

725
820
,,;, ,

3

,,,„

4 73
gM
10
'°'^1'

7-jrr
27755

4.606
4

201

62 3

«A1
"

38

}^
W"
i"

'.862

Bond
Bond

5/15/ei
11/16/81

4.609
4.901
9.510

865
506
TTTTI

3744
4395

Bond

11/15/82

11.032

774

10.258

^-i"

">"'
07-12 10-3/8.

950

TfTTO

84

83

'"

,„.„

m
1"

6

on
"•""
1 7

feb. 15. 02-07 7-5/8.

20IV

"f'oV

nTTJJ-

'

10-3/4.
if---i':::: \tl',l\
IS.... 11-7/8.
Total

I'"-

t"'"

31

492
450

TTm

Total

'""

no,.

1

1

__S28___162

3/6

7

-•-••• i-/n

jojj

-!

/

I;

692

5/15/73
1

2002

,„;i"-i5.

B
---^It^Ol-^-

1?
32

781

1,482
13.12'

i

Bond
Bond

''-III

.l^ll^l^

!•"<

'""/»»
'O/H/eO

Bond

11-3/4J
'f-'-- 13-1/81
IS----

"'y

4342

JSJI

""/«"

""

'

-

a

57

''"

TTZ

TTTtI

''

202

Total

:

7/05 83

2/15/55

36,

I

7

Mt'

?7tTn

8/15/75

i;974

"!

49

fnTI

Bond

rrrm

3^2
"el

TTTTn

8-3/8,

'-ir,

[•2T3
s'lll

sia?!
1 454
5

^""l

4.842

/.r,

«'2
52

878

'•3'"'

595
2.067

1/04/83

UlVAl

1.506
6.659
1.S02

2.749
4:612

\l',°ol'nt

VAV,rs

'°'"'

1°""
»"""

9,

^n.ns

"'"

1°;^

?"?',?.'

^
i's
10 733

1.745

»--

139
366

1

""='"

7/09/79
11/15/84
'°/'8/'?

Total

'CI

So";:

Item Is

—

6.552
5.779

n'^^oj

"-J/"

1636

''"

3.010

°"'

T^-!Mf-°°
'"'-l S. ""OO

^d
"'

"•^^

'""''

1.365
722
6,0

4

-^'^-^

1.614

l:l'A

"{"

2

!"'
8°""
""=

?T^?OT

"6

2.376

"»'•

l-_lll

-h//9

412

i' n.'f

378
I44
132

1

5/15/74

*"'

Ijlljll

-«

Bond

9

-

TTm

688

1

661

250

'-"»'

955

l"
"9

--

''°"''

s

128

'S'"?

z'.'o"
8

92

Hay 15.94-99 8-1/21

-

3,508
6.244
'-''^

'.'.'''':.'.

-

546

'•"!

752
'«»

^^rm

11/1S/S3

•••

5

='"

77 :43;

6

55

'"""

l""
S""

Bo„d

7,

1'"

2

il::::Tiy3/'I.-o

This

1

l-OOO

1

n

I

9512

2.705

6.028
3.445
6,808

1/13/82
12/01/83
i',V.',"'

Note

'

1998
Ma, 5.93-,8

-

is:::: J?i;ir-°
15.... 10-3/4. -E

""••

A'

W'V,^^''^
'?„"'?'

' '

d"-'
'^••-

""•

!•'"

2ayJuly

||:::: ;?:?;^l:?

so,
s'ses

js....

Mav
Tol

I'lU

5,955

f:
ocl:

e'82?
332
3.131

'

'

" -

J-fJj

5

'•""

-"

I'"- J'v'a'f"'
?"^/"

1995

''"

•990
Is'"""

^'

nTTT!

753

J,'.'.^'"

If'--'

W'••••

''"°-'"
I'^'AVAl
10/31/84

!;\"
:ill

^°"'
Feb"
Feb:

9-033
033

6922
6025
n:ei(

^''^

''iV,''
3/01/83

W'VllV-.
l

Juo"
i"''
J""'

,^Je^

\\\
1.265
555

^-/i"
»•"»'
s.o4o
6.837

,^'i^'"
12/02/82
4/02/84

'""'

1,89
Jan.

?:384
8.187
1/03/84
6:S60
lO'.'Sl

"'''
Note

^L^'

'

Al\
.i^i
All

.-3

l^;?^/^^
9/07/62

'
'
'

'

^n-,,'iy;iru,,

1^

n/lS/84

'

i-m

907

7

W
,1

J

:

717

2.472

llV
Nn^

8

J;?^l

^-^^

,,

'

^'^^/T.
8/15/84

J'wnJ':"
.','.''"
t

o«,,

til

i

"

372
,'77
368
2.2'?
5
745
2 340
5

93

^^

U/lS/82

1993

6846

^2J:
Note

11°!'

'I'lll

""'

,..

5

2.110
1.056

5/17/82
8/15/62
'/OB/77

tors

.

^•«"

'•^l"
5,100
l.eit
1,768
<"">'
12.478

,J=
548
343
600

TKTm

''-

"

other

300

10.798
1.717
1.504
4:331

^C""

'/"'/'^
5/16/83
8/15/73
7/11/78

""'

'"'"

;;
31

5.908
10.112

^!'

S"""
Note
Bond
Bond

1

ri

if,"
Mar.

10 052

••

23/84

\\"
S«S"
\l'M,
10-'/8»-8u
? ' ,t'h'-Aug.
15. 88-93 7-I/2J
e-5/8t
.''

I'tos
9'442

Note
Note
Note

ll'.',l'-'
S"
H"?
;;;;""'

,

"/'C/Bl

s'so?
ni'tSi
116.676

42
645
315
498

f?A-"

••••

^;f°„'

*""«'

'fl'
°"

^•>-

785
529
zVj
864

469
1.196

S°"

p"

5.377
2 047
5.461
^'^'^
5.745
2.886

V^'"

;ro

Js°::.":

!^"""

:612
802

3

'/a','"?

,\,',A'^r
T^,.?

'

....

4/04/84
5/15/81
7/09/84

ri

166

I'Ml

15.... ,2-S/8.-C
15.... llJ-0
31.... 11-1/4. -L

FeS"

9

s'

\V"

--

-:

Note
1°^'
""'=

Itt-.s'k-nir'"-'

^-

»•«-

\l'^',"'^

'

l-V.\

3.437
lO.OB'

""=

KO,.
«ov.
Oec.

,988

933

if''"' '

'

'^ll'"-'

I'Al'nl
2/15/84
12/02/81
2/2«/85
^{^'{'^
2/15/80

^oS.'"

J-'s/'

9

10 231

So"

'^"^'St-E

'

'

\\-\'"-'

Sc?"

1

'

'

\\-

I'lY,

55I
413
9J0
1.198

68

W'

\'\\-,

29

192

f

1-;;

."°"
1°""
'""'
«"''

270

3

9

T577m

II:::: liH"-'
15.... ,0-7/8,-M
5.... 12-3/4I-D
?•••• )S'"5
?5""""
5; r
)l 7^,

1

'

---

1"
J
a'^S
Auo 15 «;'i; a w,'J
lua
iS
?"
wJJ
?"''1'
J ''
If

20

116

4'

l\\

3''
^^
s'oin
I'll,

'.01.

V.Ml

5/1/83

1987
FeJ:
Feb.
Feb.

228

9
8

j'L

-36

557
712
604

10-5/8J-0
15.... 13-1/2.-C
IS.... 9-7/8I-L

"h
J

3n6

''"9'
1

961

9

s

277

\\2ll
7 487
9 073
3

891

'Hi

ill
8.681
3 393

130 ail
130.011

1986

U

V.ll]

3-1/4S
14-1/8S-M
4-1/4J
9-7/8.-0
14J-H

6/63/8

~

'

196S
1?::::
15....
15....
15....
15.75-85
31....
30....

—

~~

"

'
'

Held by

'°"'

'"'"'

'^-'^

»-»
S"""
bo.

^/i^'^^
8/15/84

^-oo'

nnsn,

128

257
332

....

^750

Bond

2/1S/8S

6.242

493

5

JTH?

^
4

796

22
PUBLIC DEBT OPERATIONS
Table PDO-2.
[DoTlar amounts 1n mllHons.

Number of
days to
maturity 1/

Regular weekly:
(13-week and 26-week)
1984-Oec.

6

13

20
27

1985-Jan.

3

10

1985-Mar.
June
Mar.
June
Mar.
June
Mar.
June
Apr.
July
Apr,

July
17

24
31

Feb.

7

14
21

28
Mar.

7

14

21

28

Apr.

July
Apr.
July
May
Aug.
May
Aug.
Hay
Aug.
May
Aug.
May
Aug.
June
Sept.
June
Sept.
June
Sept.
June
Sept.

52-«eek:

1984-Har.
Apr.
Hay
June
July
Aug.
Sept.
Oct.
Nov.
Nov.
Dec.

1985-Jan.

22
19
17
14

12
9
5

4
1

29
27
24

Feb.

21

Mar.

21

1985-Har.
Apr.
Hay
June
July
Aug.
Sept.
Oct.
Oct.
Nov.
Dec.

1986-Jan.
Feb.
Mar.

7

Offerings of Bills

Amounts of bids accepted

Description of new Issue
Maturity
date

-

Source: Monthly Statement of the Public Debt of the United States and alTotments]

Amount of
bids
tendered

Total

On com-

On noncom-

amount

petitive
basis 21

petltlve
basis 3/

Amount
maturing on
Issue date
of new
offering

Total

unmatured
Issues outstanding after
new Issues

23
PUBLIC DEBT OPERATIONS
Table PDO-2,

-

Offerings of Bills-Continued

24
PUBLIC DEBT OPERATIONS
Table

Date subscription books
closed or
tenders re-

PDO— 3. -

Public Offerings of Marketable Securities Other than Regular

Weekly Treasury

Bills

25
PUBLIC DEBT OPERATIONS
Table PDO-3.

-

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Continued
[Dollar amounts In millions]

Date subscrip-

26
PUBLIC DEBT OPERATIONS
Table PDO-4.

-

Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part A
[In

minions of doTTars.

-

Other than

Bills i'

Source: Subscrtptlon and allotment reports]

17
PUBLIC DEBT OPERATIONS
Table PDO-4.

-

Allotments by Investor Classes on Subscriptions for Public Marketable Securities-Continued
Part B

-

Bills

[Dollar amounts in

Other than Regular Weekly Series

mmions.

