Full text of Treasury Bulletin : March 1997
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Contents MARCH 1997 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Introduction.--Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Analysis.--Budget results and financing of the U.S. Government and fourth-quarter receipts by source . . . . . . . . . . . . . . . . . . 7 FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-4.--Internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 ACCOUNT OF THE U.S. TREASURY Introduction.--Source and availability of the balance in the account of the U.S. Treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 FEDERAL DEBT Introduction.--Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-7.--Treasury holdings of securities issued by Government corporations and other agencies . . . . . . . . . . . . . . . . . . . . . . . . FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 19 20 21 22 23 23 24 26 PUBLIC DEBT OPERATIONS Introduction.--Public debt operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-1.--Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 31 38 40 43 45 U.S. SAVINGS BONDS AND NOTES Introduction.--Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 46 46 47 27 27 OWNERSHIP OF FEDERAL SECURITIES Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 MARKET YIELDS Introduction.--Market yields. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 IV Contents MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 52 53 56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.--U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 58 INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.--International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 61 62 63 CAPITAL MOVEMENTS Introduction.--Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 SECTION I.--LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-A.--Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 66 67 69 71 SECTION II.--CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 SECTION III.--SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 77 CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 78 SECTION IV.--LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CM-IV-1.--Total liabilities and claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . 79 80 82 84 86 88 SECTION V.--TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS IN THE UNITED STATES CM-V-1.--Foreign purchases and sales of long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 CM-V-2.--Foreign purchases and sales of long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 V Contents CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (fourth quarter). . . . . . . . . . . . . . . . . . . . 92 CM-V-5.--Foreign purchases and sales of long-term securities, by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . 94 CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 FOREIGN CURRENCY POSITIONS Introduction.--Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 SECTION I.--CANADIAN DOLLAR POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 SECTION II.--GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-II-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION III.--JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 SECTION IV.--SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 SECTION V.--STERLING POSITIONS FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 EXCHANGE STABILIZATION FUND Introduction.--Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SPECIAL REPORTS STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS Introduction.--Statement of liabilities and other financial commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SLOFC-1.--Summary of liabilities of the United States Government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SLOFC-A.--Chart: Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 TRUST FUNDS Introduction.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-10.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-12.--Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-13.--Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 108 110 110 111 111 113 113 VI Contents Introduction.--Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-14.--Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-16.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-17.--Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-18.--Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-19.--Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-D.--Chart: Major trust funds, interest on investments, fiscal 1995 and 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-E.--Chart: Major trust funds, receipts and outlays, fiscal 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-20.--Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-21.--Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-22.--Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Introduction.--National Recreational Trails Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TF-23.--National Recreational Trails Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 115 117 117 121 121 122 122 123 123 124 124 125 125 126 126 128 128 129 129 130 130 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ins ide back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p= Preliminary; n.a.= Not available; r= Revised. 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 of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . √ Special Reports Consolidated Financial Statements of the United States Government (CFS) excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Liabilities and Other Financial Commitments of the United States Government. . . . . . . . . . . . . . . . . . . . . . . Trust Fund Reports: Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . Black Lung Disability Trust Fund. . . . . . . . . . . . . . . . . . . . Civil Service Retirement and Disability Fund . . . . . . . . . . Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . Federal Hospital Insurance Trust Fund . . . . . . . . . . . . . . . . Federal Old-Age and Survivors Insurance Trust Fund . . . Federal Supplementary Medical Insurance Trust Fund . . . Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Investments of specified trust accounts . . . . . . . . . . . . . . . Leaking Underground Storage Tank Trust Fund . . . . . . . . National Recreational Trails Trust Fund . . . . . . . . . . . . . . . National Service Life Insurance Fund . . . . . . . . . . . . . . . . Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . Vaccine Injury Compensation Trust Fund. . . . . . . . . . . . . . √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy [Source: Office of Economic Policy, Office of Financial Analysis] Real gross domestic product Economic growth was very strong in 1996 with real gross Growth of Real GDP, Chain Weights domestic product (GDP) rising by 3.4 percent during the (Percent change, fourth quarter to fourth quarter) four quarters of the year. This rate was an improvement over the 1.3 percent in 1995 and in line with the 3.5 percent growth in 1994. [On an annual average basis, real GDP rose by 2.5 percent in 1996.] Growth over the year was boosted by a 4.7 percent annual rate of gain in the final quarter, well above the 2.1 percent pace in the third quarter. In the fourth quarter, growth in the foreign trade sector improved dramatically, and consumer spending rebounded to a 3.4 percent annual rate from an increase of just 0.5 percent in the third quarter. Private nonresidential investment continued to grow rapidly in 1996, as it has throughout the expansion. Equipment investment increased 9.4 percent, although growth eased in the final quarter of the year following a very rapid surge in the third quarter. Investment in structures accelerated to 8.4 percent in 1996, its fastest pace in 12 years. Inflation was very low in the fourth quarter and throughtion. The core CPI advanced only 2.6 percent last year, out 1996 despite the pick-up in economic growth. The chaindown from 3.0 percent during 1995 and matching the low weighted price index for GDP moderated to a 1.8 percent 1994 increase which was the smallest since 1965. annual rate of gain in the fourth quarter from 2.0 percent in The producer price index (PPI) for finished goods inthe third. Over the entire year the index grew just 2.1 percreased by 2.8 percent during 1996, up from 2.3 percent the cent, the lowest since 1965. Prices paid by U.S. residents, exprevious year as food and energy boosted results. On a core cluding exports and including inports, also posted the basis, finished goods prices edged up by a mere 0.6 percent, smallest rise since 1965. very close to the 0.4 percent during 1993, the series low. At earlier stages of processing, core prices declined during Consumer and producer prices 1996. Inflation was extremely favorable in 1996, aside from a pickup in food and energy prices. “Core” inflation, excludThe cost of compensating labor, which typically rises ing the volatile food and energy components, showed signs when labor markets are tight, accelerated only a little last of continued deceleration. year. The employment cost index rose by 2.9 percent during 1996, little different from the 2.7 percent increase of 1995. A The consumer price index (CPI) rose by 3.3 percent last slight speedup in the growth of wages and salaries was paryear, up from an increase of 2.5 percent during 1995. Food tially offset by a further slowdown in benefit costs. and energy prices were responsible for all of the acceleraConsumer Prices* (Percent change from a year earlier) *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) Real disposable personal income and consumer spending Real disposable (after-tax) personal income rose at a 2.5 percent annual rate in the fourth quarter and by 2.7 percent over the entire year, a little less than the 3.1 percent increase over all of 1995. The composition of growth in 1996 was nonetheless favorable, as real wage and salary income increased faster than in the previous year. A smaller rise in interest income, along with higher tax payments reflecting in part the last installment of the 1993 tax hike on upperbracket incomes, accounted for most of the slowdown in total after-tax income. Real consumer