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1995

TREASURY
BULLETIN

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Department of the Treasury
Financial Management Service

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Additional Financial Management Service
Releases on Federal Finances

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\Compiled and Published by Financial Management Service

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The Treasury Bulletin is for sale by the Superintendent of Documents,
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Treasury Bulletin Staff
Regina M. Dennis-Downing

Stephen T. Wiley

Karen Y. Shepard

Bertha M. Butts

The Treasury
Management

Bulletin

Service.

issued quarterly in March, June, September, and

The

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Management

Bernice T. James

December by

the Financial

Division, Financial Information, compiles articles of general

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Readers can contact the Financial Reports Branch at (202) 874-9913 or 874-9914 to inquire about any of the
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interest as well as statistical data

Contents
MARCH 1995
FINANCIAL OPERATIONS
PROFILE OF THE

ECONOMY

POE-A. --Charts; Growth of real gross domestic product
POE-B.-Charts: The Federal deficit
POE-C. -Charts: Net saving and investment

POE-D— Charts:

Real disposable personal income;

real

4
5

consumer spending

POE-E. -Charts: Current account balance

g
9
10

POE-H— Charts: Employment and unemployment
POE-I— Charts: Nonfarm

productivity

POE-F.-Charts: Leading indicators
POE-G. -Charts: Consumer and producer prices

and

unit labor

costs

POE-J. -Charts: Interest rates

POE-K. -Industrial production and capacity

12
13

utilization

FEDERAL FISCAL OPERATIONS
Analysis— Budget results for the first quarter fiscal 1995; Fourth-quarter receipts
FFO-A. -Chart: Monthly receipts and outlays
FFO-B— Chart: Budget receipts by source
FFO-1 .--Summary of fiscal operations
FFO-2— On-budget and off-budget receipts by source
FFO-3 -On-budget and off-budget outlays by agency
FF0-4.-Summary of internal revenue collections by States and other areas

15
17
17
18
19
21

FEDERAL OBLIGATIONS
FO-1 —Gross obligations incurred within and outside the Federal Government by object class
FO-A— Chart: Gross Federal obligations incurred outside the Federal Government
FO-B. --Chart: Total gross Federal obligations
FO-2. -Gross obligations incurred outside the Federal Government by department or agency

ACCOUNT OF THE

U.S.

UST-1 —Elements

changes

25
26
26
27

TREASURY
in

Federal Reserve and tax and loan note account balances

FEDERAL DEBT
FD-1 —Summary of

Federal debt
public debt
FD-3. -Government account series
FD-4— Interest-beahng securities issued by Government agencies
FD-5— Maturity distribution and average length of marketable interest-bearing public debt held by private investors

FD-7. -Treasury holdings of securities issued by Government corporations and other agencies
FD-A— Chart: Average length of marketable debt
FD-B.-Chart: Pnvate holdings of Treasury marketable debt by maturity

32
33
34
35
36
36
37
38
39

PUBLIC DEBT OPERATIONS
TREASURY FINANCING

FD-2— Interest-bearing

FD-6— Debt

subject to statutory limitation

PDO-1 —Maturity schedules

of interest-bearing

marketable public debt securities other than regular weekly and 52-week

Treasury bills outstanding
PDO-2.-Offerings of bills
PDO-3. -Public offerings of marketable securities other than regular weekly Treasury bills
PDO-4A.- Allotments by investor classes for public marketable securities other than bills
PD0-4B— Allotments by investor classes for public marketable securities for bills other than regular weekly series
U.S.

44
51

53
56
58

SAVINGS BONDS AND NOTES

SBN-1 .-Sales and redemptions by
SBN-2— Sales and redemptions by
SBN-3— Sales and redemptions by

series, cumulative

period,

all

series of savings

period, series E, EE, H,

and

bonds and notes combined

60
60
61

OWNERSHIP OF FEDERAL SECURITIES
OFS-1 —Distribution of Federal securities by class of investors and type of issues
OFS-2. -Estimated ownership of public debt securities by private investors

63
64

MARKET YIELDS
MY-1 --Treasury market bid yields at constant maturities:
MY-A— Chart: Yields of Treasury securities

bills,

notes,

and bonds

66
67

Contents
Page
MY-2. --Average yields of long-term Treasury, corporate, and municipal bonds by period
MY-B. -Chart: Average yields of long-term Treasury, corporate, and municipal bonds

68
70

CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
USCC-1 .-Amounts outstanding and in circulation; currency, coin
USCC-2. -Amounts outstanding and in circulation; by denomination, per

72
73

U.S.

capita comparative totals

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1 "U.S. Reserve assets

IFS-2— Selected US liabilities to foreigners
IFS-3— Nonmarketable U.S. Treasury bonds and notes issued to official
IFS-4— Trade-weighted index of foreign currency value of the dollar

institutions

and other residents

of foreign countries

78
79
80
81

CAPITAL MOVEMENTS
LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN
CM-l-1 -Total liabilities by type of holder
GM-l-2. -Total liabilities by type, payable In dollars
GM-l-3. -Total liabilities by country
GM-l-4. -Total liabilities by type and country

THE UNITED STATES
83
84
85
87
89

Ct^-A. -Chart: Liabilities to foreigners

ON FOREIGNERS REPORTED BY BANKS

CLAIK^S

GM-ll-1 .-Total claims by type
CM-ll-2. -Total claims by country
GM-ll-3— Total claims on foreigners by type

SUPPLEMENTARY
GM-lll-1 —Dollar

GM-B— Chart:

LIABILITIES

liabilities to,

and

THE UNITED STATES
90
91

and country

AND CLAIMS DATA REPORTED BY BANKS
dollar claims on, foreigners in countries

THE UNITED STATES

and areas not

regularly reported separately

Claims on foreigners

95
96

AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
THE UNITED STATES

LIABILITIES TO,
IN

GM-IV-1 .-Total liabilities and claims by type
CM-IV-2. -Total liabilities by country
CM-IV-3. -Total liabilities by type and country
GM-IV-4. -Total claims by country
GM-IV-5. -Total claims by type and country
CM-C. -Chart: Net purchases of long-term domestic securities by selected countries

97
98
100
102
104
106

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
IN THE UNITED STATES
GM-V-1 .-Foreign purchases and sales
CM-V-2— Foreign purchases and sales

domestic securities by type
long-term foreign securities by type
CM-V-3— Net foreign transactions In long-term domestic securities by type and country
CM-V-4. -Foreign purchases and sales of long-term securities, by type and country (fourth quarter)
CM-V-5. -Foreign purchases and sales of long-term secunties, by type and country (calendar year)
of long-term
of

107
107
108
110
112

FOREIGN CURRENCY POSITIONS
CANADIAN DOLLAR POSITIONS
FCP-l-1. -Weekly report of major market participants
FCP-l-2. -Monthly report of major market participants
FCP-l-3— Quarterly report of large market participants

115
115
115

GERMAN MARK POSITIONS
FCP-ll-1

—Weekly

report of major market participants

FCP-ll-2— Monthly report

major market participants
FCP-ll-S.-Quarterly report of large market participants
of

116
116
116

JAPANESE YEN POSITIONS
FCP-lll-1

.-Weekly report

major market participants

FCP-lll-2. -Monthly report of major market participants

FCP-lll-3. -Quarterly report of large market participants

117
117
117

Contents
Page

SWISS FRANC POSITIONS
FCP-IV-1 .--Weekly report of major market participants
FCP-IV-2. -Monthly report of major market participants
FCP-IV-3. --Quarterly report of large market participants

118
118
118

STERLING POSITIONS
FCP-V-1 -Weekly report

major market participants

119
119
119

FCP-V-2— Montfily report of major market participants
FCP-V-3— Quarterly report of large market participants

EXCHANGE STABILIZATION FUND
ESF-1 -Balance sheet
ESF-2. -Income and expense

121
121

SPECIAL REPORTS
STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS
SLOFG-1 —Summary of liabilities of the United States Government
SLOFC-A— Chart: Commitments and contingencies

125
125

CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL 1993 (EXCERPTED)
United States Government Consolidated Statements of Financial Position
Chart;

Revenues and expenses

Chart; Sources of revenues
Chart; Categories of

expenses

Chart; Major categories of assets
Chart; Assets, liabilities,
Chart; Funds provided

and accumulated

position

Funds applied
Gross accounts receivable
Chart; Gross loans receivable
Chart;
Chart;

131
131

Chart; Federal debt held by the public
Chart; Interest expense
Chart; Types of securities
Chart;

126
127
127
1 28
1 28
129
129
1 30
130

132
132
133
133

Commitments

Chart; Contingencies

TRUST FUNDS
TF-IO.-Airport and Airway Trust Fund

TF-D. --Chart; Airport and Airway Trust Fund receipts and outlays, fiscal 1990-94
TF-11 —Uranium Enrichment Decontamination and Decommissioning Fund
TF-12 -Black Lung Disability Trust Fund
TF-13— Harbor Maintenance Trust Fund
TF-14. -Hazardous Substance Superfund

TF-15— Highway Trust Fund
TF-E— Chart; Highway Trust Fund

receipts

and

outlays, fiscal

1990-94

TF-1 6. -Inland Waterways Trust Fund
TF-1 7. -Leaking Underground Storage Tank Trust Fund
TF-18. -Nuclear Waste Fund
TF-1 9— Reforestation Trust Fund
TF-F- Chart; Major trust funds, interest on investments, fiscal 1993 and 1994
TF-G. -Chart; Major trust funds, receipts and outlays, fiscal 1994
TF-20— Aquatic Resources Trust Fund
TF-21 -Oil Spill Liability Trust Fund
TF-22— Vaccine Injury Compensation Trust Fund
TF-23— National Recreational Trails Trust Fund

134
135
136
137
139
141

143
143
147
148
149
150
151
151

152
154
155
156

TECHNICAL PAPERS
REPORTS
Recent Treasury reports and studies
Research paper series

159
161

Contents
Page

GLOSSARY

162

ORDER FORMS FOR TREASURY PUBLICATIONS
shown in italics can be found
add to totals because of rounding.

Definitions for words

Figures

may

not

Inside back cover

in the glossary.

/7= Preliminary.

n.a.= Not available.

r= Revised.

VII

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

revenue collections by States and other areas

of internal

Special Reports
*

Consolidated Financial Statements of the United States Government

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

V
V

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

Watenways Trust Fund

Investments

of specified trust

-J

accounts

Leaking Underground Storage Tank Trust Fund
National Recreational Trails Trust
National Service Life Insurance

Fund

Nuclear Waste Fund
Oil Spill Liability Trust

V
V

Fund

Railroad Retirement Account
Reforestation Trust

Unemployment

Fund

Trust

Fund

Uranium Enrichment Decontamination and Decommissioning Fund

Vaccine Injury Compensation Trust Fund

Appears

in this issue.

FINANCIAL
OPERATIONS

Profile of the

CHARTS POE-A.-Growth of
Real Gross Domestic Product
Real Gross Domestic Product (GDP) grew at a 4.5
percent annual rate in the final quarter of 1994,
bringing growthi across all four quarters to 4.0
percent, tfie strongest since 1987.
Fourth-quarter growth was led by business
investment and consumer spending. Investment
rose at a 17.6 percent annual rate, with spending
on equipment up at more than a 20.0 percent pace
and spending on structures increasing at a 9.0
percent rate. Consumer purchases were particularly
strong for motor vehicles and for other
discretionary-type durable goods. Inventory growth
also accelerated.

Growth was held down by a retreat in Federal
defense spending after a one-time boost in the third
quarter. The net export deficit was also a drag on
growth.

as measured by the fixed-weighted price
index for GDP, was at a low 2.6 percent rate in the
final quarter, down from 3.0 percent over the first
Inflation,

three quarters.

Economy

—

PROFILE OF THE ECONOMY

(As a percent of Gross Domestic Product)

CHARTS POE-B."
The Federal
Budget

Deficit

Administration
projections

1994, the Federal deficit fell to
$204 billion, which was a significant drop
from the previous 2 fiscal years. That
figure was $51 billion lower than the $255
In fiscal

1993 and $86 billion
below the record $290 billion deficit in

billion deficit in fiscal

fiscal 1992.
Strong economic growth and passage of
the Omnibus Budget Reconciliation Act of
1993 were responsible for the
improvement. Outlays rose by only 3.7
percent in fiscal 1994, while revenues

As a share

expanded by 9.0 percent.
GDP, the deficit dropped

from a recent high of 4.9 percent in fiscal
1992 to just 3.1 percent in the fiscal year
just ended.
In the new fiscal 1996 budget, the

Administration projects that the deficit will
decline to $193 billion in fiscal 1995. This
would mark the third straight year of deficit
reduction and the first such successive
declines since the Truman Administration.
By fiscal 2000, the deficit is expected to
decline to just 2.1 percent of GDP, the
lowest since 1979.

85
Fiscal

Years

(In billions of dollars)

350

Administration
projections

"1
I

[

—

— ———

PROFILE OF THE ECONOMY

CHARTS POE-C.--Net Saving and Investment
National saving (net of depreciation) rose to a
low 3.3 percent of the net national product
(NNP) in the first three quarters of 1994 from
2.1 percent in 1993 and a postwar trough of
1 .2 percent in 1 992. The saving rate averaged
8.0 percent or more in the 1950's through the
1970's. The main source of the recent
improvement is a reduction of Government
dissaving to 3.3 percent of NNP by 1994 from
6.0 percent in 1992. Government dissaving is
still considerably greater than in the 1950's
and 1960's, when it accounted for less than
1.0 percent of NNP. Private saving, at 6.6
percent last year, is down from 7.0 percent in
1993 and below averages of more than 9.5
percent in the 1960's and 1970's. Total net
investment was up to 2.8 percent of NNP in
the first three quarters of 1994 from 2.1
percent in 1993 and a low of 1 .4 percent in
1992. Net investment had averaged over 8.0
percent until the 1980's. In 1994,
supplemented by foreign inflows, domestic
investment rose more sharply to 5.1 percent
of NNP from 3.7 percent in 1993 and 2.4
percent in 1992. Domestic investment had
averaged near 8.0 percent of NNP in the
1950's through the 1970's.

Net National Saving*

still

(As a percent of net national product)
12
Private**

{

Through

first

three quarters of 1994

Includes pension funds of State and local governments

Net National Investment*
(As a percent of net national product)
12

Domestic

65
*

r~i

70
Through
Includes

first

r~i

[

three quarters of 1994
net foreign investment (or disinvestment)

]

PROFILE OF THE ECONOMY

CHARTS POE D.-Real Disposable
Personal Income
Growth of personal income improved in
1994, reflecting stronger job growth as well
as an increase in interest income after
declines tied to falling interest rates over
the prior 3 years.
Real disposable (after-tax) personal
income rose by 4.3 percent through the
four quarters of 1994, up from 1 .6 percent
during 1993. In the final quarter of 1994,
income growth soared at a 7.4 percent
annual rate. This gain was the best
performance for any quarter since 1985,
with the exception of late 1992 when
figures were artificially boosted by a shift in
timing of

incomes

for tax considerations.

Real Consumer Spending
(Percent change, fourth quarter to fourth quarter)

(0)

~~r~

PROFILE OF THE

ECONOMY

CHARTS POE-E."
Current Account Balance
the most
of U.S.
International transactions. The current
account deficit widened from a recent low of
$50 billion In 1991, excluding Desert Storm

The

current account

Merchandise

comprehensive measure

contributions, to an annual rate of $149
the first three quarters of 1994.

-20

-40

billion in

Much

of this reflects the economic recovery
here, which has been drawing in imports at
a faster pace than the rate of expansion in
exports.
In the first three quarters of 1994, the deficit
on trade in goods was $164 billion at an
annual rate, compared with $133 billion in

1993. The surplus of $57 billion in services
was in line with figures for 1992 and 1993.
The balance on income payments, which
includes interest, dividends, and direct
investment income, fell into deficit to about
$10 billion at an annual rate. In 1993, the
investment Income balance was in surplus
by $4 billion.

-60

-80

-100

-120

-140

-160

-180
(All
•

charts

First

in billions of dollars)

three quarters of 1994 are at an annual rate

60-

40-

20-

Investment Income

Services

94*

PROFILE OF THE ECONOMY

CHARTS POE-F.-Leading Indicators
(Index:

1987 = 100)

economic indicators showed
change through most of 1994. Except
for gains of 0.6 percent in both March and
August, monthly increases have ranged between
0.0 and 0.3 percent.

The index
very

of leading

little

This pattern

is still

consistent with growth

the

economy. The leading index was designed to
point to economic turning points, and the small
changes suggest that growth should continue at
a moderate pace.
The composite index is comprised of 11
components. In most months last year, more than
half of the components made positive
contributions to the index. Rising sensitive
materials prices had been consistently positive
earlier in the year but slowed in the second half,
while the real money supply decreased over the
last five

The index

months

of coincident indicators,

of 1994.

which tracks

economic activity, shows that the
on a steady path. Except for a few
slight declines due to special factors, such as the
earthquake or floods, this measure has been
current

expansion

rising since early 1993.

105

100-

'Shaded areas represent

pericxJs ot recession

PROFILE OF THE ECONOMY

CHARTS POE-G.-Consumer and Producer Prices
percent in 1 993. This pace was the lowest in nearly
30 years and the best performance since 1965.
The total producer price index (PPI) for finished
goods rose by 1 .7 percent, while the core index
increased by 1 .6 percent over all of 1 994. Growth
in the total PPI and the core rate remained small
in 1 994, but both were up from the 0.2 percent total
and 0.4 percent core increases during 1993.

Inflation remained extremely favorable thirougfi
994. The consumer price index (CPI) rose by 2.7
percent during the 12 months of 1994, the same
as 1 993. During the fourth quarter of 1 994, the CPI
grew modestly at a 2.2 percent annual rate.
1

Core inflation, or the CPI less food and energy,
slowed to 2.6 percent in 1994 compared with 3.2

Consumer

Prices

(Percent change from a year earlier)

Producer Prices
(Percent change from a year earlier)

10
8
6

Excluding food and energy

4
2

-2

Total
(Year tick marks correspond with June data.)
1

[

rrTT n

r i'r

i-ii

n Tr n Tr rrn

v rr

TTn

[

PROFILE OF THE ECONOMY

CHARTS POE-H.-Employment and
Unemployment
In 1994, job growth accelerated and
unemployment fell. Employment growth as
measured by the survey of nonfarm
establishments averaged 290,000 a month
in 1994, compared with average monthly
gains of 194,000 in 1993 and 96,000 in

1992.

New jobs

Civilian

Unemployment Rate
(in

percentages)

7
6.5

totaled almost 3-1/2

million overall of 1994.

Employment growth was

5.5

especially strong

the private sector, which accounted for
of every ten new jobs.
Service industries added the most new
jobs. Employment in construction rose by
more than 300,000, and jobs in
in

more than nine out

manufacturing increased by 276,000.
1994, the civilian unemployment rate fell
from 6.7 percent in January to 5.4 percent
in December, the lowest rate in 4-1/2

4.5

years.

1995, employment has grown
slowly. In January, 134,000 jobs were
added and the unemployment rate was up
far in

M A M

A S

N D

1994

1995

to 5.7 percent.

Establishment Employment
(Monthly change

thousands)

600
500

400
300 H
200
100

1994

1995

PROFILE OF THE ECONOMY

Nonfarm Productivity
(Percent change, fourth quarter to fourth quarter)

CHARTS POE-L-

Nonfarm Productivity
and Unit Labor Costs

Growth of nonfarm productivity, or output per
workfiour, slowed to a 1 .3 percent annual rate
during the first three quarters of 1994 compared with 1.8 percent during all of 1993 and
3.2 percent in 1992. Declines in the second
quarter offset increases approaching 3.0 percent in the first and third quarters.
Productivity in manufacturing remained
strong, rising at a 5.2 percent pace over the
first three quarters of 1994, following gains of
3.8 percent during 1993 and 2.1 percent during

4
3

2
1

-1

1992.
-2

94*

Unit Labor Costs

Nonfarm unit labor costs rose by a narrow 0.6
percent dunng 1993, the smallest advance in
10 years. Growth picked up to a 2.0 percent annual rate during the first three quarters of 1994,
as weak productivity offset only a small portion
of the fairly modest 3.3 percent annual rate rise
in hourly compensation. Even so, growth of unit
labor costs remains subdued.

(Percent change, fourth quarter to fourth quarter)
Percent change from fourth quarter 1993

lo Ihiid

quarter 1994 at an annual rate

PROFILE OF THE ECONOMY

CHART POE-J.-Interest Rates
During 1993, long-term interest rates declined drain response to the deficit reduction program,
low inflation, and moderate economic growtfi. As a
result, confidence rose and economic growth strengthened rapidly. Private demands for credit increased and
matically

began to rise.
The economy continued to expand through 1 994 and
into 1995. The Federal Resen/e Board made seven
tightening moves between last February and this Febinterest rates

measure to avoid inflation. The
Federal Reserve Board raised both the discount rate
and the target for the Federal funds rate.
ruary as a pre-emptive

These actions have translated into a rise of roughly
300 basis points, or 3 percentage points, in short-term
rates. Long-term rates have also increased since the
lows reached in October 1993. In early February, the
30-year Treasury bond was just below 8 percent.

Selected Interest Rates
(In percentages;

Weekly data*)

6.5

Short

Term
6

Federal funds
5.5

5
4.5

3-montfi Treasury

bills

3.5 A

3^HM^

.^•<!^Tg^-'<>-

Discount rate

JMMJSNJMMJSNJ

2.5
"

Average

for

nilMIIMinillllMllllllinilllinillMIIIIIIIIMIIIMMIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIMII

week ending Friday.
Wednesday

1993

Federal funds ending

1994

Long Term

M
1993

1994

1995

PROFILE OF THE ECONOMY

CHARTS POE-K.-Industrial Production

and Capacity

Utilization

Industrial Production
(Index,

Monthly Percent Change

1987 = 100)

Over the 12 months

of 1994, industrial
manufacturing, mining,
and utilities rose by 5.8 percent, following the biggest increase in 7 years. Output in manufactunng edged up by 6.7
percent during 1994 and accounted for
85.0 percent of the total. This increase
was spurred by strong growth for computer equipment, electrical machinery,
metals, and rubber and plastics.
Industrial capacity grew by 2.8 percent in 1994. With output rising faster,
the industrial capacity utilization rate
shot up to 85.4 percent by December,
the highest level in 15 years. The utilization rate in manufacturing was at 85.1
percent, below the 1989 high of 85.2

production

83 84

Industrial Capacity Utilization
(In

percentages)

percent.

The tightest conditions at yearend
were in the primary processing industries, such as steel, textiles, and paper,
which were operating at 90.0 percent of
capacity. In

December

1994, the ad-

vanced processing industries, including
apparel, furniture, and autos, averaged
utilization rates of

67 69 71

73 75 77 79 81 83 85 87 89 91

93 95

only 83.0 percent.

INTRODUCTION:
Budget authority usually takes the form
and payments

Federal Fiscal Operations

of appropriations that

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
allow obligations to be incurred

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
off-budget outlays and are stated net of offsetting collections.
Receipts are reported
offsetting collections.

the tables as either budget receipts or

They are

collections from the public, excluding

retirement funds; (2) interest received by trust funds; (3) rents and
royalties on the Outer Continental Shelf lands; and (4) other interest
(i.e.,

that collected

when such money

Although an off-budget Federal

Control Act of

Offsetting collections from other

Government accounts or the
They are

public are of a business-type or market-oriented nature.
classified

as either collections credited to appropriations or fund ac-

counts, or offsetting receipts

(i.e.,

amounts deposited

receipt ac-

The former normally can be used without appropriation act by
Congress. These occur in two instances: (1) when authorized by law,
amounts collected for materials or services are treated as reimbursements to appropriations, and (2) in the three types of revolving funds
counts).

(public enterprise, inlragovernmental,

and

trust);

collections are netted

against spending, and outlays are reported as the net amount.
Offsetting receipts

appropriation.

function,

and

(2)

receipt accounts from

infra-governmental funds, or payments into

governmental appropriation or fund accounts.

They finance operations within and between Government agencies
and are credited with collections from other Government accounts.
Intrabudgetary transactions are subdivided into three categories:

transactions-payments are from one fund group (either
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.
(1) interfund

Federal funds or

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'
Offsetting receipts are generally

and

985 (commonly known as the Gramm-Rudman-Hollings
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
of data, estimates for 2 years, detail for 13 months, and

cover 5 years
fiscal

They provide a summary of data relating to
operations reported by Federal entities and disbursing

year-to-date data

daily reports

from the Federal Reserve banks. They also

accounting transactions affecting receipts and outlays

detail

of the

Government and off-budget Federal entities and their related effect on
assets and liabilities of the Government. Data are derived from the
IVIonthly 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

into

receipts, or collections from the public,

and by

be used without
two categories: (1) proprietary
offset against outlays by agency

receipt accounts cannot

They are subdivided

Act) included off-budget surplus or deficit

and

deductions from gross receipts.

entity's receipts, outlays,

congressional resolution, the Balanced Budget and Emergency Deficit

officers,

the Federal Reserve system. Refunds of receipts are treated as

its

surplus or deficit ordinarily are not subject to targets set by the

ceipts, consist mainly of tax receipts (including social insurance taxes),

earnings by

deposit funds

old-age and survivors insurance, and Federal disability insurance.

fiscal

transferred into the budget).

the unified budget concept as a
budgetary analysis and presentation since 1969. The
concept calls for the budget to include all of the Government's fiscal
transactions with the public. Since 1971, however, various laws have
been enacted removing several Federal entities from (or creating them
outside of) the budget. Other laws have moved certain off-budget
Federal entities onto the budget. Under current law, the off-budget
Federal entities consist of the two Social Security trust funds, Federal

Federal

and deposits

The Government has used

foundation for

receipts offset against outlays. These, also called governmental re-

receipts from court fines, certain licenses,

on Outer Continental Shelf money

FFO-3

details on-

and off-budget outlays by agency.

FFO-4 (Fall issue) summarizes internal revenue collecand other areas and by type of tax. Amounts reported
are collections made in a fiscal year They span several tax liability
• Table

tions by States

years because they consist of prepayments

(i.e.,

estimated tax pay-

ments and taxes withheld by employers for individual income and
Social Secuhty 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

important to note that these data do not necessarily reflect
Amounts are reported

the Federal tax burden of individual States.

based on the primary

filing

address provided by each taxpayer or

reporting entity. For multistate corporations, the address

only the State where such a corporation reported

individual

addition,

may

reflect

taxes from a

where income was earned or
income and Social Secunty taxes were withheld. In
an individual may reside in one State and work in another.

principal office rather than other States

where

its

FEDERAL FISCAL OPERATIONS

Summary of Budget
The Federal budget was
deficit

by $74.0

billion in

Results for the First Quarter, Fiscal 1995

the

quarter of 1 995 (the
fourth calendar quarter of
1994). That was narrower by
$17.5 billion than the deficit of
$91.0 billion in the correfirst fiscal

sponding quarter

about

the deposit insurance account (covering

$4.0

billion in

outlays of the Resolution
Trust Corporation and other
deposit insurance agencies).
Adjusting for these two special

factors,

On- and Off-Budget Results and Financing of the

U.S.

Government

lln millions ot dollarsl

Actual fiscal

of fiscal

1994. That narrowing exaggerates the underlying innprovement in the budget
balance, however. Because
the start of the current fiscal
year fell on a weekend, some
outlays that nornnally would
have been recorded early in
the fiscal year were shifted
into fiscal 1994. Also, there

was improvement

Total

Oct.-Dec.
Total on-

and off-budget

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 (-)

Means

year to date

results:

307,507
231,327
76,179
381,485
318,262
63,224

-73,979

12,956

-73,979
-86,934
12,956

59,669
9,362
4,948

73,979

-86,934

of financing:

Borrowing from ttie public
Reduction of operating cash
Otfier

means

Total on-

and off-budget financing

improvement

from a year earlier is reduced
to about $6-1/2 billion.
In

early February, the Administration released

its fiscal

1996 budget, including revised projections for the current
fiscal year. These newtigures show the deficit for all of fiscal
1995 declinina to $192.5 billion from $203.2 billion in fiscal
1994, or a reduction of $10.6 billion. Because the improvement in the first quarter was greater than the amount projected for the entire year, that implies some modest
deterioration in the budget balance during the final three
quarters of the fiscal year. A similar pattern is shown if
deposit insurance outlays are excluded and if adjustment is
made for the unusual timing of spending at the start of the
fiscal year. On that basis, the budget projects a slight
widening of the deficit for the entire fiscal year from fiscal
1 994, versus the narrowing of $6-1/2 billion on the books for
the first quarter.
In the first quarter, the improvement in the deficit from a
year earlier was the result of an increase in revenues of 7.1
percent and a more modest rise in outlays of about 3-3/4
percent, after adjustment to eliminate impacts of unusual
timing and the swing in the deposit insurance account.
On the revenue side of the accounts, the major element
of strength in the quarter was in the form of an 1 1 .9 percent
increase from a year earlier in corporate income tax receipts. That would indicate that the strong real economic
growth recorded for the quarter translated into a sizable
increase in corporate profits for which comprehensive figures are not yet available. Also up sharply were remittances
to the Treasury of Federal Reserve earnings. Those earnings were boosted by the rise in short-term interest rates of
more than 2.0 percentage points in the quarter from a year
earlier. Withheld individual income and employment tax
receipts rose by 5.4 percent, which were a bit smaller than
might have been expected given the 6.6 percent increase
in the underlying wage and salary tax base, as carried in the
national income ana product accounts.

Among

outlay components,

creases was the 12.7 percent

one of the sharpest inrise in net interest payments,

reflecting the effects both of higher interest rates and a 5-1/4
percent increase from a year earlier in the volume of debt
outstanding. For the entire fiscal year, the budget projects
an increase of 15.4 percent in net interest outlays.
Moderating growth of overall outlays in the first quarter
was a decrease of 8.8 percent in defense spending (about
5-1/2 percent if adjusted for unusual timing). Most of the
reduction represented a drop of 14.4 percent in the procurement account which covers purchases of military equipment. The 5.3 percent decline in defense spending
projected in the budget for the entire fiscal year is concentrated in procurement, with smaller cuts in defense personnel costs. The research, development, test, and evaluation
account is projected to hold about flat in dollar terms (implying some decline in real terms) in fiscal 1995, while a slight
increase is budgeted for operations and maintenance. A
decline of one-fourth in procurement outlays from the peak
in fiscal 1991 to fiscal 1994 was accompanied by sizable
cutbacks in employment among defense contractors.
Also holding down total outlays in the first quarter was a
drop of 36.1 percent in unemployment insurance costs. The
economic assumptions underlying budget projections do
not contain further reductions in the unemployment rate from
the figure for the first quarter, so that declines in unemployment insurance benefit payments should narrow sharply as
the fiscal year progresses. Figures for the first quarter also
benefited from a small increase of 1.8 percent in Medicaid
outlays. Increases are likely to be significantly larger during
the remainder of the fiscal year, but the overall outlook for
Medicaid spending has improved significantly. Compared
with the budget projections of a year ago, the estimate of
Medicaid spending in fiscal 1995 has been lowered by $8.0
billion (8-1/4

percent).

FEDERAL FISCAL OPERATIONS

Contributions for other insurance and retirementContributions for other retirement were $1.2 billion for the

Fourth-Quarter Receipts
The following capsule analysis

of budget reby source, for the fourth quarter of fiscal 1994
supplements fiscal data reported in the December issue of the "Treasury Bulletin." At the time of that isceipts,

sue's release, not enough data was available to
analyze adequately collections for the quarter.

