Full text of Treasury Bulletin : June 1993
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DEPARTMENT OF THE TREASURY
FINANCIAL
MANAGEMENT SERVICE
WASHINGTON, DC.
FIRST-CLASS MAIL
POSTAGE & FEES PAID
20227
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JUNE
1993
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TREASURY
BULLETIN
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Department of the Treasury'
Financial Management Service
WMMMg
The Treasury Bulletin is issued quarterly in March, June, September, and December by the
Financial Management Service. The Reports Management Division, Financial Information
compiles articles of general interest as well as statistical data from sources within several
Treasury departmental offices and bureaus. Readers can contact the Financial Reports
Branch
at (202)
208-1709
article subjects, tables
to inquire
about any of the published information. Suggestions for
or graphs are welcome.
TREASURY BULLETIN STAFF
i
I
I
Editor-in-Chief:
Regina M. Dennis-Downing
Managing
Editor:
Karen
Assistant Editor: Stephen T. Wiley
Editorial Assistants:
Bertha M. Butts and Bernice T.
James
Y. Sliepard
Contents
JUNE 1993
FINANCIAL OPERATIONS
PROFILE OF THE
ECONOMY
POE-A.--Charts: Growth of real gross domestic product
POE-B.--Charts: The Federal budget deficit
POE-C. --Charts: Net saving and investment
POE-D.-Charts: Real disposable personal income; real personal spending
POE-E. -Charts: Current account balance
POE-F.-Charts: Merchandise trade deficit
POE-G. -Charts: Consumer and producer prices
POE-H. -Charts: Employment and unemployment
3
5
6
7
8
9
10
11
FEDERAL FISCAL OPERATIONS
Analysis-Budget results for the second quarter fiscal 1993;
FFO-A.-Chart: Monthly receipts and outlays
FFO-B -Chart: Budget receipts by source
FFO-1. -Summary of fiscal operations
FFO-2—On-budget and off-budget receipts by source
FFO-3—On-budget and off-budget outlays by agency
13
15
15
16
17
19
First-quarter receipts
FEDERAL OBLIGATIONS
FO-1, -Gross obligations incurred within and outside the Federal Government by object class
FO-A. -Chart: Gross Federal obligations incurred outside the Federal Government
FO-B.-Chart: Total gross Federal obligations
FO-2.-Gross obligations incurred outside the Federal Government by department or agency
22
23
23
24
ACCOUNT OF THE U.S. TREASURY
UST-1 -Elements of changes
in
27
Federal Reserve and tax and loan note account balances
FEDERAL DEBT
FD-1. -Summary of Federal debt
FD-2. -Interest-bearing public debt
29
30
FD-3.-Government account series
31
FD-4. -Interest-bearing securities issued by Government agencies
FD-5 -Maturity distribution and average length of marketable interest-bearing public debt held by private investors
FD-6.-Debt subject to statutory limitation
FD-7— Treasury holdings of securities issued by Government corporations and other agencies
FD-A. -Chart: Average length of marketable debt
FD-B. -Chart: Private holdings of Treasury marketable debt by maturity
32
33
33
34
35
36
PUBLIC DEBT OPERATIONS
TREASURY FINANCING
38
PDO-1 -Maturity schedules
of interest-bearing
marketable public debt securities other than regular weekly and 52-week
Treasury bills outstanding
PDO-2.-Offerings of bills
PDO-3. -Public offerings of marketable securities other than regular weekly Treasury
PDO-4 -Allotments by investor classes for public marketable securities
U.S.
42
48
50
53
bills
SAVINGS BONDS AND NOTES
57
57
58
SBN-1. -Sales and redemptions by series, cumulative
SBN-2, -Sales and redemptions by period, all series of savings bonds and notes combined
SBN-3. -Sales and redemptions by period, series E, EE, H, and HH
OWNERSHIP OF FEDERAL SECURITIES
60
OFS-1. -Distribution of Federal securities by class of investors and type of issues
OFS-2— Estimated ownership of public debt securities by private investors
61
MARKET YIELDS
63
64
65
67
MY-1. -Treasury market bid yields at constant maturities: bills, notes, and bonds
MY-A— Chart: Yields of Treasury securities
MY-2. -Average yields of long-term Treasury, corporate, and municipal bonds by period
MY-B— Chart: Average yields of long-term Treasury, corporate, and municipal bonds
U.S.
CURRENCY AND COIN OUTSTANDING AND
USCC-1. -Amounts outstanding and
USCC-2.-Amounts outstanding and
in
circulation;
in
circulation;
IN
CIRCULATION
currency coin
by denomination, per capita comparative
totals
69
70
IV
Contents
Page
DMTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1.--U.S.
Reserve assets
IFS-2. --Selected U.S.
liabilities to
foreigners
IFS-3.-Nonmarketable U.S. Treasury bonds and notes issued to official
IFS-4— Trade-weighted index of foreign currency value of the dollar
institutions
and other residents
of foreign countries
74
75
76
77
CAPITAL MOVEMENTS
LIABILITIES
TO FOREIGNERS REPORTED BY BANKS
Cli/l-l-1.-Totalliabilities
CM-l-2. -Total
liabilities
CI^-l-3— Total
liabilities
Cri^-l-4. -Total liabilities
GM-A.-Chart:
by
by
by
by
IN
THE UNITED STATES
79
80
type of holder
type, payable in dollars
country
type and country
81
83
85
Liabilities to foreigners
CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN
THE UNITED STATES
CM-ll-1. -Total claims by type
CM-ll-2. -Total claims by country
CM-ll-3. -Total claims on foreigners by type
and country reported by banks
LIABILITIES AND CLAIMS DATA
CM-lll-1— Dollar claims on nonbank foreigners
CM-B— Chart: Claims on foreigners
SUPPLEMENTARY
in
the United States
REPORTED BY BANKS
IN
86
87
89
THE UNITED STATES
91
92
AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING ENTERPRISES
THE UNITED STATES
LIABILITIES TO,
IN
CM-IV-1. -Total liabilities and claims by type
CM-IV-2. -Total liabilities by country
CM-IV-3. -Total liabilities by type and country
CM-IV-4.-Total claims by country
CM-IV-5— Total claims by type and country
93
94
96
98
100
TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
IN THE UNITED STATES
CM-C.-Chart: Net purchases of long-term domestic securities by selected countries
CM-V-1. -Foreign purchases and sales of long-term domestic securities by type
CM-V-2. -Foreign purchases and sales of long-term foreign securities by type
CM-V-S. -Net foreign transactions in long-term domestic securities by type and country
CM-V-4. -Foreign purchases and sales of long-term securities, by type and country (first quarter)
CM-V-5. -Foreign purchases and sales of long-term securities, by type and country (calendar year)
102
103
103
104
106
108
FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS
FCP-l-1.-Nonbanking firms' positions
FCP-l-2.-Weekly bank positions
Ill
Ill
CANADIAN DOLLAR POSITIONS
FCP-ll-1—Nonbanking
firms' positions
FCP-ll-2.-Weekly bank positions
112
112
GERMAN MARK POSITIONS
FCP-lll-1.~Nonbanking firms' positions
FCP-lll-2."Weekly bank positions
113
113
JAPANESE YEN POSITIONS
FCP-lV-l.-Nonbanking firms' positions
FCP-IV-2.-Weekly bank positions
114
114
Contents
Page
SWISS FRANC POSITIONS
FCP-V-1.--Nonbanking firms' positions
FCP-V-2. --Weekly bank positions
115
115
STERLING POSITIONS
FCP-VI-l.-Nonbanking firms' positions
FCP-VI-2.-Weekly bank positions
U.S.
116
116
DOLLAR POSITIONS ABROAD
FCP-VII-l.-Nonbanking firms' foreign subsidiaries' positions
FCP-VII-2. -Weekly bank foreign subsidiaries' positions
117
117
EXCHANGE STABILIZATION FUND
ESF-1. -Balance sheet
ESF-2. -Income and expense
120
120
TRUST FUNDS
TF-IO.-Airport and Airway Trust Fund
123
125
TF-15.-Highway Trust Fund
TECHNICAL PAPERS
REPORTS
Recent Treasury reports and studies
Research paper series
131
GLOSSARY
134
DEPARTMENT OF TREASURY ORGANIZATIONAL CHART
136
ORDER FORMS FOR TREASURY PUBLICATIONS
137
133
NOTES
Definitions for words
Figures
p-
shown
may not add to
Preliminary.
in italics
totals
can be found
because of rounding.
in the glossary.
= Not available.
r= Revised,
n.a.
VI
Nonquarterly Tables and Reports
For the convenience of the 'Treasury Bulletin" user, nonquarterly tables and reports
are listed below along with the issues in which they appear
Issues
March
Federal Fiscal Operations
FFO-4.-Summary
Capital
of internal revenue collections by States
and other areas
V
Movements
CM-lll-2.-Dollar
liabilities to,
and
dollar claims on, foreigners in countries
and
areas not regularly reported separately
Special Reports
Consolidated Financial Statements of the United States Government.
Statement of
Liabilities
and Other Financial Commitments
States Government
Trust
of
ttie
.
.
United
V
Fund Reports:
Aquatic Resources Tnjst Fund
V
and Airvray Trust Fund
V
V
Airport
Black Lung Disability Trust Fund
Civil
Service Retirement and Disability Fund
Federal Disability Insurance Trust Fund
Federal Hospital Insurance Trust Fund
Federal Old-Age and Survivors Insurance Trust Fund
Federal Supplementary Medical Insurance Trust Fund
Hartwr Maintenance Tnjsl Fund
V
Hazardous Substance Superfund
V
Highway Trust Fund
"^
Inland
Waterways Tmst Fund
>/
Leaking Underground Storage Tank Trust Fund
National Recreational Trails Trust
National Service Life Insurance
Fund
>/
Fund
Nuclear Waste Fund
Oil Spill Liability Trust
"^
'
^
Fund
Railroad Retirement Account
Fund
Unemployment Trust Fund
N^cdne Injury Compensation
Trust
Investments of specified
accounts
Reforestation Trust
trust
'
Fund
'
June
Sq}t
Dec.
K.
'
garB=
FINANCIAL
OPERATIONS
PROFILE OF THE ECONOMY
Profile of the
Economy
CHARTS POE-A.--Growth of
Real Gross Domestic Product
Quarterly annual rate
estimates show the growth of real Gross Domestic
Product (GDP) slowed to a 1 .8 percent annual rate in
the first quarter of 1 993. As well as being lower than
expected, the first-quarter rate of 1 .8 percent is a
mar1<ed drop from the 4.7 percent rate In the fourth
quarter of 1992.
While unusually severe weather may have been partially
responsible for the drop, there is evidence of an
underlying softness in the economy. Inventory
accumulation-resulting from weak sales-accounted for
more than the total of first-quarter growth. Meanwhile,
defense purchases dropped sharply and the net export
balance weakened.
The fixed-weighted price index for GDP rose at a 4.2
percent rate in the first quarter, compared to 3 percent
for all of last year. The increase, however, likely reflected
special one-time factors In January and February.
As compared to a 4.8 percent rate of grovirth during a
typical recovery, growth has averaged 2.2 percent in the
2 years since the recent recession.
Initial
92,
92, IV
II
93,
Percent change, fourth quarter to fourth quarter
6
5
2
-
Q
-
^^
TT=
~I
78
I
I
79
80
I
81
I
I
I
I
I
I
I
I
I
82
83
84
85
86
87
88
89
90
I
91
I
92
I
PROFILE OF THE ECONOMY
POE-A.--Continued
Real
GDP in Recovery
Index, cycle trough
= 100
112
110
Postwar average
(Excludes 1949 and 1980 cycles.)
108
106
104
102
Current cycle
100
98
PROFILE OF THE ECONOMY
As a percent
CHARTS POE-B.--
of
Gross Domestic Product
The Federal
Budget
Deficit
The baseline forecast for fiscal year 1 993
projected a Federal budget deficit of $322
billion, which is 5.2 percent of Gross
Domestic Product (GDP). At this time, it
appears that the actual figure will come in
lower. The Administration's deficit
reduction program in combination with the
ongoing economic recovery is expected to
narrow the deficit to $212 billion by fiscal
1 996--at 2.9 percent of GDP After that, the
deficit will again begin to widen reaching
$250 billion--or 3.2 percent of GDP--by
fiscal 1998. Most of that figure represents a
structural deficit. Health care reform could
help keep the deficit on a declining track.
These figures assume Congress enacts
the Administration's budget plan, which
calls for a net deficit reduction of $137
billion by fiscal 1 998. If the plan is not
adopted, the deficit is projected to reach
$387 billion, or 5 percent of GDP by 1998.
Without a policy change. Congressional
Budget Office estimates put the fiscal 2003
budget deficit at 6.8 percent of GDP,
raising the debt ratio to 78 percent from 53
percent in fiscal 1993.
6
3-
2-
1
75
1
80
1
1
1
!!!
85
1
1
1
1
90
1
1
1
1
1
95
PROFILE OF THE ECONOMY
CHARTS POE-C.--Net Saving and Investment
National saving (net of depreciation) fell to a
postwar low of 0.6 percent of the Net
National Product (NNP) in 1992, down from
The national saving rate
1 .6 percent in 1991
averaged 8.8 percent in the 1960s and 7.9
percent in the 1970s. Government dissaving,
which widened from 0.7 percent of NNP in
the 1 960s to 6.4 percent in 1 992, was the
main culprit in the tremendous drop.
Including State and local government
pension funds, private saving edged up to
7.0 percent in 1992. Reflecting long-term
declines in retained earnings (2.0 percent of
NNP) and personal saving (5.1 percent), that
rate is still well below averages of 9.5
percent in the 1960s and 1970s. Similarly,
total net investment was only 1 .3 percent of
NNP in 1992, off from an average of 8.4
percent in the 1960s and 1970s, and also
down significantly from the 1980s average of
4.3 percent. Supplemented by an inflow of
foreign cash, domestic investment fell less
sharply in the 1980s--to 6.1 percent from
Net National Saving
As a percent
of net national product
.
highs near 8 percent in prior decades. But, in
1992, domestic investment was a mere 2.2
percent of NNP.
60
65
70
80
75
85
90
Includes pension funds of state and local governments
Net National Investment
P
As a percent
I
I
60
I
I
I
I
I
65
I
I
I
I
I
70
product
of net national
I
I
I
I
I
I
I
75
"Includes D S net foreign investment
I
I
I
80
I
I
I
I
I
85
(or disinvestment)
I
I
I
I
I
90
I
PROFILE OF THE ECONOMY
(Percent change, fourth quarter to fourth quarter)
5
CHARTS POE-D."
3-
Real Disposable
Personal Income
Real disposable (after-tax) income of
at a 2.7 percent annual rate
in the first quarter of 1993, about the same as
the 1992 average. The rise would have been
almost a percentage point lower if it had not
been affected by some special one-time
factors. Real private wages and salaries made
modest gains during the first quarter of 1993
rising at a 2 percent annual rate, although
March figures made a weaker showing.
Interest income for the period was soft.
households rose
1
1986
Real Consumer Spending
T
T
T
T
T"
T
T"
1987
1988
1989
1990
1991
1992
1993
'
First quarter only
(Percent change, fourth quarter to fourth quarter)
5
Growth in real consumer spending slowed to
a 1 .2 percent annual rate in the first quarter of
1993, down sharply from the 5.1 percent rate
posted in the last quarter of 1 992. Spending
was flat in January, while Febmary and
March showed declines in spending. Severe
weather was probably responsible for the
weak March figures. The personal saving rate
was 4.8 percent for the period.
2-
0%
T"
1986
1987
1988
1989
1990
1991
II
1992
1993
PROFILE OF THE ECONOMY
CHARTS POE-E.-Current Account
Balance
the most comprehensive
of U.S. international
1992, the account was in deficit
Current account
is
summary measure
transactions. In
billion,
-20
compared
with a $46 billion deficit
1991 (both figures exclude foreign
contributions for Desert Storm). The widening of
the deficit from 1991 to 1992 reflected the
combination of the U.S. economic recovery and
by $64
Merchandise
in
the economic weakness of other industrial
nations. Figures for the three major components
of the balance include merchandise trade,
investment income, and services. In 1992, there
was a deficit of $96 billion in merchandise trade.
That figure had been $73 billion in 1991 which
-40
-60
-80
-100
,
benefited from a recession-induced drop in
imports. As for income payments-interest,
dividends, and direct investment income--1992
saw a surplus balance of $10 billion, composed
of a $49 billion surplus on direct investment
income, a modest deficit on portfolio investment,
and an outflow of $39 billion in Federal interest
payments to foreigners. Trade in services such
as travel, transportation, and finance showed a
surplus of $55 billion in 1992.
-120
-140
-160
-180
87
88
Services
90
89
92
91
Investment Income
180
160
140
120
100^
80
60
40
20
87
(All
88
charts
89
90
in billions of
91
92
dollars)
87
88
89
90
91
92
1
PROFILE OF THE
ECONOMY
CHARTS POE-F.-Leading Indicators
Ratio scale: 1982 = 100
The index of
leading indicators dropped
by 1 .0 percent in March, the largest
decline since November of 1 990. The
decline was closely in line with market
expectations and reflected the weak
154
many measures impacted by
152
showing
of
the severe March weather. Nine of the 1
components were negative, with building
permits, unemployment claims, the
factory wor1<week, and consumer
expectations making the worst showings.
Only two components increased, with
stock prices the strongest. The index of
coincident indicators edged up a slight 0.1
percent. Coincident indicators have been
about flat since a jump of 1 .0 percent in
December. While inclement weather in
March undoubtedly affected both
measures, the poor showing also may be
reflective of an underlying weakness in
the economy.
150
148
->
146
144
160
69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92
'
Shaded areas represent periods
o*
recession
10
PROFILE OF THE ECONOMY
—
PROFILE OF THE ECONOMY
CHARTS POE-H."
Civilian
Employment and
Unemployment
The unemployment
rate
11
Unemployment Rates
(In
percentages)
12
remained
at
7
the third month in a row.
Payroll jobs during that time rose by
1 19,000, somewhat less than expected.
The labor market situation remains
disappointing. Businesses still are reluctant
to hire new full-time, permanent workers.
The entire increase in employment for April
was in the service sector, with temporary
help making significant gains.
Meanwhile, manufacturing jobs
experienced a cut of 65,000 workers,
although factory overtime hours were at a
record high and the average workweek
percent
in April for
went back up to a 27-year high.
Construction job gains also failed to
materialize after the March snowstorms,
and may have been affected by wet April
weather. The household survey indicates
that fewer people were employed in April,
but an increase in labor force drop-outs
kept the overall unemployment rate steady.
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82 83 84 85 86 87 88 89 90 91 92 93
Establishment Employment
(Monthly change
in
thousands)
400
300
200 i
100
-100 -
-200
AMJJASONDJFMA
~\
T"
—
I
1992
1
1
1
1
1
1
1
1993
1
FEDERAL FISCAL OPERATIONS
12
INTRODUCTION:
Budget authority usually takes the form
and payments
allow obligations to be incurred
Federal Fiscal Operations
of appropriations that
to
be made. Reappro-
priations are Congressional actions that extend the availability of un-
have expired or would otherwise expire. These
are counted as new budget authority in the fiscal year of the legislation
In which the reappropriation act is included, regardless of when the
amounts were originally appropriated or when they would otherwise
obligated
amounts
that
lapse.
Obligations generally are liquidated by the issuance of checks or
the disbursement of cash-- ouf/ays. Obligations
may
also
be
liquidated
(and outlays recorded) by the accrual of interest on public issues of
Treasury debt securities (including an increase in redemption value of
bonds outstanding); or by the issuance of bonds, debentures, notes,
monetary credits, or electronic payments.
Refunds of collections generally are treated as reductions of
collections, whereas payments for earned-income tax credits in excess
of tax liabilities are treated as outlays. Outlays during a fiscal year may
be for payment of obligations incurred in prior years or in the same year.
Outlays, therefore, flow
in
part from
unexpended balances
of prior year
budget authority and from budget authority provided for the year in
which the money is spent. Total outlays include both budget and
off-budget outlays
and are stated net
Receipts are reported
offsetting collections.
of offsetting collections.
the tables as either budget receipts or
in
They are
collections from the public, excluding
retirement funds; (2) interest received by trust funds; (3) rents and
royalties on the Outer Continental Shelf lands; and (4) other interest
(i.e.,
that collected
when such money
on Outer Continental Shelf money
is
in
deposit funds
transferred into the budget).
The Government has used
the unified budget concept as a
budgetary analysis and presentation since 1969. The
concept calls for the budget to include all of the Government's fiscal
transactions with the public. Since 1971, however, various laws have
been enacted removing several Federal entities from (or creating them
outside of) the budget. Other laws have moved certain off-budget
Federal entities onto the budget. Under current law, the off-budget
Federal entities consist of the two Social Security trust funds. Federal
old-age and survivors insurance, and Federal disability insurance.
foundation for
its
Although an off-budget Federal
entity's
receipts, outlays,
and
surplus or deficit ordinarily are not subject to targets set by the congressional resolution, the Balanced Budget and
Control Act of 1985 (commonly
known as
Hollings Act) included off-budget surplus or deficit
targets under that act
and
in
Emergency
Deficit
Gramm-Rudman-
the
in
calculating deficit
calculating excess deficit. Partly for this
reason, attention has focused on both on- and off-budget receipts,
outlays,
and
deficit of the
Government.
Tables FFO-1, FFO-2, and FFO-3 are published quarterly and
cover 5 years of data, estimates for 2 years, detail for 13 months, and
fiscal year-to-date data. They provide a summary of data relating to
receipts offset against outlays. These, also called governmental re-
Federal
fiscal
ceipts, consist mainly of tax receipts (Including social insurance taxes),
officers,
and
operations reported by Federal entities and disbursing
daily reports from the Federal
Reserve banks. They also
the Federal Reserve system. Refunds of receipts are treated as deduc-
accounting transactions affecting receipts and outlays of the
Government and off-budget Federal entities and their related effect on
tions from gross receipts.
assets and
receipts from court fines, certain licenses,
and deposits
of earnings by
Government accounts or the
market-oriented nature. They are
Offsetting collections from other
a business-type
public are of
classified
as
or
either collections credited to appropriations or fund ac-
amounts deposited in receipt accounts). The former normally can be used without appropriation act by
Congress, These occur in two instances: (1) when authorized by law,
amounts collected for materials or services are treated as reimbursements to appropriations, and (2) in the three types of revolving funds
(public enterprise, intragovernmental, and trust); collections are netted
against spending, and outlays are reported as the net amount.
counts, or offsetting receipts
Offsetting receipts
appropriation.
in
(i.e.,
receipt accounts cannot
They are subdivided
into
be used without
two categories:
function,
and
(2)
by agency
intra-governmental funds, or payments into
receipt accounts from governmental appropriation or fund accounts.
They finance operations within and between Government agencies
and are credited with collections from other Government accounts
Intrabudgetary transactions ate subdivided into three categories:
(1) interfund
transactions-payments are from one fund group
Federal funds or trust funds) to a receipt account
in
(either
the other fund
group; (2) Federal intrafund transactions--payments and receipts both
occur within the Federal fund group; and (3) trust intrafund transactions-
-payments and receipts both occur within the
trust
fund group.
deducted from budget authority
agency There are four types of
receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies' payments (including
payments by off-budget Federal entities) as employers into employees'
Offsetting receipts are generally
and outlays by
function, subfunction, or
liabilities of the Government. Data are derived from the
Monthly Treasury Statement of Receipts and Outlays of the United
States Government,
• Table FFO-1 summarizes the amount of total receipts, outlays,
and surplus or deficit, as well as transactions in Federal securities,
monetary assets, and balances in Treasury operating cash.
• Table FFO-2 includes on- and off-budget receipts by source.
Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift
taxes, customs duties, and net miscellaneous receipts.
• Table
FFO-3
details on-
and off-budget outlays by agency
(1) proprietary
receipts, or collections from the public, offset against outlays
and by
detail
FFO-4 (Fall issue) summarizes internal revenue collecand other areas and by type of tax Amounts reported
are collections made in a fiscal year. They span several tax liability
• Table
tions by States
years because they consist of prepayments
(i
e
,
estimated tax pay-
ments and taxes withheld by employers for individual income and
Social Security taxes), of payments made with tax returns, and of
subsequent payments made after tax returns are due or are filed (i.e..
payments with delinquent returns or on delinquent accounts).
It
is
important to note that these data do not necessarily reflect
the Federal tax burden of individual States.