Source:

Subscription and anotment reports]

28
U.S.

SAVINGS BONDS AND NOTES

U.S. savings notes were on sale Hay 1, 1967, through June 30,
The notes were eligible for purchase by Individuals with the
1970.
The principal terms
simultaneous purchase of series E savings bonds.
and conditions for purchase and redei()tion and inforaatlon on Investnent
yields of savings notes appear in the Treasury Bulletins of March 1967
and June 1966; and the Annual Report of the Secretary of the Treasury
for fiscal year 1974.

Series EE bonds, on sale since Jan. 1, 1980, are the only savings
bonds currently sold. Series HH bonds are Issued in exchange for series
Series A-D were sold froB
E and EE savings bonds and savings notes.
Series E uas on sale fro« Hay 1,
Mar. 1, 1935, through Apr. 30, 1941.
1979 (through June 1980 to payroll savers
31,
1941, through Dec.
only).
Series F and G were sold frOB Hay 1, 1941, through Apr. 30,
1952.
Series H was sold fro* June 1, 19S2, through Dec. 31, 1979.
Series HK bonds were sold for cash fron Jan. 1. 1960, through Oct. 31.
1982. Series J and K were sold from Hay 1, 1952, through Apr. 30, 1957.

Table

SBN-1. - Sales and Redemptions by

Series,

Cumulative through Mar. 31, 1985

Source: Monthly Statement of the Public Debt of the
United States: Harket Analysis Section. United States Savings Bonds Division]

[In millions of dollars.

Amount outstanding
Accrued
discount

Sales plus
accrued
discount

Interestbearing debt

Redemptions 1/

Matured
non-interestbearing debt

Savings bonds:
Series
Series
Series
Series

A-D 2/
E, ET, H. and HH.
r and G
J and

K

Savings notes

198

5.003
319.108
29.521
3.754

5,002
243,937
29,517
3,753

388

1,250

983

3.949
232,928
28,396
3,556

1.054
86.180
1,125

862

1.082
4

Total

1/

~

Sales and redemption figures include exchange of minor amounts of
(1) matured series E bonds for series G and K bonds from Hay 1951
th^oug^ April 1957; (2) series F and J bonds for series H bonds
beginning January 1960; and (3) U.S. savings notes for series H

Table SBN-2.

-

^

Sales and Redemptions by Period,

259,696
4.000
3.901

Calendar years:
1935-82
1983
1984

1984-Har
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Mar

All

Series of Savings

Bonds and Notes Combined

Source: Monthly Statement of the Public Debt of the
United States; Marfcet Analysis Section. United States Savings Bonds Division]

Fiscal years:
1983
1984

~

bonds beginning January 1972; however, they exclude exchanges of series
E bonds for series H and HH bonds.
Details by series on a cumulative basis and by period of series A-D combined will be found in the February 1952 and previous issues of the
Treasury Bulletin.

[In millions of dollars.

Accrued
discount

1935-82

2/

260,625
3,897
4,014
365
362
351
292
333

318
286
301
308
337
426
385
416

'5.989

Sales plus
accrued
discount

Amount outstanding

Redemptions
Sales
price

1/

Accrued
discount 1/

Interestbearing
debt

Matured
non-interestbearing debt

U.S.

Table SBN-3.

-

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period,
Series

°' 2°""=^'"''«: "onthly
'uMl'^t^f
United States; Market Analysis Se rtloh.

Sales

Accrued
discount

Sales
price

Series E and EE
Fiscal years:

210,222
3.952
3.907

!"J-«^

;'"
"8*

73,612

Calendar years:

"";
"e<

3.926
3.988

19S4-Mar

.•f
"=>

J"™
i"''
'"S;
Sept
Ji:'

;°"
Oec
ISeS-Jan
fe"

•:"

""

35J
354
348
316
318
333
285
325
308
3,,
,15
395
430

Fiscal years;

llirff::::::;::;:;::

"84

''''It
::;;;

4

Calendar years:

llirf?:::::;;::;

™'

:::::::;::

1984-Mar
*!"•

Hay
June
July
Aug
Sept

""/,

13.613
-29

26

26

5
'''''.'.'.

8
3

_2i
.'.'.'.'

II

-14
,

?"
Nov
Oec

-24
.
','.,',','_

15

1985-Jan

f"
"sr

* Less

J,

":::

-lo
.,,

-14

than $500,000.

l(ote.--Ser1es E and EE Include U.S.
savings notes (Freedom ShareO
on sale fron, May 1. 1967. through
June 30. 1970. lo E bond buyers!

and

Statement of the Public Debt of the
bhlted ;,.,es S..lhas Bo^Srn^;^"^
Redemptions

Sales plus
accrued
discount

29
E, EE, H,

HH

30
OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1.

-

Distribution of Federal Securities by Class of Investors and Type of Issues
[In millions of dollars.

Source:

Financial Management Service]

Interest-bearing public debt securities
End of
fiscal year
or month

Total
Federal

Held by U.S. Governfrgnt accounts

Total

Public
Issues
held by
Federal
Reserve
banks

securities
outstanding

outstanding

igeo
1981
1982
1983
1984

914,317
1.003.942
1
146. 967
1.381.886
1,576.748

906,402
996,495
1,140,883
1,375,751
1.559,570

197,743
206.076
216,404
239,023
263,064

10,078
9,016
7,944
5,867
4,994

187,665
199,060
208,460
233,136
258,090

120,711
124,330
134,393
155,423
155,018

1984-Har
Apr
May
June
July

1.468.303
1.490.663
1,501,656
1,517,221
1,543,117
1,565,140
1,576,748
1,616,010
1,635,510
1,667,425
1,684,364
1,702,793
1,715,148

1,452,099
1,484,392
1,495,393
1,501,131
1,536,894
1,556.969
1,559,570
1,609,870
1,629,384
1,660,633
1,677,785
1.696,166
1,695,223

239,843
245,164
247,553
257,597
258,953
255,640
263,084
281,594
281,738
289,600
293,863
296,300
295,499

5,922
5,916
5,832
5,833
5,442
4,997
4,994
4,932
4,782
4,978
4,889
4,669

233,921
239,248
241.721
251,764
253,511
250,643
256,090
276,662
276,956
284,622
288.974
291,430
290,518

150,814
162.134
154,906
152,659
150,705
153,163
155,016
148,220
157,770
160,850
154,555
159,632
160,983

.

• ug

Sept
Oct
Uov
Dec
1985- Jan
Feb
Hir

Nonmarketable

Interest-bearing public debt securities
End of
fiscal year
or month

— Con.

Held by private Investors
Total

Marketable

Nonmarketable

Matured
public
debt
and debt
bearing no
Interest

Agency securities
Total

outstanding

Held by

31

MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. - Treasury Market

CSource:

Monthly avertge
Hay
June
July
Aug
Sept
Oct
Mo»
Dec

1985-Jan
Feb
Mar

10.07J
10.22
10.26
10.52
10.89
10.79
10.12
a. 92

8.34
8.02
8.55
8.82

End of month

1984-Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Har

10.08
10.13
10.30
10.83
11.06
10.62
9.35
8.74
8.12
8.33
8.81
8.4

6

Bills,

Notes, and Bonds*

Office of Government Finance and Market Analysis in the Offlcf of the Secrgtary]
1-yr.

19e4-Apr

Bid Yields at Constant Maturities,

10.49t

J-yr.

5-y

r.

30-yr,

MARKET BID YIELDS ON TREASURY SECURITIES, MAR.

O
cvi

lO

lO

29,

1985

33
AVERAGE YIELDS OF LONG-TERM BONDS
Table AY-1.

- Average

[Source:

Treasury

New Aa

20-yr.
bonds 1/

corporate
bonds 2/

1974
Jan
feb
Nar
Apr
May
June

7. 481

7.46
7.73
8.01
8.14
8.10

July
Aug
Sept
Oct
Nov
fee

8.26
8.60
8.60
8.37
7.99

Jan
Feb

7.88
7.71
7.99

7.91

8.32t
8.21
8.60
9.04
9.39
9.59

10.18
10.30
10.44
10.29
9.22
9.47

1975

Bar
Apr
Hay
June
July
Aug
Sept
Oct
Nov
Dec

Feb

Har
Apr
Hay
June
July
Aug
Sept
Oct
Nov
Dec

Yields of Long-Term Treasury, Corporate,

Office of Governinent Finance
New Aa
municipal
bonds 3/

anil Harliet

Treasury

New Aa

20-yr.
bonds

corporate
bonds 21

y

and Municipal Bonds

Analysis In the Office of

New Aa
municipal
bonds 3/

tile

Secretarvl

34
AVERAGE YIELDS OF LONG-TERM BONDS

1

37
INTERNATIONAL FINANCIAL STATISTICS
The tables in this section are designed to provide data
on U.S. reserve assets and liabilities and other statistics
related to the U.S. balance of payments and International
f nancla]
pos1 tlon.

Table IFS-3 shows U.S. Treasury nonmarketable bonds and
notes Issued to official institutions and other residents of
f orei gn countries.

Table IFS-1 shows the reserve assets of the United States,
Including Its gold stock, special drawing rights held In the
Special Drawing Account In the International Monetary Fund,
holdings of convertible foreign currencies, and reserve posltlon In the International Monetary Fund.

In

Table IFS-4 presents a measure of weighted-average changes
exchange rates between the U.S. dollar and the currencies of
certain other countries.

Table IFS-2 brings together statistics on liabilities to
foreign official Institutions, and selected liabilities to all
other foreigners, which are used In the U.S. balance of payments
statistics.

-

Table IFS-1.
[In ml

End of ca lendar
year or month

1

1

U.S.

Reserve Assets

Ions of dollars]

38
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

-

Selected U.S. Liabilities to Foreigners

[In

millions of dollars]

Liabilities to foreig
Official

End of

calendar
year or
month

Total
(I)

1982

insti tutions

(3)

(4)

(5)

Liabilities to
other forei gner

1/

MarketL1at)i11- able U.S. Non marketties
Treasury able U.S.
Treasury
reported bonds
bonds and
by banks and
In U.S.
notes
notes 2/

Other
readily
marketable
Liabililiabili- ties to
banks d/
ties 3/
(6)

Liabili- Marketties
able U.S.
reported Gov
by banks bonds
in

U.S.