There was a negligible change in receipts
from the fourth quarter of fiscal 1993. The growth in contributions will remain flat over the next few years as the number
of employees covered by the Federal employees' retirement
system (FERS) grows slowly relative to those covered under
fourth quarter.

tfie civil

—

Individual income taxes
Individual income tax rewere $1 38.5 billion for the fourth quarter of fiscal 1 994.
This is an increase of $6.0 billion over the comparable
quarter for fiscal 1993. Withheld receipts increased by $5.9
billion and non-withheld receipts increased by $0.4 billion in
this period. There was an increase of $0.4 billion in refunds
over the comparable fiscal 1993 quarter There was an
increase of $0.1 billion in accounting adjustments between
individual income tax receipts and the Social Security and
Ivledicare trust funds over the comparable quarter in fiscal
1993.
ceipts

Corporate income taxes

— Net corporate

the fourth quarter totaled $34.2

billion.

This

receipts for

was $5.0

billion

higher than net receipts for the comparable quarter of fiscal
1 993. The $5.0 billion figure consists of $5.4 billion in higher
estimated and final payments offset by $0.4 billion in higher
refunds. The increase in net receipts mainly reflects in-

creased corporate

profits.

Unemployment insurance — Unemployment
ance receipts

insur-

were $6.6 billion compared with $6.9 billion for the comparable quarter of fiscal
1993. State taxes deposited in the U.S. Treasury decreased
by $0.3 billion. There were negligible changes in the Federal
Unemployment Tax Act (FUTA) and railroad unemployment
tax receipts, compared with the comparable quarter of fiscal
for the fourth quarter

1993.

—

Excise taxes Net excise tax receipts for the fourth
quarter were $1 5.7 billion compared with $12.9 billion for the
comparable quarter of fiscal 1 993, an increase of $2.8 billion
over the prior-year level. Excise tax refunds were $0.5 billion,
a significant increase over the prior-year level. Gross excise
tax receipts for the quarter

were $16.2

billion.

—

Estate and gift taxes Estate and gift tax receipts were
$3.6 billion for the fourth quarter This represents a decrease
of $1.2 billion over the previous quarter and an increase of
$0.5 billion over the same quarter in the previous year.

Employment taxes and contributions— Employment
taxes and contributions receipts for the fourth quarter were
$1 05.9 billion, an increase of $7.3 billion over the comparable prior year quarter Receipts to the Old-age Survivors
Insurance, the Disability Insurance, and the Hospital Insurance trust funds increased by $4.5 billion, $0.5 billion, and
$2.7 billion, respectively There was an accounting adjustment of $0.8 billion for prior years' employment tax liabilities
made in the fourth quarter of fiscal 1 993, and a -$0. 1 billion
adjustment in the fourth quarter of fiscal 1994.

service retirement system (GSRS).

Customs duties— Customs
were $5.6

receipts net of refunds

is an increase of
from the comparable prior year quarter It is due
to an increase in imports.

$0.4

billion for

the fourth quarter This

billion

Miscellaneous receipts— Net miscellaneous receipts
quarter were $6.8 billion, an increase of $1.7
billion over the comparable prior year quarter. The bulk of

for the fourth

the increase

attributable to higher deposits of Federal

Reserve earnings.

Fourth Quarter Fiscal 1994 Net Budget Receipts, by Source
fin billions

Source

Income taxes
Corporate income taxes
Employment taxes and contributions
Individual

of dollars)

July

August

37.4
3.8
32.3

43.2
3.1

September
58.0
27.3
39.6

Unemployment insurance

1.4

Contibutions for other insurance and retirement
Excise taxes

0.4
4.2

34.0
4.8
0.4
6.0

Estate and gift taxes
Customs duties

1.1

1.2

1.3

1.8

Miscellaneous receipts

2.6

2.0
2.5

1.7

84.9

97.2

139.1

Total budget receipts

3.5
0.4
5.5
1.8

FEDERAL FISCAL OPERATIONS

CHART FFO-A.-Monthly Receipts
and Outlays, Fiscal
Years 1994-1995

Includes a prior period adjuslment to reflect the reclassificaby the Internal Revenue

tion ot refunds previously reported

Service

The receipts and outlays m March 1994 were decreased to
reflect the reclassification of intrabudgetary transactions previously reported as governmental receipts for the Wildlife
**

Conservation and Appreciation Fund

Individual Corp.

income income
taxes*

taxes*

Social

Excise

ins.

taxes*

taxes

Estate/
gift

taxes*

Custom

Misc.

duties receipts*

FEDERAL FISCAL OPERATIONS

TABLE FFO-1.— Summary of Fiscal Operations
[In

millions of dollars. Source: "Monthly Treasury

Statement

Receipts and Outlays of the United States Governtnenl'l

Means

of financing

-net transactions

Borrowing from
Total

o n-budqet and

off -bu dget results

the public-

On-budget

Total

surplus

Fiscal year

month

surplus

Off-budgel

Federal

surplus

secu rities
Public

Total

On-budgel

Off-budget

Total

On-budget

Off-budget

deficit

debt

receipts

outlays

()

(-)

securities

(9)

(10)

(1)

(2)

(3)

(5)

(4)

(7)

(6)

(8)

1990'

,031 ,462

749.806

281,656

1,251,850

1,026,785

225.065

220.388

-276,979

56,590

331 ,520

1991

1,054,260

760,375

293,885

1,322.989

1,081.302

241,687

268.729

-320.926

52.198

407,664

1992'

1.091,692

789,266

302,426

1.381.895

1.129,336

252,559

290.204

-340,071

49.867

403,396

1993'

1.153,175

841,241

311,934

1,408,122

1,142,110

266,012

254.948

-300,869

45.922

342,629

1994'

1,257,187

922,161

335,026

1,460,557

1,181,185

279,372

203.370

-259,024

55.654

288,987

1995- Est

1,353.815

998.594

355,221

1,518,945

1,223,582

295,364

165.130

-224,987

59.857

283,854

1993 -Dec

125,408

99.714

25,694

133,114

121,431

11.683

7.705

-21,717

14,012

45,233

1994 -Jan

122,966

94.395

28,571

107,718

83,526

24,192

15.248

10,869

4.379

•8,771

Feb

72,874

46.880

25,995

114,440

88,523

25,917

-41,566

-41,644

32,679
21,835

I^ar

93,108

64.611

28,497

125,423

100,259

25,164

32,315

-35.648

3,333

Apr

141,326

104,311

37,015

123,872

100.625

23,247

17,454

3,686

13,768

-7,221

83,546

55,366

28,179

115,602

89.731

25,871

-32,057

-34,365

2,308

39,963
35,021

IVIay

June

138,124

106,014

32.110

123,275

108.166

15,108

14,850

-2,152

17,002

July

84,827

60,145

24.681

118,025

93.164

24,861

-33,198

-33,018

-180

-9,584

Aug

97,338

70,949

26,389

121,608

95.279

26,329

24,270

-24,330

54,926

Sept

135,895

105,212

30,683

131,903

103.189

28,714

3,993

2,024

1.969

-17

89,024

65,384

23,639

121,480

95.307

26,174

-32,457

-29.922

-2.535

40,995
43.843

Oct

Fiscal

Nov

87,673

62,083

25,590

125,131

99,464

25,668

-37,458

37,381

Dec

130,810

103,860

26,950

134,874

123,491

11,382

-4.063

•19.631

15.568

20.412

307,507

231,327

76,179

381,485

318,262

63.224

-73,979

-86,934

12.956

105,251

1995

date

Mean s

of fin ancing-net transactions,

con

Cash and monetary assets

Borrowing from the public-

(deduct)

Reserve

Federal securitie s, con.
Invest-

ments

Fiscal year

Agency

Govern-

securi-

ment

ties

accounts

Qlj

month

[12)

U.S.

quota

Total

operating

drawing

the IMF

IO.fll-12

cash

rights

Other

(deduct)

(13)

deficit

financing

(18)

(19)

(20)

(15)

(16)

(17)

-70

172

195

565

276,802

1,329

-1,444

-4,464

215

-17,406

4,969

268,729

310,918

17,305

1,389

18,654

672

17,043

263

290,204

248,619

-6,283

-907

-1,429

2,333

-301

350

254,948

184,998

-16,564

768

-992

-35

831

715

203,370

110,384

173,715

•

.8.585

•

165,130

1,626

32,864

13,995

17,412

•68

^2,830

-16

8,144

7,705

-98

-1,936

-6,933

8,090

3,251

3,123

-15,248

41,566

-15,018

115,844

1992'

500

92,978

1993'

6,652

100,663

1994'

3,665

107,655

245

1993 -Dec
1994 -Jan

^234
1

220,388

812

31,633

•19,667

225

273

^9,217

-4,675

26,511

6,461

-2,957

161

9,487

32,315

14,681

-21,801

4,124

3,041

-237

11,281

-17,454

Apr

101

May

951

13,265

27,649

-21,537

-817

-56

-17,973

32,057

June

127

33,250

1,898

23,797

209

-3,526

348

4.026

-14,850

July

373

-6,166

-3,045

-30,705

-34

921

-7

6,343

33,198

Aug

-401

2,721

51,804

9,802

141

1,684

-23

-16,010

24,270

916

12,894

-11,996

5,855

134

-2,922

-92

10,919

-3,993

-2,106

6,432

32,457

480

117

2,658

269

3,462

32,457
37,458

Sept
Oct

Nov

326

3,641

40,528

•9,366

^70

•361

^297

^13,224

Dec

33,732

-13,316

-476

-2.603

•?

14.266

4,063

•1.777

43.804

59,669

-9,362

-306

-36

4,504

171

73,979

1995

to date

Less than $500,000.
Data lor 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
'

Total

Other

1,179

1991'

surplus or

(14)

220,091

Fiscal

to year's

-818

118,708

Feb

not applied

Special

7,278

fi^ar

Transactions

Treasury

1990'

1995 •Est

position

on the US,

Note -On-budget and off^budget estimates are based on the "Mid-session Review" of the
1995 budget, released by the Office of Management and Budget on July 14, 1994,

fiscal

FEDERAL FISCAL OPERATIONS

TABLE FFO-2.--On-budget and
[In

millions of dollars. Source: "Monthly Treasury

Statement

Off-budget Receipts by Source
Receipts and Outlays ot the United States Government"]
Social insurance

taxes and contributions

Emp loyment taxes and contribution^s_
Old-age,

disability,

and

FEDERAL FISCAL OPERATIONS

TABLE FFO-2.--On-budget and
[In

millions of dollars. Source: "Monthly

Statement

Off-budget Receipts by Source, con.
of

Receipts and Outlays of the United States Government"]

Social insurance

taxes and
contnbutions.

con
Net social insurFiscal year
or

month

ance taxes and

Excise taxes
Airport

and Ainway T rust Fund

Black Lung

D isability

Trust

Highw ay Trust Fund

Fund

Miscellaneous

contributions

Gross

Refunds

Net

Gross

Refunds

Net

Gross

Refunds

Net

Gross

Refunds

Net

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

(30)

(31)

(32)

(33)

(34)

1990'

380,048

3.718

3.700

665

14,570

702

13,867

18,749

1,628

1991'

396,011

4,919

4,910

652

17,331

352

16,979

20,472

582

19,890

1992'

413.689

4.660

4.645

626

17.287

574

16.713

24.562

977

23.585

1993'

428.300

3.276

3.262

634

18.321

283

18.039

26.718

595

26.123

1994'

461.475

5.217

5.189

567

17.426

758

16.668

33.573

772

32.801

1995 -Est

490.393

5,801

5,783

668

19,089

447

18.642

47.386

591

46.795

1993 -Dec

33.954

453

1.468

2.789

2.721

1994 -Jan

36.983

148

141

1,389

169

1.220

2,729

135

2.594

Feb

35.989

445

1.455

1.326

1.296

Mar

36.957

445

431

1.535

244

1.291

3,306

-202

3,508

Apr

50,323

414

1,621

May

46.540

482

1.168

June

41.509

482

July

34,046

434

430

Aug

39.292

478

1,582

Sept

40,371

545

1,438

Oct

32,687

444

438

1,453

Nov

37,387

453

1,448

Dec

36,358

480

•

480

3,092

106.432

1.376

1.371

169

5.993

Fiscal

1995

to date

1.621

2.018

1.973

•

1.168

3.616

3.550

1.563

2.707

211

2.496

1.375

163

1,212

2,523

2,507

1,582

4,171

290

3,881

1.169

3.540

-233

3,773

1.452

2,355

2,325

1,448

3,590

3,561

3.092

1.217

255

962

5.992

7.162

316

6.845

con^

Deposits

Net

month

268

Net miscellaneous receipts

Excise taxes,

Fiscal year

17,119

Estate and

excise

gift

Customs

taxes

duties

earnings

Total receipts

by Federal

All

On-

Off-

taxes

Gross

Refunds

Net

Gross

Refunds

Net

Reserve banks

other

Total

budget

(35)

(36)

(37)

(38)

(39)

(40)

(41)

(42)

(43)

(44)

(45)

(46)

1990'

35,345

11.762

262

11.500

17.379

672

16.707

24.319

3,157

27,470

749.806

281.656

1991'

42,430

11.473

335

11.138

16.738

817

15.921

19.158

3.689

22.847

760.375

293.885

1992'

45,570

11.479

336

11.143

18.135

775

17.359

22.908

4.292

27,195

789,266

302.426

1993'

48.057

12.891

314

12.577

19.613

811

18.802

14,908

3.331

18,239

841,241

311.934

1994'

55.225

15.607

382

15.225

20.973

674

20.099

18.023

4.018

22,041

922.161

335.026

1995 -Est

71.888

13.885

20.656

20.856

16,604

4.705

21.309

998.594

355.221

1993-Dec

4.695

1.214

1,179

1.655

1.584

1.292

283

1.575

99,714

25.694

1994-Jan

4.011

1,133

1.105

1,582

1.526

1.004

254

1.258

94.395

28.571

Feb

3.249

1,122

1,093

1,484

1,419

1,184

240

1,424

46.880

25.995

Fiscal

Mar

5,285

1,248

1,211

1,807

1.745

2.011

407

2.418

64.611

28.497

Apr

4.050

2.409

2.378

1,535

1.479

1.974

498

2.472

104,311

37.015

May

5.253

1.372

1.342

1.684

1.620

1,325

264

1,589

55.366

28.179

June

4,596

1.088

1.068

1.799

1.711

1.788

215

2,003

106.014

32,110

July

4.175

1.088

1.060

1.845

1,782

2,209

378

2.587

60.145

24,681

Aug

5.989

1,294

1,239

2.117

2.039

2,090

412

2.502

70.949

26.389

Sept

5.518

1.284

1.254

1.893

1,799

1,112

613

1.725

105.212

30,683

Oct

4.272

1,234

1.202

1.961

114

1.848

1,954

345

2.300

65.384

23.639

Nov

5,518

1,263

1,220

1.965

138

1.827

2.587

224

2.811

62.083

25.590

Dec

4.587

1.119

1,092

1.835

1.747

836

539

1.375

103.860

26,950

14,377

3.616

103

3,513

5,761

340

5,421

5,377

1,108

6.486

231.327

76.179

1995

dale

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
'

--On-budget and off-budget estimates are based on the "Mid-session Review" of the
1995 budget, released by the Office of Management and Budget on July 14. 1994

[Mote
fiscal

FEDERAL FISCAL OPERATIONS

TABLE FFO-3.--On-budget and Off-budget Outlays by Agency
[In

millions of dollars. Source: 'Monthly Treasury

Legis-

Statement

Executive

Funds ap-

Office

propriated

Receipts and Outlays of the United Slates Government"]

D efense

lative

The

of the

to the

branch

judiciary

President

Agriculture

Commerce

tulilitary

Civil

Education

Energy

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

1990'

2,233

1,641

157

10.087

46,011

1991

2,295

1,989

193

11.724

54,119

1992'

2,677

2,299

190

11.109

56,436

1993'

2,406

2,579

194

.527

63.143

1994'

2.561

2,659

229

10,511

60,812

1995 -Est

2,912

3,078

11,149

60,254

1993 -Dec

204

190

624

6,408

1994 -Jan

212

179

672

4,789

Feb

202

177

528

4,742

Mar

386

-8

5,394

Apr

182

1,160

5,215

May

224

773

4,908

Fiscal year
or

month

Fiscal

Department

June

191

159

186

4,164

July

222

307

410

4,311

Aug

185

288

224

4,131

Sept

210

189

852

4,709

Oct

354

184

3,600

7,599

Nov

217

169

1,129

6,833

Dec

333

303

732

5,506

5,461

19,938

1995

date

903

Department

3.734

Departme nt

Department

FEDERAL FISCAL OPERATIONS

TABLE FFO-3.-On-budget and Off-budget Outlays by Agency, con.
[In

millions of dollars. Source: "Monthly Treasury

Statement

Receipts and Outlays of the United States Government")

National

Undistributed oftse tlinq receipts

Rents and

Aeronautics
Environ-

General

and

Office of

Small

Other

Employer

Interest

royalties

mental

Services

Space

Personnel

Business

indepen-

share,

received

on the Outer

Protection

Adminis-

fwlanage-

Adminis-

dent

employee

Agency

tration

ment

tration

agencies

retirement

funds

Shelf lands

(22)

(23)

(24)

(25)

(26)

(27)

(28)

(29)

1990'

5,106

-122

12,429

31,949

692

73,518

-33,611

1991'

5.770

487

13,878

34,808

613

80,454

1992'

5,932

469

13.961

35,596

394

1993'

5,925

743

14.305

36,794

1994'

5,855

334

13,694

1995 -Est

6,663

852

1993-Dec

458

1994-Jan

On-

Off-

Other

ances

budget

(30)

(31)

(32)

(33)

(34)

-62,312

-3,004

-97

1,026,785

225,065

-36,206

-70,649

-3,150

-550

1,081,302

241,687

18,877

-36,782

-77,838

-2.498

1,129,336

252,559

937

-10,631

-34,601

-82,276

-2,785

1,142,110

266,012

38,596

779

11,524

-34,770

-85,698

-3,001

•

1,181,185

279,372

14,411

40,160

478

4,907

-35,249

-88,860

-3,048

-B55

1.949

1,223,582

295,364

384

1,191

3,079

2,373

-2,592

-36,027

-145

121,431

11,683

456

-658

1,015

3,249

-7

1,009

-2,601

-122

-313

•

83.526

24,192

Feb

430

344

1,029

3.098

-2,985

-2.592

-458

-223

•

88.523

25.917

Mar

543

231

1.275

3.207

369

-2,733

-130

-266

100,259

25,164

Apr

440

-549

986

3,413

648

-2,585

-726

-136

100,625

23,247

May

439

417

1,110

3,012

3,333

-2,557

-5,467

-475

89,731

25,871

June

520

475

1,105

3,361

-367

-2,559

-36,407

-268

108,166

15,108

July

523

-704

994

3,349

1,681

-3,167

93,164

24,861

Aug

503

423

1,304

3,272

123

-1,525

-2,643

-699

-408

95.279

26,329

Sept

607

222

1,393

3,340

4,933

-5,720

-164

-276

103,189

28,716

Oct

438

-651

845

3,410

3,007

-2,442

-611

-154

•

95,307

26,174

Nov

474

639

1,143

3,118

145

482

-2,416

-5,727

-160

99,464

25,668

Dec

538

462

1,203

3,460

-601

-2,564

-38,216

-106

•

123,491

11,382

1,450

451

3,190

9,988

274

2,885

-7.422

-44,555

-420

318,262

63,224

Fiscal

month

1995

to date

Less than $500,000.
Data for the period do not reflect postyear adjustments published in the "Monthly Treasury
Statement of Receipts and Outlays of the United Stales Government," the source for this table
'
'

Total outl ays

Allow-

Fiscal year

trust

Continental

35-9

Note-On-budget and off-budget estimates are based on the "Mid-session Revlevir" of the
1995 budget, released by the OHIce of Management and Budget on July 14. 1994

fiscal

FEDERAL FISCAL OPERATIONS

TABLE FFO-4.--Internal Revenue Collections by States and
[

thousands

ot dollars.

Ind ividua

Total
States, etc.^

collections
(1)

Source: Internal Revenue Service]

income and

em ploym

taxes

Other Areas, Fiscal 1994

INTRODUCTION:

The Federal Government

controls the use of funds through

obligations. Obligations are recorded

when

the

Government makes a

goods or services. Obligations are the first of
and use of resources:
order, payment, delivery, and consumption. In general, they consist of
orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money.

commitment

The
in

months after the Government places its order, the order
immediate pressure on the private economy.

itself

can cause

to acquire

four key events that characterize the acquisition

point

Federal Obligations

obligational stage of a

gauging the impact

Government

of the

transaction

a strategic

Government's operations on the

frequently represents a Government
national economy because
commitment that stimulates business investments, such as inventory
purchases and employment Though payment may not occur for
It

An obligation is classified by the nature of the transaction, without
regard to its ultimate purpose. For example, all salaries and wages are
reported as personnel compensation, whether the services are used
in current operations or in the construction of capital items.
Federal agencies often do business with one another. In doing
agency records obligations and the "performing"
agency records reimbursements. In table FO-1 these transactions are
presented. Conversely, table FO-2 shows only those transactions
incurred outside the Federal Government.
so, the "buying"

FEDERAL OBLIGATIONS

TABLE FO-l.~Gross Obligations Incurred Within and Outside the Federal Government by
Object Class, Sept. 30, 1994
[In

millions of dollars. Source:

Standard Form 225, Report on Obligations, from agencies]

Gross obligations incurred
Object class

Outside

Within

(1)

Total

(2)

(3)

Personal services and benefits:
Personnel compensation
Personnel benefits
Benefits for former personnel

159,567

159.567

12,512

43.791

1,999

1.999

Contractual services and supplies:
6,210

729

6.939

Transportation of things

10,042

2.316

12.358

Rent, communications, and

14,053

5.929

19.982

1,704

1.067

2.771

167.075

44.456

211.531

58.457

25,006

83.463

Eguipment

62,591

5.330

Lands and structures

18,404

480

Investments and loans

16.739

325.525

Travel and transportation of persons

utilities

and reproduction

Printing

Other services
Supplies and materials

Acquisition of capital assets:

Grants and fixed charges:
Grants, subsidies, and contributions

Insurance claims and indemnities

Interest

and dividends

40,256

365,781

623,409

275

623.684

230,450

90.385

320.835

448

Refunds

448

Ottier:

Unvouchered
Undistributed

U S

obligations

Gross obligations incurred

2.417

2.514

9.122

10,940

20.062

1,720,724

258.639

Gross obligations incurred (as above)

,979.363

Deduct:

Advances, reimbursements, other income, etc

383.043

Offsetting receipts

-270,904
1.325,416

Net obligations incurred

For Federal budget presentation a concept of "net obligations incurred" is generally used This
concept eliminates transactions within the Government and revenue and reimbursements from
the public, which by statute may be used by Government agencies without appropriation action

Summary

by Congress

figures

this basis follow (Data are on the basis of Reports
may differ somewhat from the "Budget of
U

Obligations presentation and therefore

Government

FEDERAL OBLIGATIONS

Personal services and
benefits

10%

Other
Contractual services

and supplies 15%

CHART FO-A.--

Acquisition
of capital

Gross Federal

assets

Obligations
Incurred Outside
the Federal

Government,
Sept. 30, 1994

Grants and fixed cfiarges

69%

CHART FO-B.-Total Gross Federal Obligations, Sept. 30,

1994

(In billions of dollars)

Personal services and benefits

Contractual services and supplies

Acquisition of capital assets

Grants and fixed cfiarges

Other

P^^^^H

Outside Government

FEDERAL OBLIGATIONS

TABLE FO-2.~Gross Obligations Incurred Outside the Federal Government
by Department or Agency, Sept. 30, 1994
[In

millions of dollars. Source:

Standard Form 225, Report on Obligations, from agencies]

Personal services and benefits

Classification

Contractual services and supplies

FEDERAL OBLIGATIONS

TABLE FO-2.~Gross Obligations Incurred Outside the Federal Government
by Department or Agency, Sept. 30, 1994, con.
[In millions of dollars.

Source: Standard Form 225. Report on Obligalions. Irom agencies!

Grants and fixed charges
Acguisition of capital assets

Classification

Legislative branch

The

judiciary

Insurance

subsid-

claims and

Otfier

Undistrib-

Total

uted U.S.

gross

Un-

oblige-

obligations

vouctiered

tions

incurred

Land
and

ments and

indem-

and

Equipment

structures

loans

contributions

inities

dividends

Refunds

QO)

(11)

(12)

(13)

(14)

(15)

(J6)

(17)

(IS)

109

Invest-

les,

and

•

Interest

(19)
1

,416

797

6,192

1,462

6,256

Executive Office of the President

Funds appropriated
Department

Grants.

to the President

•

1.183

19,538

23,740

53,671

ot Agriculture

Commodity

Credit Corporation

Other

Department

Commerce

Department

Defense:

7,599

11,053

224

140

2,843

40,906

278

,470

721

1,164

262

109

335

26,815

122,216

737

26,912

104

202

331,325

-134

4.296

55,672

78,428

202

75,009

fulilitary

Department

of the

Army

3.926

2,549

Department

of the

Navy

16,036

1,433

Department

of the Air

24,160

1,157

—A??8

L21J

49.120

6,350

872

3,478

27,183

2,592

30,400

607

1,092

1,023

24,438

129,856

170,350

364

309,860

27,678

315,167

-71

346,045

...

Force

Defense agencies

Total military
Civil

Department

Education

Department

Energy

Department

Health and

Human

Services,

312

except Social Security

Department

ot Health

and Human Sen/ices,

Social Security

Department of Housing and Urban
Development
Department

of the Interior

Department oljustice
Labor

4,514

2,161

17.925

25,949

227

493

.496

•

6,763

375

414

3,305

30,249

2,965

38,702

Department

of State

169

Department

of Transportation

667

310

Department

of the

6,620

6.763

3,207

440

•

25,775

•

37,351

222,209

Treasury

Interest

on the Public Debt

222,209

Interest

on refunds, etc

2,679

2,683

789

•

3,895

1,152

15,525

926

2,880

733

4,397

18.407

340

43.172

3,031

6,092

473

9,194

206

326

179

•

13.763

Other

Department

Veterans AHairs

Environmental Protection Agency

General Sen/ices Administration
National Aeronautics and
Office of Personnel

Space

Administration.

Management

Small Business Administration

52,810

392

•

53,543

374

549

556

995

133

45
26

1,803

Other independent agencies:
Postal

Sennce

Tennessee Valley Authority

840

213

223

Q,j^g^

243

16.307

3,324

1.110

62.591

18,404

16.739

325,525

623,409

230,450

448

Total
*
'

Less than $500,000
Includes reports tor Library of Congress,

ing Office

Government

Printing Office,

and General Account-

40,397

248

reports received from this entity
Data for some appropriations are still outstanding

2,417

6.839

8.891

35.221

9,122

1,720.724

^^=

INTRODUCTION:
Balance

in the

Source and Availability of 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.
Under authonty of Public Law 95-147, Treasury implemented a
program on November 2, 1 978, to invest a portion of its operating cash
in obligations of depositaries maintaining tax and loan accounts. Under
the Treasury tax and loan investment program, depositary financial
institutions select the manner in which they will participate. Financial
institutions wishing to retain funds deposited into their tax and loan
accounts in interest-bearing obligations participate under the Note

The program permits Treasury to collect funds through financial
and to leave the funds in Note Option depositaries and in
financial communities in which they arise until Treasury needs the

Option.

institutions

the

funds

for

effect of

its

operations. In this way. Treasury
fluctuating operations

able to neutralize the

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.
Deposits

to tax

and loan accounts occur as customers

of financial

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.
institutions deposit tax

ACCOUNT OF THE

U.S.

TREASURY

TABLE UST-1.

-Elements of Change in Federal Reserve
and Tax and Loan Note Account Balances
[In

millions of dollars. Source: Financial

Managemeni

Service)

Credits and withdrawals

Federal Reserve accounts
Credits

Received through
Fiscal year

month

Received
directly
(1)

INTRODUCTION:
Treasury securities (I e., public debt securities) comprise most of
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
"(VIonlhly 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 "t^onthly
Treasury Statement of Receipts and Outlays of the United States
ttie

Government
Table FD-1 summarizes the Federal debt by listing public debt
securities held by the public, including the Federal Reserve. It also Includes debt held by Federal agencies, largely by the
Social Security and other Federal retirement trust funds. The net
unamortized premium and discount are also listed by total Federal
securities, securities held by 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,
•

and agency

OFS-1 and OFS-2.)
• Table FD-2 categorizes by type interest-bearing marketable and
nonmarketable Treasury securities. The difference between interestbearing and total public debt securities reflects outstanding matured
Treasury securitles-that is, unredeemed securities that have matured
and are no longer accruing Interest. Because the Federal Financing
Bank is under the supervision of Treasury, its securities are held by a

U.S.

Government account.

FD-3, nonmarketable Treasury securities held by U.S.
to particular funds
within Government. Many of the funds invest in par value special series
nonmarketables at Interest rates determined by law. Others invest in
market-based special Treasury securities whose terms mirror those of
marketable securities.

Federal Debt

years, In part because the Federal Financing Bank has provided
financing to other Federal agencies. (Federal agency borrowing from

Treasury is presented In the "(Monthly Treasury Statement
and Outlays of the United Slates Government.")

Receipts

• Table FD-5 illustrates the average length of marketable interest-bearing public debt held by phvate Investors and the maturity
distribution of that debt. Average maturity has increased gradually
hit a low of 2 years, 5 months, in December 1975 In IVIarch
1971, Congress enacted a limited exception to the 4-1/4-percent
interest rate ceiling on Treasury bonds. This permitted Treasury to offer

since

securities maturing
interest for the

first

more than 7 years

time since

at current market rates of
965. This exception has expanded since

1971 authorizing Treasury to continue to Issue long-term securities,
ceiling on Treasury bonds was repealed on November 10,
1988. The volume of privately held Treasury marketable secuhties 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.

and the

• 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

celling.

Changes

the non-interesl-bearing debt

shown

the last

column reflect maturities of Treasury securities on nonbusiness days,
which can be redeemed on the next business day

• In table

Government accounts are summarized by issues

• Table FD-4 presents interest-bearing securities Issued by Government agencies. Federal agency borrowing has declined In recent

• Table FD-7 details Treasury holdings of securities issued by
Government corporations and other agencies. Certain Federal agen-

cies are authorized to borrow

finance direct loan programs.

money from

the Treasury, largely to

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
In addition,

FEDERAL DEBT

TABLE FD-l.-Summary of Federal Debt
[In

millions of dollars. Source: "Monthly Treasury

Statement of Receipts and Outlays

of the

United States Government'

FEDERAL DEBT

TABLE FD-2.
[In

-Interest-Bearing Public Debt

millions ot dollars. Source: 'Monlhly

Statement

ot the Public

Debt

of the

United Stales"!

Other
Total interest-

End
fiscal

year

securities:

bearing

Federal

public

Treasury

Financing

Nonmarftetable
Total

debt

Total

bills

notes

bonds

Bank

(1)

(2)

13!

