Full text of Treasury Bulletin : June 1996
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Contents JUNE 1996 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Analysis.--Summary of budget results for the second quarter fiscal 1996; First-quarter receipts . . . . . . . . . . . . . . . . . . . . . . . . 8 FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-4.--Summary of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FEDERAL OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 ACCOUNT OF THE U.S. TREASURY UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 FEDERAL DEBT FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PUBLIC DEBT OPERATIONS TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 bills. . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4A.--Allotments by investor classes for public marketable securities other than bills . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4B.--Allotments by investor classes for public marketable securities for bills other than regular weekly series . . . . . . . 20 21 22 23 24 24 25 27 28 29 32 39 41 44 46 U.S. SAVINGS BONDS AND NOTES SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 OWNERSHIP OF FEDERAL SECURITIES OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 MARKET YIELDS 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 53 54 57 IV Contents U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 59 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 CAPITAL MOVEMENTS LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-A.--Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 68 69 71 73 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 CM-II-3.--Total claims on foreigners by type and country reported by banks in the United States . . . . . . . . . . . . . . . . . . . . . . 77 SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 79 CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 80 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-C.--Chart: Net foreign purchases of long-term domestic securities by selected countries . . . . . . . . . . . . . . . . . . . . . . . . . 81 82 84 86 88 90 TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS IN THE UNITED STATES CM-V-1.--Foreign purchases and sales of long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-2.--Foreign purchases and sales of long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (first quarter) . . . . . . . . . . . . . . . . . . . . . CM-V-5.--Foreign purchases and sales of long-term securities, by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 91 92 94 96 98 FOREIGN CURRENCY POSITIONS SUMMARY POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 V Contents GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-II-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-II-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 STERLING POSITIONS FCP-V-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 EXCHANGE STABILIZATION FUND ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 SPECIAL REPORTS TRUST FUNDS TF-10.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-13.--Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-16.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 111 113 117 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p= Preliminary; n.a.= Not available; r= Revised. VI Nonquarterly Tables and Reports For the convenience of the ‘‘Treasury Bulletin’’ user, nonquarterly tables and reports are listed below along with the issues in which they appear. Issues March June Sept. Dec. Federal Fiscal Operations FFO-4.--Summary of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . √ Special Reports Consolidated Financial Statements of the United States Government (CFS) excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Liabilities and Other Financial Commitments of the United States Government. . . . . . . . . . . . . . . . . . . . . . . Trust Fund Reports: Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . Black Lung Disability Trust Fund. . . . . . . . . . . . . . . . . . . . Civil Service Retirement and Disability Fund . . . . . . . . . . Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . Federal Hospital Insurance Trust Fund . . . . . . . . . . . . . . . . Federal Old-Age and Survivors Insurance Trust Fund . . . Federal Supplementary Medical Insurance Trust Fund . . . Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Investments of specified trust accounts . . . . . . . . . . . . . . . Leaking Underground Storage Tank Trust Fund . . . . . . . . National Recreational Trails Trust Fund . . . . . . . . . . . . . . . National Service Life Insurance Fund . . . . . . . . . . . . . . . . Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . Vaccine Injury Compensation Trust Fund. . . . . . . . . . . . . . (Published following the release of the CFS) √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy Real gross domestic product GROWTH IN REAL GROSS DOMESTIC PRODUCT (GDP) accelerated in the first quarter of 1996 from the sluggish pace at the end of 1995. GDP expanded at a 2.8 percent annual rate in the first quarter and that would have been even faster if not for the General Motors strike. GDP increased 0.5 percent at an annual rate in the fourth quarter of 1995. During the four quarters of 1995, growth was just 1.3 percent. Consumer spending improved and rose at a 3.5 percent pace in the first quarter versus 1.2 percent in the fourth quarter of 1995. Business investment grew to a 12 percent rate from 3 percent in the final quarter of 1995. There was also a rebound in Federal spending after the shutdown contributed to a sharp decline in the fourth quarter. Deterioration in the net export balance was a major negative element in the first quarter. Inflation, as measured by the chain-weighted price index for GDP, increased at a 2.5 percent annual rate in the first quarter, only a little faster than the 2.2 percent gain the previous quarter. Prices paid by U.S. residents, excluding exports and including imports, also rose at a 2.5 percent rate. During the rest of 1996, GDP growth is projected to moderate to a steady pace that is consistent with low inflation. Private forecasters and the Administration expect growth in the 2 to 2-1/2 percent range for the entire year. Consumer and producer prices Inflation was very moderate in 1995. The consumer price index (CPI) rose by only 2.5 percent over the year, the fourth straight year that consumer inflation was below 3 percent. So far in 1996 price gains accelerated slightly, mainly due to temporary increases in energy and food prices. Through the first 4 months of the year, the CPI rose at a 4.1 percent annual rate, while growth in core inflation, excluding food and energy, was just 3 percent, the same as in 1995. The producer price index (PPI) for finished goods has also registered some acceleration early in 1996, particularly for energy. After rising by 2.3 percent in 1995, the PPI was Consumer Prices* (Percent change from a year earlier) *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) Growth of Real GDP, Chain Weights (Percent change, fourth quarter to fourth quarter) up at a 3.0 percent annual pace in the first 4 months. Excluding food and energy, however, that gain was just 0.4 percent at an annual rate compared with growth of 2.6 percent in 1995. Core prices at earlier stages of processing have also been very well behaved so far this year. The cost of compensating labor has shown little evidence of inflationary pressures. The employment cost index (ECI) rose by 3 percent over the 12 months ending in March, about in line with the gain during 1995. Benefit costs actually edged down in the first quarter, while growth in wage costs picked up slightly from previous quarters. Real disposable personal income and consumer spending Real disposable (after tax) personal income has continued to grow into 1996, after a solid performance last year. Following a 3 percent rise during the course of 1995, disposable (after-tax) personal income adjusted for inflation rose by 3.2 percent at an annual rate in the first quarter. This was a good performance, especially in view of the General Motors strike, which cut into wages in March. Consumer spending increased at a healthy 3.5 percent annual rate in the first quarter, after a lackluster 2 percent rise during 1995. Nonautomotive discretionary goods (such as furniture and apparel) and gas and electricity (needed for the severe winter weather) led the first quarter gains. The share of after-tax income devoted to personal saving was 4.8 percent in the first quarter, little changed from the fourth quarter but up from 4.5 percent for all of 1995 and the weak 3.8 percent in 1994. Recent figures remain low compared to the 7.7 percent averaged from 1959 to 1986. Industrial production and capacity utilization Growth of industrial production in manufacturing, mining, and utilities improved in the first quarter from a weak pace at the end of 1995. Production expanded by 2.7 percent at an annual rate in the first quarter compared with growth of just 0.6 percent in the fourth. Contributing to the growth in the first quarter was a rebound in the production of aircraft and parts, which had been affected by a strike at Boeing late in 1995. The pace in the first quarter would have been even higher if not for some special factors such as a strike against General Motors, which held down motor vehicle output. In the first quarter, industrial production growth was at a strong 4.3 percent annual rate, excluding motor vehicles and parts. 4 PROFILE OF THE ECONOMY The capacity utilization rate was 82.7 percent in the first quarter, slightly above its long-term average but well below the 15-year high that was reached early in 1995. Employment and unemployment Employment growth continued to accelerate in the first quarter of 1996 to an average of 221,000 jobs per month compared with 142,000 in the final quarter of 1995. While job growth has risen since the second quarter of 1995, results for April 1996 showed virtually no improvement, but technical factors could have affected the figures. The private service-producing sector added most of the new jobs. Increases in this sector totaled 1.7 million in 1995, with an additional 650,000 new jobs added through the first four months of 1996. In contrast, the manufacturing sector has been weak. Factory jobs fell by 338,000 between March 1995 and April 1996 after steady gains through 1994. The unemployment rate fell steadily during 1994, and since October of that year has hovered in a narrow range of 5.4 percent to 5.8 percent. By historical standards, this band is quite low. Civilian Unemployment Rate (In percentages) Establishment Employment (Monthly change in thousands) Nonfarm productivity and unit labor costs Nonfarm productivity, or output per hour worked, increased at a sluggish 0.7 percent in 1995. Productivity growth so far during the 1990’s has averaged a 1 percent annual rate, the same as during the 1980’s, but down from 1.9 percent during the 1970’s and 2.9 percent during the 1960’s. Hourly compensation costs in the nonfarm business sector rose by 4.1 percent over the four quarters of 1995, up from 2.5 percent during 1994. As a result of the more rapid increases in compensation than in productivity, labor costs per unit of output accelerated to 3.4 percent in 1995, the biggest increase in 5 years. Productivity in manufacturing, a component of the nonfarm sector, grew at a much more rapid pace than in the nonfarm business sector as a whole, rising by 3.7 percent during the four quarters of 1995. As a result of the faster gains in productivity, unit labor costs in the manufacturing sector improved, declining in 1995 for the second consecutive year. Current account balance The current account balance encompasses U.S. international trade in goods, services, and income payments. The current account deficit had widened sharply in recent years as the economic recovery here brought in imports at a faster pace than the rate of expansion in exports. That deterioration slowed in 1995. Last year the deficit was $153 billion, just slightly above the $151 billion in 1994. An improved merchandise trade balance was primarily responsible. The merchandise trade deficit narrowed to an average of $13.1 billion a month from August through December in 1995, compared with $15.6 billion earlier in the year. For 1995 as a whole, however, the merchandise trade deficit totaled $174.6 billion, the largest on record. International trade in services showed a $63 billion surplus in 1995. That was a little better than figures for the 3 previous years. The balance on income payments, which includes interest, dividends, and direct investment income, shifted from a surplus of $9 million in 1993 to a deficit of $11.4 in 1995. The main contributor to that deficit was Federal Government interest payments to the rest of the world. Exchange rate of the dollar The dollar strengthened over the second half of 1995 and on into 1996 after steady deterioration beginning in early 1994. Based on the Federal Reserve Board’s trade-weighted index of the dollar against G-10 currencies, the dollar dropped close to an all-time low in April 1995. Through the end of 1995 the dollar increased by 4 percent and a further 2.8 percent in the first four months of 1996. Most of the dollar deterioration was against the yen and the deutschemark, and the improvement was also greatest against these currencies. Since April 1995, the dollar has increased by almost 9 percent against the deutschemark and by 28 percent against the yen. Despite the improvement, the dollar remains about 10 percent below its recent high of January 1994. Many factors determine the level of exchange rates in international currency markets. The large U.S. current account deficit likely played a role in the earlier downward movement of the dollar. Underlying economic fundamentals in the United States remain sound, however. Interest rates Long-term interest rates have moved higher in 1996 after declining over the second half of last year. The yield on the 30-year Treasury bond increased from a recent low of 6.0 percent in January to a current rate of about 6.8 percent. Stronger jobs and income growth contributed to the upward movement. PROFILE OF THE ECONOMY Mortgage interest rates have also increased but remain extremely favorable. Earlier this year the rate for a 30-year fixed-rate conventional loan was 7 percent, close to the 25year lows reached in October 1993. Rates are currently at about 7.9 percent, still quite low by historical standards. Short-term interest rates have moved lower this year. The Federal Reserve Board eased monetary policy in January for the third time in the current cycle. Since last July, the Board has reduced the target for the Federal funds rate by a total of 75 basis points, to 5-1/2 percent, and has lowered the discount rate by a total of 25 basis points, to 5 percent. Short-term Interest Rates (In percentages; Weekly data*) *Average for week ending Friday; Federal funds ending Wednesday. Long-term Interest Rates (In percentages; Weekly data*) Net national saving and investment Net national saving is the saving available for investment in the expansion of structures and equipment used by U.S. workers. Depreciation to replace obsolete capital is included in gross saving. In 1995, net national savings rose to 4.9 percent of net national product (NNP) from 3.9 percent 5 in 1994 and 2.7 percent in 1992. That was the lowest in the history of the series. Net savings had averaged as high as 12 percent of NNP in the 1960’s. Gains over the past 3 years reflect the narrowing of the Federal deficit, which has reduced Government dissaving to 1.6 percent of NNP in 1995 from 3.9 percent in 1992. Private savings, of households and businesses, was equivalent to 6.9 percent of NNP in 1995, up from the historical low of 6.4 percent in 1994. Private saving had averaged nearly 10 percent of NNP in the 1960’s and 1970’s. Net domestic investment equaled 7.2 percent of NNP in 1995, up from a low of 4.1 percent in 1991. Foreign inflows accounted for 2.2 percent of NNP in 1995, or nearly onethird of domestic investment. U.S. sources provided investment equivalent to 5 percent of NNP, only half the shares of NNP averaged in the 1960’s and 1970’s. Housing Housing activity has improved after the unusually severe weather in January. Housing starts averaged 1.47 million units at an annual rate in the first quarter, close to their expansion high of 1.48 million units in the fourth quarter of 1994. Both single- and multi-family housing starts were strong in the first quarter. Single-family home sales have been brisk, as improvements in employment growth and consumer confidence as well as lower mortgage interest rates have stimulated housing market activity. New home sales dipped in March, but were quite strong in January and February. Existing home sales have expanded rapidly in the past few months, spurred by the low mortgage rates at the beginning of the year. Although rates have risen from levels that were near 25year lows in January and February, they are still quite moderate by historical standards. Favorable rates and growing employment should continue to support the housing market, but it is unlikely there will be additional large gains. The level of housing activity is fairly high for this stage of the business cycle, and further rapid expansion is doubtful. Federal budget deficit In fiscal 1995, the Federal deficit fell to $164 billion. That figure was $39 billion lower than the $203 billion deficit in fiscal 1994 and $127 below the record $290 billion deficit in fiscal 1992. The 3-year drop was the largest in history and the first such successive declines since the Truman Administration. Outlays rose by only 4 percent in fiscal 1995, while receipts expanded by 7.8 percent. The deficit represented 2.3 percent of gross domestic product (GDP), well below the 4.9 percent share in fiscal 1992 and the lowest in 16 years. The deficit is projected to fall further in fiscal 1996, to $146 billion or just 2 percent of GDP. So far through the first half of fiscal 1996, indications suggest that the deficit will come in a bit below that figure. The budget is projected to reach balance in fiscal 2001 under the Administration’s economic assumptions. 6 FEDERAL FISCAL OPERATIONS INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and offbudget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations, 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. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into two categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function, and (2) 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 are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions—payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by off-budget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal old-age and survivors insurance, and Federal disability insurance. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 (commonly known as the Gramm-Rudman-Hollings Act) included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays, and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the Federal Reserve banks. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. FEDERAL FISCAL OPERATIONS 7 payments with delinquent returns or on delinquent accounts). During the preparation of Table FFO-4, incorrect figures were inadvertently imported into the Unemployment Insurance and Estate and Gift columns. Revisions resulted in a change to the State distribution only. 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. Table FFO-4 (revised from March issue) summarizes internal revenue collections by States and other areas and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), of payments made with tax returns, and of subsequent payments made after tax returns are due or are filed (i.e., It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the State where such a corporation reported its taxes from a principal office rather than other States where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one State and work in another. CHART FFO-A.— Monthly Receipts and Outlays (In billions of dollars) On-budget receipts Off-budget receipts On-budget outlays Off-budget outlays CHART FFO-B.— Budget Receipts by Source, through Second Quarter, Fiscal Years 1995-1996 (In billions of dollars) 8 FEDERAL FISCAL OPERATIONS Summary of Budget Results for the Second Quarter, Fiscal 1996 Total On- and Off-Budget Results and Financing of the U.S. Government Only modest improvement [In millions of dollars] in the Federal budget balance Budget estimates was registered in the second Actual fiscal year (February 1996) January-March to date full fiscal 1996 quarter of fiscal 1996, acTotal on- and off-budget results: cording to the officially tabuTotal receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321,282 645,154 1,426,775 On-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228,205 474,378 1,059,334 lated numbers which show Off-budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,078 170,776 367,441 that the deficit narrowed to Total outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,577 773,372 1,572,411 $72.3 billion from $73.3 bilOn-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312,132 627,804 1,270,292 Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,445 145,568 302,119 lion a year earlier. However, Total surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -72,296 -128,218 -145,636 the budget results were imOn-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . -83,929 -153,426 -210,958 Off-budget surplus or deficit (-) . . . . . . . . . . . . . . . . . . . . . . 11,633 25,208 65,322 pacted by a number of speMeans of financing: cial factors which severely Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . 80,464 113,798 165,272 distorted the year-to-year Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . -1,379 16,075 -2,051 -6,788 -1,655 -17,585 Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . comparison. After rough ad72,296 128,218 145,636 Total on- and off-budget financing. . . . . . . . . . . . . . . . . . justments for all these special developments, continuation of the pattern of significant imTotal outlays increased by 1.6 percent in the first two provement in the budget balance is indicated. quarters of the fiscal year, or about one-half the pace projected Among the special factors impacting second quarter comparisons, the Federal shutdown in the first fiscal quarter of the for the entire year. Some of the major outlay components are year apparently resulted in the shift of some outlays into the discussed below. second quarter. Also, because of happenstance of the calendar Total defense function spending fell by 3.6 percent, after the number of military pay periods and some other payments adjustment for differences in the number of military pay were artificially reduced in the second quarter of the current periods. That included a steep decline in the procurement fiscal year. The amount of individual income tax refund checks account, which covers big-ticket items such as aircraft, ships, and earned income tax credit payments had been unusually and other hard goods. Falling procurement spending has consmall in the quarter a year earlier, when the Internal Revenue tributed more than four-fifths of the total drop in defense Service was putting in place additional precautions to combat outlays from the peak reached in 1989. That has been reflected fraud. Finally, there was a decline in flows of funds to the in the drop of one-third during that span in employment in deposit insurance agencies (counted as negative outlays in defense related industries, as tabulated by the Bureau of Labor budget accounting). Statistics. Budget projections show the procurement account Many of these same special factors distort comparisons of flattening out over the next few years, at least in nominal budget totals for the first half of the current fiscal year with terms, and orders placed with defense goods producers already figures for a year earlier. The actual budget data show an show a bottoming out through 1995 and some increases re$18.4 billion narrowing of the deficit from $146.6 billion in cently. That suggests that the bulk of the downsizing in the the first half of fiscal 1995 to $128.2 billion so far in fiscal defense goods industry may already have been witnessed. 1996. Adjusting for the various special factors suggests that Outlays for health care (Medicare, Medicaid, and other the underlying improvement was somewhat greater than that. health care) increased by 6.7 percent in the first half of fiscal Administration budget projections released in March show 1996 (adjusted for unusual timing of Medicare payments to the deficit declining to $146 billion for all of fiscal 1996 from HMO’s). Growth of health-care spending has been tapering $164 billion in fiscal 1995. The Congressional Budget Office sharply from a recent peak of 18.7 percent reached in 1992 has projected a slightly narrower deficit of $144 billion for the and grew by an adjusted 9.6 percent in fiscal 1995. Growth of current fiscal year. More recent data on revenue flows suggest outlays for Medicare in the first half of the fiscal year were in the likelihood of an even smaller deficit. line with the 11 percent pace projected in the budget for the For the fiscal year to date, total revenues were up from a entire year, but spending under other health-care components year earlier by 5.0 percent, or close to the 5.3 percent pace rose only marginally. projected in the budget for the entire fiscal year. Leading the Net interest outlays were up by 6.1 percent in the first half increase were corporate income tax revenues, reflecting the of the fiscal year. That reflects a 4.7 percent increase in the sizable rise in the December quarterly payment. Withheld outstanding publicly held debt, and a narrow increase in the individual income and employment taxes rose by 6.7 percent, effective interest rate. or 1.1 percentage points faster than growth of the wage and Farm support payments were down sharply, reflecting high salary tax base now carried in the national income and product prices for major farm crops. accounts. FEDERAL FISCAL OPERATIONS 9 First-Quarter Receipts The following capsule analysis of budget receipts, by source, for the first quarter of fiscal 1996 supplements fiscal data reported in the March issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes—Individual income tax receipts were $144.5 billion for the first quarter, an increase of $10.2 billion over the comparable quarter for fiscal 1995. Withheld receipts increased by $8.4 billion, and non-withheld receipts by $1.7 billion during this period. There was no change in refunds over the comparable 1995 quarter. There was an increase of $1.0 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable 1995 quarter. Corporate income taxes—Net corporate receipts totaled $41.9 billion. This was $5.4 billion higher than net receipts for the comparable 1995 quarter. The $5.4 billion figure consists of $6.0 billion in higher estimated and final payments less $0.6 billion in higher refunds. The increase in net receipts mainly reflects higher corporate profits. Employment taxes and contributions—Employment taxes and contributions receipts were $102.6 billion, an increase of $1.9 billion over the comparable 1995 quarter. Receipts to the Old-Age Survivors Insurance and Hospital Insurance Trust Funds increased by $15.8 billion, and $0.4 billion, respectively. Receipts to the Disability Insurance Trust Fund decreased by $13.5 billion. There was a -$0.4 billion accounting adjustment for prior years’ employment tax liabilities made in the first quarter of fiscal 1995, while there was a -$1.4 billion adjustment made in the first quarter of fiscal 1996. Contributions for other insurance and retirement—Contributions for other retirement were $1.1 billion, with a negligible change in receipts from the first quarter of fiscal 1995. Growth in contributions will remain flat over the next few years as the number of employees covered by the Federal employees’ retirement system (FERS) grows slowly relative to those covered under the civil service retirement system (CSRS). Unemployment insurance—Unemployment insurance receipts were $4.4 billion, $0.2 billion less than in the comparable 1995 quarter. State taxes deposited in the U.S. Treasury decreased by $0.2 billion, and Federal Unemployment Tax Act (FUTA) receipts increased by $0.01 billion. Railroad unemployment tax receipts were approximately the same as in the comparable 1995 quarter. Excise taxes—Net excise tax receipts were $14.5 billion, an increase of $0.1 billion over the comparable 1995 quarter. Total excise tax refunds were $0.3 billion, unchanged over the comparable prior year quarter. Estate and gift taxes—Estate and gift tax receipts were $3.9 billion, an increase of $0.1 billion over the previous quarter, and an increase of $0.4 billion over the same quarter in 1995. Customs duties—Customs receipts net of refunds were $4.8 billion. This is a decrease of $0.6 billion from the comparable 1995 quarter and is due to a decrease in tariffs resulting from implementation of recently enacted trade agreements. Miscellaneous receipts—Net miscellaneous receipts were $6.2 billion, a decrease of $0.3 billion over the comparable prior year quarter. First Quarter Fiscal 1996 Net Budget Receipts, by Source [In billions of dollars] Source October November Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.8 39.5 53.2 Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 1.7 38.0 Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.5 34.9 37.2 Unemployment insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 2.9 0.2 Contibutions for other insurance and retirement. . . . . . . . . . . . . . . . . . . . . . 0.3 0.3 0.4 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 5.2 4.9 Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 1.3 1.4 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 2.1 1.6 2.5 1.4 1.6 95.6 89.9 138.3 Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . December 10 FEDERAL FISCAL OPERATIONS TABLE FFO-1.—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) Means of financing -net transactions Borrowing from the public— Off-budget Federal surplus securities or Public deficit debt (-) securities (9) (10) Total receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) ........... ........... ........... ........... ........... 1,054,260 1,091,692 1,153,175 1,257,187 1,350,576 760,375 789,266 841,241 922,161 999,496 293,885 302,426 311,934 335,026 351,080 1,322,989 1,381,895 1,408,122 1,460,557 1,514,389 1,081,302 1,129,336 1,142,110 1,181,185 1,225,724 241,687 252,559 266,012 279,372 288,665 -268,729 -290,204 -254,948 -203,370 -163,813 -320,926 -340,071 -300,869 -259,024 -226,228 52,198 49,867 45,922 55,654 62,415 407,664 403,396 342,629 288,987 278,535 1996 - Est. . . . . . . . . 1997 - Est. . . . . . . . . 1,426,775 1,495,238 1,059,334 1,107,223 367,441 388,015 1,572,411 1,635,329 1,270,292 1,317,655 302,119 317,674 -145,636 -140,091 -210,958 -210,432 65,322 70,341 278,133 293,300 1995 - Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June. . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . 92,532 165,392 90,405 147,868 92,749 96,560 143,219 95,593 90,008 138,271 142,922 89,349 89,011 61,970 126,170 61,027 115,998 65,788 69,264 112,510 72,200 63,651 110,322 110,615 60,913 56,677 30,562 39,222 29,378 31,870 26,961 27,296 30,710 23,393 26,357 27,949 32,307 28,437 32,334 143,074 115,673 129,958 135,054 106,328 130,411 135,933 118,352 128,458 132,984 123,647 133,644 136,286 117,123 90,628 103,184 120,236 80,931 104,134 105,098 92,151 101,767 121,753 98,056 105,711 108,365 25,951 25,045 26,773 14,818 25,397 26,277 30,836 26,201 26,691 11,231 25,591 27,933 27,921 -50,543 49,720 -39,553 12,814 -13,579 -33,851 7,286 -22,758 -38,450 5,286 19,274 -44,295 -47,275 -55,153 35,542 -42,157 -4,237 -15,143 -34,870 7,412 -19,951 -38,116 -11,431 12,558 -44,799 -51,688 4,610 14,178 2,604 17,051 1,564 1,019 -126 -2,807 -334 16,717 6,716 504 4,413 9,506 -11,283 51,902 46,192 9,024 10,554 3,590 11,958 3,478 79 42 28,707 101,066 Fiscal 1996 to date . 645,154 474,378 170,776 773,372 627,804 145,568 -128,218 -153,426 25,208 145,331 Transactions not applied to year’s surplus or deficit (19) Total financing (20) Fiscal year or month 1991 1 1992 11 1993 1994 11 1995 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1 1995 Borrowing from the public— Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) Means of financing—net transactions, con. Cash and monetary assets (deduct) U.S. Treasury operating cash (14) Special drawing rights (15) Other (16) Reserve position on the U.S. quota in the IMF (deduct) (17) Other (18) ........... ........... ........... ........... ........... -15,018 500 6,652 3,665 -1,224 115,844 92,978 100,663 107,655 106,024 276,802 310,918 248,619 184,998 171,288 1,329 17,305 -6,283 -16,564 2,007 -1,444 1,389 -907 768 -1,086 -4,464 18,654 -1,429 -992 9,109 215 672 2,333 -35 2,614 -17,406 17,043 -301 831 4,447 4,969 263 350 715 722 268,729 290,204 254,948 203,370 163,813 1996 - Est. . . . . . . . . 1997 - Est. . . . . . . . . 8,140 -1,748 121,002 127,226 165,272 164,326 2,051 - * * * * * * -17,585 -24,235 * * 145,636 140,091 1995 - Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June. . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . 4 20 193 198 -8 168 -60 210 970 104 -104 8,033 -666 -4,135 16,375 7,363 37,899 -1,611 -5,349 10,148 -1,185 -33,891 18,541 4,685 -10,282 62,211 13,645 -27,638 44,732 8,491 10,627 16,071 -6,618 13,353 38,339 -18,358 -4,747 47,022 38,189 -17,747 19,973 -11,841 34,312 -11,635 -30,776 19,820 -16,755 4,912 -5,611 16,959 -6,297 -9,283 494 92 179 -54 -2,882 -341 239 -86 85 2 -258 327 -57 -606 4,947 2,511 -3,725 4,895 819 -3,633 3,179 -3,548 459 1,073 -1,678 207 563 794 68 -143 627 -290 211 17 -126 76 -340 503 434 19,525 3,697 -14,325 9,006 -6,087 -12,906 15,914 -4,240 1,434 7,998 2,907 -9,872 387 77 27 63 79 44 98 55 * * - 50,543 -49,720 39,553 -12,814 13,579 33,851 -7,286 22,758 38,450 -5,286 -19,274 44,295 47,275 Fiscal 1996 to date . 8,547 40,079 113,798 -16,075 14 -308 565 -1,386 * 128,218 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” the source for this table. Note.—On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1996 budget, released by the Office of Management and Budget on July 31, 1995. FEDERAL FISCAL OPERATIONS 11 TABLE FFO-2.—On-budget and Off-budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Income taxes Fiscal year or month 1991 1 1992 1 1 1993 1994 1 1995 1 Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) Social insurance taxes and contributions Employment taxes and contributions Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) ............... ............... ............... ............... ............... 404,152 408,352 430,427 459,699 499,898 142,725 149,372 154,800 160,117 175,884 79,050 81,259 75,546 77,077 85,624 467,827 476,465 509,680 542,738 590,157 113,599 117,951 131,548 154,205 174,422 15,513 17,680 14,027 13,820 17,334 98,086 100,270 117,520 140,385 157,088 565,913 576,735 627,200 683,123 747,245 367,558 382,339 393,688 425,985 447,104 831 804 531 898 - 366,727 381,535 393,158 425,087 447,104 1996 - Est. . . . . . . . . . . . . 1997 - Est. . . . . . . . . . . . . 534,281 549,952 186,071 187,818 89,479 92,668 630,873 645,102 185,127 203,488 18,019 18,510 167,108 184,978 797,981 830,080 469,289 496,785 - 469,289 496,785 1995 - Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June. . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . 44,561 32,447 43,414 40,901 41,532 41,631 36,295 46,918 39,945 50,597 55,351 46,722 41,834 4,302 64,953 8,703 23,061 3,100 4,147 27,165 5,899 1,992 3,227 31,160 3,170 5,806 22,016 20,959 22,388 2,505 1,812 1,657 2,551 978 2,414 646 319 9,565 25,118 26,845 76,441 29,729 61,457 42,819 44,122 60,909 51,840 39,524 53,179 86,192 40,327 22,523 17,238 25,779 3,572 36,645 4,476 3,284 33,719 4,813 3,056 38,954 6,381 3,797 17,793 2,375 2,297 1,379 768 1,079 782 730 2,633 1,362 932 1,223 2,105 2,332 14,863 23,482 2,193 35,876 3,397 2,501 32,989 2,180 1,694 38,021 5,158 1,692 15,460 41,709 99,923 31,922 97,333 46,216 46,623 93,898 54,020 41,218 91,200 91,350 42,019 37,983 38,234 50,094 36,812 40,623 34,104 34,564 39,000 30,954 34,652 36,870 40,361 35,681 40,674 750 - 38,234 50,094 36,812 40,623 34,104 34,564 39,000 30,205 34,652 36,870 40,361 35,681 40,674 Fiscal 1996 to date . . . . . 