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DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

etruRKfyi

FIRST-CLASS MAIL

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of the Treasui

Permit No. G-4

c.;i

u u

TREASURY BULrLETIN

Spring Issue
June 1987
Office of the Secretary
Department of the Treasury

Washington, D.C.

Compiled by
Financial
Service

Management

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Bulletin

TREASURY BULLETIN

Office of the Secretary

Compiled by

Department of the Treasury
Washington, D.C.

Financial
Service

Management

The Treasury Bulletin Is for sale by the Superintendent of Documents,
U.S. Government Printing Office, Washington, D.C. 20402

Contents
SPRING ISSUE, JUNE 1987
FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS
Page

— Budget results the second quarter,
operations
FFO-1 — Summary of
Chart — Monthly receipts and outlays
FFO-2. — On-budget and off-budget receipts by source
Chart — Budget receipts by source
-budget outlays by agency
FFO-3. — On-budget and

fiscal

for

Analysis

1987

3
5

fiscal

6
7

9
10

off

FEDERAL OBLIGATIONS
FO-I.
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

ACCOUNT OF THE
UST-1.

—

Elements

U.S.
of

12
13

TREASURY

changes

Federal Reserve and tax and loan note account balances

FEDERAL DEBT

— Summary of Federal debt
— Interest-beanng public debt
— Government account series
— Interest-bearing securities issued by Government agencies
— Maturity distribution and average length of marketable interest-bearing public debt held
— Debt subject to statutory
Chart — Average length of the marketable debt
Chan — Private holdings of Treasury marketable debt by maturity
FD-7. — Treasury holdings of securities issued by Government corporations and other agencies
FD-1

16
16

FD-2.
FD-3.
FD-4.
FD-5.
FD-6.

by private investors

limitation

TREASURY FINANCING OPERATIONS

17
18
19
19

20
21

22
23

PUBLIC DEBT OPERATIONS

—

Maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week
PDO-1.
Treasury bills outstanding

—

PDO-2.
PDO-3.
PDO-4.
U.S.

—
—

Offerings of

bills

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

27
29
31

SAVINGS BONDS AND NOTES

SBN-1.
SBN-2.
SBN-3.

—
—

—

Sales and redemptions by series, cumulative
Sales and redemptions by period, all sehes of savings bonds and notes combined
Sales and redemptions by period, senes E, EE, H, and HH

35
35
36

OWNERSHIP OF FEDERAL SECURITIES
OFS-1.
OFS-2.

—
—

MARKET
MBY-1.
Chart

—

Distribution of Federal securities by class of investors

and type

of issues

Estimated ownership of public debt securities by private investors

BID YIELDS

—

37
37

ON TREASURY SECURITIES

Treasury market bid yields at constant maturities,

bills,

notes,

and bonds

Yields of Treasury securities

38
39

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1.
Chart

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

by period

40
41

FEDERAL AGENCIES' FINANCIAL REPORTS
FA-2.
Chart

— Direct and guaranteed loans
— Direct and guaranteed loans

43
47

III

Contents

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
Page
IFS-1 — U.S. reserve assets
Chart — U.S. reserve assets
to foreigners
IFS-2. — Selected U.S.
IFS-3. — Nonmarketable U.S. Treasury bonds and notes
IFS-4. — Weighted average of exchange rate changes

liabilities

issued to

official

institutions

and other residents

of foreign countries....

for the dollar

52
53
53
54

CAPITAL MOVEMENTS

TO FOREIGNERS REPORTED BY BANKS

LIABILITIES

—
—
—
—

CM-l-1
CM-l-2.
CM-l-3.
CM-l-4.
.

Total

liabilities

Total

liabilities

Total

liabilities

Total

liabilities

by
by
by
by

—
—
—

57
58
59
60

type, payable in dollars

country
type and country

THE UNITED STATES
61

Total claims by type
Total claims by country
Total claims on foreigners by type

SUPPLEMENTARY

—
—

CM-lll-1.
CM-lll-2.

THE UNITED STATES

type of holder

CLAIMS ON FOREIGNERS REPORTED BY BANKS
CM-ll-1.
CM-ll-2.
CM-ll-3.

LIABILITIES

Dollar claims
Dollar

LIABILITIES TO,

and country reported by banks

AND CLAIMS DATA REPORTED BY BANKS

on nonbank foreigners
to, and dollar claims on, foreigners

liabilities

62
63

the United States

THE UNITED STATES

countries and areas not regularly reported separately

AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES

64
65

THE UNITED

STATES

—
—
—
—
—

CM-IV-1.
CM-IV-2.
CM-IV-3.
CM-I V-4.
CM-I V-5.

Total

liabilities

66
67
68
69
70

and claims by type

by country
Total liabilities by type and country
Total claims by country
Total claims by type and country
Total

TRANSACTIONS
STATES

liabilities

LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS

— Foreign purchases and sales of long-term domestic securities by type
— Foreign purchases and sales of long-term foreign securities by type
— Net foreign transactions long-term domestic securities by type and country
long-term domestic securities
Chart — Net foreign transactions
long-term
by type and country,
CM-V-4. — Foreign purchases and sales
long-term
by type and country,
CM-V-5. — Foreign purchases and sales
CM-V-1.
CM-V-2.
CM-V-3.

securities,

latest

securities,

latest

THE UNITED

71
71

date
year

72
73
74
75

FOREIGN CURRENCY POSITIONS

SUMMARY POSITIONS

—
—

FCP-l-1
FCP-l-2.

Nonbanking firms' positions
Weekly bank positions

77
77

CANADIAN DOLLAR POSITIONS

—
—

FCP-ll-1
FCP-il-2.
.

Nonbanking firms' positions
Weekly bank positions

78
78

GERMAN MARK POSITIONS
FCP-1 11-1

FCP-lll-2.

—
—

Nonbanking firms' positions
Weekly bank positions

79
79

JAPANESE YEN POSITIONS
FCP-IV-1
FCP-IV-2.
.

—
—

Nonbanking firms' positions
Weekly bank positions

80
80

Contents
Page

SWISS FRANC POSITIONS

—

FCP-V-1.
FCP-V-2.

—

Nonbanking firms' positions
Weekly bank positions

81
81

STERLING POSITIONS
FCP-VI-1
FCP-VI-2.
.

U.S.

—
—

82
82

Nonbanking firms' positions
Weekly bank positions

DOLLAR POSITIONS ABROAD

FCP-VII-1.
FCP-VII-2.

—
—

Nonbanking firms' foreign subsidiaries' positions
Weekly bank foreign office positions

83
83

EXCHANGE STABILIZATION FUND
ESF-1.
ESF-2.

—

Balance

85
85

stieet

Income and expense

SPECIAL REPORTS
U.S.

Note.

CURRENCY AND COIN OUTSTANDING AND

— Details

of figures

may

Abbreviations and symbol:

CIRCULATION

not add to totals because ot rounding

represents Revised, p Preliminary, n.a. Not available, t Includes funds transferred from others

Financial Operations

BUDGET RESULTS FOR THE SECOND QUARTER, FISCAL

1987

Summary
The Federal deficit for the second quarter of fiscal
1987 narrowed to $58.5 billion from $61.2 billion in the
comparable months of fiscal 1 986. For the first half of
this fiscal year, the deficit totaled $121.9 billion, or
$14.4 billion less than in the last fiscal year. Such
narrowing in the deficit reflects a strong rate of
increase in revenues boosted by the effects of tax
reform. Outlays rose more modestly.

—

second quarter of fiscal 1987
up almost 8 percent from the
corresponding months of fiscal 1986. Total receipts
through the first half of fiscal 1987 were up 7y2 percent
over the prior year. Total outlays in the second quarter
were $252.3 billion, up 4% percent from the year
earlier. For the fiscal year to date, outlays were up 2y2
Receipts

the

totaled $193.7

billion,

percent from the corresponding period a year ago.

There was a mixed pattern of spending in the
second quarter of this fiscal year compared with
outlays over the same span last fiscal year. Spending
by the Department of Agriculture was up almost ^oy^
percent, reflecting a big jump in payments by the
Commodity Credit Corporation. Department of Defense outlays in the second quarter were up over 6
percent from the year earlier. Outlays of the Department of Health and Human Services rose 4h percent
over that same span, in part reflecting a substantial
increase for health care-related expenditures. Secondquarter outlays were off or little changed from prior
year readings for most other departments. Among
independent agencies, spending by the Federal Savings and Loan Insurance Corporation continued to
exceed year earlier totals, with second-quarter outlays
up close to $2y4 billion from a year earlier.

[In millions]

January-March

Budget estimates
(January 1967)
full fiscal 1987

Actual fiscal
year to date

Total on-budget and off-budget results:

$193,749
139,369
54.380

$383,763
282,086
101.677

$842,390
628.372
214.018

252.297
203,186

505.695
410,275
95,420

1.015,572

49,111

-58.548
-63.817

-121,931

(-)

-128,188

-173,182
-192,702

deficit (-)

1-5.269

-t-6,257

-H9.520

27.485
22.631
8.431

96.597
23,287
2.047

162.248
11.384
-450

58.548

121,931

173.182

Total receipts

On-budget receipts
Oft-budget receipts
Total outlays

On-budget outlays

...'.

Off-budget outlays
Total surplus

(-^)

or deficit

On-budget surplus {*)

(-)

or deficit

Off-budget surplus (+) or

Means

821.074
194.498

of financing:

Borrowing from ttie public
Reduction of casfi and monetary assets, increase
Other means
Total on-budget

(-)

and off-budget financing

First-Quarter Receipts

The following capsule analysis

of budget receipts, by source, for the first quarter of fiscal 1987
data earlier reported in detail in the winter issue of the Treasury Bulletin. At the time of
that issue's release, not enough data was available to analyze adequately collections for the quarter.
Future analyses of this kind will be published, unavoidably, with the same timelag.

supplements

Individual

fiscal

income taxes.

receipts for the

— Individual

period October through

income tax

December

backtaxes also contributed to the gain.

quarter of fiscal

decrease

quarter of fiscal

refunds of $0.3

billion.

final

Employment taxes and contributions.— Employf^®"^*

taxes increased from $54.3

from increases

—

Corporation income taxes. Net corporate receipts for the quarter totaled $17.98 billion, more than
$3 billion higher than the first quarter of fiscal 1986.
This increase was largely due to a $2.61 billion
increase in estimated payments associated with 1986

payments and pay-

Increases

ments

1986 were $4.6 billion greater than receipts in the
corresponding 1985 period. This increase in net receipts reflected an increase in withheld receipts of $3.1
billion, in nonwithheld receipts of $1.7 billion, and a
in

1986

liabilities.

and the tax

billion

the

both the FICA taxable

wage base

rate,

Unemployment insurance.— Unemployment
surance

first

$60.2 billion in the same
1987. This sizable growth resulted

1986

receipts

quarter were $3.7

for

billion.

in-

October-December 1986
The reduction from the year

the

BUDGET RESULTS FOR THE SECOND QUARTER, FISCAL

earlier level

of $3.8 billion

unemployment insurance

was due

to lower State

Estate and

Contributions for other insurance and retirement. Employee contributions by Federal and District
of Columbia workers were $1.3 billion, $0.1 billion
more than for the fourth quarter of fiscal 1 986 and the
first quarter the previous year. Most of the increase
was due to higher contributions from the Federal

—

sector.