(5)

(6)

1990

3.210,943

2.092.759

482,454

1.218.081

377,224

15,000

1.118,184

1991

3.662,759

2,390.660

564,589

1,387,717

423,354

15,000

,272.099

1992

4,061,801

2,677,476

634,287

,566.349

461,840

15.000

,384,325

1993

4.408,567

2,904,910

658,381

1,734.161

497,367

15,000

,503,657

1994

4,689,524

3,091,602

697,295

1,867.507

511,800

15,000

1.597,922

Dec

4,532,325

2.989,475

714,631

,763.989

495,855

15,000

1.542,850

1994 -Jan

4,523,027

2,986.024

702,292

1.772,877

495,855

15,000

1.537,002

4,556.241

3.017.122

700,686

1,797.213

504,223

15,000

1.539,120

Mar..

4,572.619

3.042.902

721,146

1,802.537

504,219

15,000

1.529,717

Apr.

4,548.547

3.003,364

705,340

1,778.805

504,219

15,000

1.545,183

May..

4.605.977

3,046,277

700,228

1,829.211

501,838

15,000

1,559,700

June

4,642.523

3.050,989

698,446

,835.705

501,837

15,000

1,591,534

4.616.171

3.034.469

706,064

1,811.569

501,837

15,000

1,581,702

4,688.745

3.103.702

716.177

1,860.724

511,800

15,000

1.585.043

Sept.

4,689.524

3.091.602

697,295

1.867.507

511,800

15,000

1.597,922

Oct...

4,730,969

3,123,224

721,149

1.875.275

511,799

15,000

Nov..

4,775.318

3.164.390

745.294

1,893,798

510,297

15,000

1,610,928

4.769.171

3.126.035

733,753

.866.986

510,296

15,000

1,643,137

Of montfi

993

Feb

July

Aug..

Dec..

Nonmarketable, con.

End
fiscal

year

or montfi

U.S.

savings

bonds
(8)

(Zl

,607,746

FEDERAL DEBT

TABLE FD-3.~Government Account Series
[In

Airport

and
End
fiscal

Airway

Trust

year

month

Total

Fund

(1)

(2)

millions of dollars. Source: "Monthly

Statement

of the Public

Debt of the United States"]

FEDERAL DEBT

TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies
[In

millions of dollars. Source: "Monthly Treasury

Statement

Receipts and Outlays of the United States Government" and Financial
Federal Deposit

Department

Farm Cedil

Insurance Corporation
Federal Savings

End
fiscal

Bank

year

month

and Loan

Insur-

Development
Federal

Total

Insurance

ance Corporation,

Housing

outstanding

Fund

resolution fund

Administration

[2}

(3)

(4)

Management

Servicel

FEDERAL DEBT

TABLE FD-5.--Maturity Distribution and Average Length of Marketable
Interest-Bearing Public Debt Held by Private Investors
[In

millions of dollars. Source: Office of

Market Finance]

Amount
End
fiscal

year

month

Maturity classes

outstanding
privately

held'
(1)

Within
1

year
(2)

1-5

5-10

10-20

20 years

years

and over

(3)

(4)

(5)

(6)

Average length

FEDERAL DEBT

TABLE FD-7.-Treasury Holdings of Securities
Issued by Government Corporations and Other Agencies
[In millions of dollars

End
fiscal

year

month

Total
(1)

Source: 'Monlhly Treasury Statement ol Receipts and Outlays of the United Slates Governmenl'l

FEDERAL DEBT

.:',5ifea^«»%""aa»Av.*AttK

CHARTS FD- A.-- Average Length of Marketable Debt
Privately Held

Years
Dec. 31,1994
5 Years, 6 Months

FMAMJ

II II

ASOND

46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94

FEDERAL DEBT

CHART FD-B.-Private Holdings of
Treasury Marketable Debt, by Maturity*
(In billions of dollars)

1983

1984

1985

1986

1987

Source

1988

Depanmem

1989

December

1990

1991

o( the Treasury, Office of

Market Finance

1992

1993

1994

INTRODUCTION:

Public Debt Operations

The Second Liberty Bond Act (31 U.S.C. 3101 et seq.) allows the
Secretary of the Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue,
conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 1 years. Bonds mature in more than 1 years
from the issue date. Each marl<etable 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 interest-bearing
marketable public debt securities other than regular weekly and 52week bills. All unmatured Treasury notes and bonds are listed in
maturity order, from earliest to latest. A separate breakout is provided
for the combined holdings of the Government accounts and Federal
Reserve banks, so that the "all other investors" category includes all
private holdings.

PDO-2

presents the results of weekly auctions of 1 3- and
as well as auctions of 52-week bills, which are held every
fourth week. Treasury bills mature each Thursday. New issues of
13-week bills are reopeningsot 26-week bills. The 26-week bill issued
• Table

26-week

bills,

week to mature on the same Thursday as an existing
52-week bill is a reopening of the existing 52-week bill. New issues of
cash management bills are also presented. High, low, and average
yields on accepted tenders and the dollar value of total bids are
presented, with the dollar value of awards made on both competitive
and noncompetitive basis.
every fourth

Treasury accepts noncompetitive tenders of up

to $1 million for

and $5 million for notes and bonds in each auction of securities
encourage participation of individuals and smaller institutions.
bills

• Table PDO-3 lists the results of auctions of marketable securiother than weekly bills, in chronological order over the past 2
years. Included are: notes and bonds from table PDO-1 52-week bills
ties,

;

from table PDO-2; and data for cash management bills. The maturities
of cash management bills coincide with those of regular issues of
Treasury bills.
• Table
allotted to

PDO-4

amount of marketable securities
The Federal Reserve banks tally into

indicates the total

each class

of investor.

investor classes the tenders

each auction of marketable
26-week bills.

other than weekly auctions of 13- and

securities

PUBLIC DEBT OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER
tive

tenders accepted from private investors totaled $10,327

million.
In addition to the $11,019 million of tenders accepted in
the auction process, $630 million was accepted from Federal

Reserve banks as agents for foreign and international moneand $412 million was accepted from Federal
Reserve banks for their own account.

tary authorities,

Auction of 2- Year and 5- Year Notes
October 19 Treasury announced

it would auction $17,250
2-year notes of Series AM-1 996 and $1 1 ,000 million
of 5-year notes of Series T-1999 to refund $15,431 million of
securities maturing October 31 and to raise about $12,825
million of new cash.

million of

The notes of Series AIVl-1996 were dated October 31,
1994, due October 31 1 996, with interest payable April 30 and
October 31 until maturity. An interest rate of 6-7/8 percent was
set after the determination as to which tenders were accepted
on a yield auction basis.
,

Tenders were received priorto 12 noon,
petitive

tenders and prior to

e.d.t, for

noncom-

p.m., e.d.t., for competitive ten-

52-Week

Bills

October 7 tenders were invited for approximately $17,000
364-day Treasury bills to be dated October 20, 1 994,
and to mature October 19, 1995. The issue was to refund
$15,875 million of maturing 52-week bills and to raise about
$1 ,125 million of new cash. The bills were auctioned on October 13. Tenders totaled $50,978 million, of which $17,013
million of

million was accepted, including $736 million of noncompetitive
tenders from the public and $4,191 million of the bills issued to
Federal Reserve banks tor themselves and as agents for

and international monetary authorities. The average
bank discount rate was 5.72 percent.

foreign

ders on October 25, and totaled $41,586 million, of which
$1 7,271 million was accepted. All competitive tenders at yields
lower than 6.88 percent were accepted in full. Tenders at 6.88
percent were allotted 10 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 6.88 percent with an equivalent price of 99.991. The
median yield was 6.85 percent; and the low yield was 6.80
percent. Noncompetitive tenders totaled $1,287 million. Competitive tenders accepted from private investors totaled

Tenders were opened on October 12. They totaled $49,580
million, of which $15,040 million was accepted. The average

$15,984

bank discount

million.

addition to the $17,271 million of tenders accepted

the auction process, $1 ,080 million was accepted from Federal
Reserve banks as agents for foreign and international monetary authorities,

Reserve banks

and $450

million

own

for their

was accepted from Federal

account.

Since the interest rate was 6-7/8 percent, these notes were
considered to be a reopening of the 5-year notes of Series
U-1996 (CUSIP No. 912827083).

The notes

of Series

due October 31,1 999,
ber 31

until maturity.

Cash Management

Bills

October 11 tenders were invited for approximately
$15,000 million of 66-day bills to be issued October 17, 1994,
representing an additional amount of bills dated June 23, 1 994,
maturing December 22,

rate

994.

was 4.98

The

issue

was to raise new cash.

percent.

Treasury Calls 7-7/8 Percent Bonds of 1995-00
October 12, 1994, Treasury announced the call for redemption at par on February 15, 1995, of the 7-7/8 percent
Treasury bonds of 1995-00, dated February 18, 1975, due
February 15, 2000. There were $2,749 million of these bonds
outstanding, of which $1 ,972 million are held by private investors.

T-1999 were dated October 31 1994,
30 and Octo,

with interest payable April

after the determination

interest rate of 7-1/2 percent was set
as to which tenders were accepted on

a yield auction basis.

Tenders were received phorto 12 noon,
tenders and prior to

e.d.t., for

noncom-

1 p.m., e.d.t., for competitive tenders on October 26, and totaled $33,059 million, of which
$11 ,019 million was accepted. All competitive tenders at yields
lower than 7.55 percent were accepted in full. Tenders at 7.55
percent were allotted 95 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 7.55 percent with an equivalent price of 99.795. The
median yield was 7.53 percent; and the low yield was 7.45
percent. Noncompetitive tenders totaled $692 million. Competi-

petitive

November Quarterly Financing
November 2 Treasury announced

would

auction

notes of Series Y-1997 and $12,000
million of 10-year notes of Series D-2004 to refund $28,838
million of Treasury securities maturing November 15 and to
raise about $150 million of new cash.

$17,000

million of 3-year

The notes of Series Y-1997 were dated November 15,
1994, due November 15, 1997, with interest payable f\/lay 15
and November 15 until maturity. An interest rate of 7-3/8 per-

PUBLIC DEBT OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, con.
cent

was

set after the determination as to which tenders

accepted on a

Tenders were received
ders on

$17,158

12 noon,

prior to

tenders and prior to

petitive

were

yield auction basis.

p.m.,

e.s.t., for

noncom-

competitive ten-

November 8, and totaled $49,638 million, of which
million was accepted at yields ranging from 7.40

percent, price 99.934, up to 7.42 percent, price 99.881. Tenders at the high yield were allotted 21 percent. Noncompetitive

tenders were accepted in full at the average yield, 7.41 percent,
price 99.907. These totaled $1,056 million. Competitive tenders accepted from private investors totaled $16,102 million.
In

addition to the $17,158 million of tenders accepted

the auction process,

$770

million

was accepted from Federal

Reserve banks as agents for foreign and international moneand $2,800 million was accepted from Federal
Reserve banks for their own account.

tary authorities,

The notes of Series D-2004 were dated November 15,
1994, due November 15, 2004, with interest payable May 15
and November 15 until maturity. An interest rate of 7-7/8 percent was set after the determination as to which tenders were
accepted on a

yield auction basis.

Tenders were received

prior to

tenders and prior to

petitive

ders on
$12,051

$1 7,316 million was accepted. All competitive tenders at yields
lower than 7.30 percent were accepted in full. Tenders at 7.30
percent were allotted 98 percent. All noncompetitive and suc-

were allotted securities at the high
an equivalent price of 99.908. The
median yield was 7.29 percent; and the low yield was 7.28
percent. Noncompetitive tenders totaled $1,195 million. Competitive tenders accepted from private investors totaled

cessful competitive bidders
yield of 7.30 percent with

$16,121
In

p.m.,

2 noon,

e.s.t., for

noncom-

competitive ten-

November 9, and totaled $27,737 million, of which
million was accepted at yields ranging from 7.95

percent, price 99.489, up to 7.97 percent, price 99.354. Tenders at the high yield were allotted 60 percent. Noncompetitive
tenders were accepted in full at the average yield, 7.96 percent,
price 99.421 These totaled $623 million. Competitive tenders
accepted from private investors totaled $11 ,428 million.
.

addition to the $17,316 million of tenders accepted

the auction process, $1 ,090 million was accepted from Federal
Reserve banks as agents for foreign and international monetary authorities,

Reserve banks

and $265
for their

was accepted from Federal

million

own

account.

The notes of Series U-1999 were dated November 30,
1994, due November 30, 1999, with interest payable May 31
and November 30
cent

was

until maturity.

interest rate of 7-3/4 per-

set after the determination as to which tenders

accepted on a

were

yield auction basis.

Tenders were received
petitive

million.

prior to

tenders and prior to

p.m.,

2 noon,

e.s.t., for

noncom-

competitive ten-

ders on November 22, and totaled $32,924 million, of which
$11,016 million was accepted. All competitive tenders at yields
lower than 7.81 percent were accepted in full. Tenders at 7.81
percent were allotted 78 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 7.81 percent with an equivalent price of 99.756. The
median yield was 7.80 percent, and the low yield was 7.75
percent. Noncompetitive tenders totaled $798 million. Competitive tenders accepted from private investors totaled $10,218
million.

addition to the $12,051 million of tenders accepted

$650 million was accepted from Federal
Reserve banks as agents for foreign and international monetary authorities, and $1 ,603 million was accepted from Federal
Reserve banks for their own account.

the auction process,

The notes of Series D-2004 may be held in STRIPS
The minimum par amount required is $1 ,600,000.

form.

addition to the $11,016 million of tenders accepted

the auction process,

would auction

$1 7,250 million of 2-year notes of Series AN- 1 996 and $1 1 ,000
million of 5-year notes of Series U-1999 to refund $15,381
million of securities
million of

maturing
cash.

November 30 and

to raise

about

new

The notes of Series AN-1996 were dated November 30,
1994, due November 30, 1996, with interest payable May 31
and November 30 until matuhty. An interest rate of 7-1/4
percent was set after the determination as to which tenders
were accepted on a yield auction basis.
Tenders were received

prior to 11 a.m., e.s.t., for

Reserve banks as agents for foreign and international moneand $265 million was accepted from Federal
Reserve banks for their own account.

52-Week

Bills
invited

for

approximately

364-day Treasury bills to be dated November 17, 1994, and to mature November 16, 1995. The issue
was to refund $16,155 million of maturing 52-week bills and to
raise about $850 million of new cash. The bills were auctioned
on November 10. Tenders totaled $55,185 million, of which
$17,060 million was accepted, including $817 million of noncompetitive tenders from the public and $4,385 million of the
bills issued to Federal Reserve banks for themselves and as
agents for foreign and international monetary authorities. The
average bank discount rate was 6.09 percent.
million of

Cash Management

Bills

noncom-

tenders and prior to 11:30 a.m., e.s.t., for competitive
tenders on November 21 and totaled $47,324 million, of which
petitive

was accepted from Federal

tary authorities,

$17,000

$12,875

million

November 4 tenders were

Auction of 2- Year and 5- Year Notes

November 16 Treasury announced

$530

November 2 tenders were
$1 2,000 million of 37-day

bills to

invited

for

approximately

be issued November 15,1 994,

PUBLIC DEBT OPERATIONS

TREASURY FINANCING: OCTOBER-DECEMBER, con.
representing an additional amount of bills dated June 23, 1 994,
maturing December 22, 1 994. The issue was to raise new cash.

Tenders were opened on November 10. They totaled $49,807
million, of which $12,009 million was accepted. The average
bank discount rate was 5.11 percent.

November 29 tenders were

invited

for

approximately

be issued December 2, 1994,
representing an additional amount of bills dated June 23, 1 994,

$8,000

million of

20-day

bills to

December 22, 1 994. The issue was to raise new cash.
Tenders were opened on November 30. They totaled $35,651
million, of which $8,005 million was accepted. The average
bank discount rate was 5.45 percent.
maturing

tary authorities,

and $1 ,250

Reserve banks

for their

The notes

million

own

of Series

was accepted from Federal

account.

V-1999 were dated January

1995,

due December

31, 1999, with interest payable June 30 and
December 31 until maturity. An interest rate of 7-3/4 percent
was set after the determination as to which tenders were

accepted on a

yield auction basis.

Tenders were received prior to 12 noon, e.s.t., for noncomtenders and prior to 1 p.m., e.s.t., for competitive
tenders on December 22, and totaled $24,439 million, of which
petitive

$11,011 million was accepted. All competitive tenders at yields
lower than 7.85 percent were accepted in full. Tenders at 7.85
percent were allotted 42 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 7.85 percent with an equivalent price of 99.593. The
median yield was 7.80 percent; and the low yield was 7.76
percent. Noncompetitive tenders totaled $91 8 million. Competitive tenders accepted from private investors totaled $10,093
million.

Auction of 2- Year and 5- Year Notes

December 14 Treasury announced

would auction
$1 7,250 million of 2-year notes of Series AP-1 996 and $11 ,000
million of 5-year notes of Series V-1999 to refund $24,387
million of securities maturing December 31 and to raise about
$3,875 million of new cash.
it

In addition to the $11 ,01 1 million of tenders accepted in the
auction process, $220 million was accepted from Federal Reserve banks as agents for foreign and international monetary

and $1,180 million was accepted from Federal
Reserve banks for their own account.

authorities,

52- Week Bills

The notes of Series AP-1 996 were dated January 3, 1 995,
due December 31, 1996, with interest payable June 30 and
December 31 until maturity. An interest rate of 7-1/2 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 noncomtenders and prior to 1 p.m., e.s.t., for competitive
tenders on December 21 and totaled $49,369 million, of which
$1 7,289 million was accepted. All competitive tenders at yields
lower than 7.57 percent were accepted in full. Tenders at 7.57
percent were allotted 41 percent. All noncompetitive and successful competitive bidders were allotted securities at the high
yield of 7.57 percent with an equivalent price of 99.873. The
median yield was 7.55 percent; and the low yield was 7.53
percent. Noncompetitive tenders totaled $2,382 million. Competitive tenders accepted from private investors totaled
petitive

$14,907

million.

December 2 tenders were
$17,000

invited

for

approximately

364-day Treasury bills to be dated December 15, 1994, and to mature December 14, 1995. The issue
was to refund $16,238 million of maturing 52-week bills and to
raise about $750 million of new cash. The bills were auctioned
on December 8. Tenders totaled $41,927 million, of which
$17,000 million was accepted, including $1,196 million of noncompetitive tenders from the public and $4,525 million of the
bills issued to Federal Reserve banks for themselves and as
agents for foreign and international monetary authorities. The
average bank discount rate was 6.75 percent.
million of

Cash Management

Bills

December 28 tenders were

approximately
3, 1995,
representing an additional amount of bills dated July 21 1 994,
matuhng January 19, 1995. The issue was to raise new cash.

$14,000

million of

16-day

bills to

invited

for

be issued January

In addition to the $17,289 million of tenders accepted in
the auction process, $760 million was accepted from Federal

Tenders were opened on December 29. They totaled $42,975
million, of which $14,009 million was accepted. The average

Reserve banks as agents

bank discount

for foreign

and

international

mone-

rate

was 5.59

percent.

PUBLIC DEBT OPERATIONS

TABLE PDO-1. --Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52-Week Treasury
[In

millions of dollars. Source: "Monthly

Statement

of the Public

Debt

of the

Bills

United States," and Office of Market Finance]

Amount

Date of

final

1995
Jan 15
Jan 31
Feb, 15
Feb, 15

Feb 15

Feb 15
Feb. 15

Feb 28

Mar 31
Apr 15

Apr 30

May

June 30
July 15
July 31

Aug 15
Aug 15
Aug 15
Aug

Sept 30
Oct. 15

Oct 31

Nov 15
Nov 15
Nov 15
Nov. 15
Nov. 30

Dec

1996
Jan. 15
Jan. 31

Jan 31
Feb, 15
Feb, 15
Feb, 15
Feb. 15.
Feb. 29

Feb 29
Mar 31

maturity

Securities

Outstanding, Dec, 31, 1994

of maturities

PUBLIC DEBT OPERATIONS

TABLE PDO-l.-Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52-Week Treasury
[In millions of dollars.

Bills

Source. "Monthly Stalement ot the Public Debt of the United Stales." and Office of Market Finance)

Amount

Date

of final maturity

Securities

Outstanding, Dec. 31, 1994, con.

matunttes

PUBLIC DEBT OPERATIONS

TABLE PDO-l.--Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52-Week Treasury
[In

millions of dollars. Source: "Monthly

Bills

Statement of the Public Debt of the United Stales.' and Office of Market Finance]

Amount

Date

of final maturity

Securities

Outstanding, Dec. 31, 1994, con.

of maturities

PUBLIC DEBT OPERATIONS

TABLE PDO-l.-Maturity

Schedules of Interest-Bearing Marketable Public Debt Securities
Bills Outstanding, Dec. 31, 1994, con.

Other than Regular Weekly and 52- Week Treasury
[In

millions of dollars. Source: "Monthly

Statement

ot the Public

Debt

of the United States,"

and

Office of Market Finance]

Amount of matunties

Date

of final maturity

PUBLIC DEBT OPERATIONS

TABLE PDO-l.--Maturity Schedules of Interest-Bearing Marketable Public
Other than Regular Weekly and 52-Week Treasury
[In

millions of dollars. Source: •Monthly

Bills

Debt Securities

Outstanding, Dec. 31, 1994, con.

Slalement ot the Public Debt of the United Stales,' and Oftice

Market Finance!

PUBLIC DEBT OPERATIONS

TABLE PDO-1. -Maturity

Schedules of Interest-Bearing Marketable Public Debt Securities
Bills Outstanding, Dec. 31, 1994, con.

Other than Regular Weekly and 52-Week Treasury
[In

millions of dollars. Source: 'Monthly

Statement

ot the Public

Debt

of the United States,"

and

Office ol Market Finance]

Amount

nf maturilias

Held by
U.S.

Government

accounts and Federal

Date

of final maturity

All

other

Description

Issue date

Total

Reserve banks

investors

(1)

(2)

(3)

(4)

(5)

2014, con.

Aug

15.

09-14

12-1/2% bond

08/15/84

5.128

800

4,328

Nov

15.

09-14

M 1-3/4% bond

11/15/84

6.006

1.110

4,896

2,349

Total

2015
Feb 15

^11-1/4% bond

02/15/65

Aug 15

' 1

0-5/8% bond

08/1 5/85

^9-7/8% bond

11/15/85

Nov 15

12,668

26,718

Total

2,517

2016
Feb 15

^9-1/4% bond

02/15/86

May

^7-1/4% bond

05/15/86

Nov 15

^7-1/2% bond

11/15/86

Total

2017
15

'8-3/4% bond

05/15/87

Aug 15

'8-7/8% bond

08/15/87

May

Total

2018
15

'9-1/8% bond

05/15/88

Nov 15

'9% bond

11/15/88

May

Total

2019
Feb 15

'8-7/8% bond

02/15/89

Aug 15

'8-1/8% bond

08/15/89

Total

2020
Feb 15

'8-1/2% bond

02/15/90

May

'8-3/4% bond

05/15/90

Aug 15

'8-3/4% bond

08/15/90
1,561

Total

2021
Feb 15

'7-7/8% bond

02/15/91

May

'8-1/8% bond

05/15/91

Aug 15

'8-1/8% bond

08/15/91

Nov 15

'8% bond

11/15/91

Total

2022
Aug 15

'7-1/4% bond

08/17/92

Nov 15

'7-5/8% bond

11/16/92

Total

2023
Feb 15

'7-1/8% bond

02/15/93

Aug 15

'6-1/4% bond

08/15/93

Total

PUBLIC DEBT OPERATIONS

TABLE

PDO-l.-Maturity Schedules of Interest-Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1994, con.
[In

millions ol dollars. Source: 'Monlhly

SlatemenI

ol Iha Public

Debt ot Ihe United Slates.' and Office

Market Financel

Amniinl nt maturities

Date

2024
Nov. 15.

of final maturity

PUBLIC DEBT OPERATIONS

TABLE PDO-2.-Offerings of Bills
[Dollar figures in millions. Source: 'Monthly

Statement of the Public Debt

of the

United Stales' and allotments]

PUBLIC DEBT OPERATIONS

TABLE PDO-2.-Offerings of Bills, con.
[Dollar figures in millions. Source: "Monthly

Statement

of the Public

Debt of the United States" and allolmenlsl

PUBLIC DEBT OPERATIONS

TABLE PDO-3.-Public Offerings of Marketable
Otlier than Regular
[In

Weekly Treasury

millions of dollars. Source:

Bureau

of the Public Debt]

Period
Issue date
(1)

Description ot securities
(2)

to final

(years, monttis
(3)

Securities

Bills

PUBLIC DEBT OPERATIONS

TABLE PDO-3.-PubIic Offerings of Marketable Securities
Other than Regular Weekly Treasury
[In millions of dollars.

Source: Bureau of the Public Debt]

Period to
Issue date
(f)

Description of securities
12)

Bills,

final

maturity

con.

)

PUBLIC DEBT OPERATIONS

TABLE PDO-3.--Public

Offerings of Marketable Securities
Other than Regular Weekly Treasury Bills, con.

Currently, all issues are sold al 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

From date

of additional

issue

case

reopenings the amount issued

a reopening

addition to the

is in

new cash

for

" Accepted

yields ranged up
Accepted yields ranged up
Accepted yields ranged up

Accepted yields ranged up
Accepted yields ranged up

27%
20%
4 28%
5 19%
4 1%

Interest

began

accrue before the issue date (settlement date)

Accepted yields ranged up

^Accepted yields ranged up

^Yields accepted ranged from
at 6 41% (price 99 805)
'°

Accepted yields ranged up

" Accepted

71%
03%

to 4

6.39%

99 840)

(price

99 872)

in this

(price 99.916)

of this loan

this single-price

auction

single-pnce auction

28%

(price

up to 6-44% (price 99,638) with the average

99 943)

in this

single-price auction.

73%

ranged up

99 710)
'^
Yields accepted ranged from 6
average al 6 33% (price 99 4 3)

31%

21%

(price

99560) up

35%

99 268) with the

(price

Accepted yields ranged up

Accepted yields ranged up
Accepted yields ranged up

^°

Accepted yields ranged up

to 5

98 961) up

94%
23%
92%

(price

in this

88%
18%

(pnce 99 990)

in this

(price

99 876)
99 543)

7.22%

98 840) with the

(price

in this

single-price auction

in this

single-price auction

smgle-price auction
99 914)
Accepted yields ranged up to 5 19°o (price 99 717) in this single-price auction
'^
Yields accepted ranged from 5 50% (pnce 100 000) up to 5 58% (price 99 542) with the
average at 5.54% (price 99 770)
'^

Yields accepted ranged from
average at 4 27% (price 99 944)

(price

10%

100 000) up

Yields accepted ranged from 5 95°o (price 102 173) up to 5
at 5 96% (price 102 098)

27%

97%

99 944) with the

(price

102 024) with the

(price

99 962)

m this single-price

(pnce 99 673)

in this

(pnce 99 943)

this single-price

in this

single-pnce auction

)

in this

single-price auction

(price 99.564)

in this

single-price auction

(price

99 739) up

93%

(price 99,590) with the

42%

(price

97 763) up

43%

(pnce 97 633) with the

average

(price

43°'o (price

66%

99 934)
99 526)

in this

single-price auction.

in this

single-price auction

(price

99 953)

in this

single-pnce auction.

(price

99 850)
99 832)

(price

to 5 61'=^o (price
to 5

Accepted yields ranged up
Accepted yields ranged up

to 5

15%
91%

to 5

59°o (price

this single-price

in this

ranged up

Accepted yields ranged up
Accepted yields ranged up

78% (price 99 875)
04% (price 99 926)
77% (price 99 916)
1

^Accepted

yields

" Accepted

yields

ranged up

Accepted

yields

ranged up

Yields accepted ranged from
at

61%

(price

99 91

in this

single-price auction

in this

single-pnce auction

in this

single-pnce auction

7) in this

single-pnce auction

98% (price 99.563) in this single-pnce auction
6 59% (price 99,759) up to 6 62% (pnce 99 678)
32%

(pnce 99.510) up

average
^^

55%

(price 99.373)

39%

(price

99 935)

in this

single-price auction

to 4 ^6°'a (price

99 933)
99 543)

in this

single-price auction

to 5

5.78%

(price

99 774)

Yields accepted ranged from

average

33%

yields ranged

^ Accepted

yields ranged

to 4

Accepted yields ranged up

Accepted yields ranged up
Accepted yields ranged up

^
^^

6.32%

(price

99 063) up

6.35%

(price

98 666)

(pnce 98 93 1

^ Accepted

94%

(pnce 99 876)

87°o (price 99 473)

94%
83%
94%
81%

this

smgle-price auction

in this

single-pnce auction

(pnce 99 876)

in this

single-price auction.

(pnce 99 648)

in this

single-price auction

(price

99 876)

in this

smgle-price auction

(price

99 736)

this single-price auction

with the

27%

7,33% (pnce 99 440)

up to 7

59%

(price

in this

single-price auction

6 91*o (price 99 854)

this

single-pnce auction

Accepted yields ranged up
" Accepted yields ranged up
^'
Accepted yields ranged up

6 55°o (price 99 908)

in this

smgle-price auction

m
m

single-pnce auction.

'°

yields ranged

to 7

18%

(price

99 963)

99 772)

this

88% (price 99 991) this single-price auction.
" Accepted yields ranged up to 7 55% (price 99 795) in this smgle-price auction
Yields accepted ranged trom 7 40% (price 99 934) up to 7 42% (pnce 99 881)
average at 7 41% (pnce 99 907).
'^
Yields accepted ranged trom 7 95% (price 99.489) up to 7.97% (pnce 99 354)
average at 7 96% (price 99 421
^^
Accepted yields ranged up to 7 30% (price 99 908) in this single-price auction.
" Accepted yields ranged up to 7 81% (price 99 756) in this single-pnce auction.
to

with the

98 904) with the

Accepted yields ranged up

®^

)

average

Yields accepted ranged from 7
average at 7 56% (price 99 256)

^ Accepted

23% (price
in this single-price auction
^^
to 4 26% (price 99 981) in this single-price auction
^ Accepted yields ranged up to 5 25% (price 100 000) in this single-pnce auction
^'
Yields accepted ranged from 4 48% (price 99.709) up to 4 49 (price 99 681 with the average
at 4 49% (price 99 681)
^"
Yields accepted ranged from 5.77% (price 99.849) up to 5 78% (price 99 774) with the
Accepted yields ranged up
Accepted yields ranged up

with the

99 705)

Yields accepted ranged from 7
average at 7 33% (price 99 440)

Accepted yields ranged up
Accepted yields ranged up

auction

single-pnce auction

Accepted yields ranged up to 6 60% (price 99 580) m this single-price auction
Yields accepted ranged trom 6 54% (price 99 893) up to 6 55% (price 99 866) with the
average at 6 54% (price 99 893)
^ Yields accepted ranged from 7 33"=. (price 99 439) up to 7 40% (price 99 953) with the
average at 7 36% (pnce 99 230)
^^
Accepted yields ranged up to 5 94°o (price 99 879) in this single-pnce auction

with the

"
"

average

99 779)

97 633)

ranged up

yields

(price

99 664)

Accepted yields ranged up
yields ranged up

" Accepted
" Accepted
^

92%

Yields accepted ranged from 6

auction

99 717)
99 791

(price

91%

Yields accepted ranged trom 5

average

Yields accepted ranged from 6 96% (price 102 031) up to 6 98% (price 101 777) with the
at 6 97% (price 101 904),
Accepted yields ranged up to 4 17% (price 99 915) in this single-price auction

auction

single-pnce auction

483%

4.25%

to 4

99 764) with the

100 424) with the

single-price auction

(price 99.760) in this single-price auction

(price

99 807) up

(price

46%
69%

(price

Yields accepted ranged from 7
average at 7 22''o (pnce 98 840)

82%

average

5.66% (price 99 849) in this single-price auction
''Yields accepted ranged from 4.71% (price 99 765) up to 4 73 (pnce 99.710) with the average
yields

Yields accepted ranged from 4
average at 4 83% (price 99 779)

^
4

Accepted yields ranged up

(price

(pnce 99 875) up

Yields accepted ranged from 5 68°; (pnce 100 499) up to 5
average at 5 69% (price 100 424)

STRIPS

^Eligible for
^

amount of original offerings
* 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
In

Yields accepted ranged from 4 42'
at 4 44% (price 99 819)

average

''*

with the

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

PUBLIC DEBT OPERATIONS

TABLE PDO-4A.-Allotments by Investor Classes
for Public Marketable Securities
(In millions ol dollars.