281,367 51,256 39,039 293,584 74,794 10,589 64,205 357,789 219,191 750 218,443 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Social insurance taxes and contributions, con. Employment taxes and contributions, con. Net Unemployment insurance employment Net Railroad retirement accounts taxes and unemployment Gross Refunds Net contributions Gross Refunds insurance (12) (13) (14) (15) (16) (17) (18) Net contributions for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) ........... ........... ........... ........... ........... 3,792 3,961 3,793 3,767 3,972 -8 5 11 44 30 3,801 3,956 3,781 3,723 3,942 370,526 385,491 396,939 428,810 451,046 21,068 23,557 26,680 28,114 28,985 146 147 124 110 107 20,922 23,410 26,556 28,004 28,878 4,454 4,683 4,709 4,563 4,461 108 105 96 98 89 4,563 4,788 4,805 4,661 4,550 1996 - Est. . . . . . . . . 1997 - Est. . . . . . . . . 3,897 3,959 - 3,897 3,959 473,186 500,744 29,810 30,841 - 29,810 30,841 4,449 4,500 90 90 4,539 4,590 1995 - Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June. . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . 414 330 419 -18 413 351 315 344 267 290 428 379 367 2 1 5 * 3 1 11 * 36 47 49 -45 412 329 414 -18 410 350 304 344 267 254 381 330 412 38,646 50,423 37,226 40,605 34,514 34,914 39,304 30,549 34,919 37,123 40,742 36,011 41,086 337 3,088 10,612 327 1,651 4,467 238 1,216 2,940 228 1,090 2,559 259 17 27 11 7 15 13 3 3 5 10 13 1 320 3,061 10,601 320 1,636 4,454 235 1,214 2,940 223 1,081 2,546 258 406 348 348 408 344 431 355 336 332 411 368 391 401 7 7 7 8 5 6 9 6 8 5 6 12 18 413 354 355 416 349 436 364 342 340 416 374 403 419 Fiscal 1996 to date . 2,076 88 1,987 220,430 8,292 31 8,261 2,238 56 2,294 See footnotes at end of table. 12 FEDERAL FISCAL OPERATIONS TABLE FFO-2.—On-budget and Off-budget Receipts by Source, con. [In millions of dollars. Source: “Monthly Statement of Receipts and Outlays of the United States Government”] Fiscal year or month 1991 1 1992 1 1993 1 1 1994 1995 1 Social insurance taxes and contributions, con. Net social insurance taxes and Airport and Airway Trust Fund contributions Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Gross Refunds Net Gross Refunds Net (26) (27) (28) (29) (30) (31) Gross (32) Miscellaneous Refunds Net (33) (34) ............... ............... ............... ............... ............... 396,011 413,689 428,300 461,475 484,474 4,919 4,660 3,276 5,217 5,406 10 15 15 28 39 4,910 4,645 3,262 5,189 5,367 652 626 634 567 608 - 652 626 634 567 608 17,331 17,287 18,321 17,426 23,358 352 574 283 758 913 16,979 16,713 18,039 16,668 22,445 20,472 24,562 26,718 33,573 29,926 582 977 595 772 861 19,890 23,585 26,123 32,801 29,065 1996 - Est. . . . . . . . . . . . . 1997 - Est. . . . . . . . . . . . . 507,535 536,175 2,281 6,251 - 2,281 6,251 620 633 - 620 633 24,554 24,904 - 24,554 24,904 26,431 27,840 - 26,431 27,840 1995 - Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June. . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . 39,379 53,839 48,183 41,341 36,499 39,804 39,902 32,104 38,199 37,762 42,197 38,960 41,763 428 430 499 593 467 502 325 467 449 447 502 -405 31 11 5 13 6 10 428 419 499 593 461 490 325 467 449 441 502 -405 21 54 53 52 50 53 52 41 52 52 52 41 53 44 - 54 53 52 50 53 52 41 52 52 52 41 53 44 1,599 2,216 1,553 1,628 2,565 1,875 2,095 1,748 1,737 1,802 2,282 1,951 1,836 211 81 -162 244 328 1 96 298 1,599 2,005 1,472 1,789 2,320 1,546 2,095 1,747 1,737 1,706 2,282 1,951 1,538 3,502 1,953 2,976 2,716 2,023 2,718 3,271 2,229 3,173 2,613 1,456 2,766 2,341 440 -172 229 252 -217 50 26 42 256 -58 39 58 -189 3,061 2,125 2,747 2,464 2,239 2,668 3,245 2,187 2,917 2,672 1,417 2,708 2,530 Fiscal 1996 to date . . . . . 230,985 1,490 16 1,474 294 - 294 11,356 395 10,961 14,579 148 14,430 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Customs duties Gross Refunds (39) (40) Net miscellaneous receipts Deposits of earnings by Federal All Net Reserve banks other Total (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) ............. ............. ............. ............. ............. 42,430 45,570 48,057 55,225 57,485 11,473 11,479 12,891 15,607 15,144 335 336 314 382 380 11,138 11,143 12,577 15,225 14,764 16,738 18,135 19,613 20,973 21,067 817 775 811 874 1,767 15,921 17,359 18,802 20,099 19,300 19,158 22,908 14,908 18,023 23,378 3,689 4,292 3,331 4,018 3,928 22,847 27,195 18,239 22,041 27,306 760,375 789,266 841,241 922,161 999,496 293,885 302,426 311,934 335,026 351,080 1996 - Est. . . . . . . . . . . 1997 - Est. . . . . . . . . . . 53,886 59,628 15,924 17,077 - 15,924 17,077 19,313 20,454 - 19,313 20,454 23,752 22,580 8,384 9,244 32,136 1,059,334 31,824 1,107,223 367,441 388,015 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 5,143 4,602 4,770 4,897 5,074 4,757 5,706 4,453 5,154 4,870 4,241 4,308 4,133 1,248 1,938 1,371 1,071 1,063 1,538 1,314 1,207 1,375 1,411 1,321 1,120 1,170 30 32 32 31 26 38 25 46 26 29 33 31 34 1,218 1,906 1,339 1,040 1,037 1,500 1,289 1,160 1,349 1,383 1,288 1,090 1,137 1,781 1,490 1,652 1,752 1,759 1,993 1,728 1,883 1,709 1,532 1,574 1,525 1,608 311 141 180 169 156 199 93 97 116 94 92 68 80 1,470 1,349 1,471 1,583 1,603 1,794 1,634 r 1,786 1,593 1,439 1,482 1,456 1,528 3,015 3,514 2,478 1,426 2,049 1,743 411 1,756 2,117 1,388 2,159 872 2,051 597 261 241 247 271 338 378 314 379 230 206 644 416 3,612 3,774 2,719 1,674 2,320 2,081 789 2,070 2,496 1,618 2,364 1,517 2,467 61,970 126,170 61,027 115,998 65,788 69,264 112,510 72,200 63,651 110,322 110,615 60,913 56,677 30,562 39,222 29,378 31,870 26,961 27,296 30,710 23,393 26,357 27,949 32,307 28,437 32,334 Fiscal 1996 to date . . . 27,159 7,604 198 7,405 9,831 547 9,284 10,344 2,188 12,532 474,378 170,776 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” the source for this table. Note.—On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1996 budget, released by the Office of Management and Budget on July 31, 1995. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-3.—On-budget and Off-budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Legislative branch (1) The judiciary (2) Executive Office of the President (3) ............. ............. ............. ............. ............. 2,295 2,677 2,406 2,561 2,621 1,989 2,299 2,579 2,659 2,903 193 190 194 229 213 11,724 11,109 11,527 10,511 11,163 54,119 56,436 63,143 60,812 56,667 2,585 2,567 2,798 2,915 3,403 261,925 286,632 278,576 268,635 259,565 26,538 28,265 29,262 30,402 31,664 25,339 26,047 30,414 24,699 31,321 12,459 15,439 16,801 17,840 17,618 1996 - Est. . . . . . . . . . . 1997 - Est. . . . . . . . . . . 2,695 2,752 3,297 3,561 206 215 10,445 10,337 54,840 55,942 3,789 3,993 254,325 247,463 32,255 33,292 30,404 29,639 14,678 14,569 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 166 178 191 185 225 178 199 175 173 158 262 199 162 348 202 200 336 198 339 221 197 196 226 320 212 215 16 18 15 14 22 15 17 14 14 14 18 15 25 168 47 1,021 670 40 1,485 843 722 1,203 193 1,073 2,340 825 5,513 4,204 4,111 3,493 3,478 2,579 3,779 5,810 6,540 4,240 4,250 3,682 3,916 291 227 287 286 356 253 224 353 280 250 363 307 287 25,977 16,828 21,720 25,792 17,127 22,900 25,041 17,270 20,262 23,988 19,371 20,478 21,556 2,674 2,592 2,621 2,639 2,616 2,780 2,759 2,660 2,707 2,593 2,718 2,853 2,664 2,691 1,974 2,406 2,630 1,286 3,862 2,956 2,056 2,336 1,891 3,624 2,568 2,620 1,588 1,188 1,353 1,580 1,366 1,334 1,870 1,495 1,383 1,498 1,139 1,285 1,222 Fiscal 1996 to date . . . 1,129 1,366 99 6,357 28,437 1,842 122,926 16,194 15,096 8,022 1991 1 1992 1 1993 1 1994 1 1995 1 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Funds appropriated to the Department of Department of President Agriculture Commerce (4) (5) (6) Department of Defense Military Civil (7) (8) Department of Department Department the Treasury of Health of Housing and Department Interest and Human Urban De- Department of Department Department Department of Transpor- on the Services velopment the Interior of Justice of Labor of State tation public debt Other (11) (12) (13) (14) (15) (16) (17) (18) (19) Department of Department Education of Energy (9) (10) EnvironDepartment mental of Veterans Protection Affairs Agency (20) (21) ............. ............. ............. ............. ............. 217,969 257,961 282,774 310,837 303,074 22,751 24,470 25,185 25,774 29,045 6,094 6,555 6,728 6,910 7,415 8,244 9,826 10,197 10,005 10,781 34,048 47,164 44,738 36,919 32,170 4,252 5,007 5,384 5,718 5,347 30,504 32,561 34,457 37,278 38,776 286,022 292,330 292,502 296,278 332,414 -9,128 1,098 6,209 10,981 16,027 31,213 33,737 35,487 37,401 37,770 5,770 5,932 5,925 5,855 6,349 1996 - Est. . . . . . . . . . . 1997 - Est. . . . . . . . . . . 327,429 354,274 26,432 32,175 6,939 6,931 12,964 15,596 34,404 35,154 5,500 5,540 38,994 38,063 344,628 346,118 20,328 22,733 37,606 39,819 6,329 6,460 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June. . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 28,559 23,053 26,792 28,535 22,706 27,613 25,994 24,418 26,828 25,767 25,452 26,203 26,366 2,694 2,707 1,843 2,795 2,285 2,196 2,566 1,087 2,350 2,701 2,646 2,162 3,122 671 499 574 482 563 632 853 641 477 499 536 624 485 915 920 774 875 1,172 890 936 809 985 838 1,112 933 920 3,093 2,899 2,741 2,871 2,751 2,895 2,265 2,516 2,821 2,431 3,533 2,520 2,990 411 371 335 397 325 392 435 531 341 439 300 423 432 3,208 2,571 3,193 3,425 3,349 3,388 3,742 3,138 3,300 3,122 3,115 2,979 2,914 20,693 20,883 26,769 59,355 20,946 22,302 20,174 21,631 26,006 60,676 20,923 20,977 20,739 4,375 3,732 2,476 496 606 431 -307 -30 -1,053 1,146 406 6,870 7,171 4,616 1,828 3,184 4,540 1,584 3,262 4,509 1,619 3,262 4,416 2,152 2,884 3,288 678 493 571 542 493 615 559 484 538 435 595 526 481 Fiscal 1996 to date . . . 155,035 14,069 3,262 5,596 16,811 2,466 18,567 170,951 14,507 17,620 3,059 See footnotes at end of table. 14 FEDERAL FISCAL OPERATIONS TABLE FFO-3.—On-budget and Off-budget Outlays by Agency, con. [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics General and Office of Small Services Space Personnel Business Adminis- Adminis- Manage- Administration tration ment tration (22) (23) (24) (25) Undistributed offsetting receipts Rents and Social Other Employer Interest royalties Security indepenshare, received on the Outer Admindent employee by trust Continental istration agencies retirement funds Shelf lands (26) (27) (28) (29) (30) Other (31) Allowances (32) Total outlays OnOffbudget budget (33) (34) 1991 1 . . . . . . . . . . . . 487 13,878 34,808 613 266,395 80,454 -36,206 -70,649 -3,150 -550 - 1,081,302 241,687 1992 1 . . . . . . . . . . . . 469 13,961 35,596 394 281,418 18,877 -36,782 -77,838 -2,498 * - 1,129,336 252,559 1993 1 . . . . . . . . . . . . 743 14,305 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * - 1,142,110 266,012 1994 1 . . . . . . . . . . . . 334 13,694 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * - 1,181,185 279,372 1995 1 . . . . . . . . . . . . 708 13,377 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 - 1,225,724 288,665 1996 - Est. . . . . . . . . . 469 14,190 42,374 957 377,255 9,192 -33,429 -97,598 -4,489 -4,350 -647 1,270,292 302,119 1997 - Est. . . . . . . . . . 695 13,699 44,618 423 398,085 21,176 -34,163 -102,078 -3,193 -3,600 -4,959 1,317,655 317,674 1995 - Mar. . . . . . . . . 544 1,284 3,556 77 32,057 -710 -2,671 -251 -158 - - 117,123 25,951 Apr. . . . . . . . . -767 1,028 3,548 53 28,081 32 -2,554 -596 43 -610 - 90,628 25,045 May . . . . . . . . 540 1,245 3,431 55 30,220 -232 -2,590 -5,524 -366 - - 103,184 26,773 June . . . . . . . 387 1,166 3,647 59 36,248 -5,315 -2,696 -39,948 -431 * - 120,236 14,818 July . . . . . . . -684 1,032 3,557 14 28,313 895 -2,901 -129 -228 -7,034 - 80,931 25,397 Aug. . . . . . . . 299 1,236 3,482 -6 30,054 -839 -2,750 -1,134 -272 * - 104,134 26,277 Sept. . . . . . . 223 1,199 3,409 31 32,534 5,010 -5,760 -311 -36 * - 105,098 30,836 Oct. . . . . . . . . 339 1,128 3,576 16 28,234 642 -2,404 -415 -361 * - 92,151 26,201 Nov. . . . . . . . 389 1,119 3,418 238 30,121 524 -2,365 -5,736 -200 * - 101,767 26,691 Dec. . . . . . . . 477 973 3,576 76 32,778 730 -2,562 -40,465 -121 * - 121,753 11,231 1996 - Jan. . . . . . . . . -393 1,208 3,379 -9 28,961 -527 -2,491 -65 -322 * - 98,056 22,591 Feb. . . . . . . . . 382 1,073 3,252 23 31,206 552 -2,559 -1,028 -295 - - 105,711 27,933 Mar. . . . . . . . . 396 1,057 3,758 41 31,384 -117 -2,282 -143 -8 -200 - 108,365 27,921 Fiscal 1996 to date . . 1,591 6,558 20,959 386 182,683 1,806 -14,663 -47,851 -1,306 -200 - 627,804 145,568 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government,” the source for this table. Note.—On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1996 budget, released by the Office of Management and Budget on July 31, 1995. FEDERAL FISCAL OPERATIONS 15 TABLE FFO-4.—Internal Revenue Collections by States and Other Areas, Fiscal 1995 [In thousands of dollars. Source: Internal Revenue Service] State and district1 Total collections (1) Alabama . . . . . . . . . . . . Alaska . . . . . . . . . . . . . . Arizona . . . . . . . . . . . . . Arkansas . . . . . . . . . . . . California . . . . . . . . . . . . Colorado . . . . . . . . . . . . Connecticut . . . . . . . . . . Delaware . . . . . . . . . . . . Florida . . . . . . . . . . . . . . Georgia . . . . . . . . . . . . . Hawaii . . . . . . . . . . . . . . Idaho . . . . . . . . . . . . . . . Illinois. . . . . . . . . . . . . . . Indiana. . . . . . . . . . . . . . Iowa. . . . . . . . . . . . . . . . Kansas. . . . . . . . . . . . . . Kentucky . . . . . . . . . . . . Louisiana . . . . . . . . . . . . Maine. . . . . . . . . . . . . . . Maryland (including District of Columbia) . . Massachusetts . . . . . . . Michigan . . . . . . . . . . . . Minnesota . . . . . . . . . . . Mississippi . . . . . . . . . . . Missouri . . . . . . . . . . . . . Montana . . . . . . . . . . . . Nebraska . . . . . . . . . . . . Nevada . . . . . . . . . . . . . New Hampshire. . . . . . . New Jersey . . . . . . . . . . New Mexico. . . . . . . . . . New York. . . . . . . . . . . . North Carolina . . . . . . . . North Dakota . . . . . . . . . Ohio, Cincinnati . . . . . . . Oklahoma . . . . . . . . . . . Oregon . . . . . . . . . . . . . Pennsylvania . . . . . . . . . Rhode Island . . . . . . . . . South Carolina. . . . . . . . South Dakota. . . . . . . . . Tennessee. . . . . . . . . . . Texas. . . . . . . . . . . . . . . Utah. . . . . . . . . . . . . . . . Vermont. . . . . . . . . . . . . Virginia. . . . . . . . . . . . . . Washington . . . . . . . . . . West Virginia . . . . . . . . . Wisconsin . . . . . . . . . . . Wyoming . . . . . . . . . . . . International operations. Undistributed: Presidental Election Campaign Fund 5 . . . Other, including Federal tax deposits 6 . . . . . . Total . . . . . . . . . . . . . 1 Total (2) Individual income and employment taxes Individual Individual income tax income tax not withheld withheld and Railroad and SECA 2,3 FICA 2 retirement (3) (4) (5) Unemployment Corporation insurance income taxes 4 (6) (7) Estate and gift taxes Excise taxes (8) (9) 13,890,651 2,489,526 13,532,212 11,457,981 149,185,087 21,031,976 26,300,140 7,564,656 57,318,910 39,661,869 4,461,739 5,131,023 82,711,685 23,638,678 10,454,252 11,960,417 13,550,453 14,353,150 3,713,028 12,124,400 2,316,113 12,089,931 8,708,700 124,027,728 18,409,798 22,042,069 4,465,893 51,702,619 30,342,440 3,968,349 3,993,740 66,223,891 20,981,338 8,865,989 10,007,377 11,235,778 12,725,191 3,322,443 2,425,372 546,805 2,784,157 1,442,045 26,267,610 3,478,001 3,820,245 613,812 13,835,756 4,674,093 834,124 799,585 11,252,907 3,826,962 1,786,385 1,867,260 2,020,236 2,530,616 701,766 9,621,016 1,757,414 9,228,106 7,176,319 96,772,849 14,835,453 18,135,127 3,830,725 37,077,223 25,467,605 3,113,111 3,165,857 54,368,943 17,021,690 7,016,623 7,804,452 9,137,278 10,110,212 2,595,625 2,207 773 1,889 4,743 319,213 13,419 1,066 -9 533,632 3,529 4 391 294,046 20,675 11,582 273,521 5,602 18,149 4,836 75,806 11,121 75,780 85,593 668,057 82,925 85,631 21,364 256,009 197,213 21,110 27,908 307,996 112,011 51,398 62,144 72,662 66,214 20,216 1,379,924 124,704 969,064 2,306,120 18,298,922 1,707,769 3,799,563 2,883,357 3,817,296 7,037,284 371,960 994,407 11,850,186 2,147,350 1,422,745 865,400 1,186,739 1,228,337 251,433 179,720 5,517 185,373 78,898 2,303,974 151,872 298,634 56,252 1,419,131 318,260 60,410 41,499 752,976 172,250 85,214 108,128 127,022 169,752 56,807 206,606 43,193 287,844 364,262 4,554,462 762,537 159,874 159,155 379,865 1,963,884 61,020 101,377 3,884,631 337,741 80,304 979,513 1,000,914 229,871 82,345 38,674,452 37,824,643 56,903,363 37,677,226 6,798,916 30,961,576 2,355,299 9,745,664 7,026,998 5,051,755 65,681,332 4,446,153 129,498,946 28,704,092 2,006,739 62,667,820 15,106,548 13,407,129 64,578,284 4,685,099 12,262,248 2,319,112 23,945,747 92,342,282 7,006,969 1,965,670 29,325,962 25,510,715 4,394,085 25,062,424 1,698,322 11,689,175 34,484,026 32,844,064 49,646,862 31,604,380 6,005,092 24,350,021 2,094,444 8,127,765 6,107,100 4,570,494 52,881,105 3,999,094 104,765,636 24,181,535 1,835,967 50,885,604 9,935,428 11,695,202 53,771,122 3,950,438 11,087,804 2,069,548 20,578,129 69,706,333 5,999,582 1,795,815 25,074,568 23,020,921 3,956,311 21,235,148 1,351,257 8,657,991 4,684,727 5,903,341 5,885,142 3,649,336 1,305,085 3,642,163 626,340 1,175,120 1,843,668 906,152 7,254,751 882,777 17,147,007 4,523,664 478,681 6,930,532 1,889,168 2,564,902 8,607,380 659,845 1,851,643 625,782 3,394,911 13,452,124 1,246,078 385,970 4,514,072 4,894,628 759,007 3,529,925 445,173 1,564,103 29,320,088 26,762,257 43,442,133 27,208,632 4,656,780 20,537,253 1,441,142 6,432,898 4,224,293 3,640,609 45,348,006 3,091,300 86,978,329 19,500,918 1,346,094 43,673,038 7,989,019 9,097,934 44,472,168 3,269,126 9,164,628 1,428,345 17,047,610 55,902,766 4,711,283 1,396,008 20,044,760 17,996,811 3,175,639 17,578,594 898,878 7,040,567 368,285 19,507 58,540 615,645 2,323 35,427 14,498 480,602 119 106 55,688 365 239,045 1,301 1,096 23,993 1,739 1,105 429,240 913 3,815 19,431 30,871 2,724 3,358 380,257 2,316 245 1,713 134 8,617 110,925 158,960 261,046 130,767 40,903 135,177 12,464 39,145 39,021 23,627 222,660 24,652 401,256 155,652 10,095 258,040 55,503 31,261 262,334 21,467 70,621 11,606 116,177 320,572 39,498 10,480 135,479 127,165 21,420 124,917 7,072 44,704 3,152,399 4,219,963 6,588,676 4,944,705 507,085 5,141,148 174,039 1,463,082 732,302 381,446 10,328,461 267,260 22,052,876 4,047,564 136,844 8,227,604 1,255,411 1,451,209 8,322,711 671,460 948,391 215,450 2,764,776 10,677,881 778,007 133,086 2,948,141 1,933,699 295,080 3,403,621 57,035 2,881,437 374,292 341,002 366,738 193,334 70,740 240,738 22,641 52,846 109,333 60,173 489,459 55,356 1,893,064 312,899 12,330 529,416 125,244 137,085 578,801 53,898 96,830 14,435 179,511 822,211 71,208 22,180 353,553 202,014 40,296 188,593 30,700 50,125 663,735 419,614 301,087 934,806 215,999 1,229,670 64,174 101,970 78,262 39,642 1,982,308 124,443 787,369 162,093 21,598 3,025,196 3,790,465 123,633 1,905,648 9,303 129,223 19,680 423,332 11,135,857 158,172 14,588 949,700 354,082 102,398 235,061 259,330 99,622 68,518 68,518 - 68,518 - - - - - 1,999,659 1,375,731,835 1,362,067 1,141,184,642 211,042 202,941,974 1,055,287 928,108,822 17,816 4,330,098 77,922 5,803,748 676,764 174,422,173 481,660 15,144,394 -520,833 44,980,627 Receipts in the various States do not indicate the Federal tax burden of each since, in many instances, taxes are collected in one State from residents of another State. For example, withholding taxes reported by employers located near State lines may include substantial amounts withheld from salaries of employees who reside in neighboring States. Also, the taxes of some corporations are paid from a principal office, although their operations may be located in another State, or throughout several States. 2 Collections of individual income tax (withheld and not withheld) include old-age, survivor’s, disability, and hospital insurance taxes on salaries and wages (FICA) and self-employment income (SECA). 3 Includes fiduciary income tax collections of $5.3 billion. 4 Includes taxes of $294.3 million on unrelated business income of exempt organizations (Forms 990T). 5 Represents IRS transfer of the Presidential Election Campaign check-off option on individual income tax returns processed during the fiscal year ended September 30, 1995, of $3 per single return and $3 or $6 per joint return from the Individual Income Withholding Receipt Account Number 20-0101 to account number 20-5081. A total of $68.5 million was designated on 15.4 million returns. 6 Amounts not classified by State or district as of the end of the fiscal year. This includes tax payments made to banks under the Federal Tax Deposit (FTD) System. These payments are included in collections but are not classified by district until applied to taxpayer accounts. Also included are credits allowable on income tax returns for certain gasoline, diesel, and special motor fuel tax payments and for excess payments under the Federal Insurance Contributions Act. Note.—Details may not add to totals due to rounding. Amounts reflect adjustments made to data reported in prior years. Negative figures are displayed when prior year adjustments exceed current year receipts. 16 FEDERAL OBLIGATIONS INTRODUCTION: Federal Obligations [Because the Department of the Treasury no longer collects the data that were depicted in the Federal Obligations section of the “Treasury Bulletin,” this section will no longer be published.] ACCOUNT OF THE U.S. TREASURY 17 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Treasury’s operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include the Daily Balance Wire received from the FRBs and branches, and electronic transfers through the Letter of Credit Payment, Fedline Payment, and Fedwire Deposit Systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Note Option. The program permits Treasury to collect funds through financial institutions and to leave the funds in Note Option depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on Note Option financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury’s account at FRBs do so under the Remittance Option. Under authority of Public Law 95-147, Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations participate under the Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments, which the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1991 1992 1993 1994 1995 Received directly (1) Federal Reserve accounts Credits 1 Received through remittance option tax and loan depositaries (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) .............. .............. .............. .............. .............. 3,068,821 3,266,858 3,407,516 3,597,247 3,904,812 264,818 288,556 331,337 307,639 226,833 3,333,340 3,538,754 3,746,152 3,915,321 4,129,866 566,620 572,967 584,383 686,879 642,952 565,581 572,321 583,369 693,001 642,716 1995 - Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 327,127 345,366 381,363 391,455 274,267 351,907 290,931 298,831 393,003 316,921 339,184 409,663 275,277 18,080 18,414 16,565 20,666 15,421 15,102 18,998 15,725 14,447 21,708 18,119 13,572 15,685 347,552 360,082 401,521 395,787 299,462 373,446 306,074 316,159 408,763 338,354 355,071 425,812 289,573 51,621 51,981 45,139 62,509 44,381 45,356 58,374 46,545 44,608 68,902 54,403 45,271 52,580 67,020 35,706 53,385 44,528 46,244 69,694 42,408 61,697 38,381 74,788 39,676 48,989 63,252 See footnotes at end of table. 18 ACCOUNT OF THE U.S. TREASURY TABLE UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Tax and Federal loan note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and Federal loan note Reserve accounts (10) (11) Average Federal Reserve (12) Tax and loan note accounts (13) 1991 . . . . . . . . . . . . . . 7,928 33,556 27,810 36,577 2,427 422 6,646 19,202 1992 . . . . . . . . . . . . . . 24,586 34,203 24,586 37,028 1,852 2,752 6,513 19,756 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1,625 6,510 18,978 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 2,736 - 5,904 18,631 1995 . . . . . . . . . . . . . . 8,620 29,329 20,977 41,288 2,826 99 6,127 16,955 1995 - Mar. . . . . . . . . . 4,543 13,554 7,967 24,367 3,461 5,128 5,141 9,864 Apr. . . . . . . . . . . 8,241 29,828 8,241 32,277 4,211 99 6,155 12,719 May . . . . . . . . . . 4,646 21,582 16,220 39,051 3,735 11,208 5,791 19,847 June . . . . . . . . . 20,977 39,563 20,977 39,870 2,826 775 7,530 19,928 July . . . . . . . . . . 11,206 37,700 20,977 39,563 4,860 21,161 6,984 28,380 Aug. . . . . . . . . . 4,767 13,363 7,418 36,873 4,048 5,167 5,257 14,366 Sept. . . . . . . . . . 8,620 29,329 17,499 41,288 4,001 1,430 6,850 17,754 Oct. . . . . . . . . . . 7,018 14,176 8,620 33,237 3,416 4,677 5,384 12,446 Nov. . . . . . . . . . 5,703 20,402 6,538 20,402 4,621 - 5,410 8,195 Dec. . . . . . . . . . 5,979 14,515 11,383 40,647 4,998 3,617 6,762 15,191 1996 - Jan. . . . . . . . . . 8,210 29,243 9,168 31,776 4,368 5,655 6,298 17,023 Feb.. . . . . . . . . . 5,632 25,525 6,294 31,102 2,490 1,878 4,953 14,227 Mar.. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 2 depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after Mar. 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and individual estimated income taxes beginning October 1988. FEDERAL DEBT 19 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the ‘‘Treasury Bulletin’’ reflect the total. Further detailed information is published in the ‘‘Monthly Statement of the Public Debt of the United States.’’ Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government.’’ • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount are also listed by total Federal securities, securities held by Government accounts, and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type interest-bearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities--that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in market-based special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government.’’) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. 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 reflects the remaining period to maturity of Treasury bills, notes, and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the Federal Reserve banks. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Changes in the non-interestbearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 20 FEDERAL DEBT TABLE FD-1.--Summary of Federal Debt [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Securities held by: Total (1) Amount outstanding Public debt securities (2) Agency securities (3) 1991. . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 3,683,054 4,082,871 4,436,171 4,721,293 5,000,945 3,665,303 4,064,621 4,411,489 4,692,750 4,973,983 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 4,890,575 4,878,806 4,930,589 4,978,233 4,987,006 4,997,778 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 4,864,116 4,852,327 4,903,926 4,951,372 4,960,152 4,970,756 4,973,983 4,985,262 4,989,330 4,988,665 4,987,436 5,017,041 5,117,786 End of fiscal year or month End of fiscal year or month Total (4) Government accounts Public debt securities (5) Total (7) The public Public debt securities (8) Agency securities (6) Agency securities (9) 17,751 18,250 24,682 28,543 26,962 919,713 1,016,453 1,116,713 1,213,115 1,320,800 919,573 1,016,330 1,116,693 1,213,098 1,320,784 139 123 21 17 16 2,763,341 3,066,418 3,319,458 3,508,178 3,680,145 2,745,729 3,048,291 3,294,796 3,479,652 3,653,199 17,612 18,127 24,661 28,526 26,946 26,459 26,479 26,663 26,861 26,854 27,022 26,962 27,171 28,142 28,245 28,141 36,174 35,508 1,254,674 1,271,236 1,278,619 1,316,581 1,315,204 1,310,019 1,320,800 1,319,624 1,285,894 1,304,472 1,309,154 1,299,079 1,361,632 1,254,657 1,271,219 1,278,602 1,316,564 1,315,187 1,310,003 1,320,784 1,319,607 1,285,878 1,304,456 1,309,154 1,291,214 1,353,767 17 17 17 17 17 16 16 16 16 16 7,865 7,865 3,635,901 3,607,570 3,651,970 3,661,652 3,671,802 3,687,759 3,680,145 3,692,809 3,731,578 3,712,438 3,706,423 3,754,136 3,791,662 3,609,459 3,581,108 3,625,324 3,634,808 3,644,965 3,660,753 3,653,199 3,665,655 3,703,452 3,684,209 3,678,282 3,725,827 3,764,019 26,442 26,462 26,646 26,844 26,837 27,006 26,946 27,155 28,126 28,229 28,141 28,309 27,643 Federal debt securities Securities held by Government accounts Securities held by the public Amount Net unamortized Amount Net unamortized Amount Net unamortized outstanding face premium and outstanding face premium and outstanding face premium and value discount Accrual amount value discount Accrual amount value discount Accrual amount (10) (11) (12) (13) (14) (15) (16) (17) (18) 1991. . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 3,683,054 4,082,871 4,436,171 4,721,293 5,000,945 84,137 80,058 85,022 77,297 79,995 3,598,919 4,002,815 4,351,149 4,643,996 4,920,950 919,713 1,016,453 1,116,713 1,213,115 1,320,800 7,962 12,415 12,776 1,472 3,188 911,751 1,004,039 1,103,938 1,211,644 1,317,612 2,763,341 3,066,418 3,319,458 3,508,178 3,680,145 76,175 67,643 72,246 75,826 76,807 2,687,168 2,998,776 3,247,211 3,432,352 3,603,338 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 4,890,575 4,878,806 4,930,589 4,978,233 4,987,006 4,997,778 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 80,106 79,600 79,297 80,551 80,307 80,358 79,995 79,315 79,905 79,161 77,889 78,787 78,466 4,810,469 4,799,206 4,851,292 4,897,682 4,906,699 4,917,420 4,920,950 4,933,118 4,937,567 4,937,750 4,937,688 4,974,428 5,074,828 1,254,674 1,271,236 1,278,619 1,316,581 1,315,204 1,310,019 1,320,800 1,319,624 1,285,894 1,304,472 1,309,154 1,299,079 1,361,632 2,055 2,242 2,261 2,324 2,558 2,722 3,188 3,197 3,358 3,395 3,392 3,598 3,940 1,252,619 1,268,994 1,276,358 1,314,257 1,312,646 1,307,297 1,317,612 1,316,427 1,282,537 1,301,077 1,305,762 1,295,481 1,357,692 3,635,901 3,607,570 3,651,970 3,661,652 3,671,802 3,687,759 3,680,145 3,692,809 3,731,578 3,712,438 3,706,423 3,754,136 3,791,662 78,051 77,358 77,035 78,227 77,749 77,636 76,807 76,118 76,547 75,766 74,497 75,189 74,526 3,557,850 3,530,212 3,574,935 3,583,425 3,594,053 3,610,123 3,603,338 3,616,691 3,655,031 3,636,672 3,631,926 3,678,947 3,717,136 FEDERAL DEBT 21 TABLE FD-2.--Interest-Bearing Public Debt [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] Marketable End of fiscal year or month Total interestbearing public debt (1) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Other securities: Federal Financing Bank (6) .......... .......... .......... .......... .......... 3,662,759 4,061,801 4,408,567 4,689,524 4,950,644 2,390,660 2,677,476 2,904,910 3,091,602 3,260,447 564,589 634,287 658,381 697,295 742,462 1,387,717 1,566,349 1,734,161 1,867,507 1,980,343 423,354 461,840 497,367 511,800 522,643 15,000 15,000 15,000 15,000 15,000 1,272,099 1,384,325 1,503,657 1,597,922 1,690,197 1995 - Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . July . . . . . Aug. . . . . . Sept. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 1996 - Jan. . . . . . Feb. . . . . . Mar. . . . . . 4,860,502 4,831,533 4,900,346 4,947,814 4,956,625 4,967,192 4,950,644 4,981,739 4,985,790 4,964,371 4,983,247 5,012,872 5,082,952 3,227,333 3,182,253 3,241,464 3,252,620 3,270,977 3,286,057 3,260,447 3,293,172 3,351,483 3,307,179 3,331,836 3,387,122 3,375,055 756,447 735,178 750,702 748,302 759,354 750,167 742,462 738,605 785,682 760,680 756,723 795,328 811,919 1,938,223 1,914,413 1,961,107 1,974,663 1,981,968 1,998,247 1,980,343 2,016,925 2,029,642 2,010,340 2,038,955 2,042,732 2,014,074 517,664 517,662 514,655 514,654 514,654 522,643 522,643 522,642 521,159 521,158 521,158 534,062 534,062 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 1,633,169 1,649,279 1,658,881 1,695,194 1,685,648 1,681,135 1,690,197 1,688,567 1,634,308 1,657,191 1,651,411 1,625,750 1,707,897 1991 1992 1993 1994 1995 Nonmarketable Total (7) Nonmarketable, con. End of fiscal year or month State and local government series (11) Domestic series (12) Other (13) 908,406 1,011,020 1,114,289 1,211,689 1,324,270 158,117 157,570 149,449 137,386 113,368 29,995 29,995 29,995 29,995 29,995 429 435 442 445 432 1,259,184 1,275,568 1,283,765 1,322,041 1,320,685 1,314,973 1,324,270 1,325,155 1,273,059 1,299,585 1,299,967 1,274,699 1,357,647 122,908 122,154 123,246 121,145 112,750 113,688 113,368 110,367 107,819 104,458 99,104 97,577 96,476 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 444 442 438 434 434 434 432 432 432 431 429 428 426 U.S. savings bonds (8) Foreign series Government (9) Government account series (10) ....................... ....................... ....................... ....................... ....................... 133,512 148,266 167,024 176,413 181,181 41,639 37,039 42,459 41,996 40,950 1995 - Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . 178,839 179,458 179,824 180,136 180,547 180,785 181,181 181,819 182,203 181,918 182,238 182,691 182,992 41,797 41,662 41,614 41,442 41,237 41,261 40,950 40,800 40,800 40,805 39,678 40,361 40,361 1991 1992 1993 1994 1995 22 FEDERAL DEBT TABLE FD-3.--Government Account Series [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month 1991 1992 1993 1994 1995 Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange stabilization fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Federal Insurance Housing Trust Fund Administration (8) (9) Federal Old-age and Survivors Insurance Trust Fund (10) ............. ............. ............. ............. ............. 908,406 1,011,020 1,114,289 1,211,689 1,324,270 15,194 15,090 12,672 12,206 11,145 6,108 4,664 4,325 13,972 20,117 11,140 12,411 13,575 14,929 15,839 2,378 3,314 5,637 7,326 2,399 12,854 12,774 10,162 6,025 35,150 246,631 273,732 301,711 329,602 357,539 109,327 120,647 126,078 128,716 129,864 6,839 6,077 5,380 5,933 6,277 255,557 306,524 355,510 413,425 447,947 1995 - Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1996 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . 1,259,184 1,275,568 1,283,765 1,322,041 1,320,685 1,314,973 1,324,270 1,325,155 1,273,059 1,299,585 1,299,967 1,274,699 1,357,647 11,455 11,205 11,354 11,692 11,626 11,547 11,145 11,424 11,636 12,182 11,492 10,439 9,950 18,570 18,475 19,206 21,522 21,335 22,112 20,117 21,643 21,713 21,170 21,815 21,825 20,469 15,385 15,303 15,642 15,519 15,684 15,849 15,839 15,896 16,109 15,973 16,148 16,339 16,327 4,629 2,956 882 1,536 2,019 2,642 2,399 3,020 3,032 2,937 3,852 2,666 3,896 26,545 29,382 30,281 32,676 33,334 34,071 35,150 35,306 35,882 37,572 39,137 39,821 41,012 331,978 329,939 327,880 340,191 338,044 336,400 357,539 355,367 313,492 311,955 312,121 297,385 351,278 129,750 133,765 131,222 135,559 134,013 130,931 129,864 127,495 126,554 131,443 130,649 127,583 126,072 5,352 5,996 5,255 5,736 5,806 5,683 6,277 6,283 7,066 7,264 7,264 7,119 7,688 419,354 430,268 431,146 446,143 446,735 445,944 447,947 444,667 442,999 458,612 462,720 462,196 464,737 Highway Trust Fund (14) National Service Life Insurance fund (15) End of fiscal year or month 1991 1992 1993 1994 1995 Federal Federal SavSuppleings and Loan mentary Corporation, Medical resolution Insurance fund Trust Fund (11) (12) Government life insurance fund (13) Railroad Postal Retirement Service fund Account (16) (17) Treasury deposit funds (18) Unemployment Trust Fund (19) Other (20) ............ ............ ............ ............ ............ 966 1,346 828 1,649 528 16,241 18,534 23,269 21,489 13,513 148 134 125 114 106 10,146 11,167 11,475 7,751 8,954 11,150 11,310 11,666 11,852 11,954 3,339 4,679 3,826 1,270 1,249 9,097 10,081 10,457 10,596 12,129 151 212 147 130 130 47,228 34,898 36,563 39,745 47,098 143,912 163,426 180,883 184,959 202,332 1995 - Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . 1,077 1,086 739 945 1,014 497 528 112 199 270 276 302 335 19,814 20,875 20,448 20,900 21,755 17,673 13,513 14,197 13,529 13,035 13,328 14,345 22,718 111 110 108 109 109 107 106 105 104 103 103 103 102 9,349 9,859 9,703 9,631 9,815 9,373 8,954 7,982 8,022 8,561 9,608 10,169 9,832 11,919 11,832 11,748 12,176 12,114 12,028 11,954 11,880 11,821 12,240 12,194 12,099 12,011 3,010 3,707 4,387 3,871 5,024 6,048 1,249 2,961 980 1,411 1,206 1,772 10,850 11,054 11,205 11,253 11,498 11,720 12,129 12,193 12,545 12,443 12,540 12,768 13,012 131 135 127 135 139 118 130 156 161 189 72 72 68 37,645 38,058 47,076 46,663 45,991 48,617 47,098 46,862 48,112 47,995 46,013 46,168 44,080 202,260 201,563 205,356 205,784 204,630 203,613 202,332 210,567 197,122 204,661 199,224 192,094 212,288 FEDERAL DEBT 23 TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government" and Financial Management Service] End of fiscal year or month Total outstanding (1) Federal Deposit Department of Insurance Corporation Housing and Urban Federal Savings Development Bank and Loan InsurFederal Insurance ance Corporation, Housing Fund resolution fund Administration (2) (3) (4) Farm Cedit System Financial Assistance Corp. (5) Other independent Tennessee Valley Authority (6) Postal Service (7) Other (8) 1991 . . . . . . . . . . . . . . . . . . . 