spending picked up in 1996, rising by 2.7 percent over the four quarters compared with 1.9 percent over all of 1995. Spending rose at a 3.5 percent annual rate during the first half of the year, slowed abruptly to only 0.5 percent in the third quarter, then rebounded to a 3.4 percent annual rate in the final quarter of the year. The share of after-tax income devoted to personal saving rose to 5.2 percent in the second half of last year from 4.6 percent in the first half. For the year as a whole, the personal saving rate averaged 4.9 percent, up slightly from 4.7 percent in 1995 and a low 3.8 percent in 1994. Industrial production and capacity utilization Industrial production in manufacturing, mining, and utilities grew strongly by 4.3 percent during 1996. This was sub- 4 PROFILE OF THE ECONOMY stantially above the growth of 1.1 percent registered during 1995. Manufacturing production grew at a healthy rate of 4.8 percent during the last year. Within manufacturing, the production of computer equipment showed big advances; however, production of motor vehicles and parts on balance declined during the year. At the end of the year, weather affected the output of utilities. It weakened because the mild December weather reduced heating requirements. The industrial capacity utilization rate closed 1996 at 83.5 percent. This was up from 83.0 percent a year earlier, but still 1.4 percentage points below the peak rate for the current business cycle expansion of 84.9 percent. The long-term average for the years 1967 through 1995 was 82.0 percent. Employment and unemployment Increases in jobs on nonfarm establishment payrolls accelerated to an average of 218,000 per month during 1996 from 185,000 per month during 1995, for a total of 2.6 million new jobs in 1996. In January of this year, employment rose by 271,000. Civilian Unemployment Rate (In percentages) Establishment Employment (Monthly change in thousands) Strength over the past several years has been centered in the private service-producing sector of the economy, which has added 2.4 million jobs since December 1995. Manufacturing employment, which had fallen by 319,000 from its peak in March 1995 through last September, rose by 53,000 jobs from September through January 1997. Federal Government employment has been on a long-term decline: nonpostal Federal employment has fallen by 320,000 since its May 1992 peak, and the level in January was the lowest since May 1996. The unemployment rate in January was 5.4 percent. Unemployment has been in the narrow band between 5.2 to 5.7 percent of the labor force since October 1994, and has fallen 2.4 percentage points below the June 1992 peak of 7.8 percent. The share of the total working-age population that is employed rose to a new high of 63.6 percent in January. Nonfarm productivity and unit labor costs Nonfarm business productivity, or real output per hour worked, rose strongly by a 2.2 percent annual rate in the fourth quarter of 1996. Growth was 1.2 percent over all of 1996, near the long-term trend growth rate of 1.1 percent. That was a marked improvement over the last 3 years, when on balance there was no growth. Hourly compensation costs in the nonfarm business sector rose by a 3.6 percent annual rate in the fourth quarter and during the entire year. Labor costs per unit of output, which combine the impact of growth of compensation and productivity, are a key indicator of potential inflation. The rate rose at a slow 1.4 percent annual rate in the fourth quarter and by 2.4 percent during all of 1996. Such a low rate of advance indicates little inflationary pressure. Productivity in manufacturing, included in the nonfarm business sector, remains strong. It grew by 4.0 percent during 1996. Unit labor costs in manufacturing fell by 0.6 percent during 1996. Current account balance The current account is the broadest measure of U.S. transactions with the rest of the world, covering not only trade in goods and services but income flows as well. The deficit grew from a recent low of $10 billion in 1991 to a high of $148 billion in both 1994 and 1995. The widening reflected the faster pace of U.S. economic growth, which brought in imports at a more rapid rate than exports. Through the first three quarters of 1996, the current account deficit widened even further, averaging $164 billion at an annual rate. This still represented just 2.2 percent of GDP, however, little changed from the preceding 2 years. The widening deficit in 1996 reflected deterioration in the balance on goods and on investment income. In contrast, the surplus in services trade improved. Growth in the investment income deficit was mainly due to rising interest payments on the rapidly growing foreign holdings of U.S. Treasury securities. In the fourth quarter, the deficit balance on goods narrowed dramatically and the services surplus increased even further. This suggested an improvement in the current account deficit for the final quarter of the year. Exchange rate of the dollar The appreciation of the dollar began in the middle of 1995 and continued through 1996. So far in 1997 it has accelerated. Based on the Federal Reserve Board’s trade-weighted index of the dollar against G-10 currencies, the dollar had risen by 8.4 percent by the end of 1996 from the all-time low reached in April 1995. In January, the dollar rose by a further 2.6 percent. Most of the dollar deterioration that had occurred in 1994 was against the yen and the deutschemark, and the improvement was also greatest against these currencies. Between April 1995 and January 1997, the dollar rose by more than 40 percent against the yen and by more than 16 percent against the deutschemark. Despite the improvement, the trade-weighted index of the dollar remains about 6 percent below its recent high of January 1994. Many factors determine the level of exchange rates in international currency markets. Underlying economic fundamentals in the United States are sound and confidence in the dollar is high. PROFILE OF THE ECONOMY Interest rates Since early last year, the Federal Reserve Board has held the Federal funds rate target constant at 5.25 percent. The unchanging target has been consistent with an economic situation of continuing growth and little inflationary pressure. Short-term interest rates have similarly remained stable since then, with the 3-month Treasury bill rate staying near 5.0 percent. Long-term interest rates moved higher in the early part of 1996 and then eased. Since late last year, long-term rates Short-term Interest Rates (In percentages; Weekly data*) *Average for week ending Friday; Federal funds ending Wednesday. Long-term Interest Rates (In percentages; Weekly data*) have turned up a bit. The yield on the 30-year Treasury bond is currently around 6.8 percent, up from about 6.45 percent around last November. Mortgage interest rates have been very favorable. Early in 1996, the rate for a 30-year fixed rate loan was about 7 percent, close to the 25-year lows reached in October 1993. This rate rose within the year and then fell to less than 7.75 percent by the end of the year, low by historical standards. In early 1997, the rate increased to around 7.8 percent. Net national saving and investment During the first three quarters of 1996, net national saving, which excludes depreciation to replace worn-out or obsolete equipment and structures used in production, rose to 6.1 percent of net national product (NNP). That rate was up from 5.1 percent in 1995 and as low as 2.7 percent in 1992. Despite the gains, net saving remains only half as high as the 12 percent of NNP averaged in the 1960’s. 5 Recent improvement is mainly the result of the narrowing of the Federal deficit. That has reduced Government dissaving to 1.5 percent of NNP through the first three quarters of 1996 from 4.8 percent in 1992. Private saving, of households and businesses, was equivalent to 7.5 percent of NNP through the first three quarters of 1996, up a little from a historic low of 6.4 percent in 1994. Even so, private saving is still well below the nearly 10 percent of NNP averaged in the 1960’s and 1970’s. Net domestic investment equaled 7.3 percent of NNP over the first three quarters of 1996, up from a low of 4.1 percent in 1991. Foreign inflows were equivalent to 2.2 percent of NNP, or about one-third of domestic investment. U.S. sources provided investment equivalent to 5.1 percent of NNP, less than half the share of NNP averaged in the 1960’s and 1970’s. Housing Housing activity was very strong in 1996. Although bad weather held down most indicators of the housing market in December, the year as a whole was one of the best for housing in many years. Starts of new homes totaled 1.47 million in 1996, the best year for home building since 1988. Single-family starts increased nearly 8.0 percent over the 1995 level to 1.16 million units. Starts of new multi-family units improved by almost 13 percent in 1996 to 314,000 units. Home sales also reached new expansion peaks in 1996, contributing to the rapid growth in new starts. Sales of new single-family homes reached 756,000 in 1996, up from 667,000 in 1995 and the highest in 18 years. Sales of existing homes topped the 4 million mark for the first time since that series began in 1968. The homeownership rate rose to 65.6 percent in the third quarter, the highest in 15 years, before easing back slightly in the fourth quarter. Rapid growth in employment and income and very favorable readings of consumer confidence fueled the expansion in the housing market in 1996. Rising mortgage interest rates during the middle of the year were somewhat offset by a shift on the part of home buyers to lower-cost adjustable rate mortgages. Over the final 3 months of the year, fixed mortgage rates came down to below 8.0 percent for a 30year loan, a very favorable rate by historical standards. Federal budget deficit The Federal budget deficit fell to $107.3 billion in fiscal 1996, the lowest in 15 years and about $57 billion below the level of the previous fiscal year. As a share of GDP, the deficit was 1.4 percent, the smallest share since 1974. The deficit has been shrinking since fiscal 1992, when it reached an all-time high of $290 billion. Since then, the deficit has been cut by almost two-thirds, or a total of $183 billion. Strong economic growth and passage of the Omnibus Budget Reconciliation Act of 1993 set the deficit on its downward course. Further deficit reduction is expected over the next 6 years, with the Administration’s “Fiscal Year 1998 Budget” projecting balance by 2002. The deficit is projected to increase slightly in the current fiscal year as economic growth is expected to return to its long-term growth path, but then the deficit falls again in each of the next 5 years, showing a small surplus by fiscal 2002. Receipts are forecast to grow an average of 4.5 percent a year between fiscal 1996 and fiscal 2002, while growth in outlays is projected to be held to 3.2 percent a year. 6 FEDERAL FISCAL OPERATIONS INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash--outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and offbudget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts which include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions--payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions--payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions--payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by off-budget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “ Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the offbudget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 U.S.C. 900-922)] included offbudget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays, and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the Federal Reserve banks. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the FEDERAL FISCAL OPERATIONS “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 summarizes internal revenue collections by States and other areas and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax 7 liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), of payments made with tax returns, and of subsequent payments made after tax returns are due or are filed (i.e., payments with delinquent returns or on delinquent accounts). It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the State where such a corporation reported its taxes from a principal office rather than other States where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one State and work in another. Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Fourth-Quarter Receipts The following capsule analysis of budget receipts, by source, for the fourth quarter of fiscal 1996 supplements fiscal data reported in the December issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes—Individual income tax receipts were $164.6 billion for the fourth quarter of fiscal 1996. This is an increase of $16.7 billion over the comparable quarter for fiscal 1995. Withheld receipts increased by $12.0 billion and non-withheld receipts increased by $3.9 billion during this period. Refunds decreased by $0.9 billion over the comparable fiscal 1995 quarter. There was a decrease of $1.0 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 1995. Corporate income taxes—Net corporate receipts for the fourth quarter of fiscal 1996 totaled $43.2 billion. This was $4.3 billion higher than net receipts for the comparable quarter of fiscal 1995. The $4.3 billion figure consists of $4.3 billion in higher estimated and final payments with no change in refunds. The increase in net receipts mainly reflects higher corporate profits. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of fiscal 1996 were $117.8 billion, an increase of $9.0 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance trust funds increased by $4.8 billion, $0.6 billion, and $3.5 billion, respectively, over receipts from the comparable prior year quarter. There was a $1.0 billion adjustment for prior years liabilities made in the fourth quarter of fiscal 1996, an increase of $1.0 billion over the comparable prior year quarter. Contributions for other insurance and retirement— Contributions for other retirement were $1.1 billion for the fourth quarter of fiscal 1996. There was a negligible decrease over receipts from the comparable quarter of fiscal 1995. 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) falls slowly relative to those covered under the civil service retirement system (CSRS). Unemployment insurance—Unemployment insurance receipts for the fourth quarter of fiscal 1996 were $6.1 billion, which is a $0.2 billion decrease over the comparable quarter of fiscal 1995. State taxes deposited in the U.S. Treasury decreased by $0.3 billion, and Federal Unemployment Tax Act (FUTA) receipts increased by $0.1 billion. Railroad unemployment tax receipts increased negligibly from the comparable quarter of fiscal 1995. Excise taxes—Net excise tax receipts for the fourth quarter of fiscal 1996 were $13.9 billion, a decrease of $1.8 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.1 billion, an increase of $0.6 billion over the comparable prior year quarter. The decrease in net receipts mainly reflects the expiration of certain excise taxes. 8 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source, con. Estate and gift taxes—Estate and gift tax receipts were $4.5 billion for the July through September quarter of fiscal 1996. These receipts represent a decrease of $0.8 billion over the previous quarter, as well as an increase of $0.7 billion over the same quarter in the previous year. Customs duties—Customs receipts net of refunds were $5.1 billion for the fourth quarter of fiscal 1996. This is approximately $100 million more than the customs duties received in the Treasury from the comparable prior year quarter. This difference is attributable to an increase in merchandise imports. Miscellaneous receipts—Net miscellaneous receipts for the fourth quarter of fiscal 1996 were $6.6 billion, an increase of $1.5 billion over the comparable prior year quarter. Deposits of earnings by Federal Reserve banks increased by $1.3 billion over the comparable prior year quarter. Note: During the fourth quarter, fiscal year totals for miscellaneous receipts were increased by $0.9 billion and $0.8 billion for fiscal 1995 and fiscal 1996 respectively, to capture reporting for the “Universal Service Fund.” Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: Financial Management Service] First quarter (Oct. - Dec.) Actual fiscal year to date Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,994 263,190 82,804 404,768 339,506 65,262 -58,775 -76,317 17,542 345,994 263,190 82,804 404,768 339,506 65,262 -58,775 -76,317 17,542 Means of financing: Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,726 11,431 -1,382 58,775 48,726 11,431 -1,382 58,775 Fourth Quarter Fiscal 1996 Net Budget Receipts, by Source [In billion s of dollar s. Sour ce: “M onth ly T re asur y Sta teme nt o f R eceipt s and Outlays of t he U nite d Sta tes Gove rn ment ”] Source Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 49.8 5.0 37.0 1.9 0.4 4.5 1.3 1.7 2.3 103.9 August 46.1 3.1 37.1 4.0 0.4 4.0 1.6 1.8 2.5 100.6 September 68.7 35.1 43.7 0.2 0.3 5.3 1.7 1.6 1.9 158.5 FEDERAL FISCAL OPERATIONS 9 CHART FFO-A.-Monthly Receipts and Outlays On-budget receipts Off-budget receipts On-budget outlays Off-budget outlays CHART FFO-B.-Budget Receipts by Source, Fiscal Year to Date, 1996-1997 (In billions of dollars) Source for both charts: “Monthly Treasury Statement of Receipts 10 FEDERAL FISCAL OPERATIONS TABLE FFO-1.--Summary of Fiscal Operations [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Total on-budget and off-budget results Fiscal year or month 1992 1 1993 11 1994 1 1995 1 1996 Total receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) Means of financing -net transactions Borrowing from the public-Off-budget Federal surplus securities or Public deficit debt (-) securities (9) (10) ........... ........... ........... ........... ........... 1,091,692 1,153,175 1,257,187 1,350,576 1,452,763 789,266 841,241 922,161 999,496 1,085,271 302,426 311,934 335,026 351,080 367,492 1,381,895 1,408,122 1,460,557 1,514,389 1,560,094 1,129,336 1,142,110 1,181,185 1,225,724 1,259,638 252,559 266,012 279,372 288,665 300,455 -290,204 -254,948 -203,370 -163,813 -107,331 -340,071 -300,869 -259,024 -226,228 -174,367 49,867 45,922 55,654 62,415 67,036 403,396 342,629 288,987 278,535 252,891 1997 - Est. . . . . . . . . 1,495,238 1,107,223 388,015 1,635,329 1,317,655 317,674 -140,091 -210,432 70,341 293,300 1995 - Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 138,347 142,999 89,428 89,087 203,468 90,122 151,995 103,893 99,996 157,668 99,656 97,849 148,489 110,398 110,692 60,992 56,753 160,855 60,183 116,794 75,283 71,505 125,806 73,644 70,018 119,527 27,949 32,307 28,437 32,334 42,613 29,938 35,201 28,610 28,491 31,862 26,012 27,831 28,961 133,064 123,543 133,775 136,158 131,064 143,173 117,654 130,749 141,828 122,298 139,915 135,727 129,126 121,832 97,952 105,842 108,236 105,201 114,316 103,997 104,215 113,840 90,309 113,290 106,327 119,889 11,231 25,591 27,933 27,921 25,863 28,856 13,657 26,535 27,988 31,989 26,625 29,400 9,237 5,283 19,456 -44,346 -47,071 72,404 -53,051 34,340 -26,856 -41,831 35,370 -40,259 -37,878 19,362 -11,434 12,740 -44,850 -51,483 55,654 -54,133 12,797 -28,932 -42,335 35,496 -39,646 -36,309 -362 16,717 6,716 504 4,413 16,750 1,082 21,544 2,076 504 -127 -613 -1,569 19,724 79 42 28,707 101,066 -15,665 26,689 32,460 27,710 19,507 16,859 23,149 49,465 26,917 Fiscal 1997 to date . 345,994 263,190 82,804 404,768 339,506 65,262 -58,775 -76,317 17,542 99,531 Transactions not applied to year’s surplus or deficit (19) Total financing (20) Means of financing--net transactions, con. Cash and monetary assets (deduct) Fiscal year or month Borrowing from the public-Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) ........... ........... ........... ........... ........... 