Other than

Source: Office of Market Finance]

Bills

PUBLIC DEBT OPERATIONS

TABLE PDO-4A.~Allotments by Investor Classes
for Public Marketable Securities
n millions

of dollars.

Source: OHice

Other than
Market Finance)

Bills,

con.

PUBLIC DEBT OPERATIONS

TABLE PDO-4B.-- Allotments by Investor Classes for Public Marketable Securities
for Bills

Other than Regular Weekly Series

[Dollar

amounts

in millions.

Source: Bureau of Public Debll
Allotments by investor classes

Date
Dale

financing

maturity
(1)

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 Inarch 1, 1935, through April 30, 1941. Series E was on sale
from May 1 1 941 through December 31,1 979 (through June 1 980 to
payroll savers only). Senes F and G were sold from tvlay 1, 1941,
through Apnl 30, 1 952. Series H was sold from June 1 1 952, through
December 31 1 979. Series HH bonds were sold for cash from January
,

980, through October 31 1 982. Series J and K were sold from K/lay
952, through April 30, 1 957. US. savings notes were on sale IVlay
1 967, through June 30, 1 970. The notes were eligible for purchase
1
by individuals with the simultaneous purchase of series E savings
bonds. The principal terms and conditions for purchase and redemption
and information on investment yields of savings notes appear in the
"Treasury Bulletin"s of fularch 1967 and June 1968; and the Annual
1

Report of the Secretary

of the

Treasury

for fiscal

1974.

U.S.

SAVINGS BONDS AND NOTES

TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Dec. 31,
[In

Series

millions of dollars. Source: "Monthly

Statement of the Public Debt of the United States". Market Analysis Section, U.S. Savings Bonds Division]

1994

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 Slates",

Market Analysis Section. U.S. Savings Bonds Division)

Amount outstanding
Sales plus

Redemptions

Accrued

accrued

Sales

Accrued

Sales

discount

Total

price

discount

(1)

(2)

(3)

(4)

(5)

(6)

Series E and

Exchange
E bonds

Matured

Interest-

non-interest-

H and HH bonds

bearing debt

(7)

(8)

(9)

for

Fiscal years:

256,711

116.279

372.990

254.450

195.724

58.726

12.165

104.713

1.348

1990

7.774

7.986

15.760

6.920

3.914

3,005

795

112.975

1.425

1991

9,154

9,852

19.006

6.952

3.942

3,010

857

124.095

1.509

1992

13,591

8,739

22.330

6.909

3.939

2,970

1.038

138.286

1.701

1993

17,262

9.292

26.554

7.335

4.509

2.825

1,226

156.286

1.694

1994

9,485

9.437

18.922

8.836

5.259

3.577

844

165.387

1.835

1941-89

Calendar years

266.516

126.297

392,812

263.073

200.629

62.445

13.122

114.929

1.747

1991

1941-90

9.494

9.878

19.372

6,896

3,922

2.974

902

126.099

1.836

1992

17,659

8.816

26.475

6.909

3,992

2.917

1.170

144,724

1.939

1993

13,370

9.453

22,822

7.664

4,624

3.040

1.070

158,633

2.119

1994

8,999

9.446

18.445

9.304

5,587

3.717

855

166,731

2.307

1993- Dec
1994 -Jan

987

730

1.717

765

503

262

158.633

2.119

1.221

816

2.037

744

440

304

159.912

2.065

Feb

884

750

1.634

619

335

283

160.901

2.021

Mar

901

754

1.655

753

477

276

161.750

1.990

Apr

740

954

1.694

756

558

198

162.623

1.977

May

725

717

1,442

718

483

235

163.297

1.957

June

660

732

1,392

784

256

528

163.895

1.920

July

627

817

1.444

816

497

319

164.471

1.876

Aug
Sep

645

756

1.401

913

584

329

164.908

1.855

532

750

1,282

752

486

266

165.387

1.835

Oct

602
677

954

1,556

751

401

350

166.148

1.815

707

1,384

781

480

301

166.705

1.795

784

735

1,519

917

589

327

166.731

2.307

Nov
Dec

Series

H and HH

Fiscal years:

1952-90

13,573

1991

-37

1992

1993
1994

Calendar years

1952-90

13,578

1991

-36

1992

-31

1993

-18

-IB

1994

1993 -Dec

1994 -Jan

Feb

Mar

Apr

-2

May

-1

June

July

-4

Aug

Sept

-3

Oct

-1

Nov
Dec

-1

Note— Series E and EE include US savings notes (Freedom Shares) on
May 1. 1967. through June 30, 1970, to E bond buyers.

sale from

7,028

INTRODUCTION: Ownership
Federal securities presented in the following tables are public debt
such as savings bonds, bills, and notes that the Treasury
issues. The tables also detail debt issued by other Federal agencies
under special financing authorities. (See the Federal debt (FD) tables
for a more complete description of the Federal debt.)
securities

of Federal Securities

The Federal Reserve banks acquire Treasury securities
market as a means of executing monetary policy.
• Table

OFS-2 presents

the estimated

amount

the

• 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

of public debt
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 pnvate holdings of marketable Treasury securities. (See footnotes to the table for description of

comprise much

investor categories.)

of the

Government account

holdings.

securities held by private investors.

Information

OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-1.— Distribution of Federal Securities by Class of Investors and Type of Issues
millions of dollars

[In

Source Financial Management Service. Financial Reports Branch)

Total

End

year

fiscal

Interest-bearing public debt securities

Federal

or monlfi

Public issues

Government accounts

securities

Total

outstanding

Total

Marketable

Nonmarketable

Reserve banks

(1)

(2)

(3)

(4)

(5)

(6)

Held by

held by Federal

1990

3,266.073

3.210,943

795,762

15,731

780,031

232.541

1991

3,683.054

3.662.759

919,573

11,318

908.255

264.708

1992

4,082,871

4.061,801

1,016,330

5.522

1,010.808

296,397

1993

4,436,171

4,408,567

1,116,713

3,225

1.113.488

325.653

1994

4,721 ,293

4,689,524

1,213,115

1,426

1.211.689

355.150

1993 -Dec

4,562,300

4,532.325

1,153,512

4,121

1,149,391

344.202

1994 -Jan

4,552,822

4.523.027

1.151,483

3.652

1,147,831

340,652

Feb

4,585.822

4.556.241

1.152.426

3.462

1,148,964

338.329

Mar

4,602,151

4.572,619

1,141,678

3.272

1,138,406

342.560

Apr

4.595,086

4.548.547

1,156,370

3.102

1.153,268

343.079

May

4.636.630

4.605.977

1,169,686

1,737

1,167,949

348,770

June

4.673.263

4.642,523

1,202,951

2,345

.200.606

357,703

July

4,664,196

4.616.171

1,196,787

1,947

1,194,840

351 ,608

Aug

4.719.618

4.688,745

1,199,765

1,708

1,198,057

355.629

Sept

4.721.293

4.689,524

1,213.115

1,426

1.211,689

355.150

Oct

4.760.604

4,730,969

1.219,609

1,584

1,218,025

355,928

Nov

4,805.282

4.775.318

1,223,252

1.584

1.221,668

365,700

Dec

4.826.916

4.769,171

1,257.048

1.584

.255.464

374.084

Matured

End
fiscal

securities

Held by

debt

US. Government

Interest-bearing public debt securities, con

and debt

Held by private investors

bearing no

Total

Federal Reserve

private

year

month

Agency

public

accounts and

Held by

Total

Marketable

Nonmarketable

interest

outstanding

banks

investors

(7)

(8)

(9)

(10)

(11)

(12)

(13)

1990

2.182.640

1.844.487

338.153

22,370

32,758

182

32,576

1991

2.478.478

2.114,634

363.844

2.544

17,751

176

17,575

1992

2,749.074

2.375.557

373.517

2,819

18,250

123

18.127

1993

2,966,201

2.576.032

390,169

2,922

24,682

24.661

1994

3.121.259

2.735.026

386.233

3,226

28,543

28.526

3,034,611

2,641,152

393.459

3,362

26,613

26.591

3,030,892

2,641,720

389,171

3,281

26,514

26,492

Feb

3,065,486

2,675.331

390.156

3,299

26,281

26,264

Mar

3.088.381

2.697.070

391.311

3,250

26,282

26.265

Apr.

3.049.098

2.657.183

391,915

20,157

26,382

26.365

May

3,087,521

2,695.770

391.751

3,319

27.334

27.317

June

3.081,869

2,690.941

390.928

3,279

27.461

27.444

July

3.067,776

2,680,914

386.862

20.191

27.834

27.817

Aug

3.133.351

2.746.365

386.986

3,246

27.627

27.610

Sept

3.121,259

2,735,026

386,233

3,226

28.543

28.526

Oct

3.155.432

2.769,088

386.345

3,198

26,437

26.420

Nov

3,186.366

2,801,459

384.907

3,203

26,762

26,745

Dec

3,138,039

2.750.367

367.673

30,979

26,766

26,749

1993-Dec
1994 -Jan

;

OWNERSHIP OF FEDERAL SECURITIES

TABLE OFS-2.--Estiniated

Ownership of Public Debt

[Par values

in billions ot dollars.

Source. Office

Securities

Markel Fmancel

Nonbank
Total

pri-

vately held

montfi

banks

cial

(2)

(1)

Savings

Commer'

bonds

investors

Money

Incjivitjuals

End

by Private Investors

Other

Insurance

market

securities

companies

funds

State and

Corporations

Total

(3)

(4)

(5)

(6)

(7)

(8)

(9)

local govern-

ments

Foreign

and

inter-

Other

national

investors

(10)

(11)

(12)

1.073.0

188

884 9

136 2

72 2

64.0

49.3

19,4

42.6

1627

166.3

308.4

June

1,1022

1806

9216

1422

72 9

69,3

51 2

14.9

45.3

171

171 6

325 3

Sept

1.154

180

974

142 4

73 7

68.7

56.5

13.6

47 7

179 7

175 6

Dec

1,2125

1815

1.0310

1438

74 5

69.3

64.5

25.9

188,4

2059

3585
3524

1985-Mar

1984 -Mar

1,2541

1926

1,0615

145

75 4

69 7

66 6

267

50 8

1998

199 6

3728

June

1,2920

1956

1,0964

1487

76 7

24 6

54,9

2134

2138

371 7

Sept

1,338 2

196 2

1.142

1514

78 2

73 2

73 4

227

59.0

226 6

222 9

386

Dec

1.4172

1894

1.2278

1548

79 8

805

25.1

59.0

299

224 8

384 6

1,473

29.9

59.6

3000

232 6

413

228

61.2

3174

250 9

408.6

24 9

65 7

329

265 5

421 6

286

68 8

342

2634

437

1943

1.2788

1578

814

76 4

June

1.502 7

194,4

1.308 3

159 5

83 8

75 7

Sept

1.553.3

1948

1.3585

1580

70 9

858
879
938

Dec

1.602.0

197 7

1.404 3

162 7

92 3

70 4

101 6

1987-Mar

1986-Mar

1.6414

1936

1.4478

1630

94 7

68 3

106.3

18.8

735

359

272 8

454 5

June

1.658

192 5

1.465 6

165 6

96 8

68 8

104,7

20.6

79.7

375.4

281,1

438 4

Sept

1.680-7

198 4

1.482 3

167 7

98 5

69 2

1062

15,5

81.8

2795

445

Dec

1.7314

194 4

1.537

172 4

1011

71 3

108

146

84 6

3865
4039

299 7

453 7

1988-Mar

1,779,6

195.6

1,5840

1781

1040

110-2

15.2

86 3

413.5

332 5

448

1.7867

190.8

1.5959

1820

1062

75 8

113.5

13.4

87.6

423.5

345 4

430 5

June

1.821,2

1915

1.6297

1868

1078

1159

111

85.9

428 5

345 9

4556

Dec

1.8585

1853

1.6732

1904

1096

80 8

1186

11 8

860

435 4

362.2

468 8

1989-Mar

1.903.4

1924

1.7110

204 2

1122

1197

130

89 4

435

376 6

473

1,909.1

178.4

1.7307

2117

1140

977

1206

113

439.2

369

487 8

Sept

1.958,3

166.9

1.7914

2135

1157

97 8

121.2

12.9

90.9

442.5

394 9

5155

Dec

2,0158

1653

1,8505

2164

1177

98 7

123.9

149

934

4425

429 6

529 8

1990-Mar

577 6

Sept

June

2,1151

1788

1,9363

222 8

1199

102 9

1323

31.3

94 9

455.6

421 8

June

2,1418

1773

1,9645

229 6

1219

1077

1337

280

969

464 4

4273

584 6

Sept

2,207,3

180

2,027 3

232 5

123 9

108 6

136 4

34,0

102.0

4609

440 3

621 2

Dec

2.288.3

172

2.116 2

233 8

126 2

107 6

138 2

45 5

108 9

462 5

458 4

668 9

1991 -Mar

2.360.6

187 5

2.173

238 3

129 7

108 6

147.2

65,4

114.9

466 7

464 3

676 2

June

2.397 9

196.2

2.2017

243 5

133 2

1103

156.8

55.4

130.8

471 3

4736

670 2

Sept

2.489 4

217 5

2.2719

257 5

135 4

122

171.4

64.5

1420

472 9

477 3

686 3

Dec

2,563 2

232 5

2.330 7

263 9

138

125 8

181 8

800

150 8

485

491 7

6774

2.664

255.9

2.408

268

142,0

126

188 4

84 8

166

484

507 9

708 9

2.712 4

267.0

2.445 4

275

145 4

129 7

192 8

794

175,0

488

529 6

705 5

1992 -Mar

June

2,765 5

287.5

2.478

2812

150 3

130 9

194 8

794

180 8

479 5

535 2

727,1

Dec,

2.839 9

294 4

2.545 5

289 2

157 3

131 9

197 5

79 7

192.5

476

549 7

760 2

1993-Mar

749.2

Sept

1994

•

2,895.0

3102

2.584 8

297 7

1636

134

208.0

77 7

199,3

488.8

564 2

June

2,938.4

307 2

2.6312

303

166 5

136 4

2178

762

206

505.4

567 7

7550

Sept

2.983

313-9

2.669

305 8

169.1

136 7

229 4

74.8

2156

513 8

591 3

738 3

Dec

3.047-7

322 2

2.725 5

309 9

1719

137 9

2345

'80.8

213.0

'508-9

622-6

'755 8

140

Mar

3.094.6

345,0

2.749 6

315

175

June

3.088.2

330,7

2.757 5

3211

177

Sept

3,127.8

'313,1

'2.814 7

327.2

1786

U.S. savings bonds, senes A-F and J, are included at current redemption value.
Includes domestically-ctiartered banks. U S, branches and agencies ot foreign banks. Nev^
York investment companies maionty owned by foreign banks, and Edge Act corporations
owned by domestically chanered and foreign banks.
^ Includes partnerships and personal trust accounts.
'
Includes
savings notes Sales began May 1. 1967, and were discontinued June 30.
'

1970
^

Exclusive of banks and insurance companies.

'237 7

70.5

2163

'511.9

'632 8

'765 3

144.0

'2448

'59.6

2263

'514.8

632 5

'758 4

148,6

'250,9

'60

2293

'504.6

'653 9

'788.7

State and local government estimate includes State and local government series as well as
State and local pension funds
'
Consists ot the investments of foreign and international accounts (both ofticial and private)
in the United Stales public debt issues Estimates reflect 1978 benchmark to September 1984;
the 1984 benchmark to September 1989. and the 1989 benchmark to date
'
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.

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.

coupon equivalent
trade

System

yields of bank discount rates at which Treasury bills
the market. The Board of Governors of the Federal Reserve
publishes the Treasury constant maturity data series in its

weekly H.15 press release.

MY-1

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.
• Table

lists

Treasury obtains quotations from the Federal Reserve Bank of
York, which compiles quotations provided by five primary dealers.
Treasury uses these composite quotations to dehve the yield curve,
based on semiannual interest payments and read at constant maturity
points to develop a consistent data series. Yields on Treasury bills are

New

• Table MY-2 shows average yields of long-term Treasury, corpoand municipal bonds. The long-term Treasury average yield is the
30-year constant maturity yield. The corporate bond average yield is
developed by Treasury by calculating reoffering yields on new longterm securities maturing in at least 20 years and rated Aa by Moody's
Investors Service. The municipal bond average yield prior to 1 991 was
compiled by Treasury. Beginning with January 1 991 the average yield
is the "Ivlunicipal Bond Yield Average," published by Moody's Investors
Service for 20-year reoffering yields on selected Aa-rated general
rate,

obligations.

See

the footnotes for further explanation.

MARKET YIELDS

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities:
[In

Date

Bills,

Notes,

and Bonds*

percentages. Source: Office of Market Finance]

3-mo.

6-mo

1-yr,

2-yr

3-yr

5-yr

7-yr

10-yr

30-yr.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

354

4 48

509

543

5 75

6 29

Monthly average

1994 -Jan

End

3.04

Feb

3.33

3 53

387

483

5 40

5,72

597

6,49

t^ar

3.59

3 92

432

5 40

5 94

6.28

6 48

6 91

Apr

3.78

4 25

482

5 99

652

680

6 97

7 27

lulay

4.27

4 79

531

6 34

678

701

7 18

7,41

June

4.25

4 72

5 27

5,93

627

6 70

691

7 10

7,40

July

4.46

4 95

548

6,13

648

6,91

7 12

7 30

7 58

Aug

4.61

5 08

5 56

618

6 50

6 88

706

724

749

Sept

4.75

5 24

5 76

6 39

669

7 08

7 28

7 46

771

Oct

5.10

5 62

673

704

740

7 58

7 74

Nov

5.45

5 98

6 54

7 15

7,72

783

7 96

8 08

Dec

5.76

6 50

7,81

787

3.05

3,25

of montfi

1994 -Jan

Feb

3.47

fiflar

3.56

Apr

3.97

May

4.31

June

4.26

July

4.39

Aug

4.68

Sept

4.80

Oct

5.20

Nov

5.72

Dec

5,68

Rates are from

tfie

Treasury yields curve.

7,59

7.78

MARKET YIELDS

CHART MY- A.-- Yields of Treasury Securities,
Dec. 31, 1994 *
Based on

closing bid quotations

(in

percentages)

Years
Note: The curve Is based only on the most actively
traded Issues. Market yields on coupon Issues due
less than 3 months are excluded.

Source; Department

t'»iaMFTT..'i-;-y»».J»i"!i

o( the

Treasury. Office

of f^arket

Finance

MARKET YIELDS

TABLE MY-2.~Average

Yields of
[In

Long-Term Treasury, Corporate, and Municipal Bonds

percentages Source Office

Market Fmancel

Period

MONTHLY SERIES-AVERAGES OF DAILY OR WEEKLY SERIES
1983
Jan
Feb

Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1984
Jan
Feb

Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1985
Jan
Feb

Mar
Apr

May
June
July

Aug

Sept
Oct

Nov
Dec
1986
Jan
Feb

Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1987
Jan
Feb
Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1988
Jan
Feb

Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec

See

footnotes at end of table.

MARKET YIELDS

TABLE MY-2.~Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.
[In

percentages. Source: Office of Market Finance!

MONTHLY SERIES-AVERAGES OF DAILY OR WEEKLY SERIES
1969
Jan
Feb

Mar
Apr

May
June
July

Aug
Sepl
Oct

Nov
Dec
1990
Jan
Feb

Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1991
Jan

Feb
Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1992
Jan

Feb
Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
1993
Jan
Feb

Mar
Apr

May
June
July

Aug
Sepl
Oct

Nov
Dec.

1994
Jan

Feb
Mar
Apr

May
June
July

Aug
Sept
Oct

Nov
Dec
'

Treasury series based on 3-week moving average of reotfering yields of new corporate bonds
Aa by Moody's Investors Sen/ice with an original maturity of at least 20 years.

rated

Index of

new

reoffering yields

on 20-year general obligations rated Aa by Moody's InvesMoody's, January 1991 to present.

tors Service, Source: U.S. Treasury, 1980-90.

MARKET YIELDS

CHART MY-B.-- Average Yields of Long-Term
Treasury, Corporate, and Municipal Bonds
Monthly averages

(in

percentages)

18
Treasury 30-Yr. Bonds

^^i^^^^

—

Aa Corporate Bonds

Municipal

Bonds

(Year

T
84

T
85

n
87

Calendar Years

r
90

~i
91

tick

marks correspond with June
\

data.)

INTRODUCTION:

U.S. Currency

and Coin Outstanding and

The U.S. Currency and Coin Outstanding and in Circulation
(USCC) statement informs the public of the total face value of currency
and coin used as a medium of exchange that is in circulation at the end
of a given accounting month. The statement defines the total amount
and coin outstanding and the portion deemed to be in
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
of currency
circulation,

general circulation.

in Circulation

The USCC statement provides a description of the various issues
paper money.
also gives an estimated average of currency and
coin held by each individual, using estimates of population from the
Bureau of the Census. USCC information has been published by
Treasury since 1888, and was published separately until 1983, when
of

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.
it

U.S.

CURRENCY AND COIN OUTSTANDING AND

TABLE USCC-l.--Amounts Outstanding and
ISource: Financial

Management

CIRCULATION

in Circulation,

Dec. 31, 1994

Service's General Ledger Branchl

Total

Federal Reserve

currency

Currency

Amounts outstanding.

and coin

Total

(1)

(2)

notes
(3)

Currency no

U.S.
notes

longer issued

(4)

(5)

$477,635,708,991

$455,225,045,093

$454,642,188,798

$322,539,016

336.489.572

46.353,071

6.736.848

39.432.739

73.457,418.825

73.137.099,301

73.137,079.499

$403,842,694,851

$382.041.592,721

$381,498,372,451

$260,317,279

Less amounts held by

The Treasury

The Federal Reserve banks

Amounts

in circulation

Total

Coins

(1)

Amounts outstanding

Less amounts held

See

Dollars

Fractional coins

(g)

(3)

$22,410,663,898

$2,024,703,898

$20,385,960,000

290.136.501

270,332.222

The Federal Reserve banks

$260.113,993

by:

The Treasury

Amounts

$283,106,277

$21,800.207.873

circulation

footnotes following table

USCC-2.

38,891 ,026

281,428.498

$1,715,480,650

$20,085,621,480

U.S.

CURRENCY AND COIN OUTSTANDING AND

TABLE USCC-2.-Amounts Outstanding and
[Source: Financial

Currency in circulation
by denomination

$2
$5

$10
$20

$50
$100
$500
$1,000
$5,000

$10,000
Fractional parts

Partial

notes*

Total currency

Manaqemenl

Total
(1)

CIRCULATION

in Circulation,

Service's General Ledger Branch]

Dec. 31, 1994

INTRODUCTION:
The

tables

International Financial Statistics

section provide statistics on the U.S. Governliabilities to foreigners, and its international
monetary figures are in dollars or dollar equiva-

in this

ment's reserve assets,
financial position. All

Table IFS-2 contains statistics on liabilities to foreign official
and selected liabilities to all other foreigners, which are
used in the U.S. balance of payments statistics.
•

institutions,

lents.
•

Table IFS-1 shows reserve assets of the United States, including
gold stock and special drawing rights held in the Special Drawing
account in the International Monetary Fund (IMF). The table also shows
reserve holdings and holdings of convertible foreign currencies in
the IMF.
•

Table IFS-3 shows nonmarketable bonds and notes that Treasofficial institutions and other residents of foreign countries.

ury issues to
•
in

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

exchange

other countries.

INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-l.-U.S. Reserve Assets
[In

millions of dollars- Source: Office of

Total

End

calendar

year or month

Special

reserve

assets
(1)

Data Management]

Gold

stock
(2)

drawing
^

rights
(3)

INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-2.
[In

-Selected U.S. Liabilities to Foreigners

millions of dollars- Source: Office of

Data Management]

Liabilities to foreign

counfries
Liabilities to

otfier foreigners

Official institutions

Nonmarket-

Marketable

End

year

month

able

Liabili-

readily

ties

Liabilities

Treasury

market-

reported by

bonds
and

able

Liabili-

liabili-

ties to

notes

banks

calendar

U S

Other

Total

United States

notes'

(2)

(3)

ties*
(6)

(5)

banks

(7)

Liabili-

fi4arket-

able

U S

ties

to non-

reported

Treasury

monetary

by
banks

bonds
and

international

and regional

Total

United Stales

notes''*'

organizations'

(8)

(9)

(10)

(11)

1989°

1,111.071

303.758

113,481

179.269

568

10,440

582,958

210,996

103,228

107,768

13,359

Senes break

1,144.981

301,322

113,481

179,647

568

7.626

582,958

247.257

103,228

144,029

13.444

1990

1,192,827

334,915

119,367

202,905

4,491

8,152

611,088

232.151

93,625

138.526

14.673

1991

1,215,772

349,905

131,088

204,096

4,858

9,863

597.123

250,754

93.732

157,022

17,990

1992

1,311,325

389,661

159,563

210.972

4,532

14,594

619.613

282.107

94.026

188.081

19.944

1993-Dec

1.456,645

457.937

220.708

212,294

5,652

19,283

666,182

310,887

100,903

209,984

21,639

1994-Jan

1,441.805

467.756

225,487

216,578

5,690

20,001

642,011

309,761

102,513

207,248

22,277

Feb

1,478,485

467,242

221,222

220,623

5,724

19,673

670,768

322,110

105,944

216.166

18.365

Mar

1.512,747

469,031

228.405

215,572

5,762

19,292

699,835

324,340

104,323

220,017

19,541

Apr

1,507,487

455,911

215.866

214,932

5.800

19,313

713,056

321,881

114,103

207.778

16.639

May

1.530,951

465.697

212,823

226.185

5,838

20.851

716,258

329,855

113,603

216,252

19,141

June

1.539,601

478,516

222,225

228,864

5,875

21,552

718,737

323,117

114,445

208,672

19,231

July

1,547,585

493,264

231,133

233,761

5,914

22,456

722,218

314,929

109,111

205,818

17,174

Aug

1,560,204

495,695

223,206

242,977

5,952

23,560

725,151

323,763

112,417

211,346

15,595

Sept

1,580,842

497.913

220.843

247.665

5,990

23,415

728,518

336,710

118,889

217,821

17,701

Oct

1,605,404

508,588

227,285

250,506

6,031

24,766

734,632

343.093

118,621

224.472

19.091

Nov

1,595,945

501.100

216,657

253,152

6.069

25.222

723.426

353,658

118,763

234,895

17,761

Dec

1,624,632

496.499

211.274

253,732

6,109

25,384

753,380

358,909

112.696

246.213

15,844

Bank (or International Settlements
Derived by applying reported transactions lo benchmark data
Includes current value of zero-coupon Treasury bond issues lo foreign governments as
follows Mexico, beginning March 1988, 20-year rfiatunty issue and beginning March 1990,
30-year maturity issue, Venezuela, beginning December 1990, 30-year r^alurit? issue. Argentina beginning Apnl 1993 30-year maturity issue Also see footnotes to table IFS-3
'
Includes debt securities of U S Government corporations, federally sponsored agencies, and
private corporations
5,Includes
„.- „
.,L,i„
^ „ liabilities
„^
^.,]i„
,
t
„ ,
„,4j Ki...,
„ -,^,l
payable
in dollars to foreign banks and liabilities payable in foreign
currencies to foreign banks and to other foreigners
Includes marketable U S Government bonds and notes held by foreign banks
'
Principally the International Bank for Reconstruction and Development, the Inter-American
'

Includes

(

Development Bank, and the Asian Development Bank
two lines shown for this date reflect dittetent benchmark bases (or foreigners'
selected long-term U S securities Figures on the first line are comparable to those
Figures on the second line are based in Dart on a benchmark sun/ey as of
^^"'fi^i^^^
yearend
1989 and are comparable lo those shown for the following dates
Note -Table is based on Department of Treasury data and on data reported to the
Paf""?,"', »' Treasury by banks, other depository institutions, and brokers in the United
gf
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 US.
ri^lgs j^gy (jy other international and regional organizations.

Data

for the

holdings
'°'

INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued
to Official Institutions
[In

and Other Residents of Foreign Countries

millions of dollars or dollar equivalent Source. Office of

Dala Managemenll

Payable

End

calendar

year or montfi

Grand

total

(1)

568

Argentina

Total

(3)

(2)

dollars

Mexico
(4)

Venezuela
(5)

568

3.790

4,491

1990.

4,B58

1992.

4,532

5,652

5,690

5.690

3.999

5,724

Feb.

5,762

May

4.053

6,800

Apr..

843

5,838

June

5.875

July.

5,914

Aug.

5,952

4,161

863

Sept.

4.216

Oct..

6,031

Nov.

6,069

6.069

Dec.

6,109

Beginning April 1993, includes current value principal and accrued interest of zero-coupon.
30-year maturity Treasury bond issue to tfie government of Argentina, Face value of issue is
$6,685 million
Includes current value of the following zero-coupon Treasury bond issues to the government
of fylexico beginning March 1988, 20-year matunty issue Face value is $2,220 million.

4.188

4.243

beginning March 1990, 30-year maturity issue Face value of issue is $24,604 million,
Beginning December 1990, indicates current value of zero-coupon, 30-year matunty Treasury
bono issue to the Republic of Venezuela, Face value of issue is $7,209 million.

INTERNATIONAL FINANCIAL STATISTICS

TABLE IFS-4.-Trade- Weighted

Index of Foreign Currency Value of the Dollar

[Source: Office ol Foreign

Exchange Operations-International

Affairs]

Index of industrial

Date

country currencies

Annual Average
(1980 = 100)

1985

139 2

1986

119.9

1987

107,5

1988

100 4

1989

102 8

1990

98 8

1991

1992

97 2

1993

101,3

1994

too 8

End

of period

(Dec.

1985

1980=

100)

INTRODUCTION:

Capital

Movements

Treasury collects information about thie 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.

banking business enterprises in the United States with their own
branches and subsidiaries abroad (own foreign offices) or with their
foreign parent companies, and capital transactions of the US, Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular
reports on the United States balance of payments.

Forms and instructions are developed with the cooperation of
Government agencies and the Federal Reserve System, and in
consultation with representatives of banks, securities firms, and nonbanking enterprises. Copies of the reporting forms and instructions
may be obtained from the Office of Data Management, Office of the
Assistant Secretary for Economic Policy, Department of the Treasury,

•
Section 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.

other

where the foreigner is located, as shown on records of
institutions. However, information may not always reflect the

• Section II presents claims on foreigners also reported by U.S.
banks and other depository institutions, brokers, and dealers. Data on
bank claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as foreign
currency claims, is collected on a quarterly basis only, Matunty data

ultimate ownership of assets. Reporting institutions are not required to
go beyond addresses shown on their records, and so may not be aware

are reported according to time remaining to maturity. Reporting also
covers certain items held by brokers and dealers in the United States.

Washington, D.C., 20220, or from
In

general, information

district

Federal Reserve banks.

reported opposite the country or geo-

graphical area
reporting

of the actual

country of domicile of the ultimate beneficiary.