17,751 95 6,124 336 - 10,503 - 694 1992 . . . . . . . . . . . . . . . . . . . 18,250 93 1,137 301 - 16,015 - 705 1993 . . . . . . . . . . . . . . . . . . . 24,682 93 943 213 1,261 21,675 - 498 1994 . . . . . . . . . . . . . . . . . . . 28,543 - 538 112 1,261 26,121 - 509 1995 . . . . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 1995 - Mar. . . . . . . . . . . . . . . 26,459 - 158 65 1,261 24,459 - 515 Apr. . . . . . . . . . . . . . . 26,479 - 158 70 1,261 24,472 - 516 May . . . . . . . . . . . . . . 26,663 - 158 78 1,261 24,665 - 500 June . . . . . . . . . . . . . . 26,861 - 158 81 1,261 24,858 - 502 July . . . . . . . . . . . . . . 26,854 - 158 84 1,261 24,846 - 503 Aug. . . . . . . . . . . . . . . 27,022 - 158 83 1,261 25,025 - 495 Sept. . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 Oct. . . . . . . . . . . . . . . 27,171 - 158 88 1,261 25,166 - 497 Nov. . . . . . . . . . . . . . . 28,142 - 158 93 1,261 26,131 - 499 Dec. . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500 1996 - Jan. . . . . . . . . . . . . . . 28,141 - 126 31 1,261 26,221 - 501 Feb. . . . . . . . . . . . . . . 36,174 - 126 35 1,261 29,595 4,665 492 Mar. . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493 24 FEDERAL DEBT TABLE FD-5.--Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Market Finance] Amount outstanding privately held 1 (1) Within 1 year (2) ................... ................... ................... ................... ................... 2,113,799 2,363,802 2,562,336 2,719,861 2,870,781 713,778 808,705 858,135 877,932 1,002,875 1995 - Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . 2,841,506 2,795,125 2,851,360 2,847,129 2,878,926 2,896,671 2,870,781 2,901,629 2,954,168 2,901,387 2,937,115 2,994,090 2,980,688 963,767 952,570 980,967 980,975 1,007,159 999,545 1,002,875 1,007,132 1,065,179 1,049,518 1,050,406 1,078,387 1,097,120 End of fiscal year or month 1991 1992 1993 1994 1995 Maturity classes 5-10 years (4) 10-20 years (5) 20 years and over (6) Average length (7) 761,243 866,329 978,714 1,128,322 1,157,492 280,574 295,921 306,663 289,998 290,111 84,900 84,706 94,345 88,208 87,297 273,304 308,141 324,479 335,401 333,006 6 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 0 mos. 11 mos. 10 mos. 8 mos. 4 mos. 1,171,125 1,148,083 1,173,686 1,170,628 1,174,571 1,187,061 1,157,492 1,182,933 1,176,195 1,142,392 1,174,222 1,189,173 1,158,416 280,798 269,784 278,581 277,926 278,600 290,211 290,111 290,311 292,576 291,881 292,525 299,298 298,496 96,284 95,990 89,857 89,447 89,897 86,847 87,297 87,397 93,490 92,636 93,339 95,090 94,990 329,533 328,699 328,269 328,153 328,699 333,006 333,006 333,856 326,727 324,959 326,622 332,141 331,666 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 mos. 5 mos. 5 mos. 4 mos. 3 mos. 5 mos. 4 mos. 4 mos. 3 mos. 3 mos. 2 mos. 3 mos. 2 mos. 1-5 years (3) TABLE FD-6.--Debt Subject to Statutory Limitation [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month Statutory debt limit (1) ........................ ........................ ........................ ........................ ........................ 1995 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . 1991 1992 1993 1994 1995 1 Total (2) Debt outstanding subject to limitation Public debt (3) Other debt 2 (4) 4,145,000 4,145,000 4,900,000 4,900,000 4,900,000 3,569,300 3,972,578 4,315,571 4,605,338 4,884,605 3,568,964 3,972,276 4,315,358 4,605,226 4,884,518 336 302 213 112 87 3,567,793 3,970,891 4,313,976 4,603,700 4,863,076 336 302 213 112 87 1,171 1,385 1,382 1,526 21,442 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 5,500,000 4,774,497 4,763,157 4,815,153 4,861,342 4,870,313 4,881,088 4,884,605 4,896,552 4,899,975 4,899,975 4,899,974 4,899,975 5,029,951 4,774,432 4,763,087 4,815,075 4,861,261 4,870,229 4,881,005 4,884,518 4,896,464 4,899,882 4,899,878 4,899,943 4,899,940 5,029,899 65 70 78 81 84 83 87 89 93 97 32 35 52 4,772,614 4,744,114 4,813,316 4,859,554 4,868,559 4,879,298 4,863,076 4,894,826 4,898,227 4,877,515 4,897,685 4,897,702 4,997,030 65 70 78 81 84 83 87 89 93 97 32 35 52 1,818 18,973 1,759 1,707 1,670 1,707 21,442 1,638 1,655 22,363 2,258 2,238 32,869 Beginning September 1976 the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Published data was changed for the end Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interest-bearing public debt subject to limitation (7) of the fiscal years back through 1967. 2 Consists of guaranteed debt issued by the Federal Housing Administration. FEDERAL DEBT 25 TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Agriculture Rural Farmers Electrification Home Administration Administration (4) (5) Total (1) Commodity Credit Corporation (2) Rural Development Administration (3) .............. .............. .............. .............. .............. 251,996 206,410 183,196 163,642 134,892 21,794 17,282 24,745 16,909 - 1,685 2,112 - 8,649 8,693 8,926 8,855 - 17,837 9,060 8,682 8,529 - 8,596 12,161 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 153,059 151,082 148,412 143,212 142,009 139,549 134,892 140,031 132,466 133,609 135,302 125,140 123,972 - - - - 10,992 11,660 11,619 11,082 10,214 9,418 8,596 9,566 2,317 2,282 2,364 2,364 2,364 12,416 12,418 12,382 12,145 12,145 12,144 12,161 12,381 12,389 13,039 13,039 13,039 13,039 1991 1992 1993 1994 1995 End of fiscal year or month 1991 1992 1993 1994 1995 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) Department of Education (11) Department of Energy Bonneville Power Administration (12) FarmService Agency (6) Rural Utilities Service (7) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) .............. .............. .............. .............. .............. 5,354 91 563 731 2,770 2,673 2,612 6,745 1,672 1,906 2,332 2,617 2,563 7,323 783 1,647 7,458 8,774 8,959 8,484 7,714 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 5,690 5,690 5,690 5,710 5,528 5,528 5,354 6,304 6,304 6,304 6,304 6,304 6,304 88 88 88 91 91 91 91 108 108 108 108 108 108 680 680 680 680 680 680 563 563 563 563 563 563 563 7,499 7,499 7,499 7,499 7,499 7,505 6,745 11,160 11,160 14,351 14,351 14,351 14,351 2,612 2,612 2,652 2,652 2,702 2,802 2,563 2,563 2,563 2,563 2,653 2,653 2,448 762 762 762 762 762 762 1,647 1,579 1,579 1,579 1,579 1,579 1,579 7,714 7,714 7,714 7,714 7,714 7,714 7,714 7,714 7,714 7,714 6,909 6,909 6,909 26 FEDERAL DEBT TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Treasury Federal Financing Bank (15) Department of Veterans Affairs Direct Loan loan guaranty fund fund (16) (17) Export-Import Bank of the United States (18) Railroad Retirement Board (19) Small Business Administration (20) Other (21) 1991 . . . . . . . . . . . . . . 179,234 1,730 - - 4,660 - 910 1992 . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957 1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599 1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445 1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 1995 - Mar. . . . . . . . . . 83,266 1 2,011 2,662 6,427 7,289 2,951 Apr. . . . . . . . . . 80,374 1 2,011 2,662 6,693 7,289 2,932 May . . . . . . . . . 77,739 1 2,011 2,662 6,692 7,289 2,934 June . . . . . . . . . 75,638 1 2,011 2,662 4,189 7,289 3,090 July . . . . . . . . . 73,892 1 2,011 2,662 4,454 8,341 3,316 Aug. . . . . . . . . . 71,776 1 2,011 2,663 4,702 8,341 3,413 Sept. . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 Oct. . . . . . . . . . 67,622 1 1,272 2,665 4,955 8,341 3,238 Nov. . . . . . . . . . 66,693 1 1,272 2,723 5,459 8,341 3,280 Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370 1996 - Jan. . . . . . . . . . 63,515 1 1,994 2,723 5,974 8,341 4,883 Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941 Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032 FEDERAL DEBT CHARTS FD-A.—Average Length of Privately Held Marketable Debt [Charts are plotted from figures in Table FD-5.] Years Mar. 31, 1996 5 Years, 2 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months 27 28 FEDERAL DEBT CHART FD-B.—Private Holdings of Treasury Marketable Debt, by Maturity* (In billions of dollars) As of December 31 * Source: Department of the Treasury, Office of Market Finance PUBLIC DEBT OPERATIONS 29 INTRODUCTION: 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 10 years from the issue date. Each marketable security is listed in the “Monthly Statement of the Public Debt of the United States”. The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities, current bills, notes, and bonds. mature on the same Thursday as an existing 52-week bill is a reopening of the existing 52-week bill. New issues of cash management bills are also presented. High, low, and average yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis. Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities to encourage participation of individuals and smaller institutions. Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular weekly and 52-week bills. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks, so that the “all other investors” category includes all private holdings. Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Included are: notes and bonds from table PDO-1; 52-week bills from table PDO-2; and data for cash management bills. The maturities of cash management bills coincide with those of regular issues of Treasury bills. 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 13-week bills are reopenings of 26-week bills. The 26-week bill issued every fourth week to Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each auction of marketable securities other than weekly auctions of 13- and 26-week bills. TREASURY FINANCING: JANUARY-MARCH JANUARY Auction of 2-Year and 5-Year Notes January 17 Treasury announced it would auction $18,250 million of 2-year notes of Series AB-1998 and $12,000 million of 5-year notes of Series E-2001 to refund $26,245 million of securities maturing January 31 and to raise about $4,000 million new cash. The notes of Series AB-1998 were dated January 31, 1996, due January 31, 1998, with interest payable on July 31 and January 31 until maturity. An interest rate of 5 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on January 23, and totaled $44,814 million, of which $18,251 million was accepted. All competitive tenders at yields lower than 5.068 percent were accepted in full. Tenders at 5.068 percent were allotted 99 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.068 percent with an equivalent price of 99.872. The median yield was 5.050 percent, and the low yield was 5.010 percent. Noncompetitive tenders totaled $1,642 million, including $950 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $16,609 million. In addition to the $18,251 million of tenders accepted in the auction process, $807 million was accepted from Federal Reserve banks for their own account. The notes of Series E-2001 were dated January 31, 1996, due January 31, 2001, with interest payable on July 31 and January 31 until maturity. An interest rate of 5-1/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on January 24, and totaled $26,689 million, of which $12,005 million was accepted. All competitive tenders at yields lower than 5.360 percent were accepted in full. Tenders at 5.360 were allotted 35 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.360 percent with an equivalent price of 99.523. The median yield was 5.304 percent, and the low yield was 5.260 percent. Noncompetitive tenders totaled $341 million, including $50 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $11,664 million. In addition to the $12,005 million of tenders accepted in the auction process, $800 million was accepted from Federal Reserve banks for their own account. 52-Week Bills December 29, 1995, tenders were invited for approximately $18,750 million of 364-day Treasury bills to be dated January 11, 1996, and to mature January 9, 1997. The issue was to refund $17,351 million of maturing 52-week bills and to raise about $1,400 million new cash. The bills were auctioned on January 4. Tenders totaled $57,784 million, of which 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. $18,894 million was accepted, including $941 million of noncompetitive tenders from the public and $4,550 million of the bills issued to Federal Reserve banks for themselves. The average bank discount rate was 4.89 percent. FEBRUARY February Quarterly Financing January 31 Treasury announced it would auction $18,500 million of 3-year notes of Series W-1999, $14,000 million of 10-year notes of Series A-2006, and $12,000 million of 30year bonds of February 2026 to refund $31,296 million of Treasury securities maturing February 15 and to raise about $13,200 million new cash. The notes of Series W-1999 were dated February 15, 1996, due February 15, 1999, with interest payable on August 15 and February 15 until maturity. An interest rate of 5 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on February 6, and totaled $49,441 million, of which $18,506 million was accepted at yields ranging from 5.037 percent, price 99.898, up to 5.046 percent, price 99.873. Tenders at the high yield were allotted 51 percent. Noncompetitive tenders were accepted in full at the average yield, 5.043 percent, price 99.882. These totaled $857 million, including $250 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $17,649 million. In addition to the $18,506 million of tenders accepted in the auction process, $3,472 million was accepted from Federal Reserve banks for their own account. The notes of Series A-2006 were dated February 15, 1996, due February 15, 2006, with interest payable on August 15 and February 15 until maturity. An interest rate of 5-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on February 7, and totaled $28,207 million, of which $14,009 million was accepted at yields ranging from 5.639 percent, price 99.894, up to 5.660 percent, price 99.736. Tenders at the high yield were allotted 82 percent. Noncompetitive tenders were accepted in full at the average yield, 5.649 percent, price 99.819. These totaled $540 million, including $100 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $13,469 million. In addition to the $14,009 million of tenders accepted in the auction process, $1,500 million was accepted from Federal Reserve banks for their own account. The notes of Series A-2006 may be held in STRIPS form. The minimum par amount required is $320,000. The bonds of February 2026 were dated February 15, 1996, due February 15, 2026, with interest payable on August 15 and February 15 until maturity. An interest rate of 6 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders for the bonds were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on February 8, and totaled $24,686 million, of which $12,001 million was accepted at yields ranging from 6.110 percent, price 98.496, up to 6.130 percent, price 98.226. Tenders at the high yield were allotted 81 percent. Noncompetitive tenders were accepted in full at the average yield, 6.119 percent, price 98.374. These totaled $324 million. Competitive tenders accepted from private investors totaled $11,677 million. In addition to the $12,001 million of tenders accepted in the auction process, $900 million was accepted from Federal Reserve banks for their own account. The bonds of February 2026 may be held in STRIPS form. The minimum par amount required is $100,000. Auction of 2-Year and 5-Year Notes February 21 Treasury announced it would auction $18,250 million of 2-year notes of Series AC-1998 and $12,000 million of 5-year notes of Series F-2001 to refund $26,868 million of securities maturing February 29 and to raise about $3,375 million new cash. The notes of Series AC-1998 were dated February 29, 1996, due February 28, 1998, with interest payable on the last calendar day of August and February until maturity. An interest rate of 5-1/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on February 27, and totaled $42,639 million, of which $18,258 million was accepted. All competitive tenders at yields lower than 5.235 percent were accepted in full. Tenders at 5.235 percent were allotted 15 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.235 percent with an equivalent price of 99.794. The median yield was 5.220 percent, and the low yield was 5.190 percent. Noncompetitive tenders totaled $1,719 million, including $950 million awarded to foreign official institutions. Competitive tenders accepted from private investors totaled $16,539 million. In addition to the $18,258 million of tenders accepted in the auction process, $903 million was accepted from Federal Reserve banks for their own account. The notes of Series F-2001 were dated February 29, 1996, due February 28, 2001, with interest payable on the last calendar day of August and February until maturity. An interest rate of 5-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.s.t., for noncompetitive tenders and prior to 1 p.m., e.s.t., for competitive tenders on February 28, and totaled $26,012 million, of which $12,003 million was accepted. All competitive tenders at yields lower than 5.680 percent were accepted in full. Tenders PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: JANUARY-MARCH, con. at 5.680 percent were allotted 77 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.680 percent with an equivalent price of 99.763. The median yield was 5.639 percent, and the low yield was 5.600 percent. Noncompetitive tenders totaled $327 million. Competitive tenders accepted from private investors totaled $11,676 million. In addition to the $12,003 million of tenders accepted in the auction process, $800 million was accepted from Federal Reserve banks for their own account. 52-Week Bills January 26 tenders were invited for approximately $18,750 million of 364-day Treasury bills to be dated February 8, 1996, and to mature February 6, 1997. The issue was to refund $17,445 million of maturing 52-week bills and to raise about $1,300 million new cash. The bills were auctioned on February 1. Tenders totaled $58,931 million, of which $18,880 million was accepted, including $1,039 million of noncompetitive tenders from the public and $4,500 million of the bills issued to Federal Reserve banks for themselves. The average bank discount rate was 4.64 percent. February 23 tenders were invited for approximately $18,750 million of 364-day Treasury bills to be dated March 7, 1996, and to mature March 6, 1997. The issue was to refund $17,352 million of maturing 52-week bills and to raise about $1,400 million new cash. The bills were auctioned on February 29. Tenders totaled $39,112 million, of which $18,780 million was accepted, including $960 million of noncompetitive tenders from the public and $4,400 million of the bills issued to Federal Reserve banks for themselves. The average bank discount rate was 4.98 percent. Cash Management Bills January 31 tenders were invited for approximately $8,000 million of 7-day bills to be issued February 15, 1996, representing an additional amount of bills dated August 24, 1995, maturing February 22, 1996. The issue was to raise new cash. Tenders were opened on February 8. They totaled $41,694 million, of which $8,055 million was accepted. The average bank discount rate was 5.14 percent. February 21 tenders were invited for approximately $29,000 million of 55-day bills to be issued February 23, 1996, representing an additional amount of bills dated October 19, 1995, maturing April 18, 1996. The issue was to raise new cash. Tenders were opened on February 22. They totaled $85,706 million, of which $29,192 million was accepted. The average bank discount rate was 5.02 percent. February 27 tenders were invited for approximately $6,000 million of 13-day bills to be issued March 1, 1996, representing an additional amount of bills dated September 14, 1995, maturing March 14, 1996. The issue was to raise new cash. Tenders were opened on February 28. They totaled $32,082 million, of which $6,003 million was accepted. The average bank discount rate was 5.06 percent. MARCH 2-Year and 5-Year Notes March 20 Treasury tentatively announced it would auction $18,250 million of 2-year notes of Series AD-1998 and $12,000 million of 5-year notes of Series G-2001 to refund $25,562 million of Treasury securities maturing March 31 and to raise about $4,700 million new cash. March 25 Treasury announced that it was postponing these auctions because Congress had not completed action on legislation to increase the statutory debt limit to permit issuance of the notes on April 1. March 28 Treasury announced the revised schedule and terms of these auctions, which were held in April. 52-Week Bills March 22 Treasury tentatively announced the auction schedule and terms of the 52-week bill offering. March 27 Treasury announced that it was postponing the auction of 52-week bills originally scheduled for March 28 because action on legislation to increase the statutory debt limit to permit issuance of the bills on April 4 had not been completed. March 28 Treasury announced the revised schedule and terms of this auction, which was held in April. Cash Management Bills March 12 tenders were invited for approximately $9,000 million of 42-day bills to be issued March 14, 1996, representing an additional amount of bills dated October 26, 1995, maturing April 25, 1996. The issue was to raise new cash. Tenders were opened on March 13. They totaled $47,387 million, of which $9,060 million was accepted. The average bank discount rate was 5.11 percent. 32 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 1996 Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 9-3/8%-F note 7-5/8%-N note 5-1/2%-AF note 1 7-3/8%-C note 4-1/4%-Y note 7-5/8%-P note 5-7/8%-AG note 7-7/8%-Q note 6%-AH note 7-7/8%-G note 7-7/8%-R note 6-1/8%-AJ note 4-3/8%-Z note 7-1/4%-S note 6-1/4%-AK note 7%-T note 6-1/2%-AL note 8%-H note 6-7/8%-U note 1 7-1/4%-D note 4-3/8%-AB note 6-1/2%-V note 7-1/4%-AN note 6-1/8%-W note 7-1/2%-AP note Issue date (2) 04/17/89 04/30/91 05/02/94 05/15/86 05/17/93 05/31/91 05/31/94 07/01/91 06/30/94 07/17/89 07/31/91 08/01/94 08/16/93 09/03/91 08/31/94 09/30/91 09/30/94 10/16/89 10/31/91 11/15/86 11/15/93 12/02/91 11/30/94 12/31/91 01/03/95 Total. . . . . . . . . . . . . . . 1997 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 7-1/2%-Z note 6-1/4%-H note 4-3/4%-V note 6-7/8%-AB note 6-3/4%-J note 6-7/8%-K note 6-5/8%-AC note 8-1/2%-E note 6-7/8%-L note 6-1/2%-AD note 1 8-1/2%-A note 6-1/2%-W note 6-3/4%-M note 6-1/8%-AE note 6-3/8%-N note 5-5/8%-AF note 8-1/2%-F note 01/16/90 01/31/95 01/31/92 02/15/94 02/28/95 03/02/92 03/31/92 03/31/95 04/16/90 04/30/92 05/01/95 05/15/87 05/16/94 06/01/92 05/31/95 06/30/92 06/30/95 07/16/90 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 7,782 9,496 18,806 20,086 19,264 9,617 18,927 9,770 19,859 7,725 9,869 19,416 20,670 9,825 19,292 10,088 19,639 7,989 28,331 20,259 22,065 9,871 18,940 9,635 19,608 386,829 787 926 800 2,074 2,228 393 753 412 1,765 721 270 1,247 3,174 499 860 381 1,200 375 1,435 1,129 4,528 210 265 200 1,250 27,882 6,995 8,570 18,006 18,012 17,036 9,224 18,174 9,358 18,094 7,004 9,599 18,169 17,496 9,326 18,432 9,707 18,439 7,614 26,896 19,130 17,537 9,661 18,675 9,435 18,358 358,947 7,852 19,002 9,464 19,832 18,816 9,948 11,302 19,354 7,860 11,441 18,708 9,921 21,750 11,049 18,937 11,054 19,260 8,385 599 430 150 1,700 575 472 659 1,050 662 965 400 564 3,415 403 825 430 792 871 7,254 18,572 9,314 18,133 18,241 9,476 10,643 18,304 7,198 10,476 18,308 9,357 18,335 10,646 18,112 10,624 18,467 7,515 PUBLIC DEBT OPERATIONS 33 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 1997, con. July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-1/2%-P note 5-7/8%-AG note 1 8-5/8%-B note 6-1/2%-X note 5-5/8%-Q note 6%-AH note 5-1/2%-R note 5-3/4%-AJ note 8-3/4%-G note 5-3/4%-S note 5-5/8%-AK note 1 8-7/8%-C note 7-3/8%-Y note 6%-T note 5-3/8%-AL note 6%-U note 5-1/4%-AM note Issue date (2) 07/31/92 07/31/95 08/15/87 08/15/94 08/31/92 08/31/95 09/30/92 10/02/95 10/15/90 11/02/92 10/31/95 11/15/87 11/15/94 11/30/92 11/30/95 12/31/92 01/02/96 Total. . . . . . . . . . . . . . . 1998 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 5-5/8%-J note 5%-AB note 1 8-1/8%-A note 7-1/4%-W note 5-1/8%-K note 5-1/8%-L note 7-7/8%-F note 5-1/8%-M note 1 9%-B note 6-1/8%-X note 5-3/8%-N note 5-1/8%-P note 8-1/4%-G note 5-1/4%-Q note 1 9-1/4%-C note 5-7/8%-Y note 4-3/4%-R note 4-3/4%-S note 7-1/8%-H note 4-3/4%-T note 1 8-7/8%-D note 3-1/2% bond 5-1/2%-Z note 5-1/8%-U note 01/15/91 02/01/93 01/31/96 02/15/88 02/15/95 03/01/93 03/31/93 04/15/91 04/30/93 05/15/88 05/15/95 06/01/93 06/30/93 07/15/91 08/02/93 08/15/88 08/15/95 08/31/93 09/30/93 10/15/91 11/01/93 11/15/88 10/03/60 11/24/95 11/30/93 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 12,104 18,952 9,363 20,250 11,109 19,383 12,139 19,117 8,860 11,383 18,840 9,808 20,861 11,526 18,688 12,163 19,164 507,645 400 337 497 2,263 624 720 541 879 731 315 550 600 2,910 276 452 501 880 28,438 11,704 18,615 8,866 17,988 10,485 18,663 11,598 18,237 8,129 11,068 18,290 9,208 17,951 11,250 18,236 11,662 18,284 479,209 9,126 12,339 19,087 9,159 21,080 30,870 13,149 8,788 12,225 9,165 21,226 12,358 12,596 9,694 11,689 11,343 22,418 13,019 12,576 10,268 13,023 9,903 232 20,598 12,115 828 596 807 440 3,141 1,357 1,395 585 545 478 3,444 855 1,471 1,245 472 834 4,180 591 900 969 858 510 162 2,530 879 8,298 11,743 18,280 8,719 17,939 29,513 11,754 8,204 11,680 8,687 17,782 11,503 11,125 8,449 11,217 10,509 18,238 12,428 11,676 9,300 12,165 9,393 70 18,069 11,236 34 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 1998, con. Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) 5-1/8%-V note 12/31/93 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 5%-J note 1 8-7/8%-A note 5%-W note 5-1/2%-K note 5-7/8%-L note 7%-F note 6-1/2%-M note 1 9-1/8%-B note 6-3/4%-N note 6-3/4%-P note 6-3/8%-G note 6-7/8%-Q note 1 8%-C note 6-7/8%-R note 7-1/8%-S note 6%-H note 7-1/2%-T note 1 7-7/8%-D note 7-3/4%-U note 7-3/4%-V note 01/15/92 01/31/94 02/15/89 02/15/96 02/28/94 03/31/94 04/15/92 05/02/94 05/15/89 05/31/94 06/30/94 07/15/92 08/01/94 08/15/89 08/31/94 09/30/94 10/15/92 10/31/94 11/15/89 11/30/94 01/03/95 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 7-3/4%-G note 1 8-1/2%-A note 7-1/8%-H note 6-7/8%-J note 5-1/2%-F note 6-3/4%-K note 1 8-7/8%-B note 6-1/4%-L note 5-7/8%-M note 6-1/8%-N note 1 8-3/4%-C note 6-1/4%-P note 6-1/8%-Q note 5-3/4%-R note 1 8-1/2%-D note 5-5/8%-S note 01/15/93 01/31/95 02/15/90 02/28/95 03/31/95 04/15/93 05/01/95 05/15/90 05/31/95 06/30/95 07/31/95 08/15/90 08/31/95 10/02/95 10/31/95 11/15/90 11/30/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 12,444 350,490 1,580 31,652 10,865 318,842 10,559 12,901 9,720 21,997 11,914 12,780 10,178 12,292 10,047 12,339 13,101 10,006 12,411 10,164 12,397 12,836 10,337 12,152 10,774 11,934 12,523 253,362 856 377 693 3,472 435 1,875 1,074 1,220 1,128 587 1,644 347 1,029 768 751 1,129 406 498 667 335 1,405 20,696 9,703 12,524 9,027 18,525 11,479 10,905 9,104 11,072 8,920 11,752 11,457 9,659 11,382 9,396 11,646 11,707 9,931 11,654 10,107 11,599 11,118 232,667 10,104 12,229 10,673 12,496 13,188 10,535 12,433 10,496 12,752 12,464 12,339 11,081 11,922 12,011 12,080 11,520 12,357 690 532 857 920 1,146 360 653 480 627 725 400 894 515 575 537 816 350 9,414 11,696 9,816 11,576 12,043 10,175 11,781 10,016 12,125 11,739 11,939 10,186 11,407 11,436 11,543 10,704 12,007 PUBLIC DEBT OPERATIONS 35 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2000, con. Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) 5-1/2%-T note 01/02/96 Total. . . . . . . . . . . . . . . 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 96-01 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 5-5/8%-F note 13-1/8% bond 1 8%-B note 1 7-7/8%-C note 8% bond 13-3/8% bond 15-3/4% bond 1 7-1/2%-D note 01/31/96 01/12/81 02/15/91 02/29/96 04/02/81 05/15/91 08/15/91 08/16/76 07/02/81 10/07/81 11/15/91 Total. . . . . . . . . . . . . . . 2002 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 7-1/2%-A note 1 6-3/8%-B note 11-5/8% bond 1 01/06/82 05/15/92 08/17/92 09/29/82 Total. . . . . . . . . . . . . . . 2003 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 6-1/4%-A note 10-3/4% bond 11-1/8% bond 1 5-3/4%-B note 11-7/8% bond 1 01/04/83 02/15/93 04/04/83 07/05/83 08/16/93 10/05/83 Total. . . . . . . . . . . . . . . 2004 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-7/8%-A note 12-3/8% bond 1 7-1/4%-B note 13-3/4% bond 1 7-1/4%-C note 1 11-5/8% bond 1 7-7/8%-D note 02/15/94 04/05/84 05/16/94 07/10/84 08/15/94 10/30/84 11/15/94 Total. . . . . . . . . . . . . . . 2005 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2%-A note 8-1/4% bond 1 12% bond 6-1/2%-B note 1 10-3/4% bond 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 12,821 213,501 800 11,877 12,021 201,624 12,816 1,501 11,313 12,820 1,750 12,398 12,339 1,485 1,753 1,753 24,226 94,154 800 161 678 800 166 892 1,095 758 256 173 1,418 7,197 12,016 1,341 10,635 12,020 1,584 11,506 11,244 727 1,497 1,580 22,808 86,958 1,759 11,714 23,859 2,753 40,085 160 981 2,190 348 3,679 1,599 10,733 21,669 2,405 36,406 3,007 23,563 3,249 3,501 28,011 7,260 68,591 654 2,095 231 426 3,620 449 7,475 2,352 21,468 3,018 3,075 24,391 6,810 61,114 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,172 550 649 1,881 191 750 519 1,603 6,143 12,405 3,106 12,560 3,809 12,596 7,783 12,771 65,030 13,835 4,224 4,261 14,740 9,270 1,150 2,177 214 2,000 525 12,685 2,047 4,046 12,740 8,745 36 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2005, con. Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Description (1) Issue date (2) 6-1/2%-C note 5-7/8%-D note 08/15/95 11/24/95 Total. . . . . . . . . . . . . . . 2006 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 9-3/8% bond 5-5/8%-A note 01/15/86 02/15/96 Total. . . . . . . . . . . . . . . 2007 Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 7-7/8% bond 02/15/77 11/15/77 Total. . . . . . . . . . . . . . . 2008 Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 8-3/4% bond 08/15/78 11/15/78 Total. . . . . . . . . . . . . . . 2009 May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 10-3/8% bond 05/15/79 11/15/79 Total. . . . . . . . . . . . . . . 2010 Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 10% bond 12-3/4% bond 02/15/80 05/15/80 11/17/80 Total. . . . . . . . . . . . . . . 2011 May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 14% bond 05/15/81 11/16/81 Total. . . . . . . . . . . . . . . 2012 Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 Total. . . . . . . . . . . . . . . 2013 Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 Total. . . . . . . . . . . . . . . 2014 May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 12-1/2% bond 1 11-3/4% bond 05/15/84 08/15/84 11/15/84 Total. . . . . . . . . . . . . . . 2015 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 11-1/4% bond 10-5/8% bond 02/15/85 08/15/85 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 15,003 15,210 76,543 1,800 1,700 9,566 13,203 13,510 66,976 4,756 15,514 20,270 20 1,500 1,520 4,736 14,014 18,750 4,234 1,495 5,729 1,546 379 1,925 2,688 1,116 3,804 2,103 5,230 7,333 789 1,666 2,455 1,314 3,564 4,878 4,606 4,201 8,807 963 1,076 2,039 3,643 3,125 6,768 2,494 2,987 4,736 10,217 858 1,177 1,261 3,296 1,636 1,811 3,476 6,923 4,609 4,901 9,510 1,044 885 1,929 3,565 4,015 7,580 11,032 11,032 1,612 1,612 9,420 9,420 14,755 14,755 3,016 3,016 11,740 11,740 5,007 5,128 6,006 16,141 610 856 1,195 2,661 4,397 4,273 4,811 13,481 12,668 7,150 1,336 905 11,332 6,245 PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2015, con. Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 9-7/8% bond 11/15/85 Total. . . . . . . . . . . . . . . 2016 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/4% bond 7-1/4% bond 1 7-1/2% bond 1 02/15/86 05/15/86 11/15/86 Total. . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/15/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/15/88 11/15/88 Total. . . . . . . . . . . . . . . 2019 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total. . . . . . . . . . . . . . . 2020 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 1 02/15/90 05/15/90 08/15/90 Total. . . . . . . . . . . . . . . 2021 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 1 02/15/91 05/15/91 08/15/91 11/15/91 Total. . . . . . . . . . . . . . . 2022 Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total. . . . . . . . . . . . . . . 2023 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/15/93 08/15/93 Total. . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total. . . . . . . . . . . . . . . 2025 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-5/8% bond 02/15/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 6,900 26,718 517 2,758 6,383 23,960 7,267 18,824 18,864 44,955 830 995 1,070 2,895 6,437 17,829 17,794 42,060 18,194 14,017 32,211 544 920 1,464 17,650 13,097 30,747 8,709 9,033 17,742 297 256 553 8,412 8,777 17,189 19,251 20,214 39,465 608 1,495 2,103 18,643 18,719 37,362 10,229 10,159 21,419 41,807 641 490 765 1,896 9,588 9,669 20,654 39,911 11,113 11,959 12,163 32,798 68,033 425 490 360 805 2,080 10,688 11,469 11,803 31,993 65,953 10,353 10,700 21,053 400 470 870 9,953 10,230 20,183 18,374 22,909 41,283 1,107 1,030 2,137 17,267 21,879 39,146 11,470 11,470 450 450 11,020 11,020 11,725 700 11,025 38 PUBLIC DEBT OPERATIONS TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Mar. 31, 1996, con. [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States,” and Office of Market Finance] Date of final maturity 2025, con. Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) 6-7/8% bond 08/15/95 Total. . . . . . . . . . . . . . . 2026 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6% bond 02/15/96 Total. . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V1 of the “Monthly Statement of the Public Debt of the United States.” Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 12,602 24,327 1,100 1,800 11,502 22,527 12,905 12,905 900 900 12,005 12,005 PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.—Offerings of Bills [Dollar figures in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments] Issue date Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Amounts of bids accepted On comOn noncomTotal amount petitive basis 2 petitive basis 3 (4) (5) (6) Amount maturing on issue date of new offering (7) Total unmatured issues outstanding after new issues (8) Regular weekly: (13 week and 26 week) 1995 - Dec. 7 . . . . . . 1996 - Mar. June 14 . . . . . Mar. June 21 . . . . . Mar. June 28 . . . . . Mar. June 1996 - Jan. 4 . . . . . . Apr. July 11 . . . . . Apr. July 18 . . . . . Apr. July 25 . . . . . Apr. July Feb. 1 . . . . . . May Aug. 8 ...... May Aug. 15 . . . . . May Aug. 22 . . . . . May Aug. 29 . . . . . May Aug. Mar. 7 . . . . . . June Sept. 14 . . . . . June Sept. 21 . . . . . June Sept. 28 . . . . . June Sept. 7 6 14 13 21 20 28 27 4 5 11 11 18 18 25 25 2 1 9 8 16 15 23 22 30 29 6 5 13 12 20 19 27 26 91 182 91 182 91 182 91 182 91 183 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 51,963.7 47,003.4 66,881.2 46,482.2 52,259.4 43,872.4 41,236.4 41,510.9 46,413.7 46,019.7 44,908.4 58,572.1 47,987.9 51,371.1 56,112.9 56,643.1 45,153.6 45,226.8 56,628.0 61,026.7 51,321.4 60,796.3 47,892.0 48,603.3 54,270.8 55,738.0 57,344.3 62,962.0 41,366.7 48,671.9 44,401.4 39,750.3 42,496.2 50,939.5 14,052.5 14,036.8 14,079.9 14,115.5 14,091.5 14,075.0 13,024.0 13,071.5 14,103.9 14,061.3 14,089.4 14,100.2 12,568.3 12,547.4 11,575.3 11,608.0 14,103.8 14,020.0 16,227.7 16,456.3 13,836.4 13,803.5 13,334.1 13,222.0 12,426.0 12,401.0 15,258.9 15,392.3 12,745.3 12,746.6 13,532.0 13,550.1 13,627.5 13,544.8 12,530.7 12,746.5 12,602.5 12,866.0 12,624.7 12,901.4 11,756.8 12,026.1 12,783.0 12,903.1 12,491.9 12,743.3 11,039.3 11,061.1 10,227.7 10,421.8 12,711.7 12,766.8 14,584.2 15,086.6 12,355.5 12,537.5 11,867.3 12,025.6 11,021.4 11,200.7 13,683.4 14,214.7 11,276.5 11,648.1 12,029.4 12,320.9 12,206.1 12,261.3 1,521.8 1,290.3 1,477.4 1,249.5 1,466.8 1,173.6 1,267.2 1,045.4 1,320.9 1,158.2 1,597.5 1,356.9 1,529.0 1,486.3 1,347.6 1,186.2 1,392.1 1,253.2 1,643.5 1,369.7 1,480.9 1,266.0 1,466.8 1,196.4 1,404.6 1,200.3 1,575.5 1,177.6 1,468.8 1,098.5 1,502.6 1,229.2 1,421.4 1,283.5 12,167.9 14,260.6 12,673.5 14,299.9 11,461.9 14,362.1 11,561.0 14,416.0 12,749.5 14,852.8 13,170.6 14,531.0 13,057.7 14,403.8 6,051.5 13,292.5 12,656.4 13,006.0 14,665.5 13,183.8 14,621.6 12,486.0 12,621.4 12,136.5 14,051.3 12,433.0 14,052.5 12,375.1 14,079.9 13,560.1 14,091.5 11,436.2 13,024.0 11,690.6 162,909.6 347,748.6 164,316.0 347,564.2 166,945.6 347,277.1 168,408.6 345,932.6 169,763.0 345,141.1 170,681.8 344,710.3 170,192.4 342,853.9 175,716.2 341,169.4 177,163.6 342,183.4 178,725.8 345,455.9 177,940.6 346,773.4 178,653.3 347,858.9 177,028.0 347,826.9 178,234.4 350,844.1 176,899.8 350,030.6 176,340.3 352,144.5 176,943.8 353,998.7 52 week: 1995 - Mar. Apr. May June June July Aug. Sept. Oct. Nov. Dec. 1996 - Jan. Feb. Mar. 9 . . . . . . 