500 6,652 3,665 -1,224 8,088 92,978 100,663 107,655 106,024 131,266 310,918 248,619 184,998 171,288 129,713 17,305 -6,283 -16,564 2,007 6,276 1,389 -907 768 -1,086 -408 18,654 -1,429 -992 9,109 -4,626 672 2,333 -35 2,614 746 17,043 -301 831 4,447 -21,009 263 350 715 722 615 290,204 254,948 203,370 163,813 107,331 1997 - Est. . . . . . . . . -1,748 127,226 164,326 - * * * -24,235 * 140,091 1995 - Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 104 -104 8,033 -666 154 -365 520 -507 -147 -113 203 -891 -136 18,541 4,685 -10,282 62,211 19,955 5,691 41,599 -1,895 3,200 22,638 7,763 3,115 39,101 -18,358 -4,747 47,022 38,189 -35,466 20,633 -8,619 29,098 16,160 -5,892 15,588 45,459 -12,321 -5,611 16,959 -6,297 -9,283 26,449 -43,809 33,519 -1,261 -23,705 31,159 -18,592 673 6,487 2 -258 327 -57 -86 74 9 170 -459 -129 48 134 -48 459 1,073 -1,678 207 5,883 -856 346 1,077 -8,401 -2,367 456 310 214 76 -340 503 434 -131 114 50 387 -71 -168 91 -2 -81 8,001 2,725 -9,821 183 -4,823 -12,059 8,203 -1,889 -6,965 -1,578 6,677 -6,466 -469 20 595 - -5,283 -19,456 44,346 47,071 -72,404 53,051 -34,340 26,856 41,831 -35,370 40,259 37,878 -19,362 Fiscal 1997 to date . -825 49,980 48,726 -11,431 135 983 7 -258 - 58,775 1992 1 1993 1 1994 1 1995 1 1996 1 U.S. Treasury operating cash (14) * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Special drawing rights (15) Other (16) Reserve position on the U.S. quota in the IMF (deduct) (17) Other (18) Note.--On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 11 TABLE FFO-2.--On-budget and Off-budget Receipts by Source [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Income taxes Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) Social insurance taxes and contributions Employment taxes and contributions Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) ............... ............... ............... ............... ............... 408,352 430,427 459,699 499,898 533,080 149,372 154,800 160,117 175,884 212,234 81,259 75,546 77,077 85,624 88,897 476,465 509,680 542,738 590,157 656,417 117,951 131,548 154,205 174,422 189,055 17,680 14,027 13,820 17,334 17,231 100,270 117,520 140,385 157,088 171,824 576,735 627,200 683,123 747,245 828,241 382,339 393,688 425,985 447,104 474,134 804 531 898 1,644 381,535 393,158 425,087 447,104 472,490 1997 - Est. . . . . . . . . . . . . 549,952 187,818 92,668 645,102 203,488 18,510 184,978 830,080 496,785 - 496,785 1995 - Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 50,597 55,351 46,722 41,834 38,930 45,399 35,941 48,072 43,834 39,537 48,866 46,989 52,690 3,227 31,160 3,170 5,806 89,405 6,364 26,936 3,635 4,008 30,630 5,639 2,005 7,582 646 319 9,565 25,118 20,822 21,850 2,061 1,893 1,737 1,495 905 2,724 850 53,179 86,192 40,327 22,523 107,513 29,914 60,816 49,814 46,105 68,672 53,600 46,271 59,423 38,954 6,381 3,797 17,793 26,912 3,647 37,950 5,656 3,718 36,378 5,654 3,522 40,436 932 1,223 2,105 2,332 1,975 1,077 992 681 644 1,274 4,792 1,183 1,479 38,021 5,158 1,692 15,460 24,937 2,570 36,957 4,975 3,074 35,105 863 2,339 38,956 91,200 91,350 42,019 37,983 132,450 32,484 97,773 54,789 49,179 103,777 54,463 48,610 98,379 36,870 40,361 35,681 40,674 56,224 37,707 44,930 36,483 36,234 43,363 34,086 36,605 39,786 894 - 36,870 40,361 35,681 40,674 56,224 37,707 44,930 36,483 36,234 42,468 34,086 36,605 39,786 Fiscal 1997 to date . . . . . 148,545 15,226 4,479 159,294 49,612 7,454 42,158 201,452 110,477 - 110,477 Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Social insurance taxes and contributions, con. Employment taxes and contributions, con. Net Unemployment insurance employment Net Railroad retirement accounts taxes and unemployment Gross Refunds Net contributions Gross Refunds insurance (12) (13) (14) (15) (16) (17) (18) Net contributions for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) ........... ........... ........... ........... ........... 3,961 3,793 3,767 3,972 3,966 5 11 44 30 93 3,956 3,781 3,723 3,942 3,872 385,491 396,939 428,810 451,046 476,362 23,557 26,680 28,114 28,985 28,687 147 124 110 107 103 23,410 26,556 28,004 28,878 28,584 4,683 4,709 4,563 4,461 4,389 105 96 98 89 80 4,788 4,805 4,661 4,550 4,469 1997 - Est. . . . . . . . . 3,959 - 3,959 500,744 30,841 - 30,841 4,500 90 4,590 1995 - Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 290 428 379 367 389 401 -42 464 328 350 342 362 271 36 47 49 -45 -1 5 * 1 * 1 * * * 254 381 330 412 390 396 -42 463 328 349 342 362 271 37,123 40,742 36,011 41,086 56,615 38,104 44,888 36,946 36,562 42,817 34,428 36,967 40,057 228 1,090 2,559 259 3,650 10,165 400 1,961 4,008 210 1,333 2,578 259 5 10 13 1 23 10 22 14 4 2 5 - 223 1,081 2,546 258 3,628 10,155 400 1,939 3,994 206 1,330 2,574 259 411 368 391 401 354 411 289 365 390 343 341 405 364 5 6 12 18 -8 6 6 7 7 6 6 6 7 416 374 403 419 346 417 295 372 397 348 346 411 371 Fiscal 1997 to date . 975 * 975 111,452 4,170 7 4,163 1,110 19 1,129 See footnotes at end of table. 12 FEDERAL FISCAL OPERATIONS TABLE FFO-2.--On-budget and Off-budget Receipts by Source, con. [In millions of dollars. Source: "Monthly Statement of Receipts and Outlays of the United States Government"] Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Social insurance taxes and contributions, con. Net social insurance taxes and Airport and Airway Trust Fund contributions Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Gross Refunds Net Gross Refunds Net (26) (27) (28) (29) (30) (31) Gross (32) Miscellaneous Refunds Net (33) (34) ............... ............... ............... ............... ............... 413,689 428,300 461,475 484,474 509,415 4,660 3,276 5,217 5,406 2,405 15 15 28 39 21 4,645 3,262 5,189 5,367 2,384 626 634 567 608 614 - 626 634 567 608 614 17,287 18,321 17,426 23,358 25,309 574 283 758 913 329 16,713 18,039 16,668 22,445 24,980 24,562 26,718 33,573 29,926 27,698 977 595 772 861 1,662 23,585 26,123 32,801 29,065 26,036 1997 - Est. . . . . . . . . . . . . 536,175 6,251 - 6,251 633 - 633 24,904 - 24,904 27,840 - 27,840 1995 - Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 37,762 42,197 38,960 41,763 60,588 48,676 45,583 39,258 40,953 43,372 36,104 39,952 40,687 447 502 -405 31 396 20 269 230 490 469 429 6 10 4 11 - 441 502 -405 21 396 15 269 230 479 469 429 52 41 53 44 52 51 51 48 50 69 28 49 50 - 52 41 53 44 52 51 51 48 50 69 28 49 50 1,802 2,282 1,951 1,836 2,171 2,006 2,099 3,154 2,139 2,384 1,417 2,038 1,899 96 298 267 -542 210 214 1 1,706 2,282 1,951 1,538 1,904 2,006 2,642 2,944 2,139 2,384 1,203 2,038 1,898 2,613 1,456 2,766 2,341 2,413 1,887 2,242 1,601 1,988 2,989 2,044 2,173 2,229 -58 39 58 -189 -209 226 624 101 415 356 -170 51 47 2,672 1,417 2,708 2,530 2,621 1,660 1,618 1,500 1,574 2,633 2,214 2,122 2,182 Fiscal 1997 to date . . . . . 116,743 1,388 11 1,377 126 - 126 5,354 215 5,139 6,445 -72 6,518 Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Customs duties Gross Refunds (39) (40) Net miscellaneous receipts Deposits of earnings by Federal All Net Reserve banks other Total (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) ............. ............. ............. ............. ............. 45,570 48,057 55,225 57,485 54,015 11,479 12,891 15,607 15,144 17,592 336 314 382 380 403 11,143 12,577 15,225 14,764 17,189 18,135 19,613 20,973 21,067 19,788 775 811 874 1,767 1,117 17,359 18,802 20,099 19,300 18,671 22,908 14,908 18,023 23,378 20,477 4,292 3,331 4,018 3,928 4,755 27,195 789,266 18,239 841,241 22,041 922,161 27,306 999,496 25,232 1,085,271 302,426 311,934 335,026 351,080 367,492 1997 - Est. . . . . . . . . . . 59,628 17,077 - 17,077 20,454 - 20,454 22,580 9,244 31,824 1,107,223 388,015 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 4,870 4,241 4,308 4,133 4,577 4,113 4,310 4,508 4,033 5,315 3,923 4,678 4,559 1,411 1,321 1,120 1,170 2,746 1,445 1,177 1,278 1,597 1,745 1,608 1,424 1,438 29 33 31 34 42 31 36 19 31 47 61 30 67 1,383 1,288 1,090 1,137 2,704 1,415 1,141 1,259 1,566 1,698 1,547 1,394 1,371 1,532 1,574 1,525 1,608 1,498 1,549 1,548 1,804 1,872 1,687 1,889 1,618 1,618 94 92 68 80 110 122 99 92 65 82 457 399 98 1,439 1,482 1,456 1,528 1,388 1,427 1,450 1,712 1,807 1,604 1,432 1,219 1,520 1,388 2,159 872 2,051 1,421 1,707 1,456 2,018 2,054 1,478 1,703 1,656 1,605 306 283 723 492 340 299 282 350 405 423 484 341 367 1,694 2,442 1,596 2,543 1,761 2,006 1,738 2,367 2,459 1,902 2,187 1,997 1,973 110,398 110,692 60,992 56,753 160,855 60,183 116,794 75,283 71,505 125,806 73,644 70,018 119,527 27,949 32,307 28,437 32,334 42,613 29,938 35,201 28,610 28,491 31,862 26,012 27,831 28,961 Fiscal 1997 to date . . . 13,160 4,471 158 4,313 5,124 954 4,170 4,964 1,192 6,156 263,190 82,804 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Note.--On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-3.--On-budget and Off-budget Outlays by Agency [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month Legislative branch (1) The judiciary (2) Executive Office of the President (3) ............. ............. ............. ............. ............. 2,677 2,406 2,561 2,621 2,272 2,299 2,579 2,659 2,903 3,061 190 194 229 213 202 11,109 11,527 10,511 11,163 9,716 56,436 63,143 60,812 56,667 54,338 2,567 2,798 2,915 3,403 3,703 286,632 278,576 268,635 259,565 253,258 28,265 29,262 30,402 31,664 32,535 26,047 30,414 24,699 31,321 29,900 15,439 16,801 17,840 17,618 16,199 1997 - Est. . . . . . . . . . . 2,752 3,561 215 10,337 55,942 3,993 247,463 33,292 29,639 14,569 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 158 262 199 162 172 205 167 243 191 165 328 209 186 226 320 212 215 329 385 206 319 230 226 216 401 209 14 18 15 25 19 19 14 19 16 16 14 22 17 193 1,073 2,340 825 827 592 437 -209 681 1,029 3,593 480 802 4,240 4,250 3,682 3,916 3,265 3,757 3,558 4,545 3,857 6,920 5,985 5,244 5,346 250 363 307 287 322 335 239 379 314 272 313 351 332 23,988 19,187 20,533 21,348 21,778 25,409 18,532 21,362 24,930 18,835 21,218 23,716 21,896 2,593 2,718 2,853 2,664 2,683 2,774 2,635 2,756 2,781 2,711 2,755 2,831 2,805 1,891 3,624 2,568 2,620 2,356 1,906 2,194 1,462 3,317 3,569 2,362 3,303 1,970 1,498 1,139 1,285 1,222 1,136 1,200 1,422 1,326 1,470 1,622 1,380 1,265 1,304 Fiscal 1997 to date . . . 723 826 53 4,875 16,574 996 66,830 8,392 7,636 3,949 1992 1 1993 1 1994 1 1995 1 1996 1 Fiscal year or month 1992 1 1993 1 1994 1 1995 1 1996 1 Funds appropriated to the Department of Department of President Agriculture Commerce (4) (5) (6) Department of Defense Military Civil (7) (8) Department of Department Department the Treasury of Health of Housing and Department Interest and Human Urban De- Department of Department Department Department of Transpor- on the Services velopment the Interior of Justice of Labor of State tation public debt Other (11) (12) (13) (14) (15) (16) (17) (18) (19) Department of Department Education of Energy (9) (10) EnvironDepartment mental of Veterans Protection Affairs Agency (20) (21) ............. ............. ............. ............. ............. 