—

generally up.

gift

billion for

—

Customs duties. Customs receipts, net of refunds, were $3.5 billion for the first quarter of fiscal
1987, a decline from the previous quarter's $3.8 billion
collections.

above those

Excise taxes. Excise tax receipts of $8.2 billion
for the October-December 1986 quarter were $1 billion
below the year earlier level as a result of the decline in
oil prices which has virtually eliminated receipts from
the windfall profits tax. Other excise tax receipts were

However, collections are still 10 percent
in the previous year and reflect continuing

strong import demand.

—

l\^iscellaneous receipts. Miscellaneous receipts
by $0.3 billion from the same quarter last year to
$4.5 billion. The decline was largely due to a decline in
earnings of the Federal Reserve banks in the face of
lower interest rates on short-term Treasury securities.

fell

First-Quarler Fiscal 1967 Net Budget Receipts, by Source
[In

billions of dollars]

October
Individual income taxes
Corporation income taxes
Employment taxes and contributions
Unemployment insurance
Contributions for other insurance and retirement
Excise taxes
Estate and gift taxes

Customs

duties

Miscellaneous receipts

—

taxes. Net estate and gift taxes
the first quarter of fiscal 1987, the
same as the previous quarter. Receipts continue to be
strong despite the phase-in of lower, top marginal
estate and gift tax rates and higher unified credits.

were $1.8

tax rates.

1987

Table
(In

FEDERAL FISCAL OPERATIONS
FFO-1. — Summary of Fiscal Operations

millions ol dollars. Source:

Monthly Treasury Statement of Receipts and Outlays

of Itie United Stales

Government]

FEDERAL FISCAL OPERATIONS

Q
CD
00
O}

COO)

^CO
LUCC

o<
LULU
DO-

m
<
LJ
>_l

<
O
(/)

FEDERAL FISCAL OPERATIONS
Table FFO-2.
[In millions of dollars.

- On-budget and

Off-budget Receipts by Source

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

.
.

8
FEDERAL FISCAL OPERATIONS
Table FFO-2.

- On-budget and
[In mi

Off-budget Receipts by Source-Continued
11

ions of dpi lars]

Excise taxes

Social insurance
taxes and

contributions

—

Airport and airway trust fund

Con.

Fiscal year
or month

Net
social
insurance
taxes and
contributions

Gross

1982
1983
1984
1985
1986

201.498
208.994
239,376
265.163
283,901

2.165
2.501
2,856
2.743

1987 (Est.).
1988 (Est.).

301,460
333,184

3,131
3,455

22.785
31,756
28,745
24.399
21.564
23,738
23,507
21.179
21.751
22.267
25.664
25,590
23.689

232
245
230
261
248
211
261
253
218
232
249
267

1986-Mar
Apr
Hay
June.
July...
Aug.
Sept. ..
.

Oct
Nov
Dec
1987-Jan
Feb
Mar
Fiscal 1987
to date. .
.

134

187

Refunds

Highway trust fund

Black lung disability
trust fund

Gross

Refunds

Net

Gross

Refunds

Gross

scellaneous

Refunds

Net

FEDERAL FISCAL OPERATIONS

O 00
LUO)

nr 00

o<
a: UJ
D >O -I
CO

^^
QQCO
cou.

mULI

go
CD

X
<

10
FEDERAL FISCAL OPERATIONS
Table FFO-3.
[In millions of dollars.

Fiscal year
or month

Legislative
branch

- On-budget and Off-budget Outlays

The
judiciary

Executive
Office
of the

President

1982
1983
1984
1985
1986

1,367
1,437
1,579
1,610
1,665

710
787
866
966
1.069

1987 (Est.)
1988 (Est.)

2.131
2,207

1.241
1.426

1986-Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1987-Jan
Feb
Mar

143
118
131
224
141
107
103
158
113
130

129
75
71
70
106
87
73
73

Fiscal 1987 to date

836

88
179
169

by Agency

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

118
78
76

110

Funds appropriated
to the
President

Agriculture Department

CoTrmerce

Department

111
107

8.055
8.080
11.080
12.050
11.377

45.700
52.404
42.015
55.523
58.666

2.054
1.925
1.894
2.140
2.084

118
127

11.830
11.175

55.063
50.745

2.441
2.327

1.173
652
1.472
665
836
783
1.600
rl.014
rl.641
r881
368
1.185
720

4.114
5.763
5.444
3.749
4.537
3.290
5.758
5.734
5.178
5.985
6.433
3.877
4.629

5.810

31.836

95
94

11
9
9

269
151
179

206
139
158
166
159

236
233
134
197

Defense Department
Military

180

Civil

Education
Department

Energy
Department

.
.

11
FEDERAL FISCAL OPERATIONS
Table FFO-3.

- Onbudget and Off-budget Outlays by Agency-Continued
[In

Fiscal
year or

General
Services
Administration

montti

National
Aeronautics
and
Space
Administration

Office of
Personnel
Management

Small

Business
Admini stration

206
-218
286

6.155
6.853
7,055
7.251
7.403

19,983
21,278
22,590
23.727
23,955

1987 (Est.).
1988 {Est. 1.

-73
-418

7,876
9.534

27,732
26.773

197

142
226

380
632
614
456
513
582
728
625
626
746
442
669
583

1.515
2,046
1,809
2,194
2.108
2,035
2,206
2,026
2,141
2,085
2,298
2,001
2,221

-23

3.693

773

12,772

1986-Mar
Apr.

Hay
June.

-319
200
117

July...
Aug. .
Sept...

-338

Oct

-443

Nov
Dec.

130
.

1987- Jan
Feb

Har
Fiscal 1987
to date. .
.

18S
187

325
-403

661
510
680

490
125

-329
-18
2

212
57

46
11
13

Undistributed offsetting receipts

Employer
share,

Interest
received
trust
funds

10,509
10,963
11,661
9,783
11,422

-19.849
-23,484
-25,263
-27.217
-28,528

-16,066
-17,102
-20,354
-26,189
-27,873

-6,250
-10.491
-6,694
-5,542
-4.716

26,835
27.045

17,920
11.540

-31,288
-37.612

-34,769
-38.202

1.072
2.332
3.449
912
2.361
3,369

655
763
939
-764
1.525
944

237
302
375
316
507

-184
-207
-1.194
-13.812

822

064
-3,467
218

-452
233
3,390
-1.328

790

-72
-82
-27
-32

3,645
2,240
2.066
1,149
13.374

7,753

Note.
Outlays consist of disbursements less proprietary receipts
from the public and certain intrabudgetary transactions.
On-budget

3,484

Total outlays

Rents and
royalties
on the Outer
Continental
Shelf lands

23.941
24.827
25.593
26,333
26,536

2.770
rl,642
r896
r676
1,378
502
2.656

279

less than 5500,000.
Includes adjustment of J954 million of interest receipts for the
unenployment trust fund.

—

Other
independent
agencies

employee
retirement

1982
1983
1984
1985
1986

138

minions of dollars]

Veterans
Administration

On-

budget

Offbudget

-1,000

594.302
661,219
685,968
769,515
806.291

151.404
147,108
165,813
176,807
183.498

-3.903
3.686

-1,800
-12.848

821,074
821,900

194.498
202.427

-227
-2,085

-1,054

-18
-2

-62
-449
-176
-15
-329

-7

-1,475

-905
-200

63,660
67.276
69,611
60,982
69,604
68,112
65,614
68,780
63,639

U74,669

360 U-14,433
-79
434
-228
484
-134
466

-333
-224
-466

-102
1

68.176
67,138
67.872

16.040
14,234
16,031
17,052
15.599
16.322
16,136
15,486
16,334
14,489
15,766
16,690
16.655

-12,813

-2.553

-1.204

410,275

95,420

181

144

-82

-49
-6

2
4
6

and off-budget estimates are based on the Budget of the United States
Government, Fiscal Year 1988 released Jan. 5. 1987, by the Office of
Management and Budget.

)

12
FEDERAL OBLIGATIONS
'Obligations' are the basis on which the use of funds is controlled
They are recorded at the point at which the
in the Federal Governpient.
Government makes a firm corani tment to acquire goods or services and are
the first of the four key events--order. delivery, payment, and conIn
sunption which characterize the acquisition and use of resources.
general, they consist of orders placed, contracts awarded, services
received, and similar transactions requiring the disbursement of money.

—

The obligational stage of Governoient transactions is a strategic
point in gauging the infiact of the Government's operations on the
national economy, since it frequently represents for business firms the
Government compritxient which stimulates business investment, including
Disbursements may not
inventory purchases and einjloynent of labor.
occur for months after the Governoient places its order, but the order
itself usually causes imDiediate pressure on the private economy.

Table FO-1.

- Gross

Obligations are classified according to a uniform set of categories
based upon the nature of the transaction without regard to its ultimate
purpose.
All payments for salaries and wages, for exaB|)le. are reported
as personnel compensation, 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
In table FO-1. obligations incurred within the
records reimbursements.
Government are distinguished from those incurred outside the GovernTable FO-2 shows only those incurred outside.
ment.

Obligations Incurred Within and Outside the Federal Government
by Object Class, as of Dec. 31,

[In millions of dollars.

1986

Source: Standard Form 225, Report on Obligations,

from agencies]

Gross obligations incurred

Object class

Personal services and benefits:

Personnel compensation
Personnel benefi ts
Benefits for former personnel

34,259
7,046

34.259
2,257
201

201

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

1,353
1,626
2.755
209
79,446
15,074

219
446
1.357
116

15,165
6.783

1.572
2,072
4,112
325
94,611
21.856

Acquisition of capital assets:

Equipment

15.388
3.298
12.979

Lands and structures
Investments and loans

1.993
977
14

17,381
4.275
12.993

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

4.600

232

43,297
89.938
56,907
232

-304
1.264

-304
2,472

38.697
89,938
45.648

11.259

Other:

Unvouchered
Undistributed U.S. obligations

Gross obligations incurred

*
If

48.926

^.^

Less than 5500.000.
For Federal budget presentation a concept of "net obligations
incurred" is generally used.
This concept eliminates transactions
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

393.244

presentation and therefore may differ somewhat from the Budget of the U.S.
Government.
Gross obligations incurred (as above)
393,244
Deduct:
Advances, reimbursements, other income, etc
-44,830
-48.937
Offsetting receipts
Net obligations incurred

299.477

FEDERAL OBLIGATIONS
Table FO-2.