2/

5/

Liabil

i ties
noninonetary In-

to

s

Honmarketable U.S.
Treasury
bonds and
notes 6/

ternationand regional or-

al

ganizations
(12)

S

39
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.

-

Weighted Average of Exchange Rate Changes for
the Dollar

[Percent change relative to exchange rates as
of end-Hay
May 1970]
1970J

End of calendar
year or month

1974
1975
1976
1977
1978
1979
1960
1981
1982
1983
1984

Currencies of
0£CD countries 2/

-16.0
-10.9
-10.3
-14.6
-21.5
-18.4
-15.0
-3.4
+9.2
+21.8
+41.9

,

1984-Apr
May
June...
July...
Aug....
Sept...
Oct....
Nov....

+25.4
+27.

+30.6
+33.7
+33.0
+37.2
+37.7
+39.8
+41.9
+43.4
+49.5
+43.2
+44.7

Dec...
1985- Jan....
Feb
Mar, p.
Apr. p.

The equations used are as follows:

Equation one is used to calculate a trade-weighted average
of changes in
the dollar cost of foreign currencies;
(EQl)

Trade-wetghted average appreciation {+)
depredation (-) of the U.S. dollar 1/ v1s-a-vU

or

E„ = i:{4$/fc(

Where:

• Hj/tH)

E- is the weighted average of percentage
changes in the dollar cost of individual

foreign currencies;
A$/fc^ is the percent change in the dollar
cost of foreign currency i; and

M^/IM is U.S. imports from country i, as
a proportion of total U.S. imports from
all countries in the set.

Currencies of 46 main
trading countries 3/

40
CAPITAL

MOVEMENTS

INTRODUCTION

Background
Data relating to capital movements between the United States and foreign
countries have been collected in some form since 1935. Reports are filed with
district Federal Reserve banks by commercial banks, bank holding companies,
securities brokers and dealers, and nonbanking enterprises In the United
Statistics on the principal types of data by country or geographical
States.
area are then consolidated and are published in the Treasury Bulletin.
The reporting forms and instructions 1/ used in the Treasury International Capital (TIC) Reporting System have "Been revised a number of times to
meet changing conditions and to Increase the usefulness of the published
statistics.
The most recent, general revision of the report forms became
effective with the banking reports as of April 30, 1978, and with the
nonbanking reports as of December 31, 1978.
Revised forms and instructions
are developed with the cooperation of other Government agencies and the
Federal Reserve System and In consultations with representatives of banks,
securities firms, and nonbanking enterprises.

Basic Definitions
The term "foreigner" as used in the Treasury reports covers all institutions and individuals domic 1 led outside the United States, including U.S.
citizens domiciled abroad, and the foreign branches, subsidiaries, and other
affiliates
abroad
of
U.S.
and
business
banks
concerns;
the
central
governments, central banks, and other official
Institutions of foreign
countries, wherever located; and international and regional organizations,
wherever located.
The term "foreigner" also Includes persons in the United
States to the extent that they are known by reporting Institutions to be
acting on behalf of foreigners.
In general, data are reported opposite the foreign country or geographarea in which the foreigner Is domiciled, as shown on the records of
reporting institutions.
For a number of reasons, the geographical breakdown
of the reported data may not in all cases reflect the ultimate ownership of
the assets.
Reporting institutions are not expected to go beyond the addresses shown on their records, and so may not be aware of the country of
domicile of the ultimate beneficiary.
Furthermore, U.S. liabilities arising
from deposits of dollars with foreign banks are reported In the Treasury
statistics as liabilities to foreign banks,
whereas the liability of the
foreign bank receiving the deposit may be to foreign official institutions or
to residents of another country.

ical

Data pertaining to branches or agencies of foreign official institutions
are reported opposite the country to which the official institution belongs.
Data pertaining to international and regional organizations are reported
opposite the appropriate international or regional classification except for
the Bank for International Settlements which Is included in the classification
"Other Europe."

Reporting Coverage
Reports are required from banks, bank holding companies. International
Banking Facilities ( IBF's}, securities brokers and dealers, and nonbanking
enterprises in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and
nonbanking firms.
Entitles that have reportable liabilities, claims, or
securities transactions below specified exemption levels are exempt from
reporting.
Banks and some brokers and dealers file monthly reports covering their
dollar liabilities to, and dollar claims on, foreigners In a number of countries.
Twice a year, as of June 30 and December 31, they also report the same
liabilities and claims items with respect to foreigners In countries not shown
separately on the monthly reports.
Beginning with reports due as of June 30,
1978, quarterly reports are filed with respect to liabilities and claims denominated In foreign currencies vis-a -vis foreigners.
Effective January 31,
1984, the specified exemption level applicable to the monthly and quarterly
bank ing reports was rai sed from $10 mi 11 1 on to $15 mi 11 ion.
There 1 s no
separate exemption level for the semiannual reports.
Banks, securities brokers and dealers, and in some Instances nonbanking
enterprises report monthly their transactions in securities with foreigners;
the applicable exenption level is $500,000 on the grand total of purchases and
on the grand total of sales during the month covered by the report.

Quarterly reports are filed by exporters, importers. Industrial and commercial concerns, financial institutions other than banks and brokers, and
other nonbanking enterprises If their liabilities to, or claims on, unaffiliated foreigners exceed a specified exemption level on a two quarter-end
average basis.
Effective March 31, 1982, this exemption level was set at $10
million, up from %2 million.
Nonbanking enterprises also report for each
monthend their U.S. dollar-denominated deposit and certificates of deposit
claims of $10 million or more on banks abroad.

Description of Statistics
Section
brokers, and

U

presents data on liabilities to foreigners reported by banks,
dealers in the United States.
Beginning April 1978, the fol-

I

Copies of the reporting forms and instructions may be obtained from the
Office of Data Management, Office of the Assistant Secretary for International
Affairs, Department of the Treasury, Washington, D.C. 20220, or from district
Federal Reserve banks.

lowing major changes were made in the reporting coverage: Amounts due to
banks
own foreign offices are reported separately; a previous distinction
between short-term and long-term liabilities was eliminated; a separation was
provided of the liabilities of the respondents themselves from their custody
liabilities to foreigners; and foreign currency liabilities are only available
quarterly.
Also, beginning April 1978, the data on liabilities were made more
complete by extending to securities brokers and dealers the requirement to
report certain of their own liabilities and all of their custody liabilities
to foreigners.

Section 11 presents the claims on foreigners reported by banks in the
United States.
Beginning with data reported as of the end of April 1978, a
distinction was made between banks' claims held for their own account and
claims held for their domestic customers.
The former are available in a
monthly series whereas the latter data are collected on a quarterly basis
only.
Also, the distinction in reporting of long-term and short-term components of
banks' claims was di scontinued.
Maturity data began to be
collected quarterly on a time remaining to maturity basis as opposed to the
historic original maturity classification.
Foreign currency claims are also
collected on a quarterly basis only.
Beginning March 1981, this claims
coverage was extended to certain Items In the hands of brokers and dealers in
the United States.

Another important change in the claims reporting, beginning wi th new
quarterly data as of June 30, 1978, was the adoption of a broadened concept of
"foreign public borrower," which replaced the previous category of "foreign
official institution" to produce more meaningful information on lending to the
public sector of foreign countries.
The term "foreign public borrower" encompasses central governments and departments of central governments of foreign
countries and of their possessions; foreign central
banks, stabilization
funds, and exchange authorities; corporations and other agencies of central
governments, including development banks, development institutions, and other
agencies which are majority-owned by the central government or its departments; State, provincial, and local governments of foreign countries and their
departments and agencies; and any international or regional organization or
subordinate or affiliated agency thereof, created by treaty or convention
between sovereign states.
Section III includes supplementary statistics on U.S. banks' liabilities
and claims on. foreigners.
The supplementary data on banks' loans and
credits to nonbank foreigners combine selected information from the TIC
reports with data from the monthly Federal Reserve 2502 reports submitted for
major foreign branches of U.S. banks. Other supplementary data on U.S. banks'
dollar liabilities to, and banks' own dollar claims on, countries not regularly reported separately are available semiannually in the May and November
Issues of the Treasury Bulletin.
to,

unaffiliated
Section IV shows the liabilities to, and claims on,
foreigners by exporters. Importers,
industrial and commercial
concerns,
financial institutions other than banks and brokers, and other nonbanking
enterprises In the United States.
The data exclude the Intercompany accounts
of nonbanking enterprises in the United States with their own branches and
subsidiaries abroad or with their foreign parent companies.
(Such transactions are reported by business enterprises to the Department of Commerce on
its direct Investment forms.)
The data also exclude claims held through banks
Beginning with data reported as of December 31, 1978,
in the United States,
financial liabilities and claims of reporting enterprises are distinct from
their commercial liabilities and claims; and items are collected on a time
remaining to maturity basis Instead of the original maturity basis used
previously.
Section V contains data on transactions in all types of long-term domestic and foreign securities by foreigners as reported by banks and brokers in
the United States (except nonmarketable U.S. Treasury notes, foreign series;
and nonmarketable U.S. Treasury bonds and notes, foreign currency series,
which are shown in the "International Financial Statistics" section, table
The data cover new issues of securities, transactions in outstanding
IFS-3).
They include transactions executed in
issues, and redemptions of securities.
the United States for the account of foreigners, and transactions executed
abroad for the account of reporting institutions and their domestic customers.
The data include some transactions which are classified as direct
Investments in the balance of payments accounts.
The geographical breakdown of the data on securities transactions shows
the country of domicile of the foreign buyers and sellers of the securities;
in the case of outstanding issues, this may differ from the country of the
The gross figures contain some offsetting transactions
original Issuer.
between foreigners.
The net figures for total transactions represent transactions by foreigners with U.S. residents; but the net figures for transactions of individual countries and areas may Include some transactions
between foreigners of different countries.
The data published in these sections do not cover all types of reported
The princapital movements between the United States and foreign countries.
cipal exclusions are the Intercompany capital transactions of nonbanking
business enterprises in the United States with their own branches and
subsidiaries abroad or with their foreign parent companies, and capital transConsolidated data on all types of interactions of the U.S. Government.
national capital transactions are published by the Department of Commerce In
its regular reports on the U.S. balance of payments.