1996 - Mar. 6 ...... Apr. 4 ...... May 1 ...... May 29 . . . . . June 27 . . . . . July 24 . . . . . Aug. 21 . . . . . Sept. 19 . . . . . Oct. 16 . . . . . Nov. 14 . . . . . Dec. 11 . . . . . 1997 - Jan. 8 ...... Feb. 7 ...... Mar. 7 4 2 30 27 25 22 19 17 14 12 9 6 6 364 364 364 364 364 364 364 364 364 364 364 364 364 364 48,315.7 43,045.6 64,539.0 42,862.6 42,836.2 43,775.8 51,493.8 58,636.5 57,318.5 49,174.6 49,995.6 57,799.9 58,950.5 39,126.6 17,352.4 17,574.2 17,953.4 18,579.6 19,322.4 18,359.0 18,464.3 19,275.4 18,482.5 18,869.7 18,792.2 18,910.5 18,899.7 18,795.1 15,967.1 16,355.4 16,849.5 17,517.4 18,413.9 17,519.3 17,591.9 18,427.7 17,730.1 18,083.1 18,006.7 17,953.2 17,841.6 17,820.2 1,385.3 1,218.8 1,103.9 1,062.2 908.5 839.7 872.4 847.7 752.4 786.6 785.5 957.3 1,058.1 974.9 16,531.3 16,622.7 16,593.2 16,912.9 16,756.5 16,963.4 16,837.2 16,805.1 17,276.1 17,480.2 17,078.4 17,351.2 17,455.2 17,352.4 221,580.1 222,531.6 223,891.8 225,558.5 228,124.4 229,520.0 231,147.1 233,617.4 234,823.8 236,213.3 232,860.9 235,176.7 236,268.3 237,656.0 Cash management: 1996 - Feb. 15 . . . . . 1996 - Feb. 23 . . . . . Apr. Mar. 1 . . . . . . Mar. 14 . . . . . Apr. 22 18 14 25 7 55 13 42 41,693.6 85,705.7 32,082.2 47,386.7 8,055.4 29,191.8 6,003.2 9,059.9 - - - 8,055.4 37,247.2 43,250.3 52,310.2 See footnotes at end of table. 40 PUBLIC DEBT OPERATIONS TABLE PDO-2.—Offerings of Bills, con. [Dollar figures in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments] Issue date Regular weekly: 1995 - Dec. 7 . . . . . Average price per hundred (9) On total bids accepted Average Average discount rate investment rate 4 (percent) (percent) (10) (11) On competitive bids accepted High Discount rate (percent) (12) Price per hundred (13) 98.663 97.376 98.660 97.371 98.693 97.396 98.759 97.452 98.648 97.300 98.723 97.443 98.726 97.462 98.731 97.508 98.739 97.533 98.731 97.523 5 98.766 97.578 98.787 97.619 98.792 97.599 98.772 6 97.573 98.761 97.568 7 98.749 8 97.472 98.731 9 97.442 98.739 97.487 98.663 97.376 98.660 97.371 98.698 97.396 98.759 97.452 98.648 97.300 98.726 97.443 98.729 97.462 98.731 97.508 98.739 97.533 98.734 97.523 98.766 97.578 98.787 97.624 98.792 97.599 98.772 97.573 98.764 97.573 98.749 97.472 98.731 97.442 98.739 97.487 5.29 5.19 5.30 5.20 5.15 5.15 4.91 5.04 5.35 5.34 5.04 5.03 5.03 5.02 5.02 4.93 4.99 4.88 5.01 4.90 4.88 4.79 4.80 4.71 4.78 4.75 4.86 4.80 4.89 4.80 4.95 5.00 5.02 5.06 4.99 4.97 5.45 5.42 5.46 5.43 5.31 5.38 5.05 5.26 5.51 5.58 5.19 5.25 5.18 5.24 5.17 5.14 5.14 5.09 5.16 5.11 5.03 4.99 4.94 4.90 4.92 4.95 4.99 4.99 5.02 4.99 5.08 5.20 5.16 5.26 5.12 5.17 5.29 5.19 5.30 5.20 5.17 5.15 4.91 5.04 5.35 5.34 5.05 5.03 5.04 5.02 5.02 4.93 4.99 4.88 5.02 4.90 4.88 4.79 4.80 4.71 4.78 4.75 4.86 4.80 4.90 4.81 4.95 5.00 5.02 5.06 4.99 4.97 9 ..... 6 ..... 4 ..... 1 ..... 29 . . . . 27 . . . . 24 . . . . 21 . . . . 19 . . . . 16 . . . . 14 . . . . 11 . . . . 8 ..... 7 ..... 93.772 93.913 94.034 94.398 94.722 94.560 94.388 94.732 94.641 94.793 94.884 95.056 95.308 94.965 6.16 6.02 5.90 5.54 5.22 5.38 5.55 5.21 5.30 5.15 5.06 4.89 4.64 4.98 6.57 6.41 6.28 5.88 5.53 5.70 5.89 5.52 5.62 5.45 5.35 5.16 4.89 5.25 6.16 6.03 5.91 5.56 5.23 5.38 5.55 5.21 5.30 5.15 5.06 4.89 4.64 4.99 Cash management: 1996 - Feb. 15 . . . . 23 . . . . Mar. 1 . . . . . 14 . . . . 99.900 99.233 99.817 99.404 5.14 5.02 5.06 5.11 5.23 5.14 5.15 5.21 5.17 5.02 5.07 5.12 14 . . . . 21 . . . . 28 . . . . 29 . . . . 1996 - Jan. 4 ..... 11 . . . . 18 . . . . 25 . . . . Feb. 1 . . . . . 8 ..... 15 . . . . 22 . . . . 29 . . . . Mar. 7 . . . . . 14 . . . . 21 . . . . 28 . . . . 52 week 1995 - Mar. Apr. May June June July Aug. Sept. Oct. Nov. Dec. 1996 - Jan. Feb. Mar. 1 The 13-week bills represent additional issue of bills with an original maturity of 26-weeks or 52-weeks. For bills issue on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve banks. 3 For 13-week, 26-week, and 52-week bills tenders $1,000,000 or less from any one bidder are accepted in full at average price or accepted competitive bids; for other issues, the corresponding amount is stipulated in each offering announcement. 4 Equivalent coupon-issue yield. 5 Except $1,000,000 at 98.779 percent. 6 Except $1,500,000 at 97.589 percent. 2 7 8 9 10 11 12 Low Discount rate (percent) (14) Price per hundred (15) 5.27 5.17 5.29 5.19 5.15 5.14 4.87 5.03 5.31 5.32 5.02 5.01 5.01 5.00 5.00 4.92 4.97 4.87 4.96 4.86 4.86 4.77 4.77 4.70 4.75 4.72 4.84 4.79 4.87 4.79 4.92 4.99 4.98 5.05 4.96 4.96 98.668 97.386 98.663 97.376 98.698 97.401 98.769 97.457 98.658 97.310 98.731 97.453 98.734 97.472 98.736 97.513 98.744 97.538 98.746 97.543 98.772 97.589 98.794 97.624 98.799 97.614 98.777 97.578 98.769 97.578 98.756 97.477 98.741 97.447 98.746 97.492 10 93.772 93.903 94.024 94.378 94.712 94.560 94.388 11 94.732 94.641 94.793 94.884 95.056 95.308 94.955 6.14 6.00 5.88 5.51 5.20 5.36 5.50 5.20 5.29 5.12 5.04 4.88 4.62 4.95 93.792 93.933 94.055 94.429 94.742 94.580 94.439 94.742 94.651 94.823 94.904 95.066 95.329 94.995 99.899 99.233 12 99.817 99.403 5.12 5.00 5.03 5.10 99.900 99.236 99.818 99.405 Except $1,500,000 at 98.764 percent. Except $1,500,000 at 97.492 percent. Except $1,533,000 at 97.457 percent. Except $2,000,000 at 93.822 percent. Except $1,600,000 at 94.762 percent. Except $10,000,000 at 99.819 percent. PUBLIC DEBT OPERATIONS 41 TABLE PDO-3.—Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt] Auction date 03/03/94 03/22/94 03/23/94 03/29/94 03/31/94 04/26/94 04/28/94 04/28/94 05/10/94 05/11/94 05/24/94 05/25/94 05/26/94 06/01/94 06/21/94 06/22/94 06/23/94 07/13/94 07/21/94 07/26/94 07/27/94 08/09/94 08/10/94 08/11/94 08/11/94 08/18/94 08/23/94 08/24/94 08/31/94 09/09/94 09/15/94 09/27/94 09/28/94 10/12/94 10/13/94 10/25/94 10/26/94 11/08/94 11/09/94 11/10/94 11/10/94 11/21/94 11/22/94 11/30/94 12/08/94 12/21/94 12/22/94 12/29/94 01/05/95 01/24/95 01/25/95 02/02/95 02/07/95 02/08/95 02/09/95 02/09/95 02/22/95 02/23/95 03/01/95 03/02/95 03/28/95 See footnotes at end of table. Issue date (1) 03/10/94 03/31/94 03/31/94 03/31/94 04/07/94 05/02/94 05/02/94 05/05/94 05/16/94 6 05/16/94 05/31/94 05/31/94 06/02/94 06/03/94 06/30/94 06/30/94 06/30/94 07/15/94 07/28/94 08/01/94 08/01/94 08/15/94 08/15/94 6 08/15/94 08/15/94 08/25/94 08/31/94 08/31/94 09/06/94 09/09/94 09/22/94 09/30/94 09/30/94 10/17/94 10/20/94 10/31/94 10/31/94 11/15/94 11/15/94 11/15/94 11/17/94 11/30/94 11/30/94 12/02/94 12/15/94 01/03/95 01/03/95 01/03/95 01/12/95 01/31/95 01/31/95 02/09/95 02/15/95 02/15/95 02/15/95 02/15/95 02/28/95 02/28/95 03/07/95 03/09/95 03/31/95 Description of securities 1 (2) 4.03% bill—03/09/95 5-1/8% note—03/31/96-AE 5-7/8% note—03/31/99-L 3.47% bill—04/21/94-reopening 4.30% bill—04/06/95 5-1/2% note—04/30/96-AF 6-1/2% note—04/30/99-M 4.77% bill—05/04/95 6-1/2% note—05/15/97-W 7-1/4% note—05/15/04-B 5-7/8% note—05/31/96-AG 6-3/4% note—05/31/99-N 5.01% bill—06/01/95 4.09% bill—06/16/94-reopening 6% note—06/30/96-AH 6-3/4% note—06/30/99-P 5.04% bill—06/29/95 5.20% bill—09/22/94 5.20% bill—07/27/95 6-1/8% note—07/31/96-AJ 6-7/8% note—07/31/99-Q 6-1/2% note—08/15/97-X 7-1/4% note—08/15/04-C 7-1/2% bond—11/15/24 4.37% bill—09/22/94 5.36% bill—08/24/95 6-1/4% note—08/31/96-AK 6-7/8% note—08/31/99-R 4.58% bill—09/22/94 4.65% bill—09/16/94 5.38% bill—09/21/95 6-1/2% note—09/30/96-AL 7-1/8% note—09/30/99-S 4.98% bill—02/22/94-reopening 5.72% bill—10/19/95 6-7/8% note—10/31/96-U-reopening 7-1/2% note—10/31/99-T 7-3/8% note—11/15/97-Y 7-7/8% note—11/15/04-D 5.11% bill—12/22/94-reopening 6.09% bill—11/16/95 7-1/4% note—11/30/96-AN 7-3/4% note—11/30/99-U 5.45% bill—12/22/94-reopening 6.75% bill—12/14/95 7-1/2% note—12/31/96-AP 7-3/4% note—12/31/99-V 5.59% bill—01/19/95-reopening 6.86% bill—01/11/96 7-1/2% note—01/31/97-Z 7-3/4% note—01/31/00-G 6.59% bill—02/08/96 7-1/4% note—02/15/98-W 7-1/2% note—02/15/05-A 7-5/8% bond—02/15/25 5.76% bill—04/20/95-reopening 6-7/8% note—02/28/97-AB 7-1/8% note—02/29/00-H 5.81% bill—03/16/95-reopening 6.16% bill—03/07/96 6-5/8% note—03/31/97-AC Period to final maturity (years, months, days) 2 (3) 364d 2y 5y 21d 364d 2y 5y 364d 3y 10y 2y 5y 364d 13d 2y 5y 364d 69d 364d 2y 5y 3y 10y 30y 3m 38d 364d 2y 5y 16d 7d 364d 2y 5y 66d 364d 2y 5y 3y 10y 37d 364d 2y 5y 20d 364d 2y 5y 16d 364d 2y 5y 364d 3y 10y 30y 64d 2y 5y 9d 364d 2y Amount tendered (4) 43,994 47,401 29,915 47,750 44,256 47,711 24,745 49,343 52,896 25,019 41,031 32,927 59,706 55,795 47,720 32,369 50,142 41,740 54,251 48,410 29,554 47,220 30,416 22,053 29,573 43,661 58,453 36,882 27,540 25,060 53,447 46,392 38,031 49,580 51,239 43,267 34,155 53,312 30,055 49,807 55,604 48,945 33,840 35,751 42,002 51,681 25,948 42,975 49,929 52,018 34,143 51,445 50,836 29,807 30,681 50,051 43,401 28,709 38,684 48,316 44,394 Amount issued 3,4 (5) 16,531 19,579 12,780 14,006 16,623 18,804 12,291 16,594 21,749 5 14,440 18,927 12,339 16,912 14,007 19,858 13,100 16,756 6,035 16,963 19,407 12,403 20,241 5 13,346 5 11,469 7,005 16,837 19,283 12,396 7,005 4,003 16,804 19,626 12,820 15,040 17,275 18,952 12,115 20,831 5 14,369 12,009 17,479 18,938 11,932 8,105 17,076 19,602 12,520 14,009 17,349 18,998 12,226 17,452 21,078 5 13,834 5 11,725 9,118 18,805 12,486 8,033 17,351 19,352 Range of accepted bids for notes and bonds (6) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.—Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. [In millions of dollars. Source: Bureau of the Public Debt] Auction date Issue date (1) 03/29/95 03/30/95 03/30/95 04/25/95 04/26/95 04/27/95 05/09/95 05/10/95 05/11/95 05/23/95 05/24/95 05/25/95 05/31/95 06/22/95 06/27/95 06/28/95 07/20/95 07/25/95 07/26/95 08/08/95 08/09/95 08/10/95 08/17/95 08/22/95 08/23/95 08/31/95 09/06/95 09/14/95 09/26/95 09/27/95 10/12/95 10/24/95 10/25/95 11/02/95 11/02/95 11/14/95 11/14/95 11/15/95 11/20/95 11/21/95 11/28/95 11/29/95 11/30/95 11/30/95 12/07/95 12/20/95 12/21/95 01/04/96 01/23/96 01/24/96 02/01/96 02/06/96 02/07/96 02/08/96 02/08/96 02/22/96 02/27/96 02/28/96 02/28/96 02/29/96 03/13/96 03/31/95 04/03/95 04/06/95 05/01/95 05/01/95 05/04/95 05/15/95 05/15/95 05/15/95 05/31/95 05/31/95 06/01/95 06/02/95 06/29/95 06/30/95 06/30/95 07/27/95 07/31/95 07/31/95 08/15/95 08/15/95 08/15/95 08/24/95 08/31/95 08/31/95 09/01/95 09/07/95 09/21/95 10/02/95 10/02/95 10/19/95 10/31/95 10/31/95 11/03/95 11/03/95 11/15/95 11/15/95 11/16/95 11/24/95 6 11/24/95 11/30/95 11/30/95 12/01/95 12/01/95 12/14/95 01/02/96 01/02/96 01/11/96 01/31/96 01/31/96 02/08/96 02/15/96 02/15/96 02/15/96 02/15/96 02/23/96 02/29/96 02/29/96 03/01/96 03/07/96 03/14/96 See footnotes at end of table. Description of securities 1 (2) 6-7/8% note—03/31/00-J 5.97% bill—04/20/95-reopening 6.02% bill—04/04/96 6-1/2% note—04/30/97-AD 6-3/4% note—04/30/00-K 5.90% bill—05/02/96 6-1/8% note—05/15/98-X 6-1/2% note—05/15/05-B 5.81% bill—06/22/95-reopening 6-1/8% note—05/31/97-AE 6-1/4% note—05/31/00-L 5.54% bill—05/30/96 5.85% bill—06/15/95-reopening 5.22% bill—06/27/96 5-5/8% note—06/30/97-AF 5-7/8% note—06/30/00-M 5.38% bill—07/25/96 5-7/8% note—07/31/97-AG 6-1/8% note—07/31/00-N 5-7/8% note—08/15/98-Y 6-1/2% note—08/15/05-C 6-7/8% bond—08/15/25 5.55% bill—08/22/96 6 % note—08/31/97-AH 6-1/4% note—08/31/00-P 5.58% bill—09/21/95-reopening 5.65% bill—09/15/95 5.21% bill—09/19/96 5-3/4% note—09/30/97-AJ 6-1/8% note—09/30/00-Q 5.30% bill—10/17/96 5-5/8% note—10/31/97-AK 5-3/4% note—10/31/00-R 5.37% bill—12/21/95-reopening 5.30% bill—01/25/96-reopening 5.77% bill—11/24/95-reopening 5.64% bill—12/21/95-reopening 5.15% bill—11/14/96 5-1/2% note—11/15/98-Z 5-7/8% note—11/15/05-D 5-3/8% note—11/30/97-AL 5-5/8% note—11/30/00-S 5.63% bill—12/14/95-reopening 5.39% bill—12/28/95-reopening 5.06% bill—12/12/96 5-1/4% note—12/31/97-AM 5-1/2% note—12/31/00-T 4.89% bill—01/09/97 5% note—01/31/98-AB 5-1/4% note—01/31/01-E 4.64% bill—02/06/97 5% note—02/15/99-W 5-5/8% note—02/15/06-A 6% bond—02/15/26 5.14% bill—02/22/96-reopening 5.02% bill—04/18/96-reopening 5-1/8% note—02/28/98-K-reopening 5-5/8% note—02/28/01-F 5.06% bill—03/14/96-reopening 4.98% bill—03/06/97 5.11% bill—04/25/96-reopening Period to final maturity (years, months, days) 2 (3) 5y 17d 364d 2y 5y 364d 3y 10y 38d 2y 5y 364d 13d 364d 2y 5y 364d 2y 5y 3y 10y 30y 364d 2y 5y 20d 8d 364d 2y 5y 364d 2y 5y 48d 83d 9d 36d 364d 3y 10y 2y 5y 13d 27d 364d 2y 5y 364d 2y 5y 364d 3y 10y 30y 7d 55d 2y 5y 13d 364d 42d Amount tendered (4) Amount issued 3,4 (5) 26,061 100,412 43,046 42,158 35,573 64,539 38,313 23,167 66,505 48,653 30,382 42,863 57,101 42,836 43,818 33,504 43,776 42,293 31,033 42,039 34,029 28,442 51,494 50,282 28,072 65,751 30,076 58,636 37,619 27,544 57,319 48,533 32,407 29,372 33,200 56,685 55,750 49,175 55,665 31,730 55,484 31,773 35,646 35,232 49,996 40,661 31,507 57,800 45,650 27,500 58,951 52,932 29,711 25,590 41,694 85,706 43,564 26,829 32,082 39,127 47,387 13,186 25,109 17,574 18,706 12,433 17,953 21,223 5 14,739 17,136 18,936 12,752 18,579 17,126 19,321 19,256 12,463 18,359 18,951 12,338 22,418 5 15,003 5 12,602 18,464 19,383 11,922 18,031 5,000 19,275 19,116 12,011 18,482 18,840 12,081 6,008 8,061 35,706 26,053 18,872 20,598 5 15,210 18,687 12,357 10,017 10,007 18,792 19,165 12,821 18,910 19,087 12,816 18,900 21,997 5 15,514 5 12,905 8,055 29,192 19,184 12,820 6,003 18,795 9,060 Range of accepted bids for notes and bonds (6) 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 PUBLIC DEBT OPERATIONS 43 TABLE PDO-3.—Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. 2 From date of additional issue in case of a reopening. 3 In reopenings the amount issued is in addition to the amount of original offerings. 4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. 5 Eligible for STRIPS. 6 Interest began to accrue before the issue date (settlement date) of this loan. 7 Accepted yields ranged up to 5.15% (price 99.953) in this single-price auction. 8 Accepted yields ranged up to 5.91% (price 99.850) in this single-price auction. 9 Accepted yields ranged up to 5.59% (price 99.832) in this single-price auction. 10 Accepted yields ranged up to 6.60% (price 99.580) in this single-price auction. 11 Yields accepted ranged from 6.54% (price 99.893) up to 6.55% (price 99.866) with the average at 6.54% (price 99.893). 12 Yields accepted ranged from 7.33% (price 99.439) up to 7.40% (price 99.953) with the average at 7.36% (price 99.230). 13 Accepted yields ranged up to 5.94% (price 99.879) in this single-price auction. 14 Accepted yields ranged up to 6.78% (price 99.875) in this single-price auction. 15 Accepted yields ranged up to 6.04% (price 99.926) in this single-price auction. 16 Accepted yields ranged up to 6.77% (price 99.916) in this single-price auction. 17 Accepted yields ranged up to 6.17% (price 99.917) in this single-price auction. 18 Accepted yields ranged up to 6.98% (price 99.563) in this single-price auction. 19 Yields accepted ranged from 6.59% (price 99.759) up to 6.62% (price 99.678) with the average at 6.61% (price 99.705). 20 Yields accepted ranged from 7.32% (price 99.510) up to 7.33% (price 99.440) with the average at 7.33% (price 99.440). 21 Yields accepted ranged from 7.55% (price 99.373) up to 7.59% (price 98.904) with the average at 7.56% (price 99.256). 22 Accepted yields ranged up to 6.27% (price 99.963) in this single-price auction. 23 Accepted yields ranged up to 6.91% (price 99.854) in this single-price auction. 24 Accepted yields ranged up to 6.55% (price 99.908) in this single-price auction. 25 Accepted yields ranged up to 7.18% (price 99.772) in this single-price auction. 26 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction. 27 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction. 28 Yields accepted ranged from 7.40% (price 99.934) up to 7.42% (price 99.881) with the average at 7.41% (price 99.907). 29 Yields accepted ranged from 7.95% (price 99.489) up to 7.97% (price 99.354) with the average at 7.96% (price 99.421). 30 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction. 31 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 32 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction. 33 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction. 34 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction. 35 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction. 36 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the average at 7.34% (price 99.762). 37 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the average at 7.54% (price 99.723). 38 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the average at 7.65% (price 99.708). 39 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction. 40 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction. Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction. Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction. 43 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction. 44 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction. 45 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the average at 6.165% (price 99.892). 46 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the average at 6.608% (price 99.219). 47 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 48 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 49 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 50 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction. 51 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction. 52 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction. 53 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the average at 5.997% (price 99.670). 54 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the average at 6.501% (price 99.993). 55 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the average at 6.906% (price 99.610). 56 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 57 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 58 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction. 59 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. 60 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction. 61 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction. 62 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the average at 5.549% (price 99.867). 63 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the average at 5.900% (price 99.810). 64 Accepted yields ranged up to 5.479% (price 99.806) in this single-price auction. 65 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction. 66 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction. 67 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction. 68 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction. 69 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 70 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the average at 5.043% (price 99.882). 71 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the average at 5.649% (price 99.819). 72 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the average at 6.119% (price 98.374). 73 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction. 74 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction. 41 42 Note.—All notes and bonds, except for foreign-targeted issues, were sold at auction through competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through competitive bidding only. 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Public Marketable Securities Other than Bills [In millions of dollars. Source: Office of Market Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) Federal Reserve banks (2) Commercial banks 1 (3) Individuals 2 (4) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) State and local governments 4 Pension and reNonbank tirement Other dealers and funds funds brokers (9) (10) (11) All other 5 (12) 06/30/94 6% note--06/30/96-AH 19,859 1,650 835 1,204 8 1 1,759 13 72 111 12,217 1,989 06/30/94 6-3/4% note--06/30/99-P 13,101 1,542 610 752 36 1 1,004 142 * 1 8,256 757 08/01/94 6-1/8% note--07/31/96-AJ 19,416 827 517 1,434 8 7 856 8 5 11 14,343 1,400 08/01/94 6-7/8% note--07/31/99-Q 12,411 800 280 912 50 1 1,452 9 - 2 795 8,110 08/15/94 6-1/2% note--08/15/97-X 20,250 2,013 411 1,487 20 2 1,321 10 * 15 13,344 1,627 08/15/94 7-1/4% note--08/15/04-C 13,346 750 71 475 * * 967 3 * 1 10,449 630 08/15/94 7-1/2% bond--11/15/24 11,470 450 89 297 5 - 926 30 20 6 9,564 83 08/31/94 6-1/4% note--08/31/96-AK 19,292 450 648 1,575 91 4 2,743 12 370 5 11,306 2,089 08/31/94 6-7/8% note--08/31/99-R 12,297 426 1,409 723 11 11 913 7 5 60 7,578 1,155 09/30/94 6-1/2% note--09/30/96-AL 19,639 1,125 694 1,532 261 5 1,507 22 1 7 13,018 1,467 09/30/94 12,836 1,079 433 753 46 26 1,475 5 1 90 8,028 902 10/31/94 7-1/8% note--09/30/99-S 6-7/8% note--10/31/99-U reopening 18,983 450 375 1,156 62 26 1,573 8 1 325 13,388 1,619 10/31/94 7-1/2% note--10/31/99-T 12,152 412 240 752 1 16 1,174 3 1 7 8,285 1,261 11/15/94 7-3/8% note--11/15/97-Y 20,861 2,800 231 897 21 5 1,246 11 1 52 14,593 1,004 11/15/94 7-7/8% note--11/15/04-D 14,374 1,603 197 565 7 5 518 27 2 12 10,778 660 11/30/94 7-1/4% note--11/15/96-AN 18,940 265 1,258 1,172 22 10 3,434 12 13 48 10,972 1,734 11/30/94 7-3/4% note--11/15/99-U 11,934 265 345 723 1 28 908 10 * 32 8,501 1,121 01/03/95 7-1/2% note--12/31/96-AP 19,608 1,250 967 2,286 6 14 2,197 12 1 7 11,463 1,405 01/03/95 7-3/4% note--12/31/99-V 12,523 1,180 749 889 16 2 569 4 2 4 8,700 408 01/31/95 7-1/2% note--01/31/97-Z 19,002 375 518 2,092 41 24 2,834 9 * 6 11,644 1,458 01/31/95 7-3/4% note--01/31/00-G 12,229 362 227 1,634 3 6 910 4 * 2 8,053 1,028 02/15/95 7-1/4% note--02/15/98-W 21,080 3,031 343 1,663 25 12 467 13 2 34 14,574 916 02/15/95 7-1/2% note--02/15/05-A 13,835 1,150 360 705 7 3 461 16 * 18 10,476 640 02/15/95 7-5/8% bond--02/15/25 11,725 700 126 454 40 25 1,341 12 - 5 8,962 61 02/28/95 6-7/8% note--02/28/97-AB 18,816 575 887 1,634 52 25 1,266 10 * 6 12,909 1,454 02/28/95 7-1/8% note--02/28/00-H 12,496 570 296 1,522 114 8 1,021 12 1 63 8,306 583 03/31/95 6-5/8% note--03/31/97-AC 19,354 1,050 418 1,138 93 7 1,572 6 1 9 14,072 987 03/31/95 6-7/8% note--03/31/00-J 13,188 1,046 299 525 54 1 827 4 * 28 9,120 1,285 05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215 05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666 05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427 See footnotes at end of table. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4A.--Allotments by Investor Classes for Public Marketable Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance] Allotments by investor classes Issues Description of securities Total amount issued (1) Federal Reserve banks (2) 05/15/95 6-1/2% note--05/15/05-B 14,740 05/31/95 6-1/8% note--05/31/97-AE 18,937 05/31/95 6-1/4% note--05/31/00-L 06/30/95 Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) State and local governments 4 Pension and reNonbank tirement Other dealers and funds funds brokers (9) (10) (11) Commercial banks 1 (3) Individuals 2 (4) 2,000 514 393 7 - 688 1 1 5 10,813 318 600 489 700 43 4 2,199 3 1 3 13,627 1,267 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871 06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615 07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249 07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017 08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715 08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235 08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44 08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412 08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205 10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837 10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85 10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886 10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762 11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319 11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534 11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087 11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486 01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752 01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220 01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198 01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453 02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254 02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391 02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195 Issue date All other 5 (12) 02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064 02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158 * Less than $500,000. 1 Includes trust companies, bank dealers, and stock savings banks. 2 Includes partnerships and personal trust accounts. 3 Exclusive of banks and insurance companies. 4 Consists of trust, sinking, and investment funds of State and local governments and their agencies. 5 Includes savings and loan associations, nonprofit institutions, and foreign and international investments. Also included are certain Government deposit accounts and Government-sponsored agencies. Note.--For detail of offerings see table PDO-3. 46 PUBLIC DEBT OPERATIONS TABLE PDO-4B.--Allotments by Investor Classes for Public Marketable Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of Public Debt] Allotments by investor classes Total amount issued 52-week series (3) U.S. Gov’t. accounts and Federal Reserve banks 1 (4) Commercial banks (5) Date of financing Date of maturity (1) Average rate (percent) (2) Dealers and brokers (7) All other 3 (8) 03/10/94 03/09/95 4.03 16,531 3,800 357 1,543 9,439 1,392 04/07/94 04/06/95 4.30 16,623 3,850 938 98 10,816 921 05/05/94 05/04/95 4.77 16,593 4,100 357 1,233 9,729 1,174 06/02/94 06/01/95 5.01 16,913 4,050 862 369 10,137 1,495 06/30/94 06/29/95 5.04 16,756 4,350 449 253 10,301 1,403 07/28/94 07/27/95 5.20 16,963 4,250 378 106 10,784 1,445 08/25/94 08/24/95 5.36 16,837 4,200 808 47 10,571 1,211 09/22/94 09/21/95 5.38 16,805 4,300 326 89 7,186 4,904 10/20/94 10/19/95 5.72 17,276 4,100 372 98 11,645 1,061 11/17/94 11/16/95 6.09 17,480 4,150 323 3,504 8,143 1,360 12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629 01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640 02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108 03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736 04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664 05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769 06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786 06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500 07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,160 08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,337 09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,018 10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,026 11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691 12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 686 01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051 02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963 03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932 1 Includes trust funds and accounts that comprise Government accounts under the unified budget concept. 2 Exclusive of banks and insurance companies. Corporations 2 (6) 3 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts. Note.--For detail of offerings, see table PDO-3. U.S. SAVINGS BONDS AND NOTES 47 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 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletin”s of March 1967 and June 1968; and the Annual Report of the Secretary of the Treasury for fiscal 1974. TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through Mar. 31, 1996 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Market Analysis Section, U.S. Savings Bonds Division] Series Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . Series E, EE, H, and HH. . . . . . . Series F and G . . . . . . . . . . . . . . Series J and K. . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . Sales 1 (1) Accrued discount (2) Sales plus accrued discount (3) 3,949 337,145 28,396 3,556 862 373,908 1,054 175,526 1,125 198 667 178,570 5,003 512,671 29,521 3,754 1,529 552,478 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and Redemptions 1 (4) 5,002 328,657 29,517 3,753 1,150 368,079 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 182,992 345 183,337 1 2,498 3 2,502 HH bonds. 2 Details by series on a cumulative basis and by period of series A-D combined can be found in the February 1952 and previous issues of the “Treasury Bulletin.” TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Market Analysis Section, U.S. Savings Bonds Division] Sales (1) Accrued discount (2) Fiscal years: 1935-90 . . . . . . . . . . 1991 . . . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 313,968 9,154 13,591 17,262 9,485 7,222 126,664 9,852 8,739 9,292 9,437 9,481 440,632 19,006 22,330 26,554 18,922 16,703 316,706 7,510 7,384 7,790 9,390 11,805 252,569 4,499 4,415 4,965 5,813 7,268 64,137 3,010 2,970 2,825 3,517 4,537 122,470 133,844 148,604 167,373 176,766 181,529 1,440 1,525 1,720 1,716 1,857 1,997 Calendar years: 1935-91 . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 325,486 17,659 13,370 8,999 6,794 138,643 8,816 9,453 9,446 9,584 464,130 26,475 22,822 18,445 16,378 325,994 7,361 8,146 9,896 11,866 258,166 4,445 5,106 6,178 7,317 68,826 2,917 3,040 3,717 4,549 136,258 155,297 169,775 178,138 182,266 1,864 1,969 2,145 2,335 2,724 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 648 577 615 515 494 509 470 512 511 613 614 539 462 754 956 704 723 829 763 753 1,000 733 768 909 829 787 1,402 1,633 1,319 1,238 1,323 1,272 1,223 1,512 1,244 1,381 1,523 1,368 1,249 1,069 954 989 948 946 1,054 856 879 867 925 1,300 988 998 704 558 581 595 558 668 483 667 573 439 733 497 576 366 396 408 353 388 386 373 211 294 486 567 490 422 179,190 181,938 182,270 182,554 180,895 181,134 181,529 181,818 182,551 182,266 182,584 183,037 183,337 2,175 2,135 2,101 2,074 2,042 2,017 1,993 1,988 1,981 2,724 2,628 2,547 2,502 Period 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Redemptions Sales price 1 (5) Accrued discount 1 (6) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Sales plus accrued discount (3) 48 U.S. SAVINGS BONDS AND NOTES TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, and HH [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Market Analysis Section, U.S. Savings Bonds Division] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price (5) Accrued discount (6) Amount outstanding Exchange of Matured E bonds for Interestnon-interestH and HH bonds bearing debt bearing debt (7) (8) (9) Series E and EE Fiscal years: 1941-90 . . . . . . . . . . 1991 . . . . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 264,485 9,154 13,591 17,262 9,485 7,222 124,265 9,852 8,739 9,292 9,437 9,464 388,750 19,006 22,330 26,554 18,922 16,686 261,370 6,952 6,909 7,335 8,836 11,069 199,638 3,942 3,939 4,509 5,259 6,532 61,731 3,010 2,970 2,825 3,577 4,537 12,960 857 1,038 1,226 844 874 112,975 124,095 138,286 156,286 165,387 170,005 1,425 1,509 1,701 1,694 1,835 1,977 Calendar years: 1941-91 . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 276,010 17,659 13,370 8,999 6,789 136,175 8,816 9,453 9,446 9,576 412,184 26,475 22,822 18,455 16,365 269,969 6,909 7,664 9,304 11,124 204,551 3,992 4,624 5,587 6,575 65,419 2,917 3,040 3,717 4,549 14,024 1,170 1,070 855 898 126,099 144,724 158,633 166,731 170,690 1,836 1,939 2,119 2,307 2,700 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 648 577 615 515 494 509 470 509 514 608 598 534 465 754 956 704 723 828 761 752 999 731 767 909 829 787 1,402 1,633 1,319 1,238 1,322 1,270 1,222 1,508 1,245 1,375 1,507 1,366 1,252 999 888 927 885 880 991 801 823 811 873 1,235 923 932 633 491 519 532 491 605 427 611 517 387 668 435 511 366 396 408 353 388 386 373 211 294 486 567 490 422 83 78 79 85 64 87 63 69 79 70 87 110 114 167,747 168,354 168,702 168,997 169,403 169,622 170,005 170,278 170,998 170,690 170,969 171,380 171,633 2,151 2,112 2,078 2,051 2,025 2,001 1,977 1,972 1,958 2,700 2,606 2,526 2,478 Series H and HH Fiscal years: 1952-90 . . . . . . . . . . 1991 . . . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 13,573 -37 9 3 8 - 13,573 -37 9 3 8 17,028 557 476 455 555 737 17,028 557 476 455 555 737 - 12,960 857 1,038 1,226 844 874 9,495 9,749 10,319 11,087 11,379 11,524 11 13 15 17 17 16 Calendar years: 1952-91 . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 13,542 -31 -18 1 43 - 13,542 -31 -18 1 43 17,703 453 482 592 742 17,703 453 482 592 742 - 14,024 1,170 1,070 855 898 9,825 10,573 11,143 11,407 11,576 25 25 25 24 24 1995 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 4 -2 1 -6 6 -4 5 3 -3 5 16 5 -3 - 4 -2 1 -6 6 -4 5 3 -3 5 16 5 -3 70 67 62 63 67 63 56 56 56 52 65 64 66 70 67 62 63 67 63 56 56 56 52 65 64 66 - 83 78 79 85 64 87 63 69 79 70 87 110 114 11,443 11,454 11,472 11,489 11,492 11,512 11,524 11,541 11,553 11,576 11,615 11,657 11,704 19 19 18 17 17 17 16 16 23 24 22 20 20 Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. OWNERSHIP OF FEDERAL SECURITIES 49 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, and notes that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. (See the Federal debt (FD) tables for a more complete description of the Federal debt.) Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the Federal Reserve banks, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The Federal Reserve banks acquire Treasury securities in the market as a means of executing monetary policy. Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service, Financial Reports Branch] Total Federal securities outstanding (1) Total outstanding (2) ........................ ........................ ........................ ........................ ........................ 3,683,054 4,082,871 4,436,171 4,721,293 5,000,945 3,662,759 4,061,801 4,408,567 4,689,524 4,950,644 919,573 1,016,330 1,116,713 1,213,115 1,320,800 11,318 5,522 3,225 1,426 1,519 908,255 1,010,808 1,113,488 1,211,689 1,319,281 264,708 296,397 325,653 355,150 374,114 1995 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . 4,890,575 4,878,806 4,930,589 4,978,233 4,987,006 4,997,778 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 4,860,502 4,831,533 4,900,346 4,947,814 4,956,625 4,967,192 4,950,644 4,981,739 4,985,790 4,964,371 4,983,247 5,012,872 5,082,952 1,254,674 1,271,236 1,278,619 1,316,581 1,315,204 1,310,019 1,320,800 1,319,624 1,285,894 1,304,456 1,309,154 1,291,214 1,353,767 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,506 1,506 1,253,155 1,269,717 1,277,100 1,315,062 1,313,685 1,308,500 1,319,281 1,318,105 1,284,375 1,302,937 1,307,635 1,289,708 1,352,261 369,300 371,304 373,578 388,965 375,524 372,873 374,114 373,517 380,802 390,959 378,208 376,519 380,952 End of fiscal year or month 1991 1992 1993 1994 1995 End of fiscal year or month 1991 1992 1993 1994 1995 Interest-bearing public debt securities Total (3) Interest-bearing public debt securities, con. Held by private investors Total Marketable Nonmarketable (7) (8) (9) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Public issues held by Federal Reserve banks (6) Matured public debt and debt bearing no interest (10) Total outstanding (11) Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) ........................ ........................ ........................ ........................ ........................ 2,478,478 2,749,074 2,966,201 3,121,259 3,255,730 2,114,634 2,375,557 2,576,032 2,735,026 2,884,814 363,844 373,517 390,169 386,233 370,916 2,544 2,819 2,922 3,226 23,339 17,751 18,250 24,682 28,543 26,962 176 123 21 17 16 17,575 18,127 24,661 28,526 26,946 1995 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June. . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . 3,236,528 3,188,993 3,248,149 3,242,268 3,265,897 3,284,300 3,255,730 3,288,598 3,319,094 3,268,956 3,295,885 3,345,139 3,348,233 2,856,515 2,809,430 2,866,367 2,862,136 2,893,934 2,911,665 2,884,814 2,918,136 2,969,162 2,914,701 2,952,109 3,009,097 2,992,597 380,013 379,562 381,781 380,132 371,963 372,635 370,916 370,462 349,933 354,254 343,776 336,042 355,636 3,614 20,795 3,580 3,558 3,527 3,564 23,339 3,523 3,540 24,294 4,188 4,168 34,834 26,459 26,479 26,663 26,861 26,854 27,022 26,962 27,171 28,142 28,245 28,141 36,174 35,508 17 17 17 17 17 16 16 16 16 16 7,865 7,865 26,442 26,462 26,646 26,844 26,837 27,006 26,946 27,155 28,126 28,229 28,141 28,309 27,643 OWNERSHIP OF FEDERAL SECURITIES 51 TABLE OFS-2.