257,961 282,774 310,837 303,074 319,803 24,470 25,185 25,774 29,045 25,512 6,555 6,728 6,910 7,415 6,720 9,826 10,197 10,005 10,781 11,951 47,164 44,738 36,919 32,170 32,496 5,007 5,384 5,718 5,347 4,953 32,561 34,457 37,278 38,776 38,777 292,330 292,502 296,278 332,414 343,955 1,098 6,209 10,981 16,027 21,375 33,737 35,487 37,401 37,770 36,915 5,932 5,925 5,855 6,349 6,046 1997 - Est. . . . . . . . . . . 354,274 32,175 6,931 15,596 35,154 5,540 38,063 346,118 22,733 39,819 6,460 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 25,767 25,452 26,203 26,366 27,852 31,391 23,661 28,228 29,225 24,408 28,173 28,885 27,853 2,701 2,646 2,162 3,122 2,308 2,384 1,348 2,449 2,426 528 3,103 3,336 1,395 499 536 624 485 504 567 497 569 571 750 640 679 615 838 1,112 933 920 1,020 1,079 945 1,275 1,125 910 919 1,263 1,141 2,424 3,523 2,512 2,982 3,197 2,381 2,528 2,848 2,587 2,190 2,439 1,526 2,707 439 300 423 432 357 404 332 725 355 314 700 301 843 3,122 3,115 2,979 2,914 2,885 3,316 3,194 3,652 3,596 3,567 3,866 3,348 3,224 60,676 20,923 20,977 20,739 21,481 26,902 59,749 21,100 23,099 20,673 21,695 26,574 63,993 1,146 405 6,870 7,171 2,939 1,686 1,753 304 891 -706 558 335 311 4,416 2,152 2,884 3,288 2,950 5,235 1,566 3,250 4,660 1,632 3,374 5,139 3,074 435 595 526 481 494 471 478 567 380 596 442 457 655 Fiscal 1997 to date . . . 84,913 7,834 1,933 3,323 6,672 1,844 10,439 112,263 1,203 11,589 1,554 See footnotes at end of table. 14 FEDERAL FISCAL OPERATIONS TABLE FFO-3.--On-budget and Off-budget Outlays by Agency, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month National Aeronautics General and Office of Services Space Personnel Adminis- Adminis- Managetration tration ment (22) (23) (24) Undistributed offsetting receipts Small Business Administration (25) Social Security Administration (26) Rents and Other Employer Interest royalties indepenshare, received on the Outer dent employee by trust Continental agencies retirement funds Shelf lands (27) (28) (29) (30) Other (31) Allowances (32) Total outlays OnOffbudget budget (33) (34) 1992 1 . . . . . . . . . . . . . 469 13,961 35,596 394 281,418 18,877 -36,782 -77,838 -2,498 * - 1,129,336 252,559 1993 1 . . . . . . . . . . . . . 743 14,305 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * - 1,142,110 266,012 1994 1 . . . . . . . . . . . . . 334 13,694 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * - 1,181,185 279,372 1995 1 . . . . . . . . . . . . . 708 13,377 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 - 1,225,724 288,665 1996 1 . . . . . . . . . . . . . 625 13,882 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 - 1,259,638 300,455 1997 - Est. . . . . . . . . . . 695 13,699 44,618 423 398,085 21,176 -34,163 -102,078 -3,193 -3,600 -4,959 1,317,655 317,674 1995 - Dec. . . . . . . . . . 477 973 3,576 76 32,778 819 -2,562 -40,467 -121 * - 121,832 11,231 1996 - Jan. . . . . . . . . . -393 1,208 3,379 -9 28,961 -438 -2,491 -65 -322 * - 97,952 25,591 Feb. . . . . . . . . . 382 1,073 3,252 23 31,206 636 -2,559 -1,028 -295 - - 105,842 27,933 Mar. . . . . . . . . . 396 1,057 3,758 41 31,384 -28 -2,282 -144 -8 -200 - 108,236 27,921 Apr. . . . . . . . . . -739 1,193 3,756 31 31,433 435 -2,428 -990 -499 -5 - 105,201 25,863 May . . . . . . . . . -520 1,281 3,377 40 33,650 1,887 -2,583 -5,951 -408 * - 114,316 28,856 June . . . . . . . . . 423 1,155 3,893 38 32,685 -2,226 -2,558 -41,135 -78 * - 103,997 13,657 July . . . . . . . . . -812 1,280 3,854 31 31,694 1,193 -2,880 -116 -641 -23 - 104,215 26,535 Aug. . . . . . . . . . 372 1,095 3,619 36 33,832 647 -2,618 -1,598 -262 -1 - 113,840 27,988 Sept. . . . . . . . . 311 1,320 3,415 310 29,254 4,311 -5,806 -385 -546 -115 - 90,309 31,989 Oct. . . . . . . . . . 285 1,115 3,762 25 31,812 1,968 -2,407 -347 -370 - - 113,290 26,625 Nov. . . . . . . . . . -687 1,237 3,474 40 33,899 -3,411 -2,580 -5,855 -55 -3 - 106,327 29,400 Dec. . . . . . . . . . 610 1,275 3,950 -101 31,865 1,210 -2,451 -43,522 -762 -3,627 - 119,889 9,237 Fiscal 1997 to date . . . 208 3,627 11,185 -36 97,576 -233 -7,438 -49,725 -1,187 -3,630 - 339,506 65,262 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Note.--On-budget and off-budget estimates are based on the “Mid-session Review” of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 15 TABLE FFO-4.--Internal Revenue Collections by States and Other Areas, Fiscal 1996 [In thousands of dollars. Source: Revenue Accounting Office, Internal Revenue Service] State, ect.1 Alabama . . . . . . . . . . . . . Alaska . . . . . . . . . . . . . . . Arizona . . . . . . . . . . . . . . Arkansas . . . . . . . . . . . . . California . . . . . . . . . . . . . Colorado . . . . . . . . . . . . . Connecticut . . . . . . . . . . . Delaware . . . . . . . . . . . . . Florida . . . . . . . . . . . . . . . Georgia . . . . . . . . . . . . . . Hawaii . . . . . . . . . . . . . . . Idaho . . . . . . . . . . . . . . . . Illinois. . . . . . . . . . . . . . . . Indiana. . . . . . . . . . . . . . . Iowa. . . . . . . . . . . . . . . . . Kansas. . . . . . . . . . . . . . . Kentucky . . . . . . . . . . . . . Louisiana . . . . . . . . . . . . . Maine. . . . . . . . . . . . . . . . Maryland (including District of Columbia) . . . Massachusetts . . . . . . . . Michigan . . . . . . . . . . . . . Minnesota . . . . . . . . . . . . Mississippi . . . . . . . . . . . . Missouri . . . . . . . . . . . . . . Montana . . . . . . . . . . . . . Nebraska . . . . . . . . . . . . . Nevada . . . . . . . . . . . . . . New Hampshire. . . . . . . . New Jersey . . . . . . . . . . . New Mexico. . . . . . . . . . . New York. . . . . . . . . . . . . North Carolina . . . . . . . . . North Dakota . . . . . . . . . . Ohio. . . . . . . . . . . . . . . . . Oklahoma . . . . . . . . . . . . Oregon. . . . . . . . . . . . . . . Pennsylvania . . . . . . . . . . Rhode Island . . . . . . . . . . South Carolina. . . . . . . . . South Dakota. . . . . . . . . . Tennessee. . . . . . . . . . . . Texas. . . . . . . . . . . . . . . . Utah. . . . . . . . . . . . . . . . . Vermont. . . . . . . . . . . . . . Virginia. . . . . . . . . . . . . . . Washington . . . . . . . . . . . West Virginia . . . . . . . . . . Wisconsin . . . . . . . . . . . . Wyoming . . . . . . . . . . . . . International operations. . Undistributed: Presidential Election Campaign Fund 5 . . . . Other, including Federal tax deposits 6 . . . . . . . Total . . . . . . . . . . . . . . 1 Individual income and employment taxes Individual Individual income tax income tax not withheld withheld and Railroad and SECA 2,3 FICA 2 retirement (3) (4) (5) 2,756,750 10,152,787 2,352 599,622 1,797,769 815 3,401,897 10,331,240 1,787 1,542,465 7,890,947 4,715 31,512,123 105,339,351 332,446 4,025,053 16,023,441 4,747 4,794,320 19,320,587 1,019 775,844 4,188,468 366 16,460,711 40,940,252 527,349 5,622,554 27,770,973 4,468 892,202 3,133,796 910,231 3,421,631 416 12,967,146 57,337,434 188,066 4,140,063 18,509,824 20,984 2,066,822 7,682,895 12,494 2,154,199 8,197,173 340,293 2,318,093 9,274,269 5,514 2,821,583 10,390,402 1,990 798,834 2,742,428 5,328 Unemployment Corporation insurance income taxes 4 (6) (7) 77,991 1,491,389 10,880 102,108 78,877 926,084 91,665 1,982,560 683,260 19,638,563 89,729 1,724,186 86,912 5,118,123 21,635 2,901,338 281,426 5,401,787 196,442 6,657,889 19,273 403,869 31,277 947,868 304,851 12,935,600 111,671 2,101,120 51,439 1,733,810 60,522 1,502,382 64,250 1,281,498 67,600 1,374,269 20,305 284,803 Total collections (1) 14,858,550 2,540,188 15,220,432 11,996,283 164,751,680 22,799,485 30,021,278 8,083,805 65,537,041 41,862,066 4,573,256 5,365,469 87,750,462 25,342,705 11,748,027 13,556,238 14,087,581 15,006,147 3,984,638 Total (2) 12,989,879 2,409,086 13,813,801 9,529,792 137,867,181 20,142,970 24,202,836 4,986,313 58,209,738 33,594,437 4,045,271 4,363,555 70,797,496 22,782,541 9,813,651 10,752,186 11,662,127 13,281,575 3,566,895 43,735,805 42,783,209 60,359,524 40,238,133 7,337,410 31,912,368 2,424,983 10,465,957 8,101,301 5,295,332 67,193,993 4,852,395 139,085,027 31,264,213 2,130,315 65,125,578 16,260,254 14,757,031 68,178,042 4,991,778 13,512,782 2,569,193 27,383,040 101,073,026 7,971,764 2,210,617 31,902,275 29,125,505 4,500,268 27,055,628 1,825,211 11,498,568 38,293,291 36,489,433 52,916,124 34,400,106 6,477,768 25,604,581 2,202,756 8,328,168 7,083,628 4,827,429 54,609,919 4,425,038 114,415,117 26,332,602 1,957,015 53,608,947 10,615,990 12,889,587 57,727,767 4,337,567 12,209,061 2,254,649 23,223,102 76,863,669 6,944,361 1,948,051 27,185,490 25,547,793 4,057,855 22,797,217 1,469,636 7,442,312 5,258,912 7,268,170 6,853,836 4,273,156 1,444,643 4,053,150 657,039 1,452,386 2,304,432 1,065,257 8,851,750 983,473 20,826,782 5,200,716 514,570 8,041,211 2,001,268 2,928,041 10,153,508 806,011 2,248,032 668,894 4,033,621 15,847,246 1,462,663 437,778 5,270,881 5,725,723 814,665 4,018,217 523,634 1,938,420 32,553,447 29,039,449 45,764,004 29,446,032 4,989,719 21,366,051 1,516,900 6,222,073 4,738,178 3,737,476 45,480,490 3,413,994 92,948,434 20,968,616 1,430,674 45,276,747 8,554,783 9,923,592 46,896,239 3,509,433 9,889,730 1,568,557 19,063,684 60,575,133 5,433,989 1,496,212 21,380,214 19,694,019 3,222,117 18,650,150 938,777 5,447,510 368,617 19,215 59,762 537,966 1,931 50,781 16,308 615,653 215 335 59,474 334 242,329 1,310 1,650 24,437 1,907 1,198 413,065 1,072 4,677 2,918 33,691 2,651 2,299 394,339 2,474 287 1,539 60 9,456 112,314 162,598 238,522 142,951 41,474 134,600 12,509 38,056 40,804 24,362 218,206 27,238 397,572 161,961 10,122 266,552 58,031 36,756 264,956 22,123 70,228 12,521 122,878 407,599 45,058 11,762 140,057 125,578 20,786 127,312 7,165 46,926 66,268 66,268 - 66,268 - 340,816 -618,907 1,486,546,674 1,237,678,455 559,808 239,048,405 -1,236,443 988,345,643 285 4,327,382 Receipts in the various States do not indicate the Federal tax burden of each since, in many instances, taxes are collected in one State from residents of another State. For example, withholding taxes reported by employers located near State lines may include substantial amounts withheld from salaries of employees who reside in neighboring States. Also, the taxes of some corporations are paid from a principal office, although their operations may be located in another State, or throughout several States. 2 Collections of individual income tax (withheld and not withheld) include old-age, survivor’s, disability, and hospital insurance taxes on salaries and wages (FICA) and self-employment income (SECA). 