- Gross

Obligations Incurred Outside the Federal Government by
or Agency, as of Dec. 31, 1986

Department
[In millions of dollars.

Source:

Standard Form 225. Report on Obligations, from agencies]

Personal services and benefits

Benefits

Classification

Legislative branch
The judiciary
Executive Office of the President...
Funds appropriated to the President:
International development assistance
Other
Agriculture Department:
Comnodity Credit Corporation
Other
Commerce Department
Defense Department:
Military:
Department of the Army
Department of the Navy
Department of the Air Force
Defense agencies

Personnel
compen-

Civil

Total

for

former
personnel

Transportatton of
things

Rent, communications,
and

87
*

683

-1

230

7,889

Total military

Education Department
Energy Department
Health and Human Services, except
Social Security
Health and Human Services, Social
Securi ty (off -budget)
Housing and Urban Development Dept.
Interior Department
Justice Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc
General revenue sharing
Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Office of Personnel Management
Small Business Administration
Veterans Administration
Other independent agencies

Personnel
benefits

Contractual services and supplies
Travel and
transportation
of persons

192
39
153

98
314
375
150
122
804

849
120
153

220
32

38
1,466
5.480

56
26

and

Other
serv-

repro-

ices

Printing

Supplies
and
materials

14
FEDERAL OBLIGATIONS
Table FO-2. - Gross Obligations Incurred Outside the Federal Government
by Department or Agency, as of Dec. 31, 1986 — Continued
[In

minions of donarsj
Grants and fixed charges

Acquisition of
capital assets

Classification

Equipment

Lands
and
structures

Investments
and
loans

Grants,

ACCOUNT OF THE

U.S.

TREASURY

SOURCC AND AVAILABILITY OF THE BALANCE IN THE ACCOUNT OF THE U.S. TREASURV

The operating cash of the Treasury is oaintained In Treasury's
accounts with the Federal Reserve banks and branches and in tax and loan
accounts.
Major infornatJon sources include the Daily Balance Hire
received from the Federal Reserve banks and branches, and electronic
transfers through the Treasury Financial Cooaunications System.
As the
balances in the accounts at the Federal Reserve banks becotie depleted,
they are restored by calling in (withdrawing) funds fron thousands of
financial institutions throughout the country authorized to aaintain tax
and loan accounts.

Under authority of Public Law 95*147, the Treasury inilemented a
progran on Nov. 2. 1978. to invest a portion of its operating cash in
obi gations of deposi taries maintaining tax and loan accounts.
Under
the Treasury tax and loan investnent program, depositary financial
institutions select the manner in which they will participate in the
program.
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 remit the funds to the Treasury's
account at Federal Reserve banks participate under the Remittance
Option.
i

Table UST-1.

- Elements

Changes

Deposits to tax and loan accounts occur in the norma) course of
business
under
a
uniform procedure applicable to all
financial
institutions whereby customers of financial institutions deposit with
them tax payments and funds for the purchase of Government securities.
In most cases the transaction involves merely the transfer of funds from
a customer's account to the tax and loan account in the same financial
institution.
On occasion, to the extent authorized by the Treasury,
financial
institutions are permitted to deposit in these accounts
proceeds from subscriptions to public debt securities entered for their
own account as well as for the accounts of their customers.
The tax and loan system permits the Treasury to collect funds
through financial institutions and to leave the funds in Note Option
depositaries and in the financial comntni ties in which they arise until
such time as the Treasury needs the funds for its operations.
In this
way the Treasury Is able to neutralize the effect of its fluctuating
operations on Note Option financial
institution reserves and the
econoB^.

Federal Reserve and Tax and Loan Note Account Balances

[In millions of dollars.

Source:

Financial Management Service]

Table FD-1.
[In

millions o( dollars.

FEDERAL DEBT
— Summary of Federal Debt

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

Amount outstanding
End
fiscal

Securities held by;

Government accounts

year

month

Public

debt
securities

Agency

17
FEDERAL DEBT
Table
[In

minions

of dollars.

Airport and
End of
fiscal year
or month

FD— 3. — Government Account

Series

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

18
FEDERAL DEBT
Table FD-4.

Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars.
Source: Monthly Treasury Statement of Receipts and Outlays
of the United States Government and Financial Management Service]

End of
fiscal year
or month

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

minions of doHars.
Amount
outstanding
privately
held

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

Maturi ty classes

Within
year
I

1-5

years

5-10
years

10-20
years

20 years
and over

Average

FEDERAL DEBT

22
FEDERAL DEBT
Table

FD— 7. —

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

[In millions of dollars.

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

Education

Agriculture Department
End of
fiscal year
or month

Total

Commodity
Credit
Corporation

Rural

Electrification
Administration

Farmers
Home
Administration

TREASURY FINANCING OPERATIONS, JANUARY-MARCH

1987

JANUARY
Auction of 2-Year Notes

Reserve banks as agents for foreign and
monetary authorities. An additional $765
million was accepted from Government accounts and
Federal Reserve banks for their own account.
Federal

international

On January 14 the Treasury announced that it
would auction $10,250 million of 2-year notes to refund
$9,447 million of notes maturing January 31, 1987, and
to raise about $800 million of new cash. The notes
offered were Treasury Notes of Series U-1989, dated
January 31, 1987, due January 31, 1989, with interest
payable on July 31 and January 31 until maturity. An
interest rate of eVs percent
tion

was

set after the determina-

as to which tenders were accepted on a

yield

auction basis.

Tenders for the notes were received until 1 p.m.
EST, January 21, and totaled $30,946 million, of which
$10,291 million was accepted at yields ranging from
6.15 percent, price 99.954, up to 6.19 percent, price
99.880. Tenders at the high yield were allotted 24
percent. Noncompetitive tenders were accepted in full
at the average yield, 6.18 percent, price 99.898. These
totaled $727 million. Competitive tenders accepted
from private investors totaled $9,564 million.
addition to the $10,291 million of tenders acceptthe auction process, $615 million was awarded to

52-Week

Bills

On January 9 tenders were invited for approximate$9,750 million of 364-day Treasury bills to be dated
January 22, 1987, and to mature January 21, 1988.
The issue was to refund $9,189 million of maturing 52week bills and to raise about $550 million of new cash.
Tenders were opened on January 15. They totaled
$35,107 million, of which $9,786 million was accepted,
including $771 million of noncompetitive tenders from
the public and $2,780 million of the bills issued to
Federal Reserve banks for themselves and as agents
for foreign and international monetary authorities. An
additional $49 million was issued to Federal Reserve
banks as agents for foreign and international monetary
authorities for new cash. The average bank discount
ly

rate

was 5.44

percent.

FEBRUARY
February Quarterly Financing

On January 28 the Treasury announced that it
would auction $10,000 million of 3-year notes of Series
S-1990, $9,750 million of 9-year 9-month 71^4 percent
notes of Series D-1996, and $9,250 million of 29-year
9-month VI2 percent bonds of 2016 to refund $14,651
million of Treasury securities maturing February 15 and
to raise about $14,350 million of new cash.
The notes

of Series

S-1990 were dated February

17, 1987, due February 15, 1990, with interest payable
on August 15 and February 15 until maturity. An

interest rate of eVz percent
tion

was

set after the determina-

as to which tenders were accepted on a

yield

auction basis.

Tenders for the notes were received until 1 p.m.
EST, February 3, and totaled $33,000 million, of which
$10,063 million was accepted at yields ranging from
6.53 percent, price 99.920, up to 6.54 percent, price
99.893. Tenders at the high yield were allotted 69
percent. Noncompetitive tenders were accepted in full
at the average yield, 6.54 percent, price 99.893. These
totaled $665 million. Competitive tenders accepted
from private investors totaled $9,398 million.
In

addition to the $10,063 million of tenders acceptthe auction process, $550 million was accepted

from Federal Reserve banks as agents for foreign and
international monetary authorities, and $3,590 million
was accepted from Government accounts and Federal

Reserve banks

for their

own

The VU percent notes

account.

of Series

D-1996 were an

November 15, 1986,
issued November 17, 1986, and due November 15,
1996, with interest payable on May 15 and November
additional issue of notes dated

15 until maturity. Accrued interest of $18.82597 per
$1,000, covering the period from November 15, 1986,
to February 17, 1987, was payable with each tender.

Tenders for the notes were received until 1 p.m.
EST, February 4, and totaled $21,916 million, of which
$9,754 million was accepted at yields ranging from
7.24 percent, price 100.037, up to 7.27 percent, price
99.830. Tenders at the high yield were allotted 62
percent. Noncompetitive tenders were accepted in full
at the average yield, 7.25 percent, price 99.968. These
totaled $301 million. Competitive tenders accepted
from private investors totaled $9,453 million. In addition to the $9,754 million of tenders accepted in the
auction process, $400 million was accepted from
Government accounts and Federal Reserve banks for
their

own

account.

The notes of Series D-1996 may be held in STRIPS
The minimum par amount required is $800,000.

form.

TREASURY FINANCING OPERATIONS, JANUARY-MARCH

The

bonds of 2016 were an additional
bonds dated November 15, 1986, issued
November 17, 1986, and due November 15, 2016, with
interest payable on May 15 and November 15 until
maturity. Accrued interest of $19.47514 per $1,000,
VI2 percent

issue of

covering the period from November 15, 1986, to
February 17, 1987, was payable with each tender.

Tenders for the bonds were received until 1 p.m.
EST, February 5, and totaled $26,770 million, of which
$9,298 million was accepted at yields ranging from
7.48 percent, price 100.203, up to 7.50 percent, price
99.966. Tenders at the high yield were allotted 49
percent. Noncompetitive tenders were accepted in full
at the average yield, 7.49 percent, price 100.084.

These

$280

Competitive tenders accepted from private investors totaled $9,018 million.
In

totaled

banks

Government accounts and Federal Reserve
for their

own

$725 million. Competitive tenders accepted
from private investors totaled $9,304 million.
totaled

addition to the $10,029 million of tenders accept-

the auction process, $765 million was accepted
from Federal Reserve banks as agents for foreign and
international monetary authorities, and $647 million
was accepted from Government accounts and Federal
Reserve banks for their own account.

The notes of Series J-1992 were dated March 3,
1987, due May 15, 1992, with interest payable on
November 15 and May 15 until maturity. An interest
rate of 6% percent was set after the determination as
to which tenders were accepted on a yield auction
basis.

million.

addition to the $9,298 million of tenders acceptthe auction process, $200 million was accepted

from

1987

account.

The bonds of 2016 may be held
The minimum par amount required
Auction of 2-Year and

5- Year

in
is

STRIPS

form.