Section

I.

-

Liabilities to Foreigners

Table

CM-l-1. -

Reported by Banks

Total Liabilities by

mintons

[In

p.

^

.

41

MOVEMENTS

CAPITAL

of

Type

in

the United States

of Holder

dollars!
International and
regional ;/

J

Foreign countries
Official

Institutions

1/

Ban>s and other foreigners

Jo"

'
i

1

Jjrel'

gSe"

reported by IBF's

ca""enLr,ear

I?a"b',ll-

Total

:::::::

ir/fA

V/.^A

r

Aodll

„

r

402,923

80.445

B-^^ B^

iriH

July
Aug.

i;
37
'-'

,

'

«12."4

75.894

"

''"'^^^

"•"«

hI j^ii^pb

IkVA

°;„;:

r rrp^:^ej

'""""

V

'51

(6)

:

rolltl

-

'-

-

".5"

-

n:f?^n:rL^r;:rT-;struction

l\\-lll
316'703

a

Ill-ill
•

31027n

¥^

^iiS
331.209
337.052

and

^

v;::r;^rfor:oS!g!^°?--nr:j;t..

-^-^

'A'""'
'",,
do"llars
dollars

,

ii ii

75.894

P^'^fiieTL-ln-n'i-g-'o^c^rrlg^t-'"'

^ ,
Total

:

:

:

80 445

^E
^ ^ ^^

'Ht^:-^^^^^
f'"""••

'Z'rH"
cles

mm m

^^=
"""";;:

V^""
dollars

Payable

"^y""'

'l'"""

;

323 727

329:570

m '"" '""""
curren'=

curren-

cies^/
1"17V/

Total

dollars
^o"llars

(81

19)

(n

^.'^

"

171.564
171.296

3:378
3.376

siiH

u

BE

s'si'
i.Vol

I
20
M

l-l'i

•"

.81

5.055

^^J

=-^,'o

^^
B B m

482
7:482

5

831

5:928

111)

i

i-]i]

7

'°-<S"

curren-

lu7v

'"•-"

ll[l

A,

(10)

^'' = 1"'
in
do"llars
<lolla

m

mi n
I'

cles_3/
'."ll'T,

i
Zi

4/

Payable

m
m

m
zll

All

\l\\lll

j'SIp

lA

,^ivi\^^\^\i^i/:;'^^i^^v^'i^^]ivi^;iiiiii,

i^^:^A^\ujVi:^'z^^;]iv:-:^d^^BH
^fel

JSrSJic-u'l^ion^^f

jb^-eTrr'

'-'"'
p'o-Jin'^

""-"^

42
CAPITAL
Table

CM-l-2. -

Total Liabilities by Type, Payable in Dollars

Part A
[In

End of

MOVEMENTS

-

Foreign Countries

mtlllons of dollars]

43
CAPITAL MOVEMENTS
Table

CM-l-3. -

Total Liabilities by Country

[Position at end of period in millions of Hollars)

Calendar year

Europe:
Austria

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary
Italy

Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total

522

590

617

2,6g8

3,193

4,424

lis

752

46
23
461
532

8,227

9,657

16

S14

'.

50
44

486
434
12,842

155

135

195

5,491
537

3.799
522

3,713

149

148

702
138

5,704
3,638

8,632
4,438
1.683

11.020
5,040
1.553

1.571

' ]

1934

58
91

85
381
160

1.418
1,392
29.355
297
49.094

1.609
1.806
32,529
471
61,537

50

65

409
7,022

562

602

7,413

7,346

404

Europe

52

608
65
2.090
1,680

31,350
585

69,788
79

155.504

Canada
Latin America and Caribbean:

Argentina
Bahamas
Bermuda

3,729
44,990
1,717
2,016
26,746
1,628
2,598

Brazil

British Kest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexi CO

'.'.'.',

Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean

'.

',',]',

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines

.'

*
'

.'

Singapore
Syria

]]]*

Thailand
Oil-exporting countries I/..
Other Asia
7.
.

.

Total Asia

Africa
Egypt
:

Gha na
.'.',',
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries 2/..
Other Africa
T. ..
Total Africa
.'

Other countries:

Australia
other

Al

1

Total other countries
Total

foreign countries....

International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total international
and regional
Grand total

5,351
37,684
2.038
2,523

9

8

10

1.092
899

8,678

1,047
789
105
10,739
3,902
5.952
1,167
133
1,245
8,667

343
1,395
10,561

2,874

3,410

3,963

127

8,607
3,630
4,828
1,146
425

115.637

Asia:
China:

4,429
57,266
2,459

455
670

761

Total Latin America
and Caribbean

4,042
55,960
2,423
3,173
35,493
1,643
1,696

166

13,005
4.211
6,938
1,246

44
CAPITAL MOVEMENTS
Table

CM-l-4.

Total

Liabilities

by Type and Country, as of Mar. 31, 1985, Preliminary

[Position In mnilons of do]lars]
Tota 1

Habnnies

liabilities payable in dollars
Totals

Payable
1n

dollars

(1)

(2)

To foreign official
institutions and
unaffiliated foreign banks

Payable
in
Banks'
Custody
foreign own 11a- llabilDeposits
Shortcurren- biHtles Ities
cies 1/
Demand Time 2/ Treasury
* obligations

Othi

Ities

45

CAPITAL MOVEMENTS
Section

II.

-

Claims on Foreigners Reported by Banks
Table

CM-ll-1. - Total Claims

in

the United States

by Type

[Position at end of period in millions of dollars]
Calendar
year
1982

June

Type of claim
Total claims

Payable In dollars
Banks' own claims on foreigners
Foreign public borrowers
Unaffiliated foreign banks:

Deposits
Other
Own foreign offices
All

other foreigners

Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable Instruments
Collections and other
Payable in foreign currencies
Banks' own claims on foreigners...
Claims of banks' domestic
customers

Memoranda:
Claims reported by IBF's 1/
Payable in dollars
T
Payable In foreign currencies
Customer liability on acceptances
Claims with remaining
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners
Claims with remaining
maturity of more than 1 year:
On foreign public borrowers
On all other unaffiliated
foreigners

\J

404.399

431.223

424,892

396,015

412.660

416.177

356.705
45,422

376.956
50,514

380,080
54,512

44.223
77,153
127.293
61.614

48,3 58
7 3,682
142,127
62.276

48,928
74,043
140,472
62,126

40,310
2,491

35,704
2.631

36,097

30,763
7.056

26,937
6.135

27.550
5,892

8,383
7,707

8,563
7,879

8.715
7,998

676

684

717

144,598
140,744
3,854

158.864
154,991
3,873

167,730
163,803
3,927

38,153

34,856

34,584

2.6 54

21,256

22,762

25,138

152,661

151,827

150,486

23.137

26.558

28.325

31.095

31.411

33,083

Establishment of International Banking Facilities (IBF's) permitted
beginning December 1981.

434

46
CAPITAL
Table

CM-ll-2. -

MOVEMENTS
Total Claims by Country

[Position at end of period 1n

mmions

of dollars]

1

'

47
MOVEMENTS

CAPITAL
Table CM-ll-3.

-

Total Claims on Foreigners by

Type and Country Reported by Banks

[PosJUon at end

of

period in

mnMons

in

the United States, as of Dec. 31, 1984

of dollars]
CI alms of banks'
do me Stic customers

Reporting banks' own claims

Memorandum
Claims on
Total
bank s

Total
c1 alms

f

f

Orel gner
(3)

454

Total

ore! gn publ

i

borrowers and
unaf f 1 iated
s

c

foreign
offices

claims
payable

Customer

Orel gn
currenci es

on accept-

f ore!

ances

currencies

1

n

f

(5)

Habl Hty

(6)

gn

48
CAPITAL MOVEMENTS
Section

III.

- Supplementary
Table

Liabilities

CM — III— 1. —

and Claims Data Reported by Banks
Dollar Claims

in

the United States

on Nonbank Foreigners

[Position at end of period In mllMons of doHars]
Dollar claims of U.S. offices

dollar
claims on nonbank foreigners

U.S. -based

U.S. agencies
and branches of

banks

foreign banks

Total

End of calendar
year or month

111

igSO
1981
1982
1983
1984-Fel>

Mar
Apr
Hay
June
July
Aug.
Sept.

Oct
Nov
Dec
1985-Jan.
Feb.

U
2/

r
r
r

p
p

(2)

(3)

_1^/

Ool lar claims of
U.S. -based banks'

major foreign
branches _^/
(4)

136,912
165.730
186,923
199,950

28,751
43.656
64,543
76,113

2B,653
36,645
42,493
44,970

79,506
85,429
79,887
76,867

197,333
195,593
197,215
195,747
195,557
197,669
192.625
192,029
191,968
191,490
189,603
186,238
188.483

73,797
73.813
75,545
75,767
75.098
77.420
75,087
74,277
75,487
75,044
74,757
73,633
74,505

45.315
45,267
44,578
44,192
44.913
45,375
43,777
45,170
43.492
43.891
42.694
42,779
42,586

76.221
76,513
77.092
75,788
75,546
74.874
73.761
72,562
72,989
72,555
72,152
71,626
71.392

Beginning December 1981, Includes International Banking Facilities (IBF's)
established by foreign-based banks.
Federal Reserve Board data.

.

49
MOVEMENTS

CAPITAL
Table

CM— III-2. in

Dollar Liabilities to,

and Dollar Claims on, Foreigners

Countries and Areas Not Regularly Reported Separately
[Position at end of period in
total

mMHons

of dollars]

liabilities

Total

Calendar year

Other Europe:
Cyprus
Iceland
Ireland

Monaco
Other Latin America and Caribbean;
Barbados
Beli;c
Bolivia
Costa Rica
Dominican Republic
El Salvador
French West Indies and
French Guiana
Guyana
Haiti
Honduras
Nicaragua
Paraguay
Suriname
Other Asia:
Afghanistan
Bangladesh
Brunei
Burma
Jordan
Kampuchea (formerly Cambodia}...
Macao
Nepal
Sri Lanka
Vietnam
Yemen (Aden)
Yemen (Sana)

Other Africa:
Angola
Burundi
Cameroon
Ethiopia, Including Eritrea
Guinea
Ivory Coast
Kenya
Madagascar
Mauritania
Mauritius
Mozambique
Niger
Rwanda
Sudan
Tanzania
Tunisia
Uganda
Zambia
other:
New Hebrides
New Zealand
Papua New Guinea
U.S. Trust Territory of
the Pacific Islands

55
122
139

IB

35
51

137
137

38
103

87

5

15

191
229
401
191

200
233
544
302

170
126
100

293
135

20

17

244

136
128

43
17

270
354

banks'

own claims

Calendar year

531
431

308
427
643
513

119
357
163
305

146
268

15

31

52

105
139

61

66

47
84

131

137

268

10

17

17

398
571
760
62S

451

2

191
331
417

203
324
545

3

3

1

211
345
605

244
440
525
126

136
139

147
120

37

208
458

IB

101

174
497
132
434

9

9

189
204
122

137
159
140

77
74

3

1

24

54
n.