—Estimated Ownership of Public Debt Securities by Private Investors [Par values 1 in billions of dollars. Source: Office of Market Finance] End of month Nonbank investors Money Individuals 3 Savings Other Insurance market bonds 4 securities companies funds (5) (6) (7) (8) State and Foreign Corpo- local govern- and interrations 5 ments 6 national 7 (9) (10) (11) Total privately held (1) Commercial banks 2 (2) Total (3) Total (4) 1985 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,254.1 1,292.0 1,338.2 1,417.2 192.6 195.6 196.2 189.4 1,061.5 1,096.4 1,142.0 1,227.8 145.1 148.7 151.4 154.8 75.4 76.7 78.2 79.8 69.7 72.0 73.2 75.0 66.6 69.1 73.4 80.5 26.7 24.8 22.7 25.1 50.8 54.9 59.0 59.0 r 260.5 279.4 r 290.0 r 359.6 199.6 213.8 222.9 224.8 r 1986 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,473.1 1,502.7 1,553.3 1,602.0 194.3 194.4 194.8 197.7 1,278.8 1,308.3 1,358.5 1,404.3 157.8 159.5 158.0 162.7 81.4 83.8 87.1 92.3 76.4 75.7 70.9 70.4 85.8 87.9 93.8 101.6 29.9 22.8 24.9 28.6 59.6 61.2 65.7 68.8 r 374.9 405.7 r 411.6 r 446.6 232.6 250.9 265.5 263.4 r 1987 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 1,641.4 1,658.1 1,680.7 1,731.4 193.6 192.5 198.4 194.4 1,447.8 1,465.6 1,482.3 1,537.0 163.0 165.6 167.7 172.4 94.7 96.8 98.5 101.1 68.3 68.8 69.2 71.3 106.3 104.7 106.2 108.1 18.8 20.6 15.5 14.6 73.5 79.7 81.8 84.6 r 481.7 492.7 r 499.0 r 500.3 272.8 281.1 279.5 299.7 r 1988 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,779.6 1,786.7 1,821.2 1,858.5 195.6 190.8 191.5 185.3 1,584.0 1,595.9 1,629.7 1,673.2 178.1 182.0 186.8 190.4 104.0 106.2 107.8 109.6 74.1 75.8 79.0 80.8 110.2 113.5 115.9 118.6 15.2 13.4 11.1 11.8 86.3 87.6 85.9 86.0 r 509.2 506.0 r 500.4 r 509.1 332.5 345.4 345.9 362.2 r 1989 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,903.4 1,909.1 1,958.3 2,015.8 192.4 178.4 166.9 165.3 1,711.0 1,730.7 1,791.4 1,850.5 204.2 211.7 213.5 216.4 112.2 114.0 115.7 117.7 92.0 97.7 97.8 98.7 119.7 120.6 121.2 123.9 13.0 11.3 12.9 14.9 89.4 91.0 90.9 93.4 r 489.1 481.9 r 482.4 r 489.5 376.6 369.1 394.9 429.6 r 1990 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,115.1 2,141.8 2,207.3 2,288.3 178.8 177.3 180.0 172.1 1,936.3 1,964.5 2,027.3 2,116.2 222.8 229.6 232.5 233.8 119.9 121.9 123.9 126.2 102.9 107.7 108.6 107.6 132.3 133.7 136.4 138.2 31.3 28.0 34.0 45.5 94.9 96.9 102.0 108.9 r 528.8 538.7 r 543.2 r 542.5 421.8 427.3 440.3 458.4 r 1991 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,360.6 2,397.9 2,489.4 2,563.2 187.5 196.2 217.5 232.5 2,173.1 2,201.7 2,271.9 2,330.7 238.3 243.5 257.5 263.9 129.7 133.2 135.4 138.1 108.6 110.3 122.1 125.8 147.2 156.8 171.4 181.8 65.4 55.4 64.5 80.0 114.9 130.8 142.0 150.8 r 559.7 561.8 r 572.0 r 579.2 464.3 473.6 477.3 491.7 r 1992 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,664.0 2,712.4 2,765.5 2,839.9 255.9 267.0 287.5 294.4 2,408.1 2,445.4 2,478.0 2,545.5 268.1 275.1 281.2 289.2 142.0 145.4 150.3 157.3 126.1 129.7 130.9 131.9 188.4 192.8 194.8 197.5 84.8 79.4 79.4 79.7 166.0 175.0 180.8 192.5 r 594.8 587.8 r 578.9 r 563.3 507.9 529.6 535.2 549.7 r 1993 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,895.0 2,938.4 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,584.8 2,631.2 2,669.1 2,725.2 297.7 303.0 305.8 309.9 163.6 166.5 169.1 171.9 134.1 136.4 136.7 137.9 208.0 217.8 229.4 234.5 77.9 76.2 74.8 80.8 199.3 206.1 215.6 213.0 r 578.9 599.9 r 603.5 r 605.9 564.2 567.7 591.3 622.9 r 1994 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,094.6 3,088.2 3,127.8 3,168.0 r 2,750.2 2,758.1 2,814.6 2,877.9 315.1 321.1 327.2 331.2 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 226.5 r 600.9 584.1 r 534.8 r 483.4 633.3 633.1 655.6 688.6 r 1995 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,239.2 3,245.0 3,279.5 3,294.9 307.7 298.0 289.0 r 280.1 2,931.5 2,947.0 2,990.5 r 3,014.8 342.8 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 r 245.7 248.3 r 249.8 r 252.6 67.7 58.7 64.2 71.3 230.3 227.7 224.1 r 228.8 r 729.0 784.1 848.1 861.8 r 1996 - Mar. . . . . 3,382.8 p 3,101.8 347.2 185.8 161.4 p 87.3 p p 930.1 p 1 344.4 330.1 313.2 290.1 281.0 r U.S. savings bonds, series A-F and J, are included at current redemption value. Includes domestically-chartered banks, U.S. branches and agencies of foreign banks, New York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks. 3 Includes partnerships and personal trust accounts. 4 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970. 5 Exclusive of banks and insurance companies. 6 State and local government have been redefined to include their fully defeased debt that is 2 r 254.5 p 229.0 r r r r r r r r r r 467.1 433.9 r 384.9 r 343.8 r 343.0 p Other investors 8 (12) 312.1 305.7 r 322.6 r 324.1 r 338.2 320.2 r 339.0 r 332.6 r 331.8 321.2 r 332.6 r 357.3 r 352.5 347.9 383.7 r 395.1 r r 419.0 445.1 475.5 r 482.8 r r 504.4 510.3 r 538.9 r 588.9 r 583.3 579.8 r 587.3 r 583.3 r 598.1 605.8 r 627.7 r 673.5 r 658.9 660.5 r 648.6 r 658.3 r 681.9 695.7 764.1 r 840.5 r r 848.8 850.1 r 873.5 r 908.8 r 910.7 backed by nonmarketable Federal securities. Includes State and local pension funds. 7 Consists of the investments of foreign and international accounts (both official and private) in the United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the 1984 benchmark to December 1989; and the 1989 benchmark to date. 8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain Government deposit accounts, and Government-sponsored enterprises. 52 MARKET YIELDS INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. The Treasury yield curve in the accompanying chart, is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. Treasury obtains quotations from the Federal Reserve Bank of New York, 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 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.15 press release. Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate bond average yield is developed by Treasury by calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors Service. The municipal bond average yield prior to 1991 was compiled by Treasury. Beginning with January 1991, the average yield is the “Municipal Bond Yield Average,” published by Moody’s Investors Service for 20-year reoffering yields on selected Aa-rated general obligations. See the footnotes for further explanation. TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Market Finance] Date 3-mo. (1) 6-mo. (2) 1-yr. (3) 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) 5.84 5.85 5.64 5.59 5.57 5.43 5.44 5.52 5.29 5.15 4.96 5.10 6.05 5.93 5.66 5.62 5.65 5.54 5.56 5.51 5.35 5.13 4.97 5.16 6.27 6.00 5.64 5.59 5.75 5.62 5.59 5.43 5.31 5.09 4.94 5.34 6.57 6.17 5.72 5.78 5.98 5.81 5.70 5.48 5.32 5.11 5.03 5.66 6.68 6.27 5.80 5.89 6.10 5.89 5.77 5.57 5.39 5.20 5.14 5.79 6.86 6.41 5.93 6.01 6.24 6.00 5.86 5.69 5.51 5.36 5.38 5.97 6.95 6.50 6.05 6.20 6.41 6.13 5.97 5.83 5.63 5.54 5.64 6.19 7.06 6.63 6.17 6.28 6.49 6.20 6.04 5.93 5.71 5.65 5.81 6.27 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 6.05 6.24 6.60 5.87 5.81 5.60 5.60 5.45 5.40 5.48 5.48 5.10 5.05 5.02 5.13 6.08 5.83 5.59 5.63 5.53 5.57 5.55 5.46 5.17 4.97 5.05 5.20 6.32 5.80 5.65 5.67 5.65 5.65 5.55 5.36 5.18 4.90 5.23 5.41 6.60 5.89 5.79 5.88 5.85 5.83 5.61 5.36 5.18 4.93 5.44 5.79 6.72 5.95 5.88 6.02 5.95 5.91 5.70 5.41 5.25 5.06 5.56 5.91 6.88 6.08 5.98 6.16 6.07 6.01 5.81 5.53 5.38 5.25 5.73 6.10 6.95 6.18 6.12 6.35 6.21 6.11 5.92 5.68 5.49 5.46 5.99 6.30 7.07 6.30 6.21 6.45 6.28 6.17 6.03 5.76 5.58 5.60 6.13 6.34 7.34 6.67 6.63 6.86 6.65 6.49 6.34 6.14 5.96 6.03 6.48 6.67 Monthly average 1995 - Apr.. . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . End of month 1995 - Apr.. . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . * Rates are from the Treasury yields curve. MARKET YIELDS 53 CHART MY-A.—Yields of Treasury Securities, Mar. 31, 1996 * Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded. (Year tick marks correspond with June data.) Years * Source: Department of the Treasury, Office of Market Finance 54 MARKET YIELDS TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) 1985 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 11.47 11.81 11.47 11.05 10.45 10.50 10.56 10.61 10.50 10.06 9.54 12.46 12.39 12.85 12.45 11.85 11.33 11.28 11.61 11.66 11.51 11.19 10.42 9.11 9.26 9.52 9.16 8.79 8.46 8.73 8.96 9.04 9.00 8.45 8.44 1986 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 8.93 7.96 7.39 7.52 7.57 7.27 7.33 7.62 7.70 7.52 7.37 10.33 9.76 8.95 8.71 9.09 9.39 9.11 9.03 9.28 9.29 8.99 8.87 8.02 6.93 6.93 7.14 7.50 7.75 7.34 7.66 6.94 6.59 6.72 6.70 1987 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.54 7.55 8.25 8.78 8.57 8.64 8.97 9.59 9.61 8.95 9.12 8.59 8.58 8.68 9.36 9.95 9.64 9.70 10.09 10.63 10.80 10.09 10.22 6.18 6.34 6.47 7.43 7.71 7.69 7.48 7.59 7.90 8.33 7.76 7.83 1988 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 8.43 8.63 8.95 9.23 9.00 9.14 9.32 9.06 8.89 9.02 9.01 9.81 9.43 9.68 9.92 10.25 10.08 10.12 10.27 10.03 9.86 9.98 10.05 7.46 7.34 7.55 7.69 7.63 7.67 7.63 7.62 7.30 7.27 7.39 7.40 Period MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES See footnotes at end of table. MARKET YIELDS 55 TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance] Period Treasury 30-yr. bonds (1) New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) 8.93 9.01 9.17 9.03 8.83 8.27 8.08 8.12 8.15 8.00 7.90 7.90 9.92 10.11 10.33 10.11 9.82 9.24 9.20 9.09 9.29 9.04 9.20 9.23 7.18 7.31 7.42 7.30 7.05 6.94 6.89 6.73 7.10 7.13 6.95 6.76 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 2 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 56 MARKET YIELDS TABLE MY-2.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1994 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1996 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 2 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 6.05 6.24 6.60 7.00 7.14 7.57 5.41 5.41 5.57 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. MARKET YIELDS 57 CHART MY-B.—Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds Monthly averages (in percentages) (Year tick marks correspond with June data.) Calendar Years 58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, 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. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, various U.S. Mint offices, the Federal Reserve banks, and the Federal Reserve Board. TABLE USCC-1.—Amounts Outstanding and in Circulation, Mar. 31, 1996 [Source: Financial Management Service’s General Ledger Branch] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $530,413,463,732 $506,724,922,834 $506,144,368,026 $322,083,116 $258,471,692 The Treasury . . . . . . . . . . . . . . . . 312,859,519 55,425,292 11,701,637 43,527,339 196,316 Federal Reserve banks . . . . . . . . 113,819,921,781 113,240,812,348 113,240,808,673 - 3,675 Amounts in circulation . . . . . . . . . . . $416,280,682,432 $393,428,685,194 $392,891,857,716 $278,555,777 $258,271,701 Less amounts held by: Dollars 3 (2) Fractional coins (3) $23,688,540,898 $2,024,703,898 $21,663,837,000 The Treasury . . . . . . . . . . . . . . . . 257,434,227 169,407,002 88,027,225 The Federal Reserve banks. . . . . 579,109,433 53,593,603 525,515,830 Amounts in circulation . . . . . . . . . . . $22,851,997,238 $1,801,703,293 $21,050,293,945 Coins 2 Amounts outstanding. . . . . . . . . . . . Total (1) Less amounts held by: See footnotes following table USCC-2. U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59 TABLE USCC-2.—Amounts Outstanding and in Circulation, Mar. 31, 1996 [Source: Financial Management Service’s General Ledger Branch] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,046,024,130 $5,897,666,092 $143,481 $148,214,557 $2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049,874,404 917,235,364 132,626,466 12,574 $5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,140,614,620 6,996,954,260 110,716,810 32,943,550 $10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,278,560,500 13,255,581,890 5,950 22,972,660 $20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,101,119,140 80,081,015,360 3,380 20,100,400 $50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,779,383,800 47,767,891,950 - 11,491,850 $100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,714,698,500 237,657,651,300 35,059,600 21,987,600 $500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,959,500 144,771,500 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,230,000 168,025,000 - 205,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total currency . . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485 115 - 90 25 $393,428,685,194 $392,891,857,716 $278,555,777 $258,271,701 Comparative totals of currency and coins in circulation— selected dates Amount (in millions) (1) Per capita 5 (2) Mar. 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . 416,280 1,573.15 Feb. 29, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,976 1,565.45 Jan. 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 412,696 1,561.53 Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 30,229 182.90 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. 4 5 Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. 60 Page Intentionally Left Blank 61 Page Intentionally Left Blank 62 Page Intentionally Left Blank INTERNATIONAL FINANCIAL STATISTICS 63 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including 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. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that Treasury issues to official institutions and other residents of foreign countries. • Table IFS-4, which presented a trade-weighted index of the foreign currency value of the dollar, has been discontinued. The ‘‘Treasury Bulletin’’ first published an index of effective exchange rate changes for the dollar, as Table IFS-7, in June 1974. In the intervening time, many other indices have been developed that are widely accepted indicators of general movement of the dollar. The index presented in IFS-4 used a simple functional form and publicly available information so that the index can be easily replicated by those who find it useful. TABLE IFS-1.--U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Total reserve assets 1 (1) 1991. . . . . . . . . . . . . . . . . . . . . . . . Reserve position in International Monetary Fund 1, 5 (5) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) 77,721 11,059 11,240 45,934 9,488 1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759 1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818 1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030 1995 - Apr.. . . . . . . . . . . . . . . . . . . 88,756 11,055 11,743 51,752 14,206 May . . . . . . . . . . . . . . . . . . . 90,549 11,054 11,923 53,294 14,278 June . . . . . . . . . . . . . . . . . . 90,063 11,054 11,869 52,864 14,276 July . . . . . . . . . . . . . . . . . . . 91,534 11,053 11,487 54,233 14,761 Aug.. . . . . . . . . . . . . . . . . . . 86,648 11,053 11,146 49,979 14,470 Sept. . . . . . . . . . . . . . . . . . . 87,152 11,051 11,035 50,385 14,681 Oct. . . . . . . . . . . . . . . . . . . . 86,224 11,051 10,949 49,524 14,700 Nov.. . . . . . . . . . . . . . . . . . . 85,755 11,050 11,034 49,099 14,572 Dec.. . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312 Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813 Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249 Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted-average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF are also valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 64 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS-2.--Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Office of International Financial Analysis] Liabilities to foreign countries End of calendar year or month Official institutions 1 MarketNonmarketable U.S. able U.S. Liabilities Treasury Treasury reported by bonds bonds banks in and and notes 3 United States notes 2 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities to other foreigners LiabiliLiabiliMarketties ties able U.S. to nonreported Treasury monetary by bonds international banks in and and regional United States notes 2, 6 organizations 7 (9) (10) (11) Total (1) Total (2) 1991 . . . . . . . . . . 1,216,772 349,905 131,088 204,096 4,856 9,863 597,123 250,754 93,732 157,022 17,990 1992 . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944 1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597 1994 . . . . . . . . . . 1,646,949 498,467 212,956 254,100 6,109 25,302 767,104 361,797 114,839 246,958 19,581 1995 - Mar. . . . . . 1,707,073 520,899 226,097 262,061 6,135 26,606 780,000 384,892 113,151 271,741 21,282 Apr. . . . . . . 1,721,599 530,509 232,454 265,219 6,174 26,662 776,545 393,438 118,439 274,999 21,107 May . . . . . . 1,739,673 536,287 239,694 263,512 6,210 26,871 774,733 407,893 116,619 291,274 20,760 June . . . . . 1,786,695 554,445 246,343 274,383 6,245 27,474 791,617 418,964 116,129 302,835 21,669 July . . . . . . 1,820,659 578,639 253,622 291,173 6,287 27,557 771,558 446,085 128,658 317,427 24,377 Aug.. . . . . . . 1,862,808 587,162 262,481 290,809 6,329 27,543 789,726 463,769 119,536 344,233 22,151 Sept. . . . . . 1,845,527 594,027 273,502 286,284 6,366 27,875 771,274 455,083 117,327 337,756 25,143 Oct. . . . . . . 1,875,039 592,165 265,352 291,989 6,408 28,416 799,821 460,458 123,757 336,701 22,595 Nov. . . . . . 1,896,990 607,231 280,882 291,074 6,449 28,826 788,127 479,166 126,614 352,552 22,466 Dec. . . . . . 1,889,249 604,984 275,512 293,725 6,492 29,255 799,240 462,167 121,282 340,885 22,858 1996 - Jan. . . . . . 1,901,552 619,277 277,718 306,340 6,120 29,099 794,502 464,943 122,970 341,973 22,830 Feb.. . . . . . 1,919,795 644,897 294,284 315,021 6,158 29,434 777,815 475,117 125,633 349,484 21,966 Mar.. . . . . . 1,926,550 656,962 301,696 319,769 6,199 29,298 775,016 473,002 121,937 351,065 21,570 1 6 2 7 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to ‘‘other foreigners.’’ 3 Includes marketable U.S. Government bonds and notes held by foreign banks. Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Asian Development Bank. Note.--Table is based on Department of Treasury data and on data reported to the Department of Treasury by banks, other depository institutions, and brokers in the United States. Data correspond generally to statistics following in this section and in the ‘‘Capital Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by other international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 65 TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Payable in dollars Mexico 2 (4) Grand total (1) Total (2) Argentina 1 (3) 1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759 1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817 1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885 1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959 1995 - Mar. . . . . . . . . . . . . . . . . . 6,135 6,135 895 4,262 978 Apr. . . . . . . . . . . . . . . . . . . 6,174 6,174 900 4,290 984 May . . . . . . . . . . . . . . . . . . 6,210 6,210 906 4,319 985 June . . . . . . . . . . . . . . . . . 6,245 6,245 911 4,343 991 July . . . . . . . . . . . . . . . . . . 6,287 6,287 917 4,372 998 Aug. . . . . . . . . . . . . . . . . . 6,329 6,329 922 4,402 1,005 Sept. . . . . . . . . . . . . . . . . . 6,366 6,366 928 4,427 1,011 Oct. . . . . . . . . . . . . . . . . . . 6,408 6,408 933 4,457 1,018 Nov. . . . . . . . . . . . . . . . . . 6,449 6,449 939 4,485 1,025 Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039 Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045 Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052 End of calendar year or month 1 Beginning April 1993, includes current value principal and accrued interest of zero-coupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining face value of issue is $6,685 million. 2 Includes current value of the following zero-coupon Treasury bond issues to the government of Mexico: beginning March 1988, 20-year maturity issue. Face value is $1,058 million; Venezuela 3 (5) beginning March 1990, 30-year maturity issue. Remaining face value of issue is $24,010 million. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million. 66 CAPITAL MOVEMENTS INTRODUCTION: Capital Movements Treasury collects information about the transference of financial assets and other portfolio capital movements between the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, 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 International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. However, information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records, and so may not be aware of the actual country of domicile of the ultimate beneficiary. United States liabilities arising from the deposits of dollars with foreign banks appear as liabilities to foreign banks, although the liability of the foreign bank receiving the deposit may be to foreign official institutions or to residents of another country. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite ‘Other Europe.’ Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United States must file reports. These enterprises include the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting. Banks and other depository institutions, and some brokers and dealers, file monthly reports covering their dollar liabilities to, and dollar claims on, foreigners in a number of countries. Twice a year, June 30 and December 31, they also report the same liabilities and claims items to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies in relation to foreigners. The exemption level applicable to these banking reports is $15 million. Banks and other depository institutions, securities brokers and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million during the covered month. Exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository insti- tutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more during the covered quarter. 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. The data in these tables do not cover all types of reported capital movements between the United States and other countries. The principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad (own foreign offices) or with their foreign parent companies, and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the United States balance of payments. • Section I presents liabilities to foreigners reported by U.S. banks and other depository institutions, as well as brokers and dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. • Section II presents claims on foreigners 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. Maturity data are reported according to time remaining to maturity. Reporting also covers certain items held by brokers and dealers in the United States. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. (Note: Beginning with the September 1994 issue of the ‘‘Treasury Bulletin,’’ former table CM-III-1, Dollar Claims on Nonbank Foreigners, will no longer appear. Former table CM-III-2, Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately, has been redesignated as table CM-III-1. This semiannual data series will now appear in each issue 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 States. Information does not include accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment forms. Data exclude claims on foreigners held through banks in the United States. • 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 foreigners, and transactions executed abroad for the accounts of reporting institutions and their CAPITAL MOVEMENTS domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, 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. In the case of outstanding securities, the geographical breakdown of the transactions data does not necessarily reflect the ultimate owners of or the original issuers of the securities. 67 This is because the path of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a 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 domicile of the foreign buyers and sellers of securities in a particular round of transactions. SECTION I.--Liabilities to Foreigners Reported by Banks in the United States TABLE CM-I-1.--Total Liabilities by Type of Holder [In millions of dollars. Source: Office of International Financial Analysis] Foreign countries End of calendar year or month Official institutions 1 Payable in Payable foreign in currenTotal dollars cies 3 (2) (3) (4) Total liabilities (1) Banks and other foreigners Payable in Payable foreign in currenTotal dollars cies 3 (5) (6) (7) Total (8) International and regional 2 Payable in Payable foreign in currendollars cies 3 (9) (10) Memoranda Total liabilities to all foreigners reported by IBFs Payable in Payable foreign in currendollars cies 3 (11) (12) 1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129 1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394 1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669 1994 r . . . . . . . . . . . . . 1,104,041 212,956 212,956 - 881,943 793,195 88,748 9,142 8,606 536 358,076 67,447 1995 - Mar. r . . . . . . . . 1,129,943 226,097 226,097 - 893,151 798,364 94,787 10,695 9,343 1,352 351,696 73,680 Apr. r . . . . . . . . 1,137,974 232,454 232,454 - 894,984 800,197 94,787 10,536 9,184 1,352 340,532 73,680 May r . . . . . . . . 1,141,288 239,694 239,694 - 891,352 796,565 94,787 10,242 8,890 1,352 346,962 73,680 June r . . . . . . . 1,165,041 246,343 246,343 - 907,746 802,111 105,635 10,952 9,966 986 356,670 85,057 July r . . . . . . . . 1,167,009 253,622 253,622 - 900,216 794,581 105,635 13,171 12,185 986 353,980 85,057 Aug. r . . . . . . . 1,183,048 262,481 262,481 - 909,262 803,627 105,635 11,305 10,319 986 367,995 85,057 Sept. r . . . . . . . 1,176,470 273,502 273,502 - 888,601 787,889 100,712 14,367 13,011 1,356 359,638 78,944 Oct. r . . . . . . . . 1,200,580 265,352 265,352 - 923,578 822,866 100,712 11,650 10,294 1,356 372,690 78,944 Nov. . . . . . . . . . 1,206,773 280,882 280,882 - 914,741 814,029 100,712 11,150 9,794 1,356 364,603 78,944 Dec. . . . . . . . . . 1,208,014 275,512 275,512 - 920,522 809,042 111,480 11,980 10,939 1,041 369,624 85,708 1996 - Jan. . . . . . . . . . 1,206,837 277,718 277,718 - 917,472 805,992 111,480 11,647 10,606 1,041 368,694 85,708 Feb. p . . . . . . . 1,209,256 294,284 294,284 - 903,448 791,968 111,480 11,524 10,483 1,041 369,339 85,708 Mar. p. . . . . . . . 1,209,166 301,696 301,696 - 896,953 785,473 111,480 10,517 9,476 1,041 362,587 85,708 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 68 CAPITAL MOVEMENTS TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars Part A.--Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Official institutions 1 U.S. Treasury bills and Deposits certifDemand Time 2 icates (2) (3) (4) Other liabilities 2 (5) Deposits Demand Time 2 (6) (7) 1991 . . . . . . . . . . . . . . . 747,085 1992 . . . . . . . . . . . . . . . 800,909 1993 . . . . . . . . . . . . . . . 915,736 1994 r . . . . . . . . . . . . . . 1,006,151 2,626 1,302 1,600 1,564 16,504 92,692 17,939 104,596 21,653 151,100 23,511 139,570 19,266 35,726 46,468 48,311 8,648 82,857 10,170 90,296 9,718 105,262 10,633 111,171 1995 - Mar. r . . . . . . . . . 1,024,461 Apr. . . . . . . . . . . 1,032,651 May . . . . . . . . . . 1,036,259 June r. . . . . . . . . 1,048,454 July . . . . . . . . . . 1,048,203 Aug. r . . . . . . . . . 1,066,108 Sept. r . . . . . . . . 1,061,391 Oct. r . . . . . . . . . 1,088,218 Nov. . . . . . . . . . . 1,094,911 Dec. . . . . . . . . . . 1,084,554 1996 - Jan. . . . . . . . . . . 1,083,710 Feb. p. . . . . . . . . 1,086,252 Mar. p. . . . . . . . . 1,087,169 1,905 1,485 1,575 1,398 1,429 1,547 1,362 1,646 1,690 2,098 1,522 1,655 1,423 23,981 25,719 27,433 27,454 29,578 31,774 32,242 30,634 30,627 30,970 27,919 29,710 31,696 58,495 58,833 56,111 62,974 62,961 71,644 76,805 75,795 77,199 73,910 74,328 71,731 70,195 10,878 10,701 11,406 10,554 12,121 10,061 11,818 11,341 11,232 11,746 10,247 10,948 11,813 End of calendar year or month Total foreign countries (1) 141,716 146,417 154,575 154,517 159,654 157,516 163,093 157,277 171,366 168,534 173,949 191,188 198,382 106,788 100,277 102,842 111,368 104,407 108,681 98,668 114,401 105,401 103,837 110,665 104,436 101,088 Banks U.S. Treasury Other bills and liacertifbiliicates ties 2 (8) (9) Other foreigners U.S. Treasury bills and Deposits certiDemand Time 2 icates (11) (12) (13) Other liabilities 2 (14) 7,471 94,190 329,099 11,087 104,773 330,994 10,712 148,206 318,273 11,240 149,754 395,558 9,004 10,310 10,236 11,160 57,574 48,936 45,411 48,532 8,841 10,053 10,652 11,766 18,313 24,727 36,445 43,381 15,735 15,727 14,444 15,021 15,535 15,489 16,170 16,429 16,687 15,869 15,992 17,947 15,967 10,138 10,555 10,555 10,186 10,511 10,131 10,500 10,097 10,159 10,585 10,383 10,861 11,149 50,574 53,616 51,993 51,836 52,751 52,004 52,929 53,596 54,225 53,775 55,544 54,497 56,651 12,393 12,643 12,524 12,354 12,881 13,487 13,453 13,527 12,830 12,588 12,773 13,705 13,792 40,046 41,625 41,547 41,753 52,515 43,914 40,445 46,537 49,400 44,334 44,270 46,570 40,345 154,874 163,525 164,420 154,008 160,258 162,395 157,162 166,364 170,119 163,770 165,623 169,312 164,203 To own foreign offices (10) 396,938 391,528 386,834 395,031 373,602 387,465 386,744 390,574 383,976 392,538 380,495 363,692 370,465 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month U.S. Treasury bills and certificates (4) Total (1) Demand deposits (2) Time deposits 2 (3) ........................ ........................ ........................ ........................ 8,981 9,350 10,936 8,606 43 46 15 29 2,714 3,214 2,780 3,298 1,730 1,908 4,275 281 4,494 4,182 3,866 4,998 1995 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. r . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. r . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. p. . . . . . . . . . . . . . . . . . Mar. p. . . . . . . . . . . . . . . . . . 9,343 9,184 8,890 9,966 12,185 10,319 13,011 10,294 9,794 10,939 10,606 10,483 9,476 31 214 34 114 43 40 24 77 33 21 30 43 16 3,699 3,798 3,550 4,579 5,057 4,642 4,315 3,901 3,631 4,656 4,385 3,379 3,584 314 763 510 312 551 826 354 1,342 962 350 764 555 564 5,299 4,409 4,796 4,961 6,534 4,811 8,318 4,974 5,168 5,912 5,427 6,506 5,312 1991 1992 1993 1994 1 Includes Bank for International Settlements. 2 Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." Other liabilities 2 (5) Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. CAPITAL MOVEMENTS 69 TABLE CM-I-3.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1 . . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . . . See footnotes at end of table. 1995 1996 1992 1993 1994 r Nov. Dec. Jan. Feb. p Mar. p 1,809 23,781 419 580 3,111 1,546 47,994 24,616 920 177 2,181 12,211 9,023 3,451 2,191 2,484 117 10,307 3,093 43,144 2,958 125,388 577 504 24,000 346,582 2,203 31,609 99 817 4,650 2,569 48,658 33,433 1,527 1,491 2,323 14,546 17,788 3,071 2,292 3,488 125 21,365 2,813 45,746 3,584 150,912 2,532 373 26,524 424,538 4,109 26,475 611 953 3,137 1,569 52,805 32,355 1,402 1,095 1,987 13,418 17,259 2,339 2,316 2,997 529 15,612 3,157 41,917 3,378 187,130 2,726 245 20,965 440,486 5,779 34,297 860 1,415 3,946 2,513 48,405 33,745 2,294 1,100 2,138 14,916 16,859 1,376 5,436 2,928 244 12,379 3,877 43,399 4,113 171,927 8,990 171 18,005 441,112 4,269 31,348 752 1,667 3,517 3,035 49,233 31,661 2,036 2,055 2,615 16,325 14,972 1,424 5,690 2,951 246 12,029 3,375 46,211 4,311 161,009 7,950 177 14,255 423,113 4,169 31,387 307 952 3,575 2,625 49,726 33,614 2,023 1,582 2,415 15,066 12,598 1,097 6,690 3,245 191 13,855 2,685 43,390 4,537 174,536 7,858 163 10,366 428,652 3,728 33,688 400 928 4,457 2,613 51,128 32,321 2,088 1,183 1,786 17,918 13,421 1,276 7,121 3,121 142 13,606 2,943 44,594 4,746 168,867 9,180 163 12,957 434,375 3,604 32,066 309 965 3,472 1,972 51,384 32,829 1,991 527 2,071 16,925 14,037 1,114 7,590 3,033 302 20,993 2,386 41,667 4,290 166,011 9,321 143 11,875 430,877 23,467 21,577 26,522 29,436 27,897 30,159 28,968 28,893 9,633 83,167 7,314 5,676 159,240 3,115 4,628 3 1,035 1,400 379 19,960 5,980 4,319 1,116 306 2,027 12,183 14,591 74,844 8,372 5,384 199,955 3,314 3,220 33 899 1,224 425 28,374 5,277 3,887 966 398 1,664 13,334 17,273 104,922 8,631 9,290 237,518 3,173 4,674 13 886 1,136 541 12,409 5,748 4,775 913 637 1,649 14,501 13,102 88,441 6,648 28,043 250,410 2,785 3,541 8 1,315 1,225 463 21,051 6,303 4,529 934 476 1,952 11,948 12,357 96,525 4,956 24,317 249,273 2,890 3,754 8 1,324 1,288 498 24,606 5,184 4,413 987 453 1,868 12,119 13,645 98,384 4,692 23,235 243,573 3,043 3,801 7 1,245 1,071 517 23,694 4,960 4,178 1,038 423 1,832 12,971 11,885 92,737 4,761 22,281 237,620 2,837 3,978 7 1,210 1,087 512 23,950 4,973 4,313 1,105 415 1,759 12,920 12,106 89,615 5,094 21,982 250,836 2,880 3,934 7 1,283 1,072 520 24,583 4,914 4,173 973 443 1,941 13,457 5,939 6,084 6,115 6,682 7,244 7,242 7,489 7,549 327,420 372,245 434,804 449,856 454,064 449,551 435,839 447,362 70 CAPITAL MOVEMENTS TABLE CM-I-3.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1995 1996 1992 1993 1994 r Nov. Dec. Jan. Feb. p Mar. p 3,275 8,460 20,639 1,404 1,494 3,785 77,735 3,367 417 1,775 989 2,294 10,566 245 5,587 21,469 2,104 165,605 4,011 10,684 17,724 1,123 2,001 4,453 79,241 4,963 469 1,833 1,216 2,041 8,746 365 6,155 15,943 2,783 163,751 10,066 9,971 17,954 2,340 1,610 5,160 87,298 5,226 503 1,704 1,309 2,722 8,537 608 6,475 15,535 3,315 180,333 29,875 11,393 21,403 3,279 2,507 4,116 131,231 5,693 575 1,964 2,049 2,887 11,227 875 12,150 16,574 2,280 260,078 33,765 11,743 23,374 3,413 2,743 4,096 140,161 5,880 631 2,426 1,703 3,097 11,565 858 12,290 16,057 2,410 276,212 35,748 12,340 23,377 3,303 2,046 4,371 137,696 5,190 475 2,040 1,256 2,402 11,785 896 13,132 14,892 2,663 273,612 32,215 12,984 25,356 3,567 2,384 5,803 144,334 5,705 775 2,008 1,336 2,374 14,512 902 13,400 13,966 3,268 284,889 24,445 15,542 23,257 4,030 2,204 5,366 148,280 5,971 654 2,088 1,607 2,344 11,326 824 12,169 14,710 3,054 277,871 2,475 107 372 80 191 19 1,362 1,328 5,934 2,218 153 816 100 451 12 1,308 1,612 6,670 1,885 233 323 97 440 9 1,381 2,222 6,590 1,907 240 372 61 1,206 9 1,867 2,528 8,190 2,137 229 368 104 810 10 1,837 2,271 7,766 1,849 238 309 99 1,288 11 1,814 2,196 7,804 2,376 234 338 52 736 8 2,008 2,191 7,943 2,058 238 308 65 482 11 1,746 2,306 7,214 3,068 1,126 4,194 3,919 909 4,828 5,249 915 6,164 5,833 1,118 6,951 5,749 1,233 6,982 4,431 981 5,412 4,608 1,110 5,718 5,344 1,088 6,432 873,202 993,609 1,094,899 1,195,623 1,196,034 1,195,190 1,197,732 1,198,649 7,676 80 1,676 183 238 - 7,179 51 3,276 274 503 39 7,888 53 798 194 170 39 9,453 135 744 314 467 37 9,982 119 1,152 194 496 37 10,405 61 608 337 199 37 10,191 55 591 474 178 35 8,720 59 1,017 455 231 35 9,853 11,322 9,142 11,150 11,980 11,647 11,524 10,517 883,055 1,004,931 1,104,041 1,206,773 1,208,014 1,206,837 1,209,256 1,209,166 1 3 2 4 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under "Other Europe." Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 71 TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1996, Preliminary [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars To foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury liaheld for in curren- own lia- liabiliDeposits obliga- liabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Europe: Austria . . . . . . . . . . . . . . 3,604 2,872 Belgium-Luxembourg. . . 32,066 25,560 309 309 Bulgaria . . . . . . . . . . . . . Czechoslovakia . . . . . . . 965 964 Denmark. . . . . . . . . . . . . 3,472 2,876 1,972 1,768 Finland . . . . . . . . . . . . . . France . . . . . . . . . . . . . . 51,384 41,355 Germany . . . . . . . . . . . . 32,829 25,203 Greece . . . . . . . . . . . . . . 1,991 1,966 Hungary . . . . . . . . . . . . . 527 526 Ireland . . . . . . . . . . . . . . 2,071 1,947 Italy. . . . . . . . . . . . . . . . . 16,925 11,475 Netherlands . . . . . . . . . . 14,037 12,789 Norway. . . . . . . . . . . . . . 1,114 1,084 Poland . . . . . . . . . . . . . . 7,590 7,269 Portugal . . . . . . . . . . . . . 3,033 2,843 Romania. . . . . . . . . . . . . 302 302 9,321 9,321 Russia 4 . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . 20,993 18,976 Sweden . . . . . . . . . . . . . 2,386 2,256 Switzerland. . . . . . . . . . . 41,667 39,083 Turkey . . . . . . . . . . . . . . 4,290 4,103 United Kingdom . . . . . . . 166,011 144,129 143 143 Yugoslavia 5 . . . . . . . . . . Other Europe . . . . . . . . . 11,875 11,431 Total Europe . . . . . . . . 430,877 370,550 Canada . . . . . . . . . . . . . . . 28,893 27,359 Latin America and Caribbean: Argentina . . . . . . . . . . . . 12,106 11,985 Bahamas . . . . . . . . . . . . 89,615 88,081 Bermuda. . . . . . . . . . . . . 5,094 5,035 Brazil . . . . . . . . . . . . . . . 21,982 21,462 British West Indies . . . . . 250,836 240,646 Chile. . . . . . . . . . . . . . . . 2,880 2,815 Colombia . . . . . . . . . . . . 3,934 3,846 Cuba. . . . . . . . . . . . . . . . 