Amounts are reported
address provided by each taxpayer or
reporting entity. For multistate corporations, the address may reflect
only the State where such a corporation reported its taxes from a
principal office rather than other States where income was earned or
based on the primary
where
individual
addition,
an
filing
income and Social Security taxes were withheld. In
may reside in one State and work in another.
individual
FEDERAL FISCAL OPERATIONS
13
Budget Results for the Second Quarter, Fiscal 1993
SUMMARY
Total
The Federal budget
deficit narrowed to $62.4
billion in the second quarter
from $120.5 billion in the
first. Much of the $58 billion
difference
was
attributable
to an unusual timing of payments (the New Year's holi-
day weekend caused
January social security
checks to be mailed in December). Outlays ballooned
almost $25 billion in December and declined by
that same amount in January.
Excluding the effects of
this
timing difference, the
deficit totaled
almost $87
the second quarter
compared with over $96 bilbillion in
On- and Off-Budget Results and Financing of the U.S. Government
[In
Budget estimates
January-March
Total on-
and off-budget
results:
262,307
Total receipts
On-budget receipts
Off-budget receipts
Total outlays
On-budget outlays
Off-budget outlays
Total surplus or deficit
On-budget surplus
(-)
or deficit
Off-budget surplus or
Means
deficit
(-)
.
.
.
(-)
.
.
.
of financing:
Borrowing from the public
Reduction of operating cash
Other means
Total on- and off-budget financing
a decrease
of about $9 billion. Usually,
there is some seasonal widening of the deficit between
the first and second fiscal quarters. Improvement this year
partly reflected a defense spending drop, which may have
been raised in the first fiscal quarter by special outlays
connected with operations in Somalia and the Middle East.
Revenues increased in the second quarter, primarily in
lion in
the
millions of dollars]
first,
response to payments on income shifted into calendar year
1992 by high-income individuals anticipating higher tax
rates this year.
Compared with the comparable quarter of fiscal 1992,
the deficit decreased $29 billion in the second quarter,
adjusted for the timing difference. Receipts were about $23
billion (nearly 10 percent) higher. That rise reflected a
decline in tax refunds in response to last year's cut in
withholding rates as well as the increased payments of both
withheld and other individual tax payments on income
shifted into calendar year 1992.
Outlays, excluding the timing shift in social security
payments, were about $5 billion (1.5 percent) lower than
the second quarter of 1992. The major element in that
decline was deposit insurance spending, which was negative by $6.1 billion in the second quarter of fiscal 1 993, as
asset sales by the Resolution Trust Company and other
deposit insurance agencies exceeded gross spending. In
the comparable quarter a year earlier, deposit insurance
outlays had been a positive $10.3 billion. This swing, with
declines in defense purchases and net interest payments,
more than offset increases in outlays for agriculture, health.
Medicare, and income security programs this year.
In the first 6 months of the fiscal year, the budget deficit
totaled $1 82.8 billion, more than $16 billion below the deficit
in the first half of fiscal 1992. After adjusting the figures to
exclude a $19.5 billion swing in deposit insurance outlays
and to remove contributions from foreign governments to
Actual fiscal year
to date
(ApriM 993)
fiscal
full
1993
FEDERAL FISCAL OPERATIONS
14
First-Quarter Receipts
quarter of fiscal 1993. There was a negligible change
receipts fi'om the first quarter of fiscal 1992. Growth in
contributions will remain flat over the next few years as the
first
in
The following capsule analysis of budget reby source, for the first quarter of fiscal 1993
supplements fiscal data reported in the March issue
ceipts,
of the "Treasury Bulletin." At the time of that issue's
release, not enough data was available to analyze
adequately collections for the quarter.
Individual income taxes-Individual income tax rewere $1 21 .6 billion for the first quarter of fiscal 1 993.
This represents an increase of $8.5 billion over the comparable quarter for fiscal 1992. Withheld receipts increased
by $6.1 billion over the comparable quarter of fiscal 1992.
Non-withheld receipts increased by $0.9 billion and refunds
decreased by $1.5 billion over the comparable quarter of
1 992. All of the figures represent increases in liability over
the prior year quarter.
ceipts
Corporate income taxes-Corporate receipts for the
quarter of fiscal 1993 totaled $26.5 billion. This was
$2.8 billion higher than receipts for the comparable quarter
first
of fiscal 1992. The $2.8 billion figure is composed of approximately $1.8 billion in additional estimated and final
payments plus approximately $1 .1 billion in lower reftjnds.
The increase in net receipts reflects both increased corporate profits and new estimated payment rules that became
effective in June 1992.
number of employees covered by the new Federal employees' retirement system (FERS) grows slowly relative to
those covered under the old
civil
service retirement system
(CSRS).
Unemployment Insurance-Unemployment
insur-
ance receipts for the first quarter of fiscal 1993 were $3.6
billion comparedwith $3.5 billion forthe comparable quarter
in the U.S. Treasury
increased by $0.3 billion, but combined Federal Unemployment Tax Act Receipts (FUTA) and railroad unemployment
tax receipts fell $0.2 billion.
of fiscal 1992. State taxes deposited
Excise taxes-Excise tax receipts
for
billion
for
October through
compared to $11.5
the comparable quarter of fiscal 1992-an in-
December 1992 were $11.8
billion
crease of $0.3 billion over the prior-year level. Refijnds
increased by $0.1 billion. Gross excise tax receipts increased by $0.4 billion. The increase is primarily the result
of improved business activity from the levels of a year
earlier.
Estate and
were $2.9
taxes-Estate and gift tax receipts
October through December 1 992. This
gift
billion for
represents an increase of $0.1 billion over the previous
quarter and an increase of $0.3 billion over the same
quarter in 1992.
Employment taxes and contributions-Employment
taxes and contributions receipts for the October through
December 1992 quarter were $89.7 billion, an increase of
$3.4 billion over the comparable quarter of 1992. Receipts
to the Old-Age Survivors Insurance, the Disability Insurance, and the Hospital Insurance trust funds increased by
$2.4 billion, $0.3 billion, and $0.7 billion, respectively. Refunds were unchanged from the first quarter of 1992.
Contributions for other insurance and retirementContributions for other retirement were $1 .2 billion for the
First
[In billions
income taxes
Corporate income taxes
Employment taxes and contributions
Unemployment insurance
Contibutions for other insurance and retirement
Excise taxes
Estate and
Customs
gift
taxes
duties
Miscellaneous receipts
Total budget receipts
receipts, net of refunds,
quarter of fiscal 1 993. This is
an increase of $0.3 billion ft'om the comparable quarter of
last year quarter. It is due to an increase in imports.
billion for
the
first
Miscellaneous receipts-Net miscellaneous receipts
first quarter of fiscal 1993 were $3.3 billion, a
decrease of $4.4 billion fi-om the same quarter last year.
The decrease was the result of a decline in deposits of
A
Federal Reserve earnings.
for the
Quarter Fiscal 1993 Net Budget Receipts, by Source
Source
Individual
Customs duties-Customs
were $4.7
of dollars]
October
November
December
37.3
33.1
51.2
2.1
1.5
23.0
28.1
30.2
31.3
1.0
2.3
03
0.4
0.4
0.4
3.7
4.1
4.0
0.9
0.8
1.0
1.7
1.5
1.5
3.2
2.3
3.0
78.4
76.2
115.7
FEDERAL FISCAL OPERATIONS
15
140
CHART FFO-A.Monthly Receipts and
Outlays, Fiscal 1993
(In billions of dollars)
On-budget
receipts
Off-budget
receipts
On-budget
outlays
Off-budget
-\
1
May
Apr.
1
1
FFO-B.--
Budget Receipts
by Source,
through Second
1
r
outlays
300
200
(In billions of dollars)
150
"IVIonthly
n
D
250
Quarter, Fiscal
1992-1993
ment
1
Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
CHART
Source;
1
1993
1992
Treasury Stateand Outlays of
of Receipts
the United States
Government"
100
I^SJHfZZl
Individual
Corp.
Social
income
income
ins.
taxes
taxes
taxes
Excise
taxes
Estate/
Customs
Misc.
gift
duties
receipts
taxes
16
FEDERAL FISCAL OPERATIONS
TABLE FFO-l.--Summary of Fiscal
Operations
FEDERAL FISCAL OPERATIONS
TABLE FFO-2.--On-budget and Off-budget
[In
millions of dollars. Source: 'Monthly Treasury
Statement
of
17
Receipts by Source
Receipts and Outlays of the United Slates Government']
Social insurance
taxes and contribiitions
Employment taxes and
contribution s
FEDERAL FISCAL OPERATIONS
18
TABLE FFO-2.--On-budget and Off-budget Receipts by
Pn millions
of dollars.
Source: 'Monthly Statement of Receipts and Outlays
of
Source, con.
the United Stales Government']
Social insurance
taxes and
contributions,
con.
Excise taxes
Net social insurFiscal year
or
month
ance taxes and
Airport
and airway
trust
fund
Black lung
disability trust
fund
Highway
trust
Miscellaneous
fund
contributions
Gross
Refunds
Net
Gross
Refunds
Net
Gross
Refunds
Net
Gross
Refunds
Net
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
1988
334,335
3,195
6
3,189
594
594
14,406
292
14,114
18.246
603
17,643
1989
359,416
4,117
452
3,664
563
16,473
15,188
658
14,528
380,048
3,718
18
3,700
665
14,570
13,867
18,749
1,628
17,119
1991
396,011
4,919
10
4,910
652
652
17.331
845
702
352
15,628
1990
563
665
16,979
20.472
682
19,890
1992
413,689
4,660
15
4,645
626
626
17.287
574
16,713
24.562
977
28,585
1993 -Est
1994 -Est
426,815
n.a.
n.a.
3,424
n.a.
n.a.
17,806
n.a
n
a.
22,765
n.a.
n.a.
5,683
n.a.
633
649
n.a.
464,974
n.a.
n.a.
18,245
n
a.
n.a.
26,796
2,238
2,526
1992 -Mar
34,239
390
390
52
52
1.442
1.442
2,277
39
Apr
47,464
174
174
54
54
1.117
1,117
2,669
143
May
40,365
469
56
56
1.424
1,325
1,559
-32
1,591
June
38,382
52
52
1.496
1.496
2,392
102
2,290
49
49
1.614
119
1.495
1,833
253
1,580
51
51
1.517
170
1.347
2,371
101
2,270
1.357
2,489
142
2,348
1.411
1,844
35
1,809
July
31,722
389
426
Aug
33,139
387
Sept
33,322
336
468
389
422
383
336
52
52
1.367
10
Oct
29.594
54
1.412
1
32.900
397
464
54
Nov
Dec
397
464
50
60
1,408
1,408
2,288
129
2,159
31.918
350
34S
52
52
1,467
1,369
2,183
-65
2,248
29.416
-1.324
-1.324
57
57
1,563
1,563
3,059
47
3,012
Feb
Mar
34.251
305
424
49
49
1,344
1,344
1.692
48
1.644
33,652
305
424
53
53
1,570
1,570
2.598
131
2.467
Fiscal1993todate
191,732
616
611
8,764
8,665
13,664
1993 -Jan
13,339
FEDERAL FISCAL OPERATIONS
TABLE FFO-3.--On-budget and Off-budget Outlays by Agency
[In millions of dollars.
Fiscal year
Source: 'Monthty Treasury Statement
ol
Receipts and Outlays of the United States Government']
19
FEDERAL FISCAL OPERATIONS
20
TABLE FFO-3.--On-budget and Off-budget Outlays by Agency, con.
Pn millions
of dollars.
Source: 'Monthly Treasury Statement of Receipts and Outlays of the United States Government']
National
Undistributed offsetting receipts
Aeronautics
Environ-
General
and
mental
Services
Space
Protection
Adminis-
Agency
Rents and
OHice
Small
Other
Employer
Interest
royalties
Personnel
Business
indepen-
share,
received
on the Outer
Adminis-
Manage-
Adminis-
dent
employee
by
Continental
Iration
tration
ment
tration
agencies
retirement
funds
Shelf lands
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
1988
4,872
-285
9,092
29.191
-54
23.360
-33,028
1989
4,906
-462
11,036
29,073
83
32,323
1990
5,106
-122
12,429
31,949
692
1991
5.770
487
13.878
34.808
1992
5.932
469
13.961
1993 -Est
6.516
1.350
1994 -Est
6,745
1992 -Mar
Fiscal year
of
On-
Oft-
Other
ances
budget
budget
(30)
(31)
(32)
(33)
(34)
-41,822
-3,548
-76
'861,453
202,691
-34.282
-51.861
-2.929
-82
-
'931,655
211,221
73,518
-33,611
-62,312
-3,004
-97
-
1,026.785
226.065
613
80.454
-36.206
-70,649
-3.150
-550
-
1,081.302
241.687
35.596
394
18.877
-36.782
-77.838
-2.498
'
1.129,336
252,559
14.082
37.163
840
22.042
-34.867
-81,801
-2.299
1
-
1.200.409
267.2X
839
14.673
38.743
700
25,836
-35,041
-86,026
-2,758
-712
-747
1,235,895
279,423
537
426
1.294
3,140
19
10,075
-2.869
-380
-369
-
-
100.854
22.945
Apr
502
-601
1.148
3,178
36
6,114
-2,914
-614
-120
-
-
102.858
21.035
May
435
343
1.133
2.775
6
-2.764
-2.783
-4.993
-4
-
-
86.402
22.687
June
552
204
1.151
3.051
22
-151
-2,766
-32,896
-405
*
-
102,329
14,808
July
514
-627
1,179
2,959
45
1,433
-3,373
-141
-224
*
-
99.935
22.291
Aug
398
246
1.079
2.948
32
-1,592
-2,715
-881
-221
*
-
79,129
23,792
Sept
570
322
1,149
2,945
25
1,616
-5,621
-228
-226
'
-
86,708
26.236
Oct
439
165
1,098
3,090
113
-354
-2,498
-443
-12
'
-
'103,787
21,841
Nov
511
-478
1,317
2.586
95
-1,227
-2,511
-4,952
-442
*
-
'83.442
23,919
Dec
510
734
1.266
2,986
44
-403
-2,522
-34,461
-261
-
-
'116,575
36.061
437
-662
1,092
3,3X
-1
-589
-2,624
'
-
84.928
-2.025
Feb
383
383
1.008
2.886
41
-1,788
-2.564
-530
-245
-
-
89.274
24.456
Mar
581
468
1,344
3,180
154
100
-2.560
-143
-4.427
-
-
103.792
24,237
2,861
610
7.124
18.058
445
-4.261
-15,280
-40,520
-1,423
*
-
581.797
128.489
or
month
1993 -Jan
Fiscal 1993 to date
Data for the period do not reflect postyear adjustments published in the 'Monthly Treasury
Statement of Receipts and Outlays of the United Stales Government. 'the source for this table.
'
Adjusted, as shown in the 'Monthly Treasury Statement of Receipts and Outlays of the United
'
Total outlays
Allow-
trust
9-36
States Government
Note,-On-budget and off-budget estimates are based on the
by the Office of Management and Budget on April 8, 1993.
fiscal
1994 budget, released
FEDERAL OBLIGATIONS
INTRODUCTION:
The Federal Government
controls the use of funds through obli-
gations. Obligations are recorded
commitment
to
when
the
Government makes a
acquire goods or services Obligations are the
first
obligational stage of a Government transaction is a strategic
gauging the impact of the Government's operations on the
national economy because it frequently represents a Government
commitment that stimulates business investments, such as inventory
purchases and employment Though payment may not occur for
The
in
Federal Obligations
months after the Government places its order, the order
Immediate pressure on the private economy.
itself
can cause
of
key events that characterize the acquisition and use of resources:
order, payment, delivery, and consumption In general, they consist of
orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money.
four
point
21
An obligation Is classified by the nature of the transaction, without
regard to its ultimate purpose. For example, all salaries and wages are
reported as personnel compensation, whether the services are used
In current operations or in the construction of capital items.
Federal agencies often do business with one another
the "buying" agency records obligations
In
doing so,
and the "performing" agency
records reimbursements. In table FO-1, these transactions are presented. Conversely, table FO-2 shows only those transactions incurred
outside the Federal Government.
FEDERAL OBLIGATIONS
22
TABLE
FO-l.--Gross Obligations Incurred Within and Outside the Federal Government by
Object Class, Dec. 31, 1992
[In
millions of dollars. Source:
Standard Form 225, Report on Obliaations, from agenciesi
Gross obligations incurred
Object class
Outside
(1)
Personal services and benefits:
Wrthin
(2)
(3)
39.582
Personnel compensation
3,051
39.582
8.580
240
Personnel benefits
Total
11.631
240
Benefits for former personnel
1,485
155
1,640
Travel and transportation of persons
2.200
386
2.586
Transportation of things
3.720
1.617
5.337
342
117
459
59.188
10.360
69.548
14,471
6.085
20,556
12016
1.205
13.221
4,560
1
4.561
9,965
251
10.216
Contractual services and supplies:
Rent, communications, and
Printing
utilities
and reproduction
Other services
Supplies and materials
Acquisition of capital assets:
Equipment
Lands and structures
investments and loans
Grants and fixed charges:
Grants, subsidies, and contributions
Insurance claims and indemnities
Interest
82.095
14.268
96.363
140.687
96
140,783
71.602
28,083
99,685
15
15
2.314
2314
5.657
7,295
and dividends
Refunds
Other
Unvouchered
526,032
Undistnbuted
US,
obligations
Gross obligations incurred
'
Gross obligations incurred (as above)
Deduct
Advances, reimbursements, other income, etc
-74.671
•93,823
Offsetting receipts
357538
Net obligations incurred
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, v^ich by statute may be used by Government agencies without appropriation
action by Congress, Summary figures on this basis follow (Data are on the basis of Reports
on Obligations presentation and therefore may differ somewhat from the "Budget of the U S
Government")
FEDERAL OBLIGATIONS
23
CHART FO-A.-Gross Federal
Obligations
Incurred Outside
the Federal
Government,
Dec. 31, 1992
CHART
Grants and fixed charges
65%
FO-B.-Total Gross Federal Obligations, Dec. 31, 1992
(In billions of dollars)
Outside Government
Personal services and benefits
D
Contractual services and supplies
Within
Government
Acquisition of capital assets
Grants and fixed charges
Other
-K
50
100
150
200
250
300
350
FEDERAL OBLIGATIONS
24
TABLE FO-2."Gross Obligations Incurred Outside the Federal
Government
by Department or Agency, Dec. 31, 1992
[In
millions of dollars.
Source: Standard Form 225, Report on Obligations, Irom agencies]
Personal services and benefits
Personnel
Classification
Contractual services and supplies
FEDERAL OBLIGATIONS
TABLE FO-2.--Gross Obligations
25
Incurred Outside the Federal Government
by Department or Agency, Dec. 31, 1992, con.
[In
millions of dollars. Source:
^
Standard Form 225, Report on Obligations, from agencies]
Grants and fixed charges
Acquisition of capital assets
Classification
Land
and
ments and
Equipment
structures
loans
(10)
(11)
(12)
Invest-
Grants
Other
ACCOUNT OF THE U.S. TREASURY
26
INTRODUCTION:
Balance
in
Source and Availability of the
the Account of the U.S. Treasury
The Treasury's operating cash is maintained in accounts with the
Federal Reserve banks (FRBs) and branches, as well as in tax and
loan accounts in other financial institutions. Major information sources
Option.
The program permits Treasury to collect funds through financial
and to leave the funds in Note Option depositaries and in
institutions
the financial communities
branches,
and electronic transfers through the Letter of Credit Payment, Fedline
Payment, and Fedwire Deposit Systems. As the FRB accounts are
depleted, funds are called in (withdrawn) from thousands of tax and
loan accounts at financial institutions throughout the country.
which they arise until Treasury needs the
way Treasury is able to neutralize the
effect of its fluctuating operations on Note Option financial institution
reserves and on the economy. Likewise, those institutions wishing to
remit the funds to the Treasury's account at FRBs do so under the
Remittance Option.
Under authority of Public Law 95-147, Treasury implemented a
program on November 2, 1978, to invest a portion of its operating cash
in obligations of depositaries maintaining tax and loan accounts. Under
the Treasury tax and loan investment program, depositary financial
institutions select the manner in which they will participate. Financial
institutions wishing to retain funds deposited into their tax and loan
accounts in interest-bearing obligations participate under the Note
payments, which the financial institutions use to
purchase Government securities. In most cases, this involves a transfer
of funds from a customer's account to the tax and loan account in the
same financial institution. Also, Treasury can direct the FRBs to invest
excess funds in tax and loan accounts directly from the Treasury
account at the FRBs.
include the Daily Balance Wire received from the
FRBs and
funds
for its
operations.
in
In this
Deposits to tax and loan accounts occur as customers of financial
institutions deposit tax
ACCOUNT OF THE U.S. TREASURY
TABLE
UST-l.-EIements of Changes in Federal Reserve
and Tax and Loan Note Account Balances
[In
millions ot dollars. Source: Financial
Management
Service]
27
FEDERAL DEBT
28
INTRODUCTION:
Treasury securities
(i.e.,
public debt securities) comprise
most
of
the Federal debt, with securities issued by other Federal agencies
accounting
Tables
section of the "Treasury Bulletin"
is published in the "Monthly
Statement of the Public Debt of the United States." Likewise, information on agency securities and on investments of Federal Government
accounts in Federal securities is published in the "Monthly Treasury
for the rest.
in this
reflect the total. Further detailed information
Statement of Receipts and Outlays of the United States Government."
Table FD-1 summarizes the Federal debt by listing public debt
securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the
Social Security and other Federal retirement trust funds. The net
unamortized premium and discount are also listed by total Federal
securities, securities held by Governmentaccounts, and securities held
by the public The difference between the outstanding face value of the
Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal
securities by particular classes of investors, see the ownership tables,
•
and agency
OFS-1 andOFS-2.)
•
Table FD-2 categorizes by type interest-bearing marketable and
nonmarketable Treasury
securities.
The
difference
between
Federal Debt
years, in part because the Federal Financing Bank has provided
financing to other Federal agencies. (Federal agency borrowing from
Treasury
is
presented in the "Monthly Treasury Statement of Receipts
of the United States Government")
and Outlays
• Table FD-5 illustrates the average length of marketable interestbearing public debt held by private investors and the maturity distribution of that debt Average maturity has increased gradually since it hit
a low of 2 years, 5 months, in December 1975 In March 1971,
Congress enacted a limited exception to the 4-1/4-percent interest rate
ceiling on Treasury bonds. This permitted Treasury to offer securities
maturing in more than 7 years at current market rates of interest for the
first time since 1965. This exception has expanded since 1971 authorizing Treasury to continue to issue long-term securities, and the ceiling
on Treasury bonds was repealed on November 10, 1988 The volume
of privately held Treasury marketable securities by maturity class
remaining period to maturity of Treasury bills, notes, and
bonds. The average length is comprised of an average of remaining
periods to maturity, weighted by the amount of each security held by
private investors. In other words, computations of average length
exclude Government accounts and the Federal Reserve banks
reflects the
interest-
bearing and total public debt securities reflects outstanding matured
Treasury securities-that is, unredeemed securities that have matured
and are no longer accruing interest. Because the Federal Financing
Bank is under the supervision of Treasury, its securities are held by a
U.S. Government account.
FD-3, nonmarketable Treasury securities held by U.S.
to particular funds
within Government. Many of the funds invest in par value special series
nonmarketables at interest rates determined by law. Others invest in
market-based special Treasury securities whose terms mirror those of
marketable securities.
• In table FD-6, the debt ceiling is compared with the outstanding
debt subject to limitation by law The other debt category includes
Federal debt Congress has designated as being subject to the debt
ceiling Changes in the non-interest-bearing debt shown in the last
column reflect maturities of Treasury securities on nonbusiness days,
which can be redeemed on the next business day
• In table
Government accounts are summarized by issues
• Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent
• Table FD-7 details Treasury holdings of securities issued by
Government corporations and other agencies Certain Federal agen-
cies are authorized to borrow
money from
the Treasury, largely to
finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury
to finance capital projects Treasury in turn, finances these loans by
selling
Treasury securities
to the public.