9

36

157

161
6

6

10

6

6

13

17

127

19

16

11

10
50

12

76

147

7

10
25

26

14
11

1

40
24
27

48
31
17

All

31

6

177

141

a

76
n. a

23
225

22

.

199

8

17

129

139

18
76

n.a

13

23
12
27

3

118

126

25
53

113

1

no

.

50
CAPITAL
Section

IV.

-

Liabilities to,

MOVEMENTS

and Clain^s on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

in

the United States

Total Liabilities and Claims by Type

[Position at end of period In tninfons of dollars]

Calendar year

Type of liability or claim

29.434

26.618

27.512

25.197

29,481

34,013

30,738

28,788

Payable in dollars
Financial
Commerci a 1
Trade payables
Advance receipts and other

25.689
8.528

24.909
9,499

24.280
8,858

22,176
8.644

26,243
12.159

30.815
16.297

27.934
14.082

25,915
12.064

11,550
5,611

10,141
5.268

8.703
6,720

6.788
6,745

6,921
7.164

7,008
7,511

6.110
7,742

6.185
7,666

Payable In foreign currencies
Financial
Commerc a
Trade payables
Advance receipts and other

3,745
2.802

3,709
2.658

3,232
2,208

3.020
1,779

3,237
2,018

3.198
2,043

2.804
1,797

2,873
1,868

651
292

676

735
288

977
265

973
247

890
266

790
217

805
200

Total

liabilities

1

1

:

375

34,482

36,185

28,725

34.932

33,645

31,740

30,183

28,673

Payable in dollars
Financial:
Deposits
Other
Commercial
Trade receivables
Advance payments and other

31,528

32,582

26,085

31,842

30,755

28,770

27,391

26.068

13.381
3,914

14,456
3,599

12,628
2,979

17,859
3,489

17,057
3,506

15.614
3,407

14.574
3,088

13,056
3,182

13,537

13,635

695

893

9,623
854

9,234
1,259

9,051
1,141

8,561
1,187

8,376
1,353

8,520
1,310

Payable In foreign currencies
Financial:
Deposits
Other
Commercial
Trade receivables
Advance payments and other

2,955

3.603

2,640

3.090

2.890

2.970

2.792

2.605

785
1,683

625
2,462

430
1,647

497
1,956

429
1,790

510
1.761

439
1,693

420
1,450

423

372

370

487

489

64

144

193

150

182

544
155

509
150

564
171

Total claims

.

:

51

CAPITAL
Table

CM-IV-2. -

MOVEMENTS

Total Liabilities by Country

[Position at end of period in mtlHons of dollars]

52
CAPITAL MOVEMENTS
Table

CM-IV-3. -

Total Liabilities by

[PosiHon at end

Type and Country, as

of

of Dec. 31, 1984, Preliminary

period in millions of dollars]
al

liabilities
Commerci a
liabilities

Total

Habi

1

ties

li

Payable
Total

in dollars

Payable
1n foreign
currencies

(2)

Europe:
Austria

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic...
Germany
Greece
Hungary
Netherlands
Norway
Poland
Portugal
Spai

35

471

3

1

2

S3
317
1,433

1

89

89

995

896

e

261

1,107
34

5

55

4ee
824
182

Italy

Roman!

81

519

578

545
53

2
4

a

n

Sweden
Swi tzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

111
lie
114

25

826

569

2

278

24

3,098

4,470
3

Total Europe

Canada
Latin America and Caribbean:
Argent ina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

87

65

1.431
127
159
2,091

1,423

33
166
*

36
22
1

Mexico
Netherlands Antilles
Panama

954
128
114

Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.^
Total Latin America and Caribbean
'.

369
104

369
104

43

15
16

137
154

137
154

SS
10
10

3
8

773
217

4,556

Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Sin ga pore
Syria
Thailand
Other Asia

106

203
159
32
191
250

2,377
499
4

55
50
36

356
2

Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

1

2

162

Total Africa

Other countries:
Australia
Al 1 other
Total other countries
Total foreign countries

Internationa! and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total

international and regional

Grand total

347
94

9
1.

121
237

500
237

:

53
CAPITAL MOVEMENTS
Table

CM-IV-4. -

Total Claims by Country

CPos^t^on at end of period fn millions of dollars]

Europe;
Austria

4!

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherlands
Norway
Po1 and

Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

._

Total Europe

Canada
Latin America and Caribbean:

Argentina
Bahama s
Bernuda
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
Tota 1 La ti n America
and Caribbean
Asia:
China:
Mai nland

Taiwan
Hong Kong
India
Indonesia
I srael
Japan
Korea
Lebanon
Halaysl a
Pa ki Stan
Philippines

Singapore
Syria
Thai land

Oil-exporting countries
Other Asia

1/

Total Asia
Af r1 ca

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries 2/
~
Other Africa
,

,

To tal

Af r1 ca

Other countries:
Austral ia
Al 1 other

,

Total other countries....
Total

foreign countries..

International and regional:
International
European regional
La ti n Ameri can regional.,.
Asian regional
African regional
Middle Eastern regional...
Total 1 nternational
and regional

Grand tota

1

54
CAPITAL MOVEMENTS
Table

CM-IV-5. -

Total Claims by

Type and Country, as

of Dec. 31,

1984

[Position at end of pertod in minions of dollars]
Financial claims
Total

Total

dalns

Country

financial
claims

Denomi na ted

Denomi na ted
In

dollars

foreign
currencies
In

Commerc
claims

(1)

Europe:
Austria

52
153

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary

51

138

3

3
3

3

6S
<3

5S3
20
594
120

4

3

21
114

21

61
22

107

439

1

1

19

220
68

140
66

374
52

90
66
45

87
65
46

433
340

41
*
20
22
66
12

40

5

6

523
405

Italy
Netherlands
Norway
Poland
Portuga
Romania
Spain
Sweden
Swi tzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

ur
IE
49

1

9

195
105
337
58
,547
39
116

71
16

*
1

8
9

17
21
65
12

3

176
S3
271
45

4,486

4,361

125

64

64

*
*
1

*

52

41

Total Europe

Canada
Latin America and Caribbean:

Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colo nb 1a
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.^
Total

130
2,950

41

41

2.951

.947

121

6

314
3,709

100
3,703

99
177

50
18

70
55
86
798
22
195
93
36
10
331
?76

29
IS
64

215

99

.702

15

63
215

6

6

32
46

32
46

7

6

1

125
102

Latin America and Caribbean

Asia:
China:

Mainland
Taiwan
Hong Kong

>

Indl

Indonesia
Israel

Japan
Korea
Lebanon
Malaysia
Paki Stan

Philippines
Singapore
Syria
Thailand
Other Asia

106
199
198
60
99
302

191

16
191

1,533
278

353
89

313
89

13
75
37
74

*

170

16
3

16

69
*

12
1

1

10
91

10
90

6

54
_

Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

152
1

4

10
146

8

Total Africa
Other countries:
Australia
All other
Total other countries
Total foreign countries

International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total

international and regional

Grand total

18
136

5

27
13

1,061
39

11
3

1

a

1

"

CAPITAL
Section

55

MOVEMENTS

- T-nsact,ons ,n Long-Term Secun„es by Fore.gne.s Reported
by Banks and BroKers
lable OM-V-1. - Foreign Purchases and
Sales of Long-Term Domestic Securities
""""^ " ""'^" """'" "'""- "" "'" -> ^"-'^-- °- ' "» -^'^- '' ca.na,

'

V.

the Un.ted States

,Jl.

—^-

an.^federan, sponsored

"" '°-'°" °"--^'-'

,n

by Type

_il-

ForeJqn countries

B,.

J::r-or

.o».

IHI-------- 'i'Hi

'^^^^^

^

'"li^:
June...

-114
Ou1y...
1,599
A"9....
6.596
Sept... -3.799
Oct....
2.931
«.v....
2.1,7
Dec
7,508
19e5-J,n....
2,3,2
Feb. p..
2,319
«ar.p.. -4.393
Dsta

B^

TO., .u„„s e,,.. ,.„.,
(1)

y

r.r.-

'

(2)

(3)

-Hi -is
-iiJ

'ii

-896

1,668
994
4.210
232
1,944
2:895
3 147
ll'yl
840
538

177

1,366
-1,968
-852
-602
1,919
,U,',
1,324
-5,286

":-3

iS

-1.086
427
I.J20
-2.063
i ^39

'-It
fld?

?

Jiiii

16,205

16 319
2l'n6B

12 844

31635

16 641
It jll
2

ii

-j^

.[;3J|

Usues

971
•3

155

29 359

III

H'Ml

of

—
,

(8)

138
\,,
'

'B -B
i-iil

K|i

14n

Sn?
'•"'"

1

I'lJ

,<o
??
30
«,„
262

!

iic
ni

,-,,

H^U

States and muni

c

tU
pa

I

,

?;

"

'^

J',;.
I'lV,
l.bJO

"c.Mt.es

""

SS
'

'"^

A-ni

l-tll

.;;i ;iii

1;|
'"

-H
SS
"
"'
'""^

I-'"

,''ni,'
2,(337

''^^

^'"^

5'^??
3,273
4.708
3,955

}:^||

^:g»

;.

'

J^

3.2%0

"sk:::::::::::

;7'983
-5 008

1985-3an-Mar.

p.

-2:4,6

Apr

^"-9!::::;::
Ho,
Dec

1985-Jan

'"''3' """"^

a

.., „....

„.