$80,000.

2-Month Notes

On February 18 the Treasury announced that it
would auction $10,000 million of 2-year notes of Series
V-1989, and $8,250 million of 5-year 2-month notes of
Series J-1992, to refund $9,440 million of publicly held
2-year notes maturing February 28, 1 987, and to raise
about $8,800 million of new cash.
The notes of Series V-1989 were dated March 2,
1987, due February 28, 1989, with interest payable on
the last day of August and February until maturity. An
interest rate of 6y4 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 24, and totaled $35,561 million, of
which $10,029 million was accepted at yields ranging
from 6.31 percent, price 99.889, up to 6.32 percent,
price 99.871. Tenders at the high yield were allotted 94
percent. Noncompetitive tenders were accepted in full
at the average yield, 6.32 percent, price 99.871. These

Tenders for the notes were received until 1 p.m.
EST, February 25, and totaled $26,757 million, of
which $8,261 million was accepted at yields ranging
from 6.72 percent, price 99.546, up to 6.74 percent,
price 99.459. Tenders at the high yield were allotted 42
percent. Noncompetitive tenders were accepted in full
at the average yield, 6.73 percent, price 99.502. These
totaled $266 million. Competitive tenders accepted
from private investors totaled $7,995 million.
addition to the $8,261 million of tenders acceptthe auction process, $140 million was awarded to
Federal Reserve banks as agents for foreign and
In

international

52-Week

monetary

authorities.

Bills

On February 6 tenders were invited for approximately $9,500 million of 364-day Treasury bills to be
dated February 19, 1987, and to mature February 18,
1988. The issue was to refund $9,159 million of
maturing 52-week bills and to raise about $350 million
of new cash. Tenders were opened on February 12.
They totaled $34,111 million, of which $9,502 million
was accepted, including $569 million of noncompetitive tenders from the public and $2,625 million of the
bills issued to Federal Reserve banks for themselves
and as agents for foreign and international monetary
authorities. An additional $175 million was issued to
Federal Reserve banks as agents for foreign and
international monetary authorities for new cash. The
average bank discount rate was 5.74 percent.

MARCH
Auction of 2-Year, 4-Year, and 7-Year Notes

refund $15,720

March 31 and

On March 18 the Treasury announced that it would
auction $10,000 million of 2-year notes of Series W1989, $7,750 million of 4-year notes of Series M-1991,
and $7,250

million of 7-year

notes of Series E-1994 to

million

to raise

of Treasury notes maturing
about $9,275 million of new

cash.

The notes of Series W-1989 were dated March 31,
1987, due March 31, 1989, with interest payable on

TREASURY FINANCING OPERATIONS, JANUARY-MARCH

September 30 and March 31
rate of 6^8 percent
to

was

until maturity.

interest

set after the determination as

which tenders were accepted on a

yield auction

basis.

Tenders for the notes were received until 1 p.m.
EST, March 24, and totaled $31,309 million, of which
$10,028 million was accepted at yields ranging from
6.41 percent, price 99.935, up to 6.44 percent, price
99.880. Tenders at the high yield were allotted 85
percent. Noncompetitive tenders were accepted in full
at the average yield, 6.43 percent, price 99.898. These
totaled $787 million. Competitive tenders accepted
from private investors totaled $9,241 million.
In

addition to the $10,028 million of tenders acceptthe auction process, $785 million was accepted

from Federal Reserve banks as agents for foreign and
international

monetary

authorities,

and $952

million

was accepted from Government accounts and Federal
Reserve banks for their own account.
The notes of Series M-1991 were dated March 31,
1987, due March 31, 1991, with interest payable on
September 30 and March 31 until maturity. An interest
rate of 6^4 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, March 25, and totaled $24,844 million, of which
$7,807 million was accepted at yields ranging from
6.78 percent, price 99.896, up to 6.79 percent, price
99.862. Tenders at the high yield were allotted 95
percent. Noncompetitive tenders were accepted in full
at the average yield, 6.79 percent, price 99.862. These
totaled $354 million. Competitive tenders accepted
from private investors totaled $7,453 million.
In

addition to the $7,807 million of tenders accept-

the auction process, $530 million

from Federal Reserve banks as agents

monetary

and

authorities,

The notes of Series E-1994 were dated April 1,
1987, due April 15, 1994, with interest payable on
October 15 and

April

until maturity.

interest rate

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, March 26, and totaled $26,944 million, of which
$7,326 million was accepted at yields ranging from
7.02 percent, price 99.881, up to 7.04 percent, price
99.772. Tenders at the high yield were allotted 62
percent. Noncompetitive tenders were accepted in full
at the average yield, 7.04 percent, price 99.772. These
totaled $248 million. Competitive tenders accepted
from private investors totaled $7,078 million.

52-Week

Bills

On March

6 tenders were invited for approximately
364-day Treasury bills to be dated
March 19, 1987, and to mature March 17, 1988. The
issue was to refund $9,229 million of maturing 52-week
bills and to raise about $275 million new cash. Tenders

$9,500

million of

were opened on March

12. They totaled $41,760
which $9,51 6 million was accepted, including
$590 million of noncompetitive tenders from the public
and $2,779 million of the bills issued to Federal
Reserve banks for themselves and as agents for
foreign and international monetary authorities. The
average bank discount rate was 5.68 percent.
million, of

Cash Management

Bills

On March 31 tenders were invited for approximately
$1 1 ,000 million of 9-day bills to be issued April 7, 1 987,
representing an additional amount of bills dated April
17, 1986, maturing April 16, 1987. The issue was to
raise new cash. Tenders were opened on April 2. They
totaled $34,347 million, of which $11,006 million was
accepted. The average bank discount rate

was 6.04

percent.

was accepted
for foreign

and $200 million
was accepted from Government accounts and Federal
Reserve banks for their own account.
international

of 7 percent

1987

the

were also

same announcement on March
invited for approximately

be issued

31, tenders

$6,000

million of

1987, representing an
additional amount of bills dated October 23, 1986,
maturing April 23, 1987. The issue was to raise new
cash. Tenders were opened on April 2. They totaled
$18,594 million, of which $6,009 million was accepted.
The average bank discount rate was 5.75 percent.

20-day

bills

April 3,

PUBLIC DEBT OPERATIONS
Table PDO-1.

—

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than
Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1987
|ln

millions of dollars

and Office

Source, Monthly Statement of the Public Debt of the United States,
in the Office of the Secretary)

Government Finance and Market Analysis

PUBLIC DEBT OPERATIONS

—

Table PDO-1.
Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other
than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1987—Continued
[In

Amount

millions of dollars]

of maturities

Amount

Held by

US. Govi

Date
Description

of final

maturity

accounts and
Federal Reserve banks

Issue
date

All

of final

This item

This security

Debt

a foreign-targeted Treasury note
is

eligible for

stnppmg See table V

of the United States.

of the

US, Govt

Date

other
investors

Nov

of maturities

Monthly Statement of the Public

matunty

Description

Issue
date

Total

accounts and
Federal Reserve banks

All

other
investors

PUBLIC DEBT OPERATIONS
Table PDO-2.
[Dollar amounts in minions.

Offerings of Bills

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

30
PUBLIC DEBT OPERATIONS

Table PDO-2.

Offerings of Bills-Continued

On total bids accepted
Issue
date

Average
price per
hundred

Average
discount
rate
(percent)

On competitive bids accepted

Average
investment
rate
(percent)

High

Discount
rate

Price per
hundred

(percent)

Discount
rate
(percent)

Price per
hundred

Regular Meekly;
1986-Dec.

4..

11..
18..

26..

1987-Jan.

2..

8..

15..

22..
29..
Feb.

5..

12..

19..

26..

Mar.

5..

12..
19..

26..

98.635
97.240
98.607
97.219
98.597
97.179
98.628
97.205
98.580
97.144
98.602
97.194
98.640
97.255
98.678
97.336
98.625
97.255
98.590
97.174
98.554
97.123
98.569
97.118
98.635
97.265
98.617
97.214
98.577
97.174
98.590
97.179
98.597
97.194

5.40
5.46
5.51
5.50
5.55
5.58
5.49
5.56
5.68
5.68
5.53
5.55
5.38
5.43
5.23
5.27
5.44
5.43
5.58
5.59
5.72
5.69
5.66
5.70
5.40
5.41
5.47

93.317
93.994
93.761
93.337
93.954
94.115
94.611
94.469
94.500
94.489
94.353
94.500
94.196
94.257

5.55
5.69
5.67
5.74
5.71
5.82
5.64
5.80
5.84
5.93
5.69
5.79
5.53
5.66
5.37
5.49
5.59
5.66
5.74
5.83
5.88
5.94
5.82
5.95
5.55
5.64
5.64

5.67
5.70
5.41
5.41
5.48
5.51
5.64
5.60
5.59
5.59
5.56
5.55

98.632
97.240
98.602
97.209
98.595
97.179
98.625
97.200
98.580
97.144
98.602
97.194
98.640
97.255
98.678
97.331
98.625
97.250
98.590
97.169
98.554
97.123
98.567
97.118
98.632
97.265
98.615
97.214
98.574
97.169
98.587
97.174
98.595
97.194

6.63
5.95
6.17
6.62
6.00
5.82
5.34
5.47
5.45
5.46
5.61
5.45
5.75
5.68

93.296
93.984
93.761
93.306
93.933
94.115
94.601
94.469
94.489
94.479
94.343
94.489
94.186
94.257

5.68
5.68
5.53
5.55
5.38
5.43
5.23

5.37
J^/5.44

W5.46
5.48
_7/5.53

5.56
5.44
5.54
5.63
5.66
5.50
5.53
5.35
5.41
5.22
5.23
5.41

1/5.43
5.57
5.59
5.70
5.68
5.65
5.68
5.37
5.39
5.44

2/5.50
_10/5.61

5.56
11/5.56
5.54
5.52
5.52

98.643
97.250
98.620
97.230
98.602
97.189
98.640
97.215
98.593
97.154
98.610
97.204
98.648
97.265
98.681
97.356
98.632
97.255
98,592
97.174
98.559
97.128
98.572
97.128
98.643
97.275
98.625
97.219
98.582
97.189
98.595
97.199
98.605
97.209

SZ-neek:

1986-Har.
Apr.
May

June
July

20..
17..
15..
12..
10..

Aug.
Sept.
Oct.

7..
4..
2..
30..

Nov.
Dec.

28..
26..
22..
19..

1987-Jan.
Feb.
Mar.

19..

5.
6.
6.
5.

7.06
6.31
6.56
7.03
6.35

5.
5.
5.