3 Includes fiduciary income tax collections of $8 billion. 4 Includes taxes of $501.9 million on unrelated business income of exempt organizations (Forms 990T). 5 Represents IRS transfer of the Presidential Election Campaign check-off option on individual Estate and gift taxes (8) 151,068 8,378 203,148 82,204 2,847,068 175,640 442,853 43,670 1,551,156 307,087 72,451 35,523 881,787 199,150 103,294 225,482 161,816 154,436 42,513 Excise taxes (9) 226,215 20,616 277,399 401,727 4,398,868 756,689 257,465 152,485 374,360 1,302,652 51,664 18,523 3,135,579 259,895 97,272 1,076,187 982,139 195,868 90,427 4,363,759 5,485,042 6,772,640 4,907,471 600,028 4,723,432 176,784 1,942,452 815,256 377,357 10,243,106 260,244 21,776,419 4,446,055 135,406 8,140,927 1,497,907 1,541,505 7,818,890 588,333 1,065,809 250,118 3,505,785 12,898,992 708,411 230,067 3,705,606 2,797,874 284,161 3,796,257 53,737 3,919,232 458,613 444,700 420,725 238,009 51,397 661,471 21,859 89,392 129,682 54,339 538,979 59,085 1,979,535 301,226 16,478 548,499 144,831 169,993 683,243 51,940 121,595 27,218 195,086 891,518 69,057 15,296 413,653 296,518 40,230 270,616 24,551 62,480 620,142 364,035 250,036 692,547 208,217 922,884 23,583 105,944 72,735 36,207 1,801,989 108,028 913,956 184,330 21,417 2,827,205 4,001,527 155,945 1,948,141 13,938 116,316 37,206 459,067 10,418,847 249,934 17,203 597,525 483,319 118,022 191,538 277,287 74,544 - - - - 57,443 5,957,025 716,481 189,054,791 411,273 17,591,817 -168,031 42,221,611 income tax returns processed during the fiscal year ended September 30, 1996, of $3 per single return and $3 or $6 per joint return from the Individual Income Withholding Receipt Account Number 20-0101 to account number 20-5081. A total of $66.2 million was designated on 15.3 million returns. 6 Amounts not classified by State or district as of the end of the fiscal year. This includes tax payments made to banks under the Federal Tax Deposit (FTD) System. These payments are included in collections but are not classified by district until applied to taxpayer accounts. Also included are credits allowable on income tax returns for certain gasoline, diesel, and special motor fuel tax payments and for excess payments under the Federal Insurance Contributions Act. Note.--Details may not add to totals due to rounding. Amounts reflect adjustments made to data reported in prior years. Negative figures are displayed when prior year adjustments exceed current year receipts. 16 ACCOUNT OF THE U.S. TREASURY INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Treasury’s operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include the Daily Balance Wire received from the FRBs and branches, and electronic transfers through the Letter of Credit Payment, Fedline Payment, and Fedwire Deposit Systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Note Option. The program permits Treasury to collect funds through financial institutions and to leave the funds in Note Option depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on Note Option financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury’s account at FRBs do so under the Remittance Option. Under authority of Public Law 95-147, Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations participate under the Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments, which the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1992 1993 1994 1995 1996 Received directly (1) Federal Reserve accounts Credits 1 Received through Remittance Option tax and loan depositaries (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) .............. .............. .............. .............. .............. 3,266,858 3,407,516 3,597,247 3,904,812 4,366,413 288,556 331,337 307,639 226,833 194,156 3,538,754 3,746,152 3,915,321 4,129,866 4,561,495 572,967 584,383 686,879 642,952 629,083 572,321 583,369 693,001 642,716 621,887 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept . . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 316,921 339,184 409,663 275,277 520,944 424,041 318,757 346,058 333,559 390,178 332,408 320,065 382,441 21,708 18,119 13,572 15,685 17,110 14,052 17,596 14,795 13,558 17,788 14,599 13,607 19,452 338,354 355,071 425,812 289,573 534,033 445,378 332,410 361,718 348,804 405,417 348,807 334,710 399,006 68,902 54,403 45,271 52,580 58,821 46,232 60,307 47,017 44,612 59,787 48,117 45,217 76,102 74,788 39,676 48,989 63,252 36,392 82,756 30,732 47,413 66,630 31,179 64,906 43,503 72,499 See footnotes at end of table. ACCOUNT OF THE U.S. TREASURY 17 TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances High During period Low Tax and Federal loan note Reserve accounts (10) (11) End of period Tax and Federal loan note Reserve accounts (6) (7) Federal Reserve (8) Tax and loan note accounts (9) 1992 . . . . . . . . . . . . . . 24,586 34,203 24,586 37,028 1,852 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 1995 . . . . . . . . . . . . . . 8,620 29,329 1996 . . . . . . . . . . . . . . 7,700 1995 - Dec. . . . . . . . . . Average Federal Reserve (12) Tax and loan note accounts (13) 2,752 6,513 19,756 1,108 1,625 6,510 18,978 46,624 2,736 - 5,904 18,631 20,977 41,288 2,826 99 6,127 16,955 36,525 15,668 40,647 2,490 - 5,847 14,194 5,979 14,515 11,383 40,647 4,998 3,617 6,762 15,191 1996 - Jan. . . . . . . . . . 8,210 29,243 9,168 31,776 4,368 5,655 6,298 17,023 Feb.. . . . . . . . . . 5,632 25,525 6,294 31,102 2,490 1,878 4,953 14,227 Mar.. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367 Apr. . . . . . . . . . . 11,042 37,281 15,668 37,281 4,485 1,266 7,318 15,761 May . . . . . . . . . . 3,757 757 11,967 37,881 3,757 757 5,714 12,867 June . . . . . . . . . 7,701 30,332 9,206 31,670 3,272 757 6,162 14,821 July . . . . . . . . . . 6,836 29,936 6,836 30,431 3,703 4,478 5,304 17,633 Aug. . . . . . . . . . 5,149 7,917 6,317 23,743 4,425 6,295 5,107 11,536 Sept . . . . . . . . . 7,700 36,525 8,215 36,525 4,039 4,861 6,139 20,259 Oct. . . . . . . . . . . 5,897 19,736 5,937 31,246 3,594 874 5,064 11,314 Nov. . . . . . . . . . 4,857 21,449 5,774 21,449 3,670 4,530 4,939 11,290 Dec. . . . . . . . . . 7,742 25,052 10,304 33,981 3,145 900 5,749 13,190 Fiscal year or month 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 2 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and individual estimated income taxes beginning October 1988. 18 FEDERAL DEBT INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount are also listed by total Federal securities, securities held by Government accounts, and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type interest-bearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities--that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in market-based special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Fed- eral agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. The average length has increased gradually since it hit a low of 2 years, 5 months in December 1975. It had reached a high of 6 years, 4 months in May 1991. The average length has decreased over time so that during most of 1996 the average length has been at 5 years, 3 months. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent which could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market rates of interest for the first time since 1965. In March 1976 the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971 authorizing Treasury to continue to issue long-term securities, and the ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes, and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the Federal Reserve banks. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Changes in the non-interestbearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. FEDERAL DEBT 19 TABLE FD-1.--Summary of Federal Debt [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Securities held by: Total (1) Amount outstanding Public debt securities (2) Agency securities (3) 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 4,082,871 4,436,171 4,721,293 5,000,945 5,259,854 4,064,621 4,411,489 4,692,750 4,973,983 5,224,811 1995 - Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 5,224,199 5,243,459 5,259,854 5,282,566 5,330,904 5,357,391 4,988,665 4,987,436 5,017,041 5,117,786 5,102,049 5,128,509 5,161,076 5,188,889 5,208,303 5,224,811 5,247,320 5,296,549 5,323,172 End of fiscal year or month End of fiscal year or month Total (4) Government accounts Public debt securities (5) Total (7) The public Public debt securities (8) Agency securities (6) Agency securities (9) 18,250 24,682 28,543 26,962 35,043 1,016,453 1,116,713 1,213,115 1,320,800 1,454,608 1,016,330 1,116,693 1,213,098 1,320,784 1,447,001 123 21 17 16 7,606 3,066,418 3,319,458 3,508,178 3,680,145 3,805,246 3,048,291 3,294,796 3,479,652 3,653,199 3,777,810 18,127 24,661 28,526 26,946 27,437 28,245 28,141 36,174 35,508 35,663 35,298 35,817 35,310 35,156 35,043 35,246 34,355 34,219 1,304,472 1,309,154 1,299,079 1,361,632 1,382,132 1,388,225 1,430,049 1,428,287 1,431,726 1,454,608 1,462,453 1,465,560 1,504,784 1,304,456 1,309,154 1,291,214 1,353,767 1,374,268 1,380,619 1,422,443 1,420,680 1,424,120 1,447,001 1,454,847 1,457,953 1,497,178 16 7,865 7,865 7,865 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,606 3,712,438 3,706,423 3,754,136 3,791,662 3,755,580 3,775,582 3,766,844 3,795,912 3,811,733 3,805,246 3,820,113 3,865,344 3,852,607 3,684,209 3,678,282 3,725,827 3,764,019 3,727,781 3,747,890 3,738,633 3,768,209 3,784,183 3,777,810 3,792,473 3,838,596 3,825,994 28,229 28,141 28,309 27,643 27,798 27,692 28,211 27,704 27,550 27,437 27,640 26,749 26,613 Federal debt securities Securities held by Government accounts Securities held by the public Amount Net unamortized Amount Net unamortized Amount Net unamortized outstanding face premium and outstanding face premium and outstanding face premium and value discount Accrual amount value discount Accrual amount value discount Accrual amount (10) (11) (12) (13) (14) (15) (16) (17) (18) 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 4,082,871 4,436,171 4,721,293 5,000,945 5,259,854 80,058 85,022 77,297 79,995 77,931 4,002,815 4,351,149 4,643,996 4,920,950 5,181,923 1,016,453 1,116,713 1,213,115 1,320,800 1,454,608 12,415 12,776 1,472 3,188 5,698 1,004,039 1,103,938 1,211,644 1,317,612 1,448,910 3,066,418 3,319,458 3,508,178 3,680,145 3,805,246 67,643 72,246 75,826 76,807 72,233 2,998,776 3,247,211 3,432,352 3,603,338 3,733,013 1995 - Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 5,224,199 5,243,459 5,259,854 5,282,566 5,330,904 5,357,391 79,161 77,889 78,787 78,466 78,395 78,166 78,272 78,375 78,282 77,931 77,291 77,056 76,763 4,937,750 4,937,688 4,974,428 5,074,828 5,059,317 5,085,641 5,118,621 5,145,824 5,165,177 5,181,923 5,205,275 5,253,848 5,280,629 1,304,472 1,309,154 1,299,079 1,361,632 1,382,132 1,388,225 1,430,049 1,428,287 1,431,726 1,454,608 1,462,453 1,465,560 1,504,784 3,395 3,392 3,598 3,940 4,485 4,888 5,113 5,246 5,485 5,698 5,721 5,715 5,838 1,301,077 1,305,762 1,295,481 1,357,692 1,377,647 1,383,337 1,424,936 1,423,041 1,426,241 1,448,910 1,456,732 1,459,845 1,498,947 3,712,438 3,706,423 3,754,136 3,791,662 3,755,580 3,775,582 3,766,844 3,795,912 3,811,733 3,805,246 3,820,113 3,865,344 3,852,607 75,766 74,497 75,189 74,526 73,910 73,278 73,159 73,129 72,797 72,233 71,570 71,341 70,925 3,636,672 3,631,926 3,678,947 3,717,136 3,681,670 3,702,304 3,693,685 3,722,783 3,738,936 3,733,013 3,748,543 3,794,003 3,781,682 20 FEDERAL DEBT TABLE FD-2.