FEDERAL DEBT
TABLE FD-1.--Summary of Federal
[In
millions ol dollars. Source: 'Monthly Treasury
Statement
of
Securities held by:
Govemment accounts
fiscal
or
Public
of
year
month
debt
Total
securities
{1)
(2)
Debt
Receipts and Outlays of the United States Government']
Amount outstanding
End
29
The
public
FEDERAL DEBT
30
TABLE FD-2.-Interest-Bearing Public Debt
tin
millions ot dollars. Source: 'Monthly
SlalemenI
d the Public Debt ot the United
StatesT
FEDERAL DEBT
TABLE FD-3."Government Account Series
[In
millions ot dollars. Source: 'Monthly
Statement
ol
the Public Debt of the United StatesT
31
FEDERAL DEBT
32
TABLE FD-4.~Interest-Bearing Securities Issued
[In
millions of dollars. Source: 'Monthly Treasury
Statement
of
Receipts and Outlays
of
by Government Agencies
the United States Government' and Financial
Management
Service]
Federal Deposit
Insurance Corporation
Federal Savings
Bank
Endol
fiscal
or
year
month
and Loan
Insur-
Housing and Urban
Other
Development Departme nt
independent
Federal
Tennessee
Total
insurance
ance Corporation,
Housing
Valley
outstanding
fund
resolution fund
Administration
Authority
Other
(1)
(2)
(3)
(4)
(51
(6)
9,733
12,398
295
23,680
9,380
2,981
1992.
17,751
95
6,124
18,250
93
1,137
93
2,168
701
16.015
15,916
Apr..
May
2,168
2,168
16,022
July.
15,337
Aug.
15,389
Sept..
18,250
Oct..
18,403
18,678
Dec.
93
1,529
119
93
705
1,137
1,137
93
1,137
18,917
16.710
943
19,162
Mar.
19,707
237
93
943
FEDERAL DEBT
33
TABLE FD-5.~Maturity Distribution and Average Length of Marketable
Interest-Bearing Public Debt Held by Private Investors
[In
millions o* dollars. Source; Office of
Market Finance]
Amount
End
fiscal
or
of
year
month
outstanding
pnvately
field'
(1)
Maturity classes
Wittiin
1
year
(2)
1-5
5-10
10-20
20 years
year?
years
years
and over
(3)
(4)
(5)
(6)
FEDERAL DEBT
34
TABLE FD-7.--Treasury Holdings of Securities
Issued by Government Corporations and Other Agencies
[In
millions of dollars. Source: 'Monthfy Treasury
Statement
of
Receipts and Outlays of the Unrted States Government']
FEDERAL DEBT
CHARTS
FD-A.-Average Length of Marketable Debt*
Privately Held
Years
6.5
r
Mar. 31, 1993
5 Years, 10 Months
/
JFMAMJJASOND
5,5
Years
10
2
-^r
45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91
*
Source Department
of
the Treasury, Office ot Market Finance
35
36
FEDERAL DEBT
PUBLIC DEBT OPERATIONS
INTRODUCTION:
37
Public Debt Operations
The Second Liberty Bond Act (31 U S C, 3101 et seq.) allows the
Secretary of the Treasury to borrow money by issuing Treasury securities The Secretary determines the terms and conditions of issue,
conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years Bonds mature in more than 1 years
from the issue date. Each marketable security is listed in the f^onthly
Statement of the Public Debt of the United States. The information in
this section of the "Treasury Bulletin" pertains only to marketable
Treasury securities, current bills, notes, and bonds
,
• Table PDO-1 provides a maturity schedule of interest-bearing
marketable public debt securities other than regular weekly and 52week bills. All unmatured Treasury notes and bonds are listed in
maturity order, from earliest to latest. A separate breakout is provided
for the combined holdings of the Government accounts and Federal
Reserve banks, so that the "all other investors" category includes all
private holdings.
• Table PDO-2 presents the results of weekly auctions of 13- and
26-week bills, as well as auctions of 52-week bills, which are held every
fourth week. Treasury bills mature each Thursday. New issues of
1 3-week bills are reopenings of 26-week bills. The 26-week bill issued
week to mature on the same Thursday as an existing
52-week bill is a reopening of the existing 52-week bill New issues of
cash management bills are also presented High, low, and average
yields on accepted tenders and the dollar value of total bids are
presented, with the dollar value of awards made on both competitive
and noncompetitive basis.
every fourth
Treasury accepts noncompetitive tenders of up
to $1 million for
and $5 million for notes and bonds in each auction of securities
encourage participation of individuals and smaller institutions
bills
• Table
PDO-3
lists
other than weekly
to
the results of auctions of marketable securi-
chronological order over the past 2 years.
Included are; notes and bonds from table PDO-1 52-we6k bills from
table PDO-2; and data for cash management bills. The maturities of
cash management bills coincide with those of regular issues of Treasury bills.
ties,
bills, in
;
• Table
allotted to
PDO-4
amount of marketable securities
The Federal Reserve banks tally into
indicates the total
each class
of investor.
investor classes the tenders
in
each auction of marketable
and 26-week bills.
other than weekly auctions of 13-
securities
PUBLIC DEBT OPERATIONS
38
TREASURY FINANCING: JANUARY-MARCH
The low yield was 4. 1 8 percent; that is, 5 percent of
amount of accepted competitive bids were tendered at or
below that yield. Noncompetitive tenders totaled $953 mil-
that yield.
the
Competitive tenders accepted from private investors
lion.
taled
Auction of
7- Year
$14,314
to-
million.
In addition to the $15,267 million offenders accepted in
the auction process, $603 million was accepted from Federal
Reserve banks as agents for foreign and international mone-
Notes
January 6 Treasury announced it would auction $9,750
million of 7-year notes to refund $6,195 million of notes maturing January 1 5, 1 993, and to raise about $3,550 million of new
cash. The notes offered were Treasury notes of Series E-2000,
dated January 15, 1993, due January 15, 2000, with interest
payable July 15 and January 15 until maturity An interest rate
of 6-3/8 percent was set after the determination as to which
tenders were accepted on a yield auction basis
tary authorities,
Reserve banks
The notes
due January
ary 31
and $682
for their
of
million
own
was accepted from Federal
account.
Sehes J-1998 were dated February
31, 1998, with interest payable July 31
An
until maturity.
after the determination
interest rate of 5-5/8 percent
as
to
1
,
1
993,
and Janu-
was
set
which tenders were accepted on
a yield auction basis.
Tenderswere received priorto 12 noon, est for noncomtenders and prior to 1 p.m., est., for competitive
tenders on January 27, and totaled $31,593 million, of which
,
Tenderswere received
petitive tenders and prior
prior to
12 noon, est,
for
noncom-
to 1 p m., est., for competitive
tenders on January 13, 1993, and totaled $22,581 million, of
which $9,752 million was accepted at yields ranging from 6. 39
percent, price 99.916, up to 6.44 percent, price 99.638 Tenders at the high yield were allotted 1 7 percent. Noncompetitive
tenders were accepted in full at the average yield, 6.41 percent,
price 99.805. These totaled $484 million. Competitive tenders
accepted from private investors totaled $9,268 million.
In addition to the $9,752 million offenders accepted in the
auction process, $18 million was accepted from Federal Reserve banks as agents for foreign and international monetary
$320
authonties, and
serve banks for their
Auction of
2- Year
was accepted from
million
own
and
Federal Re-
cash.
The notes
due January
ary 31
31,
An
interest rate of 4-1/4 percent
after the determination as to
was
set
which tenders were accepted on
a yield auction basis
Tenderswere received priorto 12 noon, est, for noncompetitive tenders and prior to 1 p.m., est., for competitive
tenders on January 26, and totaled $32,106 million, of which
$15,267
million
Reserve banks as agents for foreign and international moneand $200 million was accepted from Federal
Reserve banks for their own account
tary authorities,
52-Wcck
Bills
December
S-1995 were dated February 1, 1993,
1995, with interest payable July 31 and Janu-
of Series
until maturity.
million.
In addition to the $11,507 million offenders accepted in
the auction process, $598 million was accepted from Federal
5- Year Notes
it
new
million was accepted. All competitive tenders at yields
lower than 5 66 percent were accepted in full. Tenders at 5.66
percent were allotted 5 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 5.66 percent with an equivalent price of 99 849 The
median yield was 5 63 percent; that is, 50 percent of the
amount of accepted competitive bids were tendered at or below
that yield. The low yield was 5.60 percent; that is, 5 percent of
the amount of accepted competitive bids were tendered at or
below that yield. Noncompetitive tenders totaled $773 million.
Competitive tenders accepted from private investors totaled
$11,507
$11,507
account.
January 21 Treasury announced would auction $15,250
million of 2-year notes of Series S-1995 and $11,500 million of
5-year notes of Senes J-1998 to refund $13,238 million of
securities maturing January 31 and to raise about $13,500
million of
petitive
was accepted
All
competitive tenders
at yields
lower than 4.28 percent were accepted in full. Tenders at 4.28
percent were allotted 80 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 4 28 percent with an equivalent price of 99 943 The
median yield was 4.23 percent; that is, 50 percent of the
amount of accepted competitive bids were tendered at or below
31
tenders were invited for approximately
364-day Treasury bills to be dated January 14, 1993, and to mature January 13, 1994 The issue was
to refund $12,840 million of maturing 52-week bills and to raise
about $1 ,900 million of new cash The bills were auctioned on
January 7. They totaled $36,497 million, of which $14,799
$14,750
million of
million was accepted, including $552 million of noncompetitive
tenders from the public and $3,551 million of the bills issued to
Federal Reserve banks for themselves and as agents for
and international monetary authorities. The average
bank discount rate was 3.52 percent.
foreign
Treasury Publishes Uniform Offering Circular
January 4, 1 993, the Department of Treasury made public
a uniform offering circular for the sale of marketable Treasury
PUBLIC DEBT OPERATIONS
39
TREASURY FINANCING: JANUARY-MARCH, con.
securities.
The
circular
appeared
in
the January
5,
1993,
$15,651
million
was accepted
at yields ranging
from 4.71
become
percent, price 99 765, up to 4.73 percent, price 99 710. Ten-
March 1, 1993. This circular consolidates into one
document the terms and conditions for the sale of marketable
Treasury securities that previously were found in a variety of
ders at the high yield were allotted 40 percent Noncompetitive
tenders were accepted in full at the average yield, 4 73 percent,
phce 99.710 These totaled $876 million Competitive tenders
accepted from private investors totaled $14,775 million
edition of the "Federal Register" as a final rule to
effective
documents.
Treasury CaUs 7 Percent Bonds of 1993-98 and 4-1/8 Percent Bonds of 1989-94
In addition to the $15,651 million offenders accepted in
the auction process, $528 million was accepted from Federal
Reserve banks as agents for foreign and international moneand $3,339 million was accepted from Federal
Reserve banks for their own account.
tary authorities,
January 13, 1993, the Departmentof Treasury announced
redemption at par on May 15, 1993, of the 7 percent
Treasury Bonds of 1993-98, dated May 15, 1973, due May 15,
1998; and the 4-1/8 percent Treasury Bonds of 1 989-94, dated
April 18, 1963, due May 15, 1994. There were $692 million of
the 7 percent bonds outstanding, of which $462 million are held
by private investors. There were also $404 million of the 4-1/8
percent bonds outstanding, of which $74 million are held by
the
call for
private investors.
Treasury Announces Standard Multiples for Marketable
The notes of Series A-2003 were dated February 15,
1993, issued February 16, 1993, due February 15, 2003, with
interest payable August 15 and February 15 until maturity An
interest rate of 6-1/4 percent was set after the determination
as to which tenders were accepted on a yield auction basis.
Accrued interest of $0 17265 per $1,000, covenng the period
from February 15, 1993, to February 16, 1993, was payable
with each accepted tender.
Tenders were received priorto 12 noon, est, for noncomtenders and prior to 1 p.m., est., for competitive
tenders on February 10, and totaled $25,495 million, of which
$10,757 million was accepted at yields ranging from 6.31
percent, price 99.560, up to 6.35 percent, price 99.268, Tenders at the high yield were allotted 1 5 percent. Noncompetitive
tenders were accepted in full at the average yield, 6.33 percent,
petitive
Securities
January 26, 1993, the Departmentof Treasuryannounced
standardize the multiples above the minimum purchase
amounts for Treasury bills, notes, and bonds at $1,000. The
change, which became effective April 5, 1993, applies to
outstanding securities as well as new issues. The minimum
purchase amounts for bills remains at $10,000, as does the
$5,000 minimum for 2-and 3-year notes. Treasury bonds and
notes with maturities of 4 years or longer continue to be
available in minimum purchase amounts of $1,000.
it
will
price 99.413. These totaled $589 million Competitive tenders
accepted from private investors totaled $10,168 million.
In addition to the $10,757 million offenders accepted in
the auction process, $200 million was accepted from Federal
Reserve banks as agents for foreign and international moneand $1,000 million was accepted from Federal
Reserve banks for their own account.
tary authorities,
The notes of Series A-2003 may be held in STRIPS
The minimum par amount required is $32,000.
form.
The bonds
February Quarterly Financing
February 3 Treasury announced it would auction $15,500
3-year notes of Series X-1996, $10,750 million of
10-year notes of Series A-2003, and $9,250 million of 30-year
bonds of February 2023 to refund $25,472 million of Treasury
securities maturing February 15 and to raise about $10,025
million of
million of
new
cash.
The notes of Series X-1996 were dated February 16,
1993, due February 15, 1996, with interest payable August 15
and February 15 until maturity. An interest rate of 4-5/8 percent
was set after the determination as to which tenders were
accepted on a
yield auction basis.
Tenders were received priorto 12 noon, est, for noncomtenders and prior to 1 p.m., est., for competitive
tenders on February 9, and totaled $43,022 million, of which
petitive
of February
2023 were dated February
15,
1993, issued February 16, 1993, due February 15, 2023, with
interest payable August 15 and February 15 until maturity An
interest rate of 7-1/8 percent was set after the determination
as to which tenders were accepted on a yield auction basis.
Accrued interest of $0 1 9682 per $1,000, covering the period
from February 15, 1993, to February 16, 1993, was payable
with each accepted tender
Tenders for the bonds were received prior to 12 noon,
est., for noncompetitive tenders and priorto 1 p.m., est., for
competitive tenders on February 11, and totaled $24,572 million, of which $9,330 million was accepted at yields ranging
from 7 21 percent, price 98.961, up to 7.22 percent, price
98.840, Tenders at the high yield were allotted 60 percent. Noncompetitive tenders were accepted in full at the
average yield, 7.22 percent, pnce 98 840. These totaled $367
million. Competitive tenders accepted from private investors
totaled $8,963 million.
PUBLIC DEBT OPERATIONS
40
TREASURY FINANCING: JANUARY-MARCH, con.
addition to the $9,330 million of tenders accepted
In
auction process,
Reserve banks
$480
for their
million
own
2- Year
and
the
account.
The bonds of February 2023 may be held in STRIPS
The minimum paramount required is $1,600,000.
Auction of
in
was accepted from Federal
5- Year
form.
it
T-1995 were dated March 1, 1993,
due February 28, 1995, with interest payable August 31 and
February 28 until maturity. An interest rate of 3-7/8 percent was
set after the determination as to which tenders were accepted
on a yield auction basis
of Series
Tenders were received priorto 12 noon, e.s.t., for noncomtenders and prior to 1 p.m
est., for competitive
tenders on February 23, and totaled $32,628 million, of which
petitive
$10,279
,
$1 5,257 million was accepted. All competitive tenders at yields
lower than 3.94 percent were accepted in full. Tenders at 3.94
percent were allotted 76 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 3 94 percent with an equivalent price of 99.876 The
median yield was 3.87 percent; that is, 50 percent of the
amount of accepted competitive bids were tendered at or below
that yield. The low yield was 3.80 percent; that is, 5 percent of
the amount of accepted competitive bids were tendered at or
below that yield. Noncompetitive tenders totaled $751 million. Competitive tenders accepted from private investors totaled $14,506 million.
Reserve banks as agents for foreign and international moneand $400 million was accepted from Federal
Reserve banks for their own account.
tary authorities,
52-Weck
January 29 tenders were invited for approximately
$14,250 million of 364-day Treasury bills to be dated February
11, 1993, and to mature February 10, 1994 The issue was to
refund $12,870 million of maturing 52-week bills and to raise
about $1 ,375 million of new cash. The bills were auctioned on
February 4. They totaled $38,952 million, of which $14,333
million was accepted, including $571 million of noncompetitive
tenders from the publicand $4,151 million ofthe bills issued to
Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities An additional
$564 million was issued to Federal Reserve banks as agents
for foreign and international monetary authohties for new cash.
The average bank discount rate was 3.32 percent.
Auction of
$15,257 million offenders accepted in
the auction process, $510 million was accepted from Federal
Reserve banks as agents for foreign and international monetary authorities, and $825 million was accepted from Federal
Reserve banks for their own account.
2- Year
and
5- Year Notes
March 17 Treasury announced would auction $15,250
2-year notes of Series U-1995 and $11,000 million of
5-year notes of Series L-1998 to refund $21,006 million of
securities maturing March 31 and to raise about $5,250 million
it
million of
of
The notes
of Series
K-1998 were dated March
1993,
due February 28, 1998, with interest payable the last calendar
of
Bills
addition to the
In
day
million.
In addition to the $11,001 million offenders accepted in
the auction process, $268 million was accepted from Federal
Notes
February 17 Treasury announced
would auction
$15,250 million of 2-year notes of Series T-1995 and $11,000
million of 5-year notes of Sehes K-1998 to refund $12,511
million of securities maturing February 28 and to raise about
$13,750 million of new cash.
The notes
that yield. The low yield was 5.08 percent; that is, 5 percent of
the amount of accepted competitive bids were tendered at or
below that yield. Noncompetitive tenders totaled $722 million.
Competitive tenders accepted from private investors totaled
August and February
until maturity.
An
new
cash.
1,
interest rate of
5-1/8 percent was set after the determination as to which
tenders were accepted on a yield auction basis.
Tenders were received priorto 12 noon, est, for noncomtenders and prior to 1 p m., est., for competitive
tenders on February 24, and totaled $21,945 million, of which
petitive
$11 ,001 million was accepted. All competitive tenders at yields
lower than 5.23 percent were accepted in full. Tenders at 5.23
percent were allotted 71 percent.
All noncompetitive and
successful competitive bidders were allotted securities at the
high yield of 5.23 percent with an equivalent price of 99 543
The median yield was 5.16 percent; that is, 50 percent of the
amount of accepted competitive bids were tendered at or below
The notes of Series U-1995 were dated March 31, 1993,
due March 31, 1995, with interest payable September 30 and
March 31 until maturity An interest rate of 3-7/8 percent was
set after the determination as to which tenders were accepted
on a yield auction basis
Tenders were received priorto 12 noon, e.s.t, for noncomtenders and prior to 1 p.m., est., for competitive
tenders on March 24, and totaled $35,859 million, of which
$1 5,259 million was accepted All competitive tenders at yields
lower than 3.92 percent were accepted in full. Tenders at 3 92
percent were allotted 59 percent All noncompetitive and sucpetitive
cessful competitive bidders
were
allotted securities at the high
percent with an equivalent price of 99.914. The
median yield was 3.89 percent, that is, 50 percent of the
yield of 3.92
9
PUBLIC DEBT OPERATIONS
41
TREASURY FINANCING: JANUARY-MARCH,
amount of accepted competitive bids were tendered at or below
The low yield was 3 79 percent; that is, 5 percent of
the amount of accepted competitive bids were tendered at or
below that yield. Noncompetitive tenders totaled $999 milthat yield.
lion.
taled
Competitive tenders accepted from private investors to-
$14,260
Reserve banks as agents for foreign and international moneand $1,000 million was accepted from Federal
Reserve banks for their own account.
tary authorities,
52-Weck
Bills
million.
In addition to the $15,259 million offenders accepted in
the auction process, $428 million was accepted from Federal
Reserve banks as agents for foreign and international mone-
tary authorities,
and $1,602
Reserve banks
for their
million
own
was accepted from Federal
account.
The notes of Series L-1998 were dated March 31, 1993,
due March 31 1 998, with interest payable September 30 and
March 31 until maturity An interest rate of 5-1/8 percent was
set after the determination as to which tenders were accepted
,
on a
con.
yield auction basis.
Tenders were received priorto 12 noon, est, for noncomtenders and prior to 1 p m,, est., for competitive
tenders on March 25, and totaled $29,095 million, of which
$11,008 million was accepted. All competitive tenders at yields
lower than 5.19 percent were accepted in full. Tenders at 5. 1
percent were allotted 44 percent
All noncompetitive and
February 26 tenders were invited for approximately
$14,250 million of 364-day Treasury bills to be dated March 11,
1993, and to mature March 10, 1994 The issue was to refund
$13,800 million of matunng 52-week bills and to raise about
$450 million of new cash. The bills were auctioned on March
4. They totaled $39,917 million, of which $14,344 million was
accepted, including $557 million of noncompetitive tenders
from the public and $3,759 million of the bills issued to Federal
Reserve banks for themselves and as agents for foreign and
international monetary authorities. An additional $476 million
was issued to Federal Reserve banks as agents for foreign and
International monetary authorities for new cash The average
bank discount rate was 3 09 percent
petitive
successful competitive bidders were allotted secunties at the
high yield of 5 19 percent with an equivalent price of 99.717.
The median yield was 5 15 percent; that is, 50 percent of the
amount of accepted competitive bids were tendered at or below
that yield. The low yield was 5.05 percent; that is, 5 percent of
the amount of accepted competitive bids were tendered at or
below that yield. Noncompetitive tenders totaled $789 million.
Competitive tenders accepted from private investors totaled
$10,219
million.
In addition to the $11,008 million offenders accepted in
the auction process, $1,128 million was accepted from Federal
Cash Management
Bills
1 tenders were invited for approximately $11,000
48-day bills to be issued March 5, 1993, representing
an additional amount of bills dated October 22, 1 992, maturing
April 22, 1993 The issue was to raise new cash. Tenders were
opened on March 3 They totaled $56,800 million, of which
$11,091 million was accepted. The average bank discount rate
was 2 97 percent
March
million of
March 29 tenders were
invited for approximately $15,000
5-day bills to be issued Apnl 2, 1993, and to mature
Apnl 7, 1993. The issue was to raise new cash. Tenders were
opened on March 31 They totaled $65,335 million, of which
$1 5, 141 million was accepted The average bank discount rate
was 3.07 percent.
^
million of
PUBLIC DEBT OPERATIONS
42
TABLE PDO-1.— Maturity
Schedules of Interest-Bearing Marketable Public Debt Securities
Bills Outstanding, Mar. 31, 1993
Other than Regular Weekly and 52-Week Treasury
[In
millions of dollars. Source: "Monthly
Statement of the Public Debt of the United States," and Office of Market Finance]
Amount of
Date
of final maturity
maturities
PUBLIC DEBT OPERATIONS
43
TABLE
PDO-l.-Maturity Schedules of Interest-Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1993, con.
Pn millions of
dollars.
Source: "Monthly Statement of the Public Debt of the United States." and Office of Market Finance]
Amount
Date
of final maturity
of maturities
PUBLIC DEBT OPERATIONS
44
TABLE
PDO-l.-Maturity Schedules of Interest-Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1993, con.
rin
millions of dollars. Source: "Monthly
Statement of the Public Debt of the United States," and Office
of
Market Financel
Amount
Date
of final maturity
of maturities
PUBLIC DEBT OPERATIONS
45
TABLE
PDO-1. -Maturity Schedules of Interest-Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1993, con.
[In
millions of dollars. Source: "Monthly
Statement of the Public Debt of the United States," and Office of Market Finance]
Amount
of maturities
Held by
U S Gcwernment
accounts and Federal
Date
2000, con.
Aug IS
Aug
15,
of final maturity
Description
'
95-00
Nov 15
'
(1)
(2)
8-3/4%.C note
08/15/90
8-3/8% bond
08/15/75
8-1/2%-D note
11/15/90
Total
2001
11-3/4% bond
Feb. 15
Feb. 15
May 15
May 15
Aug 15
Aug
15, 96-01
Aug 15
Nov 15
Nov 15
2002
Feb 15
14-1/4% bond
May 15
'7-1/2%-Anote
Aug. 15.
'
Nov
6-3/8%-B note
11-5/8% bond
15.
Total
2003
Feb 15
Feb 15
May 15
Aug 15
Nov 15
2004
May 15
Aug 15
Nov 15
2005
May 15, 00-05
May IS
.
Aug. 15
2006
Feb 15
2007
Feb
15,
02-07
Nov 15,02-07.