7 7 Ecuador . . . . . . . . . . . . . 1,283 1,274 Guatemala . . . . . . . . . . . 1,072 1,059 Jamaica . . . . . . . . . . . . . 520 503 Mexico . . . . . . . . . . . . . . 24,583 24,532 Netherlands Antilles . . . . 4,914 4,402 Panama . . . . . . . . . . . . . 4,173 4,025 973 960 Peru . . . . . . . . . . . . . . . . Trinidad and Tobago . . . 443 441 Uruguay . . . . . . . . . . . . . 1,941 1,908 Venezuela . . . . . . . . . . . 13,457 13,148 Other Latin America 7,549 7,385 and Caribbean . . . . . . Total Latin America 447,362 433,514 and Caribbean. . . . . See footnotes at end of table. 732 1,788 1,084 6,506 22,713 2,847 131 178 1 317 647 596 2,202 674 204 1,532 236 10,029 28,869 12,486 7,626 19,487 5,716 25 1,087 879 1 130 396 124 1,448 499 5,450 10,324 1,151 1,248 6,697 6,092 30 618 466 321 5,262 2,007 190 935 1,908 302 1,454 7,867 2,017 11,088 7,888 130 1,882 374 2,584 10,460 28,623 187 1,791 2,312 21,882 129,724 14,405 143 444 7,294 4,137 60,327 267,678 102,872 1,534 41 215 12 61 30 14 279 427 62 51 81 352 132 21 36 32 9 320 277 35 534 90 554 11 143 3,819 951 9,803 23 8 397 384 12,333 4,652 180 225 4,470 3,560 131 94 426 125 53 3,169 421 2,198 603 28,544 16 3,910 76,676 995 1,024 178 647 169 173 9,789 5,136 850 34 151 822 3,907 226 2,007 1,833 7,865 6,270 79 25,687 2,295 5,892 4,025 80,054 20,808 6,551 303 4,306 4,015 121 9,533 1,534 74,943 59 2,434 520 20,642 10,190 148,102 65 2,646 88 3,689 7 9 1,098 13 998 17 474 51 15,233 512 3,667 148 3,574 13 920 2 383 33 1,753 309 10,605 2,452 13,138 2,601 820 92,544 169 157 176 61 29 9,299 735 451 40 58 155 2,543 262 46 5 708 134 113 37 1 66 37 31 140 69 64 50 9 175 115 3,057 3,971 201 13,394 9,405 404 1,110 105 69 123 1,721 209 242 39 36 86 1,569 2,059 318 300 4 155 1 100 70 1 25 7,826 27 18 10 1,566 1,070 240 965 13,848 307,016 126,498 164 6,315 2,302 36,706 792 547 177 2,713 9,870 83 4 215 23 1,914 318 516 614 5,266 10,504 9,860 3,754 383 168 397 23 303 187 4,185 816 2,570 1,772 587 61 4,847 272 314 70 123 43 1,010 22 7,585 544 243 995 4,137 4,092 859 121 19,606 75,645 103 2,617 499 70,983 110,594 43 364 1 3 18 8 140 223 49 8 44 161 96 19 7 20 1 14 85 11 195 17 991 3 16 2,537 91 467 7 7 6 49 588 435 233 6 246 258 148 25 6 78 1 28 954 38 837 61 2,006 10 130 6,715 24 138 10 588 349 13 54 11 315 2 22 1 47 201 1,010 3 2,534 33 5,355 3 966 1 24 1,868 367 28 7 656 400 289 12 48 8 45 233 393 54 8,357 58 13,817 12 585 49 515 163 13 28 128 51 23 1 41 15 1,293 2,766 1 5,684 11,417 646 1,198 626 1,196 78 720 803 11,932 68,115 1,283 118 3,220 459 94,439 115,889 461 214 582 51 3 315 51 59 3 198 37 4,334 1,399 228 745 269 982 84 25 165 9 324 456 1,292 208 645 136 102 529 235 216 213 160 155 40 1,264 76 176 90 19 81 1,088 4,078 1,315 308 2,858 5,155 1,246 1,686 2 467 693 45 6,888 877 1,852 632 184 629 6,829 117 1,158 522 48 2,574 39 14 12 16 1 507 543 140 1 4 48 136 244 1,090 2,196 242 12,660 121 53 1 28 26 3 453 1,628 300 21 15 99 345 118 530 376 384 304 98 35 16 28 3 449 33 89 15 3 42 153 3,652 366 625 3,030 125 416 70 13,272 120,734 189,930 826 5,850 38,774 6,005 19,941 2,746 72 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1996, Preliminary, con. [Position in millions of dollars. Source: Office of International Financial Analysis] Country Asia: China: Mainland . . . . . . . . Taiwan . . . . . . . . . Hong Kong . . . . . . . . India . . . . . . . . . . . . . Indonesia . . . . . . . . . Israel . . . . . . . . . . . . Japan . . . . . . . . . . . . Korea . . . . . . . . . . . . Lebanon . . . . . . . . . . Malaysia. . . . . . . . . . Pakistan . . . . . . . . . . Philippines . . . . . . . . Singapore. . . . . . . . . Syria. . . . . . . . . . . . . Thailand . . . . . . . . . . Other Asia . . . . . . . . Total Asia . . . . . . . Africa: Egypt . . . . . . . . . . . . Ghana . . . . . . . . . . . Liberia . . . . . . . . . . . Morocco . . . . . . . . . . South Africa . . . . . . . Zaire. . . . . . . . . . . . . Other Africa . . . . . . . Total Africa . . . . . . Liabilities payable in dollars To foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury liaheld for in curren- own lia- liabiliDeposits obligaliabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 24,445 24,430 15,542 15,513 23,257 20,187 4,030 3,990 2,204 2,169 5,366 5,343 148,280 117,312 5,971 5,873 654 654 2,088 1,849 1,607 1,598 2,344 2,336 11,326 10,911 824 824 12,169 12,158 17,764 17,287 277,871 242,434 2,058 238 308 65 482 11 4,052 7,214 2,057 238 299 65 411 11 4,008 7,089 15 3,583 20,847 29 12,021 3,492 3,070 17,412 2,775 40 1,830 2,160 35 1,592 577 23 1,417 3,926 30,968 40,739 76,573 98 4,774 1,099 643 11 239 1,491 358 9 1,073 525 8 1,233 1,103 415 9,675 1,236 822 2 11 880 11,278 477 14,677 2,610 35,437 113,862 128,572 1 9 71 44 125 818 198 173 65 254 10 3,648 5,166 1,239 40 126 157 1 360 1,923 Other countries: Australia . . . . . . . . . . 5,344 5,239 105 2,243 2,996 1,088 984 104 682 302 All other . . . . . . . . . . Total other 6,432 6,223 209 2,925 3,298 countries . . . . . . Total foreign countries. . . . . 1,198,649 1,087,169 111,480 717,455 369,714 International and regional: International . . . . . . . 8,720 7,938 782 7,564 374 59 59 40 19 European regional . . Latin American regional . . . . . . . . . 1,017 758 259 755 3 Asian regional . . . . . 455 455 43 412 African regional . . . . 231 231 121 110 Middle Eastern 35 35 35 regional . . . . . . . . . Total international 10,517 9,476 1,041 8,558 918 and regional. . . . Grand total . . . 1,209,166 1,096,645 112,521 726,013 370,632 1 These data as of Dec. 31, 1995. 2 224 332 829 391 236 86 986 252 29 176 69 176 341 160 193 909 5,389 7,085 7,146 2,591 691 489 423 7,871 1,233 256 372 331 584 1,685 397 696 4,009 35,859 136 685 10,735 781 357 491 27,617 2,086 9 323 516 112 6,062 366 7,045 57,321 32 198 318 46 64 53 371 32 16 17 51 102 106 7 31 249 1,693 454 1,622 2,782 95 397 434 571 1,258 63 312 36 477 179 18 79 552 9,329 33 47 74 1 108 963 6 8 1 214 2 231 1,688 60 194 728 100 8 47 3,062 13 2 5 48 123 557 4,947 42 179 256 7 5 109 276 7 1 1 36 9 270 122 1,320 63 29 20 36 5 824 977 217 32 4 649 902 1,222 40 150 326 1,738 378 90 25 155 1,513 2,161 84 25 6 3 326 444 18 7 17 8 13 2 169 234 64 13 150 6 45 164 442 49 3 1 15 68 11 2 83 5 22 123 7 25 2 14 48 415 31 148 10 2,812 286 779 230 594 165 145 44 67 126 39 11 240 81 128 1 446 158 3,098 1,009 759 189 193 50 321 129 13,236 132,784 214,349 234,398 370,465 11,149 56,651 13,792 40,345 10,005 7 5 3,321 - 318 19 4,292 35 - - - - - - 2 2 225 3 3 166 58 528 289 168 - - - - - - - 35 - - - - - - - - 16 3,584 564 5,312 - - - - - - 13,252 136,368 214,913 239,710 370,465 11,149 56,651 13,792 40,345 10,005 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in "Other Asia" and "Other Africa" amount to $737 million. 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 3 1,576 14,830 2,195 3,094 1,083 1,047 25 1,860 82 536 100 3,601 4,177 71,694 516 477 271 311 338 92 498 9 827 1,388 813 240 43 10,750 1,928 1,807 14,036 112,172 5 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 73 CHART CM-A.--U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1992 125,388 221,194 260,020 77,735 87,870 772,207 110,848 883,055 1993 150,912 273,626 292,335 79,241 84,510 880,624 124,307 1,004,931 1994 187,130 253,356 361,594 87,298 93,035 982,413 121,628 1,104,041 1995 161,009 262,104 360,351 140,161 136,051 1,059,676 148,338 1,208,014 March 1996 166,011 264,866 354,632 148,280 129,591 1,063,380 145,786 1,209,166 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking liabilities to foreigners, excluding liabilities represented by long-term securities, are highly concentrated in international financial centers. The chart and table show that about two-thirds or more of U.S. liabilities are reported opposite the United Kingdom, the rest of Europe, and, most notably, the offshore banking centers in the Caribbean. Also significant are the U.S. liabilities to foreigners reported against Japan and the rest of Asia. Total U.S. banking liabilities to foreigners, which expanded $104 billion in 1995, rose just $1.2 billion in the first quarter of 1996. This small net increase is the result of offsetting changes in liabilities to different regions: U.S. liabilities to foreigners in the United Kingdom, other Europe, and Japan increased $15.9 billion as of March 1996, while liabilities to the Caribbean banking centers, other Asia, and ‘‘All other countries’’ declined by $14.8 billion. By region, the direction and magnitude of changes in U.S. banking liabilities in the first quarter were varied. The largest change was the $8.1 billion increase in liabilities to Japan, which continued a long upward trend and resulted in a new high of $148.3 billion. 74 CAPITAL MOVEMENTS SECTION II.—Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.—Total Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Type of claim 1993 1994 June r Sept. r 1995 Dec. r Mar. r June r Sept. Dec. p Total claims 1 . . . . . . . . . . . . . . . . . . . . . . . 650,484 656,515 658,919 671,088 697,600 737,909 721,267 730,137 Payable in dollars. . . . . . . . . . . . . . . . . . 575,613 583,070 580,241 599,521 615,989 650,527 645,193 649,118 Banks’ own claims on foreigners . . . . 488,497 483,336 480,962 483,242 493,477 521,916 515,573 526,351 Foreign public borrowers. . . . . . . . . 29,228 21,545 25,159 23,416 23,809 23,810 22,439 22,500 Deposits . . . . . . . . . . . . . . . . . . . . 49,892 52,456 52,026 59,250 53,611 58,852 50,767 37,343 Other . . . . . . . . . . . . . . . . . . . . . . 50,973 48,782 49,031 49,978 52,814 53,925 56,765 61,357 Own foreign offices . . . . . . . . . . . . . . . 285,510 291,461 284,588 283,183 292,367 301,424 298,241 303,902 All other foreigners . . . . . . . . . . . . . . . 72,894 69,092 70,158 67,415 70,876 83,905 87,361 101,249 Claims of banks’ domestic customers . . . . . . . . . . . . . . . . . . . . 87,116 99,734 99,279 116,279 122,512 128,611 129,620 122,767 Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 50,860 51,906 64,829 67,152 69,579 66,067 57,529 Negotiable and readily transferable instruments. . . . . . . . . 31,186 32,512 31,831 36,008 38,305 39,237 45,190 45,265 Collections and other. . . . . . . . . . . . 14,196 16,362 15,542 15,442 17,055 19,795 18,363 19,973 Payable in foreign currencies. . . . . . . . . 74,871 73,445 78,678 71,567 81,611 87,382 76,074 81,019 Banks’ own claims on foreigners . . . . 62,017 57,788 64,491 60,689 72,732 77,138 69,450 74,874 Claims of banks’ domestic customers . . . . . . . . . . . . . . . . . . . . 12,854 15,657 14,187 10,878 8,879 10,244 6,624 6,145 Claims reported by IBFs. . . . . . . . . . . . . . 236,968 238,966 243,334 253,009 256,642 265,837 254,558 254,964 Payable in dollars . . . . . . . . . . . . . . . . 194,699 199,982 197,652 212,096 206,695 210,982 206,137 202,320 Payable in foreign currencies . . . . . . . 42,269 38,984 45,682 40,913 49,947 54,855 48,421 52,644 Customer liability on acceptances . . . . . 7,918 7,524 7,574 8,427 8,439 8,792 8,821 8,379 On foreign public borrowers . . . . . . . . 17,828 13,178 16,981 15,435 15,482 15,817 14,177 14,993 On all other unaffiliated foreigners . . . 154,834 146,613 147,446 152,896 150,409 170,495 164,489 161,350 On foreign public borrowers . . . . . . . . 10,874 8,145 7,928 7,838 8,150 7,892 8,220 7,506 On all other unaffiliated foreigners . . . 19,030 23,708 23,965 23,873 26,823 25,976 30,090 38,498 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: 1 Large revisions in claims since 1993 are due in part to a special Treasury survey. See “Report on the Survey of Selected Foreign Financial Assets” in the March 1996 issue of the “Treasury Bulletin.” CAPITAL MOVEMENTS 75 TABLE CM-II-2.—Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1993 r 1994 June r Sept. r 1995 Dec. r Mar. r June r Sept. Dec. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R.1 . . . . . . . . . . . . . . . . . . . 2 Yugoslavia . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 950 8,944 68 135 1,235 933 19,175 15,946 1,617 46 366 13,889 4,882 517 454 1,092 117 6,969 6,799 12,520 3,276 86,626 2,453 491 846 1,571 9,509 105 276 1,006 917 21,346 16,395 1,343 31 696 11,921 5,256 887 798 1,213 112 5,626 5,836 12,711 2,913 88,134 2,134 292 1,045 1,399 9,442 63 196 1,233 893 23,929 17,871 1,152 31 526 9,771 5,298 769 1,159 1,410 105 5,398 7,009 10,988 2,796 88,932 1,723 280 1,243 1,889 10,166 7 84 1,562 813 21,492 18,424 1,105 41 513 10,550 5,354 544 413 1,177 238 5,583 8,930 12,955 3,032 96,791 1,395 275 720 1,760 10,742 7 68 1,578 787 24,385 20,601 1,118 143 411 10,862 6,781 1,569 383 1,225 222 6,639 7,191 16,188 2,495 101,315 1,001 253 778 1,831 8,187 6 41 1,872 1,028 23,715 21,613 905 13 499 11,249 8,669 1,260 473 2,149 210 6,407 7,532 18,885 2,810 99,600 926 235 416 2,098 10,714 83 69 1,727 1,470 24,750 18,859 792 9 621 9,512 8,773 1,719 1,152 1,204 199 4,784 7,512 19,991 2,892 88,781 793 240 497 1,961 12,099 7 166 2,028 1,569 23,816 20,509 903 24 1,159 8,873 8,905 735 1,474 1,075 179 3,955 9,242 18,193 2,816 103,235 1,069 150 3,880 190,346 192,073 193,616 204,053 218,502 220,531 209,241 228,022 Canada . . . . . . . . . . . . . . . . . . . . . . 35,576 38,842 34,976 33,067 41,828 37,911 34,264 31,232 4,613 65,745 9,101 12,739 116,443 3,867 3,549 746 306 205 24,359 2,770 2,963 682 496 1,008 4,061 5,716 66,332 6,908 12,603 121,015 3,905 3,745 829 332 202 25,743 2,776 2,317 991 473 675 3,396 5,851 65,210 6,305 11,445 124,835 3,829 3,876 692 328 213 24,053 1,651 2,511 1,037 481 791 3,052 6,075 69,894 8,666 10,572 125,436 4,376 4,369 717 385 262 23,399 1,426 2,293 1,072 473 554 2,803 6,461 67,510 8,928 12,090 121,106 4,812 4,310 593 391 291 22,345 1,236 2,593 1,142 516 406 2,500 6,786 69,340 8,619 12,866 137,734 4,707 4,355 778 356 404 23,165 3,183 2,647 1,406 484 438 2,525 6,392 65,830 6,185 14,860 147,188 4,728 4,705 1 830 378 292 21,208 6,273 2,909 1,513 487 453 2,318 6,759 61,917 6,203 14,826 148,531 5,344 4,892 846 472 329 21,382 9,850 3,357 1,880 485 534 2,536 3,205 3,392 3,461 3,504 3,293 3,291 3,505 2,969 256,858 261,350 259,621 266,276 260,523 283,084 290,055 293,112 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 76 CAPITAL MOVEMENTS TABLE CM-II-2.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1993 r 1994 June r 1995 Sept. r Dec. r Mar. r June r Sept. Dec. p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 2,375 2,665 13,571 665 1,855 5,941 90,387 7,714 52 739 858 1,512 7,275 44 2,451 15,946 650 871 2,084 10,934 863 1,537 5,733 89,526 8,588 62 868 964 719 6,289 47 3,201 17,325 654 1,270 1,413 15,477 1,049 1,609 5,720 91,318 9,306 51 738 1,319 665 7,379 44 3,030 16,012 589 888 1,548 11,541 1,069 1,717 5,533 93,196 10,508 57 758 641 757 5,376 73 3,094 14,450 523 962 1,639 17,113 1,149 1,770 5,987 96,776 12,466 57 1,010 846 646 5,277 74 2,970 13,688 567 1,423 1,906 18,801 1,335 2,755 6,018 107,328 13,650 63 1,347 1,005 1,008 9,206 65 3,171 13,521 439 1,481 1,685 19,524 2,052 3,958 5,431 100,000 13,182 62 1,294 1,140 811 6,914 75 2,807 12,804 347 1,176 1,836 16,843 1,946 1,998 5,345 98,585 14,485 44 1,225 571 1,490 6,392 94 2,790 10,562 484 154,700 150,265 156,989 151,729 162,997 183,041 173,567 165,866 207 22 996 752 660 4 1,184 606 301 12 841 973 657 4 1,399 649 275 13 828 895 667 4 1,304 444 248 6 598 876 768 3 1,003 506 223 8 558 620 751 2 848 542 224 9 520 845 677 3 761 527 222 8 559 823 546 2 717 766 233 18 559 720 606 1 654 658 4,431 4,836 4,430 4,008 3,552 3,566 3,643 3,449 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 5,059 1,045 4,607 1,995 4,364 1,644 5,440 1,599 4,153 2,063 5,001 2,075 5,927 1,671 4,935 1,590 6,104 6,602 6,008 7,039 6,216 7,076 7,598 6,525 Total foreign countries. . . . . . 648,015 653,968 655,640 666,172 693,618 735,209 718,368 728,206 2,393 2 69 5 2,469 2 76 - 3,175 104 - 4,783 40 93 - 3,887 15 80 - 2,536 96 68 - 2,811 88 - 1,837 94 - 2,469 2,547 3,279 4,916 3,982 2,700 2,899 1,931 650,484 656,515 658,919 671,088 697,600 737,909 721,267 730,137 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 CAPITAL MOVEMENTS 77 TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 1995 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in dollars (8) Paya ble in foreign currencies (9) 1,961 12,099 7 166 2,028 1,569 23,816 20,509 903 24 1,159 8,873 8,905 735 1,474 1,075 179 1,069 3,955 9,242 18,193 2,816 103,235 150 3,880 228,022 677 10,274 7 129 447 1,128 16,876 12,073 483 17 1,091 7,618 5,464 672 1,205 1,056 70 782 2,456 2,317 13,499 806 77,609 148 2,144 159,048 393 6,729 3 71 327 228 8,207 3,423 436 17 882 2,707 2,968 390 1,081 153 50 660 1,054 970 2,311 723 22,962 147 1,883 58,775 172 870 58 76 827 6,592 5,441 13 172 2,657 2,083 275 16 735 20 1,112 1,090 4,763 62 44,426 81 71,541 112 2,675 4 44 73 2,077 3,209 34 37 2,254 413 7 108 168 122 290 257 6,425 21 10,221 1 180 28,732 1 17 2 11 4 10 3 13 8 90 253 3 415 1,284 1,825 37 1,581 441 6,940 8,436 420 7 68 1,255 3,441 63 269 19 109 287 1,499 6,925 4,694 2,010 25,626 2 1,736 68,974 1,280 1,784 1,505 411 6,646 7,883 418 64 763 3,381 60 244 14 109 10 1,360 6,857 4,637 2,005 25,072 2 1,629 66,134 4 41 37 76 30 294 553 2 7 4 492 60 3 25 5 277 139 68 57 5 554 107 2,840 31,232 18,584 8,931 7,174 2,479 57 12,648 12,361 287 6,759 61,917 6,203 14,826 148,531 5,344 4,892 846 472 329 21,382 9,850 3,357 1,880 485 534 2,536 6,560 60,331 6,030 13,317 134,706 5,245 4,555 832 460 323 18,635 9,809 3,315 1,835 482 472 1,819 4,882 5,678 5,695 9,895 28,919 4,801 4,468 762 457 319 17,663 9,067 1,400 1,622 478 308 1,648 1,557 53,580 23 3,402 94,995 223 82 63 4 365 162 1,618 207 158 13 121 1,073 312 20 10,792 221 5 7 3 607 580 297 6 4 6 158 99 42 8 906 263 45 86 65 34 1 722 1 99 53 5 11 6 199 1,586 173 1,509 13,825 99 337 14 12 6 2,747 41 42 45 3 62 717 169 1,586 173 1,444 13,818 99 335 14 12 6 1,221 41 42 41 3 62 716 30 65 7 2 1,526 4 1 2,969 2,901 2,153 732 16 78 68 67 1 293,112 271,627 100,215 157,184 14,228 2,524 21,485 19,849 1,636 78 CAPITAL MOVEMENTS TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, Dec. 31, 1995, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Paya ble in foreign currencies (9) Payable in dollars (8) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 1,176 1,836 16,843 1,946 1,998 5,345 98,585 14,485 44 1,225 571 1,490 6,392 94 2,790 11,046 165,866 1,044 1,732 15,274 1,852 1,707 757 86,063 14,154 30 1,024 497 1,382 5,730 89 2,643 10,326 144,304 932 645 6,653 1,642 1,381 528 19,744 8,512 28 189 301 1,021 2,237 89 1,077 3,173 48,152 91 1,068 6,242 204 297 211 41,564 5,624 2 586 193 329 2,542 1,520 6,781 67,254 21 19 2,379 6 29 18 24,755 18 249 3 32 951 46 372 28,898 38 148 100 234 200 21 1,286 2,657 11 24 34 34 343 86 5,216 132 104 1,569 94 291 4,588 12,522 331 14 201 74 108 662 5 147 720 21,562 132 65 1,440 60 200 4,583 11,909 288 14 155 69 104 628 5 63 717 20,432 39 129 34 91 5 613 43 46 5 4 34 84 3 1,130 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 233 18 559 720 606 1 1,312 3,449 217 18 559 525 477 1 995 2,792 197 18 559 512 465 1 949 2,701 13 2 11 26 7 11 12 35 65 7 43 23 73 16 195 129 317 657 15 194 97 286 592 1 1 32 31 65 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 4,935 1,590 6,525 1,737 1,202 2,939 955 789 1,744 667 56 723 115 357 472 63 31 94 3,198 388 3,586 3,104 295 3,399 94 93 187 Total foreign countries. . . . . . 728,206 599,294 220,518 303,902 74,874 8,379 128,912 122,767 6,145 1,837 94 - 1,837 94 - 1,837 94 - - - - - - - International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 1,931 1,931 1,931 - - - - - - 730,137 601,225 222,449 303,902 74,874 8,379 128,912 122,767 6,145 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 79 SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-I.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Total liabilities Calendar year Country Total banks’ own claims 1995 Calendar year 1994 r June Dec. p 183 36 777 252 n.a. 932 266 41 768 152 545 71 438 1,014 28 879 762 159 558 76 493 1,009 17 1,039 859 n.a. 241 633 191 592 61 Other Asia: Afghanistan . . . . . . . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . . . . . . . Cambodia (formerly Kampuchea) Jordan . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . Nepal . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . Vietnam . . . . . . . . . . . . . . . . . . . . Yemen (Sanaa) . . . . . . . . . . . . . . 1995 June Dec. p 11 14 64 27 12 n.a. n.a. 9 n.a. 196 795 72 652 1,037 11 1,134 826 13 n.a. n.a. 207 404 n.a. 254 330 n.a. n.a. 9 248 317 n.a. 305 438 9 n.a. 21 253 292 n.a. 364 591 47 363 666 201 567 76 35 318 667 201 554 94 1 7 151 10 138 n.a. n.a. 11 141 10 177 n.a. 2 17 174 11 151 n.a. 71 n.a. n.a. 192 32 n.a. 229 555 161 51 16 n.a. 243 n.a. n.a. 156 381 113 60 13 n.a. 244 61 147 n.a. 527 92 n.a. 71 n.a. n.a. 189 n.a. n.a. n.a. 62 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 89 24 n.a. n.a. n.a. Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . Djibouti . . . . . . . . . . . . . . . . . . . . . Ethiopia, including Eritrea . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . Ivory Coast. . . . . . . . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . . . . . . . Mauritius. . . . . . . . . . . . . . . . . . . . Mozambique. . . . . . . . . . . . . . . . . . Niger. . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . Sudan. . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . Uganda. . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . Zimbabwe. . . . . . . . . . . . . . . . . . . 72 6 n.a. 337 14 40 224 14 48 88 3 n.a. n.a. 21 38 191 53 200 72 143 90 5 n.a. 274 19 47 125 11 n.a. 74 3 16 11 15 32 198 30 n.a. 43 324 145 14 72 n.a. 19 47 114 21 98 119 2 37 n.a. 14 31 288 32 n.a. 36 138 n.a. 2 n.a. 15 1 15 19 n.a. n.a. n.a. 6 n.a. 4 77 8 n.a. 25 n.a. 2 12 n.a. 19 7 n.a. n.a. n.a. n.a. 5 n.a. n.a. 94 7 n.a. 25 n.a. 1 * 10 n.a. n.a. 2 n.a. 4 * n.a. 3 n.a. n.a. 92 8 n.a. 46 All other: New Zealand . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . n.a. n.a. 437 13 758 n.a. 900 2 1,310 n.a. n.a. n.a. Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean: Aruba . . . . . . . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . . . . . . . Belize . . . . . . . . . . . . . . . . . . . . . . Bolivia. . . . . . . . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . . . . . . . Dominica . . . . . . . . . . . . . . . . . . . Dominican Republic . . . . . . . . . . . El Salvador. . . . . . . . . . . . . . . . . . French West Indies and French Guiana . . . . . . . . . . . . . Haiti . . . . . . . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . . . . . . . Suriname . . . . . . . . . . . . . . . . . . . * Less than $500,000. Note.—Data represent a partial breakdown of the amounts shown for the corresponding dates for the “other” geographical categories in the regular monthly series in the “Treasury Bulletin.” 1994 80 CAPITAL MOVEMENTS CHART CM-B.—U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 1991 1992 1993 1994 1995 90,688 90,388 86,626 96,791 103,235 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 78,460 90,425 103,720 107,262 124,787 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 222,172 192,681 197,022 207,715 229,858 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,385 106,443 90,387 93,196 98,585 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,947 63,390 64,313 58,533 67,281 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 569,652 543,327 542,068 563,497 623,746 All other countries . . . . . . . . . . . . . . . . . . . . . . . . 86,624 656,276 83,399 626,726 108,416 650,484 107,591 671,088 106,391 730,137 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking claims on foreigners, excluding claims represented by long-term securities, are highly concentrated in international financial centers. The chart and table show that well more than half of claims are reported opposite the United Kingdom, Japan, and, most notably, offshore banking centers in the Caribbean. Also significant are claims on foreigners reported against Europe excluding the United Kingdom, and Asia excluding Japan. Total U.S. banking claims on foreigners declined in 1992, recovered modestly over the next 2 years, and then surged $59 billion to a new high at the end of 1995. Compared with yearend 1994, claims on each area shown expanded in 1995 (except for the group “All other countries,” against which claims declined marginally) reaching new highs for all but Japan. The largest increase in U.S. claims occurred opposite the Caribbean banking centers, which expanded by $22.2 billion to $229.9 billion, the highest level since 1991. Increases in U.S. claims opposite other Europe and other Asia were also substantial at $17.5 billion and $8.8 billion, respectively. CAPITAL MOVEMENTS 81 SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.—Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Type of liability or claim 1993 r 1994 Dec. r 1995 1991 1992 Mar. r June r Sept. Dec. p Total liabilities . . . . . . . . . . . . . . . . . . . . . . 44,708 45,511 49,311 54,309 50,187 49,973 47,673 46,494 Payable in dollars. . . . . . . . . . . . . . . . . . 39,029 37,456 37,442 38,298 35,903 34,281 33,908 33,949 Financial . . . . . . . . . . . . . . . . . . . . . . . 18,104 16,960 17,259 18,818 16,704 15,028 13,872 12,949 Trade payables . . . . . . . . . . . . . . . . 8,279 8,679 7,869 8,860 8,773 9,248 8,749 9,996 Advance receipts and other. . . . . . . 12,646 11,817 12,314 10,620 10,426 10,005 11,287 11,004 Payable in foreign currencies. . . . . . . . . 5,679 8,055 11,869 16,011 14,284 15,692 13,765 12,545 Financial . . . . . . . . . . . . . . . . . . . . . . . 4,414 6,881 10,681 14,136 13,071 14,254 12,365 11,338 Trade payables . . . . . . . . . . . . . . . . 973 887 933 1,145 1,071 1,279 1,312 1,017 Advance receipts and other. . . . . . . 292 287 255 730 142 159 88 190 Total claims 1 . . . . . . . . . . . . . . . . . . . . . . . 45,262 45,073 49,159 57,888 52,218 58,051 53,424 52,483 Payable in dollars. . . . . . . . . . . . . . . . . . 42,564 42,281 45,161 53,805 48,425 54,138 49,696 48,687 Deposits . . . . . . . . . . . . . . . . . . . . . 19,080 16,872 15,182 18,026 16,458 21,351 17,393 14,654 Other . . . . . . . . . . . . . . . . . . . . . . . . 6,910 7,890 10,862 14,306 11,275 11,370 10,689 10,976 Trade receivables . . . . . . . . . . . . . . 13,817 15,189 16,662 19,316 18,567 19,360 19,530 20,970 Advance payments and other . . . . . 2,757 2,330 2,455 2,157 2,125 2,057 2,084 2,087 Payable in foreign currencies. . . . . . . . . 2,698 2,792 3,998 4,083 3,793 3,913 3,728 3,796 Deposits . . . . . . . . . . . . . . . . . . . . . 1,000 823 535 481 657 695 581 479 Other . . . . . . . . . . . . . . . . . . . . . . . . 892 924 1,192 1,084 1,216 1,158 1,228 1,289 Trade receivables . . . . . . . . . . . . . . 651 818 1,763 1,842 1,848 1,966 1,879 2,003 Advance payments and other . . . . . 155 227 508 676 72 94 40 25 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 1 Large revisions in claims since 1993 are due in part to a special Treasury survey. See “Report on the Survey of Selected Foreign Financial Assets” in the March 1996 issue of the “Treasury Bulletin.” 82 CAPITAL MOVEMENTS TABLE CM-IV-2.—Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . 2 Yugoslavia . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1993 r 1994 Dec. r 1995 1990 1991 1992 Mar. r June r Sept. Dec. p 139 669 9 15 101 160 2,328 1,891 199 5 n.a. 590 1,924 991 33 37 34 534 438 1,424 53 9,149 74 69 771 21,637 130 464 9 4 63 449 3,145 1,734 178 26 702 606 1,766 527 32 55 40 412 355 983 65 8,825 59 39 36 20,704 107 712 13 14 38 387 2,323 1,618 201 67 614 430 1,141 283 31 16 33 161 322 919 116 11,115 62 10 52 20,785 58 414 3 8 49 362 3,194 1,659 252 3 485 485 1,222 359 15 24 6 164 286 1,009 104 15,335 60 9 36 25,601 70 736 5 6 277 236 2,455 2,565 196 6 449 359 1,274 176 17 35 8 127 242 1,015 109 17,987 84 12 30 28,476 49 883 4 5 446 220 2,688 2,237 108 5 403 313 1,169 232 20 38 5 125 208 1,210 69 13,612 76 9 49 24,183 49 1,089 7 7 598 210 1,605 2,145 21 4 417 347 978 333 12 38 5 147 212 1,488 54 15,040 119 5 69 24,999 56 696 3 21 619 192 1,893 2,330 68 7 401 291 1,040 276 7 43 4 170 243 1,203 63 13,869 96 6 67 23,664 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 171 233 1,308 118 13,706 177 6 188 23,322 1,490 1,306 1,546 1,738 1,666 3,052 2,039 2,016 1,672 30 382 538 145 3,191 24 19 15 5 3 480 634 22 14 25 10 134 22 540 424 225 3,631 41 16 15 6 6 314 642 6 10 17 1 98 86 382 421 228 2,883 51 19 13 9 9 469 626 36 10 17 3 148 36 137 350 232 1,387 89 34 18 6 6 498 633 8 13 18 1 128 88 120 425 368 1,021 44 19 33 8 14 574 645 50 30 25 1 281 57 143 409 154 1,097 37 28 2 24 11 11 366 630 25 24 13 1 278 92 84 535 165 1,042 46 56 1 18 9 15 423 657 16 43 12 3 208 91 80 363 254 935 61 41 1 45 5 16 360 624 6 55 13 3 178 136 69 357 155 954 76 63 1 26 4 18 428 635 23 21 13 3 223 154 125 176 218 145 123 361 380 364 5,824 6,139 5,586 3,812 3,891 3,433 3,786 3,511 3,569 CAPITAL MOVEMENTS 83 TABLE CM-IV-2.—Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1995 1991 1992 Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 468 639 806 29 127 173 7,716 1,556 3 124 38 10 626 53 277 2,022 111 14,779 621 773 801 61 176 124 7,837 1,549 3 304 25 25 578 2 255 1,511 70 14,715 566 810 884 164 207 181 8,362 1,722 16 613 21 53 590 50 179 1,908 86 16,412 723 579 785 91 363 229 9,201 1,701 22 475 26 57 733 11 259 1,557 79 16,891 597 853 805 59 296 141 11,869 1,736 14 178 27 50 622 24 194 1,611 68 19,144 644 408 705 98 284 160 11,292 1,640 16 214 26 75 586 21 243 1,814 81 18,307 605 420 682 127 317 77 10,672 1,756 20 234 39 70 703 23 312 1,815 129 18,001 543 559 686 212 330 118 9,783 1,490 47 309 98 62 739 29 403 1,672 142 17,222 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 206 16,409 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 173 * 1 20 123 6 422 101 847 158 36 79 3 331 114 721 89 2 28 59 5 309 82 574 111 1 1 41 55 1 290 86 586 48 29 32 1 379 74 563 62 3 22 42 370 120 619 56 6 15 37 41 1 374 102 632 115 7 16 22 63 363 152 738 157 16 24 42 376 154 769 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 1,108 482 1,590 974 108 1,082 503 88 591 517 148 665 372 153 525 414 144 558 331 152 483 348 129 477 461 230 691 Total foreign countries. . . . . . 46,166 44,667 45,494 49,293 54,265 50,152 49,940 47,628 46,432 184 41 * 40 1 17 - 18 - 44 - 35 - 33 - 45 - 2 60 - 226 41 17 18 44 35 33 45 62 46,392 44,708 45,511 49,311 54,309 50,187 49,973 47,673 46,494 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . * Less than $500,000. 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 1993 r 1994 Dec. r 1990 3 Mar. r June r Sept. Dec. p Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 84 CAPITAL MOVEMENTS TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 1995, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 177 171 233 1,308 118 13,706 6 188 23,322 21 369 13 62 2 999 1,974 2 336 92 466 11 5 9 49 18 895 38 10,138 123 15,622 16 256 1 1 458 1,149 2 280 34 422 11 5 9 5 7 397 38 5,672 2 8,765 5 113 13 61 1 541 825 56 58 44 44 11 498 4,466 121 6,857 23 331 1 13 76 177 481 767 89 7 78 282 500 198 7 30 3 168 122 215 413 80 3,568 6 65 7,700 Canada . . . . . . . . . . . . . . . . . . . . . . 1,672 632 269 363 1,040 136 69 357 155 954 76 63 1 26 4 18 428 635 23 21 13 3 223 12 68 152 57 898 21 2 12 600 1 2 12 68 152 57 777 21 2 10 600 1 2 121 2 - 124 1 205 98 56 55 63 1 24 4 18 416 35 23 21 12 3 221 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 364 4 4 - 360 3,569 1,829 1,706 123 1,740 CAPITAL MOVEMENTS 85 TABLE CM-IV-3.—Total Liabilities by Type and Country, Dec. 31, 1995, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commecial liabilities (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 2,145 16,409 21 20 203 4 30 9 5,436 165 1 14 51 34 5,988 18 183 1 30 9 1,563 165 1 1 50 34 2,055 3 20 20 3 3,873 13 1 3,933 558 431 443 192 320 90 3,315 1,268 60 283 80 60 768 50 392 2,111 10,421 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 157 16 24 42 530 769 20 1 129 150 20 129 149 1 1 137 16 24 41 401 619 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 461 230 691 59 7 66 1 4 5 58 3 61 402 223 625 Total foreign countries. . . . . . 46,432 24,287 12,949 11,338 22,145 2 60 - - - - 2 60 - International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 62 - - - 62 46,494 24,287 12,949 11,338 22,207 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 86 CAPITAL MOVEMENTS TABLE CM-IV-4.—Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] 1990 Calendar year 1991 1992 1993 Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . 2 Yugoslavia . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 48 288 10 16 64 53 1,611 1,173 69 18 n.a. 609 820 212 23 95 9 295 251 658 96 9,746 171 160 196 16,689 84 207 2 18 97 160 1,854 1,238 52 21 91 853 979 121 43 141 4 335 217 876 101 13,620 274 113 133 21,634 71 197 13 46 154 169 2,301 1,259 114 30 419 1,041 1,067 196 74 176 12 332 282 852 257 8,346 232 52 90 17,782 88 318 32 48 103 171 2,773 1,544 149 6 416 883 925 132 116 191 5 459 460 962 246 5,962 228 55 132 16,404 123 299 37 52 81 173 2,681 1,567 136 72 315 812 740 242 122 217 17 484 352 1,080 216 7,205 254 39 160 17,476 121 345 34 34 51 136 2,598 1,504 151 47 319 852 930 216 121 182 24 454 401 1,046 246 6,428 234 11 92 16,577 99 373 25 52 76 113 2,399 1,379 139 43 142 1,009 942 253 99 157 20 558 248 1,126 243 7,259 241 10 122 17,127 91 384 35 33 71 116 2,459 1,298 193 38 140 894 860 191 88 62 13 454 243 968 225 7,403 296 9 138 16,702 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 536 288 1,018 256 6,958 300 13 153 17,431 Canada . . . . . . . . . . . . . . . . . . . . . . 4,008 3,763 3,119 3,813 5,569 5,858 5,708 5,497 4,801 165 1,104 249 394 4,675 108 136 1 98 34 34 837 50 70 52 25 13 217 214 840 272 778 9,097 84 118 2 95 14 25 1,054 38 38 91 20 7 243 242 806 295 1,043 11,787 129 129 2 40 23 30 1,369 26 66 115 9 8 374 299 1,347 307 1,114 12,770 221 120 2 81 32 27 1,862 37 90 148 26 8 454 347 2,433 261 1,132 15,311 229 396 1 112 46 42 1,966 65 102 175 27 25 383 346 957 245 1,223 13,586 265 417 2 76 66 29 1,689 66 95 107 18 21 322 377 2,376 295 1,279 17,096 276 450 1 108 54 37 1,744 60 150 139 27 27 346 381 1,578 280 1,596 11,882 276 414 1 147 47 42 1,513 33 134 222 34 29 375 396 1,995 353 1,727 10,472 247 413 1 123 48 40 1,539 32 156 221 36 32 317 313 342 443 553 600 719 687 720 700 8,577 13,372 16,936 19,498 23,653 20,249 25,529 19,704 18,848 Country Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1994 Dec. r 1995 Mar. June r Sept. Dec. p CAPITAL MOVEMENTS 87 TABLE CM-IV-4.—Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1990 Calendar year 1991 1992 1993 1994 Dec. r 1995 Mar. June r Sept. Dec. p 163 406 253 132 144 191 1,983 378 11 46 60 75 459 52 128 468 36 4,987 212 368 267 105 159 174 2,249 423 11 55 50 79 248 5 118 625 83 5,231 282 307 267 135 138 168 2,571 361 50 90 53 105 291 8 127 696 81 5,730 378 411 298 147 354 218 3,167 549 65 477 32 111 390 5 174 707 188 7,671 526 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 124 8,853 467 522 409 187 396 240 2,532 710 64 464 31 144 548 12 187 693 98 7,704 444 502 479 264 361 257 2,482 832 80 455 33 137 402 9 223 710 81 7,751 504 533 451 293 367 276 3,402 915 66 457 30 130 436 14 235 779 98 8,986 695 532 454 323 367 267 2,739 932 48 496 42 123 573 12 199 977 107 8,886 121 1 15 14 98 25 67 185 526 92 1 38 23 108 6 96 123 487 177 5 34 37 81 29 87 187 637 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 74 6 8 12 158 21 80 250 609 93 6 8 16 140 9 69 275 616 88 13 8 102 173 10 80 258 732 160 16 13 57 321 11 92 260 930 450 63 513 570 180 750 702 152 854 945 208 1,153 1,218 269 1,487 923 267 1,190 1,039 264 1,303 1,497 272 1,769 1,310 268 1,578 35,299 45,237 45,058 49,131 57,865 52,187 58,034 53,390 52,474 * 16 33 * * 22 2 1 - 13 2 - 28 - 19 4 - 30 1 - 17 - 34 - 8 1 - 49 25 15 28 23 31 17 34 9 35,348 45,262 45,073 49,159 57,888 52,218 58,051 53,424 52,483 * Less than $500,000. 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 88 CAPITAL MOVEMENTS TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 1995, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 300 536 288 1,018 256 6,958 13 153 17,431 20 193 11 6 39 2 803 436 94 31 201 123 517 23 36 2 66 61 97 498 31 4,303 16 7,609 16 155 9 5 22 755 399 94 31 201 117 501 16 36 1 60 13 79 486 31 4,135 16 7,178 4 38 2 1 17 2 48 37 6 16 7 1 6 48 18 12 168 431 94 231 18 47 68 183 1,830 1,070 99 19 89 906 452 146 42 62 16 234 475 191 520 225 2,655 13 137 9,822 Canada . . . . . . . . . . . . . . . . . . . . . . 4,801 2,851 2,370 481 1,950 396 1,995 353 1,727 10,472 247 413 1 123 48 40 1,539 32 156 221 36 32 317 47 1,965 81 830 10,393 6 170 31 19 554 11 99 72 4 32 46 1,955 79 349 10,393 6 169 31 17 370 11 99 72 4 27 1 10 2 481 1 2 184 5 349 30 272 897 79 241 243 1 92 29 40 985 21 57 149 32 32 285 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 700 186 181 5 514 18,848 14,500 13,809 691 4,348 CAPITAL MOVEMENTS 89 TABLE CM-IV-5.