Feb. p...:;;

"^-•P

(15)

"•-'

--

781

790

'•""
1,236
,:468
i.064

s

y;:

"537
"349
-569
-144
-840

4

92

'
a

""

-562
-696
-26

^.J23

yss

4. 958

5

4

553

4

3

7

7.255
052

'"
flift

7

4892
.'^

a

I'M'

^
5

005

494
902
is"
399

S-c
)

5

"4
7ni

^ll'^l

721

"

Net
foreign

r,rr.«<:

r

foref%«

.^'""'f

p.onLes

IZll^l.

'-.Vj"

-l-'A°

'^^^

-;-9n,3

-39I;
'll',]

'•="

23.013

-247

?$•?"

"•36

39,572
61.270

-3,765
-1.077

135
til

1

7

4,908
4,226

2l3°

I5"

l-\'A

M21

:

-

-^5','

»

4,527
6.601
5.134
5,395

-1.379

-43
'^-'

I-IV,
5.652

-''J"
"''-"I

"

,.„„ ,.. „.,.„.

,

Forel9n stocks

".982
3.861

Jn

"'
'"
"=

„, ..„,.,,

—

,!f
"155

':75s
3,9

-1

(14)

Foreign Purchases and Sales of Long-Term
Foreign Securities by Type

Aifi
-58?

-VA

=•-»

-os.

l3'

^

1984-Har
n^y....

(13)

'

H ties.

(1)

1984

^^j

c'SIIe!

m- m m m

i'?"'
'-563

"

,6V
I'lA

^???

*'

'"^

"--- '"-.-

L°?:l'" JSHe!
(12)

lo
1,320
1,432

'

j

JSI^s

(10)

.l-^A

;•

6

?7

(9)

.?1JS

iJ

30!

le^ll'" IV,;..

ne,atf.e n„,.e, ,nd,cate net sale. .,
...e,9ne.s o.

foreign
iJiircnases
purchases
of foreign

Calendar year

':^^^

?a^;^1

llllll

c^^es

(7)

iillii
22 667

Bet
i-

(6)

'Si'xs-iB -i

CM-V-2. -

Table
Of dollars;

la"?!!'" J.^ses

'51

-!•.-

^:-'

''iH

Include transacHons In

nn „.n(ons

(4)

"--- '--- -"-

Sf"" HF'" r-i

H;!''" ?;°i;,„

?..s

':-9
5,722
7,179
6,293
5,228
fic;od

*-°"

^'

II?

-tie

-1"
-221

Mi

-652
437

Gross

&ross

l^H^^,

-fH'"

56
CAPITAL MOVEMENTS
Table

CM-V-3. -

of dollars;

[In irJUions

Net Foreign Transactions

in

Long-Term Domestic Securities by Type and Country

negative figures indicate net sales by foreigners or

Marketable Treasury
bonds and no tes

U.S. Gov't corporations
and Federal agency bonds

a

net outflow of capital

Corpora te bonds

from the United States]

Corporate stocks

Calendar Oct.
Jan.
Calendar Oct.
Jan.
Calendar Oct.
Jan.
Calendar Oct.
Jan.
through through year
through through year
through through
through through year
year
Mar.p
Dec.r
Har.p
Har.p
1984 r
Dec.r
Har.p
1984 r
Deer
1984 r
Dec.r
Europe:
Austria
Belgium- Luxembourg
Bulgaria

Czechoslovakia
Denmark
Finland
France

43-

201

189

114

-280
-82
-136

-85

GermarOemocraticRepublic

2,958

Germany
Greece
Hungary

33 3
-2

75

40
454
231

Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

Total

32

-78

*

2

467
4

36

2

*

196

-61
-89
-43 5

6

46
35
6

8

5,223

1,703

Europe

Canada
Latin America and Caribbean:
Argentina
8ahanas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Ameri ca
and Caribbean
Tola 1 La ti n Ameri ca
and Caribbean

15

12

247
142

-7
266

12

4

-57

-15
-8

14
8

3

*

'
1

1

*

182
871
189

*
4

3

1.337
48

2

2

-244

-31

11
14

10
-1
2

5

1,413

1,

666

Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia

-36
224

27

244

13
161

6.062
-172

3,724
-69

*

2

2

_2/

1

*

-6

13

1,402

1.708

11

*
*

-6,277

-2.467

24

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire

3

•

•

1/

Total Asia

Oil-exporting countries
Other Africa

-33
666
427

7_

2,377

3,284

7

•

3

2

26
-3

-1

-101

*

4,610

3,824

366

361

4,978

4, 185

21.410

12.6 36

Total Africa

Other countries
Australia
All other

:

Total other countries..
Total

foreign countries

International and regional:
International
European regional
La ti n Amer icanregional...
Asian regional
African regional
Middle Eastern regional. .

^

.

Total international
and regional

Grand total

-10

CAPITAL
Table

CM-V-4. -

MOVEMENTS

57

Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During First Quarter 1985, Preliminary
[In mi

1

Hons

of dpi lars]

Gross purchases by foreigners

Gross sales by

Domestic securities

Market-

Country

Total
purbonds
chases

i

foreigners

Domestic securities

Marketable
Bonds
Treas- of U.S.

sored

Total

ury t
Gov't
Federal corp.
Financ- and feding
erally
Bank
sponbonds i sored

Corporate
i other

Foreign
securities

58
CAPITAL
Table

CM-V-5. -

MOVEMENTS

Foreign Purchases and Sales of Long-Term Securities by Type and Country, During Calendar Year 1984
fin "<!

Hons

of dollars]

Gross purchases by foreigners
Do me Stic

1.832

securities

Gross sales by foreigners
Domes t(

c

securities

59
FOREIGN CURRENCY POSITIONS
INTRODUCTION

Background

Majority-owned foreign partnerships" are those organized under the laws
foreign country in which one or more nonbanking concerns or nonprofit
institutions in the United States, directly or Indirectly, own more than 50
percent profit interest.
"Majority-owned foreign subsidiaries" are foreign
corporations in which one or more nonbanking business concerns or nonprofit
institutions located in the United States, directly or indirectly, own stock
with more than 50 percent of the total combined voting power of all classes of
stock entitled to vote, or more than 50 percent of the total value of all
classes of stock.
of a

Data have been collected since 1974 on the foreign currency positions of
banks and nonbanking firms in the United States, and on those of foreign
branches, majority-owned foreign partnerships, and majority-owned foreign
subsidiaries of U.S. banks and nonbanking firms.
Reports cover five major
foreign exchange market currencies and U.S. dollars held abroad.
Reporting
has been required pursuant to title II of Public Law 93-110. an amendment to
the Par Value Modification Act of September 21,
1973, and implementing
Treasury regulations.
Statistics on the positions have been published since
March 1977 beginning with data for December 1975.

Reporting Threshold
The report forms and instructions used in the collection of bank data
were revised effective with reports as of March 16, 1983, for the weekly
reports.
The most recent revision of the nonbank foreign currency forms (see
below) became effective as of the last business day of March 1983.

Connon Deflnltfons and Concepts
The term "United States" means the States of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Midway
the Virgin Islands, and Wake Island.
Island,
The term "foreign" means
locations other than the "United States."
The term "worldwide" is used to
describe the sum of "United States" and "foreign" data.
Data for the United States include amounts reported by sole proprietorships, partnerships, and corporations in the United States including the
U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of
"nonbanking firms' positions," and the agencies, branches, and subsidiaries
located in the United States of foreign banks and banking
institutions, in
the case of the weekly "bank positions."

Data for "foreign branches" and "abroad" include amounts reported by the
branches, majority-owned partnerships, and majority-owned subsidiaries of U.S.
banking and nonbanking concerns.
In general, these data do not reflect the
positions of foreign parents or foreign parents' subsidiaries located abroad
except
through
intercompany accounts.
The
data
include
the
foreign
subsidiaries of a few foreign-owned U.S. -based corporations.

Assets, liabilities, and foreign exchange contract data are reported on
basis of time remaining to maturity as of the date of the report,
regardless of the original maturity of the instrument involved.
"Spot" means
due for receipt or delivery within 2 business days from the date of the
report.
"Short-term" means maturing in 1 year or less from the date of the
report.
the

The exemption level applicable to banks and banking institutions was $10
million equivalent through January 1982, when it was raised to $100 million.
The exemption level applicable to nonbanking business concerns and nonprofit
institutions was $1 million equivalent on all nonbank forms from March 1975
through November 1976.
It was raised to $2 million equivalent on the monthly
reports of positions held in the United States from November 1976 through
September 1978.
The exemption level was raised to $3 million on foreign
subsidiary positions on June 30. 1977, and for positions held in the United
States on September 30, 1978.
The exemption level for nonbanking firms was
raised to $100 million on positions in the United States in January 1982 and
on foreign branch and subsidiaries positions in March 1982.
Firms must report their entire foreign currency position in a specified
foreign currency if a specified U.S.' dollar equivalent value is reached in any
category of assets, liabilities, exchange contracts bought and sold, or the
net position in the currency.
In general, exemption levels are applied to the
entire firm.
In reports on their foreign branches, majority-owned foreign
partnerships, and majority-owned foreign subsidiaries, U.S. banks and nonbanks
are required to report the U.S. dollar-denominated assets, liabilities,
exchange contracts bought and sold, and net positions of those branches,
partnerships, and subsidiaries with reportable positions in the specified
foreign currencies.

Description of Statistics
Data collected on the Treasury foreign currency forms are published 1n
the Treasury Bulletin in seven sections.
The first section presents a summary
of worldwide net positions in all of the currencies reported.
Sections II
through VI each present data on a specified foreign currency.
Section VII
presents the U.S. dollar positions of the foreign branches and subsidiaries of
U.S. firms which are required to report in one or more of the specified
foreign currencies.

60
FOREIGN CURRENCY POSITIONS
Section

I.

Table FCP-l-1.
[In

Report
date

9/28/84

Ca

na<]'l

an

dollars

Germa n
mark s

Summary

Positions

y
Nonbanking Firms' Positions^'

millions of foreign currency units,
except yen, which Is Jn btlllons]
Japanese
yen

Swiss
francs

British
pounds

U.S.

dollars 21

FOREIGN CURRENCY POSITIONS
Section

II.

—

Table FCP-ll-1.

Canadian Dollar Positions

- Nonbanking

Firms' Positions-

[In mtllions of dollars]

Report
date

61

62
FOREIGN CURRENCY POSITIONS
Section

III.