5.44
5.45
5.60
5.44
5.74
5.68

5.75
6.09
6.04

The 13-week bills represent additional issue of bills with an
original maturity of 26 weeks or 52 weeks.
2/ For bills issued on or after May 2, 1974, includes amounts
exchanged on nonconpetitive basis by Government accounts and
Federal Reserve banks.
For 13-week, 26-week, and 52-week bills tenders for $1,000,000 or
less
from any one bidder are accepted in full at average price or accepted
conpetitive bids; for other issues, the corresponding amount is
stipulated in each offering announcement.
£/ Equivalent coupon-issue yield.

S/ Except
^/ Except
7/ Except
5/ Except
9_/ Except
Except
11/ Except
T?/ Except
13/ Except

6.59
5.93
6.16
6.55

^/5.96
5.80
5.31
5.45
5.43
5.44
5.57
5.42
r3/5.71
5.68

93.337
94.004
93.772
93.377
93.974
94.136
94.631
94.489
94.510
94.500
94.384
94.520
94.227
94.257

$300,000 at 5.42 percent.
$1,460,000 at 5.43 percent.
$935,000 at 5.49 percent.
$3,000,000 at 5.40 percent and $130,000 at 5.42 percent.
$1,000,000 at 5.48 percent.
$10,000 at 5.50 percent.
$1,315,000 at 5.54 percent.
$1,000,000 at 5.94 percent.
$1,890,000 at 5.69 percent.

PUBLIC DEBT OPERATIONS
Table PDO-3.
Date subscrip-

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills
Source
Bureau of the Public Debt]
[Dollar amounts in millions.

PUBLIC DEBT OPERATIONS
Table PDO-3.

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

Date subscr
tion books
closed or
tenders received

12/23/86
12/30/86
1/15/87
1/21/87
2/03/87
2/04/87
2/05/87
2/12/87
2/24/87
2/25/87
3/12/87
3/24/87
3/25/87
3/26/87
4/02/87
4/02/87

ssue
date
I

12/26/86
1/05/87
1/22/87
2/02/87
2/17/87
2/17/87
2/17/87
2/19/87
3/02/87
3/03/87
3/19/87
3/31/87
3/31/87
4/01/87
4/07/87
4/03/87

Description of securities 1/

5.60!
7

5.44
6-1/8
6-1/2
7-1/4
7-1/2
5.74
6-1/4
6-5/8
5.68
6-3/8
6-3/4
7

6.04

Bill
Note
Bill
Note
Note
Note

Bond
Bill

Note
Note
Bill
Note
Note
Note
Bill
Bill

12/24/87

Period to final
matur ty
(years, aonths.
days) II
i

Amount
tendered

Amount
issued 3/ 4/

Range of
accepted bids
for notes
and bonds

PUBLIC DEBT OPERATIONS
Table PDO-4.

Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part A
[In millions of dollars.

Other than

Source:

Bills
Subscription and allotment reports]

34
PUBLIC DEBT OPERATIONS
Table PDO-4.

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

Bills

Other than Regular Weekly Series

[Dollar amounts in imllions.

Source: Subscription and allotment reports]

35
U.S.

SAVINGS BONDS AND NOTES
U.S. savings notes were on sale May 1. 1967. through June 30,
The notes were eligible for purchase by individuals with the
The principal terms
simultaneous purchase of series E savings bonds.
and conditions for purchase and reden|)t1on and information on investment
yields of savings notes appear in the Treasury Sulletins of March 1967
and June 1968; and the Annual Report of the Secretary of the Treasury
for fiscal year 1974.

Series EE bonds, on sale since Jan. I. 1980, are the only savings
Series HH bonds are issued in exchange for series
bonds currently sold.
Series A-0 were sold from
and EE savings bonds and savings notes.
Series E Mas on sale fron May 1,
L, 1935. through Apr. 30, 1941.
Nar.
1979 {through June 1980 to payroll savers
31.
1941. through Dec.
only).
Series F and G were sold froa Hay 1. 1941. through Apr. 30.
Series H was sold from June 1, 1952. through Dec. 31. 1979.
1952.
Series HK bonds were sold for cash from Jan. 1. 1980. through Oct. 31,
1982. Series J and K were sold from Hay 1. 1952. through Apr. 30. 1957.

1970.

Table

SBN-1. - Sales and Redemptions

by Series, Cumulative through Mar. 31,

1987

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

[In millions of dollars.

Amount outstanding
Accrued
discount

Sales plu
accrued
discount

Redemptions

Interestbearing debt

_!_/

Matured
non-interestbearing debt

Savings bonds:
Series
Series
Series
Series

A-D 2/

Savl ngs notes

198

5.003
348.673
29,521
3,754

5.002
254,151
29.518
3.753

427

1,289

1,007

3,949
251,145
28,396
3,556

1.054
97,528
1,125

862

E, iT. H. and HH.
F and G
J and K

1,345
3
1

Total

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

Table

SBN-2. - Sales and Redemptions

2_/

by Period,

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 Bui letin.

All

Series of Savings

Bonds and Notes Combined

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

[In millions of dollars.

Accrued
discount

Fiscal years:

1935-84
1985
1986

267 .596
5,030

8,300

Calendar years:
1935-84
1985
1986

1986-Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1987-Jan
Feb
Mar

268.536
5,441

U,909
611
727

849
654
746
1.168
1,088
1,397
2,742
827
700
622
724

86,325

Sales plus
accrued
di scount

Amount outstanding

Redemptions
Sales
price

Accrued
discount

Interestbearing
debt

Matured
non-interestbearing debt

36
U.S.

Table

SBN-3.

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series

EE, H,

[In millions of dollars.
Source: Monthly Statement of the Public Debt of the
United States; Market Analysis Section. United States Savings Bonds Division]

and HH

OWNERSHIP OF FEDERAL SECURITIES

38
MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. - Treasury Market

[Source:

Date

Bid Yields at Constant Maturities; Bills, Notes, and Bonds*

Office of Government Finance and Market Analysis

the Office

the Secretary]

39
MARKET BID YIELDS ON TREASURY SECURITIES, MAR.

31,

1987

.
.
.
,

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

—

Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Source: Office of

Government Finance and

f^arl^et

Analysis

tfie

Office of the Secretary]

Treasury

New Aa

Treasury

New Aa

Treasury

New Aa

Treasury

New Aa

30.yr.

corporate

municipal

30-yr

corporate

municipal

30-yr,

corporate

municipal

30-vr

bonds"

bonds'

bonds

bonds'

corporate
bonds"

municipal

bonds'

bonds

MONTHLY SERIES— AVERAGES OF DAILY OR WEEKLY SERIES

Jan

n,a

7.96%

5.52°.i

Feb

n,a

8.18

5.41

Mar,.

7,80°/.

8.33

5.59

773
780

8.30

533

May,.

838

6.36

June

7.64

8.08

5.32

Apr...

7.64

8.12

533

Aug

7.68

8.06

5.39

Sept
Oct

7.64

811

5.15

777

8,21

528

Nov

7,85

826

5.14

Dec.

794

8,39

5,21

Jan
Feb
Mar..

6,18

8,70

5,36

8,25

870

5.23

823

8,70

525

Apr...

8,34

888

5.33

May..
June

843

5.75

8.50

9.00
9.15

July.,

8.65

9.27

5.97

Aug

8.47

8.83

5.81

8.47
8.67

8.78

5.61

5.76

8.75
8.85

9 14
9.30
9.30

6.08

Jan
Feb,

8.94

9.47

5.95

9.00

9.52

5.93

Mar

9.03

965

5.96

Apr...

9.08

9.69

5.85

May..

982

June

9.19
8.92

5.95
5.84

July..

8.93

8.98
9.17
9.85
10.30
10.12

9,47
9,57

5,82

Aug..
Sept.
Oct ..

9,87

616

11 17

6,71

6,84

11,30

6,67

July

Sept
Oct ..
Nov..

Dec

Nov

Dec.

9.51

5.91

5.81

5,87

10,60%

bonds'

AVERAGE YIELDS OF LONG-TERM BONDS

tro
i-m

HO
O
CO

o LU

UJ
>-

UJ
CD GC

FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION
Section 114 of the Budget and Accounting Procedures Act of
(31 U.S.C. 3513a) requires the Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government
and provides that each executive agency must furnish the Secretary
of the Treasury such reports and information relating to the agency's
financial condition and operations as the Secretary may require. The
provisions do not apply to the legislative and judicial branches of the
Federal Government; however, these entities are encouraged to
submit the prescribed reports so the Secretary of the Treasury can
prepare comprehensive reports on all the financial activities of the

1950

Government.

U.S.

Financial Manual (I TFM 2-4100) sets the criteria
submission of annual and quarterly financial reports and
schedules in accordance with the Reporting Entities Listing (Bulletin
No. 86-04). Reports and schedules are provided for six fund types:
Revolving funds, trust revolving funds, 15 major trust funds, all other
trust funds, all other activity combined, and consolidated reports of
an organizational unit. The financial transactions supporting the
required reports and schedules are to be accounted for on the
accrual basis. The Report on Operations can be submitted on a cash
TFM 2-4180.20). Reports
basis under certain circumstances (see
are to be prepared from a budgeting and accounting system which
contains an integrated data base that is part of the agency's
integrated financial management system as required by the Office of
Management and Budget (OMB) Circular No. A-127.

The Treasury

for the

The required

reports should include

equities relating to

all

programs and

all

assets,

activities

liabilities,

under control

and

of the

reporting entity, except for the assets of disbursing officers, which

are reported by the Treasury. Reports should include transfer
appropriation accounts from other agencies, foreign currencies,
operations conducted in the terntories or overseas, and any monetary assets or property received, spent, or otherwise accounted for
by the reporting entity. Amounts are reported to the dollar.

Requirements provide that Federal agencies submit to Treasury
supplemented by three supporting schedules
which are consolidated and published annually in the winter issue of
the Treasury Bulletin. These reports are: Report on Financial
Position (TFS 220), Report on Operations (TFS 221), Report on
Cash Flow (TFS 222), and Report on Reconciliation (TFS 223). The
three supporting schedules are: Direct and Guaranteed Loans
Reported by Agency and Program Due from the Public (Schedule
220.8), Report on Accounts and Loans Receivable Due from the
Public (Schedule 220.9), and Additional Financial Information
(Schedule 220.1). The schedule on Direct and Guaranteed Loans is
submitted to Treasury quarterly, and annually for publication in the
Treasury Bulletin. Information captured in Schedule 220.8 is shown
four financial reports

the following table:

Table FA-2.

—

Direct

and Guaranteed Loans

This report reflects the direct loans and guaranteed loans to the
Program to support credit activities.
Actual control of credit program levels remains with authorizing
legislation and appropriations acts. The schedule of Direct and
Guaranteed Loans also provides the Federal Reserve Board information to monitor the flow of funds. An accompanying chart depicts
direct loans and guaranteed loans for the first quarter of fiscal 1987.
public through the Federal Credit

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct

and Guaranteed Loans, Dec.