—Total Claims by Type and Country, Dec. 31, 1995, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 695 532 454 323 367 267 2,739 932 48 496 42 123 573 12 199 1,084 8,886 32 21 41 6 187 3 871 4 302 3 13 41 13 42 1,579 31 18 37 3 187 2 758 294 13 34 10 39 1,426 1 3 4 3 1 113 4 8 3 7 3 3 153 663 511 413 317 180 264 1,868 928 48 194 39 110 532 12 186 1,042 7,307 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 160 16 13 57 321 11 352 930 3 7 8 157 101 276 3 7 8 157 101 276 - 157 16 6 49 164 11 251 654 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 1,310 268 1,578 502 81 583 490 81 571 12 12 808 187 995 Total foreign countries. . . . . . 52,474 27,398 25,630 1,768 25,076 8 1 - - - - 8 1 - 9 - - - 9 52,483 27,398 25,630 1,768 25,085 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 90 CAPITAL MOVEMENTS CHART CM-C.—Net Foreign Purchases of Long-Term Domestic Securities by Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during the first quarter of 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1992 1993 1994 1995 33,304 -1,171 2,112 5,769 24,428 64,442 8,790 73,232 30,442 430 12,345 32,464 20,089 95,770 15,360 111,130 55,847 26,474 -3,581 36,441 21,424 136,605 3,994 140,599 99,999 24,663 48,344 16,388 25,625 215,019 16,226 231,245 Jan. - Mar. 1996 18,776 23,764 -8,014 8,261 15,470 58,257 13,935 72,192 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. As reported by U.S. banks, brokers, and other persons, foreigners’ transactions in long-term domestic securities (i.e., U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks), are conducted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1992 through 1995, and on a year-to-date basis for 1996. The figures show that there has been overall a steady increase in foreigners’ net purchases, or gross purchases minus gross sales, of U.S. securities. On an annualized basis, net purchases by foreigners accelerated in the first quarter of 1996 for all regions shown except the United Kingdom and the Caribbean banking centers. Net purchases opposite Japan in the first quarter were vigorous compared to 1995, but still lagged behind the high pace of net purchases in 1994. After peaking at $100 billion in 1995, net purchases opposite the United Kingdom slackened somewhat in the first quarter, but remained strong. The only substantial reversal occurred opposite the Caribbean banking centers, which saw a year of very robust acquisitions followed by a large sell-off of U.S. securities, or negative net purchases, in the first quarter of 1996. CAPITAL MOVEMENTS 91 SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Calendar year or month Marketable Treasury bonds and notes Net foreign purchases Foreign countries OffiInternaGross cial Other tional foreign instifor- and repurTotal tutions eigners gional chases (1) (2) (3) (4) (5) 1992. . . . . . . . . . . . . . . . . 39,288 1993. . . . . . . . . . . . . . . . . 23,552 1994. . . . . . . . . . . . . . . . . 78,801 1995 r . . . . . . . . . . . . . . . 133,991 1996-Jan-Mar. p . . . . . . . 36,399 6,876 1,306 41,822 39,625 26,044 31,059 1,353 22,062 184 36,815 164 93,927 439 10,180 175 1995 - Mar. . . . . . . . . . . . 9,211 Apr. . . . . . . . . . . . 6,400 May . . . . . . . . . . . 14,515 June . . . . . . . . . . . 22,631 July . . . . . . . . . . . 31,871 Aug. . . . . . . . . . . . 26,082 Sept. . . . . . . . . . . -11,072 Oct. . . . . . . . . . . . 4,819 Nov. . . . . . . . . . . . 15,307 Dec. . . . . . . . . . . . -9,454 4,022 3,158 -1,707 10,871 16,790 -364 -4,525 5,705 -915 2,651 5,085 3,258 16,275 11,561 14,592 26,806 -6,477 -1,055 15,851 -11,667 104 -16 -53 199 489 -360 -70 169 371 -438 256,520 181,310 293,589 294,719 239,382 274,042 235,538 256,062 252,075 196,646 247,309 2,569 174,910 2,086 279,074 1,684 272,088 2,607 207,511 2,717 247,960 4,444 246,610 5,085 251,243 1,350 236,768 3,990 206,100 -1,743 1996 - Jan.. . . . . . . . . . . . Feb. p. . . . . . . . . . Mar. p. . . . . . . . . . 12,615 8,681 4,748 1,088 7,511 1,581 305 -741 611 280,614 321,158 259,166 266,606 305,707 252,226 14,008 15,451 6,940 2,241,537 2,609,055 2,711,142 2,981,096 860,938 Gross foreign sales (6) 2,202,249 2,585,503 2,632,341 2,847,105 824,539 U.S. Government corpoCorporate and other securities rations and federally Stocks sponsored agencies Bonds 1 Net Gross Net Gross Net Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross purpur- foreign purpurforeign purpur- foreign chases chases sales chases chases sales chases chases sales (7) (8) (9) (10) (11) (12) (13) (14) (15) 18,291 35,428 21,680 28,729 14,479 111,186 149,097 159,270 125,453 39,853 92,895 113,669 137,590 96,724 25,374 20,789 30,572 38,241 57,350 17,633 10,332 7,763 7,470 5,384 9,458 7,774 11,448 8,841 10,970 8,253 11,885 7,441 12,474 7,389 10,818 9,468 12,130 8,140 9,401 11,144 4,933 1,966 4,515 6,497 6,245 3,605 5,343 5,875 6,911 2,324 4,178 10,715 3,369 13,222 6,932 15,916 103,736 82,947 -5,136 134,727 104,155 21,578 130,316 92,075 1,877 167,577 110,227 11,175 58,673 41,040 3,681 221,367 319,664 350,593 462,884 150,400 226,503 298,086 348,716 451,709 146,719 15,058 10,693 13,372 16,491 12,941 12,905 15,713 15,606 19,512 12,297 10,125 8,727 8,857 9,994 6,696 9,300 10,370 9,731 12,601 9,973 -2,320 868 2,682 2,227 2,435 2,542 232 -1,368 2,866 2,107 35,342 30,100 38,781 45,445 42,444 41,908 44,450 41,492 41,937 46,479 37,662 29,232 36,099 43,218 40,009 39,366 44,218 42,860 39,071 44,372 6,537 4,687 15,876 9,853 5,782 19,537 8,984 7,164 23,260 11,189 13,755 16,096 1,626 1,171 884 43,574 52,262 54,564 41,948 51,091 53,680 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Calendar year or month 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995 r . . . . . . . . . . . . . . . . . . . . . . . 1996 - Jan. - Mar. p . . . . . . . . . . . . . 1995 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. r . . . . . . . . . . . . . . . . . . Sept. r . . . . . . . . . . . . . . . . . Oct. r . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. p. . . . . . . . . . . . . . . . . . Mar. p. . . . . . . . . . . . . . . . . . Net foreign purchases of foreign securities (1) Net foreign purchases (2) Foreign bonds Gross foreign purchases (3) -47,864 -143,068 -57,295 -97,945 -33,587 -3,743 -2,959 -8,021 -11,787 -12,267 -9,731 -13,442 -13,349 -7,960 -10,753 -10,904 -6,794 -15,889 -15,605 -80,377 -9,224 -47,159 -11,347 -887 -824 -4,343 -7,378 -4,079 -3,775 -5,483 -7,580 -6,235 -3,923 -4,472 -1,304 -5,571 513,589 745,952 848,368 889,143 272,825 79,170 53,639 75,209 96,268 67,187 71,216 81,022 76,889 78,563 80,310 84,508 95,095 93,222 Gross foreign sales (4) 529,194 826,329 857,592 936,302 284,172 80,057 54,463 79,552 103,646 71,266 74,991 86,505 84,469 84,798 84,233 88,980 96,399 98,793 Net foreign purchases (5) Foreign stocks Gross foreign purchases (6) Gross foreign sales (7) -32,259 -62,691 -48,071 -50,786 -22,240 -2,856 -2,135 -3,678 -4,409 -8,188 -5,956 -7,959 -5,769 -1,725 -6,830 -6,432 -5,490 -10,318 150,051 245,490 386,106 345,498 106,636 28,925 24,519 29,236 29,123 28,582 30,867 28,712 29,382 30,307 32,366 33,481 37,407 35,748 182,310 308,181 434,177 396,284 128,876 31,781 26,654 32,914 33,532 36,770 36,823 36,671 35,151 32,032 39,196 39,913 42,897 46,066 92 CAPITAL MOVEMENTS TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds Corporate bonds Corporate stocks 1995 1996 1995 1996 1995 1996 1995 1996 Calendar year 1995 Oct. through Dec. Jan. through Mar. p Calendar year 1995 Oct. through Dec. Jan. through Mar. p Calendar year 1995 Oct. through Dec. Jan. through Mar. p Calendar year 1995 Oct. through Dec. Jan. through Mar. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 2,454 591 -6 -36 974 -56 482 6,136 667 2,429 -1,277 603 1,891 -97 1,271 255 2 1,372 -3,881 358 -472 144 34,778 1 1,417 50,000 1,588 227 -6 21 103 -13 315 3,335 -434 1,400 -362 -391 1,374 -357 -26 175 -997 70 -223 -1,058 -26 -9,033 -589 -4,907 1,957 110 44 307 -19 1,990 4,170 226 102 -334 652 -535 451 1,218 -169 1 -53 -156 1,130 225 65 5,093 3,262 19,737 -46 1,469 126 93 230 1,073 10 199 100 360 25 17 10 -10 28 -39 170 145 3 17,126 120 21,209 2 759 -49 101 129 236 6 125 21 -47 189 -8 10 -8 9 -6 4 -48 -17 3,651 51 5,110 1,209 -28 54 26 756 1 -47 -12 -199 334 2 1 8 13 70 3,270 61 5,519 -29 -298 68 74 21 913 4,733 96 75 918 -302 1,438 87 2 8 -5 80 190 349 11 40,094 -4 87 48,606 -19 698 76 71 841 1,007 5 17 668 -39 335 63 2 5 -5 -145 8 -84 -1 8,872 -4 5 12,376 35 95 -21 17 1,797 1,478 518 -127 162 -90 34 22 118 -140 4 11,041 11 14,954 -89 -1,616 -6 2 4 2 -1,099 -1,837 -14 2 266 -636 3,507 10 -22 -8 3 45 -123 667 -2,283 24 8,001 3 44 4,847 -34 -205 -2 -109 2 -494 -137 41 3 58 -226 1,131 -15 1 -10 2 3 -223 248 867 22 2,698 2 6 3,629 128 -83 -2 -1 43 6 671 298 93 -7 104 -219 898 64 -3 -13 11 -9 166 784 -6 -628 35 2,330 Canada . . . . . . . . . . . . . . . . . . . . . . 252 -1,699 3,765 1,006 49 -36 1,563 291 518 -1,517 156 1,082 2,706 2,643 -6,017 3,607 17,365 257 1,220 757 18 -70 2,511 23,459 6 2 -10 262 -2 382 923 -98 3,093 6,099 -156 568 290 17 -21 354 23,044 10 -3 -19 201 -12 866 970 6,075 -5,080 354 335 15 19 -11 629 -14,615 58 -1 -1 23 -279 28 549 1,144 21 -380 3 8 -73 4 -5 209 31 201 1 -3 -21 -12 226 61 -12 -665 5 -2 -93 -1 1 67 41 88 1 -1 - 68 -1 143 65 6,995 5 7 1 25 84 32 -107 -6 3 12 81 550 1,887 -12 1,290 14 11 -6 -1 1 131 -197 85 2 30 25 90 48 387 198 -22 274 -21 5 -6 -2 23 -87 18 1 1 -7 21 26 -139 -64 25 668 102 -1 -1 5 -1 11 405 46 4 4 7 5 65 -48 585 -105 1,077 24 -18 -11 -6 2 85 3,989 125 -6 11 -9 34 52 -118 -139 2 122 24 1 5 43 -1,511 120 2 8 11 39 72 -143 -169 -20 739 -37 8 -59 3 73 1,309 73 3 10 25 Country Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . See footnotes at end of table. -105 27 95 168 -4 82 275 -14 9 20 -1 -28 48,609 34,711 -10,560 1,885 -300 7,408 4,256 817 1,111 5,814 -1,340 1,859 CAPITAL MOVEMENTS 93 TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1995 1996 Calendar year 1995 Oct. through Dec. Jan. through Mar. p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 703 -3,405 4,887 -160 -388 1,601 16,863 2,259 6 -839 -48 -117 8,875 -546 3,075 -447 32,319 -1,185 -483 391 -25 -107 21 -14,494 613 -2 -840 -1 -40 879 -622 -2,535 -399 -18,829 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,031 255 70 2 106 1,464 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . Country International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1995 1996 Calendar year 1995 Oct. through Dec. Jan. through Mar. p 8,345 -4,158 1,987 48 559 -625 8,131 399 1 -1,409 3 362 5,321 3,250 591 -328 22,477 855 -495 -58 2 8 91 1,069 1,800 -1 4 90 268 1,453 -152 4,934 49 -201 92 2 11 85 -1,656 472 -3 1 63 318 -85 -253 -1,105 921 191 72 27 1,211 762 32 13 1 -82 726 244 -271 -1 1 -30 -57 -411 1,319 908 189 -106 83 452 -373 79 133,552 10,570 9 -45 261 93 83 38 Corporate bonds Corporate stocks 1995 1996 1995 1996 Calendar year 1995 Oct. through Dec. Jan. through Mar. p Calendar year 1995 Oct. through Dec. Jan. through Mar. p 145 -524 743 -3 74 472 60 4 1 9 848 -284 84 1,629 14 -63 956 -5 -7 204 1,181 40 -3 -12 3 -11 -258 1 416 138 2,594 1 -78 114 -2 -2 48 498 -16 3 -1 -6 597 214 -8 1,362 31 11 751 3 49 447 2 1 9 -1 4 23 52 -231 -31 1,120 -11 -177 226 -15 -11 -205 -2,725 -23 15 -70 5 13 5,579 2 21 -337 -121 2,166 -21 343 -12 -11 -37 881 -5 3 -1 5 551 3 13 77 -426 1,363 1 -403 5 4 -54 -789 -15 16 25 2 -2 717 2 -1 -826 -177 -1,495 126 -249 6 -117 77 -29 -4 44 82 91 125 1 -8 291 53 44 123 1 -1 220 4 -36 -1 -27 -60 -5 -1 -32 4 3 4 29 2 -1 -52 1 -4 3 9 -44 3 -40 3 15 1 -82 -100 205 -135 70 109 -121 -12 -2 -70 -72 182 -6 176 92 11 103 -11 -63 -74 389 -321 68 -124 18 -106 -209 386 177 36,224 29,047 3,625 14,492 57,486 15,169 17,569 11,380 3,658 3,853 23 36 27 -12 47 -19 549 18 -287 -32 -44 -29 -399 72 48 -19 -20 - -26 20 -18 -4 - 28 37 -87 3 6 - -148 -11 -6 34 -5 -38 -14 -2 -5 - 47 10 -3 10 - 10 -211 -3 -1 - 9 -59 -2 -1 - -136 -39 3 - 439 102 175 -318 -28 -13 -136 -59 64 -205 -53 -172 133,991 10,672 36,399 28,729 3,597 14,479 57,350 15,110 17,633 11,175 3,605 3,681 1 3 2 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 94 CAPITAL MOVEMENTS TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During First Quarter 1996, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign pur- bonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . 5,824 5,014 14,644 5,050 102 5 777 759 4,560 2,227 5,505 5,076 39,818 25,232 38,442 25,928 2,035 1,713 1,275 1,244 9,876 6,419 10,741 4,829 19,470 7,237 3,035 2,050 2,043 1,865 602 484 2 1 2,595 2,502 12,346 9,974 5,909 3,029 21,326 5,219 771 451 595,186 327,208 5 9,643 8,327 806,532 451,843 1,617 1,094 100 139 970 1 2 57 9 453 4 2 8 21 222 4 8,415 641 13,759 48 1,197 33 40 2,283 2,453 14 765 128 556 16 39 30 171 65 1,080 21 30,383 49 39,371 Canada . . . . . . . . . . . . . . 121,879 66,776 1,028 2,733 14,812 29,712 6,818 120,762 91 679 2,910 66 12,124 5 9 8 1 25 117 320 396 2 9 20 158 1,100 3,047 111 3,480 119 5 1 6 406 3,286 131 4 4 71 29 246 3,355 11,454 126 13,175 160 42 12 16 7 360 12,929 700 26 10 123 175 5,378 3,682 15,909 10,851 7,429 481 10 235 39 1,979 3,808 475 8 18 429 778 461 319 2,322 966 2,935 74 24 7 1,518 4,417 109 61 88 45 63 Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean. . . . Total Latin America and Caribbean . . See footnotes at end of table. 563 106 3,395 2,150 97 1 3 303 687 17 63 4,508 4,856 3,763 2,389 239 33 2 18 602 1,476 2,957 1,762 5,250 2,701 240 324 2 78 28 15 1 56 26 244 1,296 905 998 10,559 2,205 69 31 38,038 148,188 5 379 161 72,121 169,668 7,030 16,440 52,951 24,542 67,868 1,523 1,028 799 469 104 8,347 57,868 1,932 99 37 757 1,428 696 7,305 17,309 12,422 28,725 684 938 543 400 72 3,967 33,108 121 3 37 381 2,758 381 203 129 216 1,766 245,980 107,092 16,985 12,087 43,132 53,275 93 3,736 3,057 1,235 13,240 4,940 97 5 14 781 715 216 4,438 1,920 209 6,046 5,095 2,800 34,777 23,242 2,939 33,898 21,758 35 2,069 1,487 9 1,228 1,142 557 9,770 6,753 1,056 11,212 4,177 3,273 17,899 7,772 401 2,933 1,599 59 897 647 45 876 653 1 9 2,633 2,555 653 12,697 10,130 891 5,481 1,899 2,041 20,437 4,994 195 793 386 42,954 582,478 322,115 1 86 6,222 5,065 59,770 774,640 432,106 Foreign securities Bonds Stocks (13) (14) 408 1,122 46 113 214 49 69 208 119 2 1 8 152 4 5,145 580 8,240 13 1,102 54 23 486 975 14 247 255 394 106 5 8 53 65 1,220 17 19,342 38 24,417 435 128 3,478 2,659 2 90 2 8 260 697 11 633 3,837 3,302 3,465 2,942 146 341 9 17 498 1,327 3,176 2,001 4,352 2,185 176 455 5 81 41 26 1 45 20 253 968 739 954 9,775 1,732 75 87 38,666 151,844 344 131 69,791 172,628 103 653 56 385 238 3,797 4,544 81 11 876 1,395 3,077 595 159 148 12 1,293 1,816 2,564 224 45,366 1 64 67,458 63,011 1,064 2,215 13,730 32,421 8,321 7,608 16,184 52,485 18,224 64,440 1,586 921 792 412 98 9,031 71,377 1,827 97 23 668 1,570 708 6,439 16,339 6,347 33,805 330 603 528 381 83 3,338 47,723 63 1 4 14 660 23 680 2,767 1 5,129 2 8 33 288 503 8 6 8 132 1,239 3,111 86 2,812 17 6 2 1 1 395 2,881 85 64 24 174 3,498 11,623 146 12,436 197 34 71 13 7 287 11,620 627 26 7 113 150 6,041 3,775 15,450 10,075 7,678 846 209 181 11 1 3,155 5,614 453 4 4 392 714 530 553 3,195 1,569 2,580 196 67 2 6 6 1,823 3,251 96 66 79 14 2,411 286 121 120 244 1,596 44 13,409 249,754 117,652 9,577 10,976 41,273 56,199 14,077 CAPITAL MOVEMENTS 95 TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During First Quarter 1996, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign pur- bonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Foreign securities Bonds Stocks (13) (14) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 12,920 11,779 2,377 1,605 36,249 23,990 454 316 2,553 2,067 3,860 3,226 152,929 114,709 2,988 1,852 82 1 1,851 900 39 4 1,245 633 37,400 29,328 21 7,365 7,019 12,766 8,093 275,099 205,522 303 116 1,227 127 3,482 181 10 1 11 1,502 845 7,805 98 19 898 3 66 1,734 35 1 9 11 464 52 770 4,160 39 451 2,044 53 43 240 9,729 33 62 144 26 67 2,727 9 33 2,629 18,329 689 95 2,096 18 35 57 9,779 375 15 52 2 308 1,701 18 142 15,382 12 91 5,994 67 405 144 13,496 512 3 736 6 215 1,678 12 243 287 23,901 4,283 3,434 7,424 5,763 35,770 22,003 739 268 2,229 1,508 4,765 3,851 152,912 106,578 2,927 1,453 55 3,428 2,309 40 1 1,102 271 30,034 24,007 21 4,386 3,769 14,249 7,830 264,364 183,045 158 640 484 3 53 3,010 121 6 2 654 1,045 6,176 67 8 147 17 1,287 33 1 7 441 1,032 3,040 38 451 2,447 48 39 294 10,518 48 46 119 24 69 2,010 7 34 3,632 19,824 510 339 2,177 150 252 171 10,079 475 6 152 467 1,494 202 197 16,671 76 223 8,512 273 427 379 21,440 797 3 842 14 286 1,428 14 381 513 35,608 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 959 352 7 341 378 2,037 765 113 76 111 1,065 78 15 2 95 40 16 1 57 63 134 7 31 120 355 13 67 135 41 256 7 99 103 209 186 286 411 5 703 529 2,120 3 81 63 192 339 1 44 6 51 36 52 1 28 117 60 174 4 16 201 455 3 258 45 131 22 459 83 28 15 1 492 80 699 Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . 12,392 3,241 15,633 6,011 1,344 7,355 34 3 37 127 11 138 894 640 1,534 3,459 706 4,165 1,867 537 2,404 14,137 2,742 16,879 5,559 1,717 7,276 36 73 109 138 74 212 1,103 254 1,357 4,977 390 5,367 2,324 234 2,558 Total foreign countries. . ......1,467,160 ... 839,653 39,709 58,546 150,283 272,458 106,511 1,428,519 803,429 25,217 International and regional: International . . . . . . . . . European regional . . . . Latin America regional . Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional Total international and regional. . . . . . Grand total. . . . . . . 40,977 146,430 283,745 128,721 17,747 137 3,415 293 135 438 17,070 89 3,331 249 108 438 75 37 3 13 16 - 94 18 5 10 - 46 45 25 1 - 338 11 18 - 124 1 - 17,325 79 3,822 340 168 467 16,521 71 3,618 281 152 467 47 90 10 10 - 47 8 8 - 182 84 22 1 - 391 8 22 1 5 - 137 18 - 22,165 21,285 144 127 117 367 125 22,201 21,110 157 63 289 427 155 1,489,325 860,938 39,853 58,673 150,400 272,825 106,636 1,450,720 824,539 25,374 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 41,040 146,719 284,172 128,876 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 96 CAPITAL MOVEMENTS TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1995 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . Canada . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean . . . . . Total Latin America and Caribbean. . . . See footnotes at end of table. Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate purbonds sponsored and other chases & notes agencies Bonds Stocks (1) (2) (3) (4) (5) 16,908 14,662 41,401 16,138 272 43 3,487 3,379 20,408 11,853 16,661 15,332 128,790 84,323 103,056 67,988 6,335 4,994 4,522 4,010 24,637 14,572 35,714 16,281 67,914 35,131 11,455 7,398 4,600 4,358 2,493 2,101 5 2 14,506 14,150 31,560 23,113 18,127 6,154 67,736 22,703 2,600 1,901 1,968,215 1,156,450 27 1 21,596 19,095 2,613,025 1,546,132 Foreign securities Bonds Stocks (6) (7) Total sales (8) 7 123 1,321 395 400 14,906 3,678 3,983 9,175 6,366 2,061 43,210 16 213 347 76 2 21 9 3,491 4,021 185 936 2,548 865 20,213 118 26 68 234 883 16,900 871 3,469 10,367 19,679 10,081 128,696 1,533 7,503 9,595 5,805 10,632 93,850 17 129 549 497 149 5,425 219 190 19 50 34 1,761 914 2,543 1,595 3,103 1,910 24,541 724 620 9,745 4,754 3,590 38,107 1,281 2,264 17,435 3,004 8,799 65,310 26 101 657 2,237 1,036 12,397 10 3 5 205 19 3,399 8 61 81 38 204 2,445 3 35 13 174 104 30 13,369 45 618 1,232 3,364 3,188 38,141 199 321 3,233 4,188 4,032 18,994 492 4,304 29,490 4,190 6,557 71,357 27 28 213 217 214 2,404 38,295 93,550 126,734 421,054 132,132 1,897,196 22 4 23 295 196 1,395 480 135 19,786 52,815 120,306 224,062 482,746 186,964 2,536,268 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate bonds sponsored and other & notes agencies Bonds Stocks (9) (10) (11) (12) 12,208 15,547 49 3,415 10,879 15,388 83,841 61,852 4,327 1,581 15,849 15,678 33,240 7,495 3,087 1,846 12,778 26,994 5,796 23,175 1,757 1,121,672 17,678 1,496,132 53 2,209 3,895 25 641 460 7 20 814 364 1,256 9 18 7 84 29 347 24 21,169 175 31,606 Foreign securities Bonds Stocks (13) (14) 152 1,410 499 584 4,281 10,791 8,519 1,863 22 273 3 8 33 35 111 932 3,218 1,178 5 66 242 1,174 2,556 11,466 18,698 11,494 2,770 11,432 6,322 11,014 33 563 268 227 115 17 28 1,625 1,329 2,683 2,241 922 10,381 5,624 5,138 826 13,928 6,153 9,907 14 647 2,456 1,776 1 27 200 84 53 89 36 403 18 129 360 77 538 1,355 4,711 4,459 131 2,566 3,611 6,861 3,955 31,773 4,751 7,356 17 189 73 344 53,456 118,733 440,048 142,118 4 19 109 1,351 344 129 71,700 219,215 509,122 208,493 477,894 217,755 2,249 7,310 47,195 181,342 22,043 484,461 217,503 1,243 5,747 48,712 189,441 21,815 16,176 51,384 194,738 30,287 199,234 3,952 4,441 2,041 305 196 23,323 184,553 5,613 504 174 2,380 5,856 4,195 22,863 82,441 9,094 114,832 1,864 3,982 1,521 194 90 8,100 114,484 399 3 7 456 2,801 103 3,308 10,634 175 20,577 37 87 77 5 8 385 1,663 1,014 1 5 22 121 262 2,964 7,585 101 5,952 116 40 14 6 4 416 5,062 397 10 35 115 133 599 10,787 39,442 402 34,934 414 168 53 70 86 1,402 41,414 2,583 71 38 241 692 9,646 10,373 46,173 17,163 16,498 1,025 65 373 21 8 5,292 8,913 907 54 89 1,385 2,001 1,371 1,089 8,463 3,352 6,441 496 99 3 9 7,728 13,017 313 365 161 108 14,181 48,658 199,035 29,423 180,122 3,588 3,574 2,513 284 273 21,002 156,057 5,129 640 99 2,031 5,370 1,489 20,220 88,458 5,487 97,467 1,607 2,762 764 176 160 5,589 91,025 393 1 17 194 2,803 75 2,759 9,490 154 20,957 34 79 150 1 13 176 1,632 813 8 22 142 181 2,414 5,698 113 4,662 102 29 20 7 3 285 5,259 312 8 5 90 43 534 10,835 38,857 507 33,857 390 186 64 76 84 1,317 37,425 2,458 77 27 250 658 10,133 11,206 48,890 18,408 16,529 857 299 1,505 12 13 5,748 7,505 885 102 42 1,333 1,657 1,769 1,224 7,642 4,754 6,650 598 219 10 12 7,887 13,211 268 452 142 67 6,750 877 647 550 809 3,771 96 6,435 982 479 275 789 3,822 88 731,907 368,203 38,869 23,762 134,205 123,757 43,111 678,414 319,594 36,984 19,506 128,391 128,946 44,993 CAPITAL MOVEMENTS 97 TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1995, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel. . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia . . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 25,920 8,367 116,513 492 4,619 15,435 616,504 11,085 176 6,218 215 2,235 135,131 35 9,142 66,271 1,018,358 23,465 5,061 77,871 131 3,582 13,630 464,283 5,965 20 2,980 62 1,215 108,087 7,493 46,238 760,083 1,182 383 1,874 2 11 243 16,676 2,110 36 4 118 1,468 5,253 29,360 130 54 1,713 9 1 276 6,945 171 1 20 7 13 1,965 6 3,553 14,864 148 1,548 6,599 150 153 642 20,997 125 120 247 76 264 10,947 25 90 9,483 51,614 930 941 9,991 16 115 184 55,529 922 27 375 252 8,635 203 733 78,853 Africa: Egypt . . . . . . . . . . . . . . Ghana. . . . . . . . . . . . . . Liberia. . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire . . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 2,001 16 1,844 28 1,029 1,458 6,376 1,303 490 204 606 2,603 269 413 50 732 143 182 130 24 479 157 382 10 30 478 1,057 78 342 16 235 74 745 51 16 35 2 430 226 760 48,013 12,670 20,393 7,666 296 530 631 89 3,951 624 15,180 2,609 60,683 28,059 826 720 4,575 17,789 Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional: International . . . . . . . . . European regional . . . . Latin American regional . . . . . . . . . . . Asian regional. . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . Total sales (8) 65 24,794 380 12,065 18,465 112,068 184 1,104 757 5,777 460 14,784 52,074 625,186 1,792 8,875 8 147 2,560 8,970 66 262 373 3,129 4,029 120,651 10 29 1,350 9,977 1,011 62,576 83,584 1,010,394 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign bonds sponsored and other securities & notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 22,762 8,466 72,984 291 3,970 12,029 447,420 3,706 14 3,819 110 1,332 99,212 8,039 43,610 727,764 327 878 1,932 3 152 15,607 310 37 28 1,200 3,952 24,426 116 117 757 14 8 72 5,764 131 4 32 4 24 2,223 5 2,999 12,270 159 1,725 6,373 165 164 847 23,722 148 105 317 71 251 5,368 23 69 9,941 49,448 1,205 225 344 535 9,383 20,639 107 527 188 1,444 678 1,006 61,128 71,545 1,151 3,429 21 3 2,350 2,415 1 76 630 864 7,765 4,883 1 5 524 1,340 991 1,083 86,467 110,019 651 23 1,815 28 1,169 1,317 5,003 272 235 134 498 1,139 25 684 1 79 789 61 91 5 31 188 162 1 414 6 27 445 1,055 36 356 20 199 101 712 95 22 35 1 804 163 1,120 7,562 1,152 47,659 11,719 20,804 6,347 91 665 449 95 3,562 945 14,232 2,622 8,521 1,045 8,714 59,378 27,151 756 544 4,507 16,854 9,566 4,908,243 2,922,835 124,851 167,441 462,708 885,232 345,176 4,773,918 2,789,283 95,804 109,955 451,328 931,542 396,006 50,454 523 46,656 349 317 72 17 - 84 - 3,083 102 297 - 51,352 411 46,647 394 716 - 165 - 74 - 3,483 17 267 - 9,561 1,572 412 8,941 1,116 313 130 24 59 44 35 40 76 16 - 370 356 - 25 - 9,971 1,146 699 8,680 1,023 230 82 43 79 55 41 6 287 19 1 867 10 383 10 - 886 886 - - - - - 854 848 - 5 - - 1 63,408 58,261 602 136 176 3,911 322 64,433 57,822 920 272 381 4,760 278 4,971,651 2,981,096 125,453 167,577 462,884 889,143 345,498 4,838,351 2,847,105 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 96,724 110,227 451,709 936,302 396,284 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized as independent states by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 98 CAPITAL MOVEMENTS CHART CM-D.--Net Purchases of Long-Term Foreign Securities by U.S. Investors * (In billions of dollars) (Note: To facilitate comparison of net purchases during the first quarter of 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars] Type Foreign bonds . . . . . . . . . . . . . . . Foreign stocks . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . 1980-89 1 4,883 2,834 7,717 1992 15,605 32,259 47,864 1993 80,377 62,691 143,068 1994 9,224 48,071 57,295 1995 47,159 50,786 97,945 Jan. - Mar. 1996 11,347 22,240 33,587 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 1 Annual average. U.S. net purchases of foreign bonds and stocks in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity throughout the 1980’s. The robust growth in U.S. net purchases of foreign securities is due largely to a trend toward international diversification among U.S. institutional investors. The table presents aggregate net purchases on an annual average basis for 1980 through 1989, on an annual basis for 1992 through 1995, and on a year-to-date basis for 1996. The chart and table show that U.S. net purchases of foreign bonds and stocks have tended to rise and fall together in recent years. However, the different magnitudes of their movements suggest that purchases of foreign bonds are more sensitive to chang- ing economic conditions than are purchases of foreign stocks. U.S. net purchases of foreign bonds rose more than five-fold in 1993 to a record level, plunged to a 5-year low in 1994, then reversed again in 1995. On an annualized basis (see chart), net purchases of foreign bonds in the first quarter of 1996 appear to be in pace with last year’s activity. Although there was a significant peak in 1993, U.S. net purchases of foreign stocks have been strong and comparatively stable throughout the 1990’s, particularly in 1994 and 1995. However, net purchases of foreign stocks accelerated in the first quarter of 1996, surpassing, on an annualized basis, the record rate of net purchases in 1993. FOREIGN CURRENCY POSITIONS 99 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” publishes series on foreign currency holdings of large foreign exchange market participants. The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. more than $1 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). Exemptions from filing the quarterly report are given to major nonbank market participants that file weekly and monthly reports, and banking institutions that file FFIEC 035 reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, German mark, Japanese yen, Swiss franc, and pound sterling). U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C). This information is published in five sections corresponding to each of the major currencies covered by the reports. Tables I-1 through V-1 present the foreign currency data reported weekly by major market participants. Tables I-2 through V-2 present more detailed currency data of major market participants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (“Monthly Consolidated Foreign Currency Report”). A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had Principal exchanged under cross currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal is also separately noted on monthly and quarterly reports. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. This issue’s revision in the December 1995 quarterly reports of large market participants corrects errors appearing in the March 1996 “Treasury Bulletin.” This adjustment does not affect other dates in the quarterly reports or other Foreign Currency Position tables. 100 FOREIGN CURRENCY POSITIONS SECTION I.—Canadian Dollar Positions TABLE FCP-I-1.—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 10/04/95. . . . . . . . . . . . . . . . . . . . . . . 10/11/95. . . . . . . . . . . . . . . . . . . . . . . 10/18/95. . . . . . . . . . . . . . . . . . . . . . . 10/25/95. . . . . . . . . . . . . . . . . . . . . . . 11/01/95. . . . . . . . . . . . . . . . . . . . . . . 11/08/95. . . . . . . . . . . . . . . . . . . . . . . 11/15/95. . . . . . . . . . . . . . . . . . . . . . . 11/22/95. . . . . . . . . . . . . . . . . . . . . . . 11/29/95. . . . . . . . . . . . . . . . . . . . . . . 12/06/95. . . . . . . . . . . . . . . . . . . . . . . 12/13/95. . . . . . . . . . . . . . . . . . . . . . . 12/20/95. . . . . . . . . . . . . . . . . . . . . . . 12/27/95. . . . . . . . . . . . . . . . . . . . . . . 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 228,779 235,221 225,630 252,155 271,957 267,616 260,896 259,853 278,009 258,198 266,007 235,674 227,039 218,659 224,418 220,904 219,675 217,850 215,614 212,793 213,890 214,877 209,009 209,028 196,542 196,466 Exchange rate (Canadian dollars per U.S. dollar) (4) 1.3319 1.3360 1.3396 1.3685 1.3497 1.3535 1.3546 1.3540 1.3576 1.3651 1.3772 1.3676 1.3580 1.3537 1.3657 1.3646 1.3711 1.3741 1.3672 1.3803 1.3777 1.3775 1.3695 1.3686 1.3601 1.3634 Net options positions (3) -2,426 -3,049 -3,023 -3,036 -3,451 -3,182 -2,973 -3,111 -3,021 -3,074 -2,300 -2,402 -2,558 -2,478 -2,722 -2,660 -2,484 -2,708 -2,469 -2,280 -2,376 -2,256 -2,832 -3,114 -3,148 -2,891 Sold (2) 218,562 224,510 216,509 241,117 263,029 258,683 251,682 251,083 270,079 250,386 257,343 228,334 218,583 211,215 216,796 212,640 212,293 209,309 206,625 204,324 205,258 206,248 200,710 202,710 189,886 189,207 TABLE FCP-I-2.—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Wr itten (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps ( 10) 170,552 194,797 198,106 189,407 197,500 210,101 222,737 278,621 266,541 220,483 219,594 211,560 191,613 168,063 192,023 196,685 184,766 194,495 205,626 219,004 275,970 263,402 218,270 216,495 207,231 190,724 42,517 44,872 43,893 48,658 46,280 45,864 46,366 53,312 44,019 46,532 52,386 48,854 52,846 44,077 44,675 40,355 48,502 45,288 43,755 44,822 51,338 42,400 44,497 50,272 45,320 50,254 11,489 15,600 15,552 12,800 13,665 15,941 15,618 19,904 16,917 12,594 13,755 13,736 14,142 11,681 15,935 17,037 14,254 15,386 17,658 17,683 21,528 19,332 14,271 15,438 15,589 15,017 11,521 15,653 16,384 13,896 13,480 14,606 15,526 21,595 21,441 17,244 17,691 18,412 16,819 9,574 13,051 12,750 10,324 11,516 13,132 13,698 18,806 17,800 14,008 14,165 13,646 13,350 -1,354 -1,095 -2,985 -2,990 -2,033 -2,140 -2,849 -2,874 -2,912 -2,395 -2,678 -2,541 -2,622 71,264 70,152 66,517 67,809 71,184 71,654 74,738 74,791 77,606 77,764 80,188 81,498 78,026 1.4030 1.3565 1.3708 1.3727 1.3641 1.3441 1.3426 1.3452 1.3610 1.3646 1.3741 1.3708 1.3595 Exchange rate (Canadian dollars per U.S. dollar) (11) 1.3839 1.3835 1.3435 1.4030 1.3996 1.3727 1.3426 1.3646 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July. . . . . . . . Aug. . . . . . . . Sept.. . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) TABLE FCP-I-3.—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Wr itten (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps ( 10) 38,972 39,719 42,737 38,697 39,610 37,915 45,225 40,940 36,702 38,881 40,219 37,175 37,364 34,162 37,086 37,808 60,107 59,441 57,946 48,219 48,269 54,224 58,059 56,387 54,014 56,447 50,298 43,109 43,919 49,566 53,278 53,606 2,371 5,191 5,600 3,501 3,333 3,326 3,944 3,712 2,347 4,156 4,487 2,873 2,651 3,219 3,490 3,638 5,609 2,983 3,217 3,632 2,872 2,886 4,055 4,931 3,033 3,068 3,228 3,054 2,432 2,285 2,436 3,440 -1,060 193 691 -298 310 575 608 98 13,653 13,784 14,209 14,637 15,770 15,363 15,816 14,974 Spot, forward, and future contracts Report date 1994 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. r. . . . . . Non-capital items Calls Puts FOREIGN CURRENCY POSITIONS 101 SECTION II.—German Mark Positions TABLE FCP-II-1.—Weekly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 10/04/95. . . . . . . . . . . . . . . . . . . . . . . 10/11/95. . . . . . . . . . . . . . . . . . . . . . . 10/18/95. . . . . . . . . . . . . . . . . . . . . . . 10/25/95. . . . . . . . . . . . . . . . . . . . . . . 11/01/95. . . . . . . . . . . . . . . . . . . . . . . 11/08/95. . . . . . . . . . . . . . . . . . . . . . . 11/15/95. . . . . . . . . . . . . . . . . . . . . . . 11/22/95. . . . . . . . . . . . . . . . . . . . . . . 11/29/95. . . . . . . . . . . . . . . . . . . . . . . 12/06/95. . . . . . . . . . . . . . . . . . . . . . . 12/13/95. . . . . . . . . . . . . . . . . . . . . . . 12/20/95. . . . . . . . . . . . . . . . . . . . . . . 12/27/95. . . . . . . . . . . . . . . . . . . . . . . 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 1,764,241 1,713,935 1,665,470 1,720,941 1,663,995 1,631,673 1,700,719 1,548,842 1,712,922 1,680,831 1,652,229 1,549,197 1,484,265 1,514,848 1,566,279 1,676,888 1,622,064 1,607,859 1,622,030 1,641,988 1,731,634 1,679,258 1,620,137 1,659,551 1,625,733 1,571,098 Exchange rate (Deutsche marks per U.S. dollar) (4) 1.4360 1.4268 1.4247 1.3913 1.4170 1.4210 1.4071 1.4106 1.4375 1.4440 1.4506 1.4370 1.4341 1.4463 1.4367 1.4720 1.4848 1.4900 1.4778 1.4648 1.4499 1.4667 1.4771 1.4708 1.4740 1.4860 Net options positions (3) 5,908 6,923 5,588 6,987 4,559 4,604 5,058 6,383 5,807 5,978 5,499 5,676 3,429 5,979 9,084 7,419 6,579 7,135 9,691 10,333 10,466 9,356 7,240 7,652 9,179 10,803 Sold (2) 1,740,591 1,693,749 1,647,228 1,705,467 1,648,420 1,619,896 1,683,658 1,538,148 1,700,341 1,666,929 1,639,814 1,536,507 1,470,569 1,505,574 1,562,907 1,673,376 1,615,034 1,602,256 1,618,175 1,646,841 1,735,073 1,686,341 1,629,276 1,663,699 1,634,622 1,583,192 TABLE FCP-II-2.—Monthly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Purchased (1) 1,652,725 1,807,608 1,836,042 1,700,903 1,639,921 1,799,378 1,739,516 1,661,290 1,720,784 1,401,280 1,643,837 1,676,011 1,577,310 Sold (2) 1,656,590 1,799,971 1,822,733 1,678,404 1,622,436 1,787,245 1,718,769 1,647,435 1,704,012 1,389,800 1,640,570 1,684,827 1,591,989 Non-capital items Assets (3) 171,778 200,160 200,210 195,946 191,039 203,692 202,909 204,462 195,514 194,640 244,345 250,008 239,743 Liabilities (4) 173,397 208,359 212,095 209,622 202,785 217,513 214,645 210,599 204,369 205,836 251,491 253,568 243,594 Calls Bought (5) 186,072 231,542 243,971 215,632 215,241 244,280 232,296 240,801 242,923 200,726 242,954 240,993 232,172 Puts Wr itten (6) 172,292 217,387 235,844 200,825 205,812 230,577 222,975 234,777 240,411 199,284 228,308 232,415 227,185 Bought (7) Written (8) 214,518 255,334 284,396 252,084 246,303 285,745 269,409 274,263 278,358 239,785 276,165 276,208 263,391 256,228 294,924 314,382 272,505 274,214 310,152 282,682 289,897 293,319 258,091 292,536 287,101 274,710 Net delta equivalent (9) 14,686 12,837 7,556 9,350 10,592 10,776 6,928 4,356 4,384 4,088 6,695 8,389 9,813 Cross currency interest rate swaps ( 10) 195,003 203,720 201,221 203,901 207,797 211,486 208,361 213,583 221,223 220,050 250,805 257,499 258,772 Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5495 1.3872 1.4160 1.3828 1.3869 1.4680 1.4280 1.4090 1.4466 1.4385 1.4900 1.4735 1.4769 TABLE FCP-II-3.—Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Mar . . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. r. . . . . . Purchased (1) Sold (2) 331,151 372,839 347,408 304,637 301,380 275,109 290,913 233,491 319,728 354,105 332,738 287,651 273,301 273,183 308,812 243,159 Liabilities (4) Bought (5) Wr itten (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps ( 10) 92,629 89,100 90,389 104,055 105,483 103,983 106,063 110,323 33,603 44,654 33,661 29,435 30,803 21,738 19,385 13,902 31,980 44,964 32,350 35,758 32,772 23,370 21,080 13,509 46,847 44,280 34,487 40,778 41,500 39,604 29,982 23,934 42,939 44,355 36,306 37,624 31,069 32,021 26,246 17,298 -543 1,505 772 -2,952 -5,248 -4,392 -2,914 -2,533 15,062 15,328 16,932 20,179 21,213 22,187 25,280 27,119 Non-capital items Assets (3) 93,221 92,839 93,524 103,734 107,995 109,893 110,314 116,608 Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 1.6735 1.5874 1.5520 1.5495 1.3746 1.3828 1.4280 1.4385 102 FOREIGN CURRENCY POSITIONS SECTION III.