Section

•

United States

liabilities

arising from the deposits of dollars with

banks appear as liabilities to foreign banks, although the
the foreign bank receiving the deposit may be to foreign

foreign
of

institutions or to residents of

liability

official

another country.

Transactions with branches or agencies of foreign official instituwherever located, are reported opposite the country that has
sovereignty over the institutions. Transactions with international and
regional organizations are not reported opposite any country, but are
accounted for in regional groupings of such organizations. The only
exception is information pertaining to the Bank for International Settlements, which is reported opposite 'Other Europe.'

tions,

Banks and other depository

III

contains supplementary data on dollar

liabilities to.

on the monthly
reports submitted by banks, other depository institutions, brokers and
dealers in the United States. The supplementary reports are filed
semiannually as of the end of June and December. (Note: Beginning
with the September 1994 issue of the 'Treasury Bulletin," former table
CM-lll-1 Dollar Claims on Nonbank Foreigners, will no longer appear.
Former table Cr\/l-lll-2, Dollar Liabilities to, and Dollar Claims on.
Foreigners in Countries and Areas Not Regularly Reported Separately,
has been redesignated as table CIVI-lll-1 This semiannual data series
will now appear in each issue of the "Treasury Bulletin")

and

dollar claims on, countries not listed separately

Section IV shows the

•

liabilities to.

and claims on.

unaffiliated

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.

foreigners by exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institu-

and some brokers and
and dollar
claims on, foreigners in a number of countries. Twice a year, June 30
and December 31 they also report the same liabilities and claims items
to foreigners in countries not shown separately on the monthly reports.
Quarterly reports are filed for liabilities and claims denominated in

investment forms. Data exclude claims on foreigners held through
banks in the United States.

institutions,

Banks and other depository

dealers,

file

institutions,

monthly reports covering

their dollar liabilities to,

foreign currencies

relation to foreigners.

cable to these banking reports

$15

The exemption

level appli-

million.

Banks and other depository institutions, securities brokers and
and other enterprises report monthly their transactions with
foreigners in long-term securities. They must report securities transacif

their

aggregate purchases or

their

aggregate

sales amount to at least $2 million during the covered month.

• Section V contains information on transactions in all types of
long-term domestic and foreign securities with foreigners reported by
banks, brokers, and other entities in the United States. The data cover
transactions executed in the United States for the accounts of foreign-

and transactions executed abroad for the accounts of reporting
and their domestic customers. This includes transactions
newly issued securities as well as transactions in. and redemptions

ers,

and commercial concerns, finanthan banks, other depository institutions, and
brokers), and other nonbanking enterprises must file reports quarterly
it liabilities to, or claims on, unaffiliated foreigners amount to $1
million
or more during the covered quarter.

outstanding issues. Also, some transactions classified as direct
investments in the balance of payments accounts may be included.
However, the data do not include nonmarketable Treasury bonds and
notes shown in table IFS-3.

of.

Exporters, importers, industrial

cial institutions (other

Nonbanking enterprises also report each month their U.S. dollar
denominated deposit and certificates of deposit claims of $10 million
or more on banks abroad.

The data in these
movements between

do not cover

types of reported capital
the United States and other countries. The
principal exclusions are the intercompany capital transactions of nontables

all

brokers),

States, Information

institutions

dealers,

tions with foreigners

and

and other nonbanking enterprises in the United
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

tions,

the case of outstanding securities, the geographical

of the transactions data

owners

does not necessarily

breakdown

reflect the

ultimate

because the
being purchased from, or

of or the original issuers of the securities.

This

is not tracked prior to its
a foreigner in a TIC reportable transaction. That is.
before it enters and after it departs the reporting system, ownership of
a security may be transferred between foreigners of different countries.
Such transfers may occur any number of times and are concealed

path of a security
after

among

sold

to.

the net figures for U.S. transactions opposite individual counHence, the geographical breakdown shows only the country of
domicile of the foreign buyers and sellers of securities in a particular
round of transactions.
tries.

CAPITAL MOVEMENTS

SECTION

I.-Liabilities to Foreigners

Reported by Banks

in the

United States

TABLE CM-I-l.-Total Liabilities by Type of Holder
[In

millions o1 dollars Source: Office of

Data Management]

Memoranda

End

calendar

year or month

CAPITAL MOVEMENTS

TABLE CM-I-2.--Total Liabilities by Type, Payable in
Part A.~Foreign Countries
[In

millions ot dollars. Source: Office ol

Data Management!

Dollars

CAPITAL MOVEMENTS

TABLE CM-I-3.-Total Liabilities by Country
[Position at

end

of period in millions of dollars.

Source: Otiice ot Data Management]

Calendar year
Country

1992

Europe:
Austria

1,450

Belgium-Luxembourg
Bulgana
Czectioslovakia

Denmark
Finland

France

Germany
Greece
Hungary
Ireland
Italy

Netherlands

Norway
Poland
Portugal

Romania

Spam
Sweden
Switzerland

Turkey
United Kingdom

USSR

Yugoslavia

Other Europe
Total

Europe

Canada
Latin

America and Caribbean

Argentina

Bahamas
Bermuda
Brazil
British

West

Indies

Chile

Colombia

Cuba
Ecuador

Guatemala
Jamaica
Mexico
Netherlands Antilles

Panama
Peru
Trinidad

and Tobago

Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin

America

and Caribbean

See

footnotes at end of table.

Aug.

Sept.

Nov. p

Dec p

.....

CAPITAL MOVEMENTS

TABLE CM-I-3.--Total Liabilities by Country, con.
[Position at

end

of period in millions of dollars. Source: Office of

Data Manag em en t^

Calendar year
Country

1991

Asia

China
Mainland

2.626

Taiwan

Hong Kong
India

Indonesia
Israel

Japan
Korea

Lebanon
Malaysia
Pakistan
Philippines

Singapore

Syna
Thailand
Oil-exporting countries

Other Asia
Total Asia
Africa

Egypt

Ghana
Liberia

Morocco
South Africa
Zaire
Oil-exporting countries

*.
.

Other Africa
Total Africa

Other countries:
Australia
All

other

Total other countries

Total foreign countries

International

and

regional:

International

European regional
Latin

American regional.

Asian regional
African regional

Middle Eastern regional
Total international

and

regional

Grand

total

1992

1993r

Aug.

Sept.

Oct.

Nov. p

Dec, p

CAPITAL MOVEMENTS

TABLE CM-I-4.-TotaI Liabilities by Type and

Country, Dec. 31, 1994, Preliminary

(Posilion in millions of dollars. Source: Ottice of

Data Management!
Liabilities

institutions

Total

payable

dollars

foreign official

and
banks

Memo-

Liabilities to

unaffiliated foreign

liabilities

all

randum

other foreigners

Liabil-

Payable
Payable

foreign

curren-

Totals

Banks'

own

Custody

Total

dollars

(1)

12)

cies
(3)

ities to

Short-

banks'
Ottier

own

term U S
Treasury

Deposits

obliga-

liabil-

foreign

bilities

ities

Demand

Time^

lions'*

ities

offices

Demand

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

lia-

liabili-

Country

Deposits

Stiort-

term U S
Treasury

Other

obliga-

Time

tions

(12)

(13)

Negotiable CDs

held

lia-

for

bil-

all for-

ities

eigners

(14)

(15)

Europe:

4,097

3,649

448

1,806

1,843

934

1.710

504

321

24,804

21,757

3,047

18,581

3.176

224

9,919

1,667

3.092

4,279

162

628

368

Bulgana

597

131

466

Czecfioslovakia

945

931

466

465

460

383

2.870

2,776

1.782

994

162

680

1.276

246

Austria

Belgium-Luxembourg

Denmark

1.398

713

3
1

369

Finland

1.519

1,433

1.133

300

197

227

573

381

France

51,730

44.703

7.027

31.556

13.147

312

14,465

9,713

4,884

10,452

138

696

374

3,669

231

Germany

30,857

27.002

3.855

15,840

11.162

419

5,396

10,843

6,114

3,313

229

441

160

Greece

.399

1,390

1,127

263

267

235

391

133

214

Hungary

1.090

1,090

271

819

669

348

100

2,029

1,737

292

1,069

668

356

161

496

183

315

Italy

12,809

10,699

2,110

9,483

1.216

383

3.305

856

3,285

1.183

211

256

too

1,120

101

Nettierlands

4,467

5,480

2,988

2.078

105

154

506

101

1,097

955

118

Ireland

17,777

15,990

1,787

8,677

7,313

125

Nonniay

2.338

2,336

817

1,519

Poland

2.295

2,222

1.000

1,222

265

1,218

458

240

Portugal

2,924

2.845

982

1,863

475

1.778

247

160

529

525

209

316

315

118

2,063

2.063

1.097

966

244

309

960

478

15,583

14.587

6,847

7,740

274

3,111

6.123

3,238

925

697

Romania
Russia

Spam
Sweden
Switzerland

Turkey
United Kingdom

Yugoslavia
Otfier

Total

3,173

3.093

2,379

714

334

338

879

1,034

153

198

41.861

1,385

15,606

26,255

524

2,645

23.774

6,669

6,679

189

561

654

166

1.013

3,421

3.303

118

1,600

1.703

137

622

1.659

532

271

181,236

163.120

18,116

141,188

21,932

594

31.943

5.554

21,035

67.782

693

1.186

3,069

21,390

Europe

Canada
America
and Caribbean:

Latin

Argentina

17.250

Batiamas

106.081

Bermuda

8.026
9.169

Brazil
Britisti

West

226.833

Indies

Criile

3.182

Colombia

4,637

Cuba

Ecuador

889

Guatemala

1,129

Jamaica

533

Mexico

12,430

Netherlands Antilles

5,253

Panama

4,786

Peru

913

Trinidad and

Tobago

Uruguay

Ottier Latin

623
1.631

Venezuela

14.306

Amenca

and Caribbean

...

America
and Caribbean

Total Latin

43,246

245

Europe

996

7
1 1

,264

9.350

CAPITAL MOVEMENTS

TABLE CM-I-4.--Total Liabilities

by Type and Country, Dec. 31, 1994, Preliminary, con.

[Position in millions pt dollars Source: Oflice of

Data Management!
Liabilities

Country

payable

dollars

CAPITAL MOVEMENTS

CHART CM-A.-Liabilities to Foreigners
Reported by International Banking Facilities
and Banks in the United States
(In billions of dollars)

1200

International

Banks
I

Banking

Facilities

the United States

1000-

800-

600-

400-

200-

1990

M
1991

T
1992
Calendar Years

1993,

1994, p

CAPITAL MOVEMENTS

SECTION II.~Claims on

Foreigners Reported by Banks in the United States

TABLE CM-II-1.
[

Position at

end

ol period in millions of dollars.

1992

of claim

Total claims

Payable

own

Banks'

Sept.

559,495

claims on foreigners

Foreign public borrowers

Unaffiliated foreign banks:

Deposits

Other

Own
All

foreign offices

other foreigners

Claims

banks" domestic customers

Deposits

Negotiable and readily transferable
instruments

Collections

Payable

and other

foreign currencies

Banks'

own

Claims

claims on foreigners

banks' domestic customers

Memoranda:

Claims reported by IBFs

Payable

in dollars

Payable

Customer

foreign currencies

liability

on acceptances

Claims with remaining
matunty of 1 year or

less:

foreign public borrowers

all

other unaffiliated foreigners

Claims with remaining
matunty of more than

year

foreign public borrowers

all

other unaffiliated foreigners

Data Management]

Dec.

Sept. p

608.056

in dollars

Source Oflice

Type

1993

Calendar year

Type

-Total Claims by

17,813

21.258

145,512

130.792

CAPITAL MOVEMENTS

TABLE CM-II-2.-Total Claims by Country
[Position at

end

of period in millions of dollars

Countiy

Source: Office

Data Management]

1993

Calendar year

1992

Sept.

Dec

Sept. p

Europe:

879

1.361

1,499

816

729

880

996

806

9.513

8,714

6,215

8.999

8,851

8,405

9.855

9.556

Bulgaria

Czecfioslovakia

135

154

177

1,234

1,016

1,181

897

1,049

870

826

935

Austna
Belgium-Luxemtiourg

Denmarl^
Finland

1,887

1.243

1,551

1.046

822

860

788

697

France

20,014

17.489

15.833

14.421

15,832

16,783

17.608

19.711

Germany

9,262

9,335

10.260

11.289

11,010

12.131

11,103

12.406

Greece

1.254

1,121

1.105

1.157

1,572

1.662

1,388

1.126

733

1,167

511

486

345

570

666

514

12,741

12.522

13.384

12.829

13.112

13.118

,007

8.871

3.771

3,992

3.540

3.912

4.180

3.751

4,629

4.352

Norway

381

683

819

878

460

573

767

724

Poland

427

420

413

419

450

468

463

807

Portugal

664

876

1.076

1.184

1.089

1.322

1,207

1,400

117

118

112

105

Spam

3,707

4,323

5.451

4,689

5.043

4.374

3.409

3,137

Sweden

6,426

5,330

5.857

5,588

5.358

4.425

3.940

4,594

Switzerland

9,369

7.398

7.136

8.597

11.209

12.695

12.647

10,488

Hungary
Ireland
Italy

Netherlands

Romania

Turkey
United Kingdom

USSR.

Yugoslavia
Oltier

Total

3,010

2.893

4.010

3,368

3.259

3.517

2.858

2,738

90.388

85.534

84.248

80,156

79.135

85.878

77.247

77,311

3.317

3,067

3.149

2,771

2.453

2.138

1.724

1,419

604

582

572

560

554

391

355

269

1.068

718

753

995

825

1.016

780

898

Europe
Europe

1 1

180,813

Canada
Latin

America and Caribbean

Argentina

5.178

4.991

4.169

4,848

4.540

4.812

5.640

Bafiamas

62.416

61.006

61,809

63,078

66.536

67.858

65.466

Bermuda

3.922

4,319

5,560

8.206

8.537

6.453

.470

1 1

.596

13,056

11.973

12.627

13.876

12.296

118.046

1 1 1

5.938

Brazil

1 1

West

.242

111,126

112.669

112,329

108.698

114.838

Chile

3.662

3,915

3,932

4.071

3,832

3.881

3.840

Colombia

3.161

3,197

3,245

3.307

3,543

3.420

3,724

Britisti

Indies

Cuba

Ecuador

966

820

800

744

772

750

Guatemala

290

293

267

304

299

329

Jamaica

167

178

190

191

205

168

198

18.005

17.717

17.490

17.863

17,968

19.943

19.708

Netherlands Antilles

1.457

2,171

3.156

3.222

2,424

2.607

2.642

Panama

4.824

2,928

2,739

2.578

2,959

2.540

2.276

Mexico

Peru

753

676

644

679

787

932

Tnnidad and Tobago

274

421

444

496

438

459

Uruguay

974

949

968

991

586

647

3,446

3.661

4,035

3.658

3.415

Venezuela
Other Latin America
and Caribbean
Total Latin America

and Caribbean

See

footnotes at end of table

3.388

3,207

CAPITAL MOVEMENTS

TABLE CM-II-2.-Total Claims by Country, con.
IPosition at

end

of period in fnillions ot dollars.

1993

Calendar year

1992

Country

Source: Office ot Data Managemenll

Mar,

June

1994
Sept.

Dec,

Mar,

Sept. p

Asia:

China

979

938

Mainland

Taiwan

2.091

Hong Kong

12,219

13,058

564

477

1,297

1,578

India

Indonesia

794

2,404

890

.639

2.667

2.235

12.171

13.755

13.497

12.956

487

630

640

793

1.693

1.561

1.790

1.856

1.983

,683

.882

876

6.180

6.262

6.016

5.993

5.935

5.772

Japan

106,443

97.226

91.918

81.950

85.144

87.787

Korea

6,292

7.038

7.521

7.243

7,725

Malaysia

297

354

524

636

632

866

Pakistan

883

903

923

946

856

871

Philippines

2.240

1.819

1.490

1.245

1.501

1.402

Singapore

8.611

6.768

6.346

7.908

7.210

6.209

1.946

1,755

1,958

2.273

2.359

2.899

19.110

19.788

18,199

14.998

15.264

14.840

662

767

762

602

650

169.833

160,516

153,940

142.238

148.370

147,610

222

Israel

Lebanon

Syria

Thailand
Oil-exporting countries

Other Asia
-r

,
Total
Asia
,

7.61

525_

Atrica

194

201

188

184

207

Ghana

Liberia

966

685

.022

992

835

Morocco

697

659

729

740

752

806

1,068

1.041

774

735

659

586

1,026

1.176

1.202

1.259

1.1B4

1,271

829

667

823

647

606

4.788

4.434

4.411

4,600

4.426

4^82

Australia

3,274

3.973

3,713

3.476

3.576

3,108

other

1,202

1,136

1.040

543

876

1,803

5,016

3.253

1.980

2.339

2.390

1.828

Egypt

SouthAfrica
Zaire

Oil-expomng countries

Other Afnca

Total Afnca

544^
-

Other countnes:

All

Total other countries
Total foreign countries
International

and regional

International

European regional
Latin

American regional

5 pgj

2 322

083

2 434

626,726

597.947

Asian regional

Afncan regional
Middle Eastern regional
Total international

Grand

total

Beginning with series for
republics of the former

December 1992

USSR

468

921

^z:^^^^^^^^^:^^^^^^^:^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^=:^:=^^=

and regional

forward, data are for Russia only. Data for
"
are reported under "Other Europe

590.804

all

other

Beginning with series for December 1992 forward, data for the former Yugoslav republics
"
of Bosnia and Herzegovina. Croatia, and Slovenia are reported under "Other Europe

580.751

597.451

608,056

^ Includes Bahrain, Iran. Iraq, Kuwait,

Oman,

Emirates (Trucial States)
*

Includes Algeria. Gabon. Libya,

and Nigeria

Qatar,

CAPITAL MOVEMENTS

TABLE CM-II-3.-Total Claims on Foreigners by Type and Country, Sept. 30,
[Posilion al

Total

Country

claims
(1)

end

ol period in millions of dollars.

Source: Office of Data Management!

1994

CAPITAL MOVEMENTS

TABLE CM-II-3.— Total Claims on Foreigners by Type and Country, Sept, 30,
[Positi on at

end

of period in millions ol dollars

Source: Qtiice of Data Management!

Reporting banks'

own

claims

On foreign

Claims

Memorandum

public

Country

On own

liability

unaffiliated

foreign

claims

foreigners

offices

currencies

on acceptances

Total

dollars

currencies

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

banks"

and

Total

own

claims
(1)

Asia:
Cfiina.

1.268
1

Hong Kong
India

Indonesia

1,181

1,104

,270

487

15.416

15,181

3,991

996

956

767

1,541

1,349

1,154

,320

5,708

663

Japan

80,228

75,696

Korea

Israel

490
1

9,290

8,770

8,704

Lebanon

Malaysia

568

520

322

Pakistan

704

497

291

Philippines

643

573

296

7.324

7,295

3,498

Singapore

Other Asia
TotalAsia

4.585

2.850

2,809

809

Syria
Tfiailand

16.555

15,751

3.874

143,984

132,523

41.036

143

Africa:

281

254

Gfiana

Liberia

823

Morocco

652

498

489

South Africa

582

570

569

3.160

3,160

3.160

104

Egypt

Zaire

Other Africa
Total Africa

Other countries:
Australia
All

other

Total other countnes

Total foreign countries
International

and

regional;

International

European regional
Latin

American regional

Asian regional

Afncan regional
Middle Eastern regional
Total international

3 2^^

and regional

Grand
^

Beginning with series

3 ^^^

3 254

533.108

191.264

591.797

total

for

December 1992

fonward, data for

USSR, are reported under "Other Europe."

all

banks'

Customers'

borrowers

Mainland

domestic customers

Payable

Total

Taiwan

1994, con.

other republics of the former

Payable
Payable

foreign

CAPITAL MOVEMENTS

SECTION

IIL~SuppIementary Liabilities and Claims Data
Reported by Banks in the United States

TABLE CM-in-L-Dollar Liabilities to, and
in

Dollar Claims on, Foreigners
Countries and Areas Not Regularly Reported Separately
[Position at

end

of period in millions of dollars, Source: Office of

Total

Country

1992

1994
1993

Otfier Europe:

Cyprus

166

Iceland

103

n.a.

919

60
302

263

Monaco

....

218

Other Latin America and Caribbean:

Aruba

Barbados

Bolivia

Costa Rica

Dominica

Dominican Republic
El

159

Belize

Salvador

n.a

388

331

1.179

1.020

1,129

1,052

777

817

French West Indies and French

Guiana

Ham

263

240

Honduras

615
162

520

498
55

593

Afghanistan

Burma
Cambodia

Nicaragua

Paraguay

Sunname

121

Other Asia

(formerly

Kampuchea)

...

Jordan

167

200

Macau

Nepal

142

148

Sn Lanka

271

Vietnam

313

328

Yemen

104

Other Atnca

Angola

Cameroon

n.a.

Ethiopia, including Eritrea

121

299

Guinea

n.a.

126

223

Djibouti

Ivory

Coast

Kenya

Madagascar

Mauritius

Mozambique

Niger

Rwanda

Senegal

n.a.

Somalia

Sudan

Tanzania

Tunisia

Uganda
Zambia
Zimbabwe

All

;

112

882

677

n.a.

other

New Zealand
Papua New Guinea
Less than $500,000.
Note --Data represent a
for the "Other"

partial

breakdown

geographical categories

of the

amounts shown

for the

the regular monthly series

Total banks'

liabilities

Calendar year

corresponding dates

the "Treasury Bulletin,"

Data Managemenil

own

claims

CAPITAL MOVEMENTS

CHART CM-B.-Claims on Foreigners
Reported by International Banking Facilities
and Banks in the United States
(In billions of dollars)

1000

H
I

800

600

400

200

International

Banks

Banking

Facilities

the United States

1990

1991

1992
Calendar Years

1993,

1994, 3rd Qtr.

CAPITAL MOVEMENTS

SECTION

IV.— Liabilities to, and Claims on, Foreigners
Reported by Nonbanking Business Enterprises
in the

United States

TABLE CM-IV-1. -Total Liabilities and
[Position at

T ype of

Total

liability

or claim

liabilities

Payable

dollars

Financial

Commercial

Trade payables

Advance

Payable

receipts

and other

foreign currencies

Financial

Commercial

Trade payables

Advance

receipts

and other

Total claims

Payable

dollars

Financial:

Deposits

Other

Commercial

Trade receivables

Advance payments and

Payable

other,

foreign currencies

Financial:

Deposits

Other

Commercial:

Trade receivables

Advance payments and

other.

end

of period in millions of dollars. Source: Office of

Claims by Type

Data Management]

CAPITAL MOVEMENTS

TABLE CM-IV-2.-Total Liabilities by Country
[

Position al

end

of period in millions of dollars

Calendar year
Country
Europe:

Austna

Belgium-Luxembourg.
Bulgaria

Czechoslovakia

Denmark
Finland

France

German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy

Netherlands
Non/vay

Poland
Portugal

Romania

Spam
Sweden
Switzerland

Turkey
United Kingdom

USSR

Yugoslavia

Other Europe
Total

Europe

Canada
Latin

America and Caribbean;

Argentina

Bahamas
Bermuda
Brazil
British

West

Indies

Chile,

Colombia

Cuba
Ecuador

Guatemala
Jamaica
Mexico
Netherlands Antilles

Panama
Peru
Trinidad and

Tobago

Uruguay
Venezuela
Other Lalin America
and Caribbean
Total Latin America

and Caribbean

1989

Source Otiice

Data Management]

CAPITAL MOVEMENTS

TABLE CM-IV-2.-Total Liabilities by Country, con.
[Position at

end

of period in millions of dollars. Source: Office ot

Data Management]

Calendar year
1991

Country
Asia;

China
401

Mainland

Taiwan

Hong Kong
India

Indonesia
Israel

Japan
Korea

Lebanon
Malaysia
Pakistan
Philippines

Singapore
Syria

Thailand
Oil-exporting countries

Other Asia
Total Asia
Africa:

Egypt

Ghana
Liberia

Morocco
South Africa
Zaire
''

Oil-exporting countries

Other Africa
Total Africa

Other countries
Australia
All

other

Total other
countries
Total foreign
countries
International

and

regional:

International

European regional

Amencan

Latin

regional

Asian regional
African regional

Middle Eastern regional
Total international
and regional

Grand

total

Sept.

Sept p

CAPITAL MOVEMENTS

100

TABLE C MI V-3.

-Total Liabilities by
[Position al

end

ot period in millions ot dollars.

Total

Country

liabilities

(1)

Type and Country,

Sept. 30, 1994, Preliminary

Source: Office of Data Management]

—
CAPITAL MOVEMENTS

101

TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30,
[Position at

end

ot period in millions of dollars-

Source OHice

1994, Preliminary, con.

Dala Manaqemenl)
Financial

liabilities

Payable
Tolal

Country

Payable

foreign

Commecial

liabilities

Total

in dollars

currencies

liabilities

(1)

(2)

(3)

(4)

(5)

Asia;

China:

Mainland

574

Taiwan

696

656

Hong Kong

717

421

415

296

274

India

Indonesia

298

Israel

526

141

121

Japan

11,128

6,897

2.282

4,231

Korea

1,713

336

1,377

Lebanon

Malaysia

285

Pakistan

Philippines

Singapore

673

Syna
Thailand

28
82

203

28
51

200

175

473

309

1.820

1.789

18.5_26

10,427

Morocco

South Afnca

Other Asia
Total Asia
Africa:

Egypt

Ghana

Liberia

Zaire

493

Other Afnca

^''^

Total Africa

5
133

360
133

Other countries
Australia

403

other

160

All

Total other countries
Total foreign countries
International

and

regional:

International

European regional
Latin

101

American regional

Asian regional
African regional
fyliddle

Eastern regional

Total international and regional

Grand

tolal

Beginning with series for December 1 992 fonward, data
"
reported under "Other Europe

U S S R are

56,377

for all

other republics of the former

12.595

CAPITAL MOVEMENTS

102

TABLE CM-IV-4.--Totai Claims by Country
[Position at

end

of period in millions of dollars- Source: Office ol

Data Management)

1993

Calendar year

1989

Country
Europe:

Austria

Belgium-Luxembourg
Bulgaria

Czechoslovakia

Denmark
Finland

France

German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy

Netherlands

Nonway

Poland
Portugal

Romania

Spam
Sweden
Switzerland

Turkey
United Kingdom

USSR

Yugoslavia

Other Europe
Total Europe

Canada
Latin

America and Caribbean

Argentina

Bahamas
Bermuda
Brazil
British

West

Indies

Chile

Colombia

Cuba
Ecuador

Guatemala
Jamaica
Mexico
Netherlands Antilles

Panama
Peru
Trinidad

and Tobago

Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America

and Caribbean

Sept.

June

Sept

CAPITAL MOVEMENTS

103

TABLE CM-IV-4.-Total Claims by Country, con.
[Position at

end

of period in millions of dollars.

Source. Office ot Data Management!

Calendar year
Country

198?

1993

1990

1991

1992

Sept.

Dec,

Mar

1994
June

Sept

Asia:

China
Mainland

119

163

212

282

314

369

393

414

Taiwan

430

406

368

307

348

368

399

417

491

Hong Kong

174

253

267

263

296

308

385

1.142

India

128

132

105

135

154

145

126

154

Indonesia

114

144

159

138

151

339

409

433

355

458

180

191

174

168

150

208

179

184

182

Japan

1,412

1,983

2,249

2,571

4,732

3.201

4,116

3.676

3,099

Korea

533

Israel

373

378

423

361

504

541

533

603

Lebanon

Malaysia

398

476

443

462

456

Pakistan

Philippines

105

125

111

473

Singapore

332

459

248

291

356

409

375

410

Syria

Thailand

128

118

127

133

170

180

211

195

526

468

625

696

461

712

661

603

625

188

123

4,160

4.987

5,231

5.730

8,292

7,621

8,413

8.248

8,513

112

121

177

106

132

107

Oil-expoding countnes

Other Asia
.^^1^1

115^

Africa;

Egypt

Ghana

Liberia

Morocco

South Africa

108

112

114

120

108

101

208

185

123

187

194

179

208

205^

^69

526

487

637

581

612

588

557

543

Australia

470

450

570

702

862

777

669

615

679

other

180

152

168

177

185

201

187

546

513

750

854

1^030

954

854

816

866

33,146

35,299

45.237

45.058

45,979

48,825

48.759

50.627

49,014

Zaire

Oll-expomng countries

Other Africa
TotalAfrica

Other countries;

All

—

T^t^.^fh^,.^
«tr«
Total
other countries

T«.-,n«„«^^
.
.
Total
foreign countries
International

and regional

International

European regional

Latin

American regional

Asian regional

African regional

Middle Eastern regional

T
Total

international

Grand
•

^
and
regional

[

33,173

35,348

45,262

45,073

46.002

48.853

48,787

50.646

49,046

total

Less than $500,000

^
Beginning with series for
republics of the former

December 1992

USSR

^ Beginning with series for

lorward. data are for Russia only Data
"
are reported under "Other Europe

for all

other

December 1992 forward, data for the former Yugoslav republics
Bosnia and Herzegovina, Croatia, and Slovenia are reported under "Other Europe "

Includes Bahrain, Iran, Iraq, Kuwait,

Oman,

Oatar. Saudi Arabia, and the United Arab Emirates

(Trucial Stales)
*

Includes Algeria. Gabon, Libya, and Nigeria,

CAPITAL MOVEMENTS

104

TABLE CM-IV-5.-Total Claims by Type and Country, Sept. 30,
[Position at

Country

end

of period in millions of dollars.

Source: Office of Data Management]

1994, Preliminary

CAPITAL MOVEMENTS

105

TABLE CM-IV-5.-Total Claims by Type and Country, Sept. 30,
[Position at

Country

end

of period in miHions of dollars. Source: Office of

1994, Preliminary, con.