31,

1986 —Continued
Guarantees or insurance

Direct loans or credit

Amount

Maximum

outstanding

Agency and program

Maximum
authority

outstanding

autfiorlty

— Wholly owned Government enterprises
U.S. dollar loans

Department of Defense:
Ryukyu Islands, construction of power systems
Defense production guarantees
Department

Total

Departmenl

Defense

Education

College tiousing loans
Student loan insurance fund
Higtier education facilities loan and insurance fund
Loans to students m fiigtier education

Department

Total

of Education

Department of Energy;
Department of Energy
Department

Total

Department

of Healtti

Energy

and Human Services

Health professions graduate student loan fund
Itfledical facilities guarantee and loan fund

Student loan program
Other HRSA loans
Total

Department

of Health

and Human Services

Department of Housing and Urban Development:
Federal Housing Administration Fund
Housing for the elderly or handicapped
Low-rent public housing program
Other housing loans
Ivlanagemeni and liquidating functions

Guarantees

mortgage-backed securities

Rehabilitation loan fund

Urban renewal programs
Total

Departmenl

Housing and Urban Development

3,420

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct

and Guaranteed Loans, Dec.

31,

1986 —Continued
Guarantees or insurance

Direct loans or credit

Amount

Maximum

Amount

Maximum

outstanding

Agency and program

authority

outstanding

authority

— Wholly owned Government enterprises
U.S. dollar loans

Department

of the interior:

101,057
382,605

systems
Reclamation projects
Drought Emergency
Irrigation

Revolving fund for loans
Indian loan guaranty and insurance fund

Guam Power

Authority

Virgin Islands Construction

Total

Depanment

of the Interior

Department of Labor;
Pension Benefit Guaranty Corporation
Total

Department

Labor

Department of State:
Emergencies in Diplomatic & Consular Service
Loans to the United Nations
Total

Department

of State

Department of Transportation:
Purchase of Aircraft
Right-of-way revolving fund

Federal Highway Admin;

Highway

trust

funds

Federal Railroad Admin:
Railroad Rehabilitation and improvement fund
Urban Mass Transportation Admin
Washington Metropolitan Area Transit Authority
Maritime Admin:
Federal Ship Financing Fund
Total

Department

of Transportation

Department of the Treasury;
Federal Financing Bank

Loans

to foreign

Total

governments

Department

of the

Treasury

Environmental Protection Agency:
Other funds
Total Environmental Protection

Agency

General Services Administration:
Federal buildings fund
Other funds
Total General Services Administration

Small Business Administration:
Business loan and investment fund
Economic opportunity loans
State and local development loans
Investment assistance program
Other loans
Disaster loan fund
Total Small Business Administration

13,378
106,307
11,973

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct

and Guaranteed Loans, Dec.

31,

1986 —Continued

Direct loans or credit

Amount

Maximum

outstanding

Agency and program

authority

— Wholly owned Government enterprises
U.S. dollar loans

Veterans Administration:
Loan guaranty revolving tunc)
Direct loan revolving fund
Service-disabled veterans insurance fund
Veterans reopened insurance fund
Education loan fund
National service life insurance fund
Veterans special life insurance fund
Otfier funds

,239,497
.

Total Veterans Administration
Otfier

independent agencies:
Columbia:

District of

Loans

DC Government

Export-Import Bank of the United States
Federal Savings and Loan Insurance Corporation fund
National Credit Union Administration:
Sfiare insurance fund

Tennessee Valley Auttionty fund

USRA:
Reg

Rail

Interstate

Reorg Pro

Commerce Commission

Total Otfier independent agencies
Total Part

FEDERAL AGENCIES' FINANCIAL REPORTS

fe^

C
o
o
00
O)

h:
CJ

D
3

T-

0)
0)

D
O

CO
£=

o
o

o
(5
0)

International Statistics

51
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-3 shows U.S. Treasury nonmarketable bonds and
notes issued to official institutions and other residents of
foreign countries.

The tables in this section are designed to provide data
reserve assets and liabilities and other stati sties
related to the U.S. balance of payments and international

on U.S.
fi

nanci

posi tl on.

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 position in the International Monetary Fund.

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

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.

U.S.

Reserve Assets

[In millions of dollars]

End of calendar
year or month

INTERNATIONAL FINANCIAL STATISTICS

53
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

Selected U.S. Liabilities to Foreigners

[in millions of dollars]

Liabilities to foreign countries
Official

calendar
year or
month

(2)

48 5,45 3
545.799
606.07 7
741.324

(3)

79,876
86,065
79,985
204,731 102,938
17 0.104
17 4,580
17 2,493

(5)

(4)

68.514
69.019
77,154
91,521

Liabilities to
other f orei gner s

MarketLiabili- able U.S. NonmarketTreasury able U.S.
ti es
Treasury
reported bonds
by banks and
bonds and
in U.S
notes II
notes

End of

1983
1984
1985
1986

institutions

Li abi

Other
readi ly

liabi
ties }J
1

(6)

NonmarketMarketable U.S. able U.S.
reported Gov
Treasury
by banks bonds
bonds and
Total in U.S. 2/ 5/
notes ^/
Liabi
ties

marketable

Liabili-

ties to

banks
(7)

4^/

(8)

(9)

(10)

III)

1 i

nonmone-

tary

in-

ternationand regional organi zati ons

y
(12)

54
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.

- Weighted Average

Exchange Rate Changes

for the Dollar

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

Trade-weighted average appreciation {+)
or depreciation (-) of the U.S. dollar 1/ vis-a-vis
End of calendar
year or month

1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

-1.0
-1.0
-4.1
+6.6

+21.3
+58.9
+141.2

35.6

446.4
1.853.3
5.053.9

28.9

+5.962.7

28
36

+5,882.7
+5.910.8

21.8
41.9

Hay
June. .
July...
Aug. .
Sept...
Oct....

30
26,

5,926.3

+26

+5,939.6
+6,019.7

29
+29
+28
+23

Exchange rate data used in constructing the indices reported here differ
somewhat from those used in earlier calculations to more accurately reflect
end-of-period currency values.

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:
E„

Where:

E(4J/fc,-

6.784.3

This table presents calculations of weighted average percentage changes in
the rates of exchange between the dollar and certain foreign currencies, in
order to provide a measure of changes in the dollar's general foreign
exchange value broader than a measure provided by any single exchange rate
Calculations are provided for two sets of countries that account
change.
U.S. bilateral trade patterns in
for a major share of U.S. foreign trade.
1972 are used as a convenient, readily available proxy for the assignment
of relative weights to individual exchange rate changes, although such
weights do not provide a full measure of individual currencies' relative
importance in U.S. international transactions because they take no account
The calculations do not purport to represent
of factors other than trade.
a guide to measuring the impact of exchange rate changes on U.S.
international transactions.

+7,677.1

+20

Mar. p.
Apr. p.

6,050.5

Nov
Dec
1987-Jan
Feb

(EQl)

5.928.3
+5,930.5

26,

-10.3
-14.6
-21.5
-18.4
-15.0
-3.4
+9.2

1986-Apr

Currencies of 46 main
trading countries

Currencies of
OECD countries 2/

+6,445.0

+5,962.7

6,335.8

Equation two is used to calculate a trade-weighted average of changes in
the foreign exchange cost of dollars:
E, =I(4fCfl/$ * X^/EX)

(E02)

Where:

fifc^/5 is the percent change in the

foreign currency

(E03)

Where

imports from country i. as
proportion of total U.S. imports from
all countries in the set.

[(E,

m/m+x)'(-l)]

x/m+x]

m/m+x is U.S. imports as a proportion
of its total trade with all countries in
the set; and
x/m+x is U.S. exports as a proportion of
its total trade with all countries in the
set.

foreign currencies:

cost of dollars; and

Equation three combines the above export-weighted and import-weighted
averages to provide an overall measure of exchange rate change:

Mj/tMl

H^./EM is U.S.

is U.S. exports to country i, as
a proportion of total U.S. exports to
all countries in the set.
x^./rx

Z^ is the weighted average of percentage
changes in the dollar cost of individual

fi$/fc^ is the percent change in the dollar
cost of foreign currency \\ and

E
is the weighted average of percentage
changes in the foreign currency cost of
dollars;

Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France,
" Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New
Zealand. Norway, Portugal. Spain, Sweden, Switzerland, Turkey, and United
Kingdom.
3/ The currencies of 46 IMF member countries which account for approximately
~ 90 percent of U.S. total trade.
2/ Australia,

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, other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking enterpnses in the United
States. Statistics on the principal types of data by country or
geographical area are then consolidated and are published in the
Treasury

The

Bulletin.

reporting

forms and instructions' used

the Treasury

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
International Capital (TIC) Reporting

revision of the report forms

became

effective with

Banks, securities brokers and dealers, and in some instances
nonbanking enterprises report monthly their transactions in secuhties with foreigners; the applicable exemption 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

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

as of June 30 and December 31, they also report the same liabilities
and claims items with respect to foreigners in counthes not shown
separately on the monthly reports. Quarterly reports are filed with
respect to liabilities and claims denominated in foreign currencies
vis-a-vis foreigners. Effective January 31,1 984, the specified exemption level applicable to the monthly and quarterly banking reports
was raised from $10 million to $15 million. There is no separate
exemption level for the semiannual reports.

Government agencies and the Federal

Reserve System and in consultations with representatives
and nonbanking enterprises.

of banks,

securities firms,

commercial concerns,

filed

by exporters, importers,

industrial

and

financial institutions other than banks, other

depository institutions and brokers, and other nonbanking enterpnses if their liabilities to, or claims on, unaffiliated foreigners exceed
a specified exemption level on a two quarter-end average basis.

March 31, 1982, this exemption level was set at $10
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.
Effective
million,

Basic Definitions

The term "foreigner" as used

the Treasury reports covers all
outside the United States,
including U.S. citizens domiciled abroad, and the foreign branches,
subsidiaries, and other affiliates abroad of U.S. banks and business
concerns; the central governments, central banks, and other official
institutions

and

individuals domiciled

institutions of foreign countries, wherever located; and international
and regional organizations, wherever located. The term "foreigner"

also includes persons

known by

the United States to the extent that they are
be acting on behalf of foreigners.

reporting institutions to

In general, data are reported opposite the foreign country or
geographical area 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.

Data pertaining to branches or agencies of foreign official
which the official
institution belongs. Data pertaining to international and regional
institutions are reported opposite the country to

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

Description of Statistics
presents data on liabilities to foreigners reported by
Section
banks, other depository institutions, brokers, and dealers in the
United States. Beginning April 1978, the following 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.
Effective as of January 31, 1985, savings and loan associations and
other thrift institutions began to file the TIC banking forms. Previously
they had reported on TIC forms for nonbanking enterpnses.
I

Section II 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
long-term and short-term components of banks' claims was
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. See notes to section
above concerning the
of

discontinued. (Maturity data

Reports are required from banks, other depository institutions,
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 nonbank-

have reportable liabilities, claims, or secuhties
transactions below specified exemption levels are exempt from
ing firms. Entities that

reporting.

Banks, other depository institutions, and some brokers and
dealers file monthly reports covering their dollar liabilities to, and
dollar claims on, foreigners in a number of countries. Twice a year,
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. DC. 20220. or from district Federal Reserve banks
'

reporting of thhft institutions.

Another important change in the claims reporting, beginning with
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
counthes and of their possessions; foreign central banks, stabilization funds, and exchange authorities; corporations and other agencies of central governments, including development banks, develop-

new

CAPITAL MOVEMENTS
and other agencies which are majority-owned by
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.

ment

institutions,

the central government or

III
includes supplementary statistics on U.S. banks'
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, countnes not regularly reported
separately are available semiannually in the June and December

Section

liabilities to,

Issues of the Treasury Bulletin.

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 IFS-3). The data
cover new issues of securities, transactions in outstanding issues,
and redemptions of secuntles. They include transactions executed in
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. Also, see notes for section above concerning the reporting

and brokers

of thrift institutions.

The geographical breakdown of the data on securities transacshows the country of domicile of the foreign buyers and sellers

tions

of the securities; in the

Section IV shows the liabilities to, and claims on, unaffiliated
foreigners by exporters, importers, industrial and commercial concerns, financial institutions other than banks, other depository
institutions, 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 in the United States. Beginning with data
reported as of December 31, 1978, 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

some

offsetting

case

of outstanding issues, this

may

differ

The gross figures contain
transactions between foreigners. The net figures for

from the country of the

original issuer.

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
total

different countries.

The data published in these sections do not cover all types of
reported capital movements between the United States and foreign
countries. The principal exclusions are the intercompany capital
transactions of nonbanking business enterprises in the United States
with their

own branches and

subsidiaries abroad or with their foreign

parent companies, and capital transactions of the U.S. Government.
Consolidated data on all types of international capital transactions
are published by the Department of Commerce in its regular reports

on the U.S. balance

payments.

57
CAPITAL
Section

Liabilities to

Table

MOVEMENTS

Foreigners Reported by Banks

CM-l-1. -

Total Liabilities by

[In millions

Type

the United States

of Holder

dollars]
In terna t onal and
regional 2/
i

Foreign countries

End of

Memoranda

58
CAPITAL
Table

CM-l-2. -

MOVEMENTS

Total Liabilities by Type, Payable

Part

Foreign Countries

[In millions of dollars]

Dollars

59
CAPITAL MOVEMENTS
Table

CM-l-3. -

Total Liabilities by Country

[Position at end of period in millions of dollars]

Calendar year
1985

Europe:
Austria
Belgium- Luxembourg
Bui garia

Czechoslovakta
Denmark
Finland
France
German Democrat 1
Germany
Greece
Hungary

617

Republic

Italy

Netherlands
Norway
Poland
Portugal
Romani
Spai n

Sweden
Swi tzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavi a
Other Europe
Total Europe

Canada
Latin America and Caribbean:
Argent! na
Bahamas
Bermuda
Brazi 1
British West Indies
Chile
Col ombi

Cuba
Ecuador
Guatemala
Jamai ca
Hexi CO

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

Total Latin Ameri ca
and Car ib be an
Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Leba nor

Malaysia
Paki Stan

Phi H ppines
Si ngapore
Syria
Thai! and
Oi -exporting countries \J
Other Asia
1

Total Asia

Africa:
Egypt
Ghana
Li

beri

Morocco
South Africa
Zaire
Oil-exporting countries
Other Af ri ca

2_l

Total Africa

Other countries:
Austral ia
All other
Total other countries,,,.
Total

foreign countries.

International and regional:
International
European regional
Latin American regional...
Asian regi ona
African regional
Middle Eastern regional...
1

Total international
and regional

Grand total

60
CAPITAL MOVEMENTS
Table

CM-l-4. -

Total Liabilities by Type and Country, as of Mar. 31, 1987, Preliminary
[Position In minions of dollars]

Total liabilities

Liabilities payable 1n dollars

Total

Payable
dollars

Liabilities to

To foreign official
institutions and

Totals
Payable

Liabilities to

unaffiliated foreign banks

Banks*
Custody
foreign own lia- liabilDeposits
ShortOther
curren- bilities ities
term U.S. liabilcles
Demand Time Zl Treasury ities
obligations

banks'
own

foreign
offices

Hemorandum

all other foreigners

Deposits
Demand

Time

2^/

ShortOther
term U.S. liabilTreasury
Ities
obligatlons

Negotiable
CD's
held
for all
for-

eigners
t2)

192.755 181.897

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(U)

(12)

(13)

(14)

(15)

61
CAPITAL MOVEMENTS
Section

II.

- Claims

on Foreigners Reported by Banks

Table

CM-ll-1. -

the United States

Total Claims by Type

[Position at end of period In millions of dollars]
Ca lendar
year
1984

Ty pe of

Tota

claim
claims

Payable In dollars
Banks' own claims on foreigners.
Foreign public borrowers
Unaffiliated foreign banks:
Deposi ts
Other
Own foreign offices
All other foreigners

Claims of banks' domestic
customers
Deposi ts
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
Payable in dollars
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

445,631

Sept.

Dec.

62
CAPITAL
Table CM-ll-2.

MOVEMENTS
Total Claims by Country

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

63
CAPITAL
Table

CM — — 3. —
11

MOVEMENTS

Total Claims on Foreigners

by Type and Country Reported by Banks

the United States, as of Dec. 31, 1986

[Position at end of period in minions of dollars]

Reporting banks' own claims

Total
clal ms

64
CAPITAL MOVEMENTS
Section

III.

- Supplementary
Table

Liabilities

CM —

III

— 1. —

and

Clainns Data

Dollar Claims

Reported by Banks

the United States

on Nonbank Foreigners

[Position at end of period in cmllions of dollars]
Dollar claims of U.S.

End of calendar
year or month

Total dollar
claims on nonbank foreigners
(1)

1984"
igssi;
1986

1986-Feb
r

Apr r
May r
June r
July
Aug
Sept. r
Oct
Nov
Dec
1987-Jan. p
Feb.

y
2/

banks
(2)

agencies

and branches of
foreign banks _!_/
(3)

Dollar claims of
U.S. -based banks'
major foreign
branches ZJ
(4)

165,730
186,923
199,950
191,928
176,160

1982
1983'

Har.

U.S.

U.S. -based

offices

43,656
64,543
76,113
75.952
63.880

36,645
42,493
44,970
43,062
46.812

85,429
79,887
78,867
72,914
65,468

174,630
175.299
171.063
172.612
170.311
167.737
166.766
167,119
166.779
166,163
165.939
163,687
161,112

66,697
67,311
62,619
66,261
65,934
64,711
63.179
63.061
64.773
65,197
68,291
65,211
65,204

43.734
43.468
45,061
42,837
43,077
43,092
42.488
43,353
42,647
43,071
41.325
42,296
40,815

64,199
64.520
63.383
63.514
61,300
59.934
61,099
60.705
59.359
57,895
56.323
56.180
55.093

Beginning December 1981, includes International Banking Facilities (IBF's)
established by foreign-based barks.
Federal I^eserve Board data.

65
CAPITAL MOVEMENTS
Table CM-lll-2.
in

Dollar Liabilities to, and Dollar Claims on, Foreigners

Countries and Areas Not Regularly Reported Separately
[Position at end of period in millions of dollars]
Total
Ca

1983

Other Europe:
Cyprus
Iceland
Irel and

Monaco
Other Latin America and Caribbean:
Barbados
Beli ze

Bolivia
Costa Rica
Dominican Republic
El Salvador
French West Indies and
French Guiana
Guyana
Haiti

Honduras
Ni caragua
Paraguay
Suriname
Other Asia:
Afghanistan
Bangladesh
Brunei
Burma
Cambodia (formerly Kampuchea)...
Jordan
Macao
Nepal
Sri Lanka
Vietnam
Yemen (Aden)
Yemen (Sana)

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

All

iabi

endar year
1984

1 i

ties

Tota

bank

own claims

Calendar year
Dec.

:
:

CAPITAL
Section

IV.

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

Calendar year

millions of dollars]
1985

1986

Har.r

Total

liabilities

Payable in dollars
Financial
Commercial
Trade payables
Advance receipts and other.
:

Payable in foreign currencies..
Financial
Commercial
Trade payables
Advance receipts and other.
:

Total claims

Payable in dollars
Financial:
Deposi ts
Other
Commerci al
Trade receivables
Advance payments and other.
Payable in foreign currencies..
Financial
Deposi ts
Other
Commerci a 1
Trade receivables
Advance payments and other.
;

27.512

the United States

Total Liabilities and Claims by Type

[Position at end of period

Type of liability or claiin

Juner

Sept.

Deep

67
CAPITAL
Table

CM-lV-2. -

MOVEMENTS

Total Liabilities by Country

[Position at end of period

millions of dollars]

Calendar year
Country
Sept.

Europe:
Austria
eelqi um-Luxembourg
Bui garia

Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germa ny
Greece
H ungary
Italy
Netherlands
Norway
Poland
Portugal
Romani a
Spain
Sweden
Swi tzerland
T urkey
United Kingdom
U.S.S.S
Yugoslavia
Other Europe

26
397

519

391

404

347

28
223

40
225

54
403

1.233

1.043

870

31
33
I

78
I

.280

1.433

.282

53
317
3

236
1.309

.036

935

929

1.127

483
.058
114

512

352

889

1.108
236

439
1

162

34
41

840

947

8
I

366
.176
277

324
1.221
217

338
1.321
192

55
52

214
118
.139

94
52
135
73
.159
15

16
79

111
116

58
199

201

52
194

124

42
203
104

137
80
727

136
1.056

120

826

953

845

.445

3.571

.392

5,230

5.174

5.138

5.359

1.052

Total Europe

Canada
Latin America and Caribbean:
Argentina
Ba hamas
Bermuda
Brazil
Bri ti sh West Indies
Chile

920
131
76

89
I

.243
46

.059
43

.046

87
.933
127
159
.136

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

443
274
121
52
23
29

557

208
158
50

166

36
25
28

23
10

Jamai ca
Hexi CO

125

Colombia
Cuba
Ecuador
Guatemala

36
26

798
127

953
136
114
55

10
10

374

756

556

216
185

446
115
49
12
10

276
86

265
68

214
66

15
12

II
15

6
4

773

216

368

491

212

185
ISO

106
203
159

232
140
175

211
103
117

120
122

242
125
133

Total Latin America
and Caribbean
Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
srael
Japan
Korea
Lebanon
Malaysia
Pak Stan
Philippines
Si ngapore
I

117
159
166
53

221
139
.886
184

165
160
.941
227

28
137
187
.238
356

274
.465
499

138

139

12
58

14
10
53

191

130
198

149
165

55
200

2.997

3.255

107
179
.315

3.468

631

590

480

506

55
50
36

302

356

184

20
13
13
161

.672

.348

2.911

.249

830

1.494

54
.527
49

103

53
244

Syri a
Thai land

-expor ti ng countries XJ
Other Asia
i

.083
86

Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa

7.861
160
17
2

201

245

345

277
42

Zai re

162
9

Oil-exporting countries^/
Other Africa

14
22

167
46

234

238
59

Total Africa

Other countries:
Australia
All other
Total other countries...
Total

foreign countries.

International and regional:
In ternati onal
European regional
Latin American regional..
Asian regi onal
African regional
Middle Eastern regional..
Total international
and regional

Grand total

6.571

Dec.

CAPITAL MOVEMENTS

Table CM-IV-3.

Total Lcabilities by Type and Country, as of Dec. 31,

1986, Preliminary

[Position at end of period in millions of dollars]
Financial

liabilities

Commercial
liabilities

Total

liabilities
Country

Payable
Total

dol lars

(1)

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

235

729

648

1,065
19
7

340

1.194
192

Netherlands
Norway
Poland....;
Portugal
Spai

245

42
231
1,044

Italy

Romani

(2)

27
345
24

Europe:
Austria

701

652

41
156
149

1,098

714

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

Total Europe

18
98

145

12,273

Canada

6,069
6

Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.

29
641
136

621

604

1,206

1,160

28
20
12
4
13

234
85
25
18

22
66
19
1

4
1

4
4

218

Total Latin America and Caribbean
Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
I srael
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
Total Asia

Africa:
Egypt
Ghana
Li beria
Morocco
South Africa
Zaire
Other Africa

264
107
112
24
10
1

3.397

1,352

535

333

518
333

21
13
16

214
2

96
1,710

6,784
209
1

167
1

Total Africa

Total other countries
Total Foreign countries

Total

International and regional

Grand total

74
198

Other countries:
Australia
All other

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

Payabl e
in foreign
currenci es

533
42
1

69
CAPITAL MOVEMENTS
Table

CM-IV-4. -

Total Claims by Country

70
CAPITAL
Table

CM-lV-5. -

MOVEMENTS

Total Claims by Type and Country, as of Dec. 31,

1986

[Position at end of period in miTHons of dollars]
Financial claims
Total
claims

Europe:
Austria

Total
f i nancial
claims

Czechoslovaicia
Denmark
Finland
France
German Democratic Republic...
Germany
Greece
Hungary
Italy

Denomi nated
in foreign
currenci es

129
20
58
73

61
82
517
41
514
77

131

122

52
28

429
4S

121

441
199
80

286

22
198

22
IBl
114
213
52
822
82

17
26

134

25
130

2,603

2,574

2,570

170

139
347
52

8.558
82
156
54

Canada

Latin America and Caribbean:
Argentina
Bahamas
Bermuda

294
6.122

13
67

6,068

6,067

42
132

69
35
46

559
64
197

22
24
26
173

46
4

173
46
1

26
9

Total Latin America and Caribbean

243
336

142

22
137

11.072

Asia:
Chi na:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon

130
114
216
109

9
2

88
189

16
71

1,845
254

1.003

772

Malaysia
Pakistan
Philippines
Si ngapore
Syria
Thailand
Other Asia

54
43
39

210

101

Total Asia

3,965

2
1

618

Africa:

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

176
2

16
61

Total other countries

Total

foreign countries

international and regional

Grand total

Total Africa

Total

2
*

Other countries:
Australia
Al
other

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

Total Europe

British West Indies
Chile
Colombi a
Cuba
Ecuador
Guatemala
Jamaica
Mexico
%
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.

386

447

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

Brazi

Commer ci
claims

25
170
20

Belgium-Luxembourg
Bulgaria

Denomi na ted
in dollars

71
CAPITAL
Section

Transactions
Table

Long Term Securities by Foreigners Reported by Banks and Brokers

CM— V— 1. —

[In millions of dollars;

MOVEMENTS

Foreign Purchases and Sales of Long-Term Domestic

negative figures Indicate net sales by foreigners or

the United States

Securities by Type

net outflow of capital

from the United States]

72
CAPITAL MOVEMENTS
Table
[In

miinons

CM-V-3. -

Net Foreign Transactions

Long-Term Domestic Securities by Type and Country

dollars; negative figures Indicate net sales by foreigners or
U.S. Gov't corporations
and Federal agency bonds

Marketable Treasury
bonds and notes

net outflow of capital

Corporate bonds

from the United States]

Corporate stocks

Jan.
Jan.
Calendar Oct.
Jan.
Calendar Oct.
Calendar Oct.
Calendar Oct.
Jan.
through through
through through year
through through year
through through year
year
Dec. r
Mar. p
1986r
Deer
Har.p

Europe:
Austria
Belgiutn-Luxembourg

110
349

-296
26

-20
235

Bui gari a

Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary

276
253
-673

7.531
179

.710
32

Italy

911

300

'
3

969
132
310

Sweden. .
Swi tzerland
Turkey
United Kingdom
U.S.S.R
Yugosla v1
Other Europe
.

-1

4.648

Total Europe

Canada
Latin America and Caribbean:
Argen t1 na
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

-3

520
859
24

-250
-20
33
*
9
3

-20
-159
-26
-14

Mexico
Netherlands Antilles
Panama....
Peru

Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean

4
2

-95

Total Latin America
and Car i bbean
Asia;
China:
Mai nland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Paki Stan
Phi ippi nes
Si ngapore
Syria

122

-30
518
7

-51
315

4,048
1,306
5
3

594

Thailand
Oi -exporting countri es
Other Asia
Total Asia
1

39
_1_/

-1.473
-2

5.466

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire

•

-49
•
*

Oil-exporting countries 2J
Other Africa
Total Africa

Other countries
Australia
Al
other

1.283

Netherlands
Norway
Poland
Portuga
Romania
Spain

Total

other countries..

Total

foreign countries

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

-1,4 30
157
170
-^

Total 1 nternati onal
and regional

-1,103

Grand total

24.173

352

-607
539

CAPITAL MOVEMENTS

Q. Q.

o o

dco

CD
00

o o

(J)

sxxx:

-J 00

zS2

I
R.

coco

in
00

ZLU

-Q

ixww
1
^s

"
S «
-°

<
>00

SXS5S
<
oo
CD

CO
CD

g
o
o
O
to
z
o
a
m

CN
00
cn

Lx.

[XW
o

CN
I

CAPITAL MOVEMENTS
Table

CM-V-4. -

Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During First Quarter 1987, Preliminary
[In

millions

dollars]

477

75
CAPITAL MOVEMENTS
Table

CM-V-5. -

Foreign Purchases and Sales of Long-Term Securities

by Type and Country, During Calendar Year
[In mil

1986

Ions of dol lars]

Gross sales by foreigners
c securities

Gross purchases by foreigners
Domesti c securi ties

MarketBonds
able
of U.S.
TreasGov't
ury i
corp
Federa
F nanc- and f ed-

Domesti

Forel gn
securi ti es

MarketBonds
able
Treas- of U.S.
Gov't
ury 4
Federal corp
Financ- and federally
Ing

Bonds Stock

Bank
bonds
notes

Total
purchases

Bank
bonds
notes

(3)

6.6U

488

221

351

114

318
517

agencies Bonds Stocks
(10)

(9)

(11)

1.352
6.191

254
3.931

1.032

525

2.135
3.299

40
177
701

119
43
780

4.561

540
410
2.160

70^
118

6. 335

4.434

4.826

7.058

197

1.663

9.376

1.035

5.020

2.604

1.823

7.494
5,777
20.388

32.913

779

4.113

5.166

5.633

2.828

45.7o5

25.362

572

258

204

429

231

455
11.026

200
608

233
1,135
177

719

442

105

367

2.114

9.742
10.085

555
313

298

2.655

5.098
10.052

I0:996

633
122

620
3.591
277

1.599
15.246
11,005

261

306
331
114

•

056

3.396
4.843
25.452

235

229

101
344

30
77

205

117
558

7.024

19.271

2.427
4.711
25.143

240

3.102
5.728
50.272

130

28
97

170

2.564

192
209
1.757

•

8.116 52.990

34.705

7.071 20.139

29.879

19.106
ll!734

Portugal!!!!!!!
4

\l"'"„"
S,,aen

8,358
55.363

S-itieriini'"

404.363

224.142

•

8.423

6,689

785

1.461

375.510

219.494

•

17.711

[

805
101
6.130
332,669 11.274 29,625

37,373

214
11.527
16.721

,
31

7.271
7.373

171
43

245
844

2.954
5.521

699

167

2.063

877
10
79

169

257

3.276
6:315

934

1.146

2.766

243
778

67
32

Ecuador!!::::!!

cSSteLli

66,114 103.019 27,419
16,684

1.650

318

5,456

8,164

127

3.312

112

382

2.001

108

240

1.637

339

60
60

62
62

5.963
203

3.562

17
14

578
270

110

116
100

145

136
66

20
23

l**7*'

•

264

218
466
361

630
6.142
1.453

123
301

23
142

65
127
23

222
2.955

•

34
60

18
61

2.381

13
20

270
3.225
2.781

10.187
4.774

142

869

457

658

206

118
146

2.053

250

2
3

l-*21-

36
26

3.066
2.757

1.584
12.205
5.432

VenLoela

i6_

69,644

8:232

4.380

8.365

17,691

239
84

19:321
245
6.496
527
290

;

7.809

791

eer.rdi!!!!!!!!

570,319

356
739

S^;!"'

2.927

82.004 16.923

254

Caribbean:

Argentina

176

683

1.858

377

86,948 25,815

614

75.673

656

160

;

38,254

71,206

2.863
1.915

68.776 15.630

197

349^51912 .840 67.566

618.361

Canada

Jamaica
Ke,(co
»eth Antiiies..
Panama
..
Peru
Trin J Tobago..
Uruguay....:...

6.326

361

51.633

Ketheriandi!!!!
Kor.ay. :.!!!.:

Colombia

(14)

94
20

Brazil
Brit Uest'ind"
Chile

Bonds Stocks
(13)

(121

1.742
18.460

563

Forel gn
securi ties

200
833

1l"Jl"

1.969

Gerltn,"'"
Greece !!!!!!..

Total Europe..

622
4.594

1.012

Total
sales

Corporate
i other

Full text of Treasury Bulletin : June 1987

FRASER