2008
Aug 15, 03-08
Nov 15,03-08
Issue date
All
other
Total
Resen/e banks
investors
(3)
(4)
(5)
PUBLIC DEBT OPERATIONS
46
TABLE PDO-1. -Maturity
Schedules of Interest-Bearing Marketable Public Debt Securities
Bills Outstanding, Mar. 31, 1993, con,
Other than Regular Weekly and 52- Week Treasury
Pn
millions of dollars
Source "Monthly Statement
of the Public
Debt
of the United States,"
and Office
of
Market Finance]
Amount
of maturcties
Held by
U S Government
accounts and Federal
Date of
final maturrty
Description
0)
2009
May
Nov
15,
1 5,
4,605
788
3,818
11/15/79
4,201
1,301
2,900
05-10
05-10
Nov
15,
05-10,
2011
May
15, 06-11
Nov
15, 06-11
2012
Nov 15,07-12,
2013
15,
08-13
May
15,
09-14
Aug
Nov
15,
09-14
15,
09-14
2014
2016
Feb 15
May 15
Nov. 15
2017
May
15
Aug. 15
2018
May
15
Nov. 15.
2019
(5)
05/15/79
15,
Nov. 15.
(4)
9-1/8% bond
15,
Feb 15
other
investors
10-3/8% bond
May
Aug. 15
(3)
Alt
Reserve banks
04-09
Feb
2016
(2)
Total
04-09
2010
Aug
Issue date
PUBLIC DEBT OPERATIONS
TABLE PDO-l.-Maturity
47
Schedules of Interest-Bearing Marketable Public Debt Securities
Bills Outstanding, Mar. 31, 1993, con.
Other than Regular Weekly and 52-Week Treasury
rin
millions of dollars. Source: "Monthly
Statement of the Public Debt of the United States," and Office of Market Finance]
Amount
of maturities
Held by
US
Gcwernment
accounts and Federal
Date of
final
maturity
Description
(1)
Issue date
(2)
Total
(3)
All
other
Reserve banks
investors
(4)
(5)
2021
Feb, 15,
'
7-7/8% bond
02/15/91
11,113
May 15
'8-1/8% bond
05/15/91
11,959
Aug, 15,
'8-1/8% bond
08/15/91
12,163
8%
11/15/91
32,798
Nov 15
'
bond
68,034
Total
2022
Aug, 15,
'7-1/4% bond
08/17/92
Nov 15
'7-5/8% bond
11/16/92
Total
2023
Feb. 15,
'7-1/8% bond
Total
02/16/93
375
260
205
630
10,738
11,699
11,958
32,168
PUBLIC DEBT OPERATIONS
48
TABLE PDO-2.--Offerings of Bills
[In
millions of dollars. Source: 'Monthly
Statement
ot
the Public Debt ot the United States' and allolmenlsl
PUBLIC DEBT OPERATIONS
49
TABLE PDO-2.--Offerings of Bills, con.
[In
millions cA dollars. Source: 'Monthfy
Statement
of Ihe Public
Debt
of the United States*
and allotments]
PUBLIC DEBT OPERATIONS
50
TABLE PDO-3.--Public Offerings of Marketable Securities
Other than Regular Weekly Treasury
[In
Auction date
Issue date
(1)
millions of dollars. Source: Office of
Description of securities
(2)
'
Market Finance]
Bills
PUBLIC DEBT OPERATIONS
51
TABLE PDO-3.--PubIic Offerings of Marketable Securities
Other than Regular Weekly Treasury
[In
Issue date
(1)
millions of dollars. Source: Office of
Description of securities
(2)
^
Bills,
Market Finance]
con.
PUBLIC DEBT OPERATIONS
52
TABLE PDO-3.--Public Offerings of Marketable Securities
Other than Regular Weekly Treasury
Currently, all issues are sold at auction- For bill issues, the rate shown is the average bank
discount rate. For note and bond issues, the rate shown is the mteiest rate For details of bill
oftenngs, see table PDO-2
From date
^ In
of additional
issue
case
in
reopenings the amount issued
of
is in
amount
of original offerings.
Includes securities issued to U.S. Government accounts and Federal Resen/e banks; and to
foreign and international monetary authorities, whether in exchange for maturing securities or
for new cash.
STRIPS.
^ Interest began to accrue before the issue date {settlement date) of this loan.
'
Yields accepted ranged from 7 1 3% (price 99.991 up to 7. 1 5% (price 99 954) with the average
at 7.16% (price 99.954).
'Yields accepted ranged from 7 80% (price 99, 796) up to 7.81 % (price 99.756) with the average
317.81% (price 99.756).
^Yields accepted ranged from 7 92% (price 99. 762) up to 7.94% (price 99.656) with the average
at 7.93% (price 99.709).
'°
Yields accepted ranged from 6.99% (price 100018) up to 7 00% (pnce 10O000) with the
average at 7.00% (price 100.000)
^'
Yields accepted ranged from 7 69% (price 99 734) up to 7.70% (price 99.694) with the
average at 7.70% (price 99 694).
" Yields accepted ranged from 7.07% (price 99.814) up to 7.09% (price 99.761) with the
average at 7.09% (price 99.761)
" Yields accepted ranged from 8.06% (price 99.593) up to 8.07% (price 99.526) with the
Eligible for
)
average
"
at
807%
(price 99.626).
Yields accepted ranged from
average
at
Yields accepted ranged from
average at 6.81% (price 99 890).
"
8,19%
(price 99,278)
up
to
8,24%
(price 98.728) with the
681%
(price 99.890)
up
to
6.83%
(price 99.853) with the
8,21% (pnce 99 067)
'*
(price 99.857)
up
to
7.70%
(price 99.694) with the
7.03%
Yields accepted ranged from
at 7 06% (price 99,890),
(price 99.946)
up
to
7.06%
95%
to
7.97%
(price 99.615) wrth the
Yields accepted ranged from 8.25% (price 100.000) up to
average at 8.26% (price 99.948).
8.26%
(price 99.948) with the
at
7.96%
(price 99.696)
up
(price 99.656)
"
'°
Yields accepted ranged from 6
al
6.94%
(price
93%
(price 99.899)
up
to
6.95%
(price 99.862) with the
99 881)
7.88%
Yields accepted ranged from
at 7.89% (price 99 939).
Yields accepted ranged from 6
average
"
(price 99.980)
up
to
7.89%
(price 99.939) with the
at
6.92%
90%
(price 99,933)
up
to
6,93%
(price 99.853) with the
7.94%
Yields accepted ranged from
8.15%
(price 99.721)
up
to
8.19%
6.46%
(price 99.862)
up
to
6.46% (pnce 99.843)
"^
36%
(price 99.547)
up
to
7.38%
"
Yields accepted ranged from
average at 6.14% (price 99.972).
6.13%
(price 99.991)
up to 6.15% (pnce 99.954) with the
"
704%
average
at
8.17%
(price
99
(price 99.557)
up
to
7.95% (pnce 99.489)
with the
at
6.46%
(price
99
(price 99.278) with the
499).
Yields accepted ranged from
average
Yields accepted ranged from
at 7.06% (price 99.792).
(price 99.465) with the
"
Yields accepted ranged from
average at 7.20% (price 99.593).
(price 99.834)
"
00%
6.91%
^
5.97%
Yields accepted ranged from
7.53%
(price
99
5.51%
50%
5.49%
99 981).
Yields accepted ranged from 6.52%
average at 6.54% (price 99.832)
Yields accepted ranged from 5
09%
average at 5.12% (price 99 775).
* Yields accepted ranged from 6,24%
average at 6.24% (price 99.513)
6.93%
(price
100000) up
*°
5.42%
(price 99,916)
up
to
5.43%
(price 99.897) with the
*'
6.92%
(price 99,812)
up
to
6.94%
(price 99.729) with the
"
Yields accepted ranged from 5
average at 5.96% (price 99 770).
95%
(price 99.797)
up
to
5.97%
(price 99.743) with the
^^
was 7.53%
Yields accepted ranged from
average
at
643%
(price
99
897),
Yields accepted ranged from
average at 6 93% (price 99 771).
"
The
low. high,
and average
yield
^^
Yields accepted ranged from 5.11% (price
average at S 13% (price 99.991).
^
average
"
74%
Yields accepted ranged Irom 6
at
6 76%
(price
100028) up
to
00%
100 000) with the
(price
5.14% (pnce 99 972)
with the
(pnce 100.042) up to 6.75% (price 100.000) with the
100 000)
Yields accepted ranged Irom 6
at 5 1 1% (price 99 793).
11%
(price 99,793)
up
to 5
12%
(price 99.775) with the
Yields accepted ranged from 6
average at 6 43% (price 99 768).
41%
(price 99.852)
up
to
6
43%
(pnce 99 768) with the
^^
42%
(price 99.749)
up
to
6
45%
(price
4.27% (pnce 99.962) up
to
4,29%
(price 99.924) with the
*
Yields accepted ranged Irom 6
at 6.44% (price 99 638).
Yields accepted ranged Irom
99 583)
with the
average
at
4.29%
(price
99.924)
54%
(price
99 827) up
to 5
57%
(price 99.698) with the
68%
(price
99 848) up
to
4
70%
(price 99.793) with the
6.47% (pnce 99 308) up
to
6
50%
(pnce 99 091) with the
7.27% (pnce 99.756) up
Yields accepted ranged Irom 6
average
at
6.66%
(price 99.741)
Yields accepted ranged Irom
average at 6 49% (price 99. 163)
^
Yields accepted ranged Irom
at
7.29%
*
to
7,29%
(price 99,614) with the
99 943) up
to
4
31%
(price 99,886) with the
up
lo
5,74%
(price 99.514)
Yields accepted ranged from 4
average at 4 30% (price 99 905).
Yields accepted ranged from
at 6 74% (price 99,606)
28%
6.72%
(price
(price 99.592)
(price
99 606)
with the
average
^
"^
4,00% (price f 00 000) in this single-price auction.
Accepted yields ranged up to 5.54% (price 99.827) in this single-price auction.
Yields accepted ranged from 5.99% (price 100.056) up to 6 05% (price 99.718)
Accepted
'°
at
yields
6
Accepted
01%
yields
ranged up
(price
to
99 944)
ranged up
to
4.37%
(price
99 773)
in this
single-price auction.
up
to
6.94%
up
to
7.66%
(price 99.854)
(price 99.590) with the
(price 100.081)
up to 6.93% (pnce 99.771) with the
up
to
6.03%
(price 99.919) with the
(pnce 100.000) up to 7.56% (price 99.584) wrth the
(price 100.019)
up
to
8.01%
(price 99.887) wrth the
6.62%
(price 99.963) with the
(price 99.916)
up
to
6.54%
(price 99.832) with the
(price 99.831)
up
to
5.13%
(price 99.756) with the
99 513) up
to
(price 99.805) with the
5.00%
(price 99.765) with the
(price
to
99 784)
Yields accepted ranged from
average at 6.28% (price 99.873).
6,26%
(price 99.958)
up
to
6.29%
(price 99.831) with the
"
5.51%
(price 99.973)
up
to
S.55%
(price 99.864) with the
(price 101,413)
up
to
YiekJs accepted ranged from
^
(price 99.707)
up
"
Yields accepted ranged Irom 4
average at 4 69% (price 99 820)
(price 96.155)
(price 99,802)
Yields accepted ranged (rem
99 792)
7.65%
4.98%
Yields accepted ranged from
(price 99.891
(price
Yields accepted ranged from 7.99% (price 100 113) up to 8
al 8.00% (price 100 000).
average
"
'°
5.54%
(price 99.239) with the
(price 99.981) with the
(price 99.470) with the
at
(price 99.729) with the
14%
6.01%
6.25%
average
6,94%
to
up to 6.41%
(price
to
(pnce 96.018) with the
(price 99.972)
4.99%
up
(price 99.771)
Yields accepted ranged from 7.(39% (price 99 610) up to 7
average at 7. 1 1% (price 99.402).
6.92%
6.38%
at
(price 99.814) with the
Yields accepted ranged from
average at 6.93% (price 96.086).
Yields accepted ranged from
average at 6.40% (price 99,861),
"^
average
85%
"
(price
^
^'
5
(price 99.593) with the
792),
Yields accepted ranged from
at
to
(price 99.792) with the
Yields accepted ranged from 7,98% (price 100.227) up to
average at 8 00% (price 100.000).
average
99 832) up
(price
7.20%
"
*
84%
to
(price 100.000)
Yields accepted ranged from 7
at
with the
100 000)
Yields accepted ranged from
at 6.94% (price 99 729).
Yields accepted ranged from
).
7.29%
7.30%
(price 101 344) wrth the
7,66%
with the
99 590).
up to 4 72% (price 99 821) in this single-piice auction.
^^
Accepted yields ranged up to 6.07% (price 99 702) in this single-price auction.
"Accepted yields ranged up to 4.71% (price 99.840) in this single-price auction.
Accepted yields ranged up to 6.03% (price 99.872) in this single-price auction.
" Yields accepted langed from 6.39% (price 99 916) up to 6 44% (price 99 638)
average at 6 41% (price 99 805)
^ Accepted yields ranged up to 4.28% (price 99.943) in this single-price auction.
^'
Accepted yields ranged up to 5.66% (price 99.849) in this single-price auction.
''
Yields accepted ranged from 4 71 % (price 99.765) up to 4.73 (price 99.710) wrth the average
at 4.73% (pnce 99 710),
" Yields accepted ranged Irom 6,31% (price 99,560) up to 6 35% (price 99.268) with the
average at 633% (price 99 413).
" Yields accepted ranged Irom 7.21% (price 98 961) up lo 7.22% (pnce 98.840) with the
average al 7.22% (price 98 840).
^^
Accepted yields ranged up to 3 94% (price 99 876) in this single-price auction
*"
Accepted yields ranged up to 5.23% (price 99,543) in this single-pnce auction,
average
Yields accepted ranged from
average at 6.92% (price 99 812).
average
99 935)
100 000) with the
(price
Accepted yields ranged up to 5.84% (price 99,615) in this single-piice auction.
' Yields accepted ranged from 5 16% (price 99 904) up to 5.18% (price 99.849)
average at 5 1 7% (price 99 877).
up to 7.05%
7.19% (pnce 99,647) up
Yields accepted ranged from 6
average al 6.01% (price 99.981),
6.00%
(price
to
^^
"
at
541%
6.75%
100 042) up
*
average
average
average
to
(price 100.757) with the
average
^'
with the
843).
Yields accepted ranged from 7
average at 7 37% (price 99 506)
"
(price
**
Yields accepted ranged from
at 7.94% (price 99 557).
'*
"
average
(price 99.880)
average
"
76%
Yields accepted ranged from 5
average at 685% (price 99 814).
"'
average
"
6
"
'^'
average
''
al
(price
93%
average
Yields accepted ranged from 7
average
6.74%
Yields accepted ranged from
average
(price 99.890) with the
average
"
*
"^
average
"
(price 101,413),
average
7.66%
Yields accepted ranged from
at 7.69% (price 99.734),
7.29%
Yields accepted ranged from 7,90% (price 101 101) up to 7
average at 7.91% (price 100 986).
Yields accepted ranged from 5.39% (price 99 972) up
average at 640% (price 99.963).
*
*
at
"
**
a reopening.
addition to the
average
con.
Bills,
at
(price
'^
Accepted
''
Accepted yields ranged up
to
3
92%
(price 99.914) in this single-price auction.
'^
Accepted yields ranged up
to
5
19%
(price 99,717) in this single-price auction.
yields ranged
Note, --All notes and bonds, except lor foreign-targeted issues,
competitft/e and noncompetitive bidding Foreign-faigeted issues
competitwe bidding
only.
were sold
were sold
at auction
at auction
through
through
PUBLIC DEBT OPERATIONS
TABLE
for
PDO-4A.--Anotments by Investor Classes
Public Marketable Securities Other than Bills
Pn millions of
dollars.
Source: Otiice of Market Finance!
Allotments by investor classes
53
PUBLIC DEBT OPERATIONS
54
TABLE PDO-4A.--Allotinents by Investor Classes
for Public
Marketable Securities Other than
[In
millions of dollars. Source: Office of
Market Finance]
Bills,
con.
PUBLIC DEBT OPERATIONS
TABLE PDO-4B.
-Allotments by Investor Classes for Public Marketable Securities
for Bills
Other than Regular Weekly Series
Pn millions
of dollars.
Source: Office of Public Debt]
55
56
SAVINGS BONDS AND NOTES
U.S.
INTRODUCTION:
Savings Bonds and Notes
Series EE bonds, on sale since January 1, 1980, are the only
savings bonds currently sold. Series HH bonds are issued in exchange
for Series E and EE savings bonds and savings notes. Series A-D were
sold from March 1, 1935, through April 30, 1941. Series E was on sale
from May 1, 1941, through December 31, 1979 (through June 1980 to
payroll savers only). Series F and G were sold from May 1, 1941,
through April 30, 1952. Series H was sold from June 1 1952, through
December 31, 1979. Series HH bonds were sold for cash from January
,
980, through October 31,1 982. Series J and K were sold from May
1952, through April 30, 1957. U.S. savings notes were on sale May
1, 1967, through June 30, 1970 The notes were eligible for purchase
by individuals with the simultaneous purchase of series E savings
bonds. The principal terms and conditions for purchase and redemption
and information on investment yields of savings notes appear in the
"Treasury Bulletin's of March 1967 and June 1968; and the Annual
Report of the Secretary of the Treasury for fiscal 1974.
1
,
1,
1
U.S.
SAVINGS BONDS AND NOTES
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative
[In
millions ot dollars. Source: Monthly
Savings bonds:
Series
A-D
^
Series E, EE. H, and HH.
Series F and
Series
J
Savings notes
Total
G
and K
Statement of the Public Debt
of
57
through Mar. 31, 1993
the United States; Market Analysis Section, U.S. Savings
Bonds
Division]
58
U.S.
SAVINGS BONDS AND NOTES
TABLE SBN-3.--Sales and Redemptions by Period, Series
[In
millions of dollars. Source: Monthly
Statement ol the Public Debt
of the
E,
EE, H, and
HH
United States; Market Analysis Section, U.S. Savings Bonds Division]
OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION; Ownership
59
of Federal Securities
securities
The Federal Reserve banks acquire Treasury securities
market as a means of executing monetary policy
under special financing authorities. (See the Federal debt (FD) tables
for a more complete description of the Federal debt.)
securities held
Federal securities presented in ttie following tables are public debt
such as savings bonds, bills, and notes that the Treasury
issues. The tables also detail debt issued by other Federal agencies
• Table
State, local,
the
OFS-2 presents
the estimated amount of public debt
by private investors. Informration is obtained from
sources such as the Federal financial
OFS-1 presents Treasury marketable and nonmarketable
securities and debt issued by other Federal agencies held by Government accounts, the Federal Reserve banks, and private investors.
Social Security and Federal retirement trust fund investments comprise
much of the Government account holdings.
• Table
in
and
institution regulatory
agencies.
foreign holdings include special issues of nonmarket-
able securities to municipal entities and foreign official accounts. They
also include municipal, foreign official, and private holdings of market-
able Treasury securities. (See footnotes to the table
investor categories.)
for description of
OWNERSHIP OF FEDERAL SECURITIES
60
TABLE OFS-l."Distribution of Federal Securities by Class of Investors and Type of Issues
[In
millions of dollars. Source: Financial
Management
Service, Financial Reports Branch]
OWNERSHIP OF FEDERAL SECURITIES
TABLE
OFS-2.— Estimated Ownership of Public Debt
fPar values
'
in billions
of dollars Source: Office of
Securities by Private Investors
Market Finance]
Nonbank
of
month
Total pnvately field
(1)
1983 -Mar
June
Sept
Dec
Commercial
banks
(2)
9066
9486
9827
Savings
"
Other
Insurance
State and
Total
Total
bonds*
securities
companies
market
funds
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Corporattons
local
^
govern-
ments
^
Foreign
and
inter-
national
Other
investors
(10)
(11)
(12)
1521
754 5
1167
68.8
47 9
349
448
27 2
1263
1562
248 4
1674
7812
1213
69 7
37 8
28 3
328
1381
1601
2628
1733
809 4
129
70.6
41 2
221
35 9
1458
1601
275 3
1,0226
1795
8431
1334
715
516
584
619
46
228
39 7
153
1663
281 9
640
49 3
194
426
1602
1663
3109
51 2
149
45 3
168 5
171 6
327 9
56 5
136
477
177 2
175 6
64 5
25 9
501
188 4
205 9
3610
3524
1,0730
1881
884 9
1362
June
1.1022
180 6
9216
1422
722
729
Sept
1,154
180
974
1424
73.7
693
687
Dec
1,2125
1815
1,0310
143 8
74 5
69 3
1985-Mar
1984-Mar
investors
Money
Individuals^
End
61
1
1
1,2541
1926
1,0615
1451
75.4
69 7
June
1,2920
1956
1,0964
1487
1,3382
1962
1,1420
1514
Dec
1.4172
1894
1,2278
1548
79.8
720
732
750
69
Sept
767
782
1986-Mar
764
757
709
704
85 8
87 9
1,4731
1942
1,2789
1578
814
June
1,5027
1943
1,3084
1595
83.8
Sept
1.553.3
1946
1,3587
1580
871
Dec
1.6020
1975
1,4045
1627
923
1987-Mar
1.6414
1934
'1,4480
1630
June
1.6581
1923
1.4658
1656
Sept
1,6807
1983
1,4824
1677
947
968
985
Dec
1,7314
1942
1,5372
1724
1988-Mar
26 7
50 8
199 8
1996
1
24 8
54 9
213 4
2138
3729
3717
73 4
227
59
229 3
2229
383 3
80 5
25
59
303 6
224 8
3800
29 9
59 6
301 8
2326
411 4
228
61 2
319 5
250 9
406 6
93 8
24 9
65 7
3321
265 5
4187
101 6
28 6
68 8
346 6
263 4
432 8
1
68 3
106 3
188
73 5
365 3
2728
448 3
68 8
104 7
20 6
383 9
281
4302
1062
155
397 6
279 5
434
1011
692
713
797
818
1081
146
84 6
4184
299 7
439 4
1
1
1,7796
1956
1,5840
1781
1040
74
1102
152
86 3
4325
3325
429 2
June
1,7867
1907
1,5960
1820
1062
75 8
111
134
87 6
4469
345 4
409 7
Sept
1,8212
1912
1,6300
1868
1078
79
1159
11
85 9
457 7
3459
426 7
Dec
1.8585
1849
1,6736
1904
1096
80 8
1186
11 8
86
471 6
3622
4330
1989-Mar
430 6
1
1
1,9034
1920
1,7114
2042
1122
130
89 4
477 9
3766
1,9091
1780
1.7311
2117
1140
920
977
1197
June
120 3
11 3
91
483 5
3691
444 2
Sept
1.9583
1666
1,7917
2135
1157
97 8
121 4
129
909
487
1
394 9
4710
Dec
2,0158
1649
1,8509
2164
1177
987
125
1
149
93 4
487 5
3929
520 7
199C-Mar
2,115.1
1784
1.9367
2228
1199
1029
134 9
31 3
94 9
493 8
385
574
June
2,1418
1769
1,964 9
229 6
1219
107 7
137 6
28
96 9
494 5
390 5
587 8
Sept
2,2073
1795
2.027 8
2325
123 9
108 6
141 2
34
102
4921
403 5
6225
Dec
2,2883
1715
2,1168
233 8
1262
1076
1420
455
108 9
490 4
421 7
674 5
1991 -Mar
4276
670 2
436 9
6716
440 6
690 3
2,3606
1885
2,1721
1086
1453
65 4
1149
2,3979
1973
2,200 6
2383
2435
1297
June
1332
1103
151 7
55 4
130 8
Sept
2,4894
2186
2,2708
257 5
1354
1221
1630
64 5
1420
5104
5108
5129
Dec
2,563 2
233 4
2,329 8
263 9
1381
125 8
171 8
80
1508
520 3
4550
688
719 5
1992 -Mar
2,664
2566
2,407 4
2681
1420
126
1
176 9
'84 5
166
521 8
4712
June
2,7124
267 3
2,4451
2751
145 4
129 7
180 8
79 4
1750
5285
492 9
Sept
2,765 5
'287 4
'2,4781
281.2
150 3
1309
'1856
79 8
180 8
'529 5
499
'7221
Dec
2,839 9
'293 4
'2,546 5
289 2
157 3
131 9
'190 3
80 6
192 5
'534 8
5125
'746 6
1993 -Mar
2,895.0
2960
199.3
536.0
5284
766,0
U.S savings bonds, series A-F and J, are included at current redemption value
^ Includes domestically chartered banks,
U S branches and agencies of foreign banks. New
York investment companies majority cwned by foreign banks, and Edge Act corporations
owned by domestically chartered and foreign banks
^
Includes partnerships and personal trust accounts
includes U S savings notes Sales began May 1, 1967, and v^re discontinued June 30
1970
^ Exclusive
of banks and insurance companies
'
^
7135
State and local government estimate includes State and local government series as well as
State and local pension funds
Consists of the investments of foreign and international accounts (both official and private)
in the United States public debt issues Estimates reflect 1978 benchmark through December
1984 and 1984 benchmark to date
^ Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings
banks, corporate pension trust funds, dealers and brokers, certain Government deposrt
accounts, and Government-sponsored enterprises
MARKET YIELDS
62
INTRODUCTION: Market Yields
The tables and charts in this section present yields on Treasury
marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities.