—Japanese Yen Positions TABLE FCP-III-1.—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 10/04/95. . . . . . . . . . . . . . . . . . . . . . . 10/11/95. . . . . . . . . . . . . . . . . . . . . . . 10/18/95. . . . . . . . . . . . . . . . . . . . . . . 10/25/95. . . . . . . . . . . . . . . . . . . . . . . 11/01/95. . . . . . . . . . . . . . . . . . . . . . . 11/08/95. . . . . . . . . . . . . . . . . . . . . . . 11/15/95. . . . . . . . . . . . . . . . . . . . . . . 11/22/95. . . . . . . . . . . . . . . . . . . . . . . 11/29/95. . . . . . . . . . . . . . . . . . . . . . . 12/06/95. . . . . . . . . . . . . . . . . . . . . . . 12/13/95. . . . . . . . . . . . . . . . . . . . . . . 12/20/95. . . . . . . . . . . . . . . . . . . . . . . 12/27/95. . . . . . . . . . . . . . . . . . . . . . . 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 132,544 127,165 129,716 131,457 133,846 131,911 133,998 132,777 135,754 130,484 128,936 124,490 123,356 127,008 129,827 130,323 127,776 128,799 131,973 136,184 138,058 145,387 131,775 138,437 135,853 134,456 Exchange rate (Yen per U.S. dollar) (4) 101.0300 101.0500 100.9500 101.1500 103.2000 102.6000 101.5000 100.9000 101.6100 101.4700 101.7000 101.8000 102.8700 104.9500 104.9000 105.7000 106.9800 107.1300 106.1100 106.3500 104.9900 104.5800 105.4500 105.1500 106.4000 106.6000 Net options positions (3) 1,042 1,131 1,155 1,095 1,014 1,124 1,355 1,247 1,242 1,343 1,374 1,211 1,302 1,195 1,169 1,232 1,158 1,138 1,016 971 1,066 818 854 1,050 873 1,004 Sold (2) 134,979 129,875 131,603 133,883 136,299 134,215 136,788 135,381 138,004 132,997 131,012 126,866 125,997 130,348 132,771 133,203 130,957 130,980 134,228 138,538 140,278 147,333 133,834 140,585 138,150 136,748 TABLE FCP-III-2.—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Wr itten (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps ( 10) 121,520 117,755 116,119 112,347 114,240 130,612 132,427 133,583 132,164 119,445 130,916 133,890 131,118 123,174 118,746 117,032 114,273 116,304 132,908 134,518 136,121 134,987 122,102 133,396 136,010 133,435 16,336 19,585 19,604 20,099 19,748 20,527 21,585 21,641 21,389 21,177 20,208 20,571 19,877 15,781 18,447 19,142 19,098 19,137 19,819 20,576 20,373 19,804 20,459 19,525 19,829 19,362 11,361 12,190 12,350 11,345 12,361 15,356 15,241 14,515 14,378 13,939 14,836 15,895 14,464 10,530 11,728 11,939 10,849 11,555 14,535 15,569 14,019 13,801 13,161 14,090 15,176 14,137 13,131 13,861 14,677 25,152 26,973 21,821 22,163 21,534 20,026 19,205 20,311 21,300 19,810 14,793 15,715 16,558 26,543 29,540 23,245 24,163 22,867 21,301 20,603 21,572 22,277 20,839 1,234 742 901 797 1,014 1,242 1,101 985 1,188 1,256 1,082 739 907 30,578 30,924 31,445 31,896 31,838 34,219 34,704 34,256 35,587 35,992 39,220 39,615 38,733 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July. . . . . . . . Aug. . . . . . . . Sept.. . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 99.6000 84.2000 84.6000 84.7300 88.4000 97.4500 99.6500 102.1200 102.1000 103.4200 107.1300 105.3000 107.3100 TABLE FCP-III-3.—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Wr itten (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps ( 10) 14,820 16,180 15,318 16,042 19,372 17,163 18,902 16,679 16,061 17,300 16,817 18,154 19,898 17,847 20,715 17,877 5,738 6,259 6,337 5,932 4,451 4,583 5,286 5,822 4,449 4,810 5,253 5,547 4,473 4,374 4,681 5,102 1,951 2,473 2,054 2,533 1,531 1,353 1,539 1,026 2,074 2,580 2,645 3,045 1,514 1,417 1,679 1,100 2,619 3,169 3,517 3,524 3,404 3,016 3,312 2,946 2,221 3,198 2,697 2,736 2,206 1,878 2,258 1,509 -75 -68 -352 -302 24 -137 -563 -1,014 2,806 3,239 3,529 3,758 4,404 4,409 5,032 5,379 Spot, forward, and future contracts Report date 1994 - Mar . . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. r. . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 102.7000 98.6000 99.2000 99.6000 86.6000 84.7300 99.6500 103.4200 FOREIGN CURRENCY POSITIONS 103 SECTION IV.—Swiss Franc Positions TABLE FCP-IV-1.—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of Data Management] Spot, forward, and future contracts Report date 10/04/95. . . . . . . . . . . . . . . . . . . . . . . 10/11/95. . . . . . . . . . . . . . . . . . . . . . . 10/18/95. . . . . . . . . . . . . . . . . . . . . . . 10/25/95. . . . . . . . . . . . . . . . . . . . . . . 11/01/95. . . . . . . . . . . . . . . . . . . . . . . 11/08/95. . . . . . . . . . . . . . . . . . . . . . . 11/15/95. . . . . . . . . . . . . . . . . . . . . . . 11/22/95. . . . . . . . . . . . . . . . . . . . . . . 11/29/95. . . . . . . . . . . . . . . . . . . . . . . 12/06/95. . . . . . . . . . . . . . . . . . . . . . . 12/13/95. . . . . . . . . . . . . . . . . . . . . . . 12/20/95. . . . . . . . . . . . . . . . . . . . . . . 12/27/95. . . . . . . . . . . . . . . . . . . . . . . 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) Exchange rate (Francs per U.S. dollar) (4) 355,151 347,156 334,171 333,634 332,297 344,168 343,512 320,064 351,945 359,934 359,951 342,316 313,859 315,444 325,640 351,730 335,127 367,095 376,992 365,161 374,922 382,749 364,359 378,598 343,226 331,362 361,295 352,984 340,599 339,549 338,885 351,668 350,245 326,365 358,703 365,228 366,154 345,414 318,873 319,271 330,315 355,569 339,351 373,140 382,996 370,785 380,348 389,627 370,908 384,405 349,033 338,627 6,277 6,899 6,150 6,200 6,260 6,507 6,490 6,147 5,618 5,402 5,734 n.a. n.a. n.a. n.a. n.a. n.a. 5,930 5,865 5,160 5,767 6,332 6,366 6,372 6,745 7,137 1.1539 1.1570 1.1576 1.1320 1.1395 1.1455 1.1375 1.1378 1.1655 1.1688 1.1770 1.1550 1.1575 1.1658 1.1610 1.1900 1.1930 1.2140 1.2075 1.1965 1.1840 1.1956 1.2017 1.1882 1.1932 1.1979 TABLE FCP-IV-2.—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Non-capital items Calls Puts Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 322,798 348,978 348,572 325,683 317,312 350,391 362,668 330,737 364,568 303,365 371,472 388,650 328,706 328,968 352,199 355,863 329,617 320,646 356,093 369,289 338,283 371,464 309,490 376,416 395,181 334,043 24,890 22,864 25,287 24,519 25,149 24,542 26,589 27,040 25,007 25,274 24,750 23,408 21,963 26,361 27,217 27,451 27,681 27,941 28,966 30,097 30,295 28,322 30,477 29,111 27,313 25,509 35,863 39,123 44,804 29,792 30,912 34,268 34,828 40,185 41,473 33,752 36,115 44,698 36,757 31,307 34,725 40,460 23,838 25,430 30,652 31,043 34,178 37,558 31,297 34,881 41,405 33,561 30,497 34,338 37,331 27,562 30,247 35,851 34,186 39,858 41,056 27,594 38,215 41,263 37,726 30,940 37,925 41,153 29,257 32,576 35,259 40,204 44,878 48,378 31,562 42,034 42,147 40,183 4,223 3,317 7,111 5,372 6,135 5,629 6,942 6,343 5,907 n.a. 5,624 6,399 7,145 Cross currency interest rate swaps (10) 132,369 127,323 126,846 125,660 121,742 122,940 118,553 117,606 114,942 112,346 113,743 113,268 100,122 Exchange rate (Francs per U.S. dollar) (11) 1.3100 1.1450 1.1675 1.1500 1.1530 1.2025 1.1550 1.1370 1.1775 1.1545 1.2140 1.2019 1.1910 TABLE FCP-IV-3.—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. r. . . . . . Purchased (1) 47,496 53,943 44,637 38,500 44,496 33,529 44,012 32,640 Sold (2) 43,048 47,367 37,273 32,752 34,400 23,944 34,640 23,675 Non-capital items Assets (3) 13,796 13,404 13,511 14,611 14,014 14,736 14,252 13,572 Liabilities (4) 12,954 13,548 13,861 14,809 14,218 15,134 15,075 14,755 Calls Bought (5) 3,621 4,690 3,476 2,413 1,535 1,531 2,338 1,217 Written (6) 2,650 3,937 2,807 2,473 1,872 1,931 2,395 1,264 Puts Bought (7) 4,272 4,896 3,542 2,766 2,882 2,528 3,195 2,070 Written (8) 4,087 5,120 3,217 2,089 1,542 1,969 2,663 1,559 Net delta equivalent (9) 345 512 386 -132 155 136 -150 -74 Cross currency interest rate swaps (10) 15,478 15,624 17,418 19,497 20,160 20,203 21,070 20,652 Exchange rate (Francs per U.S. dollar) (11) 1.4130 1.3335 1.2880 1.3100 1.1325 1.1500 1.1550 1.1545 104 FOREIGN CURRENCY POSITIONS SECTION V.—Sterling Positions TABLE FCP-V-1.—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 10/04/95. . . . . . . . . . . . . . . . . . . . . . . 10/11/95. . . . . . . . . . . . . . . . . . . . . . . 10/18/95. . . . . . . . . . . . . . . . . . . . . . . 10/25/95. . . . . . . . . . . . . . . . . . . . . . . 11/01/95. . . . . . . . . . . . . . . . . . . . . . . 11/08/95. . . . . . . . . . . . . . . . . . . . . . . 11/15/95. . . . . . . . . . . . . . . . . . . . . . . 11/22/95. . . . . . . . . . . . . . . . . . . . . . . 11/29/95. . . . . . . . . . . . . . . . . . . . . . . 12/06/95. . . . . . . . . . . . . . . . . . . . . . . 12/13/95. . . . . . . . . . . . . . . . . . . . . . . 12/20/95. . . . . . . . . . . . . . . . . . . . . . . 12/27/95. . . . . . . . . . . . . . . . . . . . . . . 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) 304,813 293,559 282,781 287,260 287,029 289,214 303,821 298,062 332,598 319,795 322,668 304,208 287,810 284,771 292,746 295,234 302,428 304,787 311,690 316,762 321,103 319,597 317,261 320,193 305,397 322,523 303,051 290,626 280,724 283,824 283,628 283,367 299,854 293,611 329,941 317,143 320,424 302,194 286,620 281,719 288,141 291,995 300,894 303,679 310,713 314,830 318,221 317,610 314,933 318,112 302,951 317,784 1,076 555 1,029 1,335 1,296 1,043 1,205 1,037 1,097 1,272 1,501 1,328 1,311 1,359 1,173 1,316 1,046 1,181 1,468 1,240 1,527 1,789 1,439 1,679 1,615 1,035 Exchange rate (U.S. dollars per pound) (4) 1.5817 1.5718 1.5675 1.5790 1.5785 1.5785 1.5570 1.5635 1.5330 1.5420 1.5333 1.5405 1.5590 1.5512 1.5465 1.5210 1.5110 1.5120 1.5367 1.5418 1.5438 1.5326 1.5294 1.5235 1.5388 1.5185 TABLE FCP-V-2.—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 266,836 335,343 360,887 351,477 334,628 334,022 305,414 288,201 332,306 285,039 311,283 322,318 301,321 264,375 332,627 357,320 349,283 332,054 329,891 302,914 285,928 327,875 280,494 309,276 318,942 297,302 48,055 50,984 56,176 51,662 52,807 49,796 51,154 53,700 54,224 53,633 63,042 60,063 62,340 51,191 52,635 56,925 50,808 52,156 52,763 53,547 55,422 60,089 58,713 65,948 63,872 64,749 19,335 21,095 22,611 21,297 22,602 27,200 22,906 22,414 26,188 20,451 24,996 29,083 27,505 19,627 22,189 23,849 21,674 22,857 26,593 22,641 22,027 25,546 20,231 25,775 27,607 26,304 16,695 20,757 21,943 20,101 20,675 22,410 19,316 20,285 24,548 21,389 27,246 25,010 24,926 18,416 21,894 22,326 21,759 22,412 24,009 20,857 22,748 27,259 23,368 29,764 29,011 27,827 663 99 576 670 645 -31 552 1,393 1,315 1,976 1,299 1,905 1,231 48,456 52,728 50,474 51,253 51,535 51,969 51,500 50,923 51,212 50,681 51,969 51,699 51,741 1.5665 1.6115 1.5860 1.5945 1.5960 1.5496 1.5825 1.5805 1.5320 1.5500 1.5120 1.5305 1.5261 Exchange rate (U.S. dollars per pound) (11) 1.4830 1.5435 1.5760 1.5665 1.6215 1.5945 1.5825 1.5500 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Non-capital items Calls Puts Exchange rate (U.S. dollars per pound) (11) TABLE FCP-V-3.—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 48,395 45,478 47,811 43,912 36,711 38,177 33,789 32,731 56,924 46,147 47,759 42,884 36,000 39,073 36,140 39,024 34,033 33,981 34,595 36,089 35,549 37,724 38,420 39,591 30,438 29,757 30,518 31,884 30,824 31,873 32,227 32,647 3,517 3,505 3,725 3,369 3,328 3,168 2,207 2,043 3,747 3,581 3,937 3,317 3,712 3,623 2,064 2,353 5,030 4,671 5,338 3,846 4,469 3,976 2,947 2,804 4,134 3,841 4,308 2,765 2,736 2,611 1,947 1,820 -600 -366 -585 -495 -239 -327 -309 -240 4,236 4,798 4,934 6,530 6,389 6,468 6,911 7,233 Spot, forward, and future contracts Report date 1994 - Mar. . . . . . . . June . . . . . . . Sept.. . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept.. . . . . . . Dec. r. . . . . . Non-capital items Calls Puts EXCHANGE STABILIZATION FUND 105 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 822a), which authorized establishment of a Treasury Department fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (losses) for the fund are profits (losses) on SDRs and foreign exchange, as well as interest earned on assets. Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the IMF. Gains and losses are reflected in the cumulative net income (loss) account. Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profit (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. TABLE ESF-1.—Balances as of Sept. 30, 1995, and Dec. 31, 1995 [In thousands of dollars. Source: Office of the Secretary of the Treasury] Assets, liabilities, and capital Sept. 30, 1995 Sept. 30, 1995, through Dec. 31, 1995 Dec. 31, 1995 Assets U.S. dollars: Held at Federal Reserve Bank of New York . . Held with Treasury: 1,982,928 -1,416,859 566,069 U.S. Government securities . . . . . . . . . . . . . 416,571 1,954,575 2,371,146 Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . Foreign exchange and securities: 2 11,035,224 1,578 11,036,802 German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,795,135 43,285 6,838,420 Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 10,509,319 -433,866 10,075,433 Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 11,500,000 396,720 -350,000 -2,854 11,150,000 393,866 42,635,897 -204,161 42,431,736 54,341 -2,457 51,884 54,341 -2,457 51,884 10,168,000 7,380,255 -97,178 10,168,000 7,283,077 17,548,255 -97,178 17,451,077 200,000 24,833,301 -104,526 200,000 24,728,775 25,033,301 -104,526 24,928,775 42,635,897 -204,161 42,431,736 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . Total assets . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities and capital Current liabilities: Accounts payable. . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . Other 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 . . . . . . . . . . . . . See footnotes on the following page. 106 EXCHANGE STABILIZATION FUND TABLE ESF-2.—Income and Expense [In thousands of dollars. Source: Office of the Secretary of the Treasury] Current quarter Oct. 1, 1995, through Dec. 31, 1995 Fiscal year to date Oct. 1, 1995, through Dec. 31, 1995 Income and expense Profit (loss) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -449,353 -449,353 Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -49,225 -49,225 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,840 39,840 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,892 37,892 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,320 316,320 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -104,526 -104,526 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -104,526 -104,526 Interest (net charges) on: 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing rights (SDRs) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. 2 Excludes foreign exchange transactions for future and spot delivery. Note.—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with Dec. 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to Sept. 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” 107 Page Intentionally Left Blank 108 Page Intentionally Left Blank TRUST FUNDS 109 INTRODUCTION: Airport and Airway Trust Fund The Airport and Airway Trust Fund was established on the books of the Treasury in fiscal 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49 U.S.C. 1742 (a)]. The trust fund was re-established 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. 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 transferred 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. When the provisions of 26 U.S.C. 9602 (b) are met, amounts available in 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 available by law, if necessary, to meet outlay requirements. Amounts required for outlays to carry out the airport and airway program are made available to the Federal Aviation Administration, Department of Transportation. 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. TABLE TF-10.—Airport and Airway Trust Fund Results of Operations, Fiscal 1995 [Source: Financial Management Service] Description Internal Revenue Code section (26 U.S.C.) Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Excise taxes (transferred from general fund): Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline - commercial 9 cents tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline - noncommercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of international travel facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation of property, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less refunds of taxes (reimbursed to general fund): Aircraft use tax and principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6426. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Any liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline - retailers tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline - manufacturers tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $12,386,206,700 169,531,000 41,209,300 4,767,634,000 232,952,000 361,315,000 5,572,641,300 38,862,260 38,862,260 Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,533,779,040 578,669,211 178,677,247 Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,291,125,498 Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Outlays: Interest on refunds and credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenses: Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Research, engineering, and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DOT rental payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Air carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,750,340 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,545,854,200 1,825,651,059 2,637,813,090 232,271,710 39,426,000 28,560,381 7,309,576,440 Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,750,340 Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,367,755,758 110 TRUST FUNDS TABLE TF-10.—Airport and Airway Trust Fund, con. Expected Condition and Results of Operations, Fiscal 1996-1997 [In millions of dollars. Source: Financial Management Service] 1996 1997 11,365 8,290 Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,411 6,384 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782 3,193 560 6,944 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,138 6,419 Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 8,290 133 8,683 1 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Beginning balance reflects $3 million adjustment by the Office of Management and Budget from balance reported above for September 30, 1995. Note.—Under the Department of Transportation’s reinvention proposal, Transportation infrastructure programs previously funded under separate modal grant programs, including airport grants, will be consolidated and replaced by Unified Transportation Infrastructure Investment Program (UTIIP). All activities of the UTIIP will be funded from a new Transportation Trust Fund. The Airport and Airway fund is a separate account under the new Transportation Trust Fund. TRUST FUNDS 111 INTRODUCTION: Harbor Maintenance Trust Fund The Harbor Maintenance Trust Fund was established on the books of the Treasury on April 1, 1987, according to the Water Resources Development Act of 1986 (Public Law 99962, November 17, 1986) (26 U.S.C. 9505). The Harbor Maintenance Trust Fund consists of such amounts as may be appropriated provided by section 9505 (b), transferred by the Saint Lawrence Seaway Development Corporation (SLSDC) according to section 13 (a) of the Act of May 13, 1954, or credited as provided in section 9602 (b). Amounts are appropriated equivalent to the user fees in the Treasury under section 4461 (relating to harbor maintenance tax). Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures to carry out section 210 (a) of the Water Resources Development Act of 1986. The appropriations act for the Department of Transportation for fiscal 1995 (Public Law 103-331, September 28, 1994), section 13, waived collection of charges or tolls on the Saint Lawrence Seaway in accordance with section 13 (b) of the Act of May 13, 1954 (as in effect on April 1, 1987). Legislation was passed in the North American Free Trade Agreement (NAFTA) Implementation Act of 1994 (Public Law 103-182, Sec. 683), which amends paragraph (3) of section 9505 (c) of the Internal Revenue Code of 1986, to authorize payment of up to $5 million annually to the Department of the Treasury, for all expenses of administration incurred by the Department of the Treasury, the U.S. Army Corps of Engineers, and the Department of Commerce related to the administration of subchapter A of chapter 36 (relating to harbor maintenance tax). Legislation is being proposed in fiscal 1996 to authorize payment from the fund of $45.5 million annually to the National Oceanic and Atmospheric Administration (NOAA) to fund programs that benefit the commercial navigation industry. Legislation has also been proposed in the fiscal year 1997 appropriation language to expand the authorized uses of the Harbor Maintenance Trust Fund to include construction. Annual reports to Congress are required by 26 U.S.C. 9602 (a) to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-13.—Harbor Maintenance Trust Fund Results of Operations, Fiscal 1995 [Source: Financial Management Service] Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $451,385,039 Receipts: Excise taxes: Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 420,763,679 Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,957,751 Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,287,403 Passengers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,197,978 Zones admissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,325,434 Toll receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,246 Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,185,597 Interest income discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,891,089 Expenses: Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 519,196,150 SLSDC/DOT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,374,000 Treasury administrative cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,512,432 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531,082,582 Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621,193,546 112 TRUST FUNDS TABLE TF-13.—Harbor Maintenance Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1996-2000 1 [In millions of dollars. Source: Financial Management Service] 1996 1997 1998 1999 2000 Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621.2 883.9 1,150.0 1,530.5 2,021.0 Receipts: Harbor maintenance fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer of tolls from SLSDC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 730.9 45.2 776.1 817.9 57.1 875.0 906.1 69.3 975.4 985.7 88.8 1,074.5 1,044.0 114.1 1,158.1 Outlays: Corps of Engineers O&M and administrative expenses . . . . . . . . . . . . . SLSDC/DOT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Administrative expenses for Treasury (Customs) . . . . . . . . . . . . . . . . . . 500.0 10.4 3.0 528.0 10.4 3.0 513.0 10.4 4.0 505.0 9.5 4.0 495.0 9.5 4.0 Pending legislation: Corps of Engineers construction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOAA activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 513.4 22.0 45.5 608.9 22.0 45.5 594.9 20.0 45.5 584.0 20.0 45.5 574.0 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883.9 1,105.0 1,530.5 2,021.0 2,605.1 2 1 Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. These are planning numbers and are not to be construed as representing the “President’s Budget for Fiscal Year 1997.” 2 Includes unrealized discounts on investments as reported by Department of Treasury Financial Management Service’s Sept. 30, 1995, “Harbor Maintenance Trust Fund Income Statement.” TRUST FUNDS 113 INTRODUCTION: Highway Trust Fund The Highway Trust Fund was established on the books of the Treasury in fiscal 1957, according to provisions of the Highway Revenue Act of 1956. It has been amended and extended by various highway and surface transportation acts since 1959. The Intermodal Surface Transportation Efficiency Act of 1991 extended the Highway Trust Fund and its taxes through September 30, 1999. It has also been modified by the Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation Act of 1993. 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. Within the fund is a mass transit account, funded by a portion of the excise tax collections under sections 4041, 4081, and 4091 of the Internal Revenue Code (26 U.S.C.). The funds from this account are used for expenditures according to section 21 (a) (2) of the Urban Mass Transportation Act of 1964 or the Intermodal Surface Transportation Efficiency Act of 1991. The remaining excise taxes collected are included in a higher account within the trust fund, and expenditures from this 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 to Congress are required by 26 U.S.C. 9602 (a) Internal Revenue Code as amended, to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Transportation. These reports cover the financial condition and results of operations of the fund for the past fiscal year and expected condition and operations during the next 5 fiscal years. TABLE TF-15.—Highway Trust Fund Results of Operations, Fiscal 1995 [Source: Financial Management Service] Description Internal Revenue Code section (26 U.S.C.) Amount Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,871,718,549 Receipts: Excise taxes (transferred from general fund): Trucks, buses, trailers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,705,829,400 Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,008,840,000 Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,930,103,300 Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,443,000 Cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 660,836 Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681,792,000 Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,681,007 Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,733,349,543 Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,020,000 Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,524,329,543 Less refunds of taxes (reimbursed to general fund): Diesel-powered vehicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,916,770 Gasoline other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,957,230 Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,331,320 Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,359,960 Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,589,460 Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,361,230 Diesel fuel bus use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,726,180 Gas/diesel/alcohol mixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 912,242,150 Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,612,087,393 Investment Income: 934,225,365 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,228,495 Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,145,453,860 Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,757,541,253 Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 TRUST FUNDS TABLE TF-15.—Highway Trust Fund Results of Operations, Fiscal 1995, con. [Source: Financial Management Service] Description Internal Revenue Code section (26 U.S.C.) Amount Expenses: Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,112,922,065 Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,748,995 National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,441,000 Trust fund share of highway programs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,067,969 Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,289,861 Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,154 PA toll road demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,265,632 Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,782,573 Alabama HYW bypass demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139,171 Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,840,000 Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,392,533 University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,535,708 Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,582 Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 713,146 National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,964,801 Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,616,442 Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,178,768,188 Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,605,655 Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,591,179 Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,373 Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,840,868 Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,953,393 Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,058 Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,091,086 Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,427 Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,060,968 Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,801 Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,976,000 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,628,990,627 Outlays: Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,017 Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000,184,158 TRUST FUNDS 115 TABLE TF-15.—Highway Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1996-2000 [In millions of dollars. Source: Financial Management Service] 19961997199819992000 Combined Statement Highway and Mass Transit Accounts 19,000 21,386 23,922 27,273 33,052 Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,554 24,904 25,240 25,672 26,127 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,306 1,402 1,525 1,723 1,983 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,860 26,306 26,765 27,395 28,110 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,474 23,770 23,114 21,916 20,070 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,386 23,922 27,573 33,052 41,092 9,579 10,080 9,808 9,844 10,173 Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,932 2,960 2,988 3,033 3,080 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659 680 625 615 610 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,591 3,640 3,613 3,648 3,690 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,090 3,912 3,577 3,319 3,094 Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,080 9,808 9,844 10,173 10,769 9,421 11,307 14,115 17,730 22,880 Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,622 21,944 22,252 22,639 23,047 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648 722 900 1,108 1,373 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,270 22,666 23,152 23,747 24,420 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,384 19,858 19,537 18,597 16,976 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,307 14,115 17,730 22,880 30,324 Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,253 41,425 - - - Twenty-four month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,818 46,899 48,167 49,613 51,327 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: 19961997199819992000 Mass Transit Account Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: 19961997199819992000 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Highway Account Receipts: 116 TRUST FUNDS TABLE TF-15A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment to the Intermodal Surface Transportation Efficiency Act of 1991 and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the Department of Transportation for fiscal 1995. The 24-and 12-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal 1995. Highway Account [In millions of dollars. Source: Financial Management Service] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,253 24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,818 Mass Transit Account [In millions of dollars. Source: Financial Management Service] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,938 12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,640 TRUST FUNDS 117 INTRODUCTION: Inland Waterways Trust Fund The Inland Waterways Trust Fund was established by the Treasury in fiscal 1984, according to provisions of the Inland Waterways Revenue Act of 1978 (Public Law 95-502) and continued according to the Water Resources Development Act of 1986 (26 U.S.C. 9506). Amounts determined by the Secretary of the Treasury to be section 4042 of the Internal Revenue Code of 1986 (relating to tax on fuel used in commercial transportation on Inland Waterways) shall be appropriated to the trust fund. The Technical and Miscellaneous Revenue Act of 1988 (Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later transfers to the amounts of actual tax receipts. The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment, not required to meet current withdrawals. The interest on, and proceeds from the sale or redemption of, any obligation held in the trust fund is credited to the trust fund. The act provides that amounts in the trust fund shall be available, by appropriations acts, for making construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United States described in 33 U.S.C. 1804. Expenditures must be otherwise authorized by law. Annual reports to Congress are required by 26 U.S.C. 9602 to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-16.—Inland Waterways Trust Fund Results of Operations, Fiscal 1995 [Source: Financial Management Service] $214,313,309 Balance Oct. 1, 1994. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,416,030 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,580,324 118,996,354 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfers: 94,777,965 238,531,698 Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expected Condition and Results of Operations Fiscal Years 1996-2000 1 [In millions of dollars] 1996 1997 1998 1999 2000 238.5 325.5 388.8 467.8 562.9 Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125.0 131.0 137.0 142.0 147.0 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.4 18.3 21.0 25.1 30.2 Total receipts: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.4 149.3 158.0 167.1 177.2 Balance Oct. 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Transfers: Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. These are planning numbers and are not to be construed as representing the “President’s Budget for Fiscal Year 1997.” 53.4 86.0 79.0 72.0 65.0 325.5 388.8 467.8 562.9 675.1 2 Includes unrealized discounts on investments as reported by the Department of Treasury’s Financial Management Service’s Sept. 30, 1995, “Inland Waterways Trust Fund Income Statement.” 118 TECHNICAL PAPERS Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9001. “Some Economic Aspects of the U.S. Health Care System.” James E. Duggan. August 1990. 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham, and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. November 1995. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4422 Washington, D.C. 20220 Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633. 119 Glossary With References to Applicable Sections and Tables Accrued discount (SBN-1, -2, -3)—Interest that accumulates on savings bonds from the date of purchase until the date of redemption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, and J are discount or accrual type bonds—meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, 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 deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Capital (“Federal Obligations”)—Assets, such as land, equipment, and financial reserves. Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. 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 1890 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 nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of September 1995, the debt limit was $4,900,000 million; the limit may change from year to year. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 U.S.C. 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)—(international) Locations other than those included under the definition of the United States. (See United States.) Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)—Includes central governments of foreign countries, including all departments and agencies of national governments; central 120 Glossary banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)—Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)—These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligation (“Federal Obligations”)—An unpaid commitment to acquire goods 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. 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. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. 121 Glossary Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (FD-2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See Debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), they are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)—An intra-budgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER