Full text of Treasury Bulletin : June 1998
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Contents JUNE 1998 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Introduction.--Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Analysis.--Budget results and financing of the U.S. Government and first-quarter receipts by source . . . . . . . . . . . . . . . . . . . . 9 FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 ACCOUNT OF THE U.S. TREASURY Introduction.-- Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 FEDERAL DEBT Introduction.--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 privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 20 21 22 23 24 24 25 27 PUBLIC DEBT OPERATIONS Introduction.--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 marketable public debt securities other than bills. . . . . . . . . . . . . . . . . . . . . . . . PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 32 39 41 44 46 U.S. SAVINGS BONDS AND NOTES Introduction.--Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 47 47 48 28 28 OWNERSHIP OF FEDERAL SECURITIES Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 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 Introduction.--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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 52 53 54 57 IV Contents U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.--U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 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 Introduction.--International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 63 64 65 CAPITAL MOVEMENTS Introduction.--Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 SECTION I.--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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SECTION II.--CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 67 68 69 71 73 74 75 77 79 SECTION III.--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. . . . 80 SECTION IV.--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 purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . SECTION V.--U.S. INTERNATIONAL TRANSACTIONS IN LONG-TERM SECURITIES CM-V-1.--U.S. transactions with foreigners in long-term domestic securities by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-2.--U.S. transactions with foreigners in long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-4.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (first quarter) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-5.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (calendar year). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 82 84 86 88 90 91 91 92 94 96 98 FOREIGN CURRENCY POSITIONS Introduction.--Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION I.--CANADIAN DOLLAR POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 V Contents FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 SECTION II.--GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-II-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 SECTION III.--JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION IV.--SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SECTION V.--STERLING POSITIONS FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 EXCHANGE STABILIZATION FUND Introduction.--Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 SPECIAL REPORTS CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1997 (EXCERPT) Introduction.--Consolidated Financial Statements excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 Consolidated Financial Statements excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 TRUST FUNDS Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 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 . . . . . . . . . . . . . √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy [Source: Office of Economic Policy, Office of Financial Analysis] Real gross domestic product (GDP) Real GDP grew at a 4.2 percent annual rate in the first quarter of 1998, extending the pattern of strong U.S. economic growth during 1997. The first-quarter increase followed a gain of 3.7 percent in the previous quarter and marked the sixth straight quarter growth has exceeded 3 percent. Growth in the first quarter was led by rebounds in consumer spending and business investment in equipment, and by a boost in residential construction that was partially related to the unusually warm winter. Real consumer spending rose at a 5.7 percent annual rate, more than double the 2.5 percent pace in the fourth quarter. Real investment in equipment jumped by 28.8 percent at an annual rate following little change in the previous quarter and gains of more than 20 percent in each of the prior two quarters. Residential construction was up at a 17.6 percent annual rate. The major negative in the first quarter was a sharp deterioration in the foreign trade balance that partly reflected the turmoil in Asia. This subtracted almost 2 percentage points from real growth in the first quarter. The broad measures of inflation carried in the national income accounts were very low in the first quarter of 1998. The chain-weighted GDP price index increased at a 0.9 percent annual rate, half the 1.8 percent pace during 1997 and the smallest quarterly rise in almost 35 years. The gross domestic purchases index, which subtracts exports and adds imports to get a measure of prices paid by U.S. residents, was unchanged in the first quarter, reflecting the impact of plunging petroleum prices. The last time the index registered no change was in the third quarter of 1954. Inflation Inflation continued to moderate in the early part of 1998, with energy prices falling at a more rapid rate than in 1997 and Growth of Real GDP, Chain Weights (Percent change, fourth quarter to fourth quarter) the rate of increase in food prices continuing to slow. ‘‘Core’’ inflation, which excludes the volatile food and energy components, has picked up a bit but still remains well behaved. Wages have been accelerating, leading to a pickup in labor costs in the last two quarters. During the first 4 months of the year, the consumer price index (CPI) rose at an annual rate of only 0.9 percent, off from a gain of 1.7 percent last year and well below the 3.3 percent advance posted in 1996. Much of the deceleration this year is due to energy prices, which are falling at an annual rate of close to 17 percent. Food prices are up at an annual rate of just over 1 percent. The core CPI has advanced by 2.6 percent at an annual rate through April. This is up slightly from the 2.2 percent increase last year (the smallest increase since 1965) but close to the pace of the preceding few years. Consumer Prices* (Percent change from a year earlier) *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) 4 PROFILE OF THE ECONOMY Since even the high rate of spending was outpaced by income Declining food and energy prices at the producer level congrowth in the first quarter, the share of after-tax income devoted tinue to push finished goods prices lower. So far this year, to personal saving rose for a second successive quarter from a finished goods prices are down at a 2.5 percent annual rate after very low 3.5 percent in the third quarter of 1997 to 3.9 percent falling by 1.2 percent in 1997. On a core basis, finished goods in the fourth quarter and 4.2 percent in the first quarter of 1998. prices are rising at a 0.8 percent pace follow no change last The personal saving rate averaged only 3.9 percent in 1997, the year. Core prices for crude and intermediate goods have also lowest for any year since 1947. Recent improvement still fallen this year, indicating no imminent price pressures further leaves personal saving rates much below an average approachback in the production chain. ing 8 percent from 1950 to 1986. Increased net worth associProductivity growth in the nonfarm business sector slowed ated with rising stock prices may have caused households to in the first quarter while hourly compensation continued up at feel less need to save out of the same pace as last year, current income in recent years. pushing unit labor costs up at a 3.8 percent annual rate folIndustrial production lowing an increase of 2.0 perCivilian Unemployment Rate and capacity utilization (In percentages) cent last year. Revisions to the Industrial production in first quarter could bring the manufacturing, mining and productivity data more in line utilities edged up by 0.1 perwith last year’s numbers. The cent in April, boosted by an employment cost index for increase in manufacturing outtotal compensation rose by a put. During the first quarter, modest 0.7 percent for the 3 production grew at only a 1.0 months ending in March, or at percent annual rate. This reprea 2.7 percent annual rate. This sents a significant slowdown followed a jump of 1.0 perfrom 7.2 percent in the fourth cent for the 3 months ending quarter and 5.8 percent during in December. The index has all of last year. increased by 3.3 percent over Manufacturing output, the latest 12 months, as wages which accounts for about 86 and salaries advanced by percent of total industrial pro3.7 percent while benefit duction, was up by 0.3 percent costs rose by only 2.2 perEstablishment Employment in April, after 2 months of cent. (Monthly change in thousands) weakness. Production in this sector rose only 2.0 percent in Real disposable the first quarter----far slower personal income and than the 8.1 percent advance consumer spending registered in the fourth quarter. Real disposable (after-tax) Recent softness may be related personal income soared at a to the economic situation in 6.8 percent annual rate in the Asia, which has curbed exfirst quarter of 1998, followports of U.S. goods. ing an increase of 4.5 percent The industrial capacity utiliin the fourth quarter. The firstzation rate fell to 81.9 percent quarter gain was the strongest in April from 82.2 percent in in nearly 5 years, reflecting March. Capacity utilization both a rapid advance in nomihas been trending downward nal terms and almost no inflasince January and currently tion. Recent growth has been stands at its lowest point since driven by large increases in March of 1996, well below the wages and salaries, as both employment and wage rates have expansion high of 84.6 percent reached at the beginning of been on the rise. Real wages and salaries surged at an 8.5 1995 and also below its long-term average of 82.1 percent. percent annual rate in the first quarter, on top of a sharp 7.7 percent pace of advance in the fourth quarter. (Personal income Employment and unemployment also includes such items as transfer payments, proprietors’ Labor markets continue to expand in early 1998, although at income, dividends, and interest, but does not include capital a somewhat more tempered pace than late last year. The unemgains.) ployment rate nonetheless fell sharply in April to the lowest Real consumer spending increased at a 5.7 percent annual point since February 1970. rate in the first quarter, after slowing to a 2.5 percent pace in Increases in jobs on nonfarm payrolls have slowed to an the fourth. Strength in the first quarter was widespread among average of 224,000 a month over the first 4 months of 1998 discretionary items, such as motor vehicles, furniture and from the torrid 358,000-a-month pace of the final quarter of appliances, and clothing. 1997. Growth so far this year is still not much different from PROFILE OF THE ECONOMY the 267,000 per month averaged for all of 1997. Demand for labor remains high in the service-producing sector (particularly in computer software, engineering, temporary help, and finance, insurance and real estate), as well as in construction. Manufacturing employment, on the other hand, has softened noticeably over the past 3 months, at least in part a response to the reduction in U.S. exports to the troubled Asian countries. The unemployment rate plunged from 4.7 percent in March to 4.3 percent in April, the lowest in more than 28 years. The share of the working-age population employed returned to an all-time high of 64.2 percent registered in the first 2 months of the year. These indicators show that the economy continues to operate at a very high rate of labor utilization. Average hourly earnings of production and other nonsupervisory workers rose to $12.67 in April, 4.4 percent in nominal terms above the year-earlier level. Slow growth in consumer prices has contributed to an acceleration in growth of earnings in real terms, to 2.9 percent over the latest 12 months----a pace unmatched since 1972. Nonfarm productivity and unit labor costs Nonfarm business productivity (real output per hour worked) rose at an annual rate of 0.2 percent in the first quarter, much slower than the 1.4 percent pace registered in the fourth quarter. However, first-quarter results are preliminary and partially reflect statistical complications. Revisions later in the year could boost the first-quarter figure. Productivity growth over the past 2 years averaged 1.9 percent, a marked improvement over the prior 3 years, when productivity was almost flat. Trend productivity growth is estimated to be slightly higher than 1.0 percent annually. Hourly compensation costs in the nonfarm business sector grew at a 4.1 percent annual rate in the first 3 months of 1998, following a rapid 5.2 percent increase in the final quarter of last year. Labor costs per unit of output in this sector, which combine the effects of both compensation and productivity, were up at a 3.8 percent annual rate, the same as in the previous quarter. The two latest quarterly increases in unit labor costs are well above the 2.0 percent pace registered during all of 1997. Productivity in manufacturing edged up by 0.5 percent at an annual rate in the first quarter after advancing 4.3 percent in the fourth quarter. The small first-quarter increase primarily reflected a sharp deceleration in factory output growth, although factory work hours also grew at a slower pace in the first quarter. Unit labor costs in manufacturing jumped up by 2.3 percent at an annual rate, but over the past four quarters were down 0.3 percent. Current account balance The current account is a summary of U.S. international transactions, measuring trade in goods and services as well as the flow of investment income on assets. On an annual basis, the current account has been in deficit since the early 1980’s. The current account deficit totaled $166 billion in 1997. This represents a substantial widening from a recent low of $6 billion in 1991. The faster pace of U.S. economic growth since then compared with that of our major trading partners has brought in imports at a more rapid rate than exports. In addition, what had been a positive balance on investment income shifted to a negative in 1997 as the inflow of capital into the 5 United States boosted payments of earnings and interest to foreigners. The current account deficit in 1997, though large, was $2 billion below the all-time peak deficit in 1987. Relative to GDP, the deficit has improved, dropping from 3.6 percent as a share of GDP in 1987 to just 2.1 percent last year. The widening deficit in 1997 mainly reflected the swing from surplus to deficit on investment income, primarily interest payments on the rapidly growing foreign holdings of U.S. Treasury securities. The balance on trade in goods also deteriorated in 1997, but the surplus in services improved. The current account deficit is matched by offsetting transactions in the capital account. The large inflow of foreign capital in 1997 led to a $691 billion increase in foreign assets in the U.S. in 1997, exceeding the increase in U.S. assets abroad by $264 billion. This was the largest net capital inflow on record, apparently reflecting the strength of the U.S. domestic economic situation. The difference between the $264 billion reported capital inflow and the $166 billion current account deficit represented unrecorded capital flows (the statistical discrepancy). Exchange rate of the dollar The appreciation of the dollar, which began in the middle of 1995 accelerated in 1997, and continued through early 1998. Based on the Federal Reserve Board’s trade-weighted index of the dollar against the currencies of other G-10 industrialized nations, the dollar rose by 11.4 percent over the course of 1997, more than the 4.3 percent increase recorded in 1996. In January 1998, the dollar rose a further 1.4 percent, reaching its highest mark on this basis since 1989, but holding well below the peak recorded in 1985. In the 3 succeeding months, the dollar has held steady. Among the G-10 currencies, the dollar’s appreciation has been greatest against the yen and the deutschemark. Since the dollar’s recent low in April 1995, the dollar appreciated by a total of 50 percent through the end of 1997 against the yen and by 29 percent against the deutschemark. In the first 4 months of 1998, the dollar appreciated an additional 1.6 percent against the yen and 1.9 percent against the deutschemark. Financial crises in several newly-industrialized Asian countries in 1997 led in some cases to currency devaluation, raising the dollar’s value against those currencies. One result was to make imports from those countries cheaper in dollar terms, a factor that contributed to the low U.S. inflation performance last year. Another result was to raise the relative price of U.S. exports, which contributed to a decline in exports in the first quarter and is expected to continue to act as a drag on U.S. export growth through the year. Interest rates Short-term market interest rates have declined slightly in recent months. After starting the year at close to 5.3 percent, the rate on the 3-month bill edged back below 5.0 percent by early May. The Federal Reserve Board has not altered monetary policy since raising the Federal funds rate target by one-quarter of a point in March 1997, to 5.50 percent. The discount rate was left unchanged at 5.0 percent, where it has been since January 1996. At recent meetings the Board has decided to continue to leave monetary policy unchanged, partly because of the uncer- 6 PROFILE OF THE ECONOMY tainties surrounding the potential effects on the U.S. economy in 1997 was financed by foreign inflows, which were equivaof the Asian financial crisis and partly because inflation relent to 2.2 percent of NNP. U.S. sources provided investment mains so low. equal to 6.1 percent of NNP, only about half as much as After falling over much of the second half of last year, averaged in the 1950’s and 1960’s. long-term interest rates have flattened out so far this year. The Housing yield on the 30-year Treasury bond declined from over 7 perAfter a very strong year in 1997, housing activity surged even cent in April 1997, to an all-time low of 5.8 percent in January. higher in the first quarter of 1998. Part of that boost was related The rate has edged up slightly since then to about the 6 percent to unseasonably mild winter mark. Mortgage rates have folweather, which may have Short-term Interest Rates lowed suit, falling from above pulled activity into the early 8 percent last April for a conmonths of the year from the ventional 30-year fixed rate normal spring buying and loan to under 7 percent in Januconstruction season. Howary. Currently they are slightly ever, underlying conditions above the 7.1 percent level. for the housing market also These low rates have spurred a contributed to that growth and are still present, includnew wave of mortgage refinancing strong economic condiings and have helped stimulate tions, tight inventories of further growth in the housing houses for sale, and low market. mortgage interest rates. Net national saving and Starts of new homes totaled 1.53 million units in the investment fourth quarter of 1997 and Net national saving, which rose even further to a 1.59 excludes depreciation to replace million-unit pace in the first worn-out or obsolete equipment quarter of 1998. Those were and structures used in producthe highest quarterly rates in tion, rose to 7.3 percent of net *Average for week ending Friday; Federal funds ending Wednesday. about 10 years. Housing national product (NNP) in 1997 starts exceeded the 1.5 milfrom 6.4 percent in 1996 and as lion-unit mark for 7 straight low as 3.4 percent in 1992. months beginning last SepWhile complete data for the tember, a string not seen first quarter are not yet avail- Long-term Interest Rates since the last building boom able, an additional gain appears of the 1980’s. likely. Despite the progress, net Sales of single-family saving remains well below the homes have outpaced starts, 12.1 percent of NNP averaged in the 1950’s and 1960’s. leaving the inventory of unRecent improvement is alsold homes very tight. Sales most entirely the result of the of new single-family homes significant narrowing of the reached 800,000 units in Federal deficit, which has 1997, well above the 1996 moved the combined accounts total of 757,000 and the of Federal and State and local highest since 1978. In the governments from dissaving first quarter they speeded up equivalent to 4.7 percent of to almost an 850,000 unit anNNP in 1992, to narrowly posinual rate aided by mild tive saving of 0.1 percent of weather conditions. Gains in NNP in 1997. Private saving (of both the new and resale households and businesses) has housing markets have fueled declined over that period, as ina large increase in spending creased wealth generated by a for new appliances and other rising stock market appears to have reduced households’ desire home furnishings. to save. Gains in corporate profits have led to somewhat higher business saving. The rapid growth in home sales pushed the homeownership rate to its highest level since data were first collected in 1965, Net domestic investment equaled 8.4 percent of NNP in reaching 65.7 percent for all of 1997 and 65.9 percent in the 1997. This was up from a low 4.9 percent in 1991 and was the first quarter of 1998. highest reading in a decade. About one-quarter of investment PROFILE OF THE ECONOMY Federal budget The Federal budget is on track in the current fiscal year to post a surplus, which would be the first Federal budget surplus since 1969 and only the ninth since World War II. Surpluses are expected to occur in each succeeding year through at least 2003, the last year for which Administration projections are available. Strong economic growth and passage of deficit reduction programs have placed the deficit on a downward course since 1992. Since the all-time high of $290 billion in that year, the deficit was reduced to just $22 billion in fiscal 1997, a 92 percent cut. With about half of the current fiscal year already completed, the budget is projected to show a surplus of $39 billion in fiscal 1998. Growth in receipts has been very strong over the past 5 years and so far in fiscal 1998, receipts have been boosted by expan- 7 sion in jobs and income, rising corporate profits, and stock market gains. In fiscal 1997, receipts rose by 8.7 percent. Nonwithheld individual income taxes made an especially notable jump, up more than 16 percent over the year. Through half of the current fiscal year, total receipts were 10 percent higher than during the comparable period of the previous fiscal year. Growth in Federal spending was held to a moderate 2.6 percent in fiscal 1997 and continued to rise slowly in fiscal 1998. Slow growth in outlays last year was aided by large spectrum auction proceeds and asset sales in the deposit insurance account, both of which are treated as negative outlays in budget accounting. Excluding these components, outlay growth was about 4 percent in fiscal 1997. So far this year, outlays are about 2 percent higher than during the comparable period last year. 8 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. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. 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. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting 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 three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, 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; and (3) offsetting governmental receipts which include foreign cash contributions. 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 set forth in the ‘‘ Report of the President’s Commission on Budget Concepts’’ 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 offbudget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. 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 as amended by the Budget Enforcement Act of 1990 (2 U.S.C. 900-922)] included offbudget 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 FEDERAL FISCAL OPERATIONS ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government.’’ • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 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 9 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., payments with delinquent returns or on delinquent accounts). It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. Amounts are reported 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. Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] First-Quarter Receipts The following capsule analysis of budget receipts, by source, for the first quarter of fiscal 1998 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 $176.3 billion for the first quarter of fiscal 1998. This was an increase of $16.6 billion over the comparable prior year quarter. Withheld receipts increased by $18.9 billion and nonwithheld receipts decreased by $1.6 billion during this period. Refunds increased by $0.7 billion over the comparable fiscal 1997 quarter. There was a decrease of $1.3 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 1997. Corporation income taxes----Corporate income tax receipts were $51.2 billion for the first quarter of fiscal 1998. This was an increase of $9.0 billion over the prior year first quarter. The $9 billion figure consists of $6.6 billion in higher estimated and final payments plus $2.4 billion in lower refunds. Employment taxes and contributions----Employment taxes and contributions receipts for the October through December quarter of fiscal 1997 were $120.9 billion, an increase of $9.4 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance and Hospital Insurance trust funds increased $7.6 billion and $1.9 billion, respectively. Receipts to the Disability Insurance trust fund decreased negligibly. There was a $0.7 billion accounting adjustment for prior years’ employment tax liabilities made in the first quarter of fiscal 1997, while there was a $2.0 billion adjustment made in the first quarter of fiscal 1998. Unemployment insurance----Unemployment insurance receipts for the first quarter of fiscal 1998 were $4.4 billion, which was a $0.2 billion increase over the comparable quarter of fiscal 1997. State taxes deposited in the U.S. Treasury increased by $0.2 billion. Federal Unemployment Tax Act receipts and Railroad Unemployment tax receipts increased negligibly from the comparable quarter of fiscal 1997. Contributions for other insurance and retirement---Contributions for other retirement were $1.2 billion for the first quarter of fiscal 1998. There was a negligible increase over receipts from the comparable quarter of fiscal 1997. The growth in contributions will remain flat over the next few years as the number of employees covered by the Federal employees’ retirement system grows slowly relative to those covered under the civil service retirement system. Excise taxes----Net excise tax receipts for the first quarter of fiscal 1998 were $15.5 billion, an increase of $2.3 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.2 billion, unchanged over the comparable prior year quarter. Estate and gift taxes----Net estate and gift tax receipts were $5.2 billion in the October through December quarter of fiscal 1998. These receipts represented an increase of $0.1 billion over the previous quarter and an increase of $0.9 billion over the same quarter in fiscal 1997. 10 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source, con. Customs duties----Customs receipts net of refunds were $4.6 billion for the first quarter of fiscal 1998. This was an increase of $0.4 billion over the comparable prior year quarter. Miscellaneous receipts----Net miscellaneous receipts for the first quarter of fiscal 1998 were $7.2 billion, an increase of $1.2 billion over the comparable prior year quarter. This increase was mainly due to deposits of earnings by Federal Reserve Banks increasing by $1.2 billion over the comparable prior year quarter. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars] January-March Actual fiscal year to date Budget estimates (February 1998) full fiscal 1998 Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . 378,492 269,066 109,426 408,675 320,204 88,471 -30,184 -51,138 20,955 1,960,795 1,469,189 491,605 2,101,006 1,732,804 368,202 -140,210 -263,614 123,404 1,657,858 1,241,867 415,991 1,667,815 1,348,140 319,675 -9,957 -106,273 96,316 Means of financing: Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total on- and off-budget financing. . . . . . . . . . . . . . . . . . . . . . . . 25,895 4,253 36 30,184 107,797 46,645 -14,231 140,210 25,668 3,621 -19,332 9,957 First-Quarter Net Budget Receipts by Source, Fiscal 1998 [In billions of dollars. Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’] Source October November December Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60.7 46.6 69.1 Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.3 3.9 44.0 Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.9 39.6 44.3 Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 2.5 0.4 Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.3 0.4 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 5.2 5.2 Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2 1.5 1.5 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 3.1 1.4 2.5 1.4 1.7 Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114.9 103.5 168.0 Note: Detail may not sum to totals due to independent rounding. FEDERAL FISCAL OPERATIONS 11 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, Fiscal Year to Date, 1997-1998 (In billions of dollars) Source for both charts: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’ 12 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 Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) 841,241 922,161 999,496 1,085,271 1,186,987 311,934 335,026 351,080 367,492 391,989 1,408,122 1,460,557 1,514,389 1,560,094 1,601,595 1,142,110 1,181,185 1,225,724 1,259,638 1,290,594 266,012 279,372 288,665 300,455 311,000 -254,948 -203,370 -163,813 -107,331 -22,618 -300,869 -259,024 -226,228 -174,367 -103,607 45,922 55,654 62,415 67,036 80,989 342,629 288,987 278,535 252,891 189,634 1,657,858 1,742,736 1,241,867 1,308,608 415,991 434,128 1,667,815 1,733,217 1,348,140 1,404,355 319,675 328,862 -9,957 9,519 -106,273 -95,747 96,316 105,266 178,012 195,585 1997 - Mar. . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . 108,099 228,588 94,493 173,361 109,178 103,483 174,770 114,898 103,481 167,998 162,610 97,952 117,930 73,869 187,997 63,147 135,922 79,600 70,902 138,847 87,082 73,689 135,341 123,368 65,051 80,647 34,230 40,591 31,347 37,439 29,578 32,580 35,923 27,816 29,792 32,657 39,243 32,900 37,283 129,422 134,650 142,988 118,726 134,802 138,672 125,484 r 150,866 120,830 154,359 137,231 139,701 131,743 100,427 107,843 112,626 105,267 107,050 109,810 91,678 r 123,866 91,326 146,648 108,844 109,393 101,967 28,995 26,807 30,362 13,459 27,752 28,862 33,806 27,000 29,504 7,711 28,388 30,308 29,775 -21,323 93,939 -48,494 54,635 -25,624 -35,189 49,286 r -35,968 -17,349 13,639 25,379 -41,750 -13,813 -26,558 80,155 -49,479 30,655 -27,450 -38,908 47,169 r -36,784 -17,637 -11,307 14,524 -44,342 -21,320 5,234 13,784 985 23,980 1,826 3,719 2,118 816 287 24,946 10,855 2,592 7,508 31,106 -26,078 -10,419 31,748 -2,747 31,051 9,285 13,757 35,349 39,984 -12,708 31,061 22,180 Fiscal 1998 to date . . . . 764,869 565,178 199,691 834,731 682,044 152,687 -69,862 -116,866 47,004 129,623 Transactions not applied to year’s surplus or deficit (19) Total financing (20) Fiscal year or month Total receipts (1) .............. .............. .............. .............. .............. 1,153,175 1,257,187 1,350,576 1,452,763 1,578,977 1998 - Est. . . . . . . . . . . . 1999 - Est. . . . . . . . . . . . 1993 1 1994 11 1995 1 1996 1 1997 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 On-budget receipts (2) Borrowing from the public-Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) 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) 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) .............. .............. .............. .............. .............. 6,652 3,665 -1,224 8,088 -1,857 100,663 107,655 106,024 131,266 149,606 248,619 184,998 171,288 129,713 38,171 -6,283 -16,564 2,007 6,276 -603 -907 768 -1,086 -408 338 -1,429 -992 9,109 -4,626 -3,034 2,333 -35 2,614 746 -1,383 -301 831 4,447 -21,009 -20,711 350 715 722 615 472 254,948 203,370 163,813 107,331 22,618 1998 - Est. . . . . . . . . . . . 1999 - Est. . . . . . . . . . . . -4,130 -1,055 148,214 184,056 25,668 10,474 -3,621 - * * * * * * -19,332 -19,993 * * 9,957 -9,519 1997 - Mar. . . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . . Dec. . . . . . . . . . . 1998 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . . Mar. . . . . . . . . . . -240 168 251 -617 99 -259 -320 -35 171 302 -3,181 -73 145 2,032 13,092 8,886 42,278 -1,241 445 27,283 7,408 6,412 42,057 8,919 423 2,188 28,833 -39,001 -19,054 -11,147 -1,408 30,348 -18,318 6,315 29,108 -1,771 -24,807 30,565 20,137 18,274 55,908 -72,532 34,387 -23,748 -15,435 31,545 -23,360 -483 12,106 8,423 -24,027 11,351 214 -153 324 -26 -213 175 12 135 -12 -94 -29 219 -109 -297 2,545 -1,268 67 1,040 -35 -2,829 4,644 429 -1,129 -417 670 -388 -186 -187 302 -160 -124 280 82 204 325 3,499 -31 95 -156 10,465 3,176 -5,626 -9,260 3,986 -10,181 -2,473 r 11,276 -11,500 2,516 7,374 -11,938 4,374 30 40 7 315 80 - 21,323 -93,939 48,494 -54,635 25,624 35,189 -49,286 r 35,968 17,349 -13,639 -25,379 41,750 13,813 Fiscal 1998 to date . . . . -2,671 67,407 59,545 -15,990 111 3,811 3,936 2,102 80 69,862 * 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 fiscal1999 budget, released by the Office of Management and Budget on February 2, 1998. FEDERAL FISCAL OPERATIONS 13 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 1993 1 1994 1 1995 1 1996 1 1997 1 Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) Social insurance and retirement receipts 2 Employment and general retirement Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) ............... ............... ............... ............... ............... 430,427 459,699 499,898 533,080 580,207 154,800 160,117 175,884 212,234 250,819 75,546 77,077 85,624 88,897 93,560 509,680 542,738 590,157 656,417 737,466 131,548 154,205 174,422 189,055 204,492 14,027 13,820 17,334 17,231 22,199 117,520 140,385 157,088 171,824 182,294 627,200 683,123 747,245 828,241 919,760 393,688 425,985 447,104 474,134 503,749 531 898 1,644 1,051 393,158 425,087 447,104 472,490 502,698 1998 - Est. . . . . . . . . . . . . 1999 - Est. . . . . . . . . . . . . 767,768 791,454 - - 767,768 791,454 190,842 197,965 - 190,842 197,965 958,610 989,419 534,020 556,754 - 534,020 556,754 1997 - Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . 49,994 45,582 48,097 44,802 51,812 43,156 44,442 55,270 47,581 64,604 56,628 54,225 55,290 6,395 110,886 5,893 31,404 4,007 4,245 36,231 6,299 2,054 5,240 40,040 2,925 7,345 19,955 22,177 23,300 1,825 1,950 1,732 2,474 889 3,040 784 870 14,941 22,973 36,434 134,291 30,690 74,381 53,868 45,669 78,199 60,680 46,596 69,060 95,798 42,209 39,662 21,059 29,547 5,005 40,541 5,442 3,854 39,133 6,357 4,900 44,973 6,888 3,598 23,153 2,335 2,125 752 1,169 1,739 1,575 1,795 3,103 987 936 2,481 2,769 3,661 18,724 27,422 4,253 39,373 3,703 2,279 37,338 3,254 3,913 44,037 4,407 829 19,491 55,158 161,713 34,943 113,754 57,571 47,948 115,537 63,934 50,509 113,097 100,205 43,038 59,153 43,076 50,505 39,476 47,904 37,656 41,516 47,676 36,564 39,312 43,987 50,017 41,391 46,903 1,051 - 43,076 50,505 39,476 47,904 37,656 41,516 46,625 36,564 39,312 43,987 50,017 41,391 46,903 Fiscal 1998 to date . . . . . 333,597 63,904 43,496 354,005 89,868 13,937 75,931 429,936 258,173 - 258,173 Employment and general retirement, con. Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Gross (12) Railroad retirement Refunds Net (13) (14) 2 Net employment and general retirement (15) Social insurance and retirement receipts, con. 2 Unemployment insurance Net unemployment Gross Refunds insurance (16) (17) (18) Net for other insurance and retirement Federal employees retirement (19) Other retirement (20) Total (21) ............. ............. ............. ............. ............. 3,793 3,767 3,972 3,966 4,063 11 44 30 93 12 3,781 3,723 3,942 3,872 4,052 396,939 428,810 451,046 476,362 506,750 26,680 28,114 28,985 28,687 28,307 124 110 107 103 105 26,556 28,004 28,878 28,584 28,202 4,709 4,563 4,461 4,389 4,344 96 98 89 80 74 4,805 4,661 4,550 4,469 4,418 1998 - Est. . . . . . . . . . . 1999 - Est. . . . . . . . . . . 4,104 4,114 - 4,104 4,114 538,124 560,868 28,922 30,533 - 28,922 30,533 4,251 4,414 77 71 4,328 4,485 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 466 266 362 29 411 349 388 362 317 311 378 439 494 -6 2 * 1 4 * -1 1 * 5 8 472 266 359 30 411 346 388 364 317 310 378 434 486 43,547 50,771 39,835 47,933 38,066 41,861 47,013 36,928 39,629 44,297 50,395 41,825 47,389 323 3,557 9,974 351 2,099 4,013 251 1,448 2,526 432 1,040 2,589 315 12 25 11 8 18 11 4 5 7 4 1 13 311 3,532 9,963 343 2,081 4,002 247 1,443 2,526 425 1,036 2,589 301 333 336 416 330 418 331 336 408 328 420 326 329 331 6 6 6 6 7 7 5 5 6 7 7 6 6 338 341 422 336 425 338 342 414 334 427 333 335 337 Fiscal 1998 to date . . . 2,302 12 2,289 260,462 8,350 30 8,320 2,143 37 2,179 See footnotes at end of table. 14 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 1993 1 1994 1 1995 1 1996 1 1997 1 Social insurance and retirement receipts, con. 2 Net social insurance and Airport and Airway Trust Fund Net retirement receipts 2 Gross Refunds (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) ............... ............... ............... ............... ............... 428,300 461,475 484,474 509,415 539,371 3,276 5,217 5,406 2,405 4,044 15 28 39 21 37 3,262 5,189 5,367 2,384 4,007 634 567 608 614 614 - 634 567 608 614 614 18,321 17,426 23,358 25,309 24,665 283 758 913 329 798 18,039 16,668 22,445 24,980 23,867 26,718 33,573 29,926 27,698 29,368 595 772 861 1,662 931 26,123 32,801 29,065 26,036 28,437 1998 - Est. . . . . . . . . . . . . 1999 - Est. . . . . . . . . . . . . 571,374 595,886 7,975 10,038 - 7,975 10,038 640 662 - 640 662 26,063 38,614 - 26,063 38,614 20,862 22,695 - 20,862 22,695 1997 - Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . 44,197 54,644 50,220 48,612 40,572 46,201 47,601 38,784 42,488 45,149 51,765 44,749 48,027 1,138 310 853 564 264 547 152 1,443 666 835 589 613 557 17 8 4 - 1,138 310 836 564 264 547 144 1,439 666 835 589 613 557 53 56 47 47 57 49 72 32 58 58 51 59 48 - 53 56 47 47 57 49 72 32 58 58 51 59 48 2,169 2,251 2,076 2,174 2,348 2,200 1,832 2,716 2,457 2,338 2,645 2,455 1,907 493 90 209 1 - 2,169 2,251 1,584 2,174 2,348 2,200 1,742 2,507 2,457 2,337 2,645 2,455 1,907 1,037 2,425 1,878 2,441 2,758 2,161 4,000 930 2,085 1,988 1,428 1,715 2,326 400 274 -463 41 56 365 239 -174 64 50 34 51 339 638 2,151 2,340 2,400 2,701 1,797 3,762 1,104 2,021 1,938 1,395 1,664 1,987 Fiscal 1998 to date . . . . . 270,962 4,704 4 4,699 305 - 305 14,517 210 14,307 10,471 364 10,107 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 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) ............. ............. ............. ............. ............. 48,057 55,225 57,485 54,015 56,926 12,891 15,607 15,144 17,592 20,356 314 382 380 403 511 12,577 15,225 14,764 17,189 19,845 19,613 20,973 21,067 19,788 19,872 811 874 1,767 1,117 1,945 18,802 20,099 19,300 18,671 17,927 14,908 18,023 23,378 20,477 19,636 3,331 4,018 3,928 4,755 5,513 18,239 841,241 22,041 922,161 27,306 999,496 25,232 1,085,271 25,149 1,186,987 311,934 335,026 351,080 367,492 391,989 1998 - Est. . . . . . . . . . . 1999 - Est. . . . . . . . . . . 55,540 72,009 20,436 20,541 - 20,436 20,541 18,363 18,175 - 18,363 18,175 24,991 24,642 8,544 22,064 33,535 1,241,867 46,706 1,308,608 415,991 434,128 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 3,998 4,768 4,808 5,185 5,369 4,593 5,719 5,082 5,202 5,167 4,679 4,791 4,499 1,491 3,367 1,444 1,530 1,609 1,699 1,897 2,240 1,562 1,539 1,827 1,551 1,892 23 60 32 35 57 44 49 41 52 41 19 51 47 1,468 3,308 1,412 1,494 1,552 1,655 1,849 2,198 1,510 1,498 1,808 1,500 1,845 1,482 1,615 1,523 1,633 1,900 1,819 1,730 1,904 1,507 1,585 1,496 1,529 1,540 167 123 80 111 101 70 139 102 184 169 109 75 129 1,315 1,492 1,443 1,522 1,799 1,749 1,590 1,802 1,323 1,416 1,387 1,454 1,412 1,311 2,117 1,334 2,421 1,902 925 1,868 2,661 2,173 1,267 2,128 1,832 2,066 651 545 332 372 413 413 607 436 277 404 640 588 928 1,964 2,662 1,667 2,793 2,315 1,338 2,474 3,097 2,450 1,671 2,768 2,420 2,994 73,869 187,997 63,147 135,922 79,600 70,902 138,847 87,082 73,689 135,341 123,368 65,051 80,647 34,230 40,591 31,347 37,439 29,578 32,580 35,923 27,816 29,792 32,657 39,243 32,900 37,283 Fiscal 1998 to date . . . 29,419 10,611 251 10,360 9,560 767 8,793 12,126 3,273 15,400 565,178 199,691 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. 2 Column title changes are in accordance with the fiscal 1999 budget realignment. Note.--On-budget and off-budget estimates are based on the fiscal 1999 budget, released by the Office of Management and Budget on February 2, 1998. FEDERAL FISCAL OPERATIONS 15 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"] Legislative branch (1) Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 DepartDepart- Department of Judicial ment of ment of Defense, branch Agriculture Commerce military (2) (3) (4) (5) Department of Education (6) Department Department Depart- of Health of Housing Department of and Human and Urban ment of Energy Services Development the Interior (7) (8) (9) (10) Department of Justice (11) Department of Labor (12) ............. ............. ............. ............. ............. 2,406 2,561 2,621 2,272 2,361 2,579 2,659 2,903 3,061 3,259 63,143 60,812 56,667 54,338 52,558 2,798 2,915 3,403 3,703 3,780 278,576 268,635 259,565 253,258 258,330 30,414 24,699 31,321 29,900 30,013 16,801 17,840 17,618 16,199 14,470 282,774 310,837 303,074 319,803 339,492 25,185 25,774 29,045 25,512 27,833 6,728 6,910 7,415 6,720 6,724 10,197 10,005 10,781 11,951 14,291 44,738 36,919 32,170 32,496 30,461 1998 - Est. . . . . . . . . . . 1999 - Est. . . . . . . . . . . 2,855 2,833 3,719 3,967 55,015 54,291 4,065 4,584 251,385 252,650 30,747 33,915 14,366 15,240 359,106 380,761 30,950 31,614 7,937 7,928 15,474 18,153 32,125 35,973 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 168 174 199 221 200 170 176 373 213 210 191 188 179 342 209 399 221 350 222 252 299 363 185 223 372 240 3,958 3,332 3,284 3,045 3,300 3,202 6,242 6,277 4,568 6,010 5,755 3,460 3,815 247 243 332 394 295 288 345 294 324 419 224 319 281 19,022 20,979 25,150 19,766 21,956 23,306 20,179 25,302 16,729 25,787 19,842 19,459 19,310 2,237 2,338 1,954 1,981 1,526 2,257 3,862 2,369 2,933 2,752 3,142 4,799 1,183 1,127 1,052 1,170 1,341 1,253 1,197 1,316 1,249 1,113 1,399 1,155 997 1,070 26,215 29,119 31,465 25,990 28,883 30,014 26,520 32,733 24,621 33,051 29,286 27,890 27,589 1,119 2,061 2,709 1,878 2,852 3,102 422 3,535 1,707 2,116 3,205 1,904 1,926 496 422 539 406 677 398 720 625 465 951 535 591 544 1,064 1,049 1,242 1,360 1,260 1,102 970 1,110 1,220 1,543 1,263 1,423 1,320 2,716 2,902 2,453 2,463 2,833 2,351 2,081 2,404 2,015 2,100 2,858 2,413 2,713 Fiscal 1998 to date . . . 1,355 1,682 29,885 1,860 126,429 17,178 6,984 175,168 14,393 3,711 7,880 14,504 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Department of Other EnvironFederal Depart- the Treasury, DepartDepartment of interest ment of the ment of Corps Defense, mental Executive Emergency Department Transpor- on the Treasury, Veterans of civil Protection Office of the Management President Agency 4 of State tation Public Debt other Affairs Engineers 2 programs 3 Agency (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) General InterServices national Admin- Assistance istration Program 5 (23) (24) ............. ............. ............. ............. ............. 5,384 5,718 5,347 4,953 5,237 34,457 37,278 38,776 38,777 39,838 292,502 296,278 332,414 343,955 355,796 6,209 10,981 16,027 21,375 23,585 35,487 37,401 37,770 36,915 39,279 - 29,262 30,402 31,664 32,535 33,833 5,925 5,855 6,349 6,046 6,167 194 229 213 202 219 - 743 334 708 625 1,083 11,527 10,511 11,163 9,716 10,191 1998 - Est. . . . . . . . . . . 1999 - Est. . . . . . . . . . . 5,261 5,340 40,465 41,289 362,120 366,617 25,102 32,625 43,074 43,216 4,064 3,458 31,494 32,439 6,440 7,107 240 251 3,698 3,071 944 214 9,609 9,461 367 540 243 368 406 364 409 457 206 879 332 368 370 2,819 2,962 3,333 3,218 3,688 3,743 3,840 3,914 3,013 3,703 2,783 2,744 2,948 21,581 21,698 27,517 64,374 21,398 23,570 20,874 21,771 26,407 67,795 21,176 21,609 21,781 7,706 3,990 2,173 992 1,187 76 -2,859 933 631 1,496 748 10,591 6,857 1,758 3,335 4,325 1,586 3,408 4,809 1,826 5,259 1,848 4,920 3,323 3,376 1,869 273 339 427 266 310 242 2,795 2,821 2,881 2,672 2,841 2,789 2,921 2,532 2,568 2,569 2,617 2,616 2,628 526 474 468 543 514 501 645 493 413 612 446 479 535 26 18 24 19 17 14 16 18 16 17 14 20 17 228 106 195 146 122 225 300 419 -540 557 593 443 304 486 -775 533 404 -487 461 601 995 283 130 919 154 888 424 710 3,853 397 -135 698 2,612 19,107 180,539 21,256 20,595 1,858 15,530 2,977 104 1,022 622 5,946 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan.. . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Fiscal 1998 to date . . . See footnotes at end of table. 16 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 and National Office of Small Space Science Personnel Business AdminisFoun- Manage- Adminisment tration tration dation 6 (25) (26) (27) (28) Social Security Administration (29) Other independent agencies (30) Undistributed offsetting receipts Rents and Employer Interest royalties share, received on the Outer employee by trust Continental retirement funds Shelf lands (31) (32) (33) Other (34) Total outlays OnOffbudget budget (35) (36) 1993 1 . . . . . . . . . . . . . 14,305 - 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * 1,142,110 266,012 1994 1 . . . . . . . . . . . . . 13,694 - 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * 1,181,185 279,372 1995 1. . . . . . . . . . . . . . 13,377 - 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 1,225,724 288,665 1996 . . . . . . . . . . . . . . 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455 1997 1. . . . . . . . . . . . . . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 1998 - Est. . . . . . . . . . . 13,729 3,165 46,418 -62 410,480 13,997 -35,063 -112,681 -4,663 -7,760 1,348,140 319,675 1999 - Est. . . . . . . . . . . 13,503 3,441 48,603 -421 425,674 16,985 -35,744 -119,043 -4,187 -2,591 1,404,355 328,862 1997 - Mar. . . . . . . . . . 1,192 - 3,986 14 30,315 -221 -2,458 -250 -352 - 100,427 28,995 Apr. . . . . . . . . . 1,066 - 3,975 39 32,610 -767 -2,530 -602 -273 * 107,843 26,807 May . . . . . . . . . 1,296 - 3,557 -35 35,058 1,634 -2,677 -5,996 -36 -1,415 112,626 30,362 June . . . . . . . . . 1,211 - 3,928 -17 34,206 -1,279 -2,491 -44,290 -842 -5,224 105,267 13,459 July. . . . . . . . . . 1,367 - 3,881 85 33,076 1,203 -3,006 -383 -589 -1 107,050 27,752 Aug. . . . . . . . . . 1,215 - 3,903 23 34,991 -464 -2,511 -1,811 -10 -742 109,810 28,862 Sept.. . . . . . . . . 1,168 - 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806 Oct. . . . . . . . . . 1,254 228 3,744 -6 35,130 586 -2,579 -359 -482 -6 123,866 27,000 Nov. . . . . . . . . . 1,209 230 3,746 50 30,692 1,401 -2,413 -5,635 -48 -152 91,326 29,504 Dec. . . . . . . . . . 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711 1998 - Jan.. . . . . . . . . . 1,025 275 3,834 148 33,569 716 -2,499 -167 -5 * 108,844 28,388 Feb. . . . . . . . . . 1,001 254 3,493 14 33,633 760 -2,575 -1,487 -247 -572 109,393 30,308 Mar. . . . . . . . . . 1,196 242 4,060 20 31,559 -716 -2,582 -358 -482 - 101,967 29,775 Fiscal 1998 to date . . . 7,108 1,491 22,798 248 200,202 2,974 -15,283 -55,016 -2,258 -732 682,044 152,687 1 * 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. 2 Beginning in fiscal 1998, amounts previously posted under "Department of Defense-Civil" are now divided among "Other Defense, civil programs" and "Corps of Engineers," in accordance with the fiscal 1999 budget realignment. 3 Beginning in fiscal 1998, "Other Defense, civil programs," include amounts previously posed under "Independent agencies," including activities of the American Battle Monument and the Selective Service in accordance with the fiscal 1999 budget realignment. 4 Beginning in fiscal 1998, "Federal Emergency Management Agency" includes activity previously posted under "Independent agencies’ in accordance with the fiscal 1999 budget realignment. 5 The column formerly entitled "Funds Appropriated to the President" is labeled "International Assistance Program," in accordance with the fiscal 1999 budget realignment. 6 Beginning in fiscal 1998, activity that was previously included in "Independent agencies" is now reported separately for the "National Science Foundation" in accordance with the fiscal 1999 budget realignment. Note.--On-budget and off-budget estimates are based on the fiscal1999 budget, released by the Office of Management and Budget on February 2, 1998. 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 1993 1994 1995 1996 1997 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) .............. .............. .............. .............. .............. 3,407,516 3,597,247 3,904,812 4,366,413 4,263,210 331,337 307,639 226,833 194,156 191,134 3,746,152 3,915,321 4,129,866 4,561,495 4,454,345 584,383 686,879 642,952 629,083 775,799 583,369 693,001 642,716 621,887 776,394 1997 - Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 312,744 472,071 331,495 391,682 310,189 303,302 393,353 316,403 280,717 401,757 329,140 359,589 351,851 15,480 15,947 13,624 18,361 15,184 14,953 20,742 19,041 18,383 28,440 21,239 18,336 22,149 327,537 441,750 392,160 398,846 336,725 318,568 411,105 338,521 298,590 429,879 350,270 378,440 373,547 65,576 68,513 57,537 83,568 66,583 62,642 90,484 69,379 65,276 106,946 77,218 71,071 88,946 47,990 58,875 83,027 60,376 78,977 77,763 61,930 89,663 66,270 95,157 68,903 94,585 78,048 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 High During period Low Tax and Federal loan note Reserve accounts (10) (11) End of period Tax and Federal loan note Reserve accounts (6) (7) Federal Reserve (8) Tax and loan note accounts (9) 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 1995. . . . . . . . . . . . . . . . 8,620 29,329 20,977 1996 . . . . . . . . . . . . . . 7,700 36,525 1997 . . . . . . . . . . . . . . 7,692 1997 - Mar. . . . . . . . . . Average Federal Reserve (12) Tax and loan note accounts (13) 1,625 6,510 18,978 2,736 - 5,904 18,631 41,288 2,826 99 6,127 16,955 15,668 40,647 2,490 - 5,847 14,194 35,930 10,987 38,741 3,793 4,054 6,303 20,386 5,945 27,551 12,885 33,331 4,347 7,737 5,840 18,769 Apr. . . . . . . . . . . 52,215 37,189 52,215 37,728 3,446 5,093 12,996 21,802 May . . . . . . . . . . 5,174 11,698 38,653 38,811 4,799 11,698 11,513 29,912 June . . . . . . . . . 16,368 34,891 19,285 37,501 4,280 4,694 8,848 21,786 July . . . . . . . . . . 5,014 22,496 6,562 34,000 3,544 9,919 4,750 18,768 Aug. . . . . . . . . . 4,700 7,376 5,947 17,638 3,876 6,214 4,855 11,751 Sept. . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 Oct. . . . . . . . . . . 4,616 15,645 6,359 30,666 3,703 6,023 5,387 15,914 Nov. . . . . . . . . . 5,127 14,651 6,802 15,645 3,950 4,909 5,126 11,198 Dec. . . . . . . . . . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922 1998 - Jan. . . . . . . . . . 5,552 34,756 15,430 42,708 4,379 4,090 6,507 22,257 Feb.. . . . . . . . . . 5,037 11,243 6,671 34,756 4,087 3,335 4,969 14,489 Mar.. . . . . . . . . . 5,490 22,141 9,478 35,005 4,556 2,537 5,455 17,531 Fiscal year or month 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 2 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 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 March 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. (Fed- eral 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. The average length has increased gradually since it hit a low of 2 years, 5 months in December 1975. It had reached a high of 6 years, 4 months in May 1991. The average length has decreased over time so that during most of 1996 the average length has been at 5 years, 3 months. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent which could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market rates of interest for the first time since 1965. In March 1976 the definition of a bond was changed to include those securities longer than 10 years to maturity. 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) 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 4,411,489 4,692,750 4,973,983 5,224,811 5,413,146 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 5,414,754 5,388,003 5,379,245 5,409,818 5,406,995 5,437,927 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,380,890 5,353,971 5,344,961 5,376,151 5,373,229 5,404,420 5,413,146 5,427,225 5,462,622 5,502,388 5,490,064 5,520,668 5,542,426 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) 24,682 28,543 26,962 35,043 33,187 1,116,713 1,213,115 1,320,800 1,454,608 1,605,557 1,116,693 1,213,098 1,320,784 1,447,001 1,598,459 21 17 16 7,606 7,098 3,319,458 3,508,178 3,680,145 3,805,246 3,840,776 3,294,796 3,479,652 3,653,199 3,777,810 3,814,687 24,661 28,526 26,946 27,437 26,089 33,864 34,032 34,284 33,667 33,766 33,507 33,187 33,151 33,322 33,624 30,443 30,371 30,516 1,514,391 1,527,656 1,536,705 1,578,930 1,577,530 1,578,406 1,605,557 1,613,510 1,620,346 1,662,780 1,672,306 1,672,707 1,674,976 1,506,784 1,520,050 1,529,099 1,571,583 1,570,183 1,571,058 1,598,459 1,606,412 1,613,248 1,655,682 1,667,708 1,668,108 1,670,378 7,606 7,606 7,606 7,348 7,348 7,348 7,098 7,098 7,098 7,098 4,598 4,598 4,598 3,900,363 3,860,347 3,842,540 3,830,888 3,829,465 3,859,521 3,840,776 3,846,866 3,875,598 3,873,232 3,848,201 3,878,332 3,897,966 3,874,106 3,833,921 3,815,862 3,804,568 3,803,046 3,833,362 3,814,687 3,820,813 3,849,374 3,846,706 3,822,356 3,852,560 3,872,048 26,258 26,426 26,678 26,319 26,418 26,159 26,089 26,053 26,224 26,526 25,845 25,773 25,918 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) 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 85,022 77,297 79,995 77,931 76,633 4,351,149 4,643,996 4,920,950 5,181,923 5,369,700 1,116,713 1,213,115 1,320,800 1,454,608 1,605,557 12,776 1,472 3,188 5,698 6,984 1,103,938 1,211,644 1,317,612 1,448,910 1,598,573 3,319,458 3,508,178 3,680,145 3,805,246 3,840,776 72,246 75,826 76,807 72,233 69,649 3,247,211 3,432,352 3,603,338 3,733,013 3,771,127 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 5,414,754 5,388,003 5,379,245 5,409,818 5,406,995 5,437,927 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 77,217 76,375 77,785 77,227 77,053 77,192 76,633 76,954 77,001 76,784 77,168 76,712 76,290 5,337,537 5,311,628 5,301,460 5,332,592 5,329,943 5,360,736 5,369,700 5,383,423 5,418,943 5,459,228 5,443,339 5,474,327 5,496,652 1,514,391 1,527,656 1,536,705 1,578,930 1,577,530 1,578,406 1,605,557 1,613,510 1,620,346 1,662,780 1,672,306 1,672,707 1,674,976 6,561 6,734 6,897 6,844 6,685 7,116 6,984 7,544 7,967 8,344 8,952 8,929 9,010 1,507,830 1,520,922 1,529,808 1,572,087 1,570,846 1,571,290 1,598,573 1,605,967 1,612,379 1,654,436 1,663,354 1,663,778 1,665,966 3,900,363 3,860,347 3,842,540 3,830,888 3,829,465 3,859,521 3,840,776 3,846,866 3,875,598 3,873,232 3,848,201 3,878,332 3,897,966 70,656 69,641 70,888 70,383 70,368 70,076 69,649 69,410 69,034 68,440 68,216 67,783 67,280 3,829,707 3,790,706 3,771,652 3,760,505 3,759,097 3,789,445 3,771,127 3,777,456 3,806,564 3,804,792 3,779,985 3,810,549 3,830,686 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"] End of fiscal year or month Total interestbearing public debt (1) .......... .......... .......... .......... .......... 1997 - Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . July . . . . . Aug. . . . . . Sept. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 1998 - Jan. . . . . . Feb. . . . . . Mar. . . . . . 1993 1994 1995 1996 1997 Marketable Treasury inflationindexed notes (6) Federal Financing Bank (7) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Nonmarketable Total (8) 4,408,567 4,689,524 4,950,644 5,220,790 5,407,528 2,904,910 3,091,602 3,260,447 3,418,371 3,439,616 658,381 697,295 742,462 761,232 701,909 1,734,161 1,867,507 1,980,343 2,098,670 2,122,172 497,367 511,800 522,643 543,469 576,151 24,384 15,000 15,000 15,000 15,000 15,000 1,503,657 1,597,922 1,690,197 1,802,419 1,967,912 5,375,139 5,348,249 5,308,468 5,370,459 5,367,593 5,367,587 5,407,528 5,421,664 5,426,155 5,494,913 5,450,015 5,482,059 5,535,273 3,504,361 3,464,512 3,415,897 3,433,058 3,433,094 3,430,768 3,439,616 3,438,686 3,433,599 3,456,817 3,398,110 3,424,126 3,467,093 785,558 741,401 719,679 704,135 706,149 722,074 701,909 703,011 718,906 715,394 688,846 705,129 720,077 2,131,003 2,126,823 2,099,890 2,132,574 2,122,205 2,093,189 2,122,172 2,111,648 2,079,406 2,106,049 2,065,496 2,063,935 2,091,895 565,416 565,416 565,416 565,416 565,415 576,151 576,151 576,151 587,335 587,335 587,335 598,669 598,669 7,383 15,872 15,912 15,933 24,325 24,354 24,384 32,876 32,952 33,039 41,432 41,392 41,452 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 1,870,778 1,883,737 1,892,570 1,937,401 1,934,499 1,936,819 1,967,912 1,982,978 1,992,556 2,038,096 2,051,905 2,057,933 2,068,180 Nonmarketable, con. End of fiscal year or month State and local government series (12) Domestic series (13) Other (14) 1,114,289 1,211,689 1,324,270 1,454,690 1,608,478 149,449 137,386 113,368 95,674 111,863 29,995 29,995 29,995 29,995 29,995 442 445 432 424 1 1,516,631 1,529,858 1,538,241 1,581,467 1,580,082 1,580,074 1,608,478 1,616,693 1,622,966 1,666,650 1,677,313 1,678,618 1,681,468 104,766 105,698 106,200 107,915 106,528 109,048 111,863 118,826 122,080 124,081 127,419 132,179 139,142 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 1 1 1 1 1 1 1 1 1 1 1 1 1 U.S. savings securities (9) Foreign series (10) Government account series (11) ....................... ....................... ....................... ....................... ....................... 167,024 176,413 181,181 184,147 182,665 42,459 41,996 40,950 37,488 34,909 1997 - Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . 182,619 182,625 182,624 182,664 182,683 182,641 182,665 182,853 183,055 181,209 181,118 181,281 181,215 36,767 35,559 35,509 35,359 35,209 35,059 34,909 34,609 34,459 36,159 36,059 35,859 36,359 1993 1994 1995 1996 1997 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 1993 1994 1995 1996 1997 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) ............. ............. ............. ............. ............. 1,114,289 1,211,689 1,324,270 1,454,690 1,608,478 12,672 12,206 11,145 7,682 6,360 4,325 13,972 20,117 22,186 26,329 13,575 14,929 15,839 16,962 18,038 5,637 7,326 2,399 11,853 15,460 10,162 6,025 35,150 50,051 63,513 301,711 329,602 357,539 377,677 407,202 126,078 128,716 129,864 125,805 116,621 5,380 5,933 6,277 7,894 13,643 355,510 413,425 447,947 499,403 567,445 1997 - Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . 1,516,631 1,529,858 1,538,241 1,581,467 1,580,082 1,580,074 1,608,478 1,616,693 1,622,966 1,666,650 1,677,313 1,678,618 1,681,468 6,438 6,306 6,730 7,107 7,149 6,942 6,360 7,657 8,062 8,202 8,375 8,485 8,570 24,025 25,313 25,335 25,933 25,935 25,801 26,329 26,406 26,204 26,624 26,267 26,436 27,097 17,514 17,479 17,699 17,773 17,811 17,884 18,038 18,124 18,205 18,227 18,070 18,672 18,715 15,253 15,320 15,388 15,460 15,425 15,386 15,460 15,532 15,482 15,561 15,632 15,698 15,627 55,845 57,928 58,418 61,359 61,828 62,450 63,513 63,638 63,861 66,318 67,964 68,558 69,601 379,930 377,879 375,583 388,702 386,674 384,586 407,202 405,111 402,873 417,503 416,963 414,579 412,213 122,194 121,635 116,190 123,001 118,801 115,352 116,621 112,707 113,798 116,441 118,056 116,518 116,904 10,183 10,865 11,368 11,338 11,773 11,975 13,643 13,671 13,671 13,671 13,475 14,327 14,173 525,960 536,848 538,005 556,344 560,560 562,551 567,445 567,914 567,453 589,082 598,426 600,256 605,741 Highway Trust Fund (14) National Service Life Insurance fund (15) Federal Savings and Loan Corporation, resolution fund (11) Federal Supplementary Medical Insurance Trust Fund (12) ............ ............ ............ ............ ............ 828 1,649 528 694 1,806 23,269 21,489 13,513 27,175 34,464 125 114 106 99 - 11,475 7,751 8,954 11,660 22,341 11,666 11,852 11,954 12,007 12,023 3,826 1,270 1,249 860 860 10,457 10,596 12,129 14,763 17,486 1997 - Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1998 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . 1,502 1,566 1,613 1,623 1,655 1,727 1,806 1,834 1,862 1,873 1,985 1,996 2,018 30,666 31,339 31,482 33,412 33,411 33,101 34,464 33,596 35,177 35,053 35,555 35,100 35,120 - 22,193 22,433 22,641 22,836 23,478 22,860 22,341 22,223 23,105 24,137 25,442 24,946 25,508 12,032 11,944 11,861 12,279 12,199 12,117 12,023 11,952 11,880 12,291 12,206 12,122 12,025 1,827 2,702 1,994 1,599 2,033 2,662 860 14 14 14 15 - 15,696 15,938 17,100 17,123 17,240 17,480 17,486 17,412 17,371 17,316 17,336 17,476 17,612 End of fiscal year or month 1993 1994 1995 1996 1997 Government life insurance fund (13) Railroad Postal Retirement Service fund Account (16) (17) Treasury deposit funds (18) Unemployment Trust Fund (19) Other (20) 147 130 130 77 74 36,563 39,745 47,098 53,849 61,880 180,883 184,959 202,332 213,993 222,933 73 73 73 73 73 74 74 74 75 75 76 77 74 50,908 51,182 60,515 60,847 60,511 63,293 61,880 61,253 62,743 63,324 61,661 62,411 60,362 224,392 223,108 226,246 224,658 223,526 223,833 222,933 237,575 241,130 240,938 239,809 240,961 240,108 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 Farm Credit Federal Savings Development System Bank and Loan InsurFederal Financial Insurance ance Corporation, Housing Assistance Fund resolution fund Administration Corp. (2) (3) (4) (5) Other independent Tennessee Valley Authority (6) Postal Service (7) Other (8) 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 1996 . . . . . . . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 1997 . . . . . . . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 1997 - Mar. . . . . . . . . . . . . . . . . . 33,864 - 95 26 1,261 27,594 4,406 481 Apr. . . . . . . . . . . . . . . . . . 34,032 - 95 31 1,261 27,756 4,406 482 May . . . . . . . . . . . . . . . . . 34,284 - 95 32 1,261 28,005 4,406 483 June . . . . . . . . . . . . . . . . . 33,667 - 95 37 1,261 27,640 4,148 485 July . . . . . . . . . . . . . . . . . 33,766 - 95 43 1,261 27,732 4,148 486 Aug. . . . . . . . . . . . . . . . . . 33,507 - 95 46 1,261 27,478 4,148 479 Sept. . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 Oct. . . . . . . . . . . . . . . . . . 33,151 - 95 68 1,261 27,350 3,898 479 Nov. . . . . . . . . . . . . . . . . . 33,322 - 95 93 1,261 27,494 3,898 481 Dec. . . . . . . . . . . . . . . . . . 33,624 - 95 102 1,261 27,786 3,898 482 1998 - Jan. . . . . . . . . . . . . . . . . . 30,443 - 63 133 1,261 27,104 1,398 483 Feb. . . . . . . . . . . . . . . . . . 30,371 - 63 79 1,261 27,095 1,398 474 Mar. . . . . . . . . . . . . . . . . . 30,516 - 63 97 1,261 27,221 1,398 475 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, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1993 . . . . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . 2,562,336 2,719,861 2,870,781 3,011,185 2,998,846 858,135 877,932 1,002,875 1,058,558 1,017,913 1997 - Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1998 - Jan.. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . 3,082,541 2,997,163 2,988,194 2,989,260 3,002,678 2,995,863 2,998,846 2,998,692 2,988,004 2,988,654 2,954,877 2,978,212 3,010,826 1,087,199 1,035,135 1,024,615 1,007,563 1,016,588 1,033,763 1,017,913 1,020,602 1,039,059 1,027,280 1,011,181 1,029,311 1,040,573 End of fiscal year or month Maturity classes 5-10 years (4) 10-20 years (5) 20 years and more (6) 978,714 1,128,322 1,157,492 1,212,258 1,206,993 306,663 289,998 290,111 306,643 321,622 94,346 88,208 87,297 111,360 154,205 324,479 335,401 333,006 322,366 298,113 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 10 mos. 8 mos. 4 mos. 3 mos. 4 mos. 1,224,620 1,199,000 1,182,510 1,206,304 1,208,014 1,184,038 1,206,993 1,200,942 1,155,293 1,170,833 1,139,318 1,147,184 1,173,036 323,173 327,320 331,276 330,005 331,086 321,471 321,622 320,882 330,129 328,855 338,503 326,495 326,381 125,228 119,853 143,676 141,299 142,476 155,967 154,205 154,778 153,997 153,224 155,193 154,836 152,471 322,322 315,855 306,117 304,090 304,514 300,624 298,113 301,488 309,526 308,462 310,681 320,386 318,365 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. 3 mos. 3 mos. 5 mos. 4 mos. 4 mos. 5 mos. 4 mos. 4 mos. 5 mos. 5 mos. 5 mos. 6 mos. 5 mos. 1-5 years (3) Average length 1 (7) 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) Total (2) ........................ ........................ ........................ ........................ ........................ 4,900,000 4,900,000 4,900,000 5,500,000 5,950,000 4,315,571 4,605,338 4,884,605 5,137,195 5,327,624 4,315,358 4,605,226 4,884,518 5,137,113 5,327,556 213 112 87 82 68 4,313,976 4,603,700 4,863,076 5,135,157 5,323,010 213 112 87 82 68 1,382 1,526 21,442 1,956 4,546 1997 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,294,243 5,268,449 5,258,093 5,289,840 5,287,052 5,318,320 5,327,624 5,341,344 5,376,574 5,416,458 5,403,697 5,434,237 5,456,497 5,294,217 5,268,413 5,258,061 5,289,803 5,287,010 5,318,275 5,327,556 5,341,263 5,376,481 5,416,357 5,403,621 5,434,158 5,456,401 26 31 32 37 43 46 68 81 93 101 76 79 96 5,289,542 5,263,766 5,222,642 5,285,185 5,282,448 5,282,514 5,323,010 5,336,771 5,341,084 5,409,952 5,364,640 5,396,617 5,450,316 26 31 32 37 43 46 68 81 93 101 76 79 96 4,675 4,647 35,419 4,618 4,562 35,761 4,546 4,492 35,397 6,405 38,981 37,541 6,085 1993 1994 1995 1996 1997 1 Debt outstanding subject to limitation Public debt (3) Beginning September 1976, the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in 1997) are excluded from the average length calculation. Published data was changed for the Other debt 2 (4) Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interest-bearing public debt subject to limitation (7) end of the fiscal years back through 1967. Consists of guaranteed debt issued by the Federal Housing Administration. 2 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) .............. .............. .............. .............. .............. 183,196 163,642 134,892 117,290 133,301 24,745 16,909 - 1,685 2,112 - 8,926 8,855 - 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 135,921 135,755 131,146 134,336 132,215 130,245 133,301 147,133 147,170 150,798 153,892 153,855 152,979 - - - 1993 1994 1995 1996 1997 End of fiscal year or month 1993 1994 1995 1996 1997 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) FarmService Agency (6) Rural Utilities Service (7) 8,682 8,529 - 8,596 3,273 9,818 12,161 12,042 12,925 - 9,389 8,982 8,875 8,505 8,181 7,939 9,818 13,416 14,969 14,880 17,896 17,762 17,957 13,384 13,398 13,396 13,204 13,279 13,279 12,925 14,157 14,141 14,134 14,134 13,848 13,858 Department of Education (11) Department of Energy Bonneville Power Administration (12) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) .............. .............. .............. .............. .............. 5,354 6,430 6,676 91 113 157 563 647 670 2,673 2,612 6,745 13,398 23,532 2,332 2,617 2,563 2,456 2,499 783 1,647 3,123 3,639 8,959 8,484 7,714 6,909 6,174 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 6,720 6,720 6,720 6,620 6,620 6,620 6,676 7,764 7,764 7,764 7,764 8,055 8,055 145 145 145 145 146 146 157 189 189 189 189 189 189 647 647 647 647 647 647 670 670 670 670 670 670 670 24,306 24,306 24,306 24,527 24,527 24,527 23,532 33,987 33,987 33,987 33,987 33,987 33,987 2,566 2,488 2,618 2,618 2,491 2,499 2,499 2,499 2,449 2,449 2,509 2,509 2,509 3,123 3,123 3,123 3,123 3,123 3,123 3,639 3,639 3,639 3,639 4,139 4,139 4,139 6,909 6,909 6,909 6,174 6,174 6,174 6,174 6,174 6,174 6,174 6,174 6,211 6,211 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) 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 1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 1997 - Mar. . . . . . . . . . 38,692 * 2,150 2,741 6,582 9,956 8,611 Apr. . . . . . . . . . 38,247 * 2,150 3,131 6,855 9,956 8,698 May . . . . . . . . . 36,870 * 2,028 3,141 3,962 9,956 8,451 June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439 July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270 Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324 Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 Oct. . . . . . . . . . 33,698 * 1,411 3,140 5,312 9,302 11,772 Nov. . . . . . . . . . 32,437 * 1,411 3,140 5,566 8,932 11,699 Dec. . . . . . . . . . 34,090 * 1,411 3,140 5,842 8,932 13,492 1998 - Jan. . . . . . . . . . 33,321 * 1,411 8,932 3,140 6,113 13,508 Feb. . . . . . . . . . 32,340 * 1,411 8,932 3,421 6,368 14,008 Mar. . . . . . . . . . 30,487 * 1,411 9,559 3,421 6,626 13,896 * Less than $500,000. FEDERAL DEBT CHARTS FD-A.--Average Length of Privately Held Marketable Debt [Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.] Years Mar. 31, 1998 5 Years, 5 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months 27 28 PUBLIC DEBT OPERATIONS INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code 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. • 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-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 4 weeks. 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 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-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. • 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 [Source: Bureau of the Public Debt, Office of Financing] JANUARY Auction of 10-Year Inflation-Indexed Notes December 31, 1997, Treasury announced it would auction $8,000 million of 10-year inflation-indexed notes to raise cash. The notes offered were Treasury Series A-2008, dated January 15, 1998, issued January 15, 1998, due January 15, 2008, with interest payable July 15 and January 15 until maturity. An interest rate of 3-5/8 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 January 8, and totaled $23,556 million, of which $8,009 million was accepted. All competitive tenders at yields lower than 3.730 percent were accepted in full. Tenders at 3.730 percent were allotted 73 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.730 percent with an equivalent adjusted price of 99.130. The median yield was 3.699 percent and the low yield was 3.580 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors totaled $7,971 million. In addition to the $8,009 million of tenders accepted in the auction process, $400 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series A-2008 is $1.6 million. Auction of 2-Year and 5-Year Notes January 21, 1998, Treasury announced it would auction $15,000 million of 2-year notes of Series Y-2000 and $11,000 million of 5-year notes of Series C-2003 to refund $29,575 million of securities maturing January 31 and to pay down about $3,575 million. The notes of Series Y-2000 were dated January 31, 1998, due January 31, 2000, with interest payable July 31 and January 31 until maturity. An interest rate of 5-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.29696 per $1,000, covering the period from January 31 to February 2, 1998, was payable with each accepted tender. 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 27, and totaled $33,773 million, of which $15,004 million was accepted. All competitive tenders at yields lower PUBLIC DEBT OPERATIONS 29 TREASURY FINANCING: JANUARY-MARCH, con. than 5.440 percent were accepted in full. Tenders at 5.440 percent were allotted 51 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.440 percent with an equivalent price of 99.878. The median yield was 5.424 percent, and the low yield was 5.380 percent. Noncompetitive tenders totaled $1,017 million. Competitive tenders accepted from private investors totaled $13,987 million. In addition to the $15,004 million of tenders accepted in the auction process, $1,380 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,066 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series Y-2000 is $1.6 million. The notes of Series C-2003 were dated January 31, 1998, due January 31, 2003, with interest payable July 31 and January 31 until maturity. An interest rate of 5-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.30387 per $1,000, covering the period from January 31 to February 2, 1998, was payable with each accepted tender. 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 28, and totaled $22,812 million, of which $11,001 million was accepted. All competitive tenders at yields lower than 5.558 percent were accepted in full. Tenders at 5.558 were allotted 25 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.558 percent with an equivalent price of 99.749. The median yield was 5.530 percent and the low yield was 5.480 percent. Noncompetitive tenders totaled $397 million. Competitive tenders accepted from private investors totaled $10,604 million. In addition to the $11,001 million of tenders accepted in the auction process, $1,300 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $785 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series C-2003 is $400,000. 52-Week Bills December 24, 1997, tenders were invited for approximately $12,000 million of 364-day Treasury bills to be dated January 8, 1998, and to mature January 7, 1999. The issue was to refund $14,870 million of maturing 52-week bills and to pay down about $2,875 million. The bills were auctioned on January 6. Tenders totaled $42,615 million, of which $12,074 million was accepted, including $1,058 million of noncompetitive tenders from the public and $900 million of the bills issued to Federal Reserve Banks as agents for foreign and international monetary authorities. In addition, $5,740 million of the bills were issued to Federal Reserve Banks for themselves. The average Bank discount rate was 5.065 percent. January 23 tenders were invited for approximately $12,000 million of 364-day Treasury bills to be dated February 5, 1998, and to mature February 4, 1999. The issue was to refund $14,778 million of maturing 52-week bills and to pay down about $2,775 million. The bills were auctioned on January 29. Tenders totaled $41,268 million, of which $12,045 million was accepted, including $1,097 million of noncompetitive tenders from the public and $1,610 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. An additional $920 million was issued to Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. Another $6,205 million was awarded to Federal Reserve Banks for their own accounts. The average Bank discount rate was 4.965 percent. FEBRUARY February Quarterly Financing February 4 Treasury announced it would auction $13,000 million of 3-year notes of Series S-2001, $12,000 million of 10-year notes of Series B-2008, and $10,000 million of 29-3/4 year 6-1/8 percent bonds of November 2027. The issues were to refund $25,961 million of Treasury securities maturing February 15 and to raise about $9,050 million new cash. The notes of Series S-2001 were dated February 15, 1998, issued February 17, 1998, due February 15, 2001, with interest payable August 15 and February 15 until maturity. An interest rate of 5-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.29696 per $1,000, covering the period from February 15 to February 17, 1998, was payable with each accepted tender. 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 10, and totaled $32,987 million, of which $13,023 million was accepted at yields ranging from 5.404 percent, price 99.920, up to 5.420 percent, price 99.876. Tenders at the high yield were allotted 87 percent. Noncompetitive tenders were accepted in full at the average yield, 5.414 percent, price 99.893. These totaled $804 million. Competitive tenders accepted from private investors totaled $12,219 million. In addition to the $13,023 million of tenders accepted in the auction process, $780 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,533 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series S-2001 is $1.6 million. The notes of Series B-2008 were dated February 15, 1998, issued February 17, 1998, due February 15, 2008, with interest payable August 15 and February 15 until maturity. An interest rate of 5-1/2 percent was set after the determination as to which 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: JANUARY-MARCH, con. tenders were accepted on a yield auction basis. Accrued interest of $0.30387 per $1,000, covering the period from February 15 to February 17, 1998, was payable with each accepted tender. 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 11, and totaled $29,837 million, of which $12,005 million was accepted at yields ranging from 5.550 percent, price 99.620, up to 5.564 percent, price 99.514. Tenders at the high yield were allotted 86 percent. Noncompetitive tenders were accepted in full at the average yield, 5.558 percent, price 99.559. These totaled $259 million. Competitive tenders accepted from private investors totaled $11,746 million. In addition to the $12,005 million of tenders accepted in the auction process, $150 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,420 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series B-2008 is $400,000. The 29-3/4-year 6-1/8 percent bonds of November 2027 were dated November 15, 1997, issued February 17, 1998, due November 15, 2027, with interest payable May 15 and November 15 until maturity. Accrued interest of $15.90470 per $1,000, covering the period from November 15, 1997 to February 17, 1998, was payable with each accepted tender. 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 12, and totaled $21,208 million, of which $10,007 million was accepted at yields ranging from 5.800 percent, price 104.558, up to 5.830 percent, price 104.122. Tenders at the high yield were allotted 92 percent. Noncompetitive tenders were accepted in full at the average yield, 5.822 percent, price 104.238. These totaled $143 million. Competitive tenders accepted from private investors totaled $9,864 million. In addition to the $10,007 million of tenders accepted in the auction process, $1,325 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of the Bonds of November 2027 is $1.6 million. Auction of 2-Year and 5-Year Notes February 18 Treasury announced it would auction $15,000 million of 2-year notes of Series Z-2000 and $11,000 million of 5-year notes of Series D-2003 to refund $28,278 million of securities maturing February 28 and to pay down about $2,275 million. The notes of Series Z-2000 were dated February 28, 1998, issued March 2, 1998, due February 29, 2000, with interest payable the last calendar day of August and February through February 29, 2000. An interest rate of 5-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.29891 per $1,000, covering the period from February 28 to March 2, 1998, was payable with each accepted tender. 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 24, and totaled $33,544 million, of which $15,001 million was accepted. All competitive tenders at yields lower than 5.537 percent were accepted in full. Tenders at 5.537 percent were allotted 37 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.537 percent with an equivalent price of 99.930. The median yield was 5.520 percent and the low yield was 5.480 percent. Noncompetitive tenders totaled $908 million. Competitive tenders accepted from private investors totaled $14,093 million. In addition to the $15,001 million of tenders accepted in the auction process, $1,235 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,497 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series Z-2000 is $400,000. The notes of Series D-2003 were dated February 28, 1998, issued March 2, 1998, due February 28, 2003, with interest payable the last calendar day of August and February through February 28, 2003. An interest rate of 5-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.29891 per $1,000, covering the period from February 28 to March 2, 1998, was payable with each accepted tender. 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 25, and totaled $29,947 million, of which $11,000 million was accepted. All competitive tenders at yields lower than 5.605 percent were accepted in full. Tenders at 5.605 percent were allotted 31 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.605 percent with an equivalent price of 99.547. The median yield was 5.580 percent and the low yield was 5.550 percent. Noncompetitive tenders totaled $310 million. Competitive tenders accepted from private investors totaled $10,690 million. In addition to the $11,000 million of tenders accepted in the auction process, $1,561 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,095 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series D-2003 is $400,000. 52-Week Bills February 20 tenders were invited for approximately $12,000 million of 364-day Treasury bills to be dated March 5, 1998, and to mature March 4, 1999. The issue was to refund $14,996 million of maturing 52-week bills and to pay down about $3,000 million. The bills were auctioned on February PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: JANUARY-MARCH, con. 26. Tenders totaled $47,187 million, of which $12,103 million was accepted, including $1,052 million of noncompetitive tenders from the public and $1,440 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. In addition, $5,845 million was awarded to Federal Reserve Banks for their own accounts. The average Bank discount rate was 5.125 percent. Cash Management Bills February 10 tenders were invited for approximately $22,000 million of 65-day bills to be issued February 17, 1998, representing an additional amount of bills dated October 23, 1997, maturing April 23, 1998. The issue was to raise new cash. Tenders were opened on February 12. They totaled $85,000 million, of which $22,389 million was accepted, including $200 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. The average Bank discount rate was 5.29 percent. February 24 tenders were invited for approximately $23,000 million of 44-day bills to be issued March 3, 1998, representing an additional amount of bills dated October 16, 1997, maturing April 16, 1998. The issue was to raise new cash. Tenders were opened on February 26. They totaled $95,905 million, of which $23,376 million was accepted, including $100 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. The average Bank discount rate was 5.37 percent. MARCH Auction of 2-Year and 5-Year Notes March 18 Treasury announced it would auction $14,000 million of 2-year notes of Series AB-2000 and $11,000 million of 5-year notes of Series E-2003 to refund $31,726 million of securities maturing March 31 and to pay down about $6,725 million. The notes of Series AB-2000 were dated March 31, 1998, due March 31, 2000, with interest payable September 30 and March 31 until maturity. An interest rate of 5-1/2 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 March 24, and totaled $36,479 million, of which $14,014 million was accepted. All competitive tenders at yields lower than 5.500 percent were accepted in full. Tenders at 5.500 percent were allotted 93 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.500 percent with an equivalent price of 100.000. The median yield was 5.491 percent and the low yield was 5.450 percent. Noncompetitive tenders totaled $1,215 million. Com- petitive tenders accepted from private investors totaled $12,798 million. In addition to the $14,014 million of tenders accepted in the auction process, $1,390 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,758 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AB-2000 is $400,000. The notes of Series E-2003 were dated March 31, 1998, due March 31, 2003, with interest payable September 30 and March 31 until maturity. An interest rate of 5-1/2 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 March 25, and totaled $22,622 million, of which $11,012 million was accepted. All competitive tenders at yields lower than 5.620 percent were accepted in full. Tenders at 5.620 percent were allotted 59 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.620 percent with an equivalent price of 99.483. The median yield was 5.592 percent and the low yield was 5.550 percent. Noncompetitive tenders totaled $330 million. Competitive tenders accepted from private investors totaled $10,683 million. In addition to the $11,012 million of tenders accepted in the auction process, $1,764 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,385 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series E-2003 is $400,000. 52-Week Bills March 20 tenders were invited for approximately $11,000 million of 364-day Treasury bills to be dated April 2, 1998, and to mature April 1, 1999. The issue was to refund $13,578 million of maturing 52-week bills and to pay down about $2,575 million. The bills were auctioned on March 26. Tenders totaled $37,356 million, of which $11,029 million was accepted, including $1,092 million of noncompetitive tenders from the public and $1,237 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. An additional $203 million was issued to Federal Reserve Banks as agents for foreign and international monetary authorities for new cash. Another $5,495 million was issued to Federal Reserve Banks for their own accounts. The average Bank discount rate was 5.110 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, 1998 [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1998 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. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 7-7/8%-F note 5-1/8%-M note 5-7/8%-AE note 1 9%-B note 6-1/8%-X note 5-3/8%-N note 6%-AF note 5-1/8%-P note 6-1/4%-AG note 8-1/4%-G note 5-1/4%-Q note 6-1/4%-AH note 1 9-1/4%-C note 5-7/8%-Y note 4-3/4%-R note 6-1/8%-AJ note 4-3/4%-S note 6%-AK note 7-1/8%-H note 4-3/4%-T note 5-7/8%-AL note 1 8-7/8%-D note 5-1/2%-Z note 3-1/2% bond 5-1/8%-U note 5-5/8%-AM note 5-1/8%-V note 5-3/4%-AN note Issue date (2) 04/15/91 04/30/93 04/30/96 05/15/88 05/15/95 06/01/93 05/31/96 06/30/93 07/01/96 07/15/91 08/02/93 07/31/96 08/15/88 08/15/95 08/31/93 09/03/96 09/30/93 09/30/96 10/15/91 11/01/93 10/31/96 11/15/88 11/24/95 10/03/60 11/30/93 12/02/96 12/31/93 12/31/96 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6-3/8%-E note 5%-J note 5-7/8%-AB note 1 8-7/8%-A note 5%-W note 5-1/2%-K note 5-7/8%-AC note 5-7/8%-L note 6-1/4%-AD note 7%-F note 6-1/2%-M note 6-3/8%-AE note 1 9-1/8%-B note 6-3/8%-X note 01/15/92 01/31/94 01/31/97 02/15/89 02/15/96 02/28/94 02/28/97 03/31/94 03/31/97 04/15/92 05/02/94 04/30/97 05/15/89 05/15/96 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 8,788 12,225 21,406 9,165 21,226 12,358 21,110 12,596 22,054 9,694 11,689 21,563 11,343 22,418 13,019 21,949 12,576 21,486 10,268 13,023 21,221 9,903 20,598 226 12,115 20,532 12,444 20,615 427,610 685 675 1,426 898 4,092 855 1,185 1,471 1,177 1,711 685 1,157 1,480 4,540 648 2,070 973 1,219 1,002 938 995 546 2,722 162 953 919 1,680 915 37,778 8,103 11,550 19,980 8,267 17,134 11,503 19,925 11,125 20,877 7,983 11,004 20,406 9,863 17,878 12,371 19,879 11,603 20,267 9,267 12,085 20,226 9,357 17,877 64 11,162 19,613 10,765 19,700 389,832 10,559 12,901 19,468 9,720 21,997 11,914 19,916 12,780 19,798 10,178 12,292 19,353 10,047 23,360 892 789 1,245 1,049 3,644 715 1,249 1,895 1,499 1,074 1,220 1,300 1,638 2,919 9,667 12,112 18,223 8,671 18,353 11,199 18,667 10,885 18,299 9,104 11,072 18,053 8,410 20,441 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, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1999, con. May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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) 6-3/4%-N note 6-1/4%-AF note 6-3/4%-P note 6-%-AG note 6-3/8%-G note 6-7/8%-Q note 5-7/8%-AH note 1 8%-C note 6%-Y note 6-7/8%-R note 5-7/8%-L note 7-1/8%-S note 1 5-3/4%-K note 6%-H note 7-1/2%-T note 1 5-5/8%-AL note 1 7-7/8%-D note 5-7/8%-Z note 7-3/4%-U note 1 5-5/8%-AM note 7-3/4%-V note 1 5-5/8%-AL note Issue date (2) 05/31/94 06/02/97 06/30/94 06/30/97 07/15/92 08/01/94 07/31/97 08/15/89 08/15/96 08/31/94 09/02/97 09/30/94 09/30/97 10/15/92 10/31/94 10/31/97 11/15/89 11/15/96 11/30/94 12/01/97 01/03/95 12/31/97 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6-3/8%-E note 5-3/8%-Y note 7-3/4%-G note 1 8-1/2%-A note 5-7/8%-U note 7-1/8%-H note 1 5-1/2%-Z note 6-7/8%-J note 1 5-1/2%-AB note 5-1/2%-F note 6-3/4%-K note 1 8-7/8%-B note 6-3/8%-V note 6-1/4%-L note 5-7/8%-M note 6-1/8%-N note 1 8-3/4%-C note 6-%-W note 6-1/4%-P note 6-1/8%-Q note 5-3/4%-R note 1 01/15/93 02/02/98 01/31/95 02/15/90 02/18/97 02/28/95 03/02/98 03/31/95 03/31/98 04/15/93 05/01/95 05/15/90 05/15/97 05/31/95 06/30/95 07/31/95 08/15/90 08/15/97 08/31/95 10/02/95 10/31/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,339 18,575 13,101 17,862 10,006 12,411 16,839 10,164 22,708 12,397 17,215 12,836 17,487 10,337 12,152 16,824 10,774 22,870 11,934 17,051 12,523 16,747 539,435 687 738 1,645 644 349 1,531 1,097 944 2,282 996 1,305 1,079 642 406 568 502 814 2,891 1,188 573 1,380 796 44,185 11,652 17,837 11,456 17,218 9,657 10,879 15,743 9,220 20,426 11,401 15,910 11,757 16,845 9,931 11,584 16,322 9,960 19,979 10,746 16,478 11,143 15,951 495,250 10,104 17,502 12,229 10,673 20,421 12,496 17,776 13,188 17,205 10,535 12,433 10,496 20,763 12,752 12,464 12,339 11,081 18,053 11,922 12,011 12,080 690 1,096 1,135 1,086 969 1,322 1,497 1,422 1,758 383 1,024 480 2,807 843 740 643 1,158 1,470 696 1,009 537 9,414 16,406 11,093 9,587 19,452 11,174 16,279 11,767 15,447 10,152 11,409 10,016 17,956 11,909 11,724 11,696 9,922 16,583 11,226 11,002 11,543 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, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2000, con. Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Description (1) Issue date (2) 8-1/2%-D note 5-3/4%-X note 5-5/8%-S note 5-1/2%-T note 11/15/90 11/17/97 11/30/95 01/02/96 Total. . . . . . . . . . . . . . . 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 1 5-3/8%-S note 5-5/8%-F note 6-3/8%-G note 6-1/4%-H note 13-1/8% bond 1 8%-B note 6-1/2%-J note 6-5/8%-K note 6-5/8%-L note 1 7-7/8%-C note 13-3/8% bond 6-1/2%-M note 6-3/8%-N note 6-1/4%-P note 15-3/4% bond 1 7-1/2%-D note 5-7/8%-Q note 6-1/8%-R note 01/31/96 01/12/81 02/15/91 02/17/98 02/29/96 04/10/96 04/30/96 04/02/81 05/15/91 05/31/96 07/01/96 07/31/96 08/15/91 07/02/81 09/03/98 09/30/96 10/31/96 10/07/81 11/15/91 12/02/96 12/31/96 Total. . . . . . . . . . . . . . . 2002 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6-1/4%-C note 14-1/4% bond 6-1/4%-D note 6-5/8%-E note 6-5/8%-F note 1 7-1/2%-A note 6-1/2%-G note 6-1/4%-H note 1 3-5/8%-J note 6-%-K note 1 6-3/8%-B note 6-1/4%-L note 1 5-7/8%-M note 1 5-3/4%-N note 11-5/8% bond 1 5-3/4%-P note 01/31/97 01/06/82 02/28/97 03/31/97 04/30/97 05/15/92 06/02/97 06/30/97 07/15/97 07/31/97 08/17/92 09/02/97 09/30/97 10/31/97 09/29/82 12/01/97 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 11,520 16,036 12,357 12,821 341,258 881 1,736 646 891 26,921 10,639 14,300 11,711 11,930 314,337 12,816 1,501 11,313 15,367 12,820 14,181 13,780 1,750 12,398 13,722 14,282 14,137 12,339 1,753 14,000 14,519 14,640 1,753 24,226 14,031 13,971 249,300 841 161 958 1,533 1,051 1,600 999 166 1,223 997 1,175 907 1,400 256 879 1,037 883 173 2,441 476 625 19,779 11,975 1,341 10,355 13,835 11,769 12,581 12,782 1,584 11,175 12,725 13,107 13,230 10,939 1,497 13,121 13,482 13,757 1,580 21,785 13,555 13,346 229,521 13,453 1,759 13,800 14,301 14,475 11,714 13,504 13,059 16,968 12,231 23,859 12,732 12,807 11,737 2,753 12,121 1,005 160 958 1,301 1,110 1,071 949 796 1,855 340 2,247 701 460 390 348 400 12,448 1,599 12,842 13,000 13,365 10,643 12,555 12,263 15,113 11,891 21,612 12,031 12,347 11,347 2,405 11,721 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, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2002, con. Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 5-3/4%-Q note 12/31/97 Total. . . . . . . . . . . . . . . 2003 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-1/2%-C note 10-3/4% bond 1 6-1/4%-A note 1 5-1/2%-D note 1 5-1/2%-E note 10-3/4% bond 11-1/8% bond 1 5-3/4%-B note 11-7/8% bond 02/02/98 01/04/83 02/16/93 03/02/98 03/31/98 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2%-A note 8-1/4% bond 1 12% bond 1 6-1/2%-B note 1 10-3/4% bond 1 6-1/2%-C note 1 5-7/8%-D note 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 11/15/95 Total. . . . . . . . . . . . . . . 2006 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-3/8% bond 5-5/8%-A note 1 6-7/8%-B note 1 7%-C note 1 6-1/2%-D note 1 01/15/86 02/15/96 05/15/96 07/15/96 10/15/96 Total. . . . . . . . . . . . . . . 2007 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 3-3/8%-A note 7-5/8% bond 1 6-1/4%-B note 02/06/97 02/15/77 02/18/97 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,053 213,325 585 14,676 11,468 198,649 13,101 3,007 23,563 13,670 14,173 3,249 3,501 28,011 7,260 109,534 785 739 2,145 1,095 1,395 331 514 3,785 751 11,541 12,316 2,267 21,418 12,575 12,778 2,918 2,987 24,226 6,508 97,993 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,173 650 770 1,906 528 845 947 1,753 7,399 12,305 2,985 12,535 3,472 12,501 7,355 12,621 63,774 13,835 4,224 4,261 14,740 9,270 15,003 15,210 76,541 1,205 2,177 728 2,015 1,213 1,800 1,775 10,913 12,630 2,047 3,532 12,725 8,057 13,203 13,435 65,628 4,756 15,514 16,015 22,740 22,460 81,485 33 1,590 2,075 2,456 2,433 8,587 4,723 13,924 13,940 20,285 20,027 72,899 16,071 4,234 13,104 845 1,546 540 15,226 2,688 12,564 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, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2007, con. May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Description (1) Issue date (2) 6-5/8%-C note 6-1/8%-D note 7-7/8% bond 05/15/97 08/15/97 11/15/77 Total. . . . . . . . . . . . . . . 2008 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-1/2%-A note 5-1/2%-B note 8-3/8% bond 8-3/4% bond 1 01/15/98 02/17/98 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 11-1/4% bond 10-5/8% bond 1 9-7/8% bond 1 02/15/85 08/15/85 11/15/85 Total. . . . . . . . . . . . . . . 2016 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 1 9-1/4% bond 7-1/4% bond 02/15/86 05/15/86 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 13,958 25,637 1,495 74,499 1,750 2,175 379 7,234 12,208 23,462 1,116 67,265 8,412 13,583 2,103 5,230 20,916 400 1,420 789 1,666 4,275 8,012 12,163 1,314 3,564 25,054 4,606 4,201 8,807 1,013 1,076 2,089 3,593 3,125 6,718 2,494 2,987 4,736 10,218 858 1,217 1,296 3,370 1,636 1,771 3,441 6,848 4,609 4,901 9,509 1,074 975 2,049 3,535 3,925 7,460 11,032 11,032 1,612 1,612 9,420 9,420 14,755 14,755 3,303 3,303 11,453 11,453 5,007 5,128 6,006 16,141 919 951 1,195 3,065 4,088 4,178 4,811 13,076 12,668 7,150 6,900 26,718 1,336 1,267 1,742 4,345 11,332 5,883 5,158 22,373 7,267 18,824 930 1,308 6,337 17,516 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, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2016, con. Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) 7-1/2% bond 11/15/86 18,864 44,955 1,528 3,766 17,336 41,189 18,194 14,017 32,211 1,950 1,204 3,154 16,244 12,813 29,057 8,709 9,033 17,742 497 256 753 8,212 8,777 16,989 19,251 20,214 39,465 1,118 2,326 3,444 18,133 17,888 36,021 10,229 10,159 21,419 41,806 1,111 1,067 1,567 3,744 9,118 9,092 19,852 38,062 11,113 11,959 12,163 32,798 68,034 801 938 680 1,475 3,894 10,313 11,021 11,483 31,323 64,141 10,353 10,700 21,052 505 720 1,225 9,848 9,980 19,827 18,374 22,909 41,283 1,511 1,287 2,798 16,863 21,622 38,485 11,470 11,470 505 505 10,965 10,965 11,725 12,602 24,327 835 1,260 2,095 10,890 11,342 22,232 12,905 1,024 11,881 Total. . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/15/88 11/22/88 Total. . . . . . . . . . . . . . . 2019 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total. . . . . . . . . . . . . . . 2020 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 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 02/16/93 08/16/93 Total. . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total. . . . . . . . . . . . . . . 2025 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total. . . . . . . . . . . . . . . 2026 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 6% bond 02/15/96 All other investors (5) 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, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2026, con. Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Description (1) Issue date (2) Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) 6-3/4% bond 6-1/2% bond 08/15/96 11/15/96 10,894 11,493 35,292 1,070 1,550 3,644 9,824 9,943 31,648 10,456 10,736 22,519 43,710 480 730 2,505 3,715 9,976 10,006 20,014 39,995 Total. . . . . . . . . . . . . . . 2027 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-5/8% bond 6-3/8% bond 1 6-1/8% bond 1 02/18/97 08/15/97 11/17/97 Total. . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public Debt of the United States.’’ All other investors (5) PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.--Offerings of Bills [Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Issue date Regular weekly: (13 week and 26 week) 1997 - Dec. 4 . . . . . . 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) 1998 - Mar. June Mar. June Mar. June Mar. June Apr. July Apr. July Apr. July Apr. July Apr. July May Aug. May Aug. May Aug. May Aug. June Sept. June Sept. June Sept. June Sept. 5 4 12 11 18 18 26 25 2 2 9 9 16 16 23 23 30 30 7 6 14 13 21 20 28 27 4 3 11 10 18 17 25 24 91 182 91 182 91 182 90 181 90 181 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 40,741.1 37,918.7 55,375.4 35,231.1 36,756.3 36,003.0 34,079.8 32,109.4 33,509.7 33,808.5 41,894.1 43,930.0 33,009.0 35,027.5 33,737.0 42,590.9 31,081.6 38,093.5 34,734.3 38,307.9 47,396.5 40,409.7 47,888.9 41,346.1 42,940.3 32,553.3 50,185.5 38,374.9 39,648.9 38,665.5 43,372.2 40,463.7 44,764.6 34,735.3 10,851.7 10,979.2 11,355.0 11,321.2 10,834.6 11,323.9 10,448.5 10,494.8 11,104.6 10,761.9 11,460.8 12,275.5 11,278.7 11,785.4 10,868.0 10,929.1 10,810.3 10,331.6 11,550.4 11,502.2 11,142.8 10,845.9 10,928.4 11,353.5 10,794.7 10,864.0 11,627.4 10,842.7 10,203.3 11,376.7 9,460.5 10,976.7 9,298.3 10,382.8 9,573.2 9,878.5 10,065.5 10,209.5 9,502.4 10,214.6 9,229.5 9,519.0 9,863.6 9,688.3 10,074.0 11,064.6 9,806.5 10,342.9 9,621.9 9,773.2 9,475.2 9,069.1 10,010.2 10,125.7 9,737.9 9,561.7 9,536.9 10,160.6 9,438.9 9,703.9 10,237.8 9,712.6 8,939.6 11,376.7 8,092.5 9,804.3 8,065.0 9,233.6 1,278.5 1,100.7 1,289.5 1,111.7 1,332.2 1,109.3 1,219.0 975.8 1,241.1 1,073.6 1,386.7 1,210.8 1,472.2 1,442.5 1,246.1 1,155.9 1,335.1 1,262.4 1,540.2 1,376.5 1,404.9 1,284.2 1,391.6 1,192.9 1,355.7 1,160.2 1,389.6 1,130.2 1,263.7 1,138.9 1,368.0 1,172.4 1,233.3 1,149.2 11,138.9 11,007.7 11,672.1 10,962.3 11,287.9 10,051.0 10,989.6 11,479.4 10,885.9 12,039.3 10,800.9 11,963.6 11,285.2 12,134.4 10,688.8 11,687.0 10,596.4 12,160.2 11,084.4 13,236.5 11,422.9 12,321.4 10,942.6 11,642.6 10,577.7 12,066.6 10,852.1 12,899.5 11,354.9 11,840.8 10,834.7 10,999.0 10,448.8 10,499.8 142,528.8 313,276.8 142,211.7 313,635.7 141,758.5 314,908.6 141,217.4 313,924.0 141,436.1 312,646.6 142,096.0 312,958.4 142,089.4 312,609.4 142,268.7 311,851.4 142,482.6 310,022.8 142,948.6 308,288.5 142,668.5 306,813.1 142,654.4 306,523.9 142,871.4 305,321.4 143,646.7 303,264.6 142,495.1 302,800.6 141,120.9 302,778.3 139,970.4 302,661.3 52-week: 1997 - Mar. 6.. . . . . . Apr. 3 . . . . . . May 1 . . . . . . May 29 . . . . . . June 26 . . . . . . July 24 . . . . . . Aug. 21 . . . . . . Sept. 18 . . . . . . Oct. 16 . . . . . . Nov. 13 . . . . . . Dec. 11 . . . . . . 1998 - Jan. 8 . . . . . . Feb. 5 . . . . . . Mar. 5 . . . . . . 1998- Mar. Apr. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1999- Jan. Feb. Mar. 5 2 30 28 25 23 20 17 15 12 10 7 4 4 364 364 364 364 364 364 364 364 364 364 364 364 364 364 51,822.3 67,862.2 73,240.0 55,069.5 67,729.9 65,035.2 62,453.8 80,766.5 60,298.6 85,598.2 46,305.7 48,378.5 48,414.5 53,056.7 20,840.5 19,073.1 20,689.2 20,832.6 19,430.4 18,829.8 18,783.2 18,301.9 18,774.1 18,451.4 18,011.0 17,836.8 19,190.2 17,973.1 20,100.8 18,058.3 19,548.4 19,709.1 18,436.3 17,860.5 17,842.4 17,461.0 17,981.5 17,713.2 17,162.4 16,755.3 18,071.8 16,895.7 739.8 1,014.9 1,140.8 1,123.5 994.1 969.4 940.8 840.9 792.6 738.2 848.6 1,081.5 1,118.3 1,077.4 18,795.1 18,944.6 19,461.4 19,327.0 19,596.1 20,184.9 20,571.4 19,906.7 18,482.5 20,141.9 20,542.5 20,609.8 20,983.2 20,840.5 261,433.3 261,561.1 262,787.7 264,292.0 264,125.5 262,769.8 260,981.7 259,376.6 259,668.1 257,978.8 255,448.9 255,205.8 253,412.7 250,545.2 Cash management: 1998 - Feb. 17 . . . . . . Mar. 3 . . . . . . 1998 - Apr. Apr. 23 16 65 44 85,000.0 95,905.0 17,836.9 23,376.4 - - - 17,836.9 41,213.3 11 . . . . . . 18 . . . . . . 26 . . . . . . 1998 - Jan. 2 . . . . . . 8 ...... 15 . . . . . . 22 . . . . . . 29 . . . . . . Feb. 5 . . . . . . 12 . . . . . . 19 . . . . . . 26 . . . . . . Mar. 5 . . . . . . 12 . . . . . . 19 . . . . . . 26 . . . . . . See footnotes at end of table. 40 PUBLIC DEBT OPERATIONS TABLE PDO-2.--Offerings of Bills, con. [Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Average price per hundred (9) Issue date Regular weekly: 1997 - Dec. 4. . . . . . 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) 98.708 97.374 98.698 97.336 98.718 97.384 98.676 97.328 98.679 97.343 98.707 97.407 98.745 97.518 98.741 97.475 98.718 97.460 98.711 97.427 98.712 97.434 98.717 97.437 98.701 97.455 98.706 97.409 98.744 97.467 98.740 97.460 98.729 97.477 5.11 5.20 5.15 5.27 5.07 5.18 5.30 5.32 5.29 5.29 5.12 5.13 4.97 4.91 4.98 5.00 5.07 5.03 5.10 5.09 5.10 5.08 5.08 5.07 5.14 5.04 5.12 5.13 4.97 5.01 4.99 5.03 5.03 4.99 5.25 5.41 5.29 5.49 5.21 5.39 5.44 5.54 5.43 5.50 5.25 5.34 5.10 5.10 5.11 5.20 5.21 5.23 5.24 5.30 5.23 5.28 5.21 5.28 5.28 5.24 5.26 5.33 5.10 5.21 5.12 5.23 5.16 5.19 5.11 5.20 5.16 5.28 5.07 5.18 5.30 5.32 5.29 5.29 5.12 5.13 4.98 4.92 4.99 5.00 5.07 5.03 5.11 5.09 5.10 5.08 5.08 5.07 5.15 5.04 5.12 5.13 4.98 5.01 4.99 5.03 5.03 5.00 98.708 97.371 98.697 97.333 98.718 97.384 98.675 97.325 98.678 97.340 98.707 97.407 98.741 97.513 98.740 97.475 98.718 97.460 98.710 97.427 98.711 97.434 98.716 97.437 98.699 97.452 98.706 97.409 98.742 97.467 98.740 97.460 98.729 97.475 6. . . . . . 3. . . . . . 1. . . . . . 29. . . . . . 26. . . . . . 24. . . . . . 21. . . . . . 18. . . . . . 16. . . . . . 13. . . . . . 11. . . . . . 8. . . . . . 5. . . . . . 5. . . . . . 94.580 94.277 94.216 94.388 94.591 94.682 94.661 94.641 94.742 94.803 94.762 94.879 94.980 94.818 5.36 5.66 5.72 5.55 5.35 5.26 5.28 5.30 5.20 5.14 5.18 5.07 4.97 5.13 5.67 6.00 6.06 5.88 5.65 5.56 5.58 5.60 5.49 5.42 5.47 5.34 5.23 5.41 5.36 5.66 5.72 5.56 5.35 5.26 5.28 5.31 5.20 5.15 5.18 5.07 4.97 5.13 Cash management: 1998 - Feb. 17. . . . . . Mar. 3. . . . . . 99.045 99.344 5.29 5.37 5.41 5.48 5.30 5.37 11. . . . . . 18. . . . . . 26. . . . . . 1998 - Jan. 2. . . . . . 8. . . . . . 15. . . . . . 22. . . . . . 29. . . . . . Feb. 5. . . . . . 12. . . . . . 19. . . . . . 26. . . . . . Mar. 5. . . . . . 12. . . . . . 19. . . . . . 26. . . . . . 52-week: 1997 - Mar. Apr. May May June July Aug. Sept. Oct. Nov. Dec. 1998 - Jan. Feb. Mar. 1 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. 2 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve Banks. 3 For 13-week , 26-week, and 52-week bills, tenders $1 million 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 Low Discount rate (percent) (14) 5.08 5.18 5.14 5.25 5.05 5.15 5.28 5.30 5.25 5.27 5.11 5.11 4.94 4.88 4.96 4.99 5.03 5.02 5.08 5.07 5.07 5.04 5.05 5.06 5.11 5.01 5.12 5.11 4.97 5.00 4.97 5.01 5.02 4.97 98.716 97.381 98.701 97.346 98.723 97.396 98.681 97.338 98.688 97.350 98.708 97.417 98.751 97.533 98.746 97.477 98.729 97.462 98.716 97.437 98.718 97.452 98.723 97.444 98.708 97.467 98.706 97.417 98.745 97.472 98.744 97.467 98.731 97.487 94.580 94.277 94.216 94.378 94.591 94.682 94.661 94.631 97.742 94.793 94.762 94.879 94.980 94.818 5.34 5.64 5.71 5.53 5.34 5.25 5.27 5.29 5.19 5.14 5.17 5.06 4.95 5.12 94.601 94.297 94.227 94.409 94.601 94.692 94.671 94.651 97.752 94.803 94.778 94.889 94.995 94.823 99.043 99.344 5.28 5.36 99.047 99.345 5 6 7 8 Equivalent coupon-issue yield. Except $2 million at 98.695. Except $3.365 million at 98.761. 7 Except $5 million at 97.553, and $1.604 million at 97.551. 8 Except $10,000 at 98.745. 5 6 Price per hundred (15) 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, Office of Financing] Auction date 04/01/96 04/02/96 04/02/96 04/02/96 04/08/96 04/09/96 04/23/96 04/24/96 04/25/96 05/07/96 05/08/96 05/09/96 05/23/96 05/29/96 05/30/96 05/30/96 05/30/96 06/20/96 06/25/96 06/26/96 07/09/96 07/18/96 07/23/96 07/24/96 08/06/96 08/07/96 08/08/96 08/15/96 08/27/96 08/28/96 08/29/96 09/12/96 09/25/96 09/26/96 10/08/96 10/10/96 10/22/96 10/23/96 10/31/96 11/05/96 11/06/96 11/07/96 11/07/96 11/13/96 11/19/96 11/20/96 12/02/96 12/05/96 12/18/96 12/19/96 01/02/97 01/22/97 01/23/97 01/29/97 01/30/97 02/11/97 02/12/97 02/13/97 02/25/97 02/26/97 02/27/97 02/27/97 03/25/97 03/26/97 See footnotes at end of table. Issue date (1) 04/01/96 04/03/96 04/03/96 04/04/96 04/10/96 04/10/96 04/30/96 04/30/96 05/02/96 05/15/96 05/15/96 05/15/96 05/30/96 05/31/96 05/31/96 06/03/96 06/03/96 06/27/96 07/01/96 07/01/96 07/15/96 07/25/96 07/31/96 07/31/96 08/15/96 6 08/15/96 08/15/96 08/22/96 09/03/96 09/03/96 09/03/96 09/19/96 09/30/96 09/30/96 10/15/96 10/17/96 10/31/96 10/31/96 11/01/96 11/15/96 6 11/15/96 11/14/96 11/15/96 11/15/96 12/02/96 12/02/96 12/03/96 12/12/96 12/31/96 12/31/96 01/09/97 01/31/97 01/31/97 6 02/06/97 02/06/97 02/18/97 6 02/18/97 02/18/97 02/28/97 02/28/97 03/03/97 03/06/97 03/31/97 03/31/97 Description of securities 1 (2) 5.31% bill--04/10/96 5.29% bill--04/18/96-reopening 5.25% bill--04/25/96-reopening 5.17% bill--04/03/97 6-1/8% note--03/31/98-AD 6-3/8% note--03/31/01-G 5-7/8% note--04/30/98-AE 6-1/4% note--04/30/01-H 5.30% bill--05/01/97 6-3/8% note--05/15/99-X 6-7/8% note--05/15/06-B 5.05% bill--06/20/96-reopening 5.32% bill--05/29/97 6% note--05/31/98-AF 6-1/2% note--05/31/01-J 5.17% bill--06/13/96-reopening 5.20% bill--06/18/96 5.56% bill--06/26/97 6-1/4% note--06/30/98-AG 6-5/8% note--06/30/01-K 7% note--07/15/06-C 5.49% bill--07/24/97 6-1/4% note--07/31/98-AH 6-5/8% note--07/31/01-L 6% note--08/15/99-Y 7% note--07/15/06-C-reopening 6-3/4% bond--08/15/26 5.36% bill--08/21/97 6-1/8% note--08/31/98-AJ 6-1/2% note--08/31/01-M 5.24% bill--09/17/96 5.57% bill--09/18/97 6% note--09/30/98-AK 6-3/8% note--09/30/01-N 6-1/2% note--10/15/06-D 5.34% bill--10/16/97 5-7/8% note--10/31/98-AL 6-1/4% note--10/31/01-P 5.17% bill--12/19/96-reopening 5-7/8% note--11/15/99-Z 6-1/2% note--10/15/06-D-reopening 5.20% bill--11/13/97 6-1/2% bond--11/15/26 5.20% bill--12/19/96-reopening 5-5/8% note--11/30/98-AM 5-7/8% note--11/30/01-Q 5.18% bill--12/17/96 5.16% bill--12/11/97 5-3/4% note--12/31/98-AN 6-1/8% note--12/31/01-R 5.31% bill--01/08/98 5-7/8% note--01/31/99-AB 6-1/4% note--01/31/02-C 3-3/8% ii note--01/15/07-A 5.34% bill--02/05/98 5-7/8% note--02/15/00-U 6-1/4% note--02/15/07-B 6-5/8% bond--02/15/27 5-7/8% note--02/28/99-AC 6-1/4% note--02/28/02-D 5.16% bill--04/17/97 5.36% bill--03/05/98 6-1/4% note--03/31/99-AD 6-5/8% note--03/31/02-E Period to final maturity (years, months, days) 2 (3) 9d 15d 22d 364d 2y 5y 2y 5y 364d 3y 10y 36d 364d 2y 5y 10d 15d 364d 2y 5y 10y 364d 2y 5y 3y 9y 11m 30y 364d 2y 5y 14d 364d 2y 5y 10y 364d 2y 5y 48d 3y 9y 11m 364d 30y 34d 2y 5y 14d 364d 2y 5y 364d 2y 5y 10y 364d 3y 10y 30y 2y 5y 45d 364d 2y 5y Amount tendered (4) 61,735 41,567 39,872 56,042 38,769 33,365 50,232 30,958 53,986 42,974 35,543 57,628 55,663 46,623 33,746 29,435 52,006 56,325 51,295 31,171 28,149 49,394 43,537 28,686 47,376 23,393 23,513 49,973 44,932 28,179 60,065 52,210 51,401 34,192 24,360 49,841 50,828 31,319 54,347 46,564 25,533 58,250 28,334 61,368 40,718 37,348 44,395 45,506 42,998 36,362 49,118 44,655 31,255 37,919 53,634 42,085 23,863 24,664 41,106 27,662 82,159 51,822 40,532 33,522 Amount issued 3,4 * (5) 33,111 14,008 11,062 18,943 21,719 14,181 21,405 13,779 19,461 23,360 5 16,015 13,045 19,326 21,107 13,720 7,011 23,086 19,595 22,053 14,282 5 11,536 20,184 21,562 14,136 22,708 5 11,200 5 10,899 20,572 21,948 13,999 30,010 19,907 21,485 14,516 5 10,985 20,190 21,220 14,639 17,048 22,870 5 11,473 20,141 5 11,493 13,217 20,532 14,031 9,060 20,540 20,615 13,970 20,610 19,466 13,453 5 7,703 20,982 20,421 5 13,103 5 10,456 19,915 13,798 23,140 20,840 19,797 14,301 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 43 44 45 46 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, Office of Financing] Auction date 03/26/97 04/01/97 04/01/97 04/08/97 04/22/97 04/23/97 04/24/97 05/06/97 05/07/97 05/22/97 05/28/97 05/29/97 06/02/97 06/19/97 06/24/97 06/25/97 07/09/97 07/17/97 07/22/97 07/23/97 07/31/97 08/05/97 08/06/97 08/07/97 08/14/97 08/26/97 08/27/97 08/28/97 09/11/97 09/23/97 09/24/97 10/08/97 10/09/97 10/28/97 10/29/97 10/30/97 11/04/97 11/05/97 11/06/97 11/06/97 11/24/97 11/25/97 11/25/97 12/04/97 12/22/97 12/23/97 01/06/98 01/08/98 01/27/98 01/28/98 01/29/98 02/10/98 02/11/98 02/12/98 02/12/98 02/24/98 02/25/98 02/26/98 02/26/98 03/24/98 03/25/98 See footnotes at end of table. Issue date (1) 04/03/97 04/03/97 04/03/97 6 04/15/97 04/30/97 04/30/97 05/01/97 05/15/97 05/15/97 05/29/97 06/02/97 06/02/97 06/03/97 06/26/97 06/30/97 06/30/97 07/15/97 07/24/97 07/31/97 07/31/97 08/01/97 08/15/97 08/15/97 08/15/97 08/21/97 09/02/97 09/02/97 09/02/97 09/18/97 09/30/97 09/30/97 6 10/15/97 10/16/97 10/31/97 10/31/97 11/03/97 11/17/97 6 11/17/97 11/17/97 11/13/97 12/01/97 12/01/97 12/01/97 12/11/97 12/31/97 12/31/97 01/08/98 01/15/98 02/02/98 02/02/98 02/05/98 02/17/98 02/17/98 6 02/17/98 02/17/98 03/02/98 03/02/98 03/05/98 03/03/98 03/31/98 03/31/98 Description of securities 1 (2) 5.66% bill--04/02/98 5.37% bill--04/17/97-reopening 5.42% bill--04/22/97 3-3/8% ii note--01/15/07-A-reopening 6-3/8% note--04/30/99-AE 6-5/8% note--04/30/02-F 5.72% bill--04/30/98 6-3/8% note--05/15/00-V 6-5/8% note--05/15/07-C 5.55% bill--05/28/98 6-1/4% note--05/31/99-AF 6-1/2% note--05/31/02-G 5.25% bill--06/17/97 5.35% bill--06/25/98 6% note--06/30/99-AG 6-1/4% note--06/30/02-H 3-5/8% ii note--07/15/02-J 5.26% bill--07/23/98 5-7/8% note--07/31/99-AH 6% note--07/31/02-K 5.35% bill--09/18/97-reopening 6% note--08/15/00-W 6-1/8% note--08/15/07-D 6-3/8% bond--08/15/27 5.28% bill--08/20/98 5-7/8% note--08/31/99-AJ 6-1/4% note--08/31/02-L 5.47% bill--09/15/97 5.30% bill--09/17/98 5-3/4% note--09/30/99-AK 5-7/8% note--09/30/02-M 3-5/8% ii note--07/15/02-J-reopening 5.20% bill--10/15/98 5-5/8% note--10/31/99-AL 5-3/4% note--10/31/02-N 5.18% bill--01/22/98-reopening 5-3/4% note--11/15/00-X 6-1/8% note--08/15/07-D-reopening 6-1/8% bond--11/15/27 5.14% bill--11/12/98 5-5/8% note--11/30/99-AM 5-3/4% note--11/30/02-P 5.56% bill--12/16/97 5.180% bill--12/10/98 5-5/8% note--12/31/99-AN 5-5/8% note--12/31/02-Q 5.341% bill--01/07/99 3-5/8% ii note--01/05/08-A 5-3/8% note--01/31/00-Y 5-1/2% note--01/31/03-C 4.965% bill--02/04/99 5-3/8% note--02/15/01-S 5-1/2% note--02/15/08-B 6-1/8% bond--11/15/27-reopening 5.29% bill--04/23/98 5-1/2% note--02/29/00-Z 5-1/2% note--02/28/03-D 5.125% bill--03/04/99 5.37% bill--04/16/98 5-1/2% note--03/31/00-AB 5-1/2% note--03/31/03-E Period to final maturity (years, months, days) 2 (3) 364d 14d 19d 9y 9m 2y 5y 364d 3y 10y 364d 2y 5y 14d 364d 2y 5y 5y 364d 2y 5y 48d 3y 10y 30y 364d 2y 5y 13d 364d 2y 5y 4y 9m 364d 2y 5y 80d 3y 9y 9m 30y 364d 2y 5y 15d 364d 2y 5y 364d 10y 2y 5y 364d 3y 10y 29y 9m 65d 2y 5y 364d 44d 2y 5y Amount tendered (4) 67,862 41,764 51,886 18,464 43,708 34,266 73,240 39,125 24,266 55,069 42,092 34,876 64,243 67,730 40,541 38,218 26,858 65,035 40,533 33,845 56,078 41,313 27,869 27,355 62,454 40,541 27,996 75,872 80,767 39,868 35,396 28,953 60,299 36,128 25,473 66,320 36,663 28,400 29,354 85,598 41,982 33,892 89,907 46,306 35,878 29,949 48,379 23,958 36,269 24,911 48,415 35,326 31,416 22,536 85,000 36,313 32,617 53,057 95,905 39,671 25,782 Amount issued 3,4 * (5) 19,072 10,039 17,066 5 8,405 19,351 14,475 20,688 20,763 5 13,958 20,831 18,567 13,492 30,022 19,430 17,861 13,058 5 8,404 18,829 16,840 12,231 18,060 18,053 5 13,036 5 10,736 18,783 17,214 12,732 26,224 18,302 5 17,486 5 12,806 5 8,413 18,774 5 16,822 5 11,736 21,139 5 16,036 5 12,599 5 11,185 18,453 5 17,055 5 12,120 35,209 18,013 5 16,748 5 12,053 17,837 8,410 17,500 13,099 19,191 15,362 13,584 11,334 22,389 17,770 13,670 17,973 23,376 17,205 14,173 Range of accepted bids for notes and bonds (6) 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 75 76 77 78 79 80 81 82 83 84 85 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 6.144% (price 99.965) in this single-price auction. 8 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 9 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 10 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction. 11 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the average at 6.390% (price 99.960). 12 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the average at 6.902% (price 99.807). 13 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 14 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 15 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction. 16 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction. 17 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the average at 7.016% (price 99.886). 18 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction. 19 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction. 20 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the average at 6.118% (price 99.681). 21 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the average at 6.535% (price 103.339). 22 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the average at 6.768% (price 99.770). 23 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 24 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 25 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction. 26 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction. 27 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the average at 6.502% (price 99.985). 28 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 29 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 30 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the average at 5.879% (price 99.989). 31 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the average at 6.273% (price 101.643). 32 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the average at 6.619% (price 98.457). 33 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction. 34 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 35 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction. 36 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction. 37 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction. 38 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 39 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of an inflation-indexed note. 40 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the average at 5.997% (price 99.670). 41 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the average at 6.374% (price 99.092). 42 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the average at 6.640% (price 99.804). 43 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction. 44 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction. 45 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction. 46 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction. Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of an inflation-indexed note. 48 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction. 49 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction. 50 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the average at 6.438% (price 99.831). 51 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the average at 6.740% (price 99.173). 52 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction. 53 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction. 54 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction. 55 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction. 56 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of an inflation-indexed note. 57 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 58 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction. 59 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the average at 6.041% (price 99.889). 60 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the average at 6.205% (price 99.411). 61 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the average at 6.445% (price 99.076). 62 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction. 63 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction. 64 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. 65 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction. 66 Accepted yields ranged up to 3.600% (adjusted price 100.400) in this single-price auction of an inflation-indexed note. 67 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction. 68 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction. 69 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the average at 5.762% (price 99.967). 70 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the average at 5.955% (price 101.221). 71 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the average at 6.201% (price 98.970). 72 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction. 73 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction. 74 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 75 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction. 76 Accepted yields ranged up to 3.730% (adjusted price 99.130) in this single-price auction of an inflation-indexed note. 77 Accepted yields ranged up to 5.440% ( price 99.878) in this single-price auction. 78 Accepted yields ranged up to 5.558% ( price 99.749) in this single-price auction. 79 Yields accepted ranged from 5.404% ( price 99.920) up to 5.420% (price 99.876) with the average at 5.414% (price 99.893). 80 Yields accepted ranged from 5.550% ( price 99.620) up to 5.564% (price 99.514) with the average at 5.558% (price 99.559). 81 Yields accepted ranged from 5.800% ( price 104.558) up to 5.830% (price 104.122) with the average at 5.822% (price 104.238). 82 Accepted yields ranged up to 5.537% ( price 99.930) in this single-price auction. 83 Accepted yields ranged up to 5.605% ( price 99.547) in this single-price auction. 84 Accepted yields ranged up to 5.500% ( price 100.000) in this single-price auction. 85 Accepted yields ranged up to 5.620% ( price 99.483) in this single-price auction. 47 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. *As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) Federal Reserve banks (2) 07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 07/15/96 7% note--07/15/06-C 11,536 721 07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 07/31/96 6-5/8% note--07/31/01-L 14,137 700 08/15/96 6% note--08/15/99-Y 22,708 1,780 08/15/96 7% note--07/15/06-C -reopening 11,204 900 Commercial banks 1 (3) 462 Individuals 2 (4) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) 1,387 451 173 532 * 794 334 - 419 1,362 1 320 482 - 95 498 382 351 4 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) 2,215 6 - 7 14,293 2,052 * 4,339 8 1 * 7,304 925 * 2,972 * * 5 5,905 805 1 4,767 7 * 6 1,169 11,930 * 1,348 1 * * 10,294 993 42 * 2,271 4 1 2 15,870 2,144 - * 1,062 * - 6 7,744 759 08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5 09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787 09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032 09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461 09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355 10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838 10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883 10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447 11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094 11/15/96 6-1/2% note--10/15/06-D -reopening 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163 11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1 12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741 12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868 12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698 12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046 01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180 01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935 02/06/97 3-3/8% inflation-indexed note --01/15/07-A 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15 02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069 02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839 02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120 02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955 02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022 03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790 03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153 04/15/97 3-3/8% inflation-indexed note --01/15/07-A-reopening 8,405 400 664 43 10 - 817 52 455 - 5,327 637 04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668 04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877 05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343 See footnotes at end of table. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Federal Reserve banks (2) 1,750 Commercial banks 1 (3) Individuals 2 (4) 530 329 Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) Issue date Description of securities Total amount issued (1) 05/15/97 6-5/8% note--05/15/07-C 13,958 05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 07/15/97 3-5/8% note--07/15/02-J 8,410 400 2,055 31 17 * 859 07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 305 63 1,257 2 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) * - 9,509 214 * 9 13,599 1,394 2 7 9,355 1,172 * 7 12,186 1,911 * 20 7,011 1,063 1 - 85 4,745 218 1,638 3 * 41 12,141 1,082 1,957 6 * 2 8,507 444 1 1,091 5 * 2 13,693 957 - 828 2 * 20 10,752 164 08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105 09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272 09/02/97 6-1/4% note--08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786 09/30/97 5-3/4% note--09/31/99-AK 17,488 617 183 757 1 3 837 13 * 4 13,278 1,795 09/30/97 5-7/8% note--09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845 10/15/97 3-5/8% note--10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209 10/31/97 5-5/8% note--10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322 10/31/97 5-3/4% note--10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383 11/15/97 5-3/4% note--11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385 11/15/97 6-1/8% note--08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301 11/15/97 6-1/8% bond--11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5 12/01/97 5-5/8% note--11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813 12/01/97 5-3/4% note--11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799 12/31/97 5-5/8% note--12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071 12/31/97 5-5/8% note--12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627 01/15/98 3-5/8% note--1/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093 01/31/98 5-3/8% note--1/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463 01/31/98 5-1/2% note--1/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340 02/15/98 5-3/8% note--2/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789 02/15/98 5-1/2% note--2/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181 02/15/98 6-1/8% note--2/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71 03/02/98 5-1/2% note--2/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469 03/02/98 5-1/2% note--2/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644 03/31/98 5-1/2% note--3/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399 03/31/98 5-1/2% note--3/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788 * 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 Marketable Public Debt Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting] Allotments by investor classes Date of financing Date of maturity (1) Average rate (percent) (2) 03/07/96 03/06/97 4.98 04/04/96 04/03/97 05/02/96 Total amount issued 52-week series (3) Federal Reserve banks (4) Commercial banks (5) Corporations 1 (6) Dealers and brokers (7) 18,795 4,400 240 314 12,909 932 5.17 18,945 4,750 202 326 11,270 2,397 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235 05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261 06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596 07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037 08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484 09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443 10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865 11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392 12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879 01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175 02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691 03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761 04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144 05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317 05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621 06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601 07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940 08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339 09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571 10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065 11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122 12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498 01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992 02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616 03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463 1 Exclusive of banks and insurance companies. 2 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. All other 2 (8) 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 Bulletins’’ 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, 1998 [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting] 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) 3,949 347,810 28,396 3,556 862 384,573 1,054 193,193 1,125 198 689 196,259 5,003 541,003 29,521 3,754 1,551 580,832 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) 5,002 357,332 29,517 3,753 1,195 396,799 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 181,141 272 181,413 1 5,007 3 5,011 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;’’ Bureau of the Public Debt, Office of Public Debt Accounting] Sales (1) Accrued discount (2) Fiscal years: 1935-93 . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 353,975 9,485 7,222 5,936 5,334 154,547 9,437 9,481 9,822 9,083 508,522 18,922 16,703 15,758 14,417 339,390 9,390 11,805 2,495 2,084 266,448 5,813 7,268 7,234 8,435 72,942 3,517 4,537 5,261 5,968 167,373 176,766 181,529 184,423 182,589 1,716 1,857 1,997 2,292 3,601 Calendar years: 1935-94 . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 365,514 10,963 5,828 5,717 166,358 22,014 9,636 9,766 531,872 32,977 15,464 15,483 351,397 17,971 13,408 15,881 273,895 11,109 7,603 8,851 77,502 6,862 5,805 7,030 178,138 182,266 182,781 181,133 2,335 2,724 4,222 5,359 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . 437 419 421 426 415 383 376 389 396 525 520 389 402 734 845 684 719 843 760 697 872 676 705 854 756 720 1,171 1,264 1,105 1,145 1,258 1,143 1,073 1,256 1,072 1,231 1,384 1,145 1,121 1,209 1,340 1,175 1,162 1,294 1,241 1,087 1,121 912 1,225 1,583 1,133 1,277 713 743 633 649 741 697 646 590 480 669 942 523 705 422 597 542 513 552 544 441 532 432 556 641 610 571 182,542 182,548 182,547 182,587 182,607 182,565 182,589 182,777 182,980 181,133 181,043 181,206 181,141 3,938 3,878 3,807 3,746 3,692 3,637 3,601 3,547 3,506 5,359 5,249 5,098 5,007 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;’’ Bureau of the Public Debt, Office of Public Debt Accounting] 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: 1941-93 . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 312,414 9,485 7,222 6,035 5,334 151,035 9,437 9,464 9,708 9,067 463,449 18,922 16,686 15,743 14,401 282,523 8,836 11,069 11,809 8,435 212,025 5,259 6,532 6,480 7,541 74,073 3,577 4,537 5,315 6,456 16,262 844 874 1,173 1,254 156,286 165,387 170,005 172,483 169,969 1,694 1,835 1,977 2,276 3,584 Calendar years: 1941-94 . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 316,038 10,953 5,820 5,139 163,890 12,434 9,633 9,022 479,928 23,387 15,453 14,161 286,937 12,546 12,625 13,767 218,754 10,201 6,825 7,225 75,093 2,345 5,803 6,467 17,119 1,179 1,447 1,210 166,731 170,690 170,744 168,802 2,307 2,700 4,198 5,359 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb.. . . . . . . . . Mar.. . . . . . . . . 428 422 419 423 415 383 377 389 396 525 520 389 402 671 844 684 719 844 762 698 873 677 705 854 756 720 1,099 1,266 1,103 1,142 1,259 1,145 1,075 1,262 1,073 1,231 1,384 1,145 1,120 1,126 1,254 1,100 1,090 1,214 1,167 1,018 1,048 854 1,225 1,583 1,133 1,277 631 657 558 576 661 622 577 516 422 599 857 445 620 422 597 542 513 552 544 441 532 432 556 641 610 705 121 107 109 106 99 101 87 91 77 84 96 99 107 170,399 170,381 170,348 170,357 170,350 170,289 170,295 170,472 170,656 168,802 181,043 181,206 181,141 3,938 3,878 3,807 3,746 3,692 3,637 3,601 3,547 3,506 5,359 5,249 5,098 5,007 Series H and HH Fiscal years: 1952-92 . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 13,545 3 8 16 10 - 13,545 3 8 16 10 17,980 455 555 737 744 893 17,980 455 555 737 744 893 - 15,036 1,226 844 874 1,173 1,254 10,319 11,087 11,379 11,524 11,940 12,294 15 17 17 16 16 17 Calendar years: 1952-93 . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 13,493 1 42 17 44 - 13,493 1 42 17 44 18,338 592 901 789 926 18,638 592 901 789 926 - 16,264 855 1,093 1,266 1,210 11,143 11,407 11,576 12,038 12,331 25 24 24 23 23 1997 - Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . -8 2 -3 -4 8 -8 -1 -6 9 1 -1 - -8 2 -3 -4 8 -8 -1 -6 9 1 -1 83 86 87 88 80 74 67 74 58 70 85 78 85 83 86 87 88 80 74 67 74 58 70 85 78 85 - 121 107 109 106 99 101 87 91 77 84 95 99 107 12,143 12,167 12,200 12,230 12,257 12,276 12,294 12,305 12,324 12,331 12,352 12,374 12,397 20 19 19 18 18 18 17 17 16 23 22 21 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, notes, and bonds 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 ] Total Federal securities outstanding (1) Total outstanding (2) Total (3) ........................ ........................ ........................ ........................ ........................ 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 4,408,567 4,689,524 4,950,644 5,220,790 5,407,528 1,116,713 1,213,115 1,320,800 1,447,001 1,598,459 3,225 1,426 1,519 1,506 1,254 1,113,488 1,211,689 1,319,281 1,445,495 1,597,205 325,653 355,150 374,114 390,924 436,496 1997 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . 5,414,754 5,388,003 5,379,245 5,409,818 5,406,995 5,437,927 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,375,139 5,348,249 5,308,468 5,370,459 5,367,593 5,367,587 5,407,528 5,421,664 5,426,155 5,494,913 5,450,015 5,482,059 5,535,273 1,506,784 1,520,050 1,529,099 1,571,583 1,570,183 1,571,058 1,598,459 1,606,412 1,613,248 1,655,682 1,667,708 1,668,108 1,670,378 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,505,530 1,518,796 1,527,845 1,570,329 1,568,929 1,569,804 1,597,205 1,605,158 1,611,994 1,654,428 1,666,454 1,666,854 1,669,124 405,559 452,885 412,569 426,362 414,157 419,947 436,496 420,613 430,280 451,901 428,821 432,245 400,005 End of fiscal year or month 1993 1994 1995 1996 1997 End of fiscal year or month 1993 1994 1995 1996 1997 Interest-bearing public debt securities 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) Matured public debt and debt bearing no interest (10) Total outstanding (11) Public issues held by Federal Reserve banks (6) Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) ........................ ........................ ........................ ........................ ........................ 2,966,201 3,121,259 3,255,730 3,382,865 3,372,573 2,576,032 2,735,026 2,884,814 3,025,941 3,001,866 390,169 386,233 370,916 356,924 370,707 2,922 3,226 23,339 4,021 5,618 24,682 28,543 26,962 35,043 33,187 21 17 16 7,606 7,098 24,661 28,526 26,946 27,437 26,089 1997 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . 3,462,796 3,375,314 3,366,800 3,372,514 3,383,253 3,376,582 3,372,573 3,394,639 3,382,627 3,387,330 3,353,486 3,381,706 3,464,890 3,097,548 3,010,373 3,002,074 3,005,442 3,017,683 3,009,567 3,001,866 3,016,819 3,002,065 3,003,662 2,968,035 2,990,627 3,065,834 365,248 364,941 364,725 367,072 365,570 367,015 370,707 377,820 380,562 383,668 385,451 391,079 399,056 5,751 5,722 36,494 5,692 5,635 36,834 5,618 5,562 36,467 7,475 40,049 38,609 7,153 33,864 34,032 34,284 33,667 33,766 33,507 33,187 33,151 33,322 33,624 30,443 30,371 30,516 7,606 7,606 7,606 7,348 7,348 7,348 7,098 7,098 7,098 7,098 4,598 4,598 4,598 26,258 26,426 26,678 26,319 26,418 26,159 26,089 26,053 26,224 26,526 25,845 25,773 25,918 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, Office of the Under Secretary for Domestic 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) 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 86.0 509.2 506.0 500.4 509.1 332.5 345.4 345.9 362.2 352.5 347.9 383.7 395.1 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 93.4 489.1 481.9 482.4 489.5 376.6 369.1 394.9 429.6 419.0 445.1 475.5 482.8 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 96.9 102.0 108.9 536.0 545.2 549.0 550.3 421.8 427.3 440.3 458.4 497.2 503.8 533.0 581.1 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 55.2 64.5 80.0 114.9 130.8 142.0 150.8 563.6 565.9 582.6 583.0 464.3 473.6 477.3 491.7 579.3 575.8 576.6 579.5 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 79.7 166.0 175.0 180.8 192.5 601.6 576.8 572.1 r 566.0 507.9 529.6 535.2 549.7 591.3 616.7 634.5 r 670.9 2,895.2 2,936.3 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,585.0 2,629.1 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 582.6 594.7 r 598.6 r 610.8 564.2 567.7 591.3 622.9 r 1994 - Mar. . . . . June . . . . Sept. . . . . Dec.. . . . . . 3,094.6 3,088.2 3,127.8 3,168.0 344.4 330.1 313.2 290.4 2,750.2 2,758.1 2,814.6 2,877.6 315.1 321.1 327.2 r 331.1 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 224.5 614.4 595.9 r 567.7 r 541.0 633.3 633.2 655.8 r 688.7 1995 - Mar. . . . . June . . . . Sept. . . . . Dec.. . . . . . 3,239.2 3,245.0 3,279.5 3,294.9 308.1 298.4 289.4 278.7 2,931.1 2,946.6 2,990.1 3,016.2 r 342.7 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 244.2 245.0 245.2 241.5 67.7 58.7 64.2 71.5 230.3 227.7 224.1 228.8 r 1996 - Mar. . . . . June . . . . Sept. . . . . Dec.. . . . . . 3,382.8 3,347.3 3,386.2 3,411.2 284.0 280.2 r 275.0 r 261.8 3,098.8 3,067.1 r 3,111.2 r 3,149.4 347.2 347.6 353.7 356.6 185.8 186.5 186.8 187.0 161.4 161.1 167.0 169.6 239.4 229.5 226.8 214.1 85.7 82.4 85.2 91.6 229.0 230.9 249.1 258.5 r 1997 - Mar. . . . . June . . . . Sept. . . . . Dec.. . . . . . 3,451.7 3,361.7 3,388.9 3,393.4 3,169.4 3,095.8 r 3,127.1 r 3,123.6 355.4 355.4 354.8 354.9 186.5 186.3 186.2 186.5 168.9 169.1 168.6 168.4 84.2 77.4 75.8 r 88.9 262.5 261.0 266.5 265.0 r r 478.1 488.3 r 486.8 r 493.0 1998 - Mar. . . . . 3,430.7 268.1 p 1993 - Mar. . . . . June . . . . Sept. . . . . Dec.. . . . . . 1 r 282.3 265.9 r 261.8 r 269.8 r p 275.0 r r 3,155.7 p 352.1 p 186.3 U.S. savings bonds, series A-F and J, are included at current redemption value. 2 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 The "State and local governments" category has been redefined to include its fully defeased p 165.8 r 214.3 217.7 r 222.7 r 224.9 r p p r 225.5 84.8 p r 655.3 663.6 r 653.6 r 653.4 r 668.3 683.7 r 731.0 r 784.6 729.2 784.2 848.4 862.2 r 936.6 960.3 1,026.1 1,135.6 r r 1,192.5 1,221.9 r 1,266.0 r 1,278.0 r r r p p 531.7 488.6 r 480.2 r 469.6 r 479.1 492.9 r 485.7 r 482.5 r 494.6 Other investors 8 (12) 1,288.0 785.3 798.1 r 782.1 r 794.9 r 781.8 723.5 r 684.6 r 610.5 r 582.4 474.2 r 454.5 r 418.8 442.5 debt that is backed by nonmarketable Federal securities. Includes State and local pension funds. Consists of the investments of foreign and international accounts (both official and private) in 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. 7 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. The Treasury uses quotations obtained by the Federal Reserve Bank of New York 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, Office of the Under Secretary for Domestic 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) Monthly average: 1997 - Apr.. . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . 5.30 5.20 5.07 5.19 5.28 5.08 5.11 5.28 5.30 5.18 5.23 5.16 5.60 5.53 5.34 5.33 5.40 5.30 5.30 5.38 5.45 5.23 5.27 5.25 5.99 5.87 5.69 5.54 5.56 5.52 5.46 5.46 5.53 5.24 5.31 5.39 6.45 6.28 6.09 5.89 5.94 5.88 5.77 5.71 5.72 5.36 5.42 5.56 6.61 6.42 6.24 6.00 6.06 5.98 5.84 5.76 5.74 5.38 5.43 5.57 6.76 6.57 6.38 6.12 6.16 6.11 5.93 5.80 5.77 5.42 5.49 5.61 6.86 6.66 6.46 6.20 6.29 6.20 6.05 5.90 5.83 5.53 5.60 5.71 6.89 6.71 6.49 6.22 6.30 6.21 6.03 5.88 5.81 5.54 5.57 5.65 7.09 6.94 6.77 6.51 6.58 6.50 6.33 6.11 5.99 5.81 5.89 5.95 End of month: 1997 - Apr.. . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . 5.28 4.96 5.25 5.25 5.24 5.06 5.21 5.22 5.36 5.19 5.32 5.16 5.53 5.46 5.34 5.33 5.39 5.28 5.32 5.43 5.45 5.24 5.33 5.27 5.90 5.78 5.67 5.45 5.59 5.47 5.36 5.52 5.51 5.24 5.41 5.41 6.29 6.22 6.08 5.74 5.97 5.80 5.63 5.76 5.66 5.32 5.55 5.60 6.42 6.37 6.25 5.81 6.10 5.88 5.70 5.80 5.68 5.35 5.55 5.61 6.57 6.51 6.40 5.90 6.22 6.00 5.72 5.83 5.71 5.39 5.59 5.64 6.68 6.61 6.49 5.99 6.33 6.11 5.87 5.89 5.77 5.51 5.67 5.74 6.72 6.67 6.51 6.02 6.34 6.12 5.84 5.86 5.75 5.53 5.62 5.67 6.95 6.92 6.80 6.30 6.61 6.41 6.15 6.04 5.93 5.82 5.92 5.94 * Rates are from the Treasury yields curve. MARKET YIELDS 53 CHART MY-A.--Yields of Treasury Securities, Mar. 31, 1998 * Based on closing bid quotations (in percentages) 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. Years to Maturity * Source: 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, Office of the Under Secretary for Domestic 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 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 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 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, Office of the Under Secretary for Domestic 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 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 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 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 56 MARKET YIELDS TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic 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 1995 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 1996 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 6.81 6.48 6.55 7.00 7.14 7.58 7.81 7.87 8.00 7.97 7.68 7.84 7.69 7.43 7.45 5.41 5.41 5.57 5.72 5.73 5.82 5.82 5.69 5.62 5.53 5.47 5.47 6.83 6.69 6.93 7.09 6.94 6.77 6.51 6.58 6.50 6.33 6.11 5.99 7.62 7.54 7.85 8.04 7.90 7.71 7.44 7.30 7.04 6.90 6.79 6.68 5.53 5.40 5.59 5.73 5.53 5.39 5.27 5.27 5.25 5.26 5.23 5.07 5.81 5.89 5.95 6.62 6.66 6.63 4.93 4.96 5.10 1997 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1998 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 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 CHART MY-B.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds* Monthly averages (in percentages) Aa Corporate Bonds Treasury 30-yr. Bonds Aa Municipal Bonds Calendar Years * Source: Office of Market Finance 57 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, 1998 [Source: Financial Management Service] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $578,754,228,818 $553,616,700,920 $553,090,040,787 $270,822,616 $255,837,517 The Treasury . . . . . . . . . . . . . . . . 262,467,444 9,038,219 8,827,757 20,739 189,723 Federal Reserve Banks . . . . . . . . 103,512,965,883 102,995,156,948 102,995,153,338 - 3,610 Amounts in circulation . . . . . . . . . . . $474,978,795,491 $450,612,505,753 $450,086,059,692 $270,801,877 $255,644,184 Less amounts held by: Dollars 3 (2) Fractional coins (3) $25,137,527,898 $2,024,703,898 $23,112,824,000 The Treasury . . . . . . . . . . . . . . . . 253,429,225 46,161,259 207,267,966 Federal Reserve Banks . . . . . . . . 517,808,935 58,910,442 458,898,493 $24,366,289,738 $1,919,632,197 $22,446,657,541 Coins 2 Amounts outstanding. . . . . . . . . . . . Total (1) Less amounts held by: Amounts in circulation . . . . . . . . . . . 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, 1998 [Source: Financial Management Service] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,428,507,478 $6,281,226,920 $143,481 $147,137,077 $2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134,295,750 1,001,789,322 132,493,966 12,462 $5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,446,247,295 7,304,074,560 110,362,210 31,810,525 $10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,283,351,020 13,260,796,620 5,950 22,548,450 $20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,716,154,960 82,696,050,520 3,380 20,101,060 $50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,687,063,750 46,675,569,850 - 11,493,900 $100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292,600,123,900 292,550,339,900 27,792,800 21,991,200 $500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,177,000 143,989,000 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,389,000 167,183,000 - 206,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,440,000 3,340,000 - 100,000 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485 115 - 90 25 $450,612,505,753 $450,086,059,692 $270,801,877 $255,644,184 Comparative totals of currency and coins in circulation-selected dates Amount (in millions) (1) Per capita 5 (2) Mar. 31, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . $474,979 $1,762.42 Feb. 28, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . 471,939 1,752.25 Jan. 31, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,245 1,739.51 Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90 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 its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies, and reserve position 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 the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.--U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Total reserve assets 1 (1) 1993. . . . . . . . . . . . . . . . . . . . . . . . Reserve position in International Monetary Fund 1, 5 (5) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) 73,442 11,053 9,039 41,532 11,818 1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030 1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996. . . . . . . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435 1997 - Apr.. . . . . . . . . . . . . . . . . . . 65,873 11,051 9,726 31,436 13,660 May. . . . . . . . . . . . . . . . . . . 68,054 11,051 10,050 32,991 13,962 June . . . . . . . . . . . . . . . . . . 67,813 11,050 10,023 32,935 13,805 July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677 Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959 Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042 Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243 Nov. . . . . . . . . . . . . . . . . . . 67,112 11,050 10,120 31,371 14,571 Dec. . . . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071 1998 - Jan.. . . . . . . . . . . . . . . . . . . 70,003 11,046 9,998 30,920 18,039 Feb. . . . . . . . . . . . . . . . . . . 70,632 11,050 10,217 31,230 18,135 Mar. . . . . . . . . . . . . . . . . . . 69,353 11,049 10,108 30,220 17,976 Apr.. . . . . . . . . . . . . . . . . . . 70,328 11,048 10,188 30,874 18,218 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 also are 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 Liabilities reported by banks in United States (9) LiabiliMarketties able U.S. to nonTreasury monetary bonds international and and regional notes 2, 6 organizations 7 (10) (11) Total (1) Total (2) 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 . . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581 1995 . . . . . . . . . . 1,890,622 605,407 275,928 293,731 6,492 29,256 799,987 462,173 121,170 341,003 23,055 1996 . . . . . . . . . . 2,185,162 733,311 312,019 379,538 5,968 35,786 796,578 630,601 141,322 489,279 24,672 1997 - Mar. r . . . . 2,267,048 764,437 317,013 404,435 6,084 36,905 805,303 674,240 147,500 526,740 23,068 Apr. r. . . . . 2,300,585 759,346 305,470 411,390 5,692 36,794 818,670 698,209 153,164 545,045 24,360 May r . . . . 2,320,032 763,835 305,689 414,997 5,730 37,419 826,711 705,795 157,171 548,624 23,691 June r . . . . 2,334,609 758,690 289,787 425,388 5,767 37,748 836,817 713,662 153,399 560,263 25,440 July r. . . . . 2,354,220 759,073 291,167 422,975 5,805 39,126 843,515 728,080 163,001 565,079 23,552 Aug. r . . . . 2,371,035 770,866 294,181 431,210 5,843 39,632 839,376 738,674 157,471 581,203 22,119 Sept. r. . . . 2,405,452 781,123 299,886 434,301 5,879 41,057 843,936 756,894 163,994 592,900 23,499 Oct. r. . . . . 2,448,648 776,112 307,087 421,453 5,918 41,654 852,254 794,911 172,069 622,842 25,371 Nov. . . . . . 2,478,918 768,660 297,898 423,284 5,955 41,523 884,865 801,047 164,547 636,500 24,346 Dec. . . . . . 2,508,756 753,479 283,327 422,917 5,994 41,241 931,805 801,433 172,354 629,079 22,039 1998 - Jan. . . . . . 2,496,743 756,501 286,120 421,728 6,033 42,620 907,833 809,998 174,740 635,258 22,411 Feb. p . . . . 2,524,193 756,094 283,495 422,970 6,069 43,560 913,276 827,334 183,227 644,107 27,489 Mar. p . . . . 2,494,024 765,772 286,610 429,104 6,110 43,948 878,721 821,483 188,396 633,087 28,048 1 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.’’ 2 3 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 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] End of calendar year or month Argentina 1 (3) Payable in dollars Mexico 2 (4) Venezuela 3 (5) Grand total (1) Total (2) 1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885 1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959 1995 . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996 . . . . . . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118 1997 - Mar. . . . . . . . . . . . . . . . . . 6,084 6,084 1,033 3,911 1,140 Apr.. . . . . . . . . . . . . . . . . . 5,692 5,692 1,039 3,506 1,147 May. . . . . . . . . . . . . . . . . . 5,730 5,730 1,046 3,529 1,155 June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163 July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171 Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179 Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186 Oct.. . . . . . . . . . . . . . . . . . 5,918 5,918 1,078 3,646 1,194 Nov. . . . . . . . . . . . . . . . . . 5,955 5,955 1,084 3,669 1,202 Dec. . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211 1998 - Jan. . . . . . . . . . . . . . . . . . 6,033 6,033 1,097 3,717 1,219 Feb. . . . . . . . . . . . . . . . . . 6,069 6,069 1,103 3,740 1,226 Mar. . . . . . . . . . . . . . . . . . 6,110 6,110 1,110 3,765 1,235 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. Face value of the issue is $6,685 million. 2 Beginning March 1990, indicates current value of zero-coupon, 30 year maturity Treasury bond issue to the government of Mexico. The remaining face value of the issue is $20,412 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 the 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. 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 attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies. 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 institutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more at the end of the covered quarter. Nonbanking enterprises also report each month their aggregate 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 or with their foreign parent companies (own foreign offices), 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 reported by U.S. banks and other depository institutions, brokers, and dealers. Data on banks’ claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as on 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. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of 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 with foreigners in long-term domestic and foreign securities as reported by banks, brokers, and other entities in the United CAPITAL MOVEMENTS 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 domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical breakdown of the transactions data does not necessarily reflect the domicile of the ultimate owners of, or the original issuers of, the securities. This is because the path 67 of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a 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 Total liabilities (1) Official institutions 1 Payable in Payable foreign in currenTotal dollars cies 3 (2) (3) (4) Banks and other foreigners Payable in Payable foreign in currenTotal dollars cies 3 (5) (6) (7) Total (8) 11,322 1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 1994 . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 1995 . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 1996 . . . . . . . . . . . . . . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 1997 - Mar. r . . . . . . . . 1,283,706 317,013 317,013 - 952,803 844,364 108,439 Apr. r. . . . . . . . . 1,292,026 305,470 305,470 - 971,834 863,395 108,439 May r . . . . . . . . 1,303,781 305,689 305,689 - 983,882 875,443 June r . . . . . . . . 1,295,012 289,787 289,787 - 990,216 881,049 July r. . . . . . . . . 1,310,536 291,167 291,167 - 1,006,516 Aug. r . . . . . . . . 1,302,654 294,181 294,181 - 996,847 Sept. r. . . . . . . . 1,320,436 299,886 299,886 - 1,007,930 International and regional 2 Payable in Payable foreign in currendollars cies 3 (9) (10) 10,936 Memoranda Total liabilities to all foreigners reported by IBFs Payable in Payable foreign in currendollars cies 3 (11) (12) 386 315,890 62,669 8,606 536 358,076 67,397 11,039 1,138 369,660 85,755 13,972 1,664 352,881 71,782 13,890 12,227 1,663 350,706 76,613 14,722 13,059 1,663 346,041 76,613 108,439 14,210 12,547 1,663 349,796 76,613 109,167 15,009 13,952 1,057 359,015 74,532 897,349 109,167 12,853 11,796 1,057 362,041 74,532 887,680 109,167 11,626 10,569 1,057 366,041 74,532 888,639 119,291 12,620 11,806 814 359,659 85,285 Oct. r. . . . . . . . . 1,346,138 307,087 307,087 - 1,024,323 905,032 119,291 14,728 13,914 814 379,345 85,285 Nov. . . . . . . . . . 1,360,593 297,898 297,898 - 1,049,412 930,121 119,291 13,283 12,469 814 388,989 85,285 Dec. . . . . . . . . . 1,400,072 283,327 283,327 - 1,104,159 988,617 115,542 12,586 11,390 1,196 407,336 85,434 1998 - Jan . . . . . . . . . . 1,381,129 286,120 286,120 - 1,082,573 967,031 115,542 12,436 11,240 1,196 386,385 85,434 Feb. p . . . . . . . . 1,397,646 283,495 283,495 - 1,096,503 980,961 115,542 17,648 16,452 1,196 390,834 85,434 Mar. p . . . . . . . . 1,370,738 286,610 286,610 - 1,067,117 951,575 115,542 17,011 15,815 1,196 373,608 85,434 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. Data as of preceding quarter for non-quarter-end months. 3 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) . . . . . . . . . . . . . . . 915,736 . . . . . . . . . . . . . . . 1,006,390 . . . . . . . . . . . . . . . 1,088,510 . . . . . . . . . . . . . . . 1,148,176 1,600 1,564 2,098 1,511 21,653 23,511 30,717 33,336 151,100 139,571 168,534 198,921 46,468 48,311 74,579 78,251 9,718 105,262 10,633 111,171 11,758 103,471 13,692 89,765 10,712 11,264 15,872 23,106 1997 - Mar. . . . . . . . . . . 1,161,377 Apr. . . . . . . . . . . 1,168,865 May . . . . . . . . . . 1,181,132 June r. . . . . . . . . 1,170,836 July r . . . . . . . . . 1,188,516 Aug. r . . . . . . . . . 1,181,861 Sept. r . . . . . . . . 1,188,525 Oct. r . . . . . . . . . 1,212,119 Nov. . . . . . . . . . . 1,228,019 Dec. . . . . . . . . . . 1,271,944 1998 - Jan. . . . . . . . . . . 1,253,151 Feb. p. . . . . . . . . 1,264,456 Mar. p . . . . . . . . 1,238,185 2,368 2,341 1,855 1,482 1,711 2,181 1,745 2,034 1,891 2,314 1,682 1,910 2,051 32,691 33,428 36,677 39,901 42,245 40,418 39,984 41,770 39,716 41,120 38,306 36,842 39,360 196,219 186,432 178,366 163,950 161,270 165,453 161,610 153,283 150,102 148,301 145,609 144,324 153,335 85,735 83,269 88,791 84,454 85,941 86,129 96,547 110,000 106,189 91,592 100,523 100,419 91,864 13,014 14,451 12,686 14,800 13,700 13,323 13,852 18,354 21,316 17,527 15,974 16,084 18,330 19,088 19,567 14,127 27,115 28,642 30,629 30,012 33,085 32,995 31,915 27,607 30,620 28,499 End of calendar year or month 1993 1994 1995 1996 Total foreign countries (1) 87,692 82,414 80,273 79,231 80,031 81,790 76,683 83,162 84,621 83,770 79,573 75,789 71,040 Banks U.S. Treasury Other bills and liacertifbiliicates ties 2 (8) (9) To own foreign offices (10) Other foreigners U.S. Treasury bills and Deposits cerDemand Time 2 tificates (11) (12) (13) Other liabilities 2 (14) 148,206 149,986 164,021 166,728 318,273 395,478 396,290 401,544 10,236 11,160 10,571 11,802 45,411 48,532 53,714 58,025 10,652 11,822 12,599 14,495 36,445 43,387 44,286 57,000 163,530 172,174 171,694 187,820 199,158 195,458 192,137 194,889 200,990 198,100 207,036 200,592 206,511 413,540 421,625 439,492 418,684 412,817 409,009 411,961 403,473 425,652 484,951 462,101 474,649 438,799 12,244 12,430 11,647 12,488 12,158 11,369 11,964 13,079 12,440 12,247 11,885 11,619 11,962 61,444 61,652 61,276 61,105 62,350 63,395 65,206 63,658 61,323 68,151 64,817 65,450 66,974 14,521 15,214 15,279 14,662 12,671 12,873 14,271 13,699 13,333 13,040 11,580 11,471 9,490 59,291 63,868 68,969 65,144 75,822 69,834 72,553 81,633 77,451 78,916 86,458 94,687 99,970 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month Total (1) Demand deposits (2) Time deposits 2 (3) U.S. Treasury bills and certificates (4) ........................ ........................ ........................ ........................ 10,936 8,606 11,039 13,972 15 29 21 29 2,780 3,298 4,656 5,784 4,275 281 350 352 3,866 4,998 6,012 7,807 1997 - Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan . . . . . . . . . . . . . . . . . . . . Feb. p. . . . . . . . . . . . . . . . . . Mar. p. . . . . . . . . . . . . . . . . . 12,227 13,059 12,547 13,952 11,796 10,569 11,806 13,914 12,469 11,390 11,240 16,452 15,815 49 30 16 775 86 217 771 36 43 16 175 74 98 6,952 5,238 4,857 6,669 4,726 4,879 5,967 5,161 6,310 5,466 5,023 5,416 5,987 246 174 122 65 47 166 53 148 46 69 85 149 247 4,980 7,617 7,552 6,443 6,937 5,307 5,015 8,569 6,070 5,839 5,957 10,813 9,483 1993 1994 1995 1996 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 1997 1998 1994 1995 1996 Nov. Dec. Jan. Feb. p Mar. p Total Europe . . . . . . . . . . . . . . . 4,109 26,475 611 953 3,137 1,569 52,816 32,356 1,409 1,095 1,987 13,419 17,259 2,339 2,316 2,997 529 2,726 15,612 3,157 42,126 3,378 187,081 245 20,966 440,667 4,269 31,298 752 1,667 3,517 3,035 49,220 31,065 2,039 2,055 2,615 16,045 14,993 1,424 5,690 2,916 246 7,948 11,960 3,376 46,210 4,311 161,112 177 14,255 422,195 5,688 31,085 418 653 2,905 2,031 42,540 31,778 1,845 1,142 2,021 15,690 12,258 1,464 5,546 3,664 275 7,625 20,526 2,168 47,402 6,813 182,035 295 13,331 441,198 2,942 52,373 945 475 2,436 2,796 52,105 29,894 1,236 1,472 3,786 14,082 7,982 1,848 5,025 2,108 966 6,943 22,172 2,473 47,950 4,305 207,134 234 18,832 492,514 3,388 46,246 729 1,324 1,903 2,869 52,148 30,589 1,521 1,064 4,376 15,498 8,359 341 5,112 3,736 734 7,979 19,878 2,834 46,300 4,068 212,790 239 14,251 488,276 3,458 44,257 692 755 2,014 2,800 50,314 28,840 1,682 675 4,776 13,974 7,261 979 5,265 2,989 827 5,584 20,302 2,621 44,382 3,673 207,343 292 13,488 469,243 3,445 43,417 696 663 1,604 2,759 50,531 30,142 1,669 810 4,842 13,924 8,017 869 6,086 2,911 781 6,129 21,026 3,261 44,224 4,061 222,067 244 13,354 487,532 3,041 38,488 756 649 1,483 2,172 49,600 27,672 1,994 843 5,920 13,748 9,182 370 6,216 2,900 803 6,477 17,208 3,173 42,778 4,168 205,034 236 13,270 458,181 Canada . . . . . . . . . . . . . . . . . . . . . . 26,523 32,002 41,438 35,884 33,185 33,879 34,314 31,976 17,273 104,934 8,631 9,292 237,571 3,174 4,674 13 886 1,136 541 12,392 5,748 4,775 913 641 1,649 14,504 12,356 96,525 4,956 24,317 249,273 2,891 3,747 8 1,323 1,289 498 24,611 5,185 4,412 987 456 1,869 12,117 13,971 90,244 5,813 27,749 259,860 3,050 3,279 21 1,779 1,287 652 32,396 6,388 4,198 847 601 1,907 17,566 18,435 94,026 6,183 33,110 277,719 3,349 3,357 57 1,709 1,364 468 34,236 5,918 4,360 916 605 2,274 22,396 20,279 114,319 7,138 31,407 283,441 4,126 3,668 66 2,084 1,497 475 35,295 5,446 4,269 901 597 2,403 21,771 19,295 119,559 6,506 32,227 273,075 4,568 3,600 63 1,873 1,495 474 34,553 6,138 3,949 884 570 2,222 22,509 18,358 112,880 8,510 33,396 277,912 4,504 3,895 58 2,003 1,385 462 34,934 5,778 4,115 920 531 2,268 22,057 18,915 111,144 8,500 34,387 267,382 4,050 4,192 55 1,761 1,440 456 36,970 11,709 3,986 886 467 2,249 21,647 6,115 7,241 8,176 8,392 9,068 8,914 9,066 9,810 434,862 454,061 479,784 518,874 548,250 542,474 543,032 540,006 Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . 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. 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 1997 1998 1994 1995 1996 Nov. Dec. Jan. Feb. p Mar. p 10,066 9,971 17,956 2,340 1,610 5,160 87,304 5,176 503 1,704 1,309 2,722 8,537 608 6,475 15,547 3,315 180,303 33,765 11,743 22,588 3,378 2,743 4,064 139,056 5,797 631 2,415 1,703 3,100 11,564 858 12,291 16,057 2,413 274,166 30,438 16,018 19,443 3,932 2,307 6,062 138,148 6,009 1,180 2,048 996 3,383 10,794 53 10,921 16,784 2,804 271,320 17,433 13,610 20,402 4,937 3,139 3,747 158,076 10,136 1,200 1,802 1,874 2,567 19,739 77 5,828 14,358 3,731 282,656 18,252 11,779 19,216 4,574 3,616 6,282 171,576 13,006 1,102 1,737 1,335 3,255 18,412 35 6,505 15,480 3,873 300,035 20,153 12,955 19,496 5,338 2,971 7,191 166,860 11,750 1,272 2,089 982 2,535 24,381 50 5,862 16,580 4,673 305,138 18,575 12,961 19,291 5,272 3,051 7,198 168,601 12,577 1,020 1,703 1,193 2,877 18,895 35 4,680 16,473 4,392 298,794 20,743 13,638 19,309 5,593 4,077 7,591 165,875 11,280 849 2,099 1,312 3,014 20,770 38 9,077 16,741 4,032 306,038 1,886 233 323 97 440 9 1,381 2,223 6,592 2,137 229 368 104 810 10 1,837 2,271 7,766 2,013 251 351 112 517 10 2,630 2,306 8,190 1,837 259 258 69 1,681 5 3,136 2,541 9,786 1,667 302 257 138 2,163 10 3,143 2,766 10,446 1,953 257 270 131 1,690 7 3,553 2,529 10,390 1,674 183 313 73 1,830 4 3,562 2,130 9,769 1,453 285 279 88 2,552 10 4,358 2,459 11,484 Total other countries . . . . . . . . . 5,250 915 6,165 5,732 1,163 6,895 6,511 1,478 7,989 6,376 1,220 7,596 6,377 917 7,294 6,458 1,111 7,569 5,539 1,018 6,557 5,062 980 6,042 Total foreign countries. . . . . . 1,095,112 1,197,085 1,249,919 1,347,310 1,387,486 1,368,693 1,379,998 1,353,727 7,888 53 798 194 170 39 10,179 119 1,152 194 496 37 13,459 60 1,643 157 281 36 11,617 166 1,104 263 133 - 11,292 111 493 562 123 5 11,091 118 1,044 139 44 - 15,934 135 1,286 255 38 - 15,975 197 605 179 45 10 9,142 12,177 15,636 13,283 12,586 12,436 17,648 17,011 1,104,254 1,209,262 1,265,555 1,360,593 1,400,072 1,381,129 1,397,646 1,370,738 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 . . . . . . . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 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 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 Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 71 TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities 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- liabilDeposits 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 . . . . . . . . . . . . . . 3,041 2,370 671 1,789 581 Belgium-Luxembourg. . . 38,488 33,249 5,239 12,937 20,312 756 756 105 651 Bulgaria . . . . . . . . . . . . . Czech Republic . . . . . . . 649 620 29 435 185 Denmark. . . . . . . . . . . . . 1,483 1,094 389 548 546 Finland . . . . . . . . . . . . . . 2,172 1,549 623 661 888 France . . . . . . . . . . . . . . 49,600 44,059 5,541 31,620 12,439 Germany . . . . . . . . . . . . 27,672 20,820 6,852 16,890 3,930 Greece . . . . . . . . . . . . . . 1,994 1,988 6 1,054 934 Hungary . . . . . . . . . . . . . 843 840 3 200 640 Ireland . . . . . . . . . . . . . . 5,920 5,113 807 2,348 2,765 Italy. . . . . . . . . . . . . . . . . 13,748 9,628 4,120 8,729 899 Netherlands . . . . . . . . . . 9,182 8,208 974 5,238 2,970 370 346 24 249 97 Norway. . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . 6,216 6,130 86 3,780 2,350 Portugal . . . . . . . . . . . . . 2,900 1,426 1,474 923 503 Romania. . . . . . . . . . . . . 803 802 1 322 480 6,477 6,466 11 2,517 3,949 Russia 4 . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . 17,208 16,319 889 9,485 6,834 Sweden . . . . . . . . . . . . . 3,173 1,967 1,206 1,162 805 Switzerland. . . . . . . . . . . 42,778 35,736 7,042 19,078 16,658 Turkey . . . . . . . . . . . . . . 4,168 4,154 14 1,516 2,638 United Kingdom . . . . . . . 205,034 174,148 30,886 159,690 14,458 5 236 236 235 1 Yugoslavia . . . . . . . . . . 902 9,897 2,471 Other Europe . . . . . . . . . 13,270 12,368 Total Europe . . . . . . . . 458,181 390,392 67,789 291,408 98,984 Canada . . . . . . . . . . . . . . . 31,976 27,132 Latin America and Caribbean: Argentina . . . . . . . . . . . . 18,915 18,835 Bahamas . . . . . . . . . . . . 111,144 109,042 Bermuda. . . . . . . . . . . . . 8,500 8,273 Brazil . . . . . . . . . . . . . . . 34,387 34,017 British West Indies . . . . . 267,382 260,330 Chile. . . . . . . . . . . . . . . . 4,050 3,996 Colombia . . . . . . . . . . . . 4,192 4,176 Cuba. . . . . . . . . . . . . . . . 55 55 Ecuador . . . . . . . . . . . . . 1,761 1,755 1,440 1,437 Guatemala . . . . . . . . . . . Jamaica . . . . . . . . . . . . . 456 431 Mexico . . . . . . . . . . . . . . 36,970 35,647 Netherlands Antilles . . . . 11,709 11,348 Panama . . . . . . . . . . . . . 3,986 3,958 Peru . . . . . . . . . . . . . . . . 886 878 Trinidad and Tobago . . . 467 466 Uruguay . . . . . . . . . . . . . 2,249 2,228 Venezuela . . . . . . . . . . . 21,647 21,477 Other Latin America 9,810 9,772 and Caribbean . . . . . . Total Latin America 540,006 528,121 and Caribbean. . . . . See footnotes at end of table. 4,844 20,830 6,302 80 13,981 4,854 2,102 84,301 24,741 227 4,256 4,017 370 30,906 3,111 7,052 154,814 105,516 54 3,359 637 16 4,014 162 55 6 1,399 356 3 1,372 65 25 421 10 1,323 20,586 15,061 361 10,417 931 28 3,536 422 8 842 36 1 445 21 21 2,096 132 170 14,595 6,882 38 8,380 98 734 597 2,485 8 30 33 67 27 114 15 282 373 6,157 823 2,699 100 108 37 236 200 418 2,488 314 1,659 48 27 52 144 54 459 16 18 92 17 202 605 47 719 749 1,168 101 207 2,918 25,508 16 1 163 5,411 7,537 51,307 606 3,312 283 6,805 55 2,645 38 604 881 15,694 69 4,287 268 184 53 295 1 115 171 68 215 28 137 167 4,284 92 223 66 354 37 20 12 101 50 126 223 2,190 1,392 295 2,289 11,885 359,775 168,346 2,801 40,624 170 991 188 7,723 12,112 5,781 651 62 180 249 18 91 770 63 786 266 105 9,183 4,198 20,500 2,075 8,449 3,589 870 428 85 34 752 6 440 1,501 97 456 4,358 1,261 452 2,617 1,865 43 154 7 2,332 3,129 192 362 119 178 480 232 49 3,400 2,735 37 2,781 10,169 1,310 404 187 74 6,953 12,262 12,139 2,589 730 303 3,126 19,692 97,488 156 1,162 4,823 274 46,743 91,141 145,609 24 199 3 13 9 270 216 44 3 95 148 178 20 2 17 4 13 102 26 223 20 1,189 1 86 2,905 144 501 5 65 12 13 559 684 288 8 189 323 217 14 7 110 3 158 798 64 656 198 1,768 9 365 7,158 6 252 5 2 23 70 11 268 9 74 1 1 7 50 186 799 2 1,319 40 3,125 15 3,599 2 73 2,796 2,215 54 2,087 167 832 32 271 120 14 302 260 787 4 21,140 53 44 34,867 16 329 155 27 732 1,623 24 352 81 248 1 3 8 328 25 4,706 16 5,339 1 864 14,878 11,561 828 1,739 185 2,381 245 4,092 1,281 240 211 24,957 72,950 485 2,292 37 472 12,205 446 101 94,195 117,556 99 783 491 912 92 7 586 83 158 56 4 91 31 9,773 8,177 1,198 14 359 294 4 259 844 59 26 171 7 3 445 639 4,865 3,932 220 565 140 47 619 497 236 244 156 129 30 1,155 42 202 97 23 80 1,225 4,630 1,509 266 3,301 7,678 1,564 2,490 41 604 756 104 9,409 633 1,760 607 133 751 8,349 153 486 808 69 2,033 117 7 12 7 3 362 564 100 8 3 24 102 786 6,089 3,696 330 33,914 254 83 6 28 48 3 1,122 9,127 369 24 16 110 371 163 1,199 101 163 957 75 148 18 36 1 534 192 76 20 4 61 159 2,760 748 3,760 300 605 3,290 103 673 242 20,871 152,338 195,510 1,469 6,092 47,875 4,961 57,049 4,149 72 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary, con. [Position in millions of dollars. Source: Office of International Financial Analysis] Total liabilities Country Total (1) Asia: China: Mainland . . . . . . . . . . . Taiwan . . . . . . . . . . . . Hong Kong . . . . . . . . . . . India . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . Philippines . . . . . . . . . . . Singapore. . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . Other Asia . . . . . . . . . . . Total Asia . . . . . . . . . . 20,743 13,638 19,309 5,593 4,077 7,591 165,875 11,280 849 2,099 1,312 3,014 20,770 38 9,077 20,773 306,038 Africa Egypt . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . South Africa . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . Total Africa . . . . . . . . . 1,453 285 279 88 2,552 10 6,817 11,484 Payable in dollars (2) Payable in Totals foreign Banks’ Custody curren- own lia- liabilities cies 1 bilities (3) (4) (5) Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to unaffiliated foreign banks Liabilall other foreigners Shortities to Shortterm U.S. banks’ term U.S. Treasury Other own Treasury Deposits obliga- liabil- foreign Deposits obligaDemand Time 2 tions 3 ities offices Demand Time 2 tions 3 (6) (7) (8) (9) (10) (11) (12) (13) 20,743 - 5,220 15,523 13,619 19 9,458 4,161 17,815 1,494 13,783 4,032 5,586 7 2,429 3,157 4,015 62 1,811 2,204 7,590 1 2,657 4,933 137,700 28,175 60,114 77,586 11,233 47 7,500 3,733 849 814 35 2,031 68 1,509 522 1,304 8 833 471 3,009 5 2,125 884 20,346 424 17,790 2,556 38 35 3 9,073 4 1,625 7,448 20,250 523 16,632 3,618 275,201 30,837 144,335 130,866 1,449 285 277 88 2,547 10 6,729 11,385 4 2 5 88 99 796 257 172 74 966 9 5,557 7,831 202 1,209 7,533 10,457 687 307 2,112 3,768 4,406 657 524 1,263 199 3,252 6,287 251 46 2,580 1,050 1,192 248 31 2,160 587 713 99 89 4,197 1,260 760 1,315 2,927 73,231 7,762 49,857 369 706 1,354 2,850 5,563 45 182 515 11 176 507 686 345 66 46 421 315 398 391 217 110 1,444 211 1,528 2,909 1,256 3,845 9,948 4 1 6 486 54 7,378 345 691 608 2,227 2,642 5,667 7,867 6,619 14,019 107,336 44,447 85,187 653 28 105 14 1,581 1 1,172 3,554 Other countries: Australia . . . . . . . . . . . . . 5,062 4,989 73 2,559 2,430 980 965 15 831 134 All other . . . . . . . . . . . . . Total other 6,042 5,954 88 3,390 2,564 countries . . . . . . . . . Total foreign countries. . . . . . . . 1,353,727 1,238,185 115,542 827,569 410,616 53 230 332 41 48 68 338 31 7 18 12 75 336 5 21 142 1,757 288 1,833 3,417 219 219 804 732 214 55 298 41 524 331 19 97 440 9,531 16 32 368 1 1 55 393 15 12 1 1 121 3 1 85 1,105 298 274 2,173 206 8 258 1,145 131 22 5 36 72 572 5,200 136 176 37 36 9 247 1,494 63 19 2 35 8 290 2,552 64 30 1 15 106 2 2,074 2,292 160 34 9 123 672 998 543 25 2 1,535 1,130 3,235 518 149 3 43 640 1 2,028 3,382 70 14 6 3 6 410 509 14 10 26 2 23 1 126 202 48 20 138 12 51 186 455 2 66 5 2 75 30 3 41 1 61 101 237 12 3 18 2 31 66 508 18 133 7 796 93 2,809 498 302 121 132 46 71 145 24 15 214 22 478 16 526 140 889 3,307 423 178 216 39 236 494 20,381 110,400 181,834 298,375 438,799 11,962 66,974 9,490 International and regional orgs.: International . . . . . . . . . . 15,975 14,900 1,075 14,730 170 77 5,770 123 8,930 European regional . . . . . 197 145 52 21 124 7 124 14 Latin American regional . . . . . . . . . . . . 605 536 69 534 2 3 215 318 Asian regional . . . . . . . . 179 179 154 25 179 African regional . . . . . . . 45 45 45 1 2 42 Middle Eastern 10 10 10 10 regional . . . . . . . . . . . . Total international 17,011 15,815 1,196 15,494 321 98 5,987 247 9,483 and regional. . . . . . . Grand total . . . . . . 1,370,738 1,254,000 116,738 843,063 410,937 20,479 116,387 182,081 307,858 438,799 11,962 66,974 1 Other liabilities (14) Memorandum Negotiable CDs held for all foreigners (15) These data as of Dec. 31, 1997. 2 Excludes negotiable time certificates of deposit, which are included in ‘‘Other liabilities.’’ 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in ‘‘Other Asia’’ and ‘‘Other Africa’’ amount to $1,700 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.’’ 99,970 22,384 - - - - - - - - - - - 9,490 99,970 22,384 5 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized 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. Source: Office of International Financial Analysis] Country 1994 1995 1996 1997 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 187,081 161,112 182,035 212,790 205,034 All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 253,586 261,083 259,163 275,486 253,147 Caribbean banking centers . . . . . . . . . . . . . . . . 361,659 360,351 366,503 414,613 402,721 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 171,576 165,875 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,999 135,110 133,172 128,459 140,163 Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 982,629 1,056,712 1,079,021 1,202,924 1,166,940 All other countries. . . . . . . . . . . . . . . . . . . . . . . . . 121,625 152,550 186,534 197,148 203,798 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,400,072 1,370,738 1 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. March 1998 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 1996 1997 1995 June Sept. Dec. Mar. r June r Sept. Dec. p Total claims . . . . . . . . . . . . . . . . . . . . . . . . 735,372 732,482 763,085 820,915 881,463 909,295 926,780 949,175 Payable in dollars. . . . . . . . . . . . . . . . . . 655,211 659,103 687,575 743,919 798,536 813,725 825,412 857,967 Banks’ own claims on foreigners . . . . 532,444 535,064 543,982 599,925 636,564 651,468 655,419 708,233 Foreign public borrowers. . . . . . . . . 22,518 23,036 23,075 22,216 28,838 29,400 28,875 20,660 Deposits . . . . . . . . . . . . . . . . . . . . 37,771 34,131 35,376 33,826 39,225 37,586 31,056 31,042 Other . . . . . . . . . . . . . . . . . . . . . . 63,824 71,382 74,180 79,856 79,223 81,959 73,688 78,182 Own foreign offices. . . . . . . . . . . . . . . 307,427 306,555 310,708 341,574 360,341 379,426 374,452 431,685 All other foreigners . . . . . . . . . . . . . . . 100,904 99,960 100,643 122,453 128,937 123,097 147,348 146,664 Claims of banks’ domestic customers . . . . . . . . . . . . 122,767 124,039 143,593 143,994 161,972 162,257 169,993 149,734 Deposits . . . . . . . . . . . . . . . . . . . . . 58,519 70,403 80,695 77,657 95,147 94,591 100,460 73,110 Negotiable and readily transferable instruments. . . . . . . . . 44,161 37,331 46,491 51,207 49,518 50,301 51,514 53,967 Collections and other. . . . . . . . . . . . 20,087 16,305 16,407 15,130 17,307 17,365 18,019 22,657 Payable in foreign currencies. . . . . . . . . 80,161 73,379 75,510 76,996 82,927 95,570 101,368 91,208 Banks’ own claims on foreigners . . . . 74,016 65,825 68,120 66,018 72,731 85,305 91,158 82,732 Claims of banks’ domestic customers . . . . . . . . . . . . 6,145 7,554 7,390 10,978 10,196 10,265 10,210 8,476 Claims reported by IBFs. . . . . . . . . . . . . . 255,035 241,577 239,052 261,076 274,005 276,151 276,511 302,833 Payable in dollars . . . . . . . . . . . . . . . . 202,411 198,171 195,850 219,600 229,961 232,366 229,642 256,668 Payable in foreign currencies . . . . . . . 52,624 43,406 43,202 41,476 44,044 43,785 46,869 46,165 Customer liability on acceptances . . . . . 8,410 9,303 9,362 10,388 11,202 11,437 10,881 9,624 On foreign public borrowers. . . . . . . . . . 14,995 14,962 15,983 15,411 19,935 17,979 20,123 12,134 On all other unaffiliated foreigners . . . . . 163,862 170,868 173,012 196,448 203,901 192,903 197,826 193,725 On foreign public borrowers. . . . . . . . . . 7,522 8,101 6,897 6,790 8,903 11,406 8,752 8,525 On all other unaffiliated foreigners . . . . . 38,553 34,614 37,115 39,457 43,478 49,726 54,267 62,174 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: 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 1995 1996 1997 June Sept. Dec. Mar. r June r Sept. Dec. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece. . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . . Total Europe. . . . . . . . . . . . . . . . 1,961 12,124 7 166 2,027 1,569 24,031 20,814 923 24 1,143 8,789 9,200 735 1,474 1,042 179 1,069 3,842 9,367 18,568 2,834 103,375 150 3,901 2,077 10,544 2 111 2,287 1,182 23,794 25,793 940 18 1,006 9,805 10,615 1,654 2,080 942 71 748 3,428 5,451 19,347 3,069 110,982 164 2,314 2,000 11,177 2 247 2,939 1,677 26,712 23,569 835 72 1,277 9,235 11,180 1,709 1,047 732 172 1,791 5,449 6,927 19,062 3,112 128,441 87 3,398 3,611 11,264 66 172 3,125 1,143 29,148 21,535 948 61 1,824 9,868 10,600 1,020 1,142 553 175 2,725 4,503 6,738 26,692 3,053 129,301 115 4,378 5,084 12,917 3 621 2,574 1,797 39,308 25,654 1,142 95 2,461 10,429 13,939 1,865 2,561 645 164 3,530 8,311 8,842 30,241 3,199 147,623 87 4,336 5,562 13,265 1 192 3,808 1,617 30,173 30,705 1,189 53 2,150 12,578 17,716 1,203 883 727 167 3,680 8,011 8,366 31,116 2,974 142,428 75 4,389 4,659 14,404 1 263 3,433 2,163 32,612 30,367 856 62 2,695 11,476 18,651 2,233 2,030 1,214 237 3,922 7,082 8,276 37,402 3,683 141,063 78 5,747 4,731 10,850 1 867 2,713 1,477 28,910 31,030 926 87 3,168 10,110 13,883 826 1,438 930 145 1,319 6,514 8,233 39,351 5,837 151,753 52 5,400 229,314 238,424 262,849 273,760 327,428 323,028 334,609 330,551 Canada . . . . . . . . . . . . . . . . . . . . . . . 35,840 36,783 43,576 43,948 59,391 60,867 48,283 51,333 6,759 61,477 6,226 14,826 148,626 5,184 4,892 846 472 329 21,375 9,850 3,347 1,880 485 534 2,536 6,859 63,946 5,129 16,827 131,150 4,639 4,908 994 468 365 19,565 13,371 2,762 2,442 513 696 2,105 7,426 65,691 5,171 17,199 131,856 4,648 5,060 991 525 346 20,247 11,703 2,444 2,576 491 568 2,156 7,779 74,332 5,172 21,714 135,411 5,356 7,345 1,056 632 352 22,042 25,774 2,886 2,764 531 654 2,358 7,321 70,187 7,105 19,818 135,247 6,123 6,383 1,174 660 838 22,525 19,031 3,322 2,535 600 786 2,227 7,982 70,214 8,390 21,569 158,780 5,941 6,580 1,159 691 343 22,852 14,518 3,469 2,620 681 754 2,428 8,087 71,267 9,919 21,518 179,534 6,596 6,793 1,241 808 380 22,308 20,552 3,793 3,085 813 781 2,361 9,811 94,458 9,355 24,688 171,475 8,294 7,149 1,333 931 430 22,279 18,071 4,637 3,521 854 670 2,715 2,982 3,634 3,576 2,745 2,942 3,135 2,663 3,387 292,626 280,373 282,674 318,903 308,824 332,106 362,499 384,058 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 1995 1996 June Sept. Dec. Mar. r Sept. Dec. p 2,280 2,021 20,848 2,532 3,005 4,757 91,084 21,409 49 1,481 1,529 2,272 9,773 3,688 9,824 487 177,039 3,059 1,373 19,013 2,336 3,227 5,022 83,159 20,517 52 1,099 1,682 1,723 12,587 74 2,781 8,485 341 166,530 1,793 1,086 18,094 2,560 3,266 4,753 86,609 19,613 70 1,034 712 1,903 11,277 3 2,542 11,563 585 167,463 272 18 534 700 600 1 641 624 3,390 359 22 446 839 723 1,177 518 4,084 284 47 579 747 834 1,155 467 4,113 283 25 521 709 960 1,271 439 4,208 7,799 1,821 6,757 2,831 8,011 2,225 7,351 1,349 7,647 1,426 10,002 9,620 9,588 10,236 8,700 9,073 729,429 761,360 818,289 879,928 907,360 924,734 946,686 1,837 94 - 2,910 141 2 - 1,575 8 142 - 2,416 1 209 - 1,351 10 174 - 1,768 167 - 1,875 2 169 - 2,233 255 1 1,931 3,053 1,725 2,626 1,535 1,935 2,046 2,489 735,372 732,482 763,085 820,915 881,463 909,295 926,780 949,175 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 . . . . . . . . . . . . . . . . . 1,176 1,836 16,770 1,946 2,016 5,345 98,745 14,324 44 1,170 571 1,449 6,383 94 2,806 10,562 484 165,721 2,325 1,612 19,159 1,931 1,923 5,056 84,713 19,632 38 1,173 1,140 1,492 9,257 91 3,308 9,856 419 163,125 1,905 1,821 16,425 2,125 2,002 5,008 84,914 18,114 43 1,172 1,502 1,464 7,953 3 2,852 11,179 368 158,850 1,601 2,068 16,261 2,140 2,213 4,935 92,172 19,425 50 1,162 941 1,848 9,061 1 2,964 11,375 368 168,585 1,638 1,843 17,901 2,433 2,547 4,886 89,813 20,444 54 1,307 1,120 1,726 10,537 2 3,704 10,892 460 171,307 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 233 18 550 720 606 1 654 682 3,464 219 17 525 1,048 615 1 563 593 3,581 263 13 474 842 656 1 473 687 3,409 265 24 574 777 744 26 476 587 3,473 4,919 1,557 5,352 1,791 7,708 2,294 6,476 7,143 733,441 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 1997 June r 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 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). 4 Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 77 TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Dec. 31, 1997 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany. . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland. . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden. . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey. . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . 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) Payable in foreign currencies (9) 4,731 10,850 1 867 2,713 1,477 28,910 31,030 926 87 3,168 10,110 13,883 826 1,438 930 145 1,319 6,514 8,233 39,351 5,837 151,753 52 5,400 330,551 1,583 8,442 1 855 1,037 1,432 17,989 20,128 426 75 2,965 9,177 7,019 663 1,146 894 53 1,304 4,643 2,105 32,804 1,601 121,647 52 3,555 241,596 1,036 5,064 1 762 816 65 4,964 6,518 400 42 1,357 3,457 4,442 466 1,096 482 53 1,092 1,233 870 2,496 1,485 30,105 52 3,112 71,466 318 1,577 63 164 1,168 11,275 6,158 2 16 355 2,773 1,699 89 50 295 156 1,709 984 26,350 73 73,038 102 128,414 229 1,801 30 57 199 1,750 7,452 24 17 1,253 2,947 878 108 117 56 1,701 251 3,958 43 18,504 341 41,716 4 47 2 3 32 6 17 6 1 56 171 192 3 540 3,148 2,408 12 1,676 45 10,921 10,902 500 12 203 933 6,864 163 292 36 92 15 1,871 6,128 6,547 4,236 30,106 1,845 88,955 3,148 2,343 1,662 3 10,627 10,449 471 190 795 6,829 148 214 28 92 1 1,816 6,043 6,523 3,346 28,776 1,707 85,211 65 12 14 42 294 453 29 12 13 138 35 15 78 8 14 55 85 24 890 1,330 138 3,744 51,333 33,923 12,426 14,750 6,747 20 17,410 15,625 1,785 9,811 94,458 9,355 24,688 171,475 8,294 7,149 1,333 931 430 22,279 18,071 4,637 3,521 854 670 2,715 9,456 91,948 8,935 21,756 154,906 8,070 6,966 1,314 917 424 20,020 18,001 4,470 3,499 838 646 2,303 7,805 9,979 8,780 16,773 35,446 7,657 6,840 1,209 772 385 18,857 13,079 2,224 3,222 818 468 2,044 1,119 79,400 2 4,923 110,025 256 105 102 114 39 661 4,759 2,140 269 13 161 85 532 2,569 153 60 9,435 157 21 3 31 502 163 106 8 7 17 174 102 110 8 1,021 188 5 150 51 50 1 511 26 94 28 2 17 355 2,510 420 2,932 16,569 224 183 19 14 6 2,259 70 167 22 16 24 412 254 2,320 420 2,689 16,523 203 179 18 10 6 1,382 69 154 21 15 24 406 101 190 243 46 21 4 1 4 877 1 13 1 1 6 3,387 3,344 3,043 246 55 128 43 41 2 384,058 357,813 139,401 204,419 13,993 2,492 26,245 24,734 1,511 78 CAPITAL MOVEMENTS TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Dec. 31, 1997, 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) Payable in dollars (8) Payable in foreign currencies (9) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 1,793 1,086 18,094 2,560 3,266 4,753 86,609 19,613 70 1,034 712 1,903 11,277 3 2,542 12,148 167,463 1,581 927 15,981 2,212 2,761 782 76,233 18,205 23 859 699 1,696 9,209 2,289 11,570 145,027 1,310 475 5,249 1,923 2,452 295 11,621 11,275 23 285 519 1,239 2,477 799 4,194 44,136 269 446 8,741 277 182 473 47,919 6,848 430 173 450 6,414 1,460 6,806 80,888 2 6 1,991 12 127 14 16,693 82 144 7 7 318 30 570 20,003 106 28 139 539 421 1 443 4,036 11 8 14 223 22 264 115 6,370 212 159 2,113 348 505 3,971 10,376 1,408 47 175 13 207 2,068 3 253 578 22,436 210 89 2,045 289 455 3,967 9,619 1,330 47 173 6 203 2,041 3 219 577 21,273 2 70 68 59 50 4 757 78 2 7 4 27 34 1 1,163 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 283 25 521 709 960 1,710 4,208 254 23 521 532 870 1,459 3,659 222 22 500 510 780 1,414 3,448 25 1 1 25 30 82 7 21 21 65 15 129 29 8 64 4 105 29 2 177 90 251 549 18 2 177 21 246 464 11 69 5 85 7,647 1,426 5,370 1,114 2,894 314 2,405 727 71 73 90 7 2,277 312 2,192 209 85 103 9,073 6,484 3,208 3,132 144 97 2,589 2,401 188 946,686 788,502 274,085 431,685 82,732 9,624 158,184 149,708 8,476 2,233 255 1 2,207 255 1 2,207 255 1 - - - 26 - 26 - - Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 2,489 2,463 2,463 - - - 26 26 - 949,175 790,965 276,548 431,685 82,732 9,624 158,210 149,734 8,476 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 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 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. Source: Office of International Financial Analysis] Country 1993 1994 1995 1996 1997 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 86,645 96,820 103,375 129,301 151,753 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 104,722 107,991 125,939 144,459 178,798 Caribbean banking centers . . . . . . . . . . . . . . . . 197,395 208,408 229,526 243,575 297,996 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 93,647 98,745 92,172 86,609 1 64,581 58,836 66,976 76,413 80,854 543,731 565,702 624,561 685,920 796,010 All other countries . . . . . . . . . . . . . . . . . . . . . . . . 108,772 107,701 110,811 134,995 153,165 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,503 673,403 735,372 820,915 949,175 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 80 CAPITAL MOVEMENTS SECTION III.--Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.--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 Country 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 . . . . . . . . . . . . . . . . . . . Other Asia: Afghanistan . . . . . . . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . . . . . . . Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . Ivory Coast. . . . . . . . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . . . . . . . Mauritius. . . . . . . . . . . . . . . . . . . . Mozambique. . . . . . . . . . . . . . . . . . Niger. . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . Sudan. . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . Uganda. . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . Zimbabwe. . . . . . . . . . . . . . . . . . . All other: New Zealand . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . 1996 Total banks’ own claims 1997 Calendar year June Calendar year Dec. p 1996 1997 June Dec. p 170 n.a. 607 242 67 1,182 155 83 471 54 n.a. n.a. 59 4 n.a. 58 n.a. n.a. 145 1,033 94 779 990 8 1,130 1,159 184 684 108 1,197 1,208 13 1,156 1,019 177 1,079 195 833 1,340 16 1,297 1,169 7 65 52 371 233 37 454 621 n.a. n.a. 10 374 260 5 510 683 18 119 14 426 365 n.a. 513 845 27 441 748 101 681 101 21 375 1,060 146 705 123 33 360 1,019 118 698 121 n.a. 30 230 14 182 n.a. n.a. 33 256 13 144 n.a. n.a. 29 334 47 183 51 45 3 243 n.a. 210 155 44 4 277 101 129 100 56 10 290 114 257 128 n.a. n.a. 80 n.a. 94 n.a. n.a. 92 n.a. 67 2 n.a. 95 52 7 197 16 185 7 50 118 n.a. 52 91 6 n.a. n.a. 25 28 244 73 n.a. 30 163 162 20 297 11 n.a. 146 42 59 129 4 n.a. 14 18 38 267 85 n.a. 37 162 282 20 183 n.a. 59 179 n.a. 55 129 5 34 23 17 33 379 n.a. 196 41 159 15 n.a. n.a. n.a. 19 45 n.a. 9 n.a. n.a. n.a. n.a. 3 144 9 * 15 n.a. n.a. n.a. n.a. n.a. 46 n.a. 5 n.a. n.a. n.a. n.a. n.a. n.a. 152 6 1 12 n.a. n.a. 2 n.a. n.a. 24 n.a. n.a. n.a. n.a. n.a. n.a. 9 129 5 5 2 796 88 611 n.a. 400 n.a. n.a. n.a. n.a. n.a. n.a. 1 * 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.’’ 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 1993 1994 1995 1996 Dec. Mar. r 1997 June r Total liabilities . . . . . . . . . . . . . . . . . . . . . . 49,311 54,309 46,448 54,798 58,750 Payable in dollars. . . . . . . . . . . . . . . . . . 37,442 38,298 33,903 38,956 Financial . . . . . . . . . . . . . . . . . . . . . . . 17,259 18,818 12,903 Trade payables . . . . . . . . . . . . . . . . 7,869 8,860 Advance receipts and other. . . . . . . 12,314 Payable in foreign currencies. . . . . . . . . Financial . . . . . . . . . . . . . . . . . . . . . . . Type of liability or claim Sept. Dec. p 55,184 55,476 58,245 39,944 38,494 39,583 41,838 11,327 11,847 11,203 11,248 12,975 9,996 11,683 10,600 10,203 10,020 9,595 10,620 11,004 15,946 17,497 17,088 18,315 19,268 11,869 16,011 12,545 15,842 18,806 16,690 15,893 16,407 10,681 14,136 11,338 14,738 17,786 15,661 14,722 14,815 Trade payables . . . . . . . . . . . . . . . . 933 1,145 1,017 1,037 915 919 941 1,305 Advance receipts and other. . . . . . . 255 730 190 67 105 110 230 287 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 49,159 57,888 52,509 63,642 66,202 67,039 68,646 65,287 Payable in dollars. . . . . . . . . . . . . . . . . . 45,161 53,805 48,711 58,630 60,226 60,855 62,030 57,383 Deposits . . . . . . . . . . . . . . . . . . . . . 15,182 18,026 14,654 20,631 18,599 21,405 20,278 16,582 Other . . . . . . . . . . . . . . . . . . . . . . . . 10,862 14,306 10,976 12,069 15,381 13,337 14,795 11,576 Trade receivables . . . . . . . . . . . . . . 16,662 19,316 20,993 23,495 23,684 23,671 23,730 26,075 Advance payments and other . . . . . 2,455 2,157 2,088 2,435 2,562 2,442 3,227 3,150 Payable in foreign currencies. . . . . . . . . 3,998 4,083 3,798 5,012 5,976 6,184 6,616 7,904 Deposits . . . . . . . . . . . . . . . . . . . . . 535 481 479 773 1,651 1,491 1,559 1,849 Other . . . . . . . . . . . . . . . . . . . . . . . . 1,192 1,084 1,289 1,795 3,016 3,257 3,313 4,193 Trade receivables . . . . . . . . . . . . . . 1,763 1,842 2,005 2,256 1,117 1,187 1,380 1,379 Advance payments and other . . . . . 508 676 25 188 192 249 364 483 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 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 . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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. 1996 1997 1992 1993 1994 1995 Dec. r Mar. r June r Sept. Dec. p 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 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 67 1,111 2 22 93 161 1,771 2,836 72 12 449 911 1,322 424 30 33 9 222 204 1,323 129 14,480 105 9 165 25,962 82 1,412 14 22 121 173 1,885 2,636 55 10 612 1,062 1,060 420 42 31 7 236 196 1,175 137 18,028 111 5 100 29,632 97 976 2 24 133 202 1,989 2,617 75 13 626 831 756 312 55 40 14 218 182 1,021 81 16,795 53 9 120 27,241 160 794 6 96 138 172 2,117 2,680 40 12 884 880 960 264 46 36 113 310 238 1,046 158 15,999 99 7 126 27,381 110 852 5 38 170 281 2,447 3,289 89 13 1,133 921 933 270 7 36 165 334 244 1,151 281 16,284 115 6 159 29,333 1,546 1,738 1,666 1,672 2,491 1,670 1,592 1,549 2,357 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 1 281 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 272 299 347 274 1,044 160 123 5 27 12 16 682 53 12 44 144 6 329 220 336 506 276 979 115 112 4 30 12 13 649 251 18 34 125 10 319 224 157 452 322 795 121 143 2 44 15 13 609 8 15 34 86 20 305 201 48 244 285 686 117 101 2 26 23 17 638 17 18 23 72 22 323 218 157 432 355 615 150 117 22 30 18 590 23 16 30 75 20 260 176 218 145 364 393 430 415 423 417 5,586 3,812 3,891 3,523 4,242 4,439 3,780 3,286 3,545 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 1996 1997 Country 1992 1993 1994 1995 Dec. r Mar. r June r Sept. Dec. p 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 . . . . . . . . . . . . . . . . . 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 19,144 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 206 16,409 990 697 610 181 314 205 10,483 1,558 72 586 77 110 908 61 473 2,193 327 19,845 1,238 772 629 221 289 206 10,296 1,363 82 708 80 158 901 23 364 2,567 441 20,338 1,132 979 723 224 254 205 9,895 1,246 92 843 98 183 976 7 359 2,459 266 19,941 1,292 1,051 716 202 240 207 10,079 1,138 23 764 49 223 1,016 6 479 3,007 196 20,688 1,250 936 759 170 212 185 9,584 1,149 29 766 60 221 1,251 23 405 3,141 211 20,352 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 89 2 28 59 5 309 82 574 111 1 1 41 55 1 290 86 586 48 29 32 1 379 74 563 157 16 24 42 376 154 769 198 29 21 154 532 144 1,078 226 48 1 19 161 479 132 1,066 163 48 1 23 204 5 423 103 970 74 47 1 46 221 1 504 68 962 90 28 1 49 251 408 103 930 503 88 517 148 372 153 461 230 945 125 991 503 911 646 858 640 910 810 591 665 525 691 1,070 1,494 1,557 1,498 1,720 45,494 49,293 54,265 46,386 54,688 58,639 55,081 55,364 58,237 17 - 18 - 44 - 2 60 - 55 55 - 55 42 12 2 - 55 43 2 3 - 55 46 10 1 - 8 - Asia: Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 17 18 44 62 110 111 103 112 8 45,511 49,311 54,309 46,448 54,798 58,750 55,184 55,476 58,245 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 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). 4 Includes Algeria, Gabon, Libya, and Nigeria. 84 CAPITAL MOVEMENTS TABLE CM-IV-3.--Total Liabilities by Type and Country, Dec. 31, 1997, 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 . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 110 852 5 38 170 281 2,447 3,289 89 13 1,133 921 933 270 7 36 165 115 334 244 1,151 281 16,284 6 159 29,333 11 186 11 151 1,684 2,018 6 984 381 494 32 1 19 9 113 21 776 19 12,201 4 19,121 3 85 10 120 1,008 1,051 6 318 49 338 13 19 4 48 287 19 5,914 3 9,295 8 101 1 31 676 967 666 332 156 19 1 5 65 21 489 6,287 1 9,826 99 666 5 38 159 130 763 1,271 89 7 149 540 439 238 6 17 165 106 221 223 375 262 4,083 6 155 10,212 Canada . . . . . . . . . . . . . . . . . . . . . . 2,357 1,186 479 707 1,171 218 157 432 355 615 150 117 22 30 18 590 23 16 30 75 20 260 119 141 229 143 604 9 1 3 26 2 1 14 141 228 14 494 9 1 3 9 2 - 105 1 129 110 17 1 99 16 203 212 11 141 116 19 30 18 564 23 16 30 73 20 259 417 108 107 1 309 3,545 1,386 1,022 364 2,159 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. CAPITAL MOVEMENTS 85 TABLE CM-IV-3.--Total Liabilities by Type and Country, Dec. 31, 1997, 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 . . . . . . . . . . . . . . . . . 1,250 936 759 170 212 185 9,584 1,149 29 766 60 221 1,251 23 405 3,352 20,352 50 40 59 6 56 12 5,085 15 4 4 1 23 39 5,394 46 1 57 2 37 12 1,907 4 4 2 23 38 2,133 4 39 2 4 19 3,178 11 2 1 1 3,261 1,200 896 700 164 156 173 4,499 1,134 25 762 60 220 1,228 23 405 3,313 14,958 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 90 28 1 49 251 511 930 31 18 11 60 31 10 41 18 1 19 59 28 1 49 233 500 870 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 910 810 1,720 39 604 643 1 4 5 38 600 638 871 206 1,077 Total foreign countries. . . . . . 58,237 27,790 12,975 14,815 30,447 8 - - - - 8 - 8 - - - 8 58,245 27,790 12,975 14,815 30,455 International and regional orgs.: 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 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] Calendar year 1996 1997 Country 1992 1993 1994 1995 Dec. Mar. r June r Sept. Dec. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . 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 . . . . . . . . . . . . . . . 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 17,476 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 537 288 1,018 256 6,959 300 13 153 17,433 159 411 19 34 101 173 2,338 1,613 148 17 274 1,039 1,055 251 108 92 14 645 372 1,116 222 9,065 239 6 214 19,725 118 483 17 27 87 122 2,274 1,688 113 11 282 1,031 1,149 281 109 45 7 603 376 988 237 10,563 221 14 193 21,039 90 530 16 32 72 135 2,057 1,510 89 59 267 979 1,132 303 111 60 10 601 345 836 210 11,440 198 8 190 21,280 74 691 19 95 105 179 2,754 1,747 345 57 297 1,021 1,337 319 119 76 7 665 640 829 381 12,054 157 6 270 24,244 125 734 32 42 154 211 2,808 2,039 386 62 277 1,464 1,274 303 124 78 7 622 503 985 379 11,230 221 11 267 24,338 Canada . . . . . . . . . . . . . . . . . . . . . . 3,119 3,813 5,569 4,802 5,610 7,298 8,886 6,928 5,949 242 806 295 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 25 383 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 617 1,487 415 2,771 15,372 374 422 5 107 98 40 1,585 114 109 201 25 42 388 621 1,934 316 2,620 15,303 353 320 5 108 84 73 1,619 35 102 177 30 41 352 633 2,093 385 2,753 13,651 313 392 1 126 100 61 1,637 141 123 215 26 47 472 719 2,464 318 2,602 13,045 303 387 1 113 88 47 1,727 110 118 147 32 44 433 688 2,486 352 2,476 10,420 328 423 101 93 51 1,922 153 145 147 20 49 612 443 553 600 705 681 716 797 1,496 819 16,936 19,498 23,653 18,864 24,853 24,809 23,966 24,194 21,285 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. 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] 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 orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1996 1997 1992 1993 1994 1995 Dec. Mar. r June r Sept. Dec. p 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 8,853 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 108 8,891 992 511 669 402 665 323 3,038 822 41 560 99 245 781 7 288 993 161 10,597 1,099 610 572 336 563 312 2,896 773 51 566 96 202 719 24 387 1,090 120 10,416 1,115 724 546 423 599 309 2,845 767 38 551 66 200 648 4 400 1,034 125 10,394 1,148 700 561 447 549 309 3,047 725 34 568 32 171 787 15 334 1,002 162 10,591 1,076 813 560 439 703 346 2,796 988 37 546 44 143 774 11 278 1,115 155 10,824 177 5 34 37 81 29 87 187 637 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 160 16 13 57 321 11 92 260 930 155 15 29 27 277 13 180 224 920 140 18 36 37 289 9 114 257 900 144 27 32 27 289 5 96 177 797 152 43 9 24 271 5 223 211 938 286 9 8 28 320 3 134 208 996 702 152 945 208 1,218 269 1,310 270 1,536 265 1,392 278 1,449 257 1,384 286 1,483 389 854 1,153 1,487 1,580 1,801 1,670 1,706 1,670 1,872 45,058 49,131 57,865 52,500 63,506 66,132 67,029 68,565 65,264 13 2 - 28 - 19 4 - 8 1 - 60 58 2 13 3 - 2 38 1 26 3 - 5 5 - 3 23 3 51 1 - 18 5 - 15 28 23 9 136 70 10 81 23 45,073 49,159 57,888 52,509 63,642 66,202 67,039 68,646 65,287 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 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). 4 Includes Algeria, Gabon, Libya, and Nigeria. 88 CAPITAL MOVEMENTS TABLE CM-IV-5.--Total Claims by Type and Country, Dec. 31, 1997, 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 . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 125 734 32 42 154 211 2,808 2,039 386 62 277 1,464 1,274 303 124 78 7 221 622 503 985 379 11,230 11 267 24,338 52 406 17 8 49 18 1,015 427 276 51 162 383 677 58 58 20 30 77 250 434 163 7,578 31 12,240 22 377 17 8 5 17 992 358 276 47 159 174 637 50 44 13 24 53 239 421 144 4,414 29 8,520 30 29 44 1 23 69 4 3 209 40 8 14 7 6 24 11 13 19 3,164 2 3,720 73 328 15 34 105 193 1,793 1,612 110 11 115 1,081 597 245 66 58 7 191 545 253 551 216 3,652 11 236 12,098 Canada . . . . . . . . . . . . . . . . . . . . . . 5,949 3,313 2,962 351 2,636 688 2,486 352 2,476 10,420 328 423 101 93 51 1,922 153 145 147 20 49 612 166 2,459 108 1,313 10,311 10 126 6 26 3 537 137 29 15 3 36 153 2,441 107 471 10,214 6 47 6 20 1 463 137 25 14 25 13 18 1 842 97 4 79 6 2 74 4 1 3 11 522 27 244 1,163 109 318 297 95 67 48 1,385 16 116 132 20 46 576 819 258 233 25 561 21,285 15,543 14,363 1,180 5,742 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. CAPITAL MOVEMENTS 89 TABLE CM-IV-5.--Total Claims by Type and Country, Dec. 31, 1997, 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 . . . . . . . . . . . . . . . . . 1,076 813 560 439 703 346 2,796 988 37 546 44 143 774 11 278 1,270 10,824 214 55 53 71 324 24 823 200 290 3 28 8 40 2,133 212 55 23 67 320 21 294 287 3 25 8 37 1,352 2 30 4 4 3 529 200 3 3 3 781 862 758 507 368 379 322 1,973 788 37 256 44 140 746 11 270 1,230 8,691 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 286 9 8 28 320 3 342 996 170 2 5 100 42 319 170 2 5 99 41 317 1 1 2 116 9 6 23 220 3 300 677 1,483 389 456 196 449 195 7 1 1,027 193 1,872 652 644 8 1,220 65,264 34,200 28,158 6,042 31,064 18 5 - - - - 18 5 - Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 23 - - - 23 65,287 34,200 28,158 6,042 31,087 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 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 Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during 1998 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars. Source: Office of International Financial Analysis] Country 1994 1995 1996 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 55,598 100,411 130,645 177,272 45,042 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 26,474 24,795 71,073 100,990 32,314 Caribbean banking centers 1 . . . . . . . . . . . . . . . . -3,581 48,344 41,081 25,227 6,791 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,441 16,504 55,167 34,494 -8,411 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,424 25,657 59,327 25,458 5,583 136,356 215,711 357,293 363,441 81,319 3,994 16,226 12,925 22,657 9,544 140,350 231,937 370,218 386,098 90,863 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 1997 Jan. - Mar. 1998 CAPITAL MOVEMENTS 91 SECTION V.--U.S. International Transactions in Long-Term Securities TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents 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) 1994. . . . . . . . . . . . . . . . . 78,801 1995. . . . . . . . . . . . . . . . . 134,115 1996. . . . . . . . . . . . . . . . . 232,241 1997. . . . . . . . . . . . . . . . . 183,596 1998 - Jan. - Mar. p . . . . . 11,779 1997 - Mar. r . . . . . . . . . . Apr. r. . . . . . . . . . . May r . . . . . . . . . . June r . . . . . . . . . . July r. . . . . . . . . . . Aug. r . . . . . . . . . . Sept. r. . . . . . . . . . Oct. r. . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1998 - Jan.. . . . . . . . . . . . Feb. p . . . . . . . . . . Mar. p . . . . . . . . . . 41,822 39,631 85,807 43,379 6,187 36,815 164 94,045 439 148,276 -1,842 139,800 417 4,008 1,584 2,711,142 2,981,158 3,682,940 4,868,662 1,216,606 20,082 7,154 13,228 -300 25,720 6,955 18,305 460 7,029 3,607 3,579 -157 22,980 10,391 11,639 950 2,671 -2,413 4,816 268 24,153 8,235 16,124 -206 15,174 3,091 11,697 386 16,858 -12,848 29,942 -236 15,909 1,831 13,658 420 -9,398 -367 -7,421 -1,610 5,512 -1,189 6,179 522 9,957 1,242 8,849 -134 -3,690 6,134 -11,020 1,196 384,664 400,517 410,993 443,054 386,474 450,926 397,580 506,890 352,968 320,492 415,329 375,387 425,890 U.S. Government corporations and federally sponsored agencies Net Gross Gross foreign foreign Gross foreign purpur- foreign sales chases chases sales (6) (7) (8) (9) 2,632,341 2,847,043 3,450,699 4,685,066 1,204,827 Corporate and other securities Bonds 1 Net Gross foreign foreign purpurchases chases (10) (11) 21,680 28,729 41,723 49,593 23,378 159,270 125,453 141,121 259,913 100,898 137,590 96,724 99,398 210,320 77,520 37,992 57,853 83,743 86,874 26,673 364,582 3,735 374,797 6,152 403,964 3,040 420,074 1,829 383,803 5,767 426,773 7,636 382,406 1,745 490,032 7,828 337,059 -558 329,890 2,837 409,817 4,685 365,430 8,430 429,580 10,263 13,331 16,446 16,246 18,786 27,601 30,873 22,169 26,185 28,563 25,702 29,844 35,871 35,183 9,596 10,294 13,206 16,957 21,834 23,237 20,424 18,357 29,121 22,865 25,159 27,441 24,920 5,332 6,077 6,697 10,230 10,815 6,703 7,763 6,199 4,418 6,476 8,460 8,993 9,220 Net Gross foreign foreign pursales chases (12) (13) 130,067 92,075 1,877 168,080 110,227 11,240 252,832 169,089 12,511 354,340 267,466 66,035 92,491 65,818 29,033 27,937 24,255 28,322 37,510 35,018 31,749 28,540 32,277 24,069 26,782 27,635 31,543 33,313 22,605 18,178 21,625 27,280 24,203 25,046 20,777 26,078 19,651 20,306 19,175 22,550 24,093 759 5,828 6,473 10,078 10,423 8,133 5,118 1,005 5,016 5,324 6,267 10,008 12,758 Stocks Gross foreign Gross pur- foreign chases sales (14) (15) 350,593 462,950 590,714 963,885 314,184 348,716 451,710 578,203 897,850 285,151 64,035 63,276 66,476 60,648 77,610 71,137 82,289 72,211 85,138 74,715 84,953 76,820 80,546 75,428 106,673 105,668 85,149 80,133 90,994 85,670 90,106 83,839 99,236 89,228 124,842 112,084 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) 1994 . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . 1997 r . . . . . . . . . . . . . . . . . . . . . . . 1998 - Jan. - Mar. p . . . . . . . . . . . . . -57,295 -98,696 -110,637 -87,484 -4,432 -9,224 -48,405 -51,369 -47,241 -2,111 848,368 889,541 1,114,035 1,466,784 326,172 857,592 937,946 1,165,404 1,514,025 328,283 -48,071 -50,291 -59,268 -40,243 -2,321 386,106 345,540 450,365 719,145 209,919 1997 - Mar. r . . . . . . . . . . . . . . . . . . Apr. r. . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . June r . . . . . . . . . . . . . . . . . . July r. . . . . . . . . . . . . . . . . . . Aug. r . . . . . . . . . . . . . . . . . . Sept. r. . . . . . . . . . . . . . . . . . Oct. r. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. p . . . . . . . . . . . . . . . . . . Mar. p . . . . . . . . . . . . . . . . . . -6,974 1,462 -5,134 -19,139 -18,902 -13,107 -8,340 -3,559 -2,423 -1,521 -3,569 -3,914 3,051 -3,163 5,546 -1,357 -13,395 -11,337 -5,214 -8,006 -739 -4,468 -3,062 -3,725 -2,816 4,430 127,201 114,838 123,165 117,617 133,496 123,203 121,636 163,626 111,000 115,302 95,481 100,231 130,460 130,364 109,292 124,522 131,012 144,833 128,417 129,642 164,365 115,468 118,364 99,206 103,047 126,030 -3,811 -4,084 -3,777 -5,744 -7,565 -7,893 -334 -2,820 2,045 1,541 156 -1,098 -1,379 47,183 49,211 56,691 63,399 68,845 60,734 62,690 79,549 70,286 64,328 62,333 66,652 80,934 Calendar year or month Gross foreign sales to U.S. (7) 434,177 395,831 509,633 759,388 212,240 , 50,994 53,295 60,468 69,143 76,410 68,627 63,024 82,369 68,241 62,787 62,177 67,750 82,313 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 to U.S. residents 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 1997 1998 1997 1998 1997 1998 1997 1998 Country Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 1,175 3,427 -8 77 647 457 -2,083 22,471 -637 -968 1,229 2,300 1,746 259 488 2,754 -54 -1,265 10,351 -465 6,028 -71 98,253 25 -1,216 144,920 -677 902 3 -23 654 -150 -4,519 13,154 -248 -477 526 1,102 -816 -92 -996 1,133 -54 -1,064 -887 111 4,932 -1,633 22,627 -285 33,223 -409 1,260 10 51 344 -310 1,278 2,008 276 -885 977 2,211 -2,122 -219 664 646 18 264 -1,131 52 4,279 846 14,349 99 24,556 345 835 2 189 40 142 497 17 -59 588 123 2,194 6 -13 59 -11 -1 903 -18 390 -1 9,644 8 387 16,266 46 105 2 44 -15 25 245 -2 31 27 25 529 3 5 -11 -11 412 -24 163 -637 99 1,061 2 248 39 59 130 393 11 56 244 41 -81 -83 -3 11 376 -3 1,367 1 6,481 -53 9,236 263 1,380 4 23 132 -44 3,158 2,245 24 6 1,128 4 1,382 418 -120 583 7 227 -52 -203 21 47,160 289 58,035 79 1,018 -1 37 53 596 -434 13 285 -308 450 306 2 -4 -8 1,173 -17 6,213 54 9,507 25 1,380 -5 24 6 -14 943 564 2 478 -221 211 17 -13 -38 2 -72 15 17 -163 13,463 182 16,803 478 4,681 -4 433 48 3,134 9,075 226 -2 750 2,829 3,833 524 12 -238 -6 339 576 2,084 7,845 11 22,215 12 186 59,041 95 1,410 -4 151 42 154 2,183 106 -4 268 685 1,745 315 15 -1 49 7 879 3,365 -5 5,551 3 51 17,060 179 2,400 5 14 282 24 1,988 1,941 -57 -3 443 2,285 1,310 206 -3 33 3 40 411 468 3,771 -12 10,749 27 257 26,761 Canada . . . . . . . . . . . . . . . . . . . . . . -811 -2,132 -252 433 97 32 5,831 1,905 1,891 -1,174 -1,168 -178 215 -354 -6,364 -2,589 4,312 1,331 958 32 -1 -13 979 -2,660 103 304 19 175 655 -371 -459 -1,407 -1,239 -81 169 772 -37 -4 -5 287 10,308 63 71 12 29 468 -129 1,425 -370 2,532 -108 481 -89 -11 21 -57 758 -14,501 23 37 5 103 -26 154 709 7,573 2,388 3,791 34 121 59 8 -14 840 84 160 1 65 56 918 96 421 5,935 524 1,774 11 94 9 6 -30 692 -11 45 28 24 169 -6 228 4,347 30 2,389 11 24 66 -1 48 408 3 123 20 19 14 310 444 2,289 5,163 -190 5,148 239 19 98 9 43 705 1,974 -436 41 136 217 -37 854 1,857 -127 1,460 86 3 23 1 29 -180 128 -71 8 8 18 82 42 840 2,969 -623 2,534 13 52 -12 4 -38 567 77 93 11 8 6 27 386 683 -1,926 18 4,548 -20 175 -1 25 12 1 375 -263 693 11 15 246 303 124 -53 -1,448 19 -806 -4 31 4 8 2 184 -4,265 172 11 9 81 84 125 393 515 81 2,495 -96 15 -3 2 108 3,205 111 -2 34 60 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. 357 239 28 1,067 460 717 908 427 265 -17 -95 -103 -2,541 8,815 -9,878 18,014 10,247 8,750 16,807 4,569 6,835 5,264 -5,942 6,940 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 to U.S. residents 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 1997 1998 1997 1998 1997 1998 1997 1998 Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Calendar year 1997 r Oct. through Dec. Jan. through Mar. p Calendar year 1997 r 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 . . . . . . . . . . . . . . . . . 8,158 1,537 12,253 510 2 3,125 20,360 -5,119 -2 -2,559 -7 -561 -3,713 -1,904 7,116 -149 39,047 -2,185 -1,718 4,316 124 -1,882 1,389 -8,484 -4,265 -56 -1,003 -326 -420 -229 -2,208 192 -16,755 30 -508 2,172 387 -317 201 -5,888 1,502 -674 205 363 -744 -677 61 -3,887 1,708 -705 3,832 -64 612 7,718 -2,158 -1 -289 1 302 1,531 -1 1,863 -64 14,285 368 -556 825 -1 72 -1,765 -1,245 -17 15 795 -3 207 -65 -1,370 1,828 -124 795 1 -1 124 398 108 27 80 468 1,099 91 4,894 70 -134 1,758 -35 2 179 1,636 -191 10 9 49 1,176 15 -207 51 4,388 12 -38 268 2 1 59 325 -88 -1 -74 11 -49 15 443 -27 25 64 -13 2 148 280 -5 -19 -5 -2 -228 1 321 71 613 62 428 -210 -33 20 -539 4,780 -5 78 -170 18 2 -2,307 18 -9 171 -72 2,232 -6 -19 -283 -41 -9 -209 1,489 -39 22 -91 9 -19 586 5 -13 114 69 1,565 -1 47 -357 7 -22 -222 -3,201 -51 -31 -154 -1 -12 198 2 -3 -610 -37 -4,448 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,090 122 93 -13 231 1,523 129 -73 1 88 86 231 194 77 2 1 1 12 287 384 226 29 8 21 668 71 65 7 1 6 150 15 66 1 -2 80 37 120 134 9 37 337 3 -81 81 2 -7 -2 11 13 -13 -6 2 19 26 65 2 -99 9 354 12 43 85 471 56 1 -56 4 -14 16 44 51 4 -21 -1 76 1 3 68 130 1,054 -13 1,522 -109 -616 -15 -157 31 -74 36 169 42 582 355 11 170 149 291 250 91 -125 -36 -168 42 1,041 1,413 -631 -126 -38 211 937 181 440 341 -161 -126 183,179 24,795 10,195 49,540 10,147 23,203 86,335 16,603 26,608 66,175 11,405 29,079 552 -139 173 -277 93 15 -648 -191 -77 -323 -109 -78 1,122 -2 13 -9 75 385 27 6 -12 -20 52 - 21 -9 -10 -42 - -3 -20 95 10 93 - 37 -69 581 5 -15 - 45 -69 514 - 29 36 - -83 -68 10 -1 2 -20 -34 -6 - -50 1 3 - 417 -1,426 1,584 53 -40 175 539 490 65 -140 -60 -46 183,596 23,369 11,779 49,593 10,107 23,378 86,874 17,093 26,673 66,035 11,345 29,033 Country Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: 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 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). 4 Includes Algeria, Gabon, Libya, and Nigeria. 94 CAPITAL MOVEMENTS TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 1998, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czech Republic . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . 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 from U.S. residents 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) 4,600 3,364 21,181 6,555 87 41 676 618 3,842 1,541 1,922 838 54,558 32,744 44,670 17,689 1,571 994 1,569 876 18,855 10,979 18,639 7,597 24,876 7,413 2,497 874 1,798 1,318 3,125 2,539 34 31 3,883 2,674 15,769 11,094 8,169 3,383 41,405 10,289 3,018 2,771 1,079,018 685,542 36 7,737 5,449 1,363,535 817,213 13 636 553 136 223 809 11 500 423 325 1,511 58 11 382 3 1,596 1 17,567 43 24,801 Total sales (8) Gross sales by foreigners to U.S. residents 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) 54 680 120 369 4,673 3,773 2,759 7,902 1,517 1,812 14,983 5,295 8 30 8 68 31 27 18 2 11 599 567 79 570 482 617 3,493 1,197 35 52 454 407 2,448 1,148 2,243 9,965 4,455 4,928 51,072 31,466 1,894 12,705 3,940 7,633 40,497 15,681 7 394 49 116 1,418 718 12 3 178 2,402 1,761 1,235 2,248 2,468 1,502 16,430 10,002 134 6,415 872 3,296 14,114 5,386 591 6,648 2,957 5,756 24,655 9,535 66 560 151 788 3,091 1,093 3 427 50 1,075 654 17 100 38 420 2,499 1,893 3 13 13 2 95 758 354 3,687 2,410 45 1,244 715 2,289 15,922 12,225 17 2,007 536 2,223 8,103 3,331 933 21,288 1,465 5,834 31,459 6,010 13 42 107 84 2,374 1,925 52,400 78,345 156,714 88,450 1,034,595 671,193 28 8 11 205 1,180 285 575 7,272 5,350 62,756 152,512 178,545 127,708 1,286,953 792,657 11 388 514 77 93 416 444 179 284 1,592 141 3 6 6 229 11,086 96 15,565 29 501 114 245 1,379 5,502 922 1,497 5 3 28 1 3 4 5 20 73 288 696 725 49 28 391 755 1,300 7,977 4,682 5,554 1,330 10,764 3,955 8,351 5 451 96 148 15 2 180 757 1,805 2,026 1,661 355 4,130 646 3,313 380 5,338 3,343 4,467 49 354 598 856 13 6 340 59 55 67 25 459 55 799 423 117 833 688 2,053 2 1,539 710 2,515 916 17,517 1,530 5,257 176 54 65 154 38,937 67,596 159,497 86,286 1 5 5 23 923 198 682 45,953 125,751 181,361 125,666 159,887 80,446 1,326 4,750 16,615 44,648 12,102 156,927 80,698 1,294 2,859 16,793 43,299 11,984 14,868 38,306 130,251 29,919 134,339 1,914 2,355 599 173 153 10,507 53,691 2,921 333 101 2,246 3,490 267 17,277 22,153 5,606 46,165 1,009 1,908 209 83 3,653 14,567 584 37 12 229 1,652 146 2,934 23,928 909 26,037 16 155 78 2 110 458 252 399 20 70 46 355 144 2,846 6,587 114 7,960 47 64 11 6 2 1,033 487 246 24 9 44 273 775 5,707 47,661 397 33,918 263 94 23 37 11 624 24,126 881 28 8 275 370 12,088 8,368 26,563 17,454 13,354 238 97 265 34 11 1,798 4,724 607 147 2 1,382 623 1,448 1,174 3,359 5,439 6,905 341 37 13 11 19 2,941 9,535 204 77 270 217 16,100 36,003 121,511 28,370 126,166 1,447 2,370 545 142 179 8,806 62,963 2,533 294 82 2,150 3,412 396 15,852 22,523 3,074 46,273 528 1,997 220 62 57 2,895 29,068 561 7 126 1,678 152 2,706 19,581 879 23,648 5 131 12 3 62 50 249 276 51 32 45 102 2,006 3,618 737 5,426 34 12 23 2 40 466 410 153 13 1 38 246 650 5,314 47,146 316 31,423 359 79 26 37 9 516 20,921 770 30 8 241 310 13,479 8,273 24,983 17,239 12,686 161 116 262 27 5 2,489 4,272 582 148 14 1,498 928 1,321 1,852 3,660 6,125 6,710 360 35 2 11 6 2,390 8,043 191 103 1 215 205 4,259 482 994 410 422 627 1,324 2,779 454 277 145 525 727 651 430,425 115,893 56,909 20,307 115,620 88,382 33,314 415,852 125,771 48,159 13,472 108,680 87,889 31,881 CAPITAL MOVEMENTS 95 TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During First Quarter 1998, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents 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) Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign Total bonds sponsored and other securities sales & notes agencies Bonds Stocks Bonds Stocks (8) (9) (10) (11) (12) (13) (14) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 12,266 4,760 33,219 1,115 1,141 7,057 154,087 2,728 157 1,004 108 1,302 28,383 54 4,474 17,480 269,335 9,126 2,899 20,138 779 851 5,728 108,868 1,881 354 1 899 17,444 4,203 9,465 182,636 1,978 65 1,420 1 155 10,011 138 28 82 979 1,952 16,809 144 38 214 1 2 170 1,765 2 25 8 402 1 859 3,631 82 701 1,848 125 53 437 12,255 23 108 27 46 107 4,841 41 30 4,527 25,251 857 269 1,696 24 44 65 3,422 148 7 7 2 58 1,286 1 39 294 8,219 79 788 7,903 185 191 502 17,766 536 42 563 59 148 3,431 12 201 383 32,789 9,883 5,133 32,631 720 1,434 6,947 166,482 2,725 211 1,991 194 1,127 26,763 51 5,279 17,303 278,874 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 1,074 14 892 6 679 11 664 3,340 923 259 2 25 19 1,228 15 191 6 1 213 24 127 7 2 36 196 66 203 2 244 1 389 905 31 77 2 251 6 73 440 15 14 35 146 2 146 358 860 4 844 18 902 7 614 3,249 729 182 24 6 941 21,552 4,366 11,923 313 300 275 359 394 1,908 1,027 4,213 1,658 2,849 699 22,030 3,743 25,918 12,236 575 753 2,935 5,871 3,548 25,773 Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional orgs.: International . . . . . . . . . European regional . . . . Latin American regional Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . 9,096 150 3,407 189 17,966 625 392 1,168 1 5,527 31 114,756 9,613 379 30 1,028 1 1 694 2 17,081 511 4,947 10,081 762 186,523 11,915 171 13 150 14 22 1,485 7 44 5 10 630 467 3,018 83 654 2,205 118 75 659 15,456 74 139 181 47 119 4,643 39 33 5,174 29,699 251 65 1,707 3 24 260 4,867 682 4 36 4 52 1,355 87 294 9,691 132 805 9,978 193 166 448 20,305 1,553 68 701 137 250 2,543 12 212 525 38,028 125 5 3 133 13 114 13 13 2 15 170 62 224 3 168 318 775 27 174 248 2 28 479 29 4 25 2 444 3 244 751 12,539 328 131 233 210 103 2,076 985 3,888 1,565 3,186 529 12,867 364 313 3,061 5,453 3,715 2,252,440 1,209,652 100,633 92,393 313,838 326,105 209,819 2,167,628 1,199,457 77,430 6,085 43 657 259 203 5,701 29 355 213 75 5 112 20 128 30 68 - 230 105 11 - 32 2 17 14 - 87 12 1 - 5,100 91 530 257 37 4,579 31 342 222 - 8 20 17 10 35 65,785 284,759 328,172 212,025 1 32 - 280 104 8 - 41 32 26 10 2 191 8 9 7 - 583 581 - - - 2 - 196 196 - - - - - 7,830 6,954 265 98 346 67 100 6,211 5,370 90 33 392 111 215 2,260,270 1,216,606 100,898 92,491 314,184 326,172 209,919 2,173,839 1,204,827 77,520 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.’’ 65,818 285,151 328,283 212,240 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized 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.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1997 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czech Republic . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . 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 from U.S. residents 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) 24,063 18,819 84,668 40,390 477 57 4,116 3,880 13,774 6,560 11,678 8,456 191,812 116,572 196,881 119,990 3,799 1,274 3,018 2,640 49,932 29,583 52,763 21,135 85,724 28,372 12,816 7,296 8,354 7,427 14,004 11,476 11 44,331 39,885 61,136 43,886 29,238 11,046 122,974 28,285 7,757 6,435 3,978,381 2,465,170 225 25 31,995 26,200 5,033,927 3,044,859 389 404 2,590 997 864 22,140 2,403 7,206 22,525 6,360 5,784 71,763 2 11 5 382 20 508 47 45 85 59 4,023 2,174 379 1,708 922 2,031 13,157 151 98 171 1,070 1,732 12,168 458 7,023 28,374 19,530 19,855 192,913 2,054 6,422 31,103 11,678 25,634 160,323 60 94 1,209 497 665 4,334 231 11 27 36 73 4,360 1,193 3,828 4,184 5,789 5,355 46,138 501 1,194 15,155 7,792 6,986 45,378 5,593 2,660 22,022 9,529 17,548 76,234 74 595 1,849 921 2,081 12,021 16 189 27 434 261 8,788 72 652 296 527 981 11,190 2 9 91 4 21 559 2,944 918 45,548 993 666 3,511 3,619 8,461 47,683 31 154 7,217 1,550 9,240 26,898 895 5,593 63,737 6,910 17,554 108,066 61 272 284 705 8,032 44,817 197,984 246,115 752,059 272,236 3,829,302 8 24 32 136 302 449 416 2,944 514 1,472 32,365 62,568 235,708 455,671 834,461 400,660 4,783,725 605,768 308,369 5,626 80,914 124,675 408,711 119,329 451,027 8,871 6,721 3,400 341 320 43,092 227,653 10,786 1,601 240 11,604 11,022 2,905 34,028 96,167 19,782 192,023 2,795 5,504 1,735 62 3 10,070 92,021 1,026 312 20 1,226 4,236 560 3,774 84,591 3,340 38,568 50 165 83 10 139 958 1,123 1,106 1 95 186 1,069 1,752 1,406 11,665 1,521,972 Gross sales by foreigners to U.S. residents 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) 465,667 137,224 14,258 65,307 171,040 1,177 1,977 8,033 24,118 20,314 117,232 1,285 2,018 28,945 102,905 350 1,226 71 429 238 166 30 127 48 27 5,303 2,349 11,765 66,137 1,159 3,513 101 111 26 56 340 1,156 422 1,277 2,463 1,313 17,644 36,963 65 3,803 5,913 7,999 118,655 97,519 1,911 3,608 28,354 18,835 26,626 7,037 6,939 8,722 54 41,150 33,535 11,511 22,257 6,506 2,366,917 27,416 2,899,939 44 141 2,112 1,318 881 1,568 5,826 17,844 5,091 4,471 7 5 408 23 24 49 43 104 1,985 247 1,275 1,643 2,094 111 142 123 1,294 2,499 316 3,865 25,240 20,258 24,579 1,557 4,177 22,028 10,677 24,365 43 70 983 923 404 290 5 29 29 399 605 2,700 3,434 5,447 5,598 378 1,190 12,326 5,418 7,231 3,399 1,278 18,189 10,637 16,105 68 177 1,325 1,267 2,147 29 309 15 1,113 383 13 69 534 319 1,533 11 8 5 13 5 14 220 2,624 1,535 90 439 2,935 4,342 6,342 49 206 5,133 2,336 7,663 505 5,796 55,892 6,970 16,646 1 40 261 328 896 35,173 150,824 223,900 763,326 289,162 12 22 268 62 127 2,758 609 1,393 46,302 177,673 396,630 846,447 416,734 41,168 605,283 309,180 5,193 68,578 48,415 77,441 74,214 61,144 3,279 328 1,166 84 95 12,269 22,950 3,001 647 39 7,642 3,263 5,717 6,307 12,966 18,690 27,442 1,171 224 12 28 8 12,143 33,657 981 429 4 1,054 755 85,976 120,044 406,156 125,636 438,384 6,544 6,745 1 3,300 297 450 43,401 230,157 10,674 1,789 119 11,401 9,621 2,690 34,382 102,531 22,371 187,711 1,464 4,546 1,703 63 16 9,091 94,681 923 8 1 1,051 3,581 406 3,065 77,018 952 34,777 16 44 24 2 153 118 1,039 946 30 130 151 3,406 1,325 8,776 1,395 339 82,070 326,137 387,961 122,913 1,509,471 Foreign securities Bonds Stocks (13) (14) 468,208 119,210 8,427 66,481 173,539 733 1,591 5,744 23,435 15,151 119,158 1,475 2,000 23,797 98,357 111 1,246 52 254 1 140 141 21 115 5 26 4,598 1,974 9,791 66,400 1,595 2,820 60 100 26 41 204 910 205 974 1,555 1,330 42,463 74,369 47,449 78,479 77,967 66,752 2,346 1,353 1,288 75 241 15,654 23,173 3,566 1,003 14 8,182 3,630 6,187 5,969 13,819 20,871 26,990 1,361 496 4 21 9 11,966 35,073 824 618 7 924 1,080 3,344 813 65,263 320,873 408,885 127,032 CAPITAL MOVEMENTS 97 TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1997, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Total purchases (1) Gross purchases by foreigners from U.S. residents Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and ing Bank federally Corporate Foreign bonds sponsored and other securities & notes agencies Bonds Stocks Bonds Stocks (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 . . . . . . . . . 49,924 26,246 193,351 3,875 10,796 23,348 738,152 16,873 694 12,869 419 7,608 142,545 144 10,701 91,814 1,329,359 44,213 18,987 125,924 2,625 7,991 19,010 551,668 9,879 66 8,092 4 5,034 103,526 9,373 62,013 968,405 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 3,367 19 3,358 33 1,973 29 2,203 10,982 2,432 929 1 123 440 3,925 428 560 40 41 1,069 73 385 140 131 729 288 4 949 17 624 14 861 2,757 77,491 16,029 41,520 2,227 338 311 1,811 594 93,520 43,747 649 2,405 Other countries: Australia . . . . . . . . . . . . All other countries . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional orgs.: International . . . . . . . . . European regional . . . . Latin American regional Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional Total international and regional. . . . . . Grand total. . . . . . . 2,725 371 374 477 111 3,363 6,142 3,002 8,289 33 11 395 4 275 699 252 1,904 34,459 7,504 55,211 112 552 258 7 11 420 104 301 245 1 3 201 390 85 414 2,096 2,455 16,022 98 2 16 125 5,058 3,650 17,880 52,305 18,328 105,474 1,704 661 10,402 122 535 291 17,721 3,128 134 287 30 533 8,024 4 137 1,475 45,188 64 13 432 369 243 1,121 Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign Total bonds sponsored and other securities sales & notes agencies Bonds Stocks Bonds Stocks (8) (9) (10) (11) (12) (13) (14) 537 40,347 2,647 24,729 39,592 174,079 689 5,069 1,991 12,444 1,192 22,366 71,589 713,672 2,944 30,355 56 546 3,840 16,276 180 763 1,152 9,964 10,422 146,784 42 151 1,048 13,913 1,738 82,921 139,659 1,294,379 36,055 1,017 17,450 1,182 113,671 2,310 2,115 97 7,989 15,885 87 531,308 26,741 14,998 2,270 68 8 10,651 393 11 5,595 88 107,239 565 11,277 3 55,046 3,259 929,358 38,020 301 312 245 2,935 1,244 8,499 46 428 2 255 73 2,443 5,868 50,431 743 263 1 342 292 415 3 183 36 412 1,279 18,329 80 1 134 3,806 17,781 13,940 103,242 1,651 1,011 426 2,491 8,895 39,460 1,000 1,383 1,598 2,600 1,972 1,906 18,224 81,100 7,422 4,659 90 37 849 3,676 214 352 2,563 1,270 7,314 12,058 4 67 1,538 960 1,438 1,591 55,198 154,621 82 2 103 15 677 15 487 1,381 1,823 18 2,900 152 2,820 9 3,557 11,279 1,342 807 1 30 222 2,402 44 334 11 12 401 36 265 6 85 392 223 2 1,048 8 270 2 733 2,286 51 329 122 895 1,688 3,085 127 16 117 21 1,608 7 817 2,713 5,946 2,061 17,046 10,830 9,223 1,613 78,787 14,803 40,466 2,240 495 280 1,229 239 5,696 1,970 17,800 8,353 13,101 1,721 8,007 26,269 93,590 42,706 775 1,468 7,666 26,153 14,822 12,443 8,595,528 4,834,972 259,441 353,498 963,353 1,466,040 718,224 8,297,727 4,651,793 209,901 267,163 897,178 1,513,307 758,385 31,043 388 3,773 1,088 481 428 29,594 129 2,307 913 323 424 54 6 274 138 - 86 100 634 5 17 - 288 206 35 1 2 357 30 347 8 2 - 664 123 5 127 2 30,453 652 3,089 1,428 356 410 29,042 268 2,134 1,190 230 409 27 286 20 86 - 49 169 53 32 - 371 274 25 2 - 285 1 340 92 - 679 214 2 101 6 1 37,201 33,690 472 842 532 744 921 36,388 33,273 419 303 672 718 1,003 8,632,729 4,868,662 259,913 354,340 963,885 1,466,784 719,145 8,334,115 4,685,066 210,320 267,466 897,850 1,514,025 759,388 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 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 1998 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars. Source: Office of International Financial Analysis] Type 1993 Foreign bonds . . . . . . . . . . . . . . . . Foreign stocks. . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . 1994 1995 1996 1997 80,377 9,224 48,405 51,369 47,241 2,111 62,691 48,071 50,291 59,268 40,243 2,321 143,068 57,295 98,696 110,637 87,484 4,432 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. Jan. - Mar. 1998 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. 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). 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 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. 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. 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. 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 Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) Purchased (1) Sold (2) 10/01/97. . . . . . . . . . . . . . . . . . . . . . . 277,209 274,649 -4,673 1.3779 10/08/97. . . . . . . . . . . . . . . . . . . . . . . 274,144 274,615 -4,623 1.3725 10/15/97. . . . . . . . . . . . . . . . . . . . . . . 282,974 281,756 -4,670 1.3867 10/22/97. . . . . . . . . . . . . . . . . . . . . . . 272,777 275,106 -4,000 1.3918 10/29/97. . . . . . . . . . . . . . . . . . . . . . . 285,142 284,991 -4,417 1.4025 11/05/97. . . . . . . . . . . . . . . . . . . . . . . 298,536 297,752 -5,222 1.4010 11/12/97. . . . . . . . . . . . . . . . . . . . . . . 304,110 297,282 -5,461 1.4087 11/19/97. . . . . . . . . . . . . . . . . . . . . . . 293,792 291,875 -5,292 1.4161 11/26/97. . . . . . . . . . . . . . . . . . . . . . . 293,839 290,876 -5,447 1.4249 12/03/97. . . . . . . . . . . . . . . . . . . . . . . 290,884 289,337 -5,017 1.4195 12/10/97. . . . . . . . . . . . . . . . . . . . . . . 293,913 291,342 -4,637 1.4243 12/17/97. . . . . . . . . . . . . . . . . . . . . . . 285,215 280,267 -5,095 1.4226 12/24/97. . . . . . . . . . . . . . . . . . . . . . . 281,505 276,931 -4,752 1.4350 12/31/97. . . . . . . . . . . . . . . . . . . . . . . 278,693 271,741 -5,065 1.4298 01/07/98. . . . . . . . . . . . . . . . . . . . . . . 283,764 280,660 -5,315 1.4291 01/14/98. . . . . . . . . . . . . . . . . . . . . . . 283,499 278,690 -5,569 1.4329 01/21/98. . . . . . . . . . . . . . . . . . . . . . . 281,364 277,505 -4,927 1.4456 01/28/98. . . . . . . . . . . . . . . . . . . . . . . 287,501 283,684 -4,921 1.4575 02/04/98. . . . . . . . . . . . . . . . . . . . . . . 291,224 287,658 -3,308 1.4470 02/11/98. . . . . . . . . . . . . . . . . . . . . . . 290,842 288,231 -2,193 1.4391 02/18/98. . . . . . . . . . . . . . . . . . . . . . . 291,909 291,882 -1,684 1.4334 02/25/98. . . . . . . . . . . . . . . . . . . . . . . 313,583 311,202 -2,220 1.4210 03/04/98. . . . . . . . . . . . . . . . . . . . . . . 304,589 297,924 -3,486 1.4221 03/11/98. . . . . . . . . . . . . . . . . . . . . . . 303,709 300,337 -3,243 1.4090 03/18/98. . . . . . . . . . . . . . . . . . . . . . . 294,743 297,356 -3,781 1.4195 03/25/98. . . . . . . . . . . . . . . . . . . . . . . 285,194 283,737 -4,828 1.4100 FOREIGN CURRENCY POSITIONS 101 SECTION I.--Canadian Dollar Positions, con. 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) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646 1996 - Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708 1997 - Apr.. . . . . . . . 242,822 242,586 60,854 57,593 31,361 36,874 28,605 24,714 -4,980 100,989 1.3977 May. . . . . . . . 253,855 258,709 60,440 53,173 32,849 37,351 31,672 28,178 -4,929 103,534 1.3785 June . . . . . . . 272,820 275,873 61,773 52,999 30,003 34,527 28,242 21,382 -3,868 124,865 1.3806 July . . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787 Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885 Sept. . . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815 Oct.. . . . . . . . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088 Nov. . . . . . . . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240 Dec. . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298 1998 - Jan.. . . . . . . . 303,599 295,094 74,223 64,726 48,844 56,506 40,699 33,080 -4,977 157,084 1.4548 Feb. . . . . . . . 321,125 312,496 75,047 67,529 43,959 50,726 43,789 39,724 -3,244 158,385 1.4240 Mar. . . . . . . . 292,199 286,817 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195 Spot, forward, and future contracts Report date 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) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030 1995 - Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646 1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595 June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639 Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621 Dec. . . . . . . . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708 1997 - Mar. . . . . . . . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854 June . . . . . . . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806 Sept. . . . . . . . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815 Dec. . . . . . . . 39,503 36,143 58,892 54,054 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) 102 FOREIGN CURRENCY POSITIONS 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 Purchased (1) Sold (2) Net options positions (3) Exchange rate (Deutsche marks per U.S. dollar) (4) 10/01/97. . . . . . . . . . . . . . . . . . . . . . . 2,201,758 2,188,987 6,103 1.7750 10/08/97. . . . . . . . . . . . . . . . . . . . . . . 2,234,515 2,215,554 7,379 1.7487 10/15/97. . . . . . . . . . . . . . . . . . . . . . . 2,241,967 2,229,032 7,866 1.7485 10/22/97. . . . . . . . . . . . . . . . . . . . . . . 2,413,733 2,395,169 7,087 1.7860 10/29/97. . . . . . . . . . . . . . . . . . . . . . . 2,604,993 2,581,669 6,043 1.7295 11/05/97. . . . . . . . . . . . . . . . . . . . . . . 2,385,264 2,367,949 6,146 1.7180 11/12/97. . . . . . . . . . . . . . . . . . . . . . . 2,418,121 2,397,688 5,162 1.7195 11/19/97. . . . . . . . . . . . . . . . . . . . . . . 2,291,574 2,271,007 5,812 1.7325 11/26/97. . . . . . . . . . . . . . . . . . . . . . . 2,287,242 2,266,074 6,799 1.7610 12/03/97. . . . . . . . . . . . . . . . . . . . . . . 2,245,051 2,239,112 9,102 1.7728 12/10/97. . . . . . . . . . . . . . . . . . . . . . . 2,406,948 2,403,924 4,789 1.7880 12/17/97. . . . . . . . . . . . . . . . . . . . . . . 2,216,291 2,208,458 4,008 1.7741 12/24/97. . . . . . . . . . . . . . . . . . . . . . . 2,160,805 2,153,916 2,930 1.7718 12/31/97. . . . . . . . . . . . . . . . . . . . . . . 2,076,982 2,080,764 2,572 1.7990 01/07/98. . . . . . . . . . . . . . . . . . . . . . . 2,301,939 2,304,432 3,058 1.8236 01/14/98. . . . . . . . . . . . . . . . . . . . . . . 2,264,850 2,262,383 2,717 1.8220 01/21/98. . . . . . . . . . . . . . . . . . . . . . . 2,285,063 2,274,453 1,730 1.8195 01/28/98. . . . . . . . . . . . . . . . . . . . . . . 2,377,745 2,367,260 -2,961 1.8140 02/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,344,012 2,332,375 -6,378 1.8008 02/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,378,234 2,358,032 -8,768 1.8189 02/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,318,568 2,307,465 -7,637 1.8226 02/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,394,356 2,389,562 -8,845 1.8183 03/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,297,284 2,299,954 -9,612 1.8196 03/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,290,602 2,301,194 -8,935 1.8320 03/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,232,120 2,233,484 -10,773 1.8263 03/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,113,160 2,114,287 -11,562 1.8273 Report date FOREIGN CURRENCY POSITIONS 103 SECTION II--German Mark Positions, con. TABLE FCP-II-2.--Monthly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date Purchased (1) Sold (2) Options positions Non-capital items Assets (3) Liabilities (4) Calls Puts Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) Exchange rate (Deutsche marks per U.S. dollar) (11) 1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385 1996 - Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420 1997 - Apr.. . . . . . . . 2,107,044 2,127,742 303,660 302,667 462,734 473,283 453,327 507,369 12,933 348,550 1.7316 May. . . . . . . . 2,337,897 2,339,518 295,183 295,401 481,921 503,064 507,670 516,369 6,932 354,456 1.7061 June . . . . . . . 2,067,449 2,070,361 276,440 273,455 493,601 518,626 512,910 525,801 -1,795 350,493 1.7457 July. . . . . . . . 2,141,471 2,135,371 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390 Aug. . . . . . . . 2,241,704 2,235,611 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090 Sept.. . . . . . . 2,198,306 2,190,905 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600 Oct.. . . . . . . . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248 Nov. . . . . . . . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647 Dec. . . . . . . . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990 1998 - Jan. . . . . . . . 2,371,871 2,368,701 280,461 275,969 630,785 649,746 648,910 675,016 -5,939 397,674 1.8312 Feb. . . . . . . . 2,318,025 2,331,214 303,389 305,240 607,570 629,483 621,002 650,738 -9,397 400,350 1.8155 Mar. . . . . . . . 2,298,202 2,299,899 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493 TABLE FCP-II-3.--Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250 Sept. . . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254 Dec. . . . . . . . 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420 1997 - Mar. . . . . . . . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750 June . . . . . . . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457 Sept. . . . . . . . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600 Dec. . . . . . . . 201,756 198,825 126,983 114,329 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990 Spot, forward, and future contracts Report date Purchased (1) Sold (2) 1994 - Dec. . . . . . . . 304,637 287,651 1995 - Dec. . . . . . . . 232,935 242,840 1996 - Mar. . . . . . . . 239,454 June . . . . . . . Options positions Non-capital items Assets (3) Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 104 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 Net options positions (3) Exchange rate (Yen per U.S. dollar) (4) Purchased (1) Sold (2) 10/01/97. . . . . . . . . . . . . . . . . . . . . . 172,902 176,089 928 120.9000 10/08/97. . . . . . . . . . . . . . . . . . . . . . 172,652 176,277 790 121.0800 10/15/97. . . . . . . . . . . . . . . . . . . . . . 170,469 173,785 845 121.2400 10/22/97. . . . . . . . . . . . . . . . . . . . . . 171,517 175,287 917 120.9700 10/29/97. . . . . . . . . . . . . . . . . . . . . . 184,937 188,684 787 120.6500 11/05/97. . . . . . . . . . . . . . . . . . . . . . 185,304 188,704 676 123.1300 11/12/97. . . . . . . . . . . . . . . . . . . . . . 189,810 191,940 683 126.6000 11/19/97. . . . . . . . . . . . . . . . . . . . . . 193,484 196,652 619 126.8900 11/26/97. . . . . . . . . . . . . . . . . . . . . . 195,980 199,152 732 127.0300 12/03/97. . . . . . . . . . . . . . . . . . . . . . 198,482 202,344 748 128.7500 12/10/97. . . . . . . . . . . . . . . . . . . . . . 202,397 206,637 679 129.4800 12/17/97. . . . . . . . . . . . . . . . . . . . . . 200,129 204,955 1,005 127.0900 12/24/97. . . . . . . . . . . . . . . . . . . . . . 186,923 191,516 865 129.7300 12/31/97. . . . . . . . . . . . . . . . . . . . . . 178,264 183,428 1,012 130.5800 01/07/98. . . . . . . . . . . . . . . . . . . . . . 192,985 198,644 1,423 131.3500 01/14/98. . . . . . . . . . . . . . . . . . . . . . 186,093 191,120 962 130.9000 01/21/98. . . . . . . . . . . . . . . . . . . . . . 193,445 197,892 1,216 127.0000 01/28/98. . . . . . . . . . . . . . . . . . . . . . 195,608 200,537 1,355 125.2800 02/04/98. . . . . . . . . . . . . . . . . . . . . . 191,368 195,847 1,265 123.6100 02/11/98. . . . . . . . . . . . . . . . . . . . . . 192,613 197,476 1,155 123.5700 02/18/98. . . . . . . . . . . . . . . . . . . . . . 185,309 189,726 1,048 126.4500 02/25/98. . . . . . . . . . . . . . . . . . . . . . 196,501 200,902 969 128.7600 03/04/98. . . . . . . . . . . . . . . . . . . . . . 186,794 191,338 1,234 126.7500 03/11/98. . . . . . . . . . . . . . . . . . . . . . 192,716 198,690 1,492 129.3500 03/18/98. . . . . . . . . . . . . . . . . . . . . . 186,930 191,840 1,647 130.0800 03/25/98. . . . . . . . . . . . . . . . . . . . . . 183,125 189,997 1,698 128.8800 FOREIGN CURRENCY POSITIONS 105 SECTION III.--Japanese Yen Positions, con. TABLE FCP-III-2.--Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] 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) 1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200 1996 - Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000 1997 - Apr.. . . . . . . . 171,897 175,797 23,746 23,226 20,567 20,743 22,501 26,327 1,206 65,508 127.1200 May. . . . . . . . 171,950 178,585 22,640 22,287 35,597 24,176 28,647 30,300 1,811 65,774 116.3500 June . . . . . . . 165,343 168,866 25,091 24,393 27,743 27,956 29,612 30,859 1,316 65,088 114.6600 July. . . . . . . . 172,696 176,619 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000 Aug. . . . . . . . 169,198 173,247 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500 Sept.. . . . . . . 171,566 175,094 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800 Oct.. . . . . . . . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500 Nov. . . . . . . . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500 Dec. . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800 1998 - Jan. . . . . . . . 192,380 198,150 31,921 30,067 35,123 34,659 48,956 49,167 1,194 71,697 127.1000 Feb. . . . . . . . 194,601 198,990 30,412 28,496 32,953 32,756 48,097 48,649 1,034 71,478 126.0800 Mar. . . . . . . . 187,464 196,128 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) TABLE FCP-III-3.--Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] 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) 1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000 1995 - Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200 1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100 June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500 Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500 Dec. . . . . . . . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 1997 - Mar. . . . . . . . 12,556 14,033 8,509 7,591 1,261 1,413 1,887 1,357 -507 3,178 123.7500 June . . . . . . . 12,855 14,465 9,322 8,438 1,734 1,587 2,419 1,847 -304 2,798 114.6600 Sept. . . . . . . . 13,076 15,716 10,472 9,462 1,840 1,940 3,016 2,589 -329 2,871 120.3800 Dec. . . . . . . . 12,488 14,626 9,380 9,037 1,317 1,475 2,265 1,594 -447 2,745 130.5800 106 FOREIGN CURRENCY POSITIONS SECTION IV.--Swiss Franc Positions TABLE FCP-IV-1.--Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Spot, forward, and future contracts Exchange rate (Francs per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 10/01/97 . . . . . . . . . . . . . . . . . . . . . . 626,958 639,916 6,378 1.4605 10/08/97 . . . . . . . . . . . . . . . . . . . . . . 633,619 649,137 8,760 1.4435 10/15/97 . . . . . . . . . . . . . . . . . . . . . . 661,521 676,036 8,519 1.4590 10/22/97 . . . . . . . . . . . . . . . . . . . . . . 713,611 728,391 9,029 1.4835 10/29/97 . . . . . . . . . . . . . . . . . . . . . . 738,020 754,089 11,843 1.4100 11/05/97 . . . . . . . . . . . . . . . . . . . . . . 664,484 680,531 9,333 1.4040 11/12/97 . . . . . . . . . . . . . . . . . . . . . . 690,570 707,421 9,738 1.3943 11/19/97 . . . . . . . . . . . . . . . . . . . . . . 669,231 683,205 8,481 1.4043 11/26/97 . . . . . . . . . . . . . . . . . . . . . . 672,785 687,567 6,204 1.4170 12/03/97 . . . . . . . . . . . . . . . . . . . . . . 669,063 680,654 6,029 1.4305 12/10/97 . . . . . . . . . . . . . . . . . . . . . . 686,758 698,688 4,664 1.4468 12/17/97 . . . . . . . . . . . . . . . . . . . . . . 646,992 656,080 4,136 1.4360 12/24/97 . . . . . . . . . . . . . . . . . . . . . . 595,579 605,706 3,961 1.4332 12/31/97 . . . . . . . . . . . . . . . . . . . . . . 578,556 588,085 3,308 1.4625 01/07/98 . . . . . . . . . . . . . . . . . . . . . . 609,013 632,418 3,474 1.4770 01/14/98 . . . . . . . . . . . . . . . . . . . . . . 609,453 630,031 2,058 1.4825 01/21/98 . . . . . . . . . . . . . . . . . . . . . . 626,660 647,446 2,660 1.4763 01/28/98 . . . . . . . . . . . . . . . . . . . . . . 614,956 641,669 4,232 1.4645 02/04/98 . . . . . . . . . . . . . . . . . . . . . . 634,498 655,580 6,120 1.4515 02/11/98 . . . . . . . . . . . . . . . . . . . . . . 605,520 624,495 3,888 1.4627 02/18/98 . . . . . . . . . . . . . . . . . . . . . . 609,595 626,091 4,699 1.4715 02/25/98 . . . . . . . . . . . . . . . . . . . . . . 609,352 625,514 5,036 1.4695 03/04/98 . . . . . . . . . . . . . . . . . . . . . . 592,326 609,792 4,117 1.4810 03/11/98 . . . . . . . . . . . . . . . . . . . . . . 585,396 607,175 5,122 1.4910 03/18/98 . . . . . . . . . . . . . . . . . . . . . . 545,377 569,654 6,312 1.4910 03/25/98 . . . . . . . . . . . . . . . . . . . . . . 540,253 556,630 5,646 1.4930 Report date FOREIGN CURRENCY POSITIONS 107 SECTION IV.--Swiss Franc Positions, con. TABLE FCP-IV-2.--Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Spot, forward, and future contracts Options positions Non-capital items Calls Puts Cross currency interest rate swaps (10) Exchange rate (Francs per U.S. dollar) (11) Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545 1996 - Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420 1997 - Apr.. . . . . . . . 613,098 627,401 26,494 34,306 72,801 58,057 92,256 107,077 6,036 112,228 1.4735 May. . . . . . . . 647,810 664,778 25,246 32,898 79,517 68,880 104,215 120,816 8,663 120,821 1.4145 June . . . . . . . 615,964 628,748 26,259 35,851 69,180 60,238 95,784 110,400 6,933 120,439 1.4620 July . . . . . . . . 625,835 647,043 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125 Aug. . . . . . . . 588,976 606,536 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,041 1.4930 Sept. . . . . . . . 596,474 608,938 33,194 45,512 80,244 76,675 100,366 108,508 7,009 120,235 1.4485 Oct.. . . . . . . . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990 Nov. . . . . . . . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264 Dec. . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625 1998 - Jan.. . . . . . . . 610,189 635,732 33,078 37,064 91,648 89,128 115,764 121,794 5,125 126,431 1.4780 Feb. . . . . . . . 589,924 610,252 38,139 42,129 90,116 88,884 118,321 123,453 4,993 132,498 1.4660 Mar. . . . . . . . 581,901 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240 Report date TABLE FCP-IV-3.--Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] 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) 1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100 1995 - Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545 1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts Exchange rate (Francs per U.S. dollar) (11) June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545 Sept.. . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550 Dec. . . . . . . . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420 1997 - Mar. . . . . . . . 52,103 72,396 16,886 17,636 4,520 5,585 7,140 7,734 -759 15,699 1.4480 June . . . . . . . 46,905 66,991 18,222 16,751 3,563 3,609 6,813 7,235 35 13,921 1.4620 Sept.. . . . . . . 41,440 60,628 19,292 15,752 3,325 2,626 6,819 6,983 89 13,190 1.4485 Dec. . . . . . . . 33,930 45,671 19,549 15,730 n.a. 6,186 7,108 6,137 -382 13,357 1.4625 108 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 Exchange rate (U.S. dollars per pound) (4) Purchased (1) Sold (2) Net options positions (3) 10/01/97. . . . . . . . . . . . . . . . . . . . . . . 393,744 386,249 2,074 1.6145 10/08/97. . . . . . . . . . . . . . . . . . . . . . . 385,812 375,902 1,273 1.6220 10/15/97. . . . . . . . . . . . . . . . . . . . . . . 375,653 366,195 598 1.6225 10/22/97. . . . . . . . . . . . . . . . . . . . . . . 395,023 386,068 1,257 1.6326 10/29/97. . . . . . . . . . . . . . . . . . . . . . . 413,995 408,245 1,474 1.6719 11/05/97. . . . . . . . . . . . . . . . . . . . . . . 401,087 394,234 1,092 1.6815 11/12/97. . . . . . . . . . . . . . . . . . . . . . . 419,899 410,629 648 1.7030 11/19/97. . . . . . . . . . . . . . . . . . . . . . . 421,587 412,959 857 1.6905 11/26/97. . . . . . . . . . . . . . . . . . . . . . . 410,812 398,876 1,157 1.6732 12/03/97. . . . . . . . . . . . . . . . . . . . . . . 416,766 405,512 583 1.6832 12/10/97. . . . . . . . . . . . . . . . . . . . . . . 430,230 417,848 649 1.6495 12/17/97. . . . . . . . . . . . . . . . . . . . . . . 410,760 397,737 1,023 1.6507 12/24/97. . . . . . . . . . . . . . . . . . . . . . . 380,441 365,466 1,097 1.6680 12/31/97. . . . . . . . . . . . . . . . . . . . . . . 378,507 366,581 806 1.6480 01/07/98. . . . . . . . . . . . . . . . . . . . . . . 395,650 382,707 949 1.6260 01/14/98. . . . . . . . . . . . . . . . . . . . . . . 411,005 394,237 1,563 1.6291 01/21/98. . . . . . . . . . . . . . . . . . . . . . . 407,002 390,956 922 1.6307 01/28/98. . . . . . . . . . . . . . . . . . . . . . . 417,648 401,601 703 1.6422 02/04/98. . . . . . . . . . . . . . . . . . . . . . . 403,482 386,919 220 1.6565 02/11/98. . . . . . . . . . . . . . . . . . . . . . . 429,254 412,673 1,097 1.6320 02/18/98. . . . . . . . . . . . . . . . . . . . . . . 407,917 395,298 1,389 1.6372 02/25/98. . . . . . . . . . . . . . . . . . . . . . . 405,663 393,768 1,211 1.6424 03/04/98. . . . . . . . . . . . . . . . . . . . . . . 393,603 380,119 708 1.6465 03/11/98. . . . . . . . . . . . . . . . . . . . . . . 396,235 383,025 1,343 1.6480 03/18/98. . . . . . . . . . . . . . . . . . . . . . . 410,150 396,867 1,241 1.6720 03/25/98. . . . . . . . . . . . . . . . . . . . . . . 388,759 378,814 1,732 1.6737 Report date FOREIGN CURRENCY POSITIONS 109 SECTION V.--Sterling Positions, con. TABLE FCP-V-2.--Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] 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) 1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500 1996 - Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120 1997 - Apr.. . . . . . . . 372,828 360,418 75,624 79,978 57,013 57,435 51,342 63,262 1,004 68,833 1.6237 May. . . . . . . . 400,433 387,643 70,300 77,248 59,142 58,031 59,564 66,045 1,052 70,848 1.6400 June . . . . . . . 402,121 386,557 67,556 73,677 56,131 55,764 55,287 63,555 1,436 70,914 1.6642 July. . . . . . . . 415,976 405,831 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400 Aug. . . . . . . . 391,844 383,011 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200 Sept.. . . . . . . 404,098 395,103 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190 Oct.. . . . . . . . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730 Nov. . . . . . . . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880 Dec. . . . . . . . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480 1998 - Jan.. . . . . . . . 403,350 387,200 82,860 90,013 62,190 62,406 64,902 70,662 898 81,369 1.6330 Feb. . . . . . . . 397,701 384,655 84,991 91,886 63,940 63,777 65,722 69,576 1,308 82,546 1.6437 Mar. . . . . . . . 409,133 400,344 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720 Exchange rate (U.S. dollars per pound) (11) Spot, forward, and future contracts Report date Options positions 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] 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) 1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665 1995 - Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500 1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261 June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518 Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646 Dec. . . . . . . . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120 1997 - Mar. . . . . . . . 43,731 48,560 40,627 33,938 5,237 5,228 4,291 2,693 -274 5,047 1.6392 June . . . . . . . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642 Sept. . . . . . . . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190 Dec. . . . . . . . 36,614 41,284 49,301 40,517 3,322 3,544 4,176 2,616 166 5,842 1.6480 Spot, forward, and future contracts Report date Options positions Non-capital items Calls Puts 110 EXCHANGE STABILIZATION FUND 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. 5302), 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 (+) or loss (-) for the fund are profits (+) or 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 (+) or 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 (+) or loss (-) on foreign exchange’’ includes realized profits or losses. ‘‘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, 1997, and Dec. 31, 1997 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Sept. 30, 1997 Sept. 30, 1997 through Dec. 31, 1997 Dec. 31, 1997 Assets U.S. dollars: Held with Treasury: U.S. Government securities . . . . . . . . . . . . . 15,459,803 100,727 15,560,530 Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . 9,997,262 29,644 10,026,906 Foreign exchange and securities: 2 German marks . . . . . . . . . . . . . . . . . . . . . . . . . 5,877,307 -61,702 5,815,605 Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 8,663,006 108,104 -632,520 6,687 8,030,486 114,791 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 40,105,482 -557,164 39,548,318 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 46,522 7,642 54,164 Total current liabilities . . . . . . . . . . . . . . . . . . 46,522 7,642 54,164 Special drawing rights allocations . . . . . . . . . . 9,200,000 6,688,897 -78,202 9,200,000 6,610,695 Total other liabilities . . . . . . . . . . . . . . . . . . . 15,888,897 -78,202 15,810,695 Net income (+) or loss (-) (see table ESF-2) . . 200,000 23,970,063 -486,604 200,000 23,483,459 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,170,063 -486,604 23,683,459 Total liabilities and capital . . . . . . . . . . . . . 40,105,482 -557,164 39,548,318 Liabilities and capital Current liabilities: Other liabilities: Special drawing rights certificates . . . . . . . . . . Capital: Capital account . . . . . . . . . . . . . . . . . . . . . . . . See footnotes on the following page. EXCHANGE STABILIZATION FUND 111 TABLE ESF-2.--Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Fiscal year to date Sept. 30, 1997, through Dec. 31, 1997 October 1, 1997, through Dec. 31, 1997 Income and expense Profit (+) or loss (-) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -753,633 -753,633 Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -42,293 -42,293 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,583 36,583 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,308 216,308 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,431 56,431 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -486,604 -486,604 Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -486,604 -486,604 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund 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 December 31, 1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to September 30, 1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’ 112 Page Intentionally Left Blank 113 Page Intentionally Left Blank 114 Page Intentionally Left Blank 116 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT Balance sheet This statement shows the operating assets of the Government that were acquired under fiscal 1997, and prior year budgets; and which remain available as resources to supply Government goods and services in the future. It also shows the Government’s operating liabilities including debt held by the public. It includes some liabilities that have not yet been funded by appropriations. The net position shown in the statement reflects operating assets less liabilities. The balance sheet does not include values for certain assets or future responsibilities under social insurance programs such as Social Security and Medicare. Excluded assets include land not used in general operations, natural resources and assets held solely for their historical, cultural or artistic significance. The balance sheet also does not reflect the Government’s power to tax. Deferred maintenance is not shown this year but will be disclosed in future years after agencies implement the new accounting standard requiring such information. The stewardship reporting section provides information on the Government’s future responsibilities for social insurance and on the Government’s land not used in general operations. An explanation of the nature of the social insurance trust funds is included in Note 16 together with information about the receipts, disbursements and assets of the major social insurance trust funds. The stewardship reporting section will be expanded in future years to disclose additional information required by recently approved accounting standards. The line item “commitments and contingencies” is displayed to inform the reader that a note disclosure is presented, relating to certain existing conditions, situations or sets of circumstances involving uncertainty as to possible gain or loss. The amounts stated there are in terms of maximum theoretical risk exposure. However, it is not likely that the maximum loss will be incurred. CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 117 United States Government Consolidated Balance Sheet as of September 30, 1997 (In billions of dollars) Assets: Cash and other monetary assets (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.7 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.2 Loans receivable (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156.2 Taxes receivable (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.1 Inventories and related property (Note 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209.4 Property, plant and equipment (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,017.0 Other assets (Note 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62.9 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601.5 Liabilities and net position: Accounts payable (Note 8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.7 Federal debt securities held by the public (Note 9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,768.2 Federal employee and veteran benefits payable (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,243.7 Environmental liabilities (Note 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211.7 Benefits due and payable (Note 12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77.7 Loan guarantee liabilities (Note 3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.7 Other liabilities (Note 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168.8 Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,604.5 Commitments and contingencies (Note 14) Net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,003.0 Total liabilities and net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,601.5 The accompanying notes are an integral part of these financial statements. 118 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT Statement of net cost This statement shows the net cost of Government operations for fiscal 1997, which is funded by taxation or through Federal borrowing. The statement reflects the cost incurred to carry out the national priorities as determined by law. Cost is divided among major functions, which are the same as in the budget except that the allocation of cost to the functions is based on accounting standards. Thus, cost are reported on an accrual basis and allocated differently than in the budget. For example, the cost of pensions and retiree health benefits are allocated among all the functions that employ workers rather than as a subfunction in the income security function. A description of each of the functions and the component of net cost for the activities included in such function is located immediately following the statement. The statement contains the following three components for each function: The gross cost of Government operations; the revenues earned from the public for goods and services; and the net cost of Government operations, which is the gross cost less the revenue earned. Gross cost Gross cost includes the full cost of the functions. These costs may be directly traced, assigned on a cause and effect basis or reasonably allocated to the function. Earned revenue These are revenues that the U.S. Government has earned by providing goods and services to the public at a price. Net cost The net cost of Government operations is the gross cost less the related revenues. CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 119 United States Government Consolidated Statement of Net Cost for the year ended September 30, 1997 (In billions of dollars) National defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross cost Earned revenue Net cost 251.9 18.4 233.5 Education, training, employment and social services . . . . . . . . . . . . . . . . . . . 46.6 2.2 44.4 Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125.5 1.2 124.3 Medicare . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207.7 20.5 187.2 Income security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187.9 8.8 179.1 Social Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 364.1 - 364.1 Veterans benefits and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.1 2.2 33.9 Total human resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 967.9 34.9 933.0 Energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.0 12.8 5.2 National resources and environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.1 1.9 27.2 Commerce and housing credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86.7 72.4 14.3 Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.4 2.4 35.0 Community and regional development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2 1.9 10.3 Total physical resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183.4 91.4 92.0 246.1 -.0 246.1 International affairs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8 5.3 19.5 General science, space and technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8 0.1 16.7 Agriculture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 2.5 12.6 Administration of justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.1 1.9 25.2 General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.0 3.3 24.7 Total other functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111.8 13.1 98.7 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,761.1 157.8 1,603.3 Human resources: Physical resources: Net interest: Treasury securities held by the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other functions: The accompanying notes are an integral part of these financial statements. 120 CONSOLIDATED FINANCIAL STATEMENTS EXCERPT Statement of changes in net position The statement of changes in net position reports the beginning net position, the items that caused net position to change during the reporting period and the ending net position. It shows the net cost of Government operations, revenues generated principally by the Government’s sovereign power to tax, levy duties, and assess fines and penalties, as well as any adjustments and unreconciled transactions that affect the net position. Net cost of Government operations Net cost of Government operations is the cost of operations reported in the statement of net cost. Revenues: financing sources from non-exchange revenue The main financing source for the net cost of operations is non-exchange revenue, which consists of taxes and other revenue that the Federal Government generates under its governmental powers or receives by donation. Other earned revenue Other earned revenues are exchange revenues from the public with virtually no cost associated with these earnings. These items include revenues from spectrum auctions and rents and royalties on the outer continental shelf lands. Unreconciled transactions Unreconciled transactions are adjustments made to balance the change in net position. Net position–beginning of period The amount is the net position reported as of the beginning of the fiscal year. Net position–end of period This is the amount reported as net position on the current year’s balance sheet. CONSOLIDATED FINANCIAL STATEMENTS EXCERPT 121 United States Government Consolidated Statement of Changes in Net Position for the year ended September 30, 1997 (In billions of dollars) Net cost of Government operations . . . . . . . . . . . . . . . . . . . . . 1,603.3 Less: Financing sources from non-exchange revenues: Individual income tax and tax withholdings . . . . . . . . . . . . . . . . . . 1,247.5 Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179.8 Unemployment taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.8 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.8 Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.7 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.0 Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1 Total non-exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 1,576.7 Other earned revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 Excess of costs over revenues before unreconciled transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -15.0 Unreconciled transactions affecting the change in net position (Note 15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.4 Change in net position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -2.6 Net position-beginning of period . . . . . . . . . . . . . . . . . . . . . . . . -5,000.4 Net position-end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -5,003.0 The accompanying notes are an integral part of these financial statements. 122 TRUST FUNDS 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 1997 [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Balance Oct. 1, 1996, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Excise taxes (transferred from general fund): Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks, buses, trailers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash management improvement act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less refunds of taxes (reimbursed to general fund): Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline 9.1/14.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel fuel, bus use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment income: Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $21,621,182,405 887,873,083 5,913,942,720 1,674,348,000 15,341,566,453 299,745,000 2,884,992 761,759,580 5,853,429 24,887,973,257 221,537,000 24,666,436,257 11,331,644 222,376,940 13,270,140 445,032,838 11,198,798 12,384,070 29,085,075 51,872,000 796,551,505 23,869,884,752 1,448,360,948 1,448,360,948 $25,318,245,700 TRUST FUNDS 123 TABLE TF-15.--Highway Trust Fund Results of Operations, Fiscal 1997, con. [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Amount Expenses: Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,466,500,426 Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,711,969 National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,129,458 Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865,813 Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,507 Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,802 Pennsylvania toll road demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,312 Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200,448 Alabama highway bypass demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,453,337 University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982,877 Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,913 National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,563,274 Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,454,853 Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,662,696,553 Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560,969 Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,516,453 Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,428,101 Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,668 Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -269,576 Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729,096 Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,032 Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,741,112 Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594,786 Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,012,362 Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,182 Pennsylvania reconstruction demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,174,482 Mineola grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180 Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,022,000 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,518,743,830 Outlays: Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,099 Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,323 Balance September 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,419,779,853 124 TRUST FUNDS TABLE TF-15.--Highway Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1998-2002 [In millions of dollars. Source: Department of Transportation] Combined Statement Highway and Mass Transit Accounts 1998 1999 2000 2001 2002 22,434 23,978 38,794 48,000 57,209 Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . 26,063 38,614 33,201 33,812 34,448 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416 1,461 2,243 2,670 3,129 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,479 40,075 35,444 36,482 37,577 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,935 25,259 26,239 27,273 27,755 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,978 38,794 48,000 57,209 67,031 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Mass Transit Account 1998 1999 2000 2001 2002 9,858 9,996 14,083 16,913 18,968 Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . 3,514 5,416 4,581 4,663 4,747 Interest, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 609 814 941 1,037 Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,136 6,025 5,395 5,604 5,784 Outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,998 1,938 2,565 3,549 4,159 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,996 14,083 16,913 18,968 20,593 Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Highway Account 1998 1999 2000 2001 2002 12,575 13,980 24,709 31,085 38,239 Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . 22,549 33,198 28,620 29,149 29,701 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 852 1,429 1,729 2,092 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,343 34,050 30,049 30,878 31,793 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,938 23,321 23,673 23,724 23,595 Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,980 24,709 31,085 38,239 46,437 Unfunded authorizations, end of year . . . . . . . . . . . . . . . . 41,506 44,200 - - - 24-month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . 45,638 47,032 48,623 24,723 - Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: TRUST FUNDS 125 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 three Department of Transportation for fiscal 1996. 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 1996. Highway Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123 24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154 Mass Transit Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561 12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233 126 TECHNICAL PAPERS Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990. 9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and John S. Greenlees. December 1990. 9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly D. Zieschang. August 1990. 9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert Gillingham, and John S. Greenlees. February 1991. 9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991. 9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992. 9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992. 9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992. 9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’ Michael Cayton. February 1993. 9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. April 1993. 9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. Revised April 1995. 9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. November 1995. 9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. January 1997. 9702. ‘‘An Improved Method for Estimating the Total Taxable Resources of the States.’’ Michael Compson and John Navratil. December 1997. Copies may be 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 622-2563. 127 Glossary With References to Applicable Sections and Tables Source: Financial Management Service 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, contract authority, and authority to obligate and expend offsetting receipts and collections. 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). 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 March 1998, the debt limit was $5,950,000 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)----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 banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those 128 Glossary 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. 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’’)----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. 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 129 Glossary 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).
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