• Table
MY-1
lists
Treasury market bid yields at constant maturi-
and bonds. The Treasury yield curve in the accombased on current market bid quotations on the most
ties for bills, notes,
panying chart, is
actively traded Treasury securities as of 3:30 p.m. on the
day of the calendar quarter.
last
business
Treasury obtains quotations from the Federal Reserve Bank of
which compiles quotations provided by five primary dealers.
Treasury uses these composite quotations to derive the yield curve,
based on semiannual interest payments and read at constant maturity
points to develop a consistent data series. Yields on Treasury bills are
New York,
coupon equivalent yields of bank discount rates at which Treasury bills
trade in the market. The Board of Governors of the Federal Reserve
System publishes the Treasury constant maturity data series in its
weekly H.I 5 press release.
• Table MY-2 shows average yields of long-term Treasury corpoand municipal bonds. The long-term Treasury average yield is the
30-year constant maturity yield. The corporate bond average yield is
rate,
developed by Treasury by calculating reoffehng yields on new longterm securities maturing in at least 20 years and rated Aa by Moody's
Investors Service The municipal bond average yield prior to 1 991 was
compiled by Treasury Beginning with January 1991 the average yield
is the "Municipal Bond Yield Average," published by Moody's Investors
Service for 20-year reoffering yields on selected Aa-rated general
,
obligations.
See
the footnotes for further explanation
....
MARKET YIELDS
TABLE MY-l.-Treasury
Market Bid Yields
[In
3-mo.
Date
Monthly average
3,64
1992- Apr
r^ay
June
July
Aug
Sept
Oct
Nov
Dec
1993- Jan
Feb
Mar
End
of
montfl
1992 -Apf
May
.
.
June.
.
.
July.
.
.
Aug.
.
.
.
.
Sept
.
Oct
Nov
Dec.
.
,
1993- Jan
Feb.
.
.
Mar.
.
.
.
6-mo.
63
at Constant Maturities: Bills, Notes,
and Bonds*
percentages. Source: Office of Market Finance]
f-yr.
2-yr.
3-yr.
5-yr.
7-yr.
10-yr.
30-yr.
MARKET YIELDS
64
CHART MY-A.-Yields of Treasury Securities,
Mar. 31, 1993
Based on
*
closing bid quotations
(in
percentages)
7.5
6.5
-
1
\
93
95
97
99
r
01
03
05
07
09
23
11
Years
Note: The curve is based only on the most actively
traded issues Market yields on coupon issues due
less than 3 months are excluded.
'
Source Department
of the Treasury, Office of
Market Finance
in
MARKET YIELDS
65
TABLE MY-2.-Average Yields of Long-Term Treasury, Corporate, and
[In
percentages. Source: Office of Market Finance]
Treasury
30-yr.
Period
bonds
MONTHLY SERIES-AVERAGES OF DAILY OR WEEKLY SERIES
1982
Jan
Feb
Mar.
May.
June
July
Aug
Sept
Oct
Nov
Dec
1983
Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1984
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Deo.
1986
Jan
Feb
Mar
Apr
May.
June
July
Aug
Sept
Oct
Nov
Dec.
1987
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
See
footnotes at end of table.
Municipal Bonds
14.22
New Aa
New Aa
corporate
municipal
bonds
'
bonds
^
MARKET YIELDS
66
TABLE MY-2."Average Yields of Long-Term Treasury, Corporate, and
[In
percentages. Source; Office of Market Finance]
Municipal Bonds, con.
MARKET YIELDS
67
CHART MY-B.-Average Yields of Long-Term
Treasury, Corporate, and Municipal Bonds
Monthly averages
(in
percentages)
18
Treasury 30-Yr Bonds
16
Aa
Municipal Bonds
Aa Corporate Bonds
14
12
-
10
iiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiii
lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
82
83
84
85
86
87
88
Calendar Years
89
90
91
92
93
68
U.S.
CURRENCY AND COIN OUTSTANDING AND
INTRODUCTION:
U.S. Currency
CIRCULATION
and Coin Outstanding and
The U.S. Currency and Coin Outstanding and in Circulation
(USCC) statement Informs the public of the total face value of currency
and coin used as a medium of exchange that is in circulation at the
end of a given accounting month. The statement defines the total
amount of currency and coin outstanding and the portion deemed to
be in circulation, and includes some old and current rare issues that
do not circulate, or that may do so to a limited extent Treasury includes
them in the statement because the issues were originally intended for
general circulation.
IN
in Circulation
The USCC statement provides a description of the various issues
paper money. It also gives an estimated average of currency and
coin held by each individual, using estimates of population from the
Bureau of the Census. USCC information has been published by
Treasury since 1888, and was published separately until 1983, when
of
it
was incorporated
into the
"Treasury Bulletin
"
The
USCC comes from
monthly reports compiled by Treasury offices, various U.S. Mint offices,
the Federal Reserve banks, and the Federal Reserve Board.
..
.
U.S.
CURRENCY AND COIN OUTSTANDING AND
IN
CIRCULATION
TABLE USCC-l.--Amounts Outstanding and in Circulation, Mar.
[Source: Financial
Management
69
31, 1993
Service's General Ledger Branch]
Total
Federal Reserve
currency
Currency
Amounts outstanding
Less amounts held
The Treasury
Total
(1)
(2)
$395,458,605,364
$374,471,288,466
in circulation
(4)
(5)
$262,694,157
61,623,603,315
61,623,599,799
$332,822,719,772
$312,805,837,045
$312,257,925,206
$285,426,677
$262,465,162
.
Amounts outstanding
$20,9B7,316,£
Dollars
(2)
Fractional coin
(3)
$2,024,703,898
$18,962,613,000
305,182,245
162,096,140
by:
.
The Federal Resen/e banks
In circulation
See footnotes
longer issued
$322,539,016
$373,886,055,293
62,126,759,101
(1)
Amounts
(3)
Currency no
U.S.
notes
37,112,039
Total
The Treasury
^
509,126,491
,
Less amounts held
notes
by:
The Federal Reserve banks
Amounts
and com
$20,016.882,727
,
following table
USCC-2.
384,282,771
503,155,786
$1,600,648.638
$18,416,234,089
70
U.S.
CURRENCY AND COIN OUTSTANDING AND
IN
CIRCULATION
TABLE USCC-2.--Amounts Outstanding and in Circulation,
[Source: Financial
Management
Mar.
31, 1993
Service's General Ledger Branch]
Federal
Currency
Reserve
Currency in circulation
by denomination
(1)
no longer
(3)
(4)
$5,154,336,328
$143,481
$149,877,098
'
(2)
$5,304,356,907
$1
U.S.
notes
notes
Total
issued
$2
917,111,492
784,359,718
132,738,966
12,808
$5
6,332,792,210
6,186,740,170
111.285,810
34,766,230
$10
12,133,540,290
12,109,938,660
5.950
23,595,680
$20
70,202,720,044
70,182,595,780
3.380
20,120.884
$S0
37,661,467,850
37649,949.450
11,518.400
$100
179,932,145,750
179868,854,100
22,042,650
$500
146,619,900
146,431,000
188,900
$1,000
169,852,000
169,645,000
207.000
$5,000
1,780,000
1,725,000
55.000
$10,000
3,450,000
3,350,000
100.000
Fractional parls
Partial notes
.
*
Total currency
.
487
487
115
$312,805,637,045
8312,257,925,206
circulation-
selected dates
Mar
31,
1993
Feb. 28, 1993
25
$285,426,677
$262,485,162
.
Comparative totals of
currency and com
in
90
.
Amount
Per
(in millions)
capita^
(1)
(2)
$332,822.7
$1,293.58
292.454.6
1,236.59
Jan. 31, 1993.
289,452.4
1,126.74
Sept. 30, 1992.
317,8837
1.242.10
Sept.
30
1985.
187.3374
782,45
Sept.
30
1980.
129,9169
681,48
June 30 1975.
81,1964
380,08
June 30 1970.
54,351.0
265.39
June
.
39.719.8
204.14
.
32.064,6
177.47
.
30,2293
182.90
.
27,1563
17903
30,
1965
June 30 1960
June 30 1955
June 30, 1950
^
'
^
.
Issued on and after July 1, 1929.
Excludes coin sold to collectors at premium prices.
Includes $481,781,898 in standard silver dollars.
*
^
Represents value
Based on Bureau
o1 certain partial
o1 the
denominations not presented
Census estimates
of population.
lor redemption.
INTERNATIONAL
STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
INTRODUCTION:
The
tables
in this
ment's reserve assets,
financial position. All
section provide statistics on the
liabilities to
foreigners,
monetary figures are
in
and
its
73
International Financial Statistics
US. Govern-
•
international
institutions,
dollars or dollar equiva-
lents.
used
in
Table IFS-2 contains statistics on liabilities to foreign official
and selected liabilities to all other foreigners, which are
the U.S. balance of
payments
statistics.
Table IFS-3 shows nonmarketable bonds and notes that Treasury issues to official institutions and other residents of foreign countries.
•
• Table IFS-1 shows reserve assets of the United States, including
gold stock and special drawing rights held in the Special Drawing
account in the International Monetary Fund (IMF). The table also shows
U.S. reserve holdings and holdings of convertible foreign currencies in
the IMF.
in
• Table IFS-4 presents a measure of weighted-average changes
exchange rates between the U.S dollar and the currencies of certain
other countries.
INTERNATIONAL FINANCIAL STATISTICS
74
TABLE IFS-1.--U.S. Reserve Assets
Pn millions of dollars. Source: Otiice
of
calendar
year or month
reserve
assets
(1)
Data Management]
Special
Total
End
of
'
Gold
stock
(2)
drawing
^
rights
(3)
^
^
INTERNATIONAL FINANCIAL STATISTICS
TABLE IFS-2.--SeIected U.S. Liabilities
[In
millions of dollars. Source:
OHice
of
to Foreigners
Data Management]
75
INTERNATIONAL FINANCIAL STATISTICS
76
TABLE IFS-3.--Nonmarketable U.S.
to Official Institutions
[In
Treasury Bonds and Notes Issued
and Other Residents of Foreign Countries
millions of dollars or dollar equivalent. Source: Oltice of
Data Management!
Payable
End
of
Calendar
year or Month
Grand
total
(1)
Total
(2)
in
dollars
Mexico
(3)
^
Venezuela
(4)
523
523
523
568
568
568
4,491
3,790
701
4,858
4,858
4,099
759
Mar
4,956
4,956
4,181
775
Apr
4,988
4,988
4,208
780
May
5,021
5,021
4,236
785
4,625
4,625
3,835
790
July
4,582
4,582
3,792
790
Aug
4.476
4,476
3,680
796
Sept.
4,505
4,505
3,704
801
Oct
4,472
4,472
3,666
806
4,503
3,691
812
4,532
3,715
817
4,532
823
4,591
4,591
4,622
4,622
Beginning March 1988, indicates current value (principal plus accrued interest) of zero-coupon, 2(>year maturity Treasury bond issued to the Government of Mexico. Face value of issue
IS $2,274 million. Beginning March 1990, includes current value of zero-coupon, 30-year
maturity Treasury bond issued to the Government of Mexico. Face value of issue is $25,009
million.
3,763
828
Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury
to the Republic of Venezuela, Face value of issue is $7,209 million
bond issued
^
INTERNATIONAL FINANCIAL STATISTICS
TABLE irS-4.--Trade-Weighted
77
Index of Foreign Currency Value of the Dollar
fSource: Otiice of Foreign
Exchange Operations-International
Aftairsl
Index
Date
of industrial
country currencies
'
Annual Average
(1980 = 100)'
1983
125.2
1984
133.5
1985
139,2
1986
119.9
1987
1
1988
100.4
1989
102.8
1990
98.8
1991
98.0
1992
97.2
End
07.5
of period
(Dec. 1980 = 100)
1983
127.9
1984
140.8
1985
127.8
1986
114.4
1987
978
1988
98.4
1989
100.0
1990
94.4
1991
937
1992
'101.1
1992
-
May
970
June
94.7
July
939
Aug
92.2
Sept
94.0
Oct
97.9
Nov
101.0
Deo
'101.1
1993- Jan
101.0
Feb
101.0
Mar
100.1
Eacln index covers (a) 22 currencies ol countries represented in the Organization lor Econornio
Cooperation and Development (OECD); Australia, Austria, Belgium-Luxembourg, Canada,
Denmark, Finland, France, Germany. Greece, Iceland, Ireland, Italy, Japan, the Netherlands,
New Zealand, Norway, Portugal, Spam, Sweden, Switzerland, Turkey, and the United Kingdom; and (b) currencies of four maior trading economies outsidethe OECD: Hong Kong, Korea,
Singapore, and Taiwan. Exchange rates are drawn from the Inlernalional Monetary Fund's
'
"International Financial Statistics*^ when available.
?
i„aex includes average annual rates as reported
»,
t..
j
......
in
"International Financial Statistics."
< ...
u
..
f^°'f.rTh^?,= iridices are presented to provide measures of the general foreign exchange
value of the do lar that are broader than those provided by single exchange rate levels. They
<'° "°^ purport to represent a guide to measuring the impact of exchange rale levels on U.S
international transactions^ The indices are conipuled as geometric averages of indn/idual
currency levels with weights derwed from the share of eacli country s trade with the United
States during 1982-83.
,
CAPITAL MOVEMENTS
78
INTRODUCTION:
Treasury collects information about the transference of financial
assets and other portfolio capital movements between the United
States and foreigners, and has since 1935. Commercial banks and
other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking enterprises in the United States file
capital movement reports with district Federal Reserve banks.
Forms and Instructions are developed with the cooperation of
other Government agencies and the Federal Reserve System, and in
consultation with representatives of banks, securities firms, and nonbanking enterprises. Copies of the reporting forms and instructions
may be obtained from the Office of Data (Management, Office of the
Assistant Secretary for Economic Policy. Department of the Treasury,
Washington,
DC,
20220, or from
district
is
of the actual country of domicile of the ultimate beneficiary.
United States
intercompany capital transactions of nonbanking business enterprises in the United States with their own
branches and subsidiaries abroad (own foreign offices) or with their
foreign parent companies, and capital transactions of the US. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular
reports on the United States balance of payments.
principal exclusions are the
•
Section presents liabilities to foreigners reported by US.
banks and other depository institutions, as well as brokers and dealers.
Dollar liabilities are reported monthly; those denominated in foreign
currencies are reported quarterly Respondents report certain of their
own liabilities and all of their custody liabilities to foreigners.
I
• Section II presents claims on foreigners also reported by U.S.
banks and other depository institutions, brokers, and dealers Data on
bank claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as foreign
currency claims, is collected on a quarterly basis only, t^aturity data
are reported according to time remaining to maturity. Reporting also
covers certain items held by brokers and dealers in the United States.
arising from the deposits of dollars with
liabilities
banks appear as liabilities to foreign banks, although the
the foreign bank receiving the deposit may be to foreign
foreign
of
Movements
Federal Reserve banks.
reported opposite the country or geographical area where the foreigner is located, as shown on records of
reporting institutions. However, information may not always reflect the
ultimate ownership of assets. Reporting institutions are not required to
go beyond addresses shown on their records, and so may not be aware
general, information
In
Capital
official
another country.
institutions or to residents of
Transactions with branches or agencies of foreign official instituwherever located, are reported opposite the country that has
sovereignty over the institutions. Transactions with international and
regional organizations are not reported opposite any country, but are
accounted for in regional groupings of such organizations. The only
exception information pertaining to the Bank for International Settlements, which is reported opposite 'Other Europe.'
tions,
institutions, bank holding companies.
Banking Facilities (IBFs), securities brokers and dealers,
and nonbanking enterprises in the United States must file reports.
These enterprises include the Branches, agencies, subsidiaries, and
other affiliates in the United States of foreign banking and nonbanking
firms. Those with liabilities, claims, or securities transactions below
specified exemption levels are exempt from reporting.
Banks and other depository
International
Banks and other depository
institutions,
•
liability
In
section
III
are supplementary statistics on
US
banks'
and claims on, foreigners. Supplementary data on bank
loans and credits to nonbank foreigners combine selected information
from the TIC reports with data from the monthly Federal Reserve 2502
liabilities to,
reports submitted for major foreign branches of U.S. banks. Other
bank dollar liabilities to, and dollar claims
supplementary data on
US
on, countries not regularly reported separately
December issues
appear
in
the June
and
of the "Treasury Bulletin."
• 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, and brokers), and other nonbanking enterprises in the United
does not include accounts of nonbanking enterown branches and with their own
branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department
of Commerce on its direct investment forms. Data exclude claims on
foreigners held through banks in the United States.
States. Information
prises
in
the United States with their
and some brokers and
monthly reports covering their dollar liabilities to, and dollar
claims on, foreigners in a number of countries. Twice a year, June 30
and December 31 they also report the same liabilities and claims items
to foreigners in countries not shown separately on the monthly reports.
• Section V contains information on transactions in all types of
long-term domestic and foreign securities with foreigners reported by
banks, brokers, and other entities in the United States The data cover
transactions executed in the United States for the accounts of foreign-
Quarterly reports are filed for liabilities and claims denominated in
foreign currencies in relation to foreigners. The exemption level appli-
ers,
dealers,
file
,
cable
to
these banking reports
is
$15
million.
in
Banks and other depository institutions, securities brokers and
dealers, and other enterprises report monthly their transactions with
foreigners in long-term securities. They must report securities transactions with foreigners
sales
amount
if
their
to at least
$2
aggregate purchases or their aggregate
covered month.
million during the
Exporters, importers, industrial
and commercial concerns,
finan-
than banks, other depository institutions, and
and other nonbanking enterprises must file reports quarterly
million
if liabilities to, or claims on, unaffiliated foreigners amount to $1
or more during the covered quarter.
cial institutions (other
and transactions executed abroad for the accounts of reporting
and their domestic customers. This includes transactions
newly issued securities as well as transactions in, and redemptions
institutions
outstanding issues. Also, some transactions classified as direct
investments in the balance of payments accounts may be included.
However, the data do not include nonmarketable Treasury bonds and
notes shown in table IFS-3.
of,
the case of outstanding securities, the geographical breakdown
data does not necessarily reflect the ultimate
owners of or the original issuers of the securities. This is because the
In
of the transactions
Nonbanking enterprises also report each month their U.S. dollar
denominated deposit and certificates of deposit claims of $10 million
or more on banks abroad.
path of a security is not tracked prior to its being purchased from, or
after it is sold to. a foreigner in a TIC reportable transaction That is,
before it enters and after it departs the reporting system, ownership of
a security may be transferred between foreigners of different countries.
Such transfers may occur any number of times and are concealed
among the net figures for U.S. transactions opposite individual countries. Hence, the geographical breakdown shows only the country of
The data in these
movements between
domicile of the foreign buyers
round of transactions.
brokers),
tables do not cover
the United States
all
types of reported capital
and other
countries.
The
and
sellers of securities in
a
particular
CAPITAL MOVEMENTS
SECTION
I." Liabilities to Foreigners Reported by
TABLE CM-I-l.--Totai
[In millions ol dollars.
Liabilities
Source: Office
cA
79
Banks
in the
by Type of Holder
Data Management]
United States
80
CAPITAL MOVEMENTS
TABLE CM-I-2.-.Total Liabilities
by Type, Payable in Dollars
Part A.~Foreign Countries
Pn millions
of dollars.
Source: Office
of
Data Management]
CAPITAL MOVEMENTS
TABLE CM-I-3.--Total
[Position at
end
of
period
in millions of dollars.
Calendar year
Country
1,358
Belgium-Luxembourg
Bulgaria
Czecfioslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
USSR
Yugoslavia
Other Europe
Tola!
Europe
Canada
America
and Caribbean:
Latin
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Tobago
Trinidad and
Uruguay
Venezuela
Other Latin America
and Caribbean
America
and Caribbean
Total Latin
See footnotes
at
end
of table.
by Country
Source: Office of Data Management]
1993
1992
Dec.
Europe:
Austria
Liabilities
81
Jan.
Feb. p
Mar. p
CAPITAL MOVEMENTS
82
TABLE CM.I.3.--Total Liabilities by
[Position at
end
of period in millions of dollars
Calendar year
Country
19
Asia:
China:
1,798
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
'
Oil-exporting countries
Other Asia
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
^
Other Africa
Total Africa
Other countnes:
Australia
All
other
Total other
countries
Total foreign
countries
International
and
regional:
International
,
.
European regional
Latin
American regional.
Asian regional
African regional
Middle Eastern regional.
Total international
and regional
.
Source: Office
of
Country, con.
Data Management]
1992
Dec.
Feb. p
Mar. p
1
'
CAPITAL MOVEMENTS
TABLE CM-I-4.--Total
Liabilities
[Position
in
83
by Type and Country, Mar. 31, 1993, Preliminary
millions ot dollars. Source: Otiice of
Data Management]
Liabilities
To
institutions
Total
payable
in
dollars
foreign official
and
banks
Memo-
Liabilities to
unaffiliated foreign
liabilities
all ottier
randum
foreigners
Liabil-
Payable
Country
foreign
in
curren-
Total
dollars
(1)
(2)
cies
'
(3)
Banl<s'
own
ha-
Custody
Deposits
liabil-
bilities
ities
Demand
Time'
(4)
(5)
(6)
(7)
banks'
Treasury
Ottier
own
obliga-
liabil-
foreign
ities
offices
Demand
(9)
(10)
(11)
tions
^
(B)
Negoti-
Sflort-
ities to
Sfiorl-
termU.S
in
Payable
Deposits
CDs
lerm USTreasury
Other
lia-
held for
obliga-
bil-
all for-
'
able
Time
tions
ities
eigners
(12)
(13)
(14)
(15)
627
1,879
Europe:
1.454
1,256
198
1.156
100
62
400
55
344
290
15
29
22.689
19.475
3.214
15.221
4,254
304
6,054
1,571
3,007
5,675
161
197
Bulgaria
370
370
-
Czechoslovakia
385
372
13
Austria
Belgium-Luxembourg
91
279
26
6
279
40
187
186
36
19
184
109
3
2
16
1
21
61
1
1,276
1
Denmark
1,587
1,536
51
825
711
49
98
614
249
423
12
8
2
15
Finland
2,544
2,297
247
1,954
343
26
11
160
195
1,681
9
17
209
66
France
38,294
31,712
6,582
22,519
9,193
484
6,326
7,804
4,581
10,832
184
629
236
636
87
Germany
22,073
16,087
5,986
11,718
4,369
364
2,987
3,741
4,880
2,849
224
399
436
207
70
Greece
768
761
7
669
192
44
57
180
173
46
61
187
3
10
5
Hungary
132
132
-
132
83
2
2
3
42
1,800
1,745
55
726
1,019
24
28
625
79
482
44
70
107
286
11
Italy
11,077
8,907
2,170
8,317
690
307
3,126
279
3,291
1,161
156
302
101
186
39
Netherlands
33
174
74
3
1
Ireland
13,076
11,418
1,658
4,438
6,980
79
2,669
6,668
790
777
86
142
f^orway
2,487
2,350
137
607
1,743
56
62
1,562
322
216
103
36
Poland
1,485
1,436
49
486
960
32
123
950
169
164
2
6
Portugal
2,508
2,489
19
560
1,929
41
68
1,885
109
196
21
84
149
149
-
148
1
9
15
51
73
Spam
Sweden
16,218
15,734
484
10,023
5,711
208
2,166
5,448
5,235
1,515
105
923
133
1,759
1,619
140
1,352
267
34
130
74
624
505
21
23
208
Switzerland
43,809
39,596
4,213
12,781
26,816
429
1,487
23,662
5,255
6,705
128
604
781
546
2,812
2,520
292
811
1,709
102
163
1,611
364
234
12
19
12
3
26
119,907
106,350
13,557
93,559
12,781
721
21,398
4,637
14,446
53,721
593
1,021
4,187
5,726
1,702
Russia
535
535
-
532
3
184
203
19
5
2
1
Yugoslavia
438
Romania
Turkey
United Kingdom
24,295
Other Europe
Total
Europe
Canada
America
and Caribbean:
Latin
Argentina
11,724
11,568
156
6,416
5,152
Bahamas
84,430
83,547
883
68,479
15,068
Bermuda
6,539
6,304
236
4,694
1,610
Brazil
5,554
5,462
92
5,257
205
156,969
150,803
6,166
112,638
38,165
Chile
3,405
3,325
80
2,056
1,269
Colombia
4,231
4,183
48
2,631
1,562
3
3
-
2
970
928
42
878
1,405
1,382
23
1,302
80
317
309
8
206
103
British
West
Indies
Cuba
Ecuador
Guatemala
Jannaica
1
50
22,278
21,772
606
12,143
9,629
Netherlands Antilles
4,996
4,221
776
3,731
490
Panama
4,069
3,927
142
3,590
337
Peru
1,031
995
36
939
56
396
393
3
382
1,887
1,815
72
1,751
64
12,242
11,446
796
9,724
1,722
Mexico
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
.