--Interest-Bearing Public Debt [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] Marketable Treasury bonds (5) Other securities: Federal Financing Bank (6) Nonmarketable Total (7) 1,566,349 1,734,161 1,867,507 1,980,343 2,098,670 461,840 497,367 511,800 522,643 543,469 15,000 15,000 15,000 15,000 15,000 1,384,325 1,503,657 1,597,922 1,690,197 1,802,419 2,010,340 2,038,955 2,042,732 2,014,074 2,049,074 2,055,370 2,025,761 2,072,321 2,056,447 2,098,670 2,109,198 2,072,410 2,112,315 521,158 521,158 534,062 534,062 534,062 534,061 534,061 534,060 543,469 543,469 543,469 554,962 554,962 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 1,657,191 1,651,411 1,625,750 1,707,897 1,730,792 1,737,235 1,778,315 1,773,718 1,777,774 1,802,419 1,812,280 1,818,780 1,857,497 End of fiscal year or month Total interestbearing public debt (1) Total (2) Treasury bills (3) Treasury notes (4) .......... .......... .......... .......... .......... 4,061,801 4,408,567 4,689,524 4,950,644 5,220,790 2,677,476 2,904,910 3,091,602 3,260,447 3,418,371 634,287 658,381 697,295 742,462 761,232 1995 - Dec. . . . . . 1996 - Jan. . . . . . Feb. . . . . . Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . July . . . . . Aug. . . . . . Sept. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 4,964,371 4,983,247 5,012,872 5,082,952 5,097,989 5,124,422 5,126,748 5,184,908 5,173,734 5,220,790 5,243,339 5,263,423 5,317,188 3,307,179 3,331,836 3,387,122 3,375,055 3,367,197 3,387,187 3,348,433 3,411,190 3,395,960 3,418,371 3,431,060 3,444,643 3,459,691 760,680 756,723 795,328 811,919 769,061 782,756 773,612 789,809 781,044 761,232 763,392 802,272 777,414 1992 1993 1994 1995 1996 Nonmarketable, con. End of fiscal year or month State and local government series (11) Domestic series (12) Other (13) 1,011,020 1,114,289 1,211,689 1,324,270 1,454,690 157,570 149,449 137,386 113,368 95,674 29,995 29,995 29,995 29,995 29,995 435 442 445 432 424 1,299,585 1,299,967 1,274,699 1,357,647 1,380,433 1,387,235 1,428,508 1,427,185 1,429,850 1,454,690 1,462,867 1,466,961 1,505,937 104,458 99,104 97,577 96,476 96,095 97,982 97,832 94,547 95,850 95,674 96,851 99,388 101,274 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 431 429 428 426 425 424 427 426 426 424 424 422 422 U.S. savings bonds (8) Foreign series Government (9) Government account series (10) ....................... ....................... ....................... ....................... ....................... 148,266 167,024 176,413 181,181 184,147 37,039 42,459 41,996 40,950 37,488 1995 - Dec. . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 181,918 182,238 182,691 182,992 183,481 183,594 183,770 183,949 184,037 184,147 184,301 184,379 182,442 40,805 39,678 40,361 40,361 40,362 38,004 37,781 37,615 37,615 37,488 37,842 37,635 37,427 1992 1993 1994 1995 1996 FEDERAL DEBT 21 TABLE FD-3.--Government Account Series [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month 1992 1993 1994 1995 1996 Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange stabilization fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Federal Insurance Housing Trust Fund Administration (8) (9) Federal Old-age and Survivors Insurance Trust Fund (10) ............. ............. ............. ............. ............. 1,011,020 1,114,289 1,211,689 1,324,270 1,454,690 15,090 12,672 12,206 11,145 7,682 4,664 4,325 13,972 20,117 22,186 12,411 13,575 14,929 15,839 16,962 3,314 5,637 7,326 2,399 11,853 12,774 10,162 6,025 35,150 50,051 273,732 301,711 329,602 357,539 377,677 120,647 126,078 128,716 129,864 125,805 6,077 5,380 5,933 6,277 7,894 306,524 355,510 413,425 447,947 499,403 1995 - Dec. . . . . . . . . 1996 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1,299,585 1,299,967 1,274,699 1,357,647 1,380,433 1,387,235 1,428,508 1,427,185 1,429,850 1,454,690 1,462,867 1,466,961 1,505,937 12,182 11,492 10,439 9,950 9,373 9,216 9,049 8,489 8,168 7,682 7,969 8,103 7,978 21,170 21,815 21,825 20,469 21,912 21,953 21,446 21,924 21,629 22,186 22,149 22,244 22,670 15,973 16,148 16,339 16,327 16,398 16,683 16,672 16,584 16,829 16,962 17,055 17,272 16,505 2,937 3,852 2,666 3,896 4,150 4,169 4,185 4,183 11,733 11,853 11,905 11,840 11,965 37,572 39,137 39,821 41,012 43,910 44,755 47,579 48,416 48,962 50,051 50,376 50,750 52,912 311,955 312,121 297,385 351,278 349,436 348,244 361,133 359,592 356,437 377,677 375,403 373,645 386,031 131,443 130,649 127,583 126,072 130,357 124,339 129,890 127,355 123,780 125,805 122,541 120,038 126,701 7,264 7,264 7,119 7,688 7,690 7,972 7,941 8,374 7,923 7,894 10,016 9,867 9,868 458,612 462,720 462,196 464,737 477,883 478,596 496,715 498,067 497,196 499,403 498,104 496,661 513,894 Highway Trust Fund (14) National Service Life Insurance fund (15) Unemployment Trust Fund (19) Other (20) Federal Savings and Loan Corporation, resolution fund (11) Federal Supplementary Medical Insurance Trust Fund (12) ............ ............ ............ ............ ............ 1,346 828 1,649 528 694 18,534 23,269 21,489 13,513 27,175 134 125 114 106 99 11,167 11,475 7,751 8,954 11,660 11,310 11,666 11,852 11,954 12,007 4,679 3,826 1,270 1,249 860 10,081 10,457 10,596 12,129 14,763 212 147 130 130 77 34,898 36,563 39,745 47,098 53,849 163,426 180,883 184,959 202,332 213,993 1995 - Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 270 276 302 335 342 460 475 542 633 694 721 747 797 13,035 13,328 14,345 22,718 23,258 22,577 24,898 25,286 24,771 27,175 26,707 26,845 28,489 103 103 103 102 101 100 100 101 99 99 97 96 98 8,561 9,608 10,169 9,832 10,718 10,760 10,961 11,586 12,465 11,660 10,817 11,368 11,448 12,240 12,194 12,099 12,011 11,906 11,825 12,232 12,175 12,098 12,007 11,935 11,876 12,293 980 1,411 1,206 1,772 2,595 1,539 1,837 2,057 2,987 860 1,190 82 283 12,443 12,540 12,768 13,012 13,597 13,967 14,208 14,437 14,663 14,763 14,935 15,018 14,865 189 72 72 68 68 63 68 69 76 77 77 77 77 47,995 46,013 46,168 44,080 44,249 53,324 53,598 53,088 55,586 53,849 53,190 54,386 54,278 204,661 199,224 192,094 212,288 212,490 216,693 215,521 214,860 213,815 213,993 227,680 236,046 234,785 End of fiscal year or month 1992 1993 1994 1995 1996 Government life insurance fund (13) Railroad Postal Retirement Service fund Account (16) (17) Treasury deposit funds (18) 22 FEDERAL DEBT TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government" and Financial Management Service] End of fiscal year or month Total outstanding (1) Federal Deposit Department of Insurance Corporation Housing and Urban Farm Credit Federal Savings Development System Bank and Loan InsurFederal Financial Insurance ance Corporation, Housing Assistance Fund resolution fund Administration Corp. (2) (3) (4) (5) Other independent Tennessee Valley Authority (6) Postal Service (7) Other (8) 1992 . . . . . . . . . . . . . . . . . . . . . . 18,250 93 1,137 301 - 16,015 - 705 1993 . . . . . . . . . . . . . . . . . . . . . . 24,682 93 943 213 1,261 21,675 - 498 1994 . . . . . . . . . . . . . . . . . . . . . . 28,543 - 538 112 1,261 26,121 - 509 1995 . . . . . . . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 1996 . . . . . . . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 1995 - Dec. . . . . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500 1996 - Jan. . . . . . . . . . . . . . . . . . 28,141 - 126 31 1,261 26,221 - 501 Feb. . . . . . . . . . . . . . . . . . 36,174 - 126 35 1,261 29,595 4,665 492 Mar. . . . . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493 Apr. . . . . . . . . . . . . . . . . . 35,663 - 114 56 1,261 29,072 4,665 495 May . . . . . . . . . . . . . . . . . 35,298 - 126 56 1,261 28,952 4,406 496 June . . . . . . . . . . . . . . . . . 35,817 - 126 62 1,261 29,465 4,406 497 July . . . . . . . . . . . . . . . . . 35,310 - 126 62 1,261 28,956 4,406 499 Aug. . . . . . . . . . . . . . . . . . 35,156 - 126 78 1,261 28,793 4,406 492 Sept. . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 Oct. . . . . . . . . . . . . . . . . . 35,246 - 126 82 1,261 28,884 4,406 486 Nov. . . . . . . . . . . . . . . . . . 34,355 - 126 84 1,261 27,991 4,406 487 Dec. . . . . . . . . . . . . . . . . . 34,219 - 126 84 1,261 27,853 4,406 489 FEDERAL DEBT 23 TABLE FD-5.--Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held 1 (1) Within 1 year (2) ................... ................... ................... ................... ................... 2,363,802 2,562,336 2,719,861 2,870,781 3,011,185 808,705 858,135 877,932 1,002,875 1,058,558 1995 - Dec.. . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 2,901,387 2,937,115 2,994,090 2,980,688 2,968,878 2,983,624 2,943,097 2,996,840 2,989,680 3,011,185 3,021,881 3,028,647 3,032,551 1,049,518 1,050,406 1,078,387 1,097,120 1,055,822 1,061,225 1,052,190 1,067,689 1,074,540 1,058,558 1,062,308 1,084,720 1,061,459 End of fiscal year or month 1992 1993 1994 1995 1996 Maturity classes 5-10 years (4) 10-20 years (5) 20 years and more (6) 866,329 978,714 1,128,322 1,157,492 1,212,258 295,921 306,663 289,998 290,111 306,643 84,706 94,345 88,208 87,297 111,360 308,141 324,479 335,401 333,006 322,366 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 11 mos. 10 mos. 8 mos. 4 mos. 3 mos. 1,142,392 1,174,222 1,189,173 1,158,416 1,188,828 1,199,184 1,168,683 1,196,678 1,176,091 1,212,258 1,207,999 1,198,931 1,231,746 291,881 292,525 299,298 298,496 297,917 298,842 299,042 309,371 305,079 306,643 317,522 302,951 301,103 92,636 93,339 95,090 94,990 94,820 111,981 111,395 110,820 112,150 111,360 111,893 128,832 128,054 324,959 326,622 332,141 331,666 331,491 312,391 311,787 312,282 321,820 322,366 322,160 313,214 310,188 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 3 mos. 2 mos. 3 mos. 2 mos. 3 mos. 3 mos. 3 mos. 2 mos. 3 mos. 3 mos. 3 mos. 3 mos. 3 mos. 1-5 years (3) Average length (7) TABLE FD-6.