Table FCP-lll-1.
[In

Report
date

- German Mark Positions
- Nonbanking Firms' Positiorisi
mmions of marks]

FOREIGN CURRENCY POSITIONS
Section

IV.

Table FCP-IV-1.
[In

Report
d2tc

V,\\',l'.---8/31/84....

9/28/84

10/31/84
11/30/84

Assets

_2/

llabi

'1'

(Z)

\M
426

Ml
348

rl.664
""''

rl.Sei

528
484

333

Htles

_3/

- Japanese Yen

- Nonbanking

Positions

Firnns' Positions

~'

billions of yen]

Exchange bought

O

fjet

Exchange

soldV

positlon _5/

Exchange
rate _6/

Position
held In:

13)

(4)

"'
984

S66
g20

135
142

246.2800
241.8500

United States
United States

rl62
835

r89
r843

rl57
rl05

246.7300
246.7300

Abroad
United States

246.7300

Uorldxide

109
188

245.0500
247.6000

United States
United States

391

334

(51

(61

'•393
398

148
730

693

247
138

251.5500
251.5500

Abroad
United States

'•'"

8'e

726

385

251.5500

Uorldwide

34

64
FOREIGN CURRENCY POSITIONS
Section

Table

V.

—

Swiss Franc Positions

FCP-V-1. - Nonbanking
[In millions of

Report
date

7/31/84....
8/31/84

9/28/84..

Firms' Positions-^

francs]
Net

Assets II

n.a.
n.a.

Liabilities

n.a.
n.a.

_3/

Exchange bouq^t

3,957
4.648

_4/

Exchange solcl_4/

2,941
3,880

positlon 5/

-472
-915

Exchange

Position

rate 6/

held in:

2.4700
2.4100

States
United States

Uni ted

65

FOREIGN CURRENCY POSITIONS
Section

VI.

Table FCP-VI-1.
[In

Llabt

7/31/84....
8/31/84

n.a.
n.a.

n.a.
n.a.

n.a.
n.a,

1

(

ties

_3/

-

Sterling Positions

- Nonbanking

mlTHons

Exchange bought

3.379
3,33?

Firms' Positions^

of pounds]

_4^/

Exchange sol(l_4/

3.857
3.8K4

Net
pos1tion 5/

-1.697
-1.713

Exchange
rate 6/

1.3029
1.3074

Position
held in:

United States
United States

66
FOREIGN CURRENCY POSITIONS
VII. - U.S. Dollar Positions
- Nonbanking Firms' Foreign

Section

Table FCP-VII-1.

[In ml

Report
date

Assets

11

9/28/84..
12/31/84..

r50,424
47.732

Uons

(21

Subsidiaries' Positions-'

do] ]ars]

of

Exchange bought

Llabflltles il

(1)

1

Abroad

Exchange sold 4/

_4/

~

posltlon 5/

Posi tfon

held In;

(3)

r38.829
35.744

r-l

r3,429
2.661

,393

4.174

Table FCP-VII-2.

- Weekly Bank

rl2.559
13,501

Abroad
Abroad

Foreign Office Positions -

[In mi lllons of dollars]

Liabi

H ties

9/

Exchange bought 10/

Exchange sold 10/

Report
date

net

position

7/04/8
7/11/8
7/18/8
7/25/8

309.392
296.644
297.189
300,679

323,701
311,663
312,739
315,220

317,277
306.110
303,783
306.867

296.035
285,754
282.855
286.750

6,933
5,337
5,378
5,576

8/01/8
8/08/8
8/15/8
8/22/8
8/29/8

294,851
306,073
308,833
294,953
305,634

309.376
320,888
323.711
309,557
321.114

309,688
332,563
311,296
306.728
302.247

289.265
301,581
290,260
285,827
280,805

5,898
6,167
6,158
6.297
5,962

9/05/8
9/12/8
9/19/8
9/26/8

296,012
293,770
292.164
291,013

310,868
307.604
306,685
305.894

308.579
304,107
317,391
303,117

287,246
284,086
296,602
282.491

6,477
5,187
5.268
5,745

10/03/8
10/10/8
10/17/8
10/24/8
10/31/8

291,673
290.127
291.161
291,921
293.694

306,286
304,567
304.517
305,205
306.180

298,684
302,907
301.513
311,401
299,668

277,767
281,392
281,360
291,733
281.074

6,304
7,075
6,797
6,384
6,108

11/07/8
11/14/8
11/21/8
11/28/8

298.858
299.901
300.081
302,216

315,792
313,963
314,042
317.960

323,532
324,779
314.200
319.588

300.397
304.454
293.515
297.718

5,201
5,263
6,724
6,126

12/05/e
12/12/8
12/19/8
12/26/8

304,768
309,812
313.065
317,088

317,640
323,386
326.633
329,330

308.110
285.012
282,070
269.508

288.519
264.298
262.048
250.266

719
140
454

See

footnotes on following page.

-

67
FOREIGN CURRENCY POSITIONS
Footnotes to Tables FCP-I through FCP-VII

J_/

Worldwide net positions on the last business day of the calendar quarter
of nonbanking business concerns in the United States and their foreign
Excludes
branches and majority-owned partnerships and subsidiaries.
receivables and installment paper which have been sold or discounted
before maturity, U.S. parent companies' investment in thei r majority
owned foreign subsidiaries, fixed assets (plant and equipment), and
capitalized leases for plant and equipment.

majority-owned foreign subsidiaries.
"Ij

Capitalized plant and equipment leases are excluded.

V

Includes both spot and forward exchange rates,

hj Columns

ZJ Foreign branches and majority-owned partnerships and subsidiaries only.

6^/

2/ Weekly worldwide net positions of banks and banking Institutions in the
United States, and their foreign branches and majority-owned foreign
Excludes capital assets and liabilities,
subsidiaries.

_7/

V

Foreign branches and majority-owned subsidiaries only.

SECTIONS
\j

II

THROUGH VII

Positions of nonbanking business concerns in the United States and their
In
foreign branches and majority-owned partnerships and subsidiaries.
section VII positions of foreign branches and majority-owned partnerships
and subsidiaries only.
receivables and installment paper sold or discounted before
maturity, fixed assets (plant and equipment), and parents' investment in

Z! Excludes

1

and 3 less columns

2

and 4,

Canadian dollar and United
Representative rates on the report date.
Kingdom pound rates are expressed in U.S. dollars per unit of foreign
currency, all others in foreign units per U.S. dollar.
Banks and banking institutions in the United States and
In
section
branches
and
majority-owned subsidiaries.
branches and majority-owned subsidiaries only.

^/ Excludes capital assets.

^/ Excludes capital liabilities.
10/ Includes both spot and forward exchange contracts.
11 /

Columns

3

and 9 less columns 6 and 12.

12/ See footnote 6.

their
VII,

foreign
foreign

68
Table ESF-1.

EXCHANGE
- Balances

STABILIZATION

FUND

as of Sept. 30, 1984, and Dec. 31, 1984

[In thousanas of dollars]

Sept.

Assets, liabilities, and capital

Sept.

30.

1984

30, 1984, through
Dec. 31, 1984

Dec.

1984

31.

Assets
U.S. dollars:

Held at Federal Reserve Bank of New Yorl:.
Held with Treasury:
U.S. Government securities
Othe r
Special drawing rights II
Foreign exchange and seTurlties 2/:
German marks
.T
Japanese yen
Pounds sterling
Swiss francs
Argentine pesos
Accounts receivable

(704.911)

3,243.094
1.067.000
5.554.357

86,334

1,022,703
1.472.206

75.521
(4.420)

2,538,183
1,067,000
5,640,691
1,098,224
1,467,786
2

(187)

500,000
(2,519)

12,271
500.000
113,549

Total assets

Liabilities and capital
Current liabilities:
Accounts payable
Advance from U.S. Treasury (U.S. drawing
on IHf)

V

77,943

66,343

1.067,000

1,067.000

Total current liabilities

Other liabilities:
Special drawing right certificates
Special drawing rights allocations

4.618.000
4.894.635

(92,069)

4.618.000
4,802,566

Total other liabilities

Capital:
Capital account
Net income (loss) (see table E:SF-2)
Total

capital

Total

liabilities and capital

200,000
1,690,699

200,000
1.637,212

See footnotes at end of table ESF-2.

Table

ESF-2. - Income and Expense
[In thousands of dollars]

Current quarter
1. 1984.
through
Dec. 31. 1984

Oct.

Year to date
Oct. 1. 1984.

through
31, 1984

Dec.

Income ind expense:

Profit (loss) on:
Foreign exchange

(57.352)

(57,352)

Adjustment for change in valuation of SDR holdings
and allocations If

(15,666)

(15.666)

16,749
68,837
40,919

16,749
68,637
40,919

Interest (net charges] on:
Special drawing rights
U.S. Government securities
Foreign exchange
Income from operations
£SF prior year administrative expenses

53.487

Net income

Beginning July 1974, tht International Monetary Fund (IMF) adopted
technique for valuing the special drawing rights (SDR's) based on
B weighted average of exchange rates for the currencies of selected
The U,S. SDR holdings and allocations are valued
member countries.
on this bails bsglnning July 1974,
2/ Cxcludfli foreign exchange transactions for future and spot delivery.
7/ A non-interest-bearing lUbtlUy to the U.S. Treasury resulting from
* the transfer to the txchange Stabilization Fund of foreign currencies
drawn frpm the IMF by the United States.
1/

a

Note. --Annual balance sheets for fiscal years 1934 through 1940 appear
Report of the Secretary of the Treasury and those for
Quarterly
succeeding years appear in subsequent reports through 1960.
balance shsets beginning with Dec. 31, 1938, have been published in the
Data from Inception to Sept. 30, 1978. may be found
Treasury Bulletin,
on the statements published In tht January 1979 Treasury Bulletin.
in the 1940 Annual

•I

r

u
!i

'I

»(

CI

CASH MANAGEMENT INITIATIVES

72
Collection

and Deposit Legislation-Update

agency will perform Its own cash management reviews with the
guidance provided In appendix 1 of the Treasury Financial Manual,
chapter 6-8000 (revised);

As previously reported, four Covernmentwlde task groups met and presented
their recommendations on the various rules and procedures required for
The notice of proposed
Implementation of the legislation by October 1, 1985.
rulemaking was Issued on March 28, 1985, In the Federal Register for a 60-day
The final rule Is scheduled to be published by September 1,
comment period.
Some of the major points contained In the notice Include:
1985.
*

An

Agencies falling to adhere to Treasury collection reconmendations
can be assessed a charge equivalent to the amount of Interest
lost to the Treasury general fund for such failure; and

The Department of the Treasury has been granted the authority to
prescribe to agencies the mechanisms to be used for collecting
funds;

*

Agencies must prepare and transmit billing documents within
business days of the creation of an accounts receivable:

*

Agencies must
received;

practice

same-day

deposit

for

any

Any charges assessed will be deposited Into the cash management
improvements fund; monies In the fund will be available without
fiscal year limitation for costs Incurred in the development of
Improved methods of collection and deposit.

S

collections

Reform '88 Cash Management
Treasury's Tinanclal Management Service/Federal Finance has lead agency
responsibility by monitoring and reporting progress on Reform '88 cash
management Initiatives undertaken by 20 Federal departments and agencies.
The
overall goal of the project Is to improve Government's payments and collection
systems, with special attention being directed toward Identifying additional
application for state-of-the-art technology and expanding the use of other
mechanisms,
such
as
lockboxes,
automated
clearinghouses,
and
cash
concentration systems.

Agencies are providing monthly reports to Treasury on the slatus of
approximately 420 Initiatives.
For fiscal 1983. Interest savings totaled $176
million.
Projected and actual figures
pating agencies are shown below.

for

fiscal

1984

for

each of

the

Fiscal 1984 Interest Savings
[1" thousands of dollars]

Interest savings

Department/agency

Original
goal
(full year)

Agency for International Development
Agriculture
Commerce
Defense
Education
Energy
Environmental Protection Agency
General Services Administration
Health and Human Services
Housing and Urban Development
Interior
Justice
Labor
National Aeronautics and Space Administration.,
Railroad Retirement Board
Small Business Administration
State
Transportation
Treasury
Veterans Administration
,

,

,

,

,

,

,

,

Total

656
8,844
685
1,660
13.074
7,044
1.373
esi
15,067
7,877
4,600
1.990
10,925
4.000
14,151
1,639
654
4,044
85.000
3.196

Revised

Actual

goal
(full year)

Interest
(full year)

627
8,138
1.098
42.945
12.395
4,534
1,974
259
73,757
8.585
5.861
2.732
10.701
5.670
13.958
1.770
595
2.496
83.772
4. 678

10,413
1.034
31,737
13,293
8.914
1,974
150
74,456
20.783
4,740
2.726
18,814
5.864
20,189
1.378
320
2.645
106,664
4.642

partici-

ok
CI

ACCOUNTS AND LOANS RECEIVABLE DUE FROM THE PUBLIC

74
SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE DUE FROM THE
The Treasury Financial Manual (Transmittal Letter Ko. 442, June 8, 1984)
advised agencies of a continuing reporting requirement to obtain data on the
status of accounts and loans receivable due from the public, and on agencies'
Agencies are required to prepare a
accounting and debt collection practices.
supporting schedule to the Statement of Financial Condition (SF-220} which
gives data concerning reconciliation of account balances; an aging schedule of
amounts due; the disposition of writeoffs and adjustments to allowances;
administrative action taken on delinquent amounts; an aging schedule of
rescheduled receivables; and a reconciliation of Interest and penalties

PUBLIC, AS OF SEPT.

30,

1984 AND 1983

assessed on delinquencies. The following accounts and loans receivable tables
were con^lled from SF-220 supporting schedules.
The first table gives accounts and loans receivable information by functional category for 1983 and 1984.
The three remair.ing tables categorize
receivables by agency for 1983 and 1984, show a summary reconciliation of
gross accounts and loans receivable, and provide the summary aging schelule of
gross accounts and loans receivable.

Accounts and Loans Receivable by Function
[In billions]

Accounts
receivable

75

Accounts Receivable as

of Sept. 30,

(Percent)

Loans Receivable as

of Sept. 30,

1984

1984

(Percent)

I

i

General government
receivables

76
SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE DUE FROM THE

PUBLIC, AS OF SEPT. 30. 1984

AND 1983

Accounts and Loans Receivable by Agency
[In btniOfis]

Accounts receivable

Legl slatlve branch
Executive branch:
Funds appropriated to the President
Departments:
Agriculture
Commerce
Defense
Education
Energy
Health and Human Services
Housing and Urban Development
Interior
Justice
Labor
State
Transportation
Treasury
Veterans Administration
Other independent agencies
Off -budget agencies

Gross receivables
Less taxes receivable, allowances,
and intragovernmental transfers....
Net receivables due from the

public

$0.6
6.6

4.7
,1

.7
.5
.8

2.0
.9

31.0

63.5
(31.6)

Loans recetvable

)[p©©D®D

[^(i[p®[?{Ji

NATIONAL BANK

REPORT

80
Income and Expense

of Foreign

and Domestic Offices and Subsidiaries

[Dollar amounts In mllHons.

of National

Banks, Calendar Year 1984

Source: Office of the Comptroller of the Currency]

4,899 banks
Consolidated
foreign and
domestic

Interest income:
Interest and fee income on loans
Income from lease financing receivables
Interest income on Calances due from depository institutions
Interest and dividend Income on securities
Interest Income from assets held in trading accounts
Interest income from Federal funds sold and securities purchased under agreements to reseTI

Total

interest income

Interest expense:
Interest on deposits
Expense of Federal funds purchased and securities sold under agreements to repurchase
Interest on demand notes issued to the U.S. Treasury and on other borrowed money
Interest on mortgage Indebtedness and obligations under capitalized leases
Interest on notes and debentures subordinated to deposits

Total

interest expense

Net interest Income
Provision for loan and lease losses
Provision for allocated transfer risk
Noninterest income:
Service charges on deposit accounts
Other noninterest income

Total noninterest income

Gains and losses on securities not held in trading accounts
Noninterest expense:
Salaries and errployee benefits
Expenses of premises and fixed assets (net of rental income)
Other noninterest expense

Total noninterest expense

Income (loss) before income taxes and extraordinary items and other adjustments.
Applicable income taxes
Income before extraordinary items and other adjustments
Extraordinary items and adjustments, net of taxes

Slll,520
1,527
10,543
16.602
1,440
6,222

83,037
13,196
5,545
239
445

.2
.4

47,592
9.031
35

3.766
13,646

21.6
78.4

17.412

(132)

22,021
7.135
15,534

44,690

11.116
2.825
8,291
133

Total cash dividends declared
Recoveries credited to allowance for possible loan losses
Losses charged to allowance for possible loan losses

4.248
1.155
7.824

Net loan losses

Excludes five national noninsured trust companies.

81.0
12.9
5.4

102,462

8,424

\i

74.3
1.0
7.0
12.5
1.0
4.1

150,054

Net income

Ratio to total operating Income:
Interest on deposits
Other interest expense
Salaries and employee benefits
Other noninterest expense
Total operating expenses
Ratio of net income (annualized) to:
Total assets (end of period)
Total equity capital

1/

Percent
distribution

49.6
11.6
13.2
13.5
87.9
.56
9.6

49.3
16.0
34.8

CURRENCY AND COIN
OUTSTANDING AND IN CIRCULATION
U.S.

82
Currency and Coin Outstanding and

U.S.

[Source:

Circulation

in

Financial Management Service]

MWUNTS OUTSTANDING AND

IN

Mar.

CIRCUUTION

1985

31,

Currency
Total

Federal Reserve notes 1/

currency and
coin

Amounts outstanding
Less amounts held by;
The Treasury
The Federal Reserve banks.

Currency no
longer Issued

U.S. notes

S212,e22,531,692 S19e,eie,2S3,7;< S196.021,189,352 $322,539,016 $272,525,426

Amounts In circulation

572.479.760
32,856,424,318

35,519,926
32,291,152,700

6,056.843
32,291.132.254

29.212.239

179.193.627.614

164.289.581.168

163.724,000,255

Fractional
coin

$16,006,277,898

12,024,703,698 $13,981,574,000

-

250,844
20.446

536,959,834
565.271.618

359,467.526
162.948.657

177.492.308
402.322.961

293.326.777

272.254.136

14.904,046,446

1.502,287.715

13.401,758,731

COMPARATIVE TOTALS OF HONEY IN
CIRCULATION—SELECTED DATES

CURKCKCV IN CinCULATIOII SI DENOMINATION

Mar. 31. 1985

Amount

Denomination
Federal
Reserve
notes 1/

53.505.466.027
705.120.794
4,812,281,255
11,075,609.550
49,601,910,640
20,723,330,400
73,525.905.400
155,144.500
179,507.000
1,825.000
3.480.000
487

SI

$2
S5

$10
$20
$50
$100
$500
$1,000
$5.000
$10.000
Fractional parts
Partial notes _5/

Issued on and after July 1.

1929.

T/ Excludes coin sold to collectors at premium prices.
7/ Includes $481,781,898 In standard silver dollars.

•U.S. GOVERBKENT PRIBTINO OFFICE

$3,352,081,171
572.131.594
4,661,060.510
11.050.403.770
49,581,644,660
20.711.631.850
73.455.637.200
154.955.500
179.299.000
1.775.000
3.380.000

$143,481
132.976.166
112,407,410
5,950
3,380

163.724,000.255

293.326,777

:

1985 0-461-835/20001

Currency
no longer
Issued

,241.375
13.034
,813.335

199.830
,262,600

698.550
47.790,300

,477.900

189,000
208,000
50.000
100,000
487
25

115

164.289.581.168

Total currency

1/

U.S.

notes

(In

millions)

Mar.
Feb.

Mar.
June
June
June
June
June
June
June

31.
28.
31,
30.
30,
30.
30.
30,
30,
30,

1985
1985
1984
1980
1975
1970
1965
1960
1955
1950

$179,193.6
178.419.7
168,749.5
127,097.2
81.196.4
54.351.0
39.719.8
32.064.6
30,229.3
27.156.3

Per
capita 4/

~

$751.97
r749.17
r714.55
558.28
380.08
265.39
204.14
177.47
182.90
1,79.03

272,254.136

4/ Based on Bureau of the Census estimates of population.
T/ Represents value of certain partial denominations not presented for

~

redemption.

:3

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it

WERT
BOOKBINDING
Crantville, Pa

Mar

—

Apr 1986

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