Data Management]

CAPITAL MOVEMENTS

106

CHART CM-C.-Net Purchases of Long-Term
Domestic Securities by Selected Countries
(In billions of dollars)

U\J

CAPITAL MOVEMENTS

SECTION v.— Transactions

Long-Term

Banks and Brokers

TABLE CM- V-1. -Foreign Purchases and
|ln

ouHlow

Official

Other

year
or montfi

insti-

for-

Total

tutions

eigners

(1)

(2)

(3)

ol capital

Net

Bonds
Gross

foreign

Gross

pur-

chases

chases
(11)

Gross

tional

foreign

Gross

pur-

foreign

pur-

foreign

gional

chases

sales

chases

sales

(4)

(5)

(6)

(7)

(8)

(9)

(10)

re-

Data Managemenll

rations

Interna-

and

Corporate and other securities

and federally
sponsored ag encies
Net
Gross
foreign
foreign
Gross

Type

Securities by

trom the Uniled Slates. Source, Office

US, Government corpo-

For ei gn countries

Calendar

United States

Long-Term Domestic

Sales of

Marketable Treasury bonds and notes
Net foreign purcfiases

by Foreigners Reported by

Securities

in the

millions ot dollars, negative ligures indicate nel sales by loreiqners or a nel

107

Stocl(s

Net

Gross

foreign

Gross

foreign

pur-

foreign

sales

chases

sales

(12)

(13)

(14)

(15)

ISSO

17.918

23.258

-5,503

163

1,819,117

1,801,198

6.267

55,284

49,018

9,672

63.480

53,808

-15.126

173.293

188,419

1991

19.865

1.190

18,496

178

2.017,815

1,997.951

10.244

67,161

56,917

16,915

85.935

69,020

11.091

211.207

200,116

39.288

6.876

31,059

1,353

2,241,537

2,202.249

18.291

111,186

92,895

20.789

103.736

82,947

-5.136

221,367

226,503

23.451

1,322

21,903

226

2,608.987

2,585.536

35.428

149,199

113,771

30,586

134,747

104.161

21.583

319,728

298,145

77,648

41,438

36,229

-19

2,694,370

2,616,722

22,345

161,343

138,998

38,538

130,428

91.890

2,610

355,264

352.654

459

3,687

-3.040

-188

157.355

156.896

6,036

15,501

9,465

4,404

12,366

7,962

4,481

32,843

28.362

11,943

1,113

8,588

7,475

3,273

32,238

28.965

1992
1993

1994- Jan -Dec, p
1993

-Deer

1994 -Jan

Feb

1,798

4,284

-2,736

250

210,269

208,471

3,588

15,531

13,075

4,045

8.918

112

268,504

255,429

1,487

12,449

10,962

2,028

9,328

7,300

3,719

34,428

30,709

1,240

-5,051

3.851

-40

249,005

250,245

657

16,626

15,969

4,795

14.091

9,296

245

36.535

36,290

Apf

13,607

-640

-12.239

-728

191,051

204,658

-537

18.912

19,449

2.820

10,844

8,024

-1,801

29,853

31.654

May

19,778

11,253

8.474

278,979

259,201

3,093

15.303

12,210

994

9,652

8,658

1,586

26.699

25,113

June

5,353

2.679

-7,580

-452

219,847

225,200

2,846

15.981

13,135

7,906

15,894

7.988

-1,976

28,273

30,249

July

1,710

4.897

-2,854

-333

162,702

160,992

3,364

15,385

12.021

2,904

9,781

6.877

-842

24,332

25,174

Aug

15,160

9,216

5,528

416

269,829

254.669

2.687

11,933

9.246

4,590

11,030

6.440

2,912

29,312

26,400

Sept

11,085

4,688

6,475

-78

206,746

195,661

-1.009

9,235

10.244

2,600

9,896

7,296

-1,582

28,849

30,431

Oct

10,587

2,841

6,651

1,095

209.156

198,569

1,237

10,387

9,150

2,663

9,817

7,154

-2,047

27,794

29,841

Nov. p

13,106

2,646

10,423

242.095

228,989

2,995

10,389

7.394

3,868

,780

7,912

1,072

28.728

27,656

Dec.p

11,549

580

11.318

-349

186.187

174,638

1,937

9,212

7,275

2,257

9,727

7,470

-1,949

28,223

30,172

Mar.

Data include transactions
ot States

and

in directly

placed issues abroad by U.S. corporations and issues

municipalities.

TABLE CM-V-2.~Foreign Purchases and
[In

Calendar year

month

Sales of Long-Term Foreign Securities by

millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of

Foreign bonds

Net foreign

1 1

purchases

Net

Gross

of foreign

foreign

securities

purchases

sales

(1)

(2)

(3)

(4)

Type

Data Management]

CAPITAL MOVEMENTS

108

TABLE CM-V-3.— Net Foreign Transactions in Long-Term

Domestic Securities

by Type and Country
fin millions of dollars:

negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of Data Management]

U S Government

f^arketable Treasury

corporations

Corporate bonds

and Federal agency bonds

bonds and notes
1994
Calendar

Jan.

Oct.

Calendar

Jan.

Oct.

year

through

through
Dec, p

year

through

through
Dec, p

1993

Country

Dec

Corporate stocks

1994

Dec

1994

Calendar

Jan.

Oct

year

through
Dec.

1993

Calendar

Jan.

Oct

through

year

Dec p

1993

through
Dec.

through
Dec, p

Europe:
Austria

Belgium-Luxembourg

133

570

207

-19

-13

-1

-30

-89

107

185

1.218

1,053

481

723

707

184

-2.586

-3,784

-216

559

793

-2

220

Bulgaria

Czecfioslovakia

Denmark
Finland

France

Germany

-24

309

-65

-1.413

217

-81

492

-105

116

-404

-55

173

-40

-30

-7

-27

-11

-316

-632

-695

449

144

1.897

-19

-103

-216

-340

-9.975

6.669

1.903

231

106

120

654

541

980

1,647

2,362

-374

-54

-1

-108

171

Hungary

-70

-109

-106

-10

Ireland

734

-254

211

217

679

475

336

131

-38

Italy

103

-558

-198

477

-70

522

415

168

546

325

-155

341

-600

1,851

791

-3

Greece

-515

1,412

1.108

1,576

156

-302

1.442

Nomiay

480

117

142

127

-54

-11

Poland

101

1.862

492

-16

-42

-274

-178

-20

-15

-9

-3

Nelfierlands

Portugal

Romania

Russia

Spam

174

Sweden
Switzerland

Turkey
United Kingdom

Yugoslavia

Total

Europe

America
and Caribbean

Latin

Argentina

Bahamas
Bermuda
Brazil
British

West

Indies

Chile

Colombia

Cuba
Ecuador

Guatemala
Jamaica
f^exlco

Netherlands Antilles

Panama
Peru
Trinidad and

Tobago

Uruguay
Venezuela
Other Latin Amenca
and Caribbean
Total Latin America

and Caribbean

See

footnotes at end of table

82
324

600

1,226

914

182

-4

-67

223

-61

1.421

794

235

-26

-19

350

395

1.574

107

-734

1,134

535

2,986

-1.200

-339

-197

-16

-3

-1

-36

-2

6.167

22.657

12,102

7,206

6.405

1.508

12.480

25,807

4,845

4,560

642

-1.248

-26

-1

Canada

103
1.304

-1.501

777

Other Europe

...

CAPITAL MOVEMENTS

109

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 loretgners or a net outtiow

ol capital

from the United Stales. Source: Office

Government corporations
and Federal agency bonds

Corporate bonds

1994
Jan

Oct

year

through

Dec

Dec p

Corporate stocks

1994

Calendar

1993

Data Managemenl]

Marketable Treasury
bonds and notes

Country

Calendar
year
1993

through

Oct
through

Dec

Dec p

Jan,

Calendar
year

1994

Jan,

Oct

through

through
Dec, p

Dec

Calendar
year
1993

Asia:

China
451

12,155

2.772

553

516

220

153

108

Taiwan

•4.107

2,068

174

2,142

1,040

187

132

Hong Kong

2,360

1,376

-498

2,714

304

-234

1.362

1,832

1.092

Mainland

-44

265

-49

695

289

107

-59

-12

-351

175

180

-152

-22

242

315

Japan

17.070

29,584

8,808

6,763

3,288

896

4,806

2.143

-353

3,825

Korea

1.192

420

492

-76

225

160

-87

107

-2

-4

-2

-33

-2

India

Indonesia
Israel

Lebanon

-1

-5

-4

Malaysia

2.663

1,632

445

•3

Pakistan
Philippines

Singapore

"".
.

Other Asia

564

196

555

299

7,761

1,976

-581

890

6B2

163

284

1.411

240

3,142

-4

-3
-1

26
-328

268

124

-8.836

663

1,950

453

-200

1,307

297

-6

-1.023

483

332

359

-11

233

-259

-69

6.914

1,460

8,528

6.007

20,581

Total Asia

-11

1.736

Oil-exponing countries

-4

-1

Syria

Thailand

-29

12,970

-10

-30

16
7,870

Africa:

192

-6

Ghana

-5

Liberia

1.151

lit

Egypi

Morocco

Zaire

Oit-exponing countries

Other Africa
Total Africa

Other countries
Australia

olher

Total olher countries

Tolal foreign countries
International

and regional
•279

Inlernational

European regional
Latin

American regional

Asian regional

Afncan regional
Middle Eastern regional
Total international
and regional

Grand

123
-2

South Africa

All

total

23
2

Jan
through

Dec

Gel
through
Dec, p

CAPITAL MOVEMENTS

110

TABLE CM-V-4.--Foreign Purchases and

Sales of

Long-Term

Securities,

by Type and Country, During Fourth Quarter 1994, Preliminary
millions of dollars. Source: Office of

[In

Data Management]

Gross purchases by foreigners
Domestic secunties

_Gross sales by foreigners
Domestic securities
Marketable Bonds
Treasury
of U S

Marketable
Treasury &

& Federal

Gov't.

Financ-

corp and
federally

Corporate

Foreign

sponsored
agencies

(6)

(7)

(8)

(9)

(10)

securities

Corporate

federally
_

Foreign

and other
Bonds
Stocks
(ft)

(12)

securities

Bonds

Stocks

(13)

(14)

Europe:
Austria

Belgium-Luxembourg.

7.387

4.768

145

1,019

901

530

6,610

4,198

141

834

801

599

40,672

17.176

3.711

2.753

8.694

5,816

2,522

43,945

16,123

3,004

6,537

7,901

7,966

2,414

2,528

2,500

2,541

1,036

15,903

8,474

514

2.642

2,572

285

220

2.440

2.435

14.697

8.691

Bulgaria

Czechoslovakia

Denmark

1,660

687

1.564

137

Finland

16.518

13,714

340

632

1,736

17.196

13,677

224

106

391

2,751

France

139.657

77,563

1,319

1.509

8,259

40,347

10,660

144.269

78,195

1.175

1.410

8.475

42,260

12,754

Germany

77,277

35,914

650

2.290

11,173

11,104

16,146

71,138

29.245

544

1,749

8.811

13,205

17,584

Greece

2.319

1,830

274

2,503

1.793

262

226

179

Hungary

3.571

3,362

3,633

3.471

Ireland

14,651

7,126

1,389

1,148

913

2,446

1.629

14.523

7.380

1,178

469

782

2.252

2.462

Italy

37,366

10,714

2.556

1,208

7.128

10,539

5.221

40,753

11,272

2,079

793

6,803

14.125

5,681

Netherlands

43.814

11.618

5.351

2,022

12,641

3,065

9,117

41,067

10,206

3,775

580

10,790

6.451

9,265

Non«ay

12,466

9.519

242

720

259

1.714

13,104

9,445

115

688

750

2,083

Poland

3,214

3.062

1,373

1.200

Portugal

1.249

782

196

1,454

960

326

Romania
Russia

Spam
Sweden
,

Switzerland

Turkey
United Kingdom

Yugoslavia

132

184

38,066

23,424

1,353

163

854

8,259

4,013

39,419

22,120

127

Total

Europe

2,231

4,004

5,893

27.155

1 1

,860

1,881

4,373

8,941

290

3,508

25,484

4,833

11,631

66,405

23,201

268

2.374

25,454

4,239

10,869

2.452

1.081

1.920.151

1.081.181

134

,462

Cuba
Ecuador

165

Guatemala

104
117
40,167
196.642
10.560

536
79

4.538

Other Latin Amenca
and Caribbean
.

Total Latin America

and Canbbean

3.479

Venezuela

413
142,456

114

2,694

Uruguay

228
470,014

120

Chile

....

75
97,933

20.555

Colombia

Tobago

38,852

12,707

Trinidad and

39,726

186

235,399

Peru

1,278

1,058,524

139.699

Panama

2,010
1,847.505

562

16.520

Netherlands Antilles

1,044

136,182

57.659

Mexico

217
493,423

645

Bahamas
Bermuda

Jamaica

99
98,575

Argentina

Indies

64,659

23.965
65,931

America
and Caribbean:

West

53
4,184

12,654

Latin

British

11.843

23,596

316,127

Brazil

915

69.342

2.496.933

Canada

230

24,934

Other Europe

321

109

769

80,574

179,611

589.342

209,714

2,423.440

1.333.343

54.508

53.800

173.014

582,809

225,966

7,461

38.601

116.477

16,544

318.359

130.253

1.662

6,394

39.710

121,386

18.952

CAPITAL MOVEMENTS

TABLE CM-V-5.--Foreign Purchases and

Sales of

113

Long-Term

Securities,

by Type and Country, During Calendar Year 1994, con.
[In

millions of dollars. Source: Office of

Gross purchases by foreigners

Country

Data Management]

Gross sales by foreigners

114

INTRODUCTION:
The "Treasury

Bulletin" publishes

Foreign Currency Positions

sehes on foreign currency hold-

ings of large foreign exchange market participants. The sehes 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).

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
major currencies covered by the reports. Tables 1-1 through V-l
present the foreign currency data reported weekly by major market
participants. Tables 1-2 through V-2 present more detailed currency
of the

data of major market participants, based on monthly Treasury and
FFIEC 035 reports. Tables 1-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and

FFIEC
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 tVlarch, 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
the monthly report are given to banking institutions that file the
Federal Financial Institution Examination Council (FFIEC) 035 report

filing

("Monthly Consolidated Foreign Currency Report").

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.

FOREIGN CURRENCY POSITIONS

SECTION
TABLE FC PI-

[In

115

I.-Canadian Dollar Positions

-Weekly Report of Major Market Participants
Canadian

millions ot

dollars.

Source: Office of Data Management]

Spot, fonward.
and future contracts

Exctiange rate
(Canadian
dollars per

Net options

Purctiased

Sold

positions

(1)

(2)

(3)

07/06/94

136.975

132,355

-2,473

07/13/94

135,785

130,131

-2,579

07/20/94

136,876

131,251

-2,922

07/27/94

138,959

135,241

-2,446

3849
3812
3815
3805

08/03/94

140,659

135,462

-2,817

.3880

08/10/94

142,419

137,280

-3,034

08/17/94

164.897

160,754

-2,916

08/24/94

168,222

163,302

-2,724

08/31/94

165,281

161,333

-2,506

1,3674

09/07/94

168,463
177,099

163,766

-2,306

3680

09/14/94

173,332

-1,216

3531

09/21/94

167,870

162,644

-1,706

09/28/94

169,243

165,071

-2,101

10/05/94

172,384

167,352

-1,235

10/12/94

169,163

164,079

-1.362

10/19/94

167,069

162,596

-1.123

1.3547

10/26/94

168,381

165,412

-1.080

11/02/94

172,217

168.673

-1,244

11/09/94

168,576

164,576

-1.200

11/16/94

168.078

164.085

-1.074

11/23/94

172.215

168.760

-1.548

11/30/94

172.967

171.017

-1,591

12/07/94

172.610

169,862

-1.616

12/14/94

182.680

179.974

-1.489

12/21/94

174.630

172.589

-461

12/28/94

175.027

171.343

282

Report
date

dollar)
(4)

3756
3772
3727

3413
3420
3456
3468
3487
3558
3562
3650
3735
3762
3823
3870
3937
4050

TABLE FCP-I-2.--Monthly Report of Major Market Participants
[In

millions of

Canadian

dollars.

Source: Office of Data f^anaqement]

Cross

Options positions
Spot, fonward.
future contracts

and

Exchange

currency
Non-capital items

rate

interest

(Canadian

Net delta

rate

dollars per

Puts

Purctiased

Sold

Assets

Liabilities

Bougfit

Written

Bougfit

Written

equivalent

swaps

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

1994 -Jan

140.585

137,910

46.819

32,439

12.835

15,986

10.558

10.604

-3,013

70.471

3291

Feb

143.165

140.276

39.651

38,511

12.497

15,505

12.609

9.851

-1,694

66.420

3500

l^ar

42.427

41,615

14.751

17,499

15.097

12,674

-2,849

66.576

1.3839

Report
date

158.522

152,529

Apr

dollar)

(11)

159.538

154.981

44.046

44,137

18.386

20,267

16.369

18,033

-903

65.862

May

159.595

154.927

37.808

35,163

13,280

18,292

14.550

11,261

-1,346

64.388

June

162.039

157,775

41.191

39,502

12,527

15,148

13.711

9,913

-1,853

65.616

July

160,021

155,457

36.732

35,262

13,278

17,204

16.693

11,635

-2,602

65,017

Aug

166,974

163,636

39.524

39,366

14,582

17,969

15.796

12,279

-2,477

65,667

Sept

170,157

165,890

40.802

38,961

17,278

18,873

14.665

,589

-1,103

66,351

1.3435

Oct

170,308

164,940

38,978

39,083

14,846

16,222

14.363

1 1

,674

-1,172

68,452

Nov
Dec

174,778

171,478

44,330

40.752

13,544

14,804

14.240

1 1

,859

-1,518

67,298

170,848

168,063

41,737

43.585

11,489

11,681

11.521

65,265

9,574

3831

3830
3835
3868
3674

3536
3762
4030

TABLE FCP-I-3.~Quarterly Report of Large Market Participants
[In

millions of

Canadian

dollars.

Source: Office of Data Management]

Options positions
Spot, tonward,
future contracts

and
Report
date

Non-capital items

Puts

Cross

Exchange

currency

rale

interest

(Canadian

rate

dollars per

FOREIGN CURRENCY POSITIONS

116

SECTION II.-German Mark Positions
TABLE

FCP-II-1.- Weekly Report of Major Market Participants
[In

millions of

German marks.

Source: Office of Data Management)

Spot, forward,
and future contracts

Net options

Excfiange rate
(Deutsche
marks per

Purcfiased

Sold

positions

(1)

(2)

(3)

07/06/94

2.047.548

2.062.818

9.057

1.5775

07/13/94

2,078.804

2,095.672

9.337

07/20/94

2,084,485

2,101.982

10.149

5405
5646

07/27/94

2,069.971

2,073.138

11.437

.5740

08/03/94

.983.951

12,335

1.5763

Report
date

.970,882

dollar)
(1)

08/10/94

1.953.258

1.967.784

16.047

1,5850

08/17/94

2.135.024

2.150,951

15.820

1,5530

08/24/94

2.101,183

2.115.244

11.487

08/31/94

2,114,593

2.125.314

11.725

09/07/94

2.076,000

2.088.457

11,837

09/14/94

2.104,433

2,124,345

13.108

09/21/94

2.021.172

2.029.368

9.248

09/28/94

2,009.901

2.018.689

11.825

10/05/94

1,931,159

1.940.408

13.704

1.5440

10/12/94

1.894,442

1.908.686

13.094

1.5410

10/19/94

1.989.750

1.998,348

11.646

10/26/94

1.983.604

1,993,400

10.327

11/02/94

2.008.688

2,017,180

11,004

1,5154

11/09/94

2,075.158

2.087.497

11.191

11/16/94

2.229.451

2.240.679

9,697

5465
5820

5515
5417

1,5470

5523

5016
4910

5280
5507
5518
5697

11/23/94

1,968.482

1.971.635

9,546

11/30/94

2.000,096

2.005.227

10,075

12/07/94

1.990.447

1.988.614

11.850

12/14/94

1.985,418

1.989.066

13.340

12/21/94

1,792.332

1,795,524

13.452

15795

12/28/94

1.695.907

1.697,580

13.422

TABLE FCP-II-2.--Monthly Report of Major Market Participants
[In

millions of

German marks Source

Office of Data

Management!

5680
5690

5440

FOREIGN CURRENCY POSITIONS

117

SECTION Ill.-Japanese Yen Positions
TABLE FCP-III-1.

-Weekly Report of Major Market Participants

[In billions of

Japanese Yen. Source:

Office of

Data Management]

Spot, forward,
and future contracts

Report
date

Net options

Excfiange rate
(Yen
per

Purctiased

Sold

positions

dollar)

(1)

(2)

(3)

(4)

07/06/94

120.144

121.524

441

07/13/94

122.671

124.242

531

07/20/94

121 .722

123.581

07/27/94

120.524

121 .660

520
509

08/03/94

124.486

125.900

08/10/94

124.975

126.524

08/17/94

129.411

130.857

08/24/94

129.231

130.845

08/31/94

129,405

131,304

09/07/94

128.108

129.736

09/14/94

131.330

133,240

09/21/94

125.290

127,473

09/28/94

125,307

127,478

10/05/94

122,955

10/12/94

126,301

10/19/94

127,417

10/26/94

98
98
98
98

9500
3000
7200
5500

440
442
560
702
727

100 3700

746
915
930
915

99 4700

125.436

901

128,002

1,143

130.580

1,314

99 6100
99,8100
97 3200

126,177

128,962

1,307

96 8600

11/02/94

128,648

131.577

1,110

11/09/94

130,019

132,762

1,090

11/16/94

130,390

133,316

1,111

11/23/94

128,508

131,398

1,147

11/30/94

128,264

130,578

1,148

97
97
98
98
98

4200

101

1002100
99 2000
100 2500

99 2200
97 7400

988700

6500
8300
4000
2700
9500

150,615

153,571

1,103

99 9600

12/14/94

130,789

133,608

1,201

100 3200

12/21/94

119,794

126,910

1,227

100 5000

12/28/94

125,519

127,832

1,151

99.3000

12/07/94

TABLE FCP-III-2.--MonthIy Report of Major Market Participants
[In billions of

Japanese yen. Source:

Office of Data

Manaqementl
Options positions

Spot, fonward,
future contracts

and

Cross
currency

Puts

Non-capital items

interest

Net delta

rate

Excfiange
rate

(Yen
per

US,

Purchased

Sold

Assets

Liabilities

Bougfit

Written

Bougtit

Written

equivalent

swaps

dollar)

(1)

(2)

(3)

(4)

(Si

(6)

(75

(8)

(9)

(10)

(11)

1994-Jan

117,333

117,772

14,976

13,820

13,401

18,495

803

25,842

118,841

120,134

16,554

15,310

14,310

12,513
13,719

16,609

Feb

19,002

20,309

1,095

27,243

1087500
1046000

27,151

102 7000

27,158
27,552

1016500
1047700

26,644

98 6000

Report
date

f^ar

120,552

121,824

16,101

15,787

13,875

13,841

19,747

20,771

Apr

119,102

120,059

15,699

15,109

12,883

12,913

17.889

18,411

May

118,391

118,833

14,470

14,348

13,314

13,164

18,674

19,196

June

127,962

129,019

15,807

15,367

12,917

12,644

17,684

17,771

July

130,685

131,958

15,734

14,914

12,615

12,092

16,895

17.487

Aug

132,389

134,084

16,509

15,622

13,268

12,078

15,530

16,754

297
355
355
340
503
716

Sept

123,231

125,581

16,999

16,241

12,382

11,083

14,090

15,443

1,057

Oct

127,771

129,936

14,965

14,331

11,851

10,494

13,852

15,152

Nov..

130,270

132,417

15,200

14,021

11,549

10,736

13,444

Dec

121.573

123,539

15,149

14,617

11,36 1

10,530

13,131

TABLE FCP-III-3.

1994 -Mar..

June
Sept.

99 9500

27,074

100 2500

26,594

99 2000

1,262

27,514

14,738

1,113

27,633

96 9000
98,9500

14,793

1,179

27,419

99,6000

-Quarterly Report of Large Market Participants

[In billions of

Report
date

27,102

Japanese yen. Source:

Office of Data

Management]

FOREIGN CURRENCY POSITIONS

118

SECTION IV.-Swiss Franc
TABLE

Positions

FCP-IV-1.-- Weekly Report of Major Market Participants
[In

millions of

Swiss francs. Source: Office

Data Management)

Exchange

Spot, forward,
and future contracts

Report
date

rate

Net options

(Francs
per U S

Purchased

Sold

positions

dollar)

(1)

(2)

(3)

(4)

368,782
374,217

372.012
377.014

2,334

07/13/94

2,115

07/20/94

365,693

370.963

2,310

07/27/94

362,600

364,832

922

08/03/94

353.867

357,339

2,023

08/10/94

352.354

354,992

1.939

3325
3370

08/17/94

374.554
376.965

378,442

2.055

.3055

08/24/94

381,525

1,873

08/31/94

378.654

383.824

2,088

3025
3330

09/07/94

378,130

382,130

1,968

09/14/94

393,538

397.489

1,565

09/21/94

361,365

365,028

365,802
370,324

2,063

09/28/94

2,636

1.2879

10/05/94

360,631

365,401

1.993

.2800

10/12/94

367.613

372,584

2.254

.2855

10/19/94

369.064

4,143

10/26/94

365.876

375,123
372,130

5,096

11/02/94

358.012
374.571

364,506

4.986

11/09/94

380,430

4.044

11/16/94

405.121

409,419

4.261

11/23/94

378.763

384,550

3.631

1/30/94

378.632

384,424

3.193

12/07/94

385.556

3.302

12/14/94

389.170

389.882
394,519

2.524

12/21/94

348,010

351,732

2.781

12/28/94

334,332

341,228

2.901

07/06/94

TABLE FCP-IV-2
[In

Spot, fonward.
future contracts

and
Report
date

Purchased

Sold

(1)

(2)

-Monthly Report of Major Market Participants
millions of

Swiss francs. Source: Office

Data Management)

3285
2985
3215
3340

2970
2815
2835

2458
2433
2642
2830
3045
3140
3269
3260
3274
3337
3027

FOREIGN CURRENCY POSITIONS

119

SECTION V.--Sterling Positions
TABLE FCP-V-1.
[In

-Weekly Report of Major Market Participants

millions ol

pounds

sterling.

Source: Office of Data Management]

Spot, fonward.
and future contracts

Exchange
Net options

Report
date

rate

Purctiased

Sold

positions

(U S. dollars
per pound)

(1)

(2)

(3)

(4)

07/06/94

237,658

242.403

239.165
244.795

135

07/13/94

-49

07/20/94

252,200

252.669

-94

5455
5650
5455

07/27/94

257.209

256.121

-21

5329

08/03/94

259.626

259.465

5418

08/10/94

256,050

08/17/94
08/24/94

262.629
271,956

256.978
262.325
271,614

08/31/94

273,293

270.826

424
243
96
180
624

09/07/94

276,102
293,319

273,620
290,371

333
474

282.609
276.122

280.948
274,481

-519

09/28/94

909

5456
5652
5782
5740

10/05/94

277,963

276,937

772

5858

10/12/94

276,670

-18

10/19/94

276,970
279,161

277,587

10/26/94

287,672

284,571

-19

11/02/94

296,878

293,659

-324

1/09/94

297.385

294,530

-38

11/16/94

303,421

-310

288,703

-2

11/30/94

305.878
294,287
300,177

297,324

12/07/94

321,111

12/14/94

306,105

-238
-67

12/21/94

285,513

317,982
303,056
280,780
271,866

09/14/94
09/21/94

1/23/94

272,758

12/28/94

TABLE

1
1

5360
5415
5530
5342

1.5818

6229
6378
6225
6054
5715
5725
5647

1.5650
1

348
128

5615
5435

1.5720

FCP-V-2.--Monthly Report of Major Market Participants
[In

millions ol

pounds

sterling.

Source: Office of Data Managemenll

Cross

Options positions
Spot, forward,
future contracts

and

Exchange

currency
Non-capital items

Puts

Calls

rate

(US

interest

Net delta

rate

dollars per

pound)

Purctiased

Sold

Assets

Liabilities

Bougtit

Written

Bougtit

Written

equivalent

swaps

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

239,680
256,759
270,315

237,769
257,164

42,846

45,005

18,408

18,516

19,417

20,289

311

42,409

47,404

49,698

20,707

20,372

23,438

25,444

269,854

48,741

51,546

24,060

22,263

23,520

26,969

765
948

42,597
42,444

264,041

46,481

49,490

27,271

24,635

28,188

31,501

1,112

42,560

May

265,063
265,295

263,719

46.353

48,345

25,423

24,235

24,861

28,834

43,145

June

257,304

256,071

51.068

51,230

23,430

22,004

23,784

26,107

645
797

43,982

July

274,695

273,307

49,112

48,974

23,569

23,715

25,597

26,457

1,034

44,643

Aug

280,678

278,613

49,442

51,287

22,999

22,815

26,632

27,790

44,812

1,5342

Sept

274,060

272,275

49,087

50,261

23,488

22,500

24,014

27,102

728
690

44,897

Oct

283,906

281,349

49,841

52,299

25,559

25,581

25,020

27,744

-305

43,989

Nov
Dec

306,565

303,349

48,924

51,164

24,288

24,113

24,552

26,171

44,392

266,841

264,452

48,224

51,370

19,335

19,627

16,695

18,416

640

44,967

Report
date

1994 -Jan
Feb

Mar
Apr

TABLE FCP-V-3.--Quarterly Report of Large Market
[In

millions of

pounds

sterling.

Source: Office of Data Management]

Participants

(11)

1
1
1

5055
4853
4830
5175
5105
5435
5435
5760
6354
5647
5665

120

INTRODUCTION: Exchange

exchange value of the dollar, the Exchange
Fund (ESF) was established under the Gold Reserve Act
January 30, 1 934 (31 U.S.C 822a), which authorized establishment

a Treasury Department fund to be operated under the exclusive

stabilize the

Stabilization

control of the Secretary, with approval of the President.

Subsequent amendment of the Gold Reserve Act modified the
purpose somewhat to reflect termination of the fixed exchange

original

Stabilization

Fund

• Table ESF-1 presents the assets, liabilities, and capital of the
The figures are in U.S. dollars or their equivalents based on
current exchange rates computed according to the accrual method of
fund.

accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent
transfer of $1 ,8 billion to pay for the initial U.S. quota subscription to
the IMF. Gains and losses are reflected in the cumulative net income
(loss) account.

rate system.

Resources of the fund include dollar balances, partially invested
in US. Government securities. Special drawing rights (SDRs). and
balances of foreign currencies. Principal sources of income (losses)
for the fund are profits (losses) on SDRs and foreign exchange, as well
as interest earned on assets.

• Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the
accrual method. "Profit (loss) on foreign exchange" includes realized
profits or losses on currencies held. "Adjustment for change in valuation of SDR holdings and allocations" reflects net gain or loss on
revaluation of SDR holdings and allocations for the quarter.

EXCHANGE STABILIZATION FUND

TABLE

121

ESF-l.-Balances as of June 30, 1994, and Sept. 30, 1994
[In

thousands

of dollars

Source Office

of the Secretary ot the Treasury]

June 30. 1994.
Assets,

liabilities,

and

June

capital

30,

1994

through Sept. 30, 1994

Sept 30, 1994

Assets

U S

dollars:

Held

Federal Reserve Bank of

New

-12,602

York

Held with Treasury

Government

securities
^

Special drawing rights

Foreign exchange and securities:

Japanese yen
Accounts receivable
Total assets

and

Current

395.019
9.971.004

7,753,254

279.321

8,032,575

12,466.898

-51.660

12.415,238

160.915

14,988

175.903

37.446,082

474.407

37,920.489

capital

liabilities

49.208

Accounts payable
Total current

Other

4.120

240.240

German marks

Liabilities

390.899
9,730,764

liabilities

Special drawing rights certificates
Special drawing rights allocations
Total other

liabilities

Capital.

Capital account

Net income

(loss)

{see table ESF-2)

Total capital
Total

liabilities

and

capital

SPECIAL REPORTS
SLOFC
CFS

Excerpt
Trust Fund Reports

125

Statement of Liabilities and Other Financial Commitments
331
30,

The Statement of Liabilities and Other Financial Commitments of the United States Government Is compiled In accordance with 31 U.S.C.
The report discloses the liabilities as of September 30, 1993 and 1994. Commitments and contingencies are disclosed as of September
1992 and 1993.
(b)^

TABLE SLOFC-1. -Summary of Liabilities of the United
[In

millions ot dollars. Source: Financial

Manaqemenl

States

Government

Service]

1994

Section
Liabilities:

Borrowing from the public

Public debt securities issued

4,692.751

Plus premium on public debt securities

Less discount on public debt securities
Total public debt secunties net ot

Agency

premium and discount

Government accounts

Total borrowing trom the public
interest

payable

liability

accounts, includes checks outstanding^
of

Government agencies

This IS a revised fiscal 1 993 amount obtained from "Schedule 1 -U.S. Summary General Ledger
"
Account Balances. 1994 Annual Report- Appendix
^ The public debt section has been expanded to report the net borrowing from the public as a
liability

This

line title

has been changed

more accurately describe what

included

(In billions of dollars)

Insurance

commitments

Government loan and
credit

guarantees

Undelivered orders,
public

Unadjudicated claims

Other contingencies

Long-term contracts

*
^

1,103,989

3,247,355

43,819

fiscal

1993 amount

6,249

4.938

3,228

243,055

244,784

This is an improved fiscal 1993 figure obtained from a better source.
Figure includes both public and Federal accounts

Revised

24,877

1.211,421

:3^^^^^^33^^^^^^^^^^^^::^£^:^£^2^^^^^=^^^^=^=

4,351,344

3,432,575

3,731,171

L,,.
liabilities

Total

4,326,467

7,316

Accounts payable and accruals
-r

4,615,453

43.287

to the public

f^iscellaneous

86,397

4,643.996

Less net Federal securities held as investments

Deposit funds

1,373

78,631

2B,543

securities issued

Total Federal securities

Accrued

4.411.491

,333

3,545,435

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

126

INTRODUCTION
The following pages are excerpted from the "Consolidated Financial Statements of the United States Government," (CFS) prototype 1993. The statements and
accompanying information, prepared and published annually by the Department of the Treasury's Financial Management Service, are modeled after corporate-type
reports and are developed on an accrual basis of accounting. These excerpts represent some of the most noteworthy information contained

the statements.

Data for the CFS are compiled from program agency
accounting systems Governmentwide and are captured in
five consolidated statements: Financial position, operations, cash flows, budget receipts and outlays, and reconciliation of accrual operating results to the budget.
Customary notes to the financial statements as well as
several broad supplementary tables-from accounts and
loans receivable due from the public to Federal obligations-complete the publication.

United States Government Consolidated Statements
of Financial Position, as of September 30, 1993 and 1992
(Unaudited)
(In billions of dollars)

1993

Assets
Cash (Note

52.5

Other monetary assets (Note 3)

Accounts receivable, net

allowances (Note 4)

Inventories (Note 5)

Loans receivable, net

allowances (Note 4)

Advances and prepayments
Property, plant,

and equipment, net

accumulated depreciation (Note 6)

Deferred retirement costs
Financial assets (Note 7)

Other assets (Note 8)
Total assets

Liabilities

Checks outstanding
Accounts payable
Interest

payable

Accrued

payroll

and benefits

Unearned revenue (Note

Debt held by the public (Note 10)

Pensions and actuarial
Financial

Other

liabilities

Total

liabilities

(Note 11)

(Note 12)

(Note 13)

liabilities

Accumulated position (Note 14)

1992

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

127

1700

1600-

1500-

Revenues and Expenses
1400The graphs on this page show the amounts of the U.S. Federal
Government revenues and expenses for fiscal 1991 through
1993. The first graph on the following page separates revenue
figures for 1992 and 1993 into major categories of revenues by
source. The next graph provides a breakdown of the Government's expenses for those years by agency. Revenues levied
under the Government's sovereign power are reported on the
cash basis.

1300-

1200-

Revenues earned through Government business-type operaand the data supporting the graph of expenses by agency

tions

are reported on the accrual basis.

1100
1991

1800

1992
(Charts are

1600

1400

1200

1000

Revenues

Expenses

1993

in billions

of dollars.)

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

128

Sources of Revenues
600
500

400

1993

1992

300
(In billions of dollars)

200

nil

100

Individual

Social insurance

Corporate

Business-

income

taxes and

income

type

taxes

contributions

taxes

operations

HI
Other

Categories of Expenses
400

300

200 -

100

Department
of Defense
Does
^

HHS,

Social

Security

HHS, except

on investments held by Government agencies
GSA, NASA, 0PM. SBA, and other independent agencies.
Departmental agencies with expenses less than $50 billion
not include interest

Includes EPA,

Interest

Social Security public debt'

Independent
agencies^

Veterans
Affairs

Agriculture

Other'

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

129

Major Categories of Assets,
as of

September

30, 1993

Assets are resources owned by or owed to the Federal Government that are available to pay liabilities
or to provide future public services. The next chart
derived from the Statements of Financial Position.
It depicts the major categories of assets as of Sep-

tember 30, 1993, as a percentage

of total assets.

Cash and other
monetary assets

14%
inventories

Investments and
other assets

11%

Total Assets:
$1,362.4 billion

15%

Receivables

15%

Property and equipment

Assets, Liabilities,

6000

and Accumulated

5000

Position, as of

September 30,

4000

1991-1993

3000

The adjacent graph depicts assets, liabilities, and accumu-

2000

lated position reported in the

1000

Statements of Financial Position, as of September 30, 1991
through 1993.

-1000Assets

-2000

Liabilities

-3000

-4000
Accumulated position
1
(In billions of dollars)

993

992

1991

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

130

Sources of Funds
Provided and Applied
The charts on this page are derived from the Statements
Operations and the Statements of Cash Flows. Figures
represent percentages for fiscal 1993.

Funds Provided
Corporate

income taxes

Social insurance
taxes/contributions

27%
Other taxes

Government business
type operations

Funds Applied

Purchases of property
and equipment

Interest

on debt

held by the public

12%

HHS/Social

Department of
Defense expenses

Security expenses

19%

18%

HHS/other
expenses

16%
Other nondefense expenses

31%

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

131

Gross Accounts and Loans Receivable
The amounts
ments

in these graphs were derived from the StateOperations and the Statements of Cash Flows.
Figures represent percentages for fiscal 1993.

Labor

Gross Accounts
Receivable Total:
$123.7 billion

Housing and Urban
Development

Funds appropriated
to the President

Education

These tunds are primarily liquidating accounts tor the Foreign Military Loan Account, the Economic Support
Fund. Agency tor International Development loans, and the Functional Development Assistance Program
•

Gross Loans
Receivable Total:
$196.4 billion

Agriculture

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

132

Federal Debt
The following tables represent differ
ent facets of the net Federal debt, excluding intragovernment investments.

Federal Debt

Held by the
Public,
Fiscal

1989-1993
(In billions of dollars)

CONSOLIDATED FINANCIAL STATEMENTS EXCERPT

133

Commitments and
Commitments

Contingencies

Total: $387.6 billion
Commitments are long-term contracts for
which appropriations have not been provided
by the Congress and undelivered orders repre-

Education

senting obligations. Contingencies are liabilities
involving uncertainty as to a possible loss to
the Government that will be resolved when one
or more future events occur or fail to occur.

Long-term
contracts

4%
Transportation

Contingencies

(at face value)

Total: $5,867.7 billion
Unadjudicated claims and
other contingencies

2%
Government loan and
credit

guarantees

11%

Insurance components
Bank Insurance
Fund (BIF)

Savings Association
Insurance Fund

37%

(SAIF)

14%

— Other 1%

— VA10%

Pension Benefit
Guarantee Corp.

19%

Federal Emergency
"

National Credit

Union Administration

(NCUA)

Transportation

10%

Management Agency
(FEMA) 5%

TRUST FUNDS

134

INTRODUCTION:

Airport and Airway Trust
When

the provisions of 26 U.S.C. 9602 (b) are met, amounts
the fund exceeding outlay requirements are invested in
public debt securities with the interest credited to the fund Additional
sums from the general fund are also credited as authorized and made
available by law, if necessary, to meet outlay requirements.

Airport and Airway Trust Fund was established on the books
Treasury in fiscal 1971, according to provisions of the Airport
and Airway Revenue Act of 1970 [49 U.S.C. 1742 (a)]. The trust fund
C. 9502) as
was reestablished in the Internal Revenue Code (26
a result of the Tax Equity and Fiscal Responsibility Act of 1982 (Public
Law 97-248, dated September 3, 1982), effective September 1, 1982.

The

available

of the

Other charges to the trust fund are made by the Secretary of the
Treasury for transfers of certain refunds of taxes and certain outfits
under section 34 of the Internal Revenue Code of 1986.

appropriated from the general fund of the Treasury to the trust fund.
The Omnibus Budget Reconciliation Act of 1 990 (Public Law 1 01 -508,
dated November 5, 1990) increased rates for the excise taxes transferred to the fund.

Annual reports to Congress, required by 26 U.S.C. 9602 (a), are
submitted by the Secretary of the Treasury, after consultation with the
Secretary of Transportation. These reports are required to cover the
financial condition and results of operations of the fund during the past
fiscal year and those expected during the next 5 fiscal years.

These transfers are made based on estimates made by the
Secretary of the Treasury, subject to adjustments in later transfers in
amount

Amounts required for outlays to carry out the airport and airway
program are made available to the Federal Aviation Administration,
Department of Transportation.

Amounts equivalent to the taxes received in the Treasury on
transportation of persons and property by air, gasoline and jet fuel used
in noncommercial aircraft, and an international departure tax are

the

of actual tax receipts.

TABLE TF-10.--Airport and

Airway Trust
Fiscal 1994
Operations,
Results of
[Source: Financial
Internal

Code
(26

Description

Balance Oct.

Management

Fund

Service]

Revenue
section

use.)
$12,850,889,000

1993

Fund

Receipts

Excise taxes (transterred from general fund):
Liquid fuel otfier tfian gasoline

4041

40B1

Gasoline

commercial 9 cents tax

Gasoline

noncommercial

4081

Transportation by airseats. berttis. etc

4261

(a) (b).

4.528,188,000

Use

4261

(C)

...

218,117.000

4271

of international travel facilities

Transportation of property, cargo

25,967,400

283.658.000
5,217,326,400

Gross excise taxes
Less refunds
Aircraft

Any

taxes (reimbursed to general fund):

use tax and principal

liquid fuel other ttian

gasoline

Gasoline

retailers tax

Gasoline

manufacturers tax

6426.

4041

28.060.340
Total refunds of taxes

5,189.266.060

Net taxes
Interest

on investments

Interest

accrued

631,367,766

205,914,085
6,026,547,91

Total receipts
'

Offsetting collections

Outlays

on refunds and credits

Interest

Expenses:
2.198.895.800

Operations

Grants

Facilities

1.619.614,870

aid

and equipment

Researcti, engineering,

DOT rental

2,378.106.823

225,994,154

and development.

37,114,000

payments

31,504,564

Air carriers

6,491.230,211
Total

expenses ....

Offsetting collections

^
.

12,386.206.700

Balance Sept, 30, 1994.

Facilities

and equipment

researcti, engineering

and development

offsetting collections.

TRUST FUNDS

135

TABLE TF-10.--Airport and Airway Trust Fund, con.
Expected Condition and Results of Operations, Fiscal Years 1995-96
[In

Balance Oct

millions of dollars. Source: Financial

Management Service ]

12.386
.

Receipts;

Excise taxes, net of refunds.

5.684

on investments ....

809

Interest

Total receipts

Outlays
Offsetting collections

Balance Sept 30

TRUST FUNDS

136

INTRODUCTION: Uranium

Enrichment
Decontamination and Decommissioning Fund
The Uranium Enrichment Decontamination and Decommissioning
Fund was established on the books of the Treasury in fiscal 1993,
according to provisions of the Energy Policy Act of 1 992 [42 U.S.C. 2297
Receipts represent

(g)].

(1)

fees collected from domestic public

utilities

based on their pro rata share of purchases of separative work units from
the Department of Energy and (2) appropriations toward the Government contribution based on the balance of separative work unit purchases.
for the purpose of (1) decontamiand decommissioning of the three gaseous diffusion plants, (2)
remedial actions and related environmental restoration costs at the
gaseous diffusion plants, and (3) reimbursement to uranium/thorium

bearing interest at rates determined appropriate, taking into considaverage market yield on outstanding marketable
obligations of the United States with remaining periods to maturity
comparable to these investments.
(2)

eration the current

of the Treasury is required by 42 U.S.C. 2297 (g)
an annual report to Congress, after consultation with the
Secretary of Energy. This report must present the financial condition
and the results of operations of the fund during the preceding fiscal year.

The Secretary

to provide

Expenditures from the fund are

nation

producersforthecostsof decontamination, decommissioning, reclamaand remedial action of uranium/thorium sites that are incident to

tion,

sales to the U.S. Government.

Amounts available in the fund exceeding current needs may be
invested by the Secretary of the Treasury in obligations of the United
States (1) having maturities congruent with the needs of the fund, and

TABLE TF-11. "Uranium

The Energy Policy Act of 1992 (42 U.S.C 2297 (g)(1)] authorizes
appropriations to ensure annual deposits to the fund of $480 million
adjusted for inflation. In fiscal 1 993, the Department of Energy received
no appropriations for the Government contribution of $330 million. In
fiscal 1993, the Department of Energy received $129,805 million from
the Defense Environmental Restoration and Waste Management Appropriation and a transfer of $68,531 million from the Uranium Enrichment Activity Appropriation. The shortfall of contributions from
appropriations

approximately $463.2

million.

Enrichment Decontamination and Decommissioning Fund

Results of Operations, Fiscal 1994
(Source: Financial

Management

Service]

$29,119,557

Balance Oct 1.1993
Receipts

374,997,658

Fees collected

1.744

Penalties collected
Interest

2.172.339

on investments

377,171.741

Total receipts

Outlays

DOE. decontamination and decommissioning
Cost

227.958.735

activities

174.184.470

investments

Total outlays

Balance Sept 30. 1994

TABLE TF-ll.-Uranium

Enrichment Decontamination and Decommissioning Fund, con.
Expected Condition and Results of Operations, Fiscal Years 1995-99
[Source: Financial

Management
1995

Balance Oct

Receipts

Fees collected
Interest

on investments

Total receipts

Outlays

DOE. decontamination and decommissioning (und
Costs

investments

Total outlays

Balance Sept. 30

$4,148

Service]

1997

1999

TRUST FUNDS

INTRODUCTION:
The Black Lung
books

fund

Fund was established on the
1978 according to the Black Lung
1977 (Public Law 95-227). The Black Lung

in fiscal

Revenue Act of
Revenue Act of 1981

Benefits
Benefits

Black Lung Disability Trust Fund

Disability Trust

Treasury

of the

(Public

Law

137

97-119), reestablished the

the IRC, 26 U.S.C. 9501

Estimates made by the Secretary of the Treasury determine
monthly transfers of amounts for excise taxes to the trust fund subject
to adjustments in later transfers to actual tax receipts.
After retirement of the current indebtedness, amounts available
the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in interest-bearing public debt
securities. Any interest earned will be credited to the fund. Also
in

The Consolidated Omnibus Budget

Reconciliation Act of 1985
99-272), enacted April 7, 1986, provided for an increase
in the coal tax effective April 1 1 986, through December 31,1 995, and
a 5-year forgiveness of interest retroactive to October 1 1985.

Law

(Public

credited, if necessary, will be repayable advances from the general
fund to meet outlay requirements exceeding available revenues.

ber 30,

The 5-year moratonum on interest payments ended on SeptemPayment of interest on advances resumed in fiscal 1991.
1 990
The Omnibus Budget Reconciliation Act of 1 987 (Public Law 1 00-203),
signed December 22. 1 987, extends the temporary increase in the coal
tax through December 31, 2013.

Department of Labor Also charged to the fund are administrative
expenses incurred by the Department of Health and Human Services
and the Department of the Treasury, repayments of advances from the
general fund and interest on advances.

The Code designates the following receipts to be appropriated
and transferred from the general fund of the Treasury to the trust fund:
excise taxes on mined coal, taxable expenditures of self-dealing by,
and excess contributions to, private black lung benefit trusts; reimbursements by responsible mine operators; and related fines, penalties, and interest charges.

The Code requires the Secretary of the Treasury to submit an
annual report to Congress after consultation with the Secretary of
Labor and the Secretary of Health and Human Services (26 U.S.C.
9602(a). The report must present the financial condition and results of
operations of the fund during the past fiscal year and the expected
condition and operations of the fund dunng the next 5 fiscal years.

carry out the program,

TABLE TF-12.

-Black Lung Disability Trust
Results of Operations, Fiscal 1994
[Source Financial

Balance Oct

Management

amounts are made

available to the

Fund

Service]

$5,700,150

1993

Receipts
Excise taxes (transferred from general fund)
$1 10 tax on underground coal

$0 55

tax

247.762.000

on surface coal

160.750.000

4 4 percent tax on underground coal

107,878.000

4 4 percent tax on surface coal
Fines, penalties,

and

50,667.000

interest

Collection-responsible mine operators

3,530.300

Repayable advances from the general fund
Total receipts

7,338.383

413.925.000
991.850.683
991.850.683

Net receipts
Outlays

Treasurv administrative expenses
Salaries

and expenses--Labor--DM

199.574

23,089,000

Salaries

and expenses--Labor--OlG

295.000

Salaries

and expenses--l_abor--ESA

28.966,000
52.549,574

Total outlays

Expenses
Program expenses-Labor
Interest

Total

on repayable advances

expenses

Balance Sept 30,

994

554,349.205
367.755.767
942,104.972

TRUST FUNDS

138

TABLE TF-12.--Black Lung Disability Trust Fund, con.
Expected Condition and Results of Operations, Fiscal Years 1995-99
[In

thousands

of dollars.

Source: Financial

1995

Balance Oct.

2,896
1

Receipts:

Excise taxes

636.000

Advances from general lund

Fines, penalties,

and

interest.

Total receipts

Outlays

Benefit

payments

Administrative expenses

Interest

on repayable advances

Total outlays

Balance Sept. 30

Management

Service]

TRUST FUNDS

139

INTRODUCTION: Harbor Maintenance Trust Fund
The Harbor Maintenance Trust Fund was established on the
books of the Treasury on April 1, 1987, according to the Water
Resources Development Act of 1986 (Public Law 99-962, November
17, 1986) (26

US.C. 9505).

The Harbor Maintenance Trust Fund consists of such amounts
as may be appropriated provided by section 9505 (b), transferred by
the Saint Lawrence Seaway Development Corporation (SLSDC) according to section 13 (a) of the Act of May 13, 1954, or credited as
provided in section 9602 (b). Amounts are appropriated equivalent to
the user fees in the Treasury under section 4461 (relating to harbor

maintenance

tax).

Amounts In the Harbor Maintenance Trust Fund are available as
provided by appropriation acts for making expenditures to carry out
section 21 (a) of the Water Resources Development Act of 1 986. The
appropriations act for the Department of Transportation for fiscal 1 995
(Public Law 103-331, September 28, 1994), Section 13, waived collection of

charges or

on the Saint Lawrence Seaway in accordance
May 13, 1954 (as In effect on April 1,

tolls

with section 13 (b) of the Act of

TABLE TF-13.

1987). Legislation was passed in the North American Free Trade
Agreement (NAFTA) Implementation Act of 1 994 (Public Law 1 03-1 82,
Sec. 683), which amends paragraph (3) of section 9505 (c) of the
Internal Revenue Code of 1986, to authorize payment of up to $5
million annually to the Department of the Treasury, for all expenses of
administration Incurred by the Department of the Treasury, the U.S.
Army Corps of Engineers, and the Department of Commerce related
to the administration of subchapter A of chapter 36 (relating to harbor
maintenance tax).
Legislation Is being proposed In fiscal 1995 to authorize payment
from the fund of $45,5 million annually to the National Oceanic and
Atmospheric Administration (NOAA) to fund programs that benefit the
commercial navigation Industry.

Annual reports to Congress are required by 26 U S C. 9602 (a)
be submitted by the Secretary of the Treasury. These reports are
required to cover the financial condition and the results of operations
of the fund during the past fiscal year and its expected condition and
to

operations during the next 5 fiscal years.

-Harbor Maintenance Trust Fund

Results of Operations, Fiscal 1994
[Source: Financial

Balance Oct

Management

Service]

$303,545,507

1993

Receipts

Excise taxes:
Imports

391,899,652

Exports

168,918,910

Domestic

34,781,547

Passengers

4,831.032

Zones admissions

22,022,172

Toll receipts

Interest

on investments

Interest

income discount

11,112.156

12,825.776
1,369,197

647,560,442

Total receipts

Expenses
Corps

engineers

476.890.300

SLSDC/DOT
Treasury administrative cost

10,940,000
.

Toll rebates

Total

expenses

Balance Sept. 30, 1994

453,729,092

TRUST FUNDS

140

TABLE TF-13.--Harbor Maintenance Trust Fund, con.
Expected Condition and Results of Operations, Fiscal Years 1995-99
jln millions of dollars.

Balance Oct

Management

Source: Financial

Service]

1997

1998

1999

1995

1996

4514

644.4

802 9

1,030.2

1.318.8

634.7

679.1

724.4

764.0

791.0

30£

384

46^9

58;5

665 3

717 5

771.3

822.5

864.0

462.0

500.0

485.0

475.0

465.0

10.4

9.5

3.0

Receipts:

Harbor maintenance tee

Transfer ol

Interest

tolls

from

SLSDC

on investments

Total receipts

Outlays

Corps

Engineers

O&M

and administrative expenses

SLSDC/DOT
Toll rebates

Administrative expenses for Treasury (Customs)

Pending

legislation:

111

^5i

4724

558-9

543.9

533.9

523,0

644 3

802.9

1.030.2

1,318 8

1,659.8

NOAA aclivilies
Total outlays

=z=^^^=^^^=^^^^^^=^=^=^^^^:^=^^==:^^^^^==^==^^^:^

Balance Sept 30

Outyear projections are based on economic conditions and agencies' best projections ol
revenues and expenditures These are planninq numbers and are not to be construed as
representing the Tresideni's Budget lor Fiscal Year 1996
'

Includes unrealized discounts on investments as reported by Department ol Treasury
Financial Management Sen/ice's Sept 30, 1994, "Harbor Maintenance Trust Fund Income

Statement

TRUST FUNDS

INTRODUCTION: Hazardous
The Hazardous Substance Response
lished

on the books

Treasury

of the

In fiscal

Trust

1981

Fund was estabIn

(SARA)

Substance Superfund

advances from the general fund
excess of available revenues. Amounts
available in the Superfund, in excess of current expenditure requirements, are Invested by the Secretary of the Treasury in interest-bearing
Government securities (e.g.. Treasury bills). All Interest earned is
Superfund,

accordance with

provisions of the Hazardous Substance Response Revenue Act of
1980 (42 U S.C^ 9631 (a)) Effective fiscal 1987, the trust fund was
reestablished as the Hazardous Substance Superfund (Superfund) in
accordance with provisions of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980 (Public
Law 96-510), as amended by the Superfund Amendments and Reauthorization Act

141

required, are repayable

meet outlay requirements

credited directly to the Superfund.

To carry out the Superfund program, amounts are appropriated
from the Superfund to the Environmental Protection Agency (EPA)
for programmatic and administrative expenses, repayment of advances to the general fund, and interest expense associated with
outstanding advances from the general fund.

1986 (Public Law 99-499, dated October

17, 1986)

The Internal Revenue Service collects excise taxes on petroleum
and chemicals, and an environmental tax from all corporations with
modified alternative minimum taxable income in excess of $2 million.
In addition, the Superfund is authorized to be appropriated general
revenues from the general fund not otherwise appropnated. Cost
recovenes, and other miscellaneous receipts (eg. interest revenue)
are deposited directly to the Superfund Also appropriated to the

An annual reporl to Congress by the Secretary of Treasury is
required by section 9633 (b) (1) of CERCLA, as amended. These
reports present the financial condition of the Superfund and the results
of operation for the past fiscal year, and its expected condition and
operations during the next 5 years.

TABLE TF-14.— Hazardous Substance Superfund
Results of Operations, Fiscal 1994
[Source: Financial

Balance Oct

Management

Servicel

$2,138,795,000

1993

Receipts

Crude and petroleum

556.920.000

Certain chemicals

249,849.000

Corporate environmental

625.695.000

General tund appropriation

250.000,000

Cost recoveries

199.899.000

Fines and penalties
Interest

on investments

Interest

on investments-accrued

2,445.000
161.747,000
13.106,584

2,059.661,584

Total receipts

Undisbursed balance

55,721,363

55.721,363

Total undisbursed balance

Expenses

EPA expense

1.477,380.470

Commerce expense

1.830,556

FEMA expense

HHS expense
Interior

expense

Labor expense

Corps

Total

1.001.588
7.

57.947.162

580.456
218.715

Engineers expense

expenses

Balance Sept 30. 1994

1.538,958.947

2.715,219.000

TRUST FUNDS

142

TABLE TF-14.-Hazardous Substance Superfund, con.
Expected Condition and Results of Operations, Fiscal Years 1995-99
[In millions o( dollars.

Source: Financial

ManagemenI

1995'

Balance Oct

2.715
1

Receipts:

on investments

177

Recoveries, fines, and penalties

230

Interest

Taxes

General revenues

Total receipts

Outlays

Balance Sept 30

Forecasts for these fiscal years assume reauthorization of the Superfund by Congress.
January 1, 1996. the corporate environmental tax expires unless reauthorized by
Ttie estimate includes only the first quarter fiscal 1996 corporate collections

Congress

M.457

Seivicel

1996

3.119

1999'

1997'

4,269

4,935

TRUST FUNDS

143

INTRODUCTION: Highway Trust Fund
The Highway Trust Fund was established on

the books of the

971 according to provisions of the Highway Revenue Act of 1956, as amended (23 U.S.C. 120 note). It was reestablished on the books of the Treasury by the Surface Transportation
Assistance Act of 1982, and modified by the Deficit Reduction Act of
1984 (Public Law 98-369, approved July 18, 1984), the Surface
Transportation and Uniform Relocation Assistance Act of 1987, and
Treasury

the

in fiscal

Omnibus Budget

Reconciliation Act of 1990.

Amounts equivalent

on gasoline, diesel fuel, special motor fuels, certain tires,
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
to taxes

vehicles,

used

for

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 termination date of the fund was extended to September 30,
1999, as a result of the Intermodal Surface Transportation Efficiency
Act of 1991 (Public Law 102-24. approved December 18, 1991).

the Secretary of the Treasury for transfer of certain taxes to
to the Aquatic Resources

and water conservation fund and
Trust Fund and refunds of certain taxes.
the land

to Congress are required by 26 U S.C 9602 (a)
Revenue Code as amended, to be submitted by the Secretary

Annual reports
Internal

credited to the fund.

Revenue Code (26 U.S.C). The funds from

this account are
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

Internal

Treasury, after consultation with the Secretary of Transportation.
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.
of the

These reports cover the

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
,

CHART TF-E.~Highway Trust Fund Receipts and Outlays
Fiscal 1989-93 (1994

Data Not Available)

(In billions of dollars)

TRUST FUNDS

144

TABLE TF-lS.-Highway Trust Fund
Results of Operations, Fiscal 1994
[Source: Financial

Management

Internal

Code section
(26USC,)

Description

At the time of publication, these figures

Service]

Revenue

were not maije

available to the Financial

Management

Service.

TRUST FUNDS

TABLE TF-lS.-Highway Trust Fund
Results of Operations, Fiscal 1994, con.
[Source: Financial

Management

Internal

Code
Description

At the time of publication, these figures

(26

were not made available

Service]

Revenue
section

USC

)

to the Financial l^/lanagement Service.

145

TRUST FUNDS

146

TABLE TF-15.--Highway Trust Fund, con.
Expected Condition and Results of Operations, Fiscal Years 1995-99
[In

millions of dollars. Source: Financial

Management

Servicel

Combined Statement Highway and Mass Transit Accounts
1995

At the time of publication, these figures

were

not

made

1996

1997

1998

1997

1998

available to the Financial tvlanagement Service.

Mass Transit Account
1995

At the time of publication, these figures

were

not

made

1996

available to the Financial tvlanagement Service.

Highway Account
1995

At the time of publication, these figures

were not made available

to the Financial

1996

(Management Service.

1999

TRUST FUNDS

INTRODUCTION:

Inland Waterways Trust

Inland

in fiscal

commercial transportation on Inland Waterways)

shall

not required to meet current withdrawals. The interest on, and proceeds from the sale or redemption of, any obligation held in the trust
fund is credited to the trust fund The act provides that amounts in the
trust fund shall be available, by appropriations acts, for making construction and rehabilitation expenditures for navigation on the inland
and Intracoastal waterways of the United States described in 33 U.S.C.
1804 Expenditures must be otherwise authorized by law.

be appropri-

ated to the trust fund

The Technical and Miscellaneous Revenue Act

Law 100-647, approved November

Fund

The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment,

Waterways Trust Fund was established by the Treas1984, according to provisions of the Inland Waterways
Revenue Act of 1 978 (Public Law 95-502) and continued according to
the Water Resources Development Act of 1986 (26 U.S.C 9506).
Amounts determined by the Secretary of the Treasury to be section
4042 of the Internal Revenue Code of 1 986 (relating to tax on fuel used

The

ury

147

1988 (Public

Annual reports

Congress are required by 26 U.S.C. 9602 (a)
Treasury These reports are required to cover
the financial condition and the results of operations of the fund during
the prior fiscal year and its expected condition and operations during
the next 5 fiscal years.

1988) increased the tax each
year, 1990-1995. These amounts are transferred quarterly from the
general fund based on estimates made by the Secretary, subject to
adjustments in later transfers to the amounts of actual tax receipts.

of the Secretary of the

10,

TABLE TF-16.--Inland

Waterways Trust Fund

Results of Operations, Fiscal 1994
[Source: Fmancial

Balance Oct

Management

Service]

$193,405,761

1993

Receipts:

Fuel taxes

Interest

88,416,100

on investments

8,188,140

96,604,240

Total receipts

Transfers

Corps

Engineers

Balance Sept 30. 1994.

75,696,692

Expected Condition and Results of Operations
^
Fiscal Years 1995-1999
[In

millions of dollars ]

1995

Balance Oct

214.3

Receipts
Fuel taxes
Interest

on investments

Total receipts

Transfers

Corps

Engineers

Balance Sept 30

....

1997

1998

1999

TRUST FUNDS

148

INTRODUCTION:

Leaking Underground Storage Tank Trust Fund

The Leaking Underground Storage Tank (LUST) Trust Fund was
in fiscal 1981 according to provisions of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980 (Public Law 96-510), as amended by the Superfund
Amendments and Re-authorization Act (SARA) of 1986 (Public Law
99-499, dated October 17, 1986) and the Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5, 1990).
established

are invested by the Secretary of the Treasury

Government

financed by taxes collected on gasoline,

and fuels used in
commercial transportation on inland waterways. Amounts available in
the LUST Trust Fund, exceeding current expenditure requirements.
diesel fuels, special motor fuels, aviation fuels,

interest-bearing

earned

To carry out the LUST program, amounts are appropriated for the
Trust Fund to the Environmental Protection Agency (EPA) for

LUST

programmatic and administrative expenses.

An annual
The LUST Trust Fund

securities (eg.. Treasury bills). All interest
credited directly to the LUST Trust Fund.

Congress by the Secretary of the Treasury is
9602 (a). These reports present the financial
LUST Trust Fund and results of operations for the past
and its expected condition and operations during the next

required by 26
condition of the
fiscal year,

report to

US C.

5 fiscal years.

TABLE TF-17.— Leaking Underground

Storage

Tank Trust Fund

Results of Operations, Fiscal 1994
[Source: Financial

Balance Oct

Management

Service]

$676,495,000

1993

Receipts:

Tables relating to Highway, Inland,
Interest

on investments

Interest

on investments-accrued

and

Airport Trust

Funds

154.569.800

24.154.772
4.729.813

183,454.385

Gross tax receipts
Less reimbursements to general fund:

Refund

of taxes

and estimated

tax credits

Net receipts

183,454,385

Total receipts

183,454.385

Undisbursed balances:

EPA LUST

EPA

balance

12.311.511

171.350

IG balance

12,482.861

Total undisbursed balances

Expenses

EPA LUST expenses
EPA

68,465.774

!G expenses

497.950

expenses

68,963.524

Total

Balance Sept 30. 1994

Expected Condition and Results of Operations
Fiscal Years 1995-1999
[In

millions of dollars]

1995

Balance Oct

779
1

Receipts

Taxes

relating to

Interest

Highway, Inland, and Airport Trust Funds

on investments

Total receipts

Outlays:

Balance Sept, 30

1999

TRUST FUNDS

INTRODUCTION:
The Nuclear Waste Fund was established on

the books of the
1983, according to provisions of the Nuclear Waste
Policy Act of 1982 [42 U SC. 10222 (c)]. Receipts represent fees
collected from public utilities based on electricity generated by nuclear
power reactors and spent nuclear fuel. Expenditures from the fund are
for purposes of radioactive waste disposal activities.

Treasury

In fiscal

Amounts

available

the fund exceeding current

needs may be

invested by the Secretary of the Treasury in obligations of the United
States 1 ) having maturities in tandem with the needs of the waste fund,
and (2) bearing Interest at rates determined appropriate, taking into
(

149

Nuclear Waste Fund
consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity
comparable to the maturities of such investments, except that the
interest rate on such investments shall not exceed the average interest
rate applicable to existing borrowings.

An annual

Congress by the Secretary

of the Treasury,
Secretary of Energy, is required by 42 U.S.C
10222 (e) (1). This report must present the financial condition and the
results of operations of the waste fund during the preceding fiscal year.

report to

after consultation with the

TABLE TF-18.--Nuclear Waste Fund
Results of Operations, Fiscal 1994
(Source Financial Management Service]

Balance Oct

1993.

Receipts

Fees collected

Penalties and interest on fee payments

Interest

on Investments

293,320.285

715,174,921

Total receipts

Outlays:

DeparlmenI

Cost

Energy radioactive waste disposal

activities

315,825,784

investments

Total outlays

Balance Sept 30. 1994

1.961,788

TRUST FUNDS

150

INTRODUCTION:

Reforestation Trust

The Reforestation Trust Fund was established on the bool<s of
in fiscal 1981 to continue through September 30, 1985,

the Treasury

according to provisions of Title lll--Reforestation, of the Recreational
Boating Safety and Facilities Improvement Act of 1980 [16 U.S.C.

1606a

(a)].

Fund

interest-bearing obligations of the United States or

obligations

both principal and interest by the United States. The
interest on, and the proceeds from the sale or redemption of, any
obligations are credited to the trust fund.

guaranteed as

The Secretary

act provides that the Secretary of the Treasury shall transfer
to the trust fund tahffs, limited to not more than $30 million for any fiscal

The

in the Treasury from October 1
1979, through September 30, 1 985, on (1 ) rough and primary wood products and wood waste;
(2) lumber, flooring, and moldings; and (3) wood veneers, plywood,
and other wood-veneer assemblies, and building boards. Public Law
99-190 extended the receipts for the trust fund Amounts available in
the reforestation trust fund exceeding current withdrawals are invested

year, received

of Agriculture is authorized to obligate available
the trust fund (including any amounts not obligated in previous
years) for (1) reforestation and timber stand improvement and (2)
administrative costs of the Government for these activities.

sums

Annual reports are required by 16 U.S.C. 1606 a (c) (1) to be
submitted by the Secretary of the Treasury, after consultation with the
Secretary of Agriculture, on the financial condition and the results of
the operations of the trust fund dunng the past fiscal year and on its
expected condition and operations during the next fiscal year.

TABLE TF-1 9.

-Reforestation Trust Fund
Results of Operations, Fiscal 1994
[Source: Financial

Balance Oct.

Management

Service)

$8,132,794

1993

Receipts:

Excise taxes

Redemption

(tariffs)

30.000,000

...

175,824

of interest.

30,175,824

Total receipts

Expenses
32,213,869

Expenditure

Total

expenses

32,213,869

...

6,094,749

Balance Sept 30. 1994.

Expected Condition and Results of Operations, Fiscal 1994
lln

Balance Oct,

tfiousands of dollarsi

6,095

993

Receipts:

Excise taxes

Interest

(tanlfs).

30.000

on investments

30,120

Total receipts

30,000

Outlays

Balance Sept. 30, 1994.

120

TRUST FUNDS

CHARTS TF-F and G.-Major Trust Funds
(In billions of dollars)

1.6

1.4

Fiscal

1993

Fiscal

1994

1.2
LU
_1
CO

<
>
<

0.8

0.6

<
<
Q

0.4

0.2

•<^

Oi
t

Airport/Airway

Highway

Haz. S.S.

m~\

Interest

Investments,
Fiscal 1993-94

Nuc. Waste

(In billions of dollars)

Receipts

and

Outlays,

Fiscal

1994

Receipts

Outlays
LU
_l
CD

<
_J
<
>
<

o
<
<
Q

O)
O)

Airport/Airway

BIk.

Lung

Haz. S.S.

Higfiway

Nuc. Waste

TRUST FUNDS

152

INTRODUCTION:

Aquatic Resources Trust Fund

Aquatic Resources Trust Fund was established on ttie books of
the Treasury pursuant to the Deficit Reduction Act of 1984 (Public Law
98-369, approved July 18, 1984). The fund consists of two accounts:
the Sport Fish Restoration Account and Boat Safety Account.

Motorboat fuel taxes are transferred, in amounts up to $70 million
per fiscal year, from the Highway Trust Fund to the Boat Safety Account.
Authority for such transfers expires on October 1 1997.
,

Amounts in the Sport Fish Restoration Account are used, as
provided by appropriation acts, for the purposes of carrying out "An Act
to provide that the United States shall aid the States in fish restoration
and management projects, and for other purposes," approved August
9, 1950 (as in effect on October 1, 1988) and the Coastal Wetlands
Planning, Protection and Restoration Act, as in effect on November 29,
1990.
Amounts

the Boat Safety Account, as provided by appropriapurposes of Public Law 92-75

tions acts are available to carry out the

Amounts equivalent

to the excise taxes received

equipment and import duties on

on sport fishing
and pleasure

fishing tackle, yachts,

are appropriated into the Sport Fish Restoration Account. Motorboat fuel taxes not transferred to the Boat Safety Account or to the Land
and Water Conservation Fund are transferred from the Highway Trust
Fund to the Sport Fish Restoration Account. Transfers of motorboat fuel
taxes from the Highway Trust Fund to the Land and Water Conservation
Fund are limited to $1 million per fiscal year. In addition, pursuant to the
Omnibus Budget Reconciliation Act of 1 990 (Public Law 1 01 -508), small
engine gasoline taxes are transferred to the Sport Fish Restoration
craft

related to recreational boating safety assistance

When
available

the provisions of 26 U.S.C. 9602 (b) are met, amounts
the two accounts exceeding outlay requirements are inpublic debt securities with the interest credited to the respecin

vested in
tive accounts.

Annual reports to Congress, required by 26 U S.C. 9602 (a), are
submitted by the Secretary of the Treasury. These reports are required
to cover the financial condition and results of operations of the fund
during the past fiscal year and those expected during the next 5 fiscal
years.

Account.

TABLE TF-20.

-Aquatic Resources Trust Fund, Sport Fish Restoration
Results of Operations, Fiscal 1994
[Source Financial Management Service]

$532,987,770
Balance Ocl

1993

Revenue:

Gas, motorboat

93,079.133

Fish equipment

93,432,000

Electric trolling

sonar

2,090,000

Import duty equipment, yacht

24,853,449

Gas. small engines

49.531,000

Interest

on investments

Interest

on investments-accrued

14,455,154

7,400,316

284,841,052
Total revenue

Equity

Transfer from Boat Safety to Sport Fish Restoration

1,547
1,547

Total equity

Nonexpenditure transfers

213.000.000

Interior

Boat safety

7.500.000

Corps

9.360.000

Engineers

229,860,000
Total nonexpenditure transfers

TRUST FUNDS

153

TABLE TF-20.--Aquatic Resources Trust

Fund, Boat Safety

Results of Operations, Fiscal 1994
[Source: Financial

Balance Oct

Managemeni Service

]

$70,517,545

1993

Revenue:

Gas, motorboat

Interest

on investments

Interest

on investment-accrued

62,435,867

2.376.342

262.822
65,075,032

Total revenue

Nonexpenditure transfers:

Boat saleiy

72,819,795

72,819.795

Total nonexpenditure transfers

Equity

Transfer

Sport Fish Restoration from Boat Safety

1.547

Total equity

Balance SepI 30. 1994

The expected conditions and results
Note
were not available at the time of publication.
-

of operations for fiscal

years 1995 through 1999

TRUST FUNDS

154

INTRODUCTION:

Oil Spill Liability Trust

The Oil Spill Liability Trust Fund was establistied on ttie books of
the Treasury by the Omnibus Budget Reconciliation Act 1986 (Public
99-509). It was made effective on January 1, 1990, by the Omnibus
Law
„ :
„ ' ....
A . ( inon ID Kiv. -,,., ini ooQN and
o„H amended
o,^=„,^=H
of 1989 (Pub cL^w 101-^239),
Budget Reconciliation Act
Pollution
Act
of 1 990 (Public Law 1 01 -380).
OH
by the
.

Amounts equivalent

to the taxes received

on petroleum, but only to the extent of the Oil Spill Liability Trust
Fund rate, are appropriated to the fund. The tax is not applied during
any calendar quarter the Secretary of the Treasury estimates that, as
if

preceding calendar quarter, the unobligated balance

the fund exceeds

3,1

(b). certain paid penalties and amounts recovered for damages
are also appropriated to the fund.

26 9509

Amounts
^^^^^^ ^0^2

n cleanup costs
.
j
and
appropriations acts or
990.

<
^
i,i
<
the fund are available for oil
^^^.^^^

(b) of the

Pollution Act of

spill

from the environmental

tax

of the close of the

Fund

billion.

Certain amounts were transferred from other funds and were
appropriated to the Oil Spill Liability Trust Fund as provided by U.S.C.

TABLE TF-21.

When
available

the provisions of 26 U.S.G. 9602 (b) are met. amounts
the fund exceeding outlay requirements are invested in

Public debt securities. Interest

^^^^g, ^^^^^^

credited to the fund,

Congress, required by 26 U.S.G.

are sub-

(a),

^1,,^^ ^^ ,^g Secretary of the Treasury. These reports are required to
cover the financial condition and results of operations of the fund during

the past fiscal year and those expected during the next 5 fiscal years.

-Oil Spill Liability Trust

Fund

Results of Operations, Fiscal 1994
[Source: Financial

Management

Service]

^^'"^^'^^^^gg

Balance Oct 1.1993

Revenue:

Tax on crude oil/petroleum products

Expired $ 03 barrel tax-Internal

48.082.000

Revenue Service

13.193.117

Cost recoveries

Fines and penalties

6.51 8,249

Interest

on investments

Interest

on investments-accrued

35.654.601

,255.360

104.703,347
-

T- .
Total
revenue
,

Oullays/nonexpenditure transfers

Transfer to Department

5.33 1 .000

of the Interior

Transfer to Environmental Protection Agency

21 .239,000

2.449,000

Transfer to Department of Transportation

Transfer to Coast Guard

Transfer to Corps

-r

350.000

Engineers

38.338,205

167.707.205

^^^:zi^:zi=zmz:^=

Total outlays/nonexpenditure transfers

974.923.808

Balance Sept. 30. 1994

Note "Ttie expected conditions and results
were not available at the time of publication

of operations for fiscal

years 1995tfirough 1999

TRUST FUNDS

INTRODUCTION:

155

Vaccine Injury Compensation Trust Fund

The Vaccine Injury Compensation Trust Fund (VICTF) was ereated on the books of the Treasury by the Revenue Act of 1987 (Public
^'"''^
H°"
H ^PP'°^^'^. '^^fo^ ?f o p J, o^J'
HT^K^Mn^"
'^'? into
F^H
the
DT^MMR
and poho vaccnes
SX: 4131) areappropnated
(26
1^
und which serves as a source of funds to pay claims for compensation
1 988.
or vaccine-related iniury or death occurring after October 1
Under current law, the excise tax imposed by the VICTF expires if the
'

projectbalanceof the VICTF, as
ber 31, 1992, is not negative.

the calendar quarter ending

Decem-

^nnual reports to Congress, required by 26 U.S.C. (a), are sub^,„g^
,^g Secretary of the Treasury. These reports are required to
^^^^^ ,^^ ,,^3^^.^, ^^^^„.^^ ^^^ ^^^^H^^^, operations of the fund during
,^^g '^
, ,,5^3,
^^^ ,^^^3^ expected
during the next 5 fiscal years
'^
'
^
'

TABLE TF-22.--Vaccine Injury Compensation Trust Fund
Results of Operations, Fiscal 1994
[Source: Financial

Management

Service)

$629,272,904

BalanceOcl 1.1993

Receipts

Excise tax receipts.

Interest

on investments

Interest

on investments-accrued

17.814,212

g°6'86gjgg

Total receipts

Outlays/nonexpendJture transfers

U S Claims

Court expenses

Department

ot Justice

3,045,352

24.127.147

Health resources/transfers

i^.o^JO

Total outlays/nonexpendilure transfers

Balance Sept 30. 1994.

Note -- The expected conditions and results
were not available at the time of publication

operations for fiscal years 1995 through 1999

TRUST FUNDS

156

INTRODUCTION:

National Recreational Trails Trust

Provisions relating to a National Recreational Trails Trust Fund
part of the Intermodal Surface Transportation Effi-

were enacted as

ciency Act of 1991 (Public Law 102-240, approved December 18,
imposed
1 991 ). The Act provides that amounts equivalent to the taxes
on fuel used in vehicles on recreational trails or back country terrain
and in camp stoves and other non-engine uses in outdoor recreational
equipment shall be paid from the Highway Trust Fund to the National
Recreational Trails Trust Fund (26 U.SC. 9503 (c) (6). Transfers to

amounts obligated under section 1302 of the
amounts cannot exceed $30 million per fiscal year over
the 1992-97 period. Obligations cannot be made until amounts are
the fund are limited to

Act. Obligated

Note

current figures or future pro]ections are available

appropriated to the fund.

because funds

tiave yet to

appropriated; there have
or 1994.

When

Fund

been no appropriations

for fiscal

992,

993,

26 U S.C. 9602 (b) are met, amounts
the fund exceeding outlay requirements are invested in
public debt securities with the interest credited to the fund.

available

the provisions of

Annual reports to Congress, required by 26 U.S.C 9602 (a), are
submitted by the Secretary of the Treasury. These reports are required
to cover the financial condition and results of operations of the fund
during the past fiscal year and those expected during the next 5 fiscal
years.

TECHNICAL PAPERS

159

Recent Reports and Studies

A Recommendation for
The Department of the Treasury released "A Recommendation for Integration of the Corporate and Individual Tax
Systems" on December 11, 1992. The paper summarizes a
dividend exclusion system whereby dividends are treated
either as excludable or a return of capital. The system prevents

Tax System Integration
the double taxation of retained earnings through a dividend
reinvestment plan. The report is a follow-up to the "Report of
the Department of the Treasury on Integration of the Individual

and Corporate Tax Systems: Taxing Business Income Once,"
released

January 1992.

Report on the Taxation of Americans Working Overseas, 1987
On January 12, 1993, the Department of the Treasury
submitted to Congress an interim report entitled 'Taxation of
Americans Working Overseas, The Operation of the Foreign
Earned Income Exclusion in 1 987." Under section 91 1 qualified
individuals may exclude up to $70,000 of foreign earned income as well as the excess of reasonable foreign housing costs
from their U.S. tax liability. The report covers the 1 987 tax year,
in which more than 1 50,000 returns are estimated to have been
,

filed

by those

$7.1 billion

who qualified for the section 911 benefits. Of the
foreign earned income reported on these returns,

Americans working abroad claimed an estimated $5.7 billion in
excludable income and more than half of those persons were
able to completely eliminate their U.S. tax liability. For 1 987, the
use of section 911, as opposed to the foreign tax credit, is
estimated to have resulted in a revenue loss to the U.S. fisc of

$740

million.

Foreign Sales Corporation Report

On January 13, 1993, the Department of the Treasury
submitted to Congress its report on "The Operation and Effect
of the Foreign Sales Corporation Legislation: January 1, 1985
to June 30, 1988." The report covers the first 3 years of the
operation of the foreign sales corporation (FSC) program,
created as part of the Deficit Reduction Act of 1984. By using
an FSC as an exporter or commission agent, a U.S. firm
typically can save 15 percent of the U.S. income tax of export
profits. The report estimates that the revenue cost of the

program was $790 million in 1985, $811 million in 1986, and
$760 million in 1987. The program is estimated to have increased total U.S. merchandise exports by about $1.5 billion
(or 0.7 percent of total merchandise exports) in 1985 and in
1986, and by about $1.2 billion (0.5 percent) in 1987. It is
estimated to have improved the U.S. merchandise trade balance by about $.6 billion in 1 985 and in 1 986, and by about $.5
billion in

1987.

The Sales Source Rules Report
The Department of the Treasury released its "Report to the
Congress on the Sales Source Rules" on January 13, 1993.
The sales source rules of the Internal Revenue Code determine
when income from the sale of inventory property can be considered to arise within the United States and when
can be
considered to arise abroad. The rules allow a U.S. taxpayer, in
it

some

cases, to treat up to half of the income from the sale of
exports as arising abroad, regardless of where the activity
producing the income actually occurs, and may substantially

reduce the effective rate of tax on export income earned by U.S.
exporters with operations in high-tax countries. Based on corporate tax returns for 1986 and 1988 and recent Department
of Commerce surveys of international trade, the report estimates that, compared to rules that would determine the source
of export income based upon where the activity producing the
income occurs, the sales source rules increased U.S. merchandise exports in 1990 by up to $4 billion and decreased income
tax revenues by $1 .8 to 2.1 billion.

Fraternal Benefit Societies Report
The Department of the Treasury released its "Report to the
Congress on Fraternal Benefit Societies" on January 15, 1993.
The report examines the operations of large fraternal benefit
societies as mandated under section 1 01 2 (c) of the Tax Reform
Act of 1986. Fraternal Benefit Societies provide insurance and
fraternal or club services to members, and charitable goods and
services to the community. They are exempt from corporate
income tax (including tax on their insurance income) under
section 501 (c) (8) of the Internal Revenue Code. The report
concludes that the insurance operations of fraternal benefit
societies are similar to those of commercial insurers. Fraternal
benefit societies do not appear to use their tax exemption to

compete

commercial insurers in terms of price or
The study also determines that, in
'general, large fraternal benefit societies do not use their tax
exemption to subsidize the purchase of insurance by low-income members or those with poor health. The tax exemption
of their insurance operations does appear to allow fraternal
benefit societies to finance fraternal and charitable goods and
services and to accumulate surplus. The report makes no
recommendation as to the taxation of the insurance income of
these entities. However, it notes some options ranging from
no change in current tax treatment to taxation of insurance
income.
to

unfairly with

operate

inefficiently.

—

TECHNICAL PAPERS

160

International Tax Reform: Interim Report
The Department of the Treasury released "International
Tax Reform: An Interim Report" on January 1 5, 1 993. The report
describes various options for simplification of the Internal Revenue Code provisions regarding taxation of income from foreign
direct investment by U.S. multinational corporations. In addition, the report discusses the simplification potential of two
alternative taxation structures: a modified exemption system
and a current inclusion system. The report is a preliminary part

The "Report on the Taxation of Social Security and Railroad Retirement Benefits in Calendar Year 1990" was released
by the Departmentof the Treasury on January 15, 1993. In the
report. Treasury explains the methodology used in determining
income tax

liabilities

tions.

and Railroad Retirement Benefits

Social Security

transfers of

a reassessment of the international income tax provisions.
While the final conclusions of the study will depend upon the
results of ongoing analysis, the interim report makes clear that
international income tax provisions should be simplified to
reduce compliance costs, facilitate the free flow of capital, and
promote the competitiveness of U.S. multinational corporaof

to the social security

and

Railroad Retirement Trust Funds. These transfers are required
by the Social Security Amendments of 1983. The transfers
consist of tax liabilities resulting from the taxation of social

and railroad social security equivalent benefits received by high income taxpayers. Transfers are initially based
security

Assessment of Bank-Reported Data
On

February 18, 1993, the Department of the Treasury's
Research Paper No.
9301, "The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability."
Written by Michael Cayton, the paper provides results of the
on-going examination of data collected by the Department of
Treasury in the Treasury International Capital (TIC) data base.
In an attempt to assess the data's reliability and possible role
Office of Data (vlanagement released

Taxation, 1990

on Treasury estimates and are adjusted when actual tax return
data are available. Based on actual 1 990 tax returns, the report
finds that the initial transfers of $4,667 million fell short of actual
by $50 million. The report estimates that $31.4
be transferred to the trust funds for calendar years
1991 through 1995 as a consequence of the taxation of benefits. The report also finds that about 16 percent of tax returns
filed by beneficiaries have taxable benefits. On average, returns with taxable benefits include almost 40 percent of their
benefits in adjusted gross income.
tax

liabilities

billion will

in the U.S.

Balance of Payments

recent balance-of-payments statistical discrepancies, the
paper compares TIC data with Federal Reserve data and with
data from the Bank for International Statistics. Through this
comparison and through econometric analysis, the author suggests the bank-reported data are not unreliable and do not
in

contribute significantly to the discrepancies. This tentative conclusion casts doubt on the possibility of large random errors in
banking data.

Treasury Reviews Insurance Issues
The Office of Economic Policy released two research
papers as part of a broad review of insurance issues. Research
Paper No. 9202, dated July 21, 1992, "Life-Health Insurance
Markets," by John S. Greenlees and James E. Duggan, provides an economic overview of the life-health sector of the U.S.
insurance market. This sector provides a mix of products and
services to firms and individuals including annuities and pension fund management. According to the authors, changes in
revenues and profitability in these product markets could have
"significant implications for the future prospects of the insurance industry." This paper presents information on the size and
growth of the insurance industry, illustrating its role within the
larger economy. It also includes a discussion of health insur-

ance issues and

of the role of commercial life-health firms
the health insurance market.

In Research Paper No. 9203, dated August 14, 1992,
"Property-Casualty Insurance Markets," authors Lucy Huffman
and David Bernstein review financial trends and public policy
issues affecting the property-casualty insurance industry. The
study offers an overview of the structure and financial condition
of the industry and discusses economic and legal factors that
raise public policy issues and prompt solvency concerns, including the impact of the tort liability system on costs and
nonmarket regulatory responses. The study also looks at competition in the insurance industry and summarizes performance
issues in selected individual lines.

Copies may be purchased from the National Technical Information Service. 5285 Port Royal Road, Spnngfield.
Copies may be obtained by
number (202) 622-2010.

writing to Shirley Bryant,

Department

of the Treasury.

1500 Pennsylvania Ave

NW.,

22161, telephone number (703) 487-4660.

Room

4422, Washington.

DC.

20220: telephone

TECHNICAL PAPERS

161

Research Paper Series

Available

9001.

Through

"Some Economic Aspects

9002. "Historical Trends

the Office of the Assistant Secretary for

of the U.S. Health Care System."

James

Economic Policy

Duggan. August 1990.

the U.S. Cost of Capital." Robert Gillingham and John S. Greenlees.

December

1990.

9003. "The Effect of Marginal Tax Rates on Capital Gains Revenue: Another 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

Duggan. October 1991.

9201. "Issues in Eastern European Social Security Reform." John C. Hambor. June 1992.

9202. "Life-Health Insurance Markets."

John

Greenlees and James

Duggan. July 1992.

9203. "Property-Casualty Insurance Markets." Lucy Huffman and David Bernstein. August 1992.

9301 "The Bank-Reported Data
.

Reliability."

the U.S. Balance of Payments: Basic Features and an

Assessment

of their

Michael Cayton. February 1993.

9302. "The Returns Paid to Early Social Security Cohorts."

James

Duggan, Robert Gillingham, and John

Greenlees. April 1993.

9303. "The Social Security Benefit Notch:

A Mirage?" James

Duggan, Robert Gillingham, and John

S. Greenlees.

Revised March 1994.

Copies may be obtained by writing to Shirley Bryant, Department of the Treasury, 1500 Pennsylvania Ave., NW.,
telephone number (202) 622-2010.

Room 4422,

Washington,

20220;

162

Glossary
With References
Accrued discount (SBN-1,

-3)

-2,

—

Applicable Sections

accumulates on

Interest that

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
meaning principal and interest
J are discount or accrual type bonds
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

circulation

— Includes

(USCC)

all is-

the debt

was $4,900,000

limit

Discount

—The

Average discount rate (PDO-2, -3)^ln 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

should be used

—

Budget authority ("Federal Fiscal Operations") Congress passes
laws giving budget authority to Government entities, which gives the
agencies the power to spend Federal funds. Congress can stipulate
various criteria for the spending of these funds. For example. Congress
can stipulate that a given agency must spend within a specific year,
number of years, or any time in the future.
The basic forms of budget authority are appropriations, authority to
borrow, and contract authority. The period of time during which Congress makes funds available may be specified as 1 -year, multiple-year,
or no-year The available amount may be classified as either definite
or indefinite; a specific amount or an unspecified amount can be made
available. Authority may also be classified as current or permanent.
Permanent authority requires no current action by Congress.

Budget

deficit
lays (spending)

—The

total, cumulative amount by which budget
exceed budget receipts (income).

— Assets, such as

Capital ("Federal Obligations")
and financial reserves.

Cash management

bills

out-

land, equipment,

(PD0-2)^Marketable Treasury

bills

ir-

regular 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
is within the range
accepted in the auction. (See Noncompetitive tenders.)
if

Coupon

issue

—The issue

bonds

or notes (public debt).

—

Current income bonds ("U.S. Savings Bonds and Notes") Bonds
paying semiannual interest to holders. Interest is not included in
accrued discount.

—

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 December 1 994,
,

may change

from year

interest deducted
Accrued discount.)

advance when purchasing notes

Discount rate (PDO-2)— The difference between par value and the
actual purchase price paid, annualized over a 360-day year. Because
this rate is less than the actual yield (coupon-equivalent rate), the yield
in

any comparison with coupon issue

— Include standard
Domestic series (FD-2)— Nonmarketable,
Dollar coins

(USCC)

silver

securities.

and nonsilver

interest

coins.

and

non-interestbearing securities issued penodically by Treasury to the Resolution

Funding Corporation (RFC)
section 21

of the

Federal

for

investment of funds authorized under
Act (12
C. 1441b).

Home Loan Bank

—

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 US. Government to
the public through the Federal Reserve banks and their member banks.
They represent money owed by the Government to the public. Currently the item "Federal Reserve notes— amounts outstanding" consists of new series issues. The Federal Reserve note is the only class
of currency currently issued.

Foreign ("Foreign Currency Positions," IFS-2, -3)— (international)
Locations other than those included under the definition of the United
States. (See United States.)

—

Foreigner ("Capital Movements," IFS-2) All institutions and individuals living outside the United States, including U.S. citizens living
abroad, and branches, subsidiaries, and other affiliates abroad of U.S.
banks and business concerns; central governments, central banks,
and other official institutions of countries other than the United States,
and international and regional organizations, wherever located Also,
refers to persons in the United States to the extent that they are known
by reporting institutions to be acting for foreigners.

—

Foreign official institutions ("Capital Movements") Includes cengovernments of foreign countries, including all departments and
agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization
tral

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.

fund; diplomatic

Currency no longer issued (USCC) Old and new sehes gold and
silver certificates, Federal Reserve notes, national bank notes, and
1890 Series Treasury notes.

Debt outstanding subject to limitation (FD-6)

million; the limit

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).
or bonds. (See

the auction.

Tables

to year.

sues by the Bureau of the f^/linl 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.

and

—

Foreign public borrower ("Capital Movements") Includes foreign
as defined above, the corporations and agencies of
foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central
government or its departments; and state provincial and local governments of foreign countries and their departments and agencies.
official institutions,

—

Foreign-targeted issue (PDO-1, -3) Foreign-targeted issues were
notes sold between October 1984 and February 1986 to foreign
institutions, foreign

monetary

branches

of U.S. institutions, foreign central

authorities, or to international organizations in

banks

which the

163

Glossary
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.

note, and a 30-year bond. Treasury sometimes offers additional
amounts of outstanding long-term notes or bonds, rather than selling

Fractional coins (USCC)— Coins minted in denominations
and 10 cents, and minor coins (5 cents and 1 cent).

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.

Government account series (FD-2)

of 50, 25,

—

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 Unemploy-

new

security issues. (See Reopening.)

—

Reopening (PDO-3, -4) The offer for sale of additional amounts of
outstanding issues, rather than an entirely new issue. A reopened issue
will

rate

always have the same maturity date. CUSIP-number. and
as the original issue.

interest

—

Special drawing rights ("Exchange Stabilization Fund," IFS-1)
International assets created by IMF that serve to increase international

and provide additional international reserves. SDRs may be
purchased and sold among eligible holders through IMF. (See IMF.)
liquidity

ment Trust Fund.
International Monetary Fund ("Excfiange Stabilization Fund," IFS(It^F) Established by the United Nations, the IMF promotes inter1)
national trade, stability of exchange, and monetary cooperation.
t\/lembers are allowed to draw from the fund.

—

Interfund transactions ("Federal Fiscal Operations")— Transactions
or trust funds) to

made

from one fund group (either Federal funds
a receipt account in another group.

which payments are

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")— Ofby an investor to purchase Treasury securities at the price equivato the weighted average discount rate or yield of accepted
competitive tenders in a Treasury auction. Noncompetitive tenders are
always accepted in full.
fers
lent

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

the event of liquidation of, or U.S. withdrawal from, the
of IMF or cancellation of SDRs.

SDR

department

SDR

certificates are issued to the Federal

SDRs when SDRs

are legalized as

are deposited into an

New

ESF account

Reserve System against

money Proceeds
at the

of monetization
Federal Reserve Bank of

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 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 1 941 see the Budget of the United
States Government. (See Debt outstanding subject to limitation.)
,

Obligation ("Federal Obligations")
quire

goods

—An unpaid commitment

to ac-

or services.

STRIPS (PDO-1, -3)— Separate

—

Off-budget Federal entities ("Federal Fiscal Operations") Federally owned and controlled entities whose transactions are excluded
from the budget totals under provisions of law. Their receipts, outlays,
and surplus or deficit are not included in budget receipts, outlays, or
deficits. Their budget authority is not included in totals of the budget.

Own foreign offices ("Capital Movements")— Refers to
ing institutions' parent organizations,

U.S. report-

branches and/or majority-owned

Trading of Registered Interest and

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
Principal Securities.

arithmetic function of the issue's interest rate.

—

bills
The shortest term Federal security (maturity dates
normally varying from 3 to 12 months), they are sold at a discount.

Treasury

subsidiaries located outside the United States.

—

Outlays ("Federal Fiscal Operations") (expenditures, net disbursements) Payments on obligations in the form of cash, checks, the
issuance of bonds or notes, or the maturing of interest coupons.
Par value

—The face value

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 1 0-year

Trust fund transaction ("Federal Fiscal Operations")— An intrabudgetary 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); 1 862 ($1 -$2 notes); 1 863 ($5-$1 ,000 notes); 1 863

($1-$10,000 notes); and 1901 ($10 notes).

)

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