-
.
America
and Caribbean
Total Latin
.
1
122
1
1,034
CAPITAL MOVEMENTS
84
TABLE CM-I-4.--Total
Liabilities
[Position
in
by Type and Country, Mar.
millions o1 dollafs. Source: Office of
Data Management]
Liabilities
To
payable
in
dollars
foreign official
institutions
Total
31, 1993, Preliminary, con.
and
banks
unaffiliated foreign
liabilities
all
Liabilities to
Memo-
other foreigners
randum
Liabil-
Payable
Totals
Country
foreign
in
curren-
Total
dollars
(1)
(2)
cies
'
Banks'
own
Custody
Deposits
liabil-
lia-
bilities
ities
Demand
(4)
(5)
(6)
(3)
^
Time
(7)
Short-
itiesto
Stiort-
in
Payable
term U.S.
Treasury
Other
own
obliga-
liabil-
foreign
tions '
ities
offices
Demand
(8)
(9)
(10)
(11)
banks'
Deposits
^
Time
(12)
Negoti-
CDs
term U.S.
Treasury
Other
lia-
held for
obliga-
bil-
all for-
ities
eigneiB
(14)
(15)
^
tions
(13)
able
Asia:
China:
Mainland
3,030
2.957
73
2,502
466
147
640
369
1,164
204
16
139
-
278
6
Taiwan
9,054
9,002
52
6,435
2,567
222
2,658
1,996
2,145
714
160
1,006
6
96
375
230
Hong Kong
18,884
16,744
2,140
14,563
2,181
339
1,059
1,479
1,465
9,467
318
2,088
143
386
India
1,404
1,399
6
859
540
180
8
330
466
328
31
48
-
8
2
Indonesia
1,886
1,871
14
1,150
721
200
267
631
386
81
54
197
-
55
42
3,942
3,930
12
1.385
2,545
110
126
2,422
469
303
56
413
17
15
13
Japan
76,626
67,224
19.302
43.756
13.468
843
5.068
10,665
5,964
32,394
440
510
177
1,163
666
Korea
30
1.499
1.808
166
395
1.534
418
449
29
122
3
191
66
392
22
42
7
5
231
7
18
81
8
15
9
817
1,143
121
86
1,083
224
149
23
263
5
16
36
Israel
3,337
3,307
Lebanon
414
414
Malaysia
1,961
1,960
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
.,,.
Total Asia
1
968
958
10
389
569
70
70
543
75
124
9
64
-
3
2,793
2,774
19
1,190
1,684
174
64
1.539
217
119
89
537
-
35
41
10,427
10,068
369
7,360
2,698
400
1,077
2,464
1,328
4,383
114
185
41
66
91
325
325
-
325
37
-
142
6
29
1 1 1
6,347
5,342
5
487
4,856
154
30
4,760
176
130
19
72
-
1
22,111
22,076
35
18,007
4,069
541
1,603
3,013
4,111
11,674
263
550
215
216
283
162,408
140,341
22.067
101,116
39,225
3,820
13,195
32,833
18.981
60.426
1,634
6.294
615
2,543
1,860
-
9
9
1
—
Africa
3,087
3,084
3
651
2,433
90
106
2,424
230
123
21
81
Qhana
134
134
-
112
22
29
21
22
41
12
2
7
Libena
376
366
10
234
132
-
-
-
23
195
92
56
23
91
87
4
86
1
19
1
-
50
6
7
5
-
-
-
244
243
88
1
-
113
-
29
1
2
-
Egypt
Morocco
South Africa
Zaire
Other AInca
.
-r
,
,,
1
233
-
10
1 1
13
13
1
4
3
2.607
2,576
32
2.485
90
630
344
73
1.132
167
136
182
6.662
6,502
50
3.813
2.689
758
473
2,520
1,670
310
201
501
4.038
4.013
26
1,366
2,647
58
77
2,435
1,034
2
513
521
19
8
207
495
486
249
120
81
1.036
53
5 O74
5047
27
1,879
3,168
77
85
2,642
981
369
861,216
788.491
72,724
579,899
208,592
11,950
90,935
123.523
146.881
323.336
6,623
6,381
242
5,677
704
6
2,609
660
3,216
289
289
234
55
183
-
65
51
2,282
2,021
261
261
443
30
443
30
9933
9,425
503
6,167
871,143
797.916
73,227
586,066
12
2
1
1
-
-
11
12_
93
76
44
132
102
384
36
128
13
-_
134
260
115
384
36
9.434
47.921
10,663
23,848
9.226
^===^^:^^l==:^:z^=^^^^=^^=^^=^^=rzi:^^^^=z^^^=^^=^^=^^=^^^^^^^^=^=zr=^:^:i^::i=^=^^^:=^^=^^=^=
Total Africa
Other countnes:
Australia
All
other
Total other
countnes
^^^^i:^:n=z^^^^^^=^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^i=3r^^i^^^^z^z^:^^z^^z^^ir^^^^^^^^^^^^^^^^^
TotaHoreign
countnes
^^^^^:n^^^^^^^=^^:^^^^^^:^^^=r^=r:=^^^^^^^^^i^^^^^^^^^^^:iz^^33::^z^^^iz=^^^z^^^=^=^=^^^=^^^=:^^
International
and
-_
regional:
International
European regional
Latin
American regional.
.
,
Asian regional
African regional
Middle Eastern regional.
.
Total international
-
77
1,944
3
28
1,716
274
41
220
2
-
220
39
108
335
2
3
30
335
103
-
3.258
196
2.670
2.876
3.683
211,860
12.146
93.606
126.399
150.564
30
.
-
-
-
-
-
-----
114
208
-_
_
322
==^=i^==^^^=^^^^^:^=^^^^^=:^^^^^^^^^^^^^^=^^^^^^^^^^=z=z^:=^^^^^^^^=:=^=z=^^^^^^^^^^=^z=^=:=z
and regional
Grand
261
-----
total
These data as of Dec. 31 1992.
^ Excludes negotiable time certificates of deposit, which are included
,
in
"Other
liabilities.*
323.336
9.434
47.921
10,663
23,848
9,548
U.S. Treasury bills and certificates held in custody tor the account of oil-exporting coun'Other Asia" and "Other Afnca" amount to $2,049 million.
tries in
CAPITAL MOVEMENTS
CHART CM-A.--Liabilities to Foreigners
Reported by International Banking Facilities
and Banks in the United States
(In billions of dollars)
1000
International
Banks
in
Banking
Facilities
the United States
800
600
400
-
200
1988
1989
1990
Calendar Years
1991
1992,
r
1993, p
CAPITAL MOVEMENTS
86
SECTION IL-Claims on
Foreigners Reported by Banks in
TABLE CM-n-l.--Totai
[Position at
end
ot period in millions ol dollars.
Calendar year
Type
Total
of
claim
Payable
dollare
in
Banks' own claims on foreigners
i1
United States
Claims by Type
Source: Ottice ot Data Management]
1991
1990
650,71
clainrts
tlie
Sept.
635,046
633,496
572,989
567,437
Sept.
Dec.
640,143
628,096
624,276
1,642
Foreign public borrowers
Unatliliated foreign banks:
Deposits
Otfier
Own
foreign offices
other foreigners
All
Claims
of
banks' domestic customers.
Deposits
Negotiable and readily transferable
instruments
Collections and other
Payable
foreign currencies
in
Banks' own claims on foreigners
Claims
of
banks" domestic customers.
f^emoranda:
Claims reported by IBFs
Payable
in
dollars
Payable
in
foreign currencies
Customer
liability
on acceptances
Claims with remaining
maturity of 1 year or
On foreign
On
all
less:
public borrowers
other unaffiliated foreigners
Claims with remaining
maturity of more than
1
year
On
foreign public borrowers
On
all
other unaffiliated foreigners
622,901
555,697
565,459
579,683
Dec, p
22,269
20,839
17,929
15,859
16,182
15,145
13,295
18,649
18,433
16,984
16,870
16,702
19,190
18,849
..
CAPITAL MOVEMENTS
TABLE CM-II-2.--Total
[Posftion at
Calendar year
Country
Europe:
Austria
Belgium-Luxembourg
Bulgana
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
Kingdom
United
USSR
Yugoslavia
Other Europe
Total
Europe
Canada
Latin
Amenca
and Caribbean;
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
.
.
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
.
Panama
Peru
Trinidad and
Tobago
.
Uruguay
Venezuela
Other Latin America
and Caribbean
,
Total Latin
.
,
.
America
and Caribbean
,
.
1990
end
of period in millions ot dollars.
Claims by Country
Source: Office of Data Management]
87
CAPITAL MOVEMENTS
88
TABLE
CM-II-2.--TotaI Claims by Country, con.
[Position at
Calendar year
Country
1990
Asia:
China:
643
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
'
.
.
.
.
.
Other Asia
Total Asia
Africa:
Egypt
Ghana
Lil^eria
Morocco
South Africa
Zaire
Oil-exporting countries
^.
Other Africa
Total Africa
Other countries;
Australia
All
other
Total other
countries
Total foreign
countries
International
and
regional:
International
European regional
American regional ....
Latin
Asian regional
African regional
Middle Eastern regional ....
Total international
and
regional
Grand
total
end
of period in millions ot dollars.
Source: OHice of Data
Mana geme nt]
1991
Sept.
Sept-
Dec, p
CAPITAL MOVEMENTS
TABLE
CM-n-3.--TotaI Claims on Foreigners by Type and Country, Dec. 31, 1992
[Positiort at
end
of period in millions of dollars.
Source: Office of Data Management]
Reporting t?anks'
Country
own claims
89
CAPITAL MOVEMENTS
90
TABLE CM-n-3.--Total
Claims on Foreigners by Type and Country, Dec. 31, 1992, con.
[Postlion at
end
of period in mjllions of dollars.
Source: Office of Data Management]
Reporting banks'
Country
own
claims
CAPITAL MOVEMENTS
SECTION
91
III.~SuppIementary Liabilities and Claims
in the United States
Data Reported by Banks
TABLE
CM-III-l.--DoIlar Claims on
[Position at
end
Nonbank Foreigners
of period in millions of dollars. Source: Office of
Data Management]
Dollar claims of U.S. offices
of
calendar
year or month
1988,
1989.
claims on nonbank foreigners
(1)
Dollar claims of
U.S. -based banks'
U.S. -based banks
U.S. agencies
and branches of
foreign banks
(2)
(3)
(4)
Total dollar
End
major foreign
brancfies
CAPITAL MOVEMENTS
92
CHART CM-B.-CIaims on
Foreigners
Reported by International Banking Facilities
and Banks in the United States
(In billions of dollars)
1000
International Banking Facilities
Banks
in
the United States
800
600
-
400
200
1987
1988
1989
1990
Calendar Years
1991
1992, p
CAPITAL MOVEMENTS
SECTION
93
and Claims on, Foreigners
Reported by Nonbanking Business Enterprises
IV.— Liabilities
in the
United States
TABLE CM-rV-l.--TotaI
[Position at
end
of period
in
to,
Liabilities
millions ot dollare. Source:
and Claims by Type
OHice
of
Data Management!
CAPITAL MOVEMENTS
94
TABLE CM-IV-2.--Total
[Position at
Country
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spam
Sweden
Switzerland
Turkey
United
Kingdom
U.S.S.H
Yugoslavia
Other Europe
Europe
Total
Canada
America
and Caribbean:
Latin
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
America
and Caribbean
Total Latin
end
Liabilities
ot period in millions of dollars.
Source: Office
of
by Country
Data Management]
CAPITAL MOVEMENTS
TABLE CM-IV-2.--TotaI
fPosition at
end
Liabilities
by Country, con.
of pefiod in millions ol dollars. Source: Oftice of
Calendar year
Countiy
95
Data Management]
1991
1987
1988
1989
1990
r
Dec,
r
Mar,
Sept.
r
Asia:
China:
Mainland
204
317
401
463
621
651
Taiwan
249
519
559
639
772
794
Hong Kong
860
208
580
735
806
801
India
92
60
72
29
61
82
Indonesia
14
26
125
127
176
196
295
133
136
173
124
119
Japan
4,620
5,657
6,213
7.716
7,822
7,656
Korea
785
687
1,016
1.556
1,549
1,583
1
3
3
3
3
12
Israel
Lebanon
Malaysia
39
135
117
124
298
500
Pakistan
17
18
23
38
25
29
Philippines
15
8
38
10
25
25
279
391
296
626
554
807
Singapore
3
5
7
53
2
7
31
136
243
277
255
257
1,971
1,388
1,634
2,022
1,511
1,604
192
164
80
111
6?
75
9,017
10,227
11,701
14,779
14,668
15,256
Syria
Thailand
Oil-exportmg countries
'
Other Asia
,.
Total Asia
-r
,
'
'
'
'
'
'
Africa:
217
166
Ghana
"
2
Liberia
1
'
Egypt
Morocco
South Atnca
Zaire
'
Other Africa
158
•
133
1
'
1
1
4
37
20
36
29
1S8
158
146
123
77
78
1
2
6
3
3
136
202
339
422
331
259
64
44
102
101
114
148
406
829
1,067
1,108
973
879
125
47
3?
482
108
174
599
436
1
184
27
20
32
41
40
47
^
;
;
1
:
1
Oil-exporting countries
173
262
Total Africa
Other countries:
Australia
All
other
Total other
countries
Total foreign
countries
International
and
regional:
International
European regional
Latin
American regional
Asian regional
African regional
Middle Eastern regional
'°':l^Te'^:T'
Grand
total
'_
626
456
33
226
41
28,302
32.952
38,764
46,392
43,474
^
Less than $500,000.
'
Includes Bahrain, Iran, Iraq, Kuwait,
Emirates (Trucial States).
Oman,
Qatar. Saudi Arabia, and the United Arab
44,263
Includes Algeria, Gabon, Libya, and Nigeria,
666
-
Dec, p
CAPITAL MOVEMENTS
96
TABLE CM-rV-3.--Total
Liabilities
[Posrtion at
Country
end
by l>pe and Country, Dec. 31, 1992, Preliminary
of period in millions of dollars.
Source: Office of Data Management]
CAPITAL MOVEMENTS
TABLE CM-rV-3.--Total
Liabilities
[Position at
Country
end
97
by Type and Country, Dec. 31, 1992, Preliminary, con.
of period in millions of dollars. Source: Office of
Data Management]
CAPITAL MOVEMENTS
98
TABLE CM-IV-4.--TotaI
[Position at
end
of period
in
millions of dollars. Source: Otiice of
Calendar year
Country
19B7
Europe:
33
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spam
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
Europe
Canada
America
and Caribbean:
Latin
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
America
and Caribbean
Total Latin
See footnotes
at
end
of table
19
Claims by Country
Data Management]
1991
1989
1992
Sept-
Dec, p
CAPITAL MOVEMENTS
TABLE
99
CM.IV-4.--TotaI Claims by Country, con.
[Position at
end
of period in millions of dollars. Source: Office of
Data Management]
Calendar year
Country
1987
Asia:
China:
133
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
'
Oil-exporting countries
Other Asia
Total Asia
Afnca:
Egypt
Ghana
Liberia
Morocco
South Afnca
Zaire
'
Oil-exporlmg countries
Other Afnca
Total Africa
Other countries:
Australia
Another
Total other
countries
Total foreign
countries
International
and
regional:
International
European
Latin
regional ....
American regional
Asian regional
African regional
Middle Eastern regional
Total international
and
regional
Grand
total
,
1988
Sept.
Dec, p
CAPITAL MOVEMENTS
100
TABLE CM-rV-5."Total
Claims by Type and Country, Dec. 31, 1992, Preliminary
[Position at
end
of period
in
millions of dollars. Source: Office of
Data Management]
Financial claims
Denominated
Denominated
Total
Country
in
foreign
Commercial
claims
Total
in dollars
currencies
claims
(1)
(2)
(3)
m
(5)
Europe:
80
24
21
56
191
8
1
183
Bulgaria
13
11
Czechoslovakia
45
1
Austria
Belgium-Luxembourg
154
107
Finland
79
2
France
2,168
774
Gemnany
1,284
100
Denmark
Greece
Hungary
Ireland
9
2
44
1
47
107
2
77
718
56
1,394
401
379
22
883
26
25
1
74
12
10
2
18
567
542
25
31
B26
104
13
91
722
1,077
536
534
2
541
Norway
165
3
3
162
Poland
73
19
19
174
150
49
101
24
15
44
262
Italy
Netherlands
Portugal
54
12
12
Romania
Spain
321
Sweden
277
23
18
5
254
Switzerland
767
507
498
9
260
Turkey
271
14
14
7,723
5,947
5,576
371
1,776
229
45
7
184
United Kingdom
U.S.S.R
Yugoslavia
52
Other Europe
85
Europe
Total
Canada
Latin
Amenca
and Caribbean:
229
37
37
Bahamas
643
625
624
Bermuda
277
40
39
Brazil
832
496
495
Argentina
,
6,751
6,712
6,707
Chile
292
179
179
Colombia
lis
10
10
1,121
270
192
40
6
6
67
12
12
112
59
59
345
29
29
414
27
25
British
West
Indies.
.
2
Cuba
Ecuador
37
Guatenriata
23
31
Jamaica
Mexico
Netherlands Antilles
.
Panama
Peru
Trinidad
and
Totiago.
8
8
Uruguay
Venezuela
Other Latin America
and Caribbean
.
.
America
and Caribbean
Total Latin
.
257
CAPITAL MOVEMENTS
TABLE CM-IV-5.--TotaI
101
Claims by Type and Country, Dec. 31, 1992, Preliminary, con.
fPosttion at
end
of period
in
millions of dollare. Source: Office of
Data Management]
Financial claims
Total
Country
claims
Total
(1)
(2)
CAPITAL MOVEMENTS
102
CHART CM-C.-Net Purchases of Long-Term
Domestic Securities by Selected Countries
(In billions
1989
1990
of dollars)
1991
Calendar Years
1992,
r
1993, IstQtr.
CAPITAL MOVEMENTS
SECTION
V.—Transactions
in
Banks and
Long-Term
Securities by Foreigners Reported by
Brokers in the United States
TABLE CM- V-1. "Foreign Purchases and
[In
year
or
month
103
Sales of
Long-Term Domestic
Securities by
mHlions of dollars; negative figures indicate net sales by foreigners or a net outflow of caprtal from the United Stales. Source: Office ot Data Management]
Type
CAPITAL MOVEMENTS
104
TABLE CM-V-3."Net Foreign Transactions in Long-Term
Domestic Securities
by Type and Country
[In millions of dollars:
negative figures indicate net sales by foreigners or a net outtlow o1 capital trom the United States. Source: Oftice o) Data Management]
Marketable Treasury
bonds and notes
U.S.
1993
year
Country
1992
Govemment
corporations
and Federal agency l»nds
1992
Od.
Jan.
Calendar
Oct.
Jan.
through
Dec.
through
Mar, p
year
1992
through
Dec.
through
Mar. p
Corporate stocks
Corporate bonds
1993
1992
year
1992
1993
Oct.
Jan.
through
Dec.
through
Mar. p
1992
year
1992
1993
Oct.
Jan.
through
Dec.
through
Mar. p
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
36
-24
498
38
-12
1,985
574
504
532
106
1
-1
44
9
111
-581
-56
-62
-37
-28
26
-391
-140
-300
74
195
2
3
2
•2
675
-640
55
55
-1
-144
188
55
Finland
-434
78
11
-22
24
16
21
-27
-1
2
5
France
-119
-35
151
429
141
792
204
346
-1,331
-296
15
34
65
2,459
705
21
-64
157
290
82
17
15
-10
-5
-13
50
38
62
Denmark
2,076
-694
-3,692
Greece
99
37
5
Hungary
19
10
4
-723
-408
578
Italy
-2,741
-1,374
-1,321
Netherlands
-2,923
983
-885
33
-407
-159
157
12
588
199
114
-364
187
-139
-2,966
-1,791
-616
973
441
585
-19
-42
14
-804
526
-336
-184
26
-30
-168
-73
5
481
2,316
-2,223
-72
-14
-441
-164
104
Germany
Ireland
Norway.
Poland
Portugal
-1
-3
3
43
18
19
79
30
21
-24
9
139
•5
4
-94
159
200
229
-472
498
96
42
-280
162
121
81
-32
-28
-15
-56
37
11
29
-24
150
127
60
12
-74
-1
143
57
1,062
Romania
Spain
Sweden
Switzerland
Turkey
Kingdom
United
52
-106
176
-6
118
-4
-14
25
16
8
24,184
14,110
2,880
503
9,380
446
3,022
-3,294
1,428
1,280
U.S.S.R
-1
Yugoslavia
1,567
Other Europe
Total
Europe
Canada
America
and Caribbean:
Latin
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jan^ica
Mexico
Netherlands Antilles
Panama
Pern
Tobago
Trinidad and
Uruguay
Venezuela
Other Latin America
and Caribbean
America
and Caribbean
Total Latin
See footnotes
at
end
of table.
-1
.,
CAPITAL MOVEMENTS
TABLE CM-V-3.— Net Foreign Transactions in Long-Term
105
Domestic Securities
by Type and Country, con.
[In
millions of dollars; negative figures indicate net sales
Marketable Treasu
bonds and notes
Country
Asia:
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
V
Other Asia
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
'.
Other Africa
Total Africa
Other countnes:
Australia
All other
Total other
countries
Total foreign
countries
International
and
regional:
International
European regional
Latin
American regional
Asian regional
African regional
Middle Eastern regional
Total international
and regional
Grand
total
by foreigners or a net outflow
of capital
Irom the Unrted Stales. Source: Office
of
Data Management]
CAPITAL MOVEMENTS
106
TABLE CM- V-4.— Foreign Purchases
by Type and Country, During
[In
millions of dollars.
and Sales of Long-Term Securities,
Quarter 1992, Preliminary
First
Source Office
of
Data Management]
Gross sales by foreigners
Gross purchases by foreigners
Domestic securities
Domestic securrties
Marketable
Marketable
&
Treasury
Federal
FinancTotal
pur-
chases
Country
(1)
Bank
bonds
Bonds
US
Treasury
of
&
Gov't
corp and
ing
federally
Corporate
Foreign
and other
Bonds
stocks
securities
&
sponsored
agencies
notes
(2)
Federal
Financ-
(5)
(3)
Bonds
of
U S
Gov't
corp and
Bank federally
bonds sponsored
ing
Total
Corporate
Foreign
and other
securities
Bonds
Stocks
sales
& notes
agencies
Bonds
Stocks
Bonds
Stocks
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(11)
Europe:
Austria
Belgium-Luxenibourg
1,882
1,310
11,424
4,719
2,608
218
294
21
1,404
812
12
101
192
248
39
1,827
1,328
290
10,999
4,215
2,502
792
1,632
1,450
408
3
3
Bulgana
3
3
49
49
147
3,987
3,081
26
171
180
424
24
1,627
1,174
93
62
22
230
46
6,465
1,828
40,938
28,535
112
483
2,717
7,145
1,946
2,419
1,860
24,059
16,985
126
702
1,758
2,434
2,054
3
704
601
14
73
3
13
9
6
221
3,765
2,855
5
296
5,223
2,667
1
968
12,306
4,528
92
3,113
2,260
160
46
46
1,087
975
1,232
1,114
27
Spain
9,602
7,526
20
153
702
534
10,013
8,142
82
Sweden
3355
1,222
65
404
1,037
627
5,034
1,558
15044
6,234
5,836
842
1,409
16,158
8,457
160
160
Denmark
3.212
2,441
81
27
201
315
Finland
1.450
1,185
117
35
27
62
40.793
28,686
253
829
2,732
20,534
13,293
191
723
2,048
788
606
82
29
60
10
10
Ireland
4,253
3,433
23
129
253
194
Italy
3,576
1,346
10
138
1,368
418
Netherlands
9.087
3,643
1,360
154
1,896
Norway
3,147
2,417
90
13
367
160
Czechoslovakia
France
-
-
Germany
Greece
Hungary
,
Poland
Portugal
105
3
99
191
506
109
134
1,168
693
560
112
1,775
2,901
1,158
28
356
197
263
103
1,044
836
30
60
405
2,249
83
545
4,774
1,832
Romania
Switzerland
Turkey
United Kingdom
1,481
1,321
13
33
21
85
8
1,347
1,145
19
47
13
104
19
242,205
10,373
13,728
19,872
89,701
17,902
396,002
239,325
9,870
10.706
18,592
98,004
19,505
10
2
1
S
2
6,454
Total Europe
Canada
America
and Caribbean
Latin
Argentina
Bahamas
Bermuda
Brazil
West
Indies.
.
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
fi^exico
.
.
Netherlands Antilles
.
Panama
Peru
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
5
1
6
Yugoslavia ....
Other Europe
732
1,633
393,781
USSR
British
74
1
4
2
CAPITAL MOVEMENTS
107
TABLE CM- V-4.— Foreign Purchases
and Sales of Long-Term Securities,
by Type and Country, During First Quarter 1992, Preliminary, con.
[In millions
of dollars. Source: Office of Data
Gross purchases by foreigners
Domestic securities
Country
Management]
Gross sales by foreigners
CAPITAL MOVEMENTS
108
TABLE
CM-V-5.-Foreign Purchases and Sales of Long-Term
by Type and Country, During Calendar Year 1992
[In
millions of dollars. Source: Office of
Data Management]
Gross sales by foreigners
Domestic securities
Gross purchases by foreigners
Domestic securities
Marketable
Marketable
Treasury
&
Federal
FinancTotal
pur-
chases
Country
Bank
bonds
US
Treasury
of
&
Gov't
federally
Corporate
Foreign
and other
Stocks
Bonds
securities
&
sponsored
agencies
notes
(4)
(3)
Federal
Financ-
corp and
ing
(2)
(1)
Bonds
(5)
Securities,
Bonds
Stocks
sales
(6)
(7)
(8)
Gov't
and
corp,
ing
federally
Corporate
Foreign
and other
Bonds
Stocks
securities
&
sponsored
agencies
Bank
bonds
Total
Bonds
U S
of
notes
(10)
(9)
(11)
Bonds
Stocks
(13)
(14)
(12)
Europe:
Austria
Belgium-Luxembourg
7,701
4,670
676
636
1,338
330
7,395
4,634
13
678
673
1,113
284
36,583
18,099
4
5,789
4,688
1,034
35,132
16,114
4,457
2565
6,089
4,798
1,109
2
8
5
6
3
4
461
1,991
331
Bulgana
15
Czechoslovakia
64
64
12,799
9,737
Denmark
268
267
649
14
1,597
1
21
20
13,003
9,739
1
213
268
Finland
7,963
7,391
161
62
37
243
11,353
7,825
183
46
38
3,178
83
France
119,686
83,913
1,084
3,035
7,557
15939
8,158
120,909
84,032
655
2243
8,888
16,439
8,652
99,028
71,596
105
5,669
5,887
9,981
5,790
94,280
69,520
71
3,200
5,951
8,962
6,576
1,950
1,658
10
51
197
16
18
1,881
1,559
10
34
207
6
65
131
125
2
300
106
1
193
Ireland
14,700
12,096
132
422
444
1,474
132
15,621
12,819
403
394
1,785
152
Italy
19,414
9,090
60
531
3,419
5,251
1,063
20,759
11,831
51
392
3,513
3,534
1,438
Netherlands
43.622
23,730
3,802
1,112
5,316
5282
4,380
46,478
26,653
3,769
614
5,596
4,866
4,980
7,620
6,004
109
34
589
497
387
8,470
6,411
97
66
645
604
647
601
598
3
10
10
3,164
2,900
19
145
3,661
3,264
12
2
3
1,772
52,639
46,150
1,065
Germany
Greece
Hungary
Norway
Poland
Portugal
.
2
Ronnania
Spam
50,123
Sweden
Switzerland
Turkey
United Kingdom
43,184
2,038
20,901
15,973
134
48,588
21,009
141
5181
4.482
1.244,129
817,571
USSR
7
"Vugoslavia
Total Europe
Canada
261
3
463
2,487
127
1,448
1,830
1,389
23,061
16,777
318
2,219
17,336
3,827
4,056
50,179
20,528
213
11
300
332
56
5,927
4,430
46,834
59,502
238,482
61,356
1,240,156
793,387
2
4
1
7
1
1
18
179
5
7
.
,
Other Europe
Latin
4
313
2,477
2.436
295
1,436
2,003
2,232
2,660
17,193
3,340
6,245
129
275
930
163
37,454
62,796
257,193
72,791
2
4
198
1
12
1
19.654
17,607
875
102
776
182
112
17.438
16,040
304
106
767
124
97
1,763,633
1171497
34,378
63,347
110,404
293,473
90,534
1,768,715
1,151,850
28,039
51,372
115338
313,553
108,563
252,273
142,828
2,768
6,352
27,058
66,037
7,230
256,723
142,266
2,628
6,256
25,653
73,035
6J85
Amenca
and Caribbean:
749
Argentina
2,299
290
14
120
384
754
737
2,114
121
14
341
791
Bahamas
23,238
14,666
916
1,317
3,348
2.605
386
22,316
14,130
623
938
3,435
2,733
457
Bermuda
92.819
67,535
3,453
4,884
7,712
7.626
1,609
95,720
73,374
2,356
3,033
7,007
7,598
2,352
7.921
5,758
31
196
578
457
901
8,175
5,181
24
120
470
412
1,968
58,714
16,969
20,037
4,332
10,145
5.541
1,690
54,245
17,020
18,877
2523
9,865
4,495
1,465
Chile
2,495
1,273
65
68
222
789
78
986
454
60
46
165
90
171
Colombia
1,248
879
19
70
205
7
647
348
38
44
152
42
23
Brazil
British
West
Indies
Cuba
1
1
1
1
217
39
39
92
32
1
117
16
2
18
60
19
2
Guatemala
137
6
30
83
10
2
101
7
5
17
69
2
1
Jamaica
164
5
118
9
17
133
6
6
101
11
9
Mexico
22,311
12,548
266
336
1,380
2155
5,626
24,895
11,336
216
203
1,227
Netherlands Antilles
99,175
59,791
3,403
2,481
16,948
13,439
3,113
98,781
61,596
3,222
2083
16,677
6,464
878
2,121
540
1,739
945
241
5,712
1,107
1,785
330
1,571
122
19
1
9
46
34
13
130
20
7
4
46
33
10
5
4
11
3
16
7
2
1
6
Ecuador
.
Panama
Peru
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
.
Total Latin America
and Caribbean
,
3,522
8,391
,652
3,551
655
264
1 1
53
870
53
21
31
213
486
66
763
26
3
13
150
536
35
5036
2,516
555
202
660
1,049
54
3,496
1,977
182
64
381
759
133
2,112
3,185
891
548
345
376
882
143
306 449
184.127
31,490
15,122
44,151
36,892
14,667
'
.
15
624
539
181
309
401
187,350
27,961
9,818
41.942
33,716
19,673
CAPITAL MOVEMENTS
TABLE CM- V-5.— Foreign Purchases and
Sales of
109
Long-Term
Securities,
by Type and Country, During Calendar Year 1992, con.
[In
millions of dollars. Source: Office of
Gross purchases by foreigners
Data Management]
FOREIGN CURRENCY POSITIONS
110
INTRODUCTION:
Foreign Currency Positions
Information on holdings of foreign currencies, or foreign currency
banks and nonbanking firms in the United States has
been collected since 1974. It has also been collected on those of
positions, of
foreign branches, majority-owned foreign partnerships
ies of United States
banks and nonbanking
and subsidiar-
firms.
major foreign exchange market currencies
and U.S. dollars held abroad. This information is published in the
"Treasury Bulletin" in seven sections. FCP-I is a summary of worldwide net positions in all of the currencies reported. FCP-II through FCP
-VI present information on specified foreign currencies. FCP-VII presents the U.S. dollar positions of the foreign branches and subsidiaries
of U.S. firms that are required to report in one or more of the specified
of Public Law
foreign currencies. Reporting is required by Title
93-1 10, which is an amendment to the Par Value Modification Act of
September 21, 1973. and by implementing Treasury regulations.
Reports cover
five
Data generally do not reflect foreign currency positions of foreign
parents or their subsidiaries located abroad except through intercompany accounts Data do include the foreign subsidiaries of a few
foreign-owned U.S. corporations. Assets, liabilities, and foreign exchange contract data are reported based on time remaining to maturity
as
of the
date of the report, regardless of the original maturity of
the instrument involved.
Since January 1982, the exemption level for banks and banking
has been $100 million. The exemption level for nonbanking
institutions
firms
is
also
$100 million on positions in the United States, and on
and subsidiaries' positions since March 1982.
foreign branch's
II
Firms must report
category of assets,
Information for the United States includes
amounts reported by
and corporations in the United
and subsidiaries of foreign nonbanking concerns. The "weekly bank positions" category includes
figures reported by agencies, branches, and subsidiaries of foreign
banks as well as banking institutions located in the United States. Data
for "foreign branches" and "abroad" include amounts reported by the
branches and by majority-owned partnerships and subsidiaries of U.S.
banking and nonbanking concerns.
a foreign currency if the
is exceeded in any
exchange contracts bought and sold, or
their entire position in
specified U.S. dollar equivalent exemption level
in
liabilities,
the net position of that currency
sole proprietorships, partnerships,
States, including the U.S. branches
In
general, exemption levels are applied to the entire firm.
In
reports on their foreign branches, majority-owned partnerships and
banks and nonbanks are required to report the U.S.
liabilities, exchange contracts bought and
and net positions of those branches, partnerships, and subsidi-
subsidiaries, U.S.
dollar-denominated assets,
sold,
aries with
nonexempt holdings
in
the specified foreign currencies.
.
.
FOREIGN CURRENCY POSITIONS
SECTION
111
I.--Summary Positions
TABLE FCP-I-l.--Nonbanking Firm's Positions
Pn millions
Report
date
09/30/92.
of foreign
currency
except yen, which are
in billions.
Source: Office of Data Management]
Canadian
German
Bntish
marks
Japanese
yen
Swiss
dollars
francs
pounds
(1)
(2)
(3)
(4)
(5)
'
7,295
9,930
12^31/92.
units,
*
'
US,
dollars
^
"
(6)
3,725
'104
160
'22,611
'11,875
1,705
-32
527
4,799
14,224
TABLE FCP-I-2.-- Weekly Bank Positions ^
Pn millrons o1 toreign currency units, except yen, which are
Report
date
07/01/92.
07/08/92.
07/16/92.
07/22/92.
07/29/92.
08/05/92
08/12/92.
08/19/92.
08/26/92
09/02/92.
09/09/92.
09/1
»92,
09/23/92.
09/30/92.
10/07/92.
10/14/92.
10/21/92.
10/28/92.
11/04/92.
11/11/92.
11/18/92.
11/25/92.
12/02/92.
12/09/92.
12/16/92.
12/23/92.
12/30/92.
in billions.
Source: Office of Data Managemenll
Canadian
German
British
US,
marks
Japanese
yen
Swiss
dollars
francs
pounds
dollars'
(1)
(2)
(3)
(4)
(5)
(6)
655
FOREIGN CURRENCY POSITIONS
112
SECTION
Il.-Canadian Dollar Positions
TABLE FCP-II-l.--Nonbanking Firms' Positions
Pn millions
Report
date
07/31/92
08«1/92
09/30/92
iorao/92
11/30/92
12/31/92
Assets
(1)
^
of dollars.
"
Liabilities
(2)
Source:
O ffice of
^
Data Management]
Exchange
Exchange
bought'
sold'
(3)
(4)
Exchange
Net
position
(5)
^
rate'
(6)
Position
held
in;
FOREIGN CURRENCY POSITIONS
SECTION
III.--German
Mark
Positions
TABLE FCP-ni-l.--Nonbanking Firms' Positions *
Pn millions of marks. Source: Office of Data Management]
Report
date
113
114
FOREIGN CURRENCY POSITIONS
SECTION
IV.--Japanese Yen Positions
TABLE FCP-rV-l.--Nonbanking Firms' Positions
[In billions of
yen. Source: Otiice
d
Data Management]
^
FOREIGN CURRENCY POSITIONS
SECTION V.--Swiss Franc Positions
TABLE FCP-V-l.--Nonbanking Firms' Positions *
[In
millions of francs. Source: Office of
Data Management]
115
FOREIGN CURRENCY POSITIONS
116
SECTION VI.--Sterling Positions
TABLE FCP-VI-l.--Nonbanking Firms' Positions ^
Pn millions of pounds. Source: Office
d
Exchange
Report
date
07/31/92
08/31/92
09/30/92
10«0/92
11/30/92
12/31/92
Assets
(1)
2.918
3.232
Uabilities
(2)
boughl
(3)
Data Management]
Exchange
*
(4)
Exchange
Net
position
(5)
^
rate^
(6)
Position
held
in:
FOREIGN CURRENCY POSITIONS
SECTION
VII.--U.S. Dollar Positions
TABLE FCP-VII-l.--Nonbanking Firms' Foreign Subsidiaries' Positions
117
FOREIGN CURRENCY POSITIONS
118
FOOTNOTES:
SECTION
Tables FCP-I through
FCP-Vn
Excludes receivables and installnrient paper sold or discounted before maturity, fixed assets
(plant and equipment), and parents' investment in majority-owned foreign subsidianes,
^
I
Worldwide net posrtions on the last business day of the calendar quarter of nonbanking
business concerns in the United States, their foreign branches and majority- owned partnerships and subsidianes. Excludes receivables and installment paper that have been sold or
discounted before nraturity, U.S. parent companies' investments in their majority-owned foreign
subsidiaries, fixed assets (plant and equipment), and caprtalized leases tor plant and equipment.
^
''
Weekly worldwide net positions of banks and banking institutions in the United States, their
and majonty-owned foreign subsidiaries. Excludes caprtal assets and liabili-
foreign branches,
^
Caprtalized plant
Includes both spot and forward exchange rates,
^
Columns
Foreign branches and majority -owned subsidiaries onty.
SECTIONS THROUGH Vll
1
and 3
less
columns 2 and 4
^
Representative rates on the report date Canadian dollar and Unrted Kingdom pound rates
are expressed in US. dollars per unit of foreign currency, all others in foreign unrts per US,
dollar. The source of the automated representative rates changed as of June 30, 1 988.
Banks and banking
'
ties.
and equipment leases are excluded.
^
*
owned
instrtutions in the
Unrted States, their foreign branches, and majoritybranches and majority-owned subsidiaries only.
subsidiaries. In section Vll, foreign
^
Excludes caprtal assets.
^
Excludes caprtal
liabilities.
11
nonbanking business concerns in the United States, their foreign branches,
majonty-owned partnerships, and subsidiaries, In section Vll, posrtions of foreign branches,
majonty-owned partnerships, and subsidiaries only.
'
Positions
of
'°
Includes both spot and forward exchange contracts.
" Columns 3 and 9 less columns 6 and
'^
See
footnote 6.
12.
EXCHANGE STABILIZATION FUND
119
INTRODUCTION: Exchange Stabilization Fund
To stabilize the exchange value of the dollar, the Exchange
Fund (ESF) was established under the Gold Reserve Act
of January 30, 1934(31 U.S.C. 822a), which authorized establishment
of a Treasury Department fund to be operated under the exclusive
control of the Secretary, with approval of the President.
Stabilization
Subsequent amendment of the Gold Reserve Act modified the
purpose somewhat to reflect termination of the fixed exchange
original
• Table ESF-1 presents the assets, liabilities, and capital of the
The figures are in U.S. dollars or their equivalents based on
current exchange rates computed according to the accrual method of
accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent
transfer of $1 .8 billion to pay for the initial U.S. quota subscription to the
IMF. Gains and losses are reflected in the cumulative net income (loss)
account.
fund.
rate system.
Resources
of the fund include dollar balances, partially invested
U.S. Government securities. Special drawing rights (SDRs), and
balances of foreign currencies. Principal sources of income (losses)
for the fund are profits (losses) on SDRs and foreign exchange, as well
as interest earned on assets.
in
• Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the
accrual method. "Profit (loss) on foreign exchange" includes realized
profits or losses on currencies held. "Adjustment for change in valuation
of SDR holdings and allocations" reflects net gain or loss on revaluation
of SDR holdings and allocations for the quarter.
EXCHANGE STABILIZATION FUND
120
TABLE ESF-1.--Balances as of Sept. 30,
[In
thousands
1992,
and Dec.
31, 1992
of dollars. Source: Office o1 the Secretary of the Treasury]
Sept. 30. 1992,
Assets,
liabilities,
and
capital
Sept. 30, 1992
through Dec. 31, 1992
Dec. 31.1992
Assets
U.S. dollars:
Held
Federal Resen/e Bank
at
of
New York
2,944,465
4.768,822
Held with Treasury;
U.S.
Government
securities
Other
Special drawing rights
'
Foreign exchange and securities:
Japanese yen
sterling
Swiss francs
Accounts receivable
Total assets
and
Liabilities
Current
372,450
1,067,000
12.110.893
8,503,285
^
German marks
Pounds
369,880
1,067.000
9.771.478
•1,922,405
7,849,073
10.869.482
-308,692
10,560,790
25,608
29,627
•4.019
39,768
-5.560
34,208
252.477
-62,126
190,351
37,455,070
-4,083,483
33.371.587
capital
liabilities:
75.541
Accounts payable
Advance from U.S. Treasury
(U.S. drawings
Total current
Other
on IMF)
^
1.067.000
liabilities
liabilities:
Special drawing rights certificates
Special drawing rights allocations
Total other
liabilities
Capital:
Capital account
Net income
(loss) (see table
ESF-2)
Total capital
Total
liabilities
and
capital
SPECIAL REPORT
Trust Fund Reports
.
.
TRUST FUNDS
INTRODUCTION:
Airport and Airway Trust
When
Airport
in fiscal
Fund
26 U.S.C. 9602 (b) are met, amounts
the fund exceeding outlay requirements are invested in
public debt securities with the interest credited to the fund. Additional
sums from the general fund are also credited as authorized and made
and Airway Trust Fund was established on the books
according to provisions of the Airport and
1 97 1
Ainway Revenue Act of 1970(49 U.S.C. 1742 (a)]. The trust fund was
reestablished in the Internal Revenue Code (26 U.S.C. 9502) as a
result of the Tax Equity and Fiscal Responsibility Act of 1982 (Public
Law 97-248, dated September 3, 1982), effective September 1 1982.
The
of the Treasury
123
available
,
the provisions of
in
available by law,
if
necessary, to meet outlay requirements.
for outlays to carry out the airport and airway
program are made available to the Federal Aviation Administration,
Department of Transportation.
Amounts required
,
Amounts equivalent to the taxes received in the Treasury on
transportation of persons and property by air, gasoline and jet fuel used
in noncommercial aircraft, and an international departure tax are appropriated from the general fund of the Treasury to the trust fund. The
Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508,
dated November 5, 1990) increased rates for the excise taxes trans-
Other charges to the trust fund are made by the Secretary of the
Treasury for transfers of certain refunds of taxes and certain outfits
under section 34 of the Internal Revenue Code of 1986.
Annual reports to Congress, required by 26 U.S.C. 9602 (a), are
submitted by the Secretary of the Treasury, after consultation with the
Secretary of Transportation These reports are required to cover the
financial condition and results of operations of the fund during the past
fiscal year and those expected during the next 5 fiscal years.
ferred to the fund.
These transfers are made based on estimates made by the
Secretary of the Treasury, subject to adjustments in later transfers in
the amount of actual tax receipts.
TABLE TF-lO.-Alrport and Airway Trust Fund
Results of Operations, Fiscal 1992
[Source: Financiai
Internal
Code
Description
Balance Oct.
1,
Management Servicel
Revenue
section
Amount
(26 U.S.C)
$15,262,556,000
1991.
Receipts;
Excise taxes (transferred from general fund):
Liquid fuel other ttian gasoline
Gasoline
commercial 9 cents tax
Gasoline
commercial
Transportation by
Use
air seats, t)erths, etc.
,
,
.
.
of international travel facilities
,
.
Transportation of properly, cargo
.
131,088,000
4041
4081
2,683,000
408t
32.949,000
426t
(a) (b).
4,012,360,000
4261
(c)
...
231,326,000
4271
Less refunds
Aircraft
Any
of
249,167,000
4,659,573,000
Gross excise taxes
taxes (reimbursed to general fund):
use tax and
liquid fuel other
principal
.
than gasoline.
Gasoline
-
retailers tax
Gasoline
-
manufacturers tax
.
4,644,983,290
Net taxes
on investments
Interest
accrued
14,589,710
14,589,710
Total refunds of taxes
Interest
6426.
4041
961,539,935
311,844,965
5,918,368,190
Total receipts
Outlays:
on refunds and credits
Interest
Expenses:
Operations
2,109.632,770
Grants
1,672,126,074
in
Facilities
aid
Research, engineenng, and development
NOAA
v^eather services
DOT/rental payments
Air earners
Total
1,884,625,950
and equipment
expenses
Balance Sept. 30. 1992
.
214,396,515
35,389,000
29.887,000
30,858,897
5,976,816,206
$15,204,107,984
TRUST FUNDS
124
TABLE TF-10.--Airport and Airway Trust Fund, con.
Expected Condition and Results of Operations, Fiscal 1993-97
[In
millions of dollars]
1997
1993
Balance Oct.
1
13,064
13,099
5.701
6,678
Receipts:
Excise taxes, net
Interest, net
Total receipts
Outlays
Balance Sept. 30
of
refunds
3,424
1,084
.
.
.
TRUST FUNDS
125
INTRODUCTION: Highway Trust Fund
The Highway Trust Fund was established on
the books of the
is
a mass
transit
from
4081 and 4091
,
The funds from
this
account are
this
in
1991. The remaining excise taxes collected are
a higher account within the trust fund, and expenditures
account are
made
according
to the provisions of
various
transportation Acts.
Amounts required for outlays to carry out the Federal Highway
program are made available to the Federal Highway Administration,
Department of Transportation. Other charges to the trust fund are
made by the Secretary of the Treasury for transfer of certain taxes to
the land and water conservation fund and to the Aquatic Resources
Trust Fund and refunds of certain taxes.
Annual reports
Internal
to
Congress are required by 26 U.S.C. 9602 (a)
to be submitted by the Secretary
Revenue Code as amended,
of the Treasury, after consultation with the Secretary of Transportation.
reports cover the financial condition and results of operations of
the fund for the past fiscal year and expected condition and operations
These
account, funded by a portion of
,
)
Efficiency Act of
included
The termination date of the fund was extended to September 30.
1999, as a result of the Intermodal Surface Transportation Efficiency
Act of 1991 (Public Law 102-24, approved December 18, 1991).
Within the fund
US C
used for expenditures according to section 21 (a) (2) of the Urban fVlass
Transportation Act of 1964 or the Intermodal Surface Transportation
,
the excise tax collections under sections 4041
Revenue Code (26
Internal
Treasury in fiscal 1971 according to provisions of the Highway Revenue Act of 1 956. as amended (23 U.S. C. 1 20 note). It was reestablished
on the books of the Treasury tjy the Surface Transportation Assistance
Act of 1982, and modified by the Deficit Reduction Act of 1984 (Public
Law 98-369, approved July 18, 1984), the Surface Transportation and
Uniform Relocation Assistance Act of 1987, and the Omnibus Budget
Reconciliation Act of 1990. Amounts equivalent to taxes on gasoline,
diesel fuel, special motor fuels, certain tires, vehicles, and truck use.
are designated by the Act to be appropriated and transferred from the
general fund of the Treasury to the trust fund These transfers are made
monthly based on estimates by the Secretary of the Treasury, subject
to adjustments in later transfers to the amount of actual tax receipts.
Amounts available in the fund exceeding outlay requirements are
invested in public debt securities and interest is credited to the fund.
during the next 5 fiscal years.
of the
TABLE TF-15.--Highway
Trust Fund
Results of Operations, Fiscal 1992
Management
[Source: Financial
Revenue
Internal
Code
Description
Balance Oct.
(26
section
use.)
$19,875,516,131
1991
1.
Service]
Receipts:
Excise taxes (transferred from general fund):
Trucks, buses, trailers
4061
(a) (1
Diesel and special motor fuels
4041
(a) (b)
Trucks
4051
(a)
Gasoline
4081
used on highway vehicles
)
874.162,000
12.402.733,132
4071
(a) (1)
Repealed taxes
4071
(a) (3)
Use
4481
Tires
of certain vehicles
12.465.611
and water consen/ation fund
Less: Transfer to land
Transfer to national boating safety
facilities
improvement fund
4081 ....
4041
(b)
1.000.000
192.888.000
.
17285.810.682
Gross taxes
taxes (reimbursed to general fund):
39&6420
Gasoline used on farms
Gasoline used for nonhighway purposes
of local transit
.
194.314,570
6421
Fuel--taxicabs
6427
Commercial
fishing vessels
4081
(a)
.
(tax paid gasoline)
4081
(c)
.
Gasohol
-28.000
17.479.698.682
Total taxes
of
256.683.000
.
620.008.000
Fines and penalties
Less refunds
3,313.674.939
56,180,910
.
•3,359,840
Gasoline, other
6412
227,871,250
Aviation f ueis-farnrB
4041
21.485,580
Diesel vehicle rebate
4041
-4,932,950
Gas/diesel/alcohol mixtures
4081
24,708.060
Exempt use
36,131,510
Total refunds of taxes
16.733.411.592
Net taxes
Interest
on investments
Total receipts
552.399.090
.
1,274.951.808
$18.008.363,400
TRUST FUNDS
126
TABLE TF-15,--Highway
Trust Fund
Results of Operations, Fiscal 1992, con.
[Source: Financial
Internal
Management
Service]
Revenue
Code section
Description
(26U.S.C.)
Expenses:
$15,181,599,638
Federal ard to highways
Right-of-way revolving fund
National
Highway
Traffic
Safety Administration
Trust fund share of highway programs
Baltimore-Washington Parkway
Highway safety research and development
Airport executive demonstration
19,943,590
132.360,481
,322.269
1 1
13.862,711
4,154,364
486,335
Highway-related safety grants
9,899,364
Overseas highway
2,705.758
Mount Saint Helens
3.304,798
Intermodal urban demonstration
Traffic control signal
401.887
demonstration
Carpool and vanpool grants
47,084
Bicycle programs
National Park Service construction
Motor carrier safety grants
Mass
37.237.080
63,987.487
1,267,845,165
transit
Safety improvement project
5,491,639
Safety economic development demonstration project
8,536,453
Theodore Roosevelt Bridge
Vehicular and pedestrian safety demonstration
Nuclear waste transportation safety demonstration
Corridor safety improvement
Bridge capacity improvement
Highway
Airport
railroad
grade crossing
1,078,120
51,668
1,593.902
access highway demonstration project
Acceleration project
University Transportation Center
Department
Total
of Transportation
expenses
Balance Sept. 30, 1992
2,262
3.459,194
16,225,000
16,785,596,469
$21,098,383,062
TRUST FUNDS
19,336
127
TECHNICAL PAPERS
TECHNICAL PAPERS
131
Recent Reports and Studies
A Recommendation for
The Department of the Treasury released "A Recommendation for Integration of the Corporate and Individual Tax
Systems" on December 11, 1992. The paper summarizes a
dividend exclusion system whereby dividends are treated
either as excludable or a return of capital. The system prevents
Tax System Integration
the double taxation of retained earnings through a dividend
reinvestment plan. The report is a follow-up to the "Report of
the Department of the Treasury on Integration of the Individual
and Corporate Tax Systems: Taxing Business Income Once,"
released in January 1992.
Report on the Taxation of Americans Working Overseas, 1987
On January 12, 1993, the Department of the Treasury
submitted to Congress an interim report entitled "Taxation of
Americans Working Overseas, The Operation of the Foreign
Earned Income Exclusion in 1987." Under section 911, qualified individuals may exclude up to $70,000 of foreign earned
income as well as the excess of reasonable foreign housing
costs from their U.S. tax liability. The report covers the 1 987 tax
year, in which more than 1 50,000 returns are estimated to have
been
by those
filed
who
qualified for the section 91
1
benefits.
income reported on these
returns, Americans working abroad claimed an estimated $5.7
billion in excludable income and more than half of those persons were able to completely eliminate their U.S. tax liability.
For 1 987, the use of section 91 1 as opposed to the foreign tax
credit, is estimated to have resulted in a revenue loss to the
U.S. fisc of $740 million.
Of the $7.1
billion in
foreign earned
,
Foreign Sales Corporation Report
On January 13, 1993, the Department of the Treasury
submitted to Congress its report on "The Operation and Effect
of the Foreign Sales Corporation Legislation: January 1 1 985
to June 30, 1988." The report covers the first 3 years of the
operation of the foreign sales corporation (FSC) program,
created as part of the Deficit Reduction Act of 1984. By using
an FSC as an exporter or commission agent, a U.S. firm
typically can save 15 percent of the U.S. income tax of export
profits. The report estimates that the revenue cost of the
,
program was $790 million in 1985, $811 million in 1986, and
$760 million in 1987. The program is estimated to have increased total U.S. merchandise exports by about $1.5 billion
(or .7 percent of total merchandise exports) in 1985 and in
1986, and by about $1.2 billion (.5 percent) in 1987.
is
estimated to have improved the U.S. merchandise trade balance by about $.6 billion in 1 985 and in 1 986, and by about $.5
It
billion in
1987.
The Sales Source Rules Report
The Department of the Treasury released its "Report to the
Congress on the Sales Source Rules" on January 13, 1993.
The sales source rules of the Internal Revenue Code determine
when income from the sale of inventory property can be considered to arise within the United States and when
can be
considered to arise abroad. The rules allow a U.S. taxpayer, in
some cases, to treat up to half of the income from the sale of
exports as arising abroad, regardless of where the activity
producing the income actually occurs, and may substantially
it
reduce the effective rate of tax on export income earned by U.S.
exporters with operations in high-tax countries. Based on corporate tax returns for 1986 and 1988 and recent Department
of Commerce surveys of international trade, the report estimates that, compared to rules that would determine the source
of export income based upon where the activity producing the
income occurs, the sales source rules increased U.S. merchandise exports in 1 990 by up to $4 billion and decreased income
tax revenues by $1.8 to 2.1 billion.
Fraternal Benefit Societies Report
The Department of the Treasury released its "Report to the
Congress on Fraternal Benefit Societies" on January 1 5, 1 993.
The report examines the operations of large fraternal benefit
societies as mandated under section 1012 (c) of the Tax
Reform Act of 1986. Fraternal Benefit Societies provide insurance and fraternal or club services to members, and charitable
goods and services to the community. They are exempt from
corporate income tax (including tax on their insurance income)
under section 501 (c) (8) of the Internal Revenue Code. The
report concludes that the insurance operations of fraternal
benefit societies are similar to those of commercial insurers.
Fraternal benefit societies do not appear to use their tax
exemption to compete unfairly with commercial insurers in
terms of price or to operate inefficiently. The study also determines that, in general, large fraternal benefit societies do not
use their tax exemption to subsidize the purchase of insurance
by low-income members or those with poor health. The tax
exemption of their insurance operations does appear to allow
and charitable
goods and services and to accumulate surplus. The report
makes no recommendation as to the taxation of the insurance
income of these entities. However, notes some options-ranging from no change in current tax treatment to taxation of
fraternal benefit societies to finance fraternal
it
insurance income.
TECHNICAL PAPERS
132
International Tax Reform: Interim Report
addition, the report discusses the simplification potential of
of a reassessment of the international income tax provisions.
While the final conclusions of the study will depend upon the
results of ongoing analysis, the interim report makes clear that
international income tax provisions should be simplified to
reduce compliance costs, facilitate the free flow of capital, and
promote the competitiveness of U.S. multinational corpora-
alternative taxation structures:
tions.
The Department of the Treasury released "International
Tax Refornn: An Interim Report" on January 15, 1993. The
report describes various options for simplification of the Internal
Revenue Code provisions regarding taxation of income from
foreign direct investment by U.S. multinational corporations. In
and a current
inclusion system.
two
a modified exemption system
The
report
Social Security
is
a preliminary part
and Railroad Retirement
The "Report on the Taxation of Social Security and Railroad Retirement Benefits in Calendar Year 1990" was released
by the Department of the Treasury on January 15, 1993. In the
report. Treasury explains the methodology used in determining
transfers of income tax liabilities to the social security and
railroad retirement trust funds. These transfers are required by
the Social Security Amendments of 1 983. The transfers consist
of tax liabilities resulting from the taxation of social security and
railroad social security equivalent benefits received by high
income taxpayers. Transfers are initially based on Treasury
Assessment of Bank-Reported Data
On February 8, 993, the Department of the Treasury's
Management released Research Paper No.
1
1
Office of Data
9301, "The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability."
Written by Michael Cayton, the paper provides results of the
on-going examination of data collected by the Department of
Treasury in the Treasury International Capital (TIC) data base.
In an attempt to assess the data's reliabilty and possible role in
Benefits Taxation, 1990
when actual tax return data are
actual 1990 tax returns, the report finds
that the initial transfers of $4,667 million fell short of actual tax
liabilities by $50 million. The report estimates that $31 .4 billion
estimates and are adjusted
available.
will
Based on
be transferred to the trust funds for calendar years 1991
1 995 as a consequence of the taxation of benefits. The
through
report also finds that about 16 percent of tax returns filed by
beneficiaries have taxable benefits. On average, returns with
taxable benefits include almost 40 percent of their benefits in
adjusted gross income.
in the U.S.
Balance of Payments
recent balance-of-payments statistical discrepancies, the paper compares TIC data with Federal Reserve data and with
data from the Bank for International Statistics. Through this
comparison and through econometric analysis, the author suggests the bank-reported data are not unreliable and do not
contribute significantly to the discrepancies. This tentative conclusion casts doubt on the possibility of large random errors in
banking data.
Treasury Reviews Insurance Issues
The Office of Economic Policy released two research
papers as part of a broad review of insurance issues. Research
Paper No. 9202, dated July 21, 1992, "Life-Health Insurance
Markets," by John S. Greenlees and James E. Duggan, provides an economic overview of the life-health sector of the U.S.
insurance market. This sector provides a mix of products and
services to firms and individuals including annuities and pension fund management. According to the authors, changes in
revenues and profitability in these product markets could have
"significant implications for the future prospects of the insur-
paper presents information on the size and
insurance industry, illustrating its role within the
larger economy. It also includes a discussion of health insur-
ance
industry." This
growth
of the
ance issues and of the role of commercial life-health firms
the health insurance market.
In Research Paper No. 9203, dated August 14, 1992,
"Property-Casualty Insurance Markets," authors Lucy Huffman
and David Bernstein review financial trends and public policy
issues affecting the property-casualty insurance industry. The
study offers an overview of the structure and financial condition
of the industry and discusses economic and legal factors that
raise public policy issues and prompt solvency concerns, including the impact of the tort liability system on costs and
nonmarket regulatory responses. The study also looks at competition in the insurance industry and summarizes performance
issues in selected individual lines.
'
Copies may be purchased (rom the National Technical Inlormation Service, 5285 Port Royal Road, Springfield.
^
Copies may be obtained by writing
(202) 622-2010.
number
to Shirtey Bryant,
Department
ot the Treasury,
in
VA
1500 Pennsylvania Ave.. NW.,
22161; telephone number (703) 487-4660.
Room
4422, Washington,
DC.
20220; telephone
TECHNICAL PAPERS
133
Research Paper Series
Available Through the Office of the Assistant Secretary for Economic Policy
9001.
"Some Economic Aspects
9002. "Historical Trends
in
of the U.S. Health Care System."
James
E.
Duggan. August 1990.
the U.S. Cost of Capital." Robert Gillingham and John S. Greenlees. December 1990.
9003. "The Effect of Marginal Tax Rates on Capital Gains Revenue: Another
and John
S. Greenlees.
December
Look
at
the Evidence." Robert Gillingham
1990.
9004. "An Econometric Model of Capital Gains Realization Behavior." Robert Gillingham, John S. Greenlees, and
Kimberly D. Zieschang. August 1990.
9101. "The Impact of
Government
Deficits
on Personal and National Saving Rates." (Revised) Michael
R. Darby, Robert
Gillingham, and John S. Greenlees. February 1991.
9102. "Social Security and the Public Debt."
9201. "Issues
in
James
E.
Duggan. October 1991.
Eastern European Social Security Reform." John C. Hambor. June 1992.
9202. "Life-Health Insurance Markets." John S. Greenlees and
James
E.
Duggan. July 1992.
9203. "Property-Casualty Insurance Markets." Lucy Huffman and David Bernstein. August 1992.
9301 "The Bank-Reported Data
.
in
the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability."
Michael Cayton. February 1993.
9302. "The Returns Paid to Early Social Security Cohorts."
James E. Duggan, Robert Gillingham, and John S. Greenlees.
April 1993.
Copies
may be obtained by writing to Stiirley
Bryant, Department of the Treasury, 1500 Pennsylvania Ave., NW.,
telephone number (202) 622-2010.
Room 4422, Washington,
D.C. 20220;
134
Glossary
Expanded, With References
Accrued discount (SBN-1,
ings
bonds from the date
of
-2,
to Applicable Sections
-3)-lnterest that accumulates on savuntil the date of redemption or
first. Series A, B, C, D, E, EE, F, and J
purchase
whichever comes
are discount or accrual type bonds-meaning principal and interest are
paid when bonds are redeemed. Series G, H, HH, and K are currentincome bonds, and the semiannual interest paid to their holders is not
included in accrued discount.
final maturity,
Amounts outstanding and
in circulation (USCC)-lncludes all issues by the Bureau of the Mint purposely intended as a medium of
exchange Coins sold by the Bureau of the Mint at premium prices are
there
is
(totaling
and
Tables
limitation of $15 billion, and certain categories of older debt
approximately $595 million as of February 1991).
a
Discount-The
or bonds. (See
interest deducted
Accrued discount)
in
advance when purchasing notes
Discount rate (PDO-2)--The difference between par value and the
actual purchase price paid, annualized over a 360-day year. Because
this rate is less than the actual yield (coupon-equivalent rate), the yield
should be used in any comparison with coupon issue securities.
Dollar coins (USCC)~lnclude standard
silver
and nonsilver
coins.
excluded: however, uncirculated coin sets sold at face value plus
handling charge are included.
Domestic series (FD-2)-Nonmarketable,
Average discount rate (PDO-2, -3)-ln Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average
bearing securities issued periodically by Treasury to the Resolution
Funding Corporation (RFC) for investment of funds authorized under
section 21 B of the Federal Home Loan Bank Act (12 U.S. C. 1441b).
discount rate
in
is
the weighted, or adjusted, average of
all
bids accepted
the auction.
Budget authority ("Federal Fiscal Operations")~Congress passes
laws giving budget authority to Government entities, which gives the
to spend Federal funds. Congress can stipulate
the spending of these funds. For example, Congress
can stipulate that a given agency must spend within a specific year,
number of years, or any time in the future.
agencies the power
various criteria
for
The basic forms of budget authority are appropriations, authority to
borrow, and contract authority. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year,
or no-year. The available amount may be classified as either definite or
indefinite; a specific amount or an unspecified amount can be made
available. Authority may also be classified as current or permanent.
Permanent authority requires no current action by Congress.
Budget deflcit~The
total, cumulative amount by which budget outlays
(spending) exceed budget receipts (income).
Cash management bills (PDO-2)~Marketable Treasury bills of irregumaturity lengths, sold periodically to fund short-term cash needs of
Treasury. Their sale, having higher minimum and multiple purchase
requirements than those of other issues, is generally restricted to
competitive bidders
lar
Competitive tenders ("Treasury Financing Operations")~A bid to
purchase a stated amount of one issue of Treasury securities at a
specified yield or discount. The bid is accepted if it is within the range
accepted in the auction. (See Noncompetitive tenders.)
Coupon issue~The
issue of bonds or notes (public debt).
Currency no longer issued (USCC)~Old and new series gold and
silver certificates. Federal Reserve notes, national bank notes, and
1 890 Series Treasury notes.
Current income bonds ("U.S. Savings Bonds and Notes")--Bonds
paying semiannual interest to holders. Interest is not included in accrued discount.
Debt outstanding subject
to limitation (FD-6)~The debt incurred by
the Treasury subject to the statutory limit set by Congress. Until World
War I, a specific amount of debt was authorized to each separate
security issue. Beginning with the Second Liberty Loan Act of 1917, the
natureof the limitation was modified until, in 1941, it developed into an
overall limit on the outstanding Federal debt. In 1 991 the debt limit was
$4,145,000 million; the limit may change from year to year.
and
non-interest-
Federal intrafund transactions ("Federal Fiscal Operations")~lntrabudgetary transactions in which payments and receipts both occur
within the same Federal fund group (Federal funds or trust funds).
Federal Reserve notes (USCC)~lssues by the U.S. Government to
the public through the Federal Reserve banks and their member banks.
They represent money owed by the Government to the public. Currently, the item "Federal Reserve notes-amounts outstanding" consists
of new series issues. The Federal Reserve note is the only class of
currency currently issued.
Foreign ("Foreign Currency Positions," IFS-2, -3)-(international)
Locations other than those included under the definition of the United
States. (See United States )
Foreigner ("Capital Movements," IFS-2)-AII institutions and individuals living outside the United States, including U.S. citizens living
abroad, and branches, subsidiaries, and other affiliates abroad of U.S.
banks and business concerns;
central governments, central banks, and
countries other than the United States, and
international and regional organizations, wherever located Also, refers
to persons in the United States to the extent that they are known by
reporting institutions to be acting for foreigners.
other
Capital ("Federal Obligations")--Assets, such as land, equipment,
and financial reserves.
interest
official institutions of
Foreign official Institutions ("Capital Movements")~lncludes cengovernments of foreign countries, including all departments and
agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization
fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including
subordinate and affiliate agencies, created by treaty or convention
between sovereign states.
tral
Foreign public borrower ("Capital Movements")-lncludes foreign
as defined above, the corporations and agencies of
foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments
of foreign countries and their departments and agencies.
official institutions,
Foreign-targeted issue (PDO-1, -3)~Foreign-targeted Issues were
notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or
monetary authorities, or to international organizations in which the
United States held membership. Sold as companion issues, they could
be converted to domestic (normal) Treasury notes with the same
maturity
and
interest rates. Interest
was
paid annually.
,
The debt subject to limitation includes most of Treasury's public debt
except securities issued to the Federal Financing Bank, upon which
Fractional coins (USCC)~Coins minted in denominations of 50, 25,
and 10 cents, and minor coins (5 cents and 1 cent).
135
Glossary
Government account
series (FD-2)-Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds
toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency,
trust fund, or account Their rate is based on an average of market yields
on outstanding Treasury obligations, and they may be redeemed at the
option of the holder. Roughly 80 percent of these are issued to five
note, and a 30-year bond. Treasury sometimes offers additional
amounts of outstanding long-term notes or bonds, rather than selling
holders: the Federal old-age and survivors insurance trust fund; the civil
service retirement and disability fund; the Federal hospital insurance
trust fund; the military retirement fund; and the unemployment trust
fund.
Reopening (PDO-3, -4)~The offer for sale of additional amounts of
outstanding issues, rather than an entirely new issue A reopened issue
International Monetary Fund ("Exchange Stabilization Fund," IFSI)-(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation.
Members are allowed to draw from the fund.
Interfund transactions ("Federal Fiscal Operations ")--Trans-actions in which payments are made from one fund group (either Federal
funds or trust funds) to a receipt account in another group.
Intrabudgetary transactions ("Federal Fiscal Operatlons")-These
occur when payment and receipt both occur within the budget, or when
payment is made from off-budget Federal entities whose budget
authority and outlays are excluded from the budget totals.
new
security issues.
(See Reopening.)
Receipts ("Federal Fiscal Operations")~Funds collected from selling land, capital, or services, as well as collections from the public
(budget receipts), such as taxes, fines, duties, and fees.
will
rate
always have the same maturity date, CUSlP-number, and interest
as the original issue.
Short-term ("Foreign Currency Positions")"Securities maturing
1
in
year or less.
Special drawing rights ("Exchange Stabilization Fund," IFS-1)~lnternational assets created by IMF that serve to increase international
liquidity
and provide
additional international reserves.
purchased and sold among
eligible
holders through
SDRs may be
IMF (See
IMF.)
SDR allocations are the counterpart to SDRs issued by IMF based
on members' quotas in IMF Although shown in exchange stabilization
fund (ESF) statements as liabilities, they must be redeemed by ESF
only
in
the event of liquidation
of,
department of IMF or cancellation
or U.S. withdrawal from, the
of
SDR
SDRs.
Majority-owned foreign partnerships ("Foreign Currency Positions")~Partnerships organized under the laws of a foreign country in
which one or more U.S nonbanking concerns or nonprofit institutions,
directly or indirectly owns more than 50 percent profit interest.
issued to the Federal Reserve System against
are legalized as money. Proceeds of monetization
are deposited into an ESF account at the Federal Reserve Bank of New
Majority-owned foreign subsidiaries ("Foreign Currency Positions")~Foreign corporations in which one or more nonbanking business concerns or nonprofit institutions located in the United States,
directly or indirectly owns stock with more than 50 percent of the total
combined voting power, or of the total value of all classes of stock.
Spot ("Foreign Currency Positions")~Due
Matured non-interest-bearing debt (SBN-1, -2, -3)~The value of
outstanding savings bonds and notes that have reached final maturity
and no longer earn interest. Includes all Series A-D, F, G, J, and K
bonds. Series E bonds (issued between May 1941 and November
1965), Series EE (issued since January 1980), Series H (issued from
June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years.
Series HH bonds (issued since January 1980) mature after 20 years.
Noncompetitive tenders ("Treasury Financing Operations")~Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted
competitive tenders in a Treasury auction. Noncompetitive tenders are
always accepted
SDR
certificates are
SDRs when SDRs
York.
for receipt or delivery
within 2 workdays.
State and local government series (FD-2)-(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local
governments as a means to invest proceeds from their own tax-exempt
financing. Interest rates and maturities comply with IRS arbitrage
provisions. SLUGS are offered in both time deposit and demand
deposit forms. Time deposit certificates have maturities of up to 1 year.
Notes mature in 1 to 1 years and bonds mature in more than 1 years.
Demand deposit securities are 1-day certificates rolled over with a rate
adjustment daily
Statutory debt limit (FD-6)~By Act of Congress there is a limit, either
temporary or permanent, on the amount of public debt that may be
outstanding When this limit is reached. Treasury may not sell new debt
issues until Congress increases or extends the limit. For a detailed
listing of changes in the limit since 1 941 see the Budget of the United
States Government. (See Debt outstanding subject to limitation.)
,
in full.
STRIPS (PDO-1, -3)~Separate
Obligation ("Federal Obligations")~An unpaid commitment
quire
goods
to ac-
or services
Off-budget Federal entities ("Federal Fiscal Operations")~Federally owned and controlled entities whose transactions are excluded
from the budget totals under provisions of law. Their receipts, outlays,
and surplus or deficit are not included in budget receipts, outlays, or
deficits. Their budget authority is not included in totals of the budget.
Own foreign offices ("Capital Movements")~Refers to U.S. reporting
Trading of Registered Interest and
Principal Securities. Long-term notes and bonds may be divided into
principal and interest-paying components, which may be transferred
and sold in amounts as small as $1 ,000. STRIPS are sold at auction at
a minimum par amount, varying for each issue. The amount is an
arithmetic function of the issue's interest rate.
Treasury bills-The shortest term Federal security (maturity dates
normally varying from 3 to 12 months), they are sold at a discount.
sidiaries located outside the United States.
Trust fund transaction ("Federal Fiscal Operations")-An intrabudgetary transaction in which both payments and receipts occur within
the same trust fund group.
Outlays ("Federal Fiscal Operations")~(expenditures, net disbursements) Payments on obligations in the form of cash, checks, the
issuance of bonds or notes, or the maturing of interest coupons.
United States-Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands,
Wake Island, and all other territories and possessions.
Par value~The face value
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