--Debt Subject to Statutory Limitation [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month Statutory debt limit (1) ........................ ........................ ........................ ........................ ........................ 1995 - Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1992 1993 1994 1995 1996 Total (2) Debt outstanding subject to limitation Public debt (3) Other debt 2 (4) 4,145,000 4,900,000 4,900,000 4,900,000 5,500,000 3,972,578 4,315,571 4,605,338 4,884,605 5,137,195 3,972,276 4,315,358 4,605,226 4,884,518 5,137,113 302 213 112 87 82 3,970,891 4,313,976 4,603,700 4,863,076 5,135,157 302 213 112 87 82 1,385 1,382 1,526 21,442 1,956 4,900,000 4,900,000 4,900,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 4,899,975 4,899,974 4,899,975 5,029,951 5,014,329 5,041,009 5,073,418 5,101,106 5,120,321 5,137,195 5,160,483 5,209,847 5,236,827 4,899,878 4,899,943 4,899,940 5,029,899 5,014,274 5,040,953 5,073,357 5,101,045 5,120,243 5,137,113 5,160,401 5,209,763 5,236,743 97 32 35 52 56 56 62 62 78 82 82 84 84 4,877,515 4,897,685 4,897,702 4,997,030 5,012,215 5,038,901 5,041,023 5,099,056 5,087,664 5,135,157 5,158,468 5,178,684 5,232,875 97 32 35 52 56 56 62 62 78 82 82 84 84 22,363 2,258 2,238 32,869 2,059 2,052 32,334 1,989 32,579 1,956 1,933 31,079 3,868 1 Beginning September 1976 the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Published data was changed for the end Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interest-bearing public debt subject to limitation (7) of the fiscal years back through 1967. 2 Consists of guaranteed debt issued by the Federal Housing Administration. 24 FEDERAL DEBT TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Agriculture Rural Farmers Electrification Home Administration Administration (4) (5) Total (1) Commodity Credit Corporation (2) Rural Development Administration (3) .............. .............. .............. .............. .............. 206,410 183,196 163,642 134,892 117,290 17,282 24,745 16,909 - 1,685 2,112 - 8,693 8,926 8,855 - 9,060 8,682 8,529 - 8,596 3,273 12,161 12,042 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 133,609 135,302 125,140 123,972 123,691 123,708 119,917 118,787 118,936 117,290 132,215 130,363 135,835 - - - - 2,282 2,364 2,364 2,364 2,364 2,441 3,141 3,141 3,253 3,273 6,932 7,029 6,981 13,039 13,039 13,039 13,039 13,044 13,006 12,731 12,732 12,768 12,042 12,827 12,822 13,324 1992 1993 1994 1995 1996 End of fiscal year or month 1992 1993 1994 1995 1996 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) Department of Education (11) Department of Energy Bonneville Power Administration (12) FarmService Agency (6) Rural Utilities Service (7) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) .............. .............. .............. .............. .............. 5,354 6,430 91 113 563 647 2,770 2,673 2,612 6,745 13,398 1,906 2,332 2,617 2,563 2,456 783 1,647 3,123 8,774 8,959 8,484 7,714 6,909 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 6,304 6,304 6,304 6,304 6,304 6,304 6,169 6,169 6,169 6,430 6,720 6,720 6,720 108 108 108 108 108 108 108 108 108 113 145 145 145 563 563 563 563 563 563 563 563 563 647 647 647 647 14,351 14,351 14,351 14,351 14,351 14,351 14,351 14,351 14,351 13,398 24,300 24,306 24,306 2,563 2,653 2,653 2,448 2,448 2,398 2,398 2,398 2,468 2,456 2,456 2,536 2,536 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 3,123 3,123 3,123 3,123 7,714 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 6,909 FEDERAL DEBT 25 TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Treasury Federal Financing Bank (15) Department of Veterans Affairs Direct Loan loan guaranty fund fund (16) (17) Export-Import Bank of the United States (18) Railroad Retirement Board (19) Small Business Administration (20) Other (21) 1992 . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957 1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599 1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445 1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 1995 - Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370 1996 - Jan. . . . . . . . . . 63,515 1 1,994 2,723 5,974 8,341 4,883 Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941 Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032 Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111 May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126 June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126 July . . . . . . . . . 47,233 1 1,994 2,736 4,498 9,231 5,142 Aug. . . . . . . . . . 46,971 1 1,994 2,736 4,752 9,231 5,080 Sept. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 Oct. . . . . . . . . . 46,051 * 1,270 2,740 5,283 8,811 4,001 Nov. . . . . . . . . . 43,921 * 1,270 2,740 5,283 8,811 4,101 Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485 26 FEDERAL DEBT CHARTS FD-A.--Average Length of Privately Held Marketable Debt [Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.] Years Dec. 31, 1996 5 Years, 3 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months PUBLIC DEBT OPERATIONS 27 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of the Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities, current bills, notes, and bonds. • Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular weekly and 52-week bills. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks, so that the “all other investors” category includes all private holdings. • Table PDO-2 presents the results of weekly auctions of 13- and 26-week bills, as well as auctions of 52-week bills, which are held every four weeks. Treasury bills mature each Thursday. New issues of 13-week bills are reopenings of 26-week bills. The 26-week bill issued every fourth week to mature on the same Thursday as an existing 52-week bill is a reopening of the existing 52-week bill. New issues of cash management bills are also presented. High, low, and average yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis. Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities to encourage participation of individuals and smaller institutions. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Included are: notes and bonds from table PDO-1; 52-week bills from table PDO-2; and data for cash management bills. • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each auction of marketable securities other than weekly auctions of 13- and 26-week bills. TREASURY FINANCING: OCTOBER-DECEMBER [Source: Bureau of the Public Debt, Office of Financing] OCTOBER Auction of 10-Year Notes October 2 Treasury announced it would auction $10,000 million of 10-year notes to refund $7,614 million of notes maturing October 15 and to raise about $2,375 million new cash. The notes offered were Treasury notes of Series D-2006, dated October 15, 1996, due October 15, 2006, with interest payable April 15 and October 15 until maturity. An interest rate of 6-1/2 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.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 8, and totaled $23,380 million, of which $10,005 million was accepted at yields ranging from 6.494 percent, price 100.044, up to 6.510 percent, price 99.927. Tenders at the high yield were allotted 80 percent. Noncompetitive tenders were accepted in full at the average yield, 6.502 percent, price 99.985. These totaled $284 million. Competitive tenders accepted from private investors totaled $9,721 million. In addition to the $10,005 million of tenders accepted in the auction process, $600 million was awarded to Federal Reserve banks as agents for foreign and international monetary authorities, and $375 million was accepted from Federal Reserve banks for their own account. The notes of Series D-2006 may be held in STRIPS form. The minimum par amount required is $400,000. Auction of 2-Year and 5-Year Notes October 16 Treasury announced it would auction $18,250 million of 2-year notes of Series AL-1998 and $12,500 million of 5-year notes of Series P-2001 to refund $26,936 million of securities maturing October 31 and to raise about $3,825 million new cash. The notes of Series AL-1998 were dated October 31, 1996, due October 31, 1998, with interest payable April 30 and October 31 until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 22, and totaled $47,890 million, of which $18,283 million was accepted. All competitive tenders at yields lower than 5.930 percent were accepted in full. Tenders at 5.930 percent were allotted 56 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.930 percent with an equivalent price of 99.898. The median yield was 5.920 percent; and the low yield was 5.890 percent. Noncompetitive tenders totaled $1,011 million. Competitive tenders accepted from private investors totaled $17,272 million. 28 PUBLIC DEBT OPERATIONS TREASURY FINANCING: OCTOBER-DECEMBER, con. In addition to the $18,283 million of tenders accepted in the auction process, $2,070 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $825 million was accepted from Federal Reserve banks for their own account. The notes of Series P-2001 were dated October 31, 1996, due October 31, 2001, with interest payable April 30 and October 31 until maturity. An interest rate of 6-1/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 23, and totaled $29,181 million, of which $12,501 million was accepted. All competitive tenders at yields lower than 6.325 percent were accepted in full. Tenders at 6.325 were allotted 55 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.325 percent with an equivalent price of 99.683. The median yield was 6.300 percent; and the low yield was 6.240 percent. Noncompetitive tenders totaled $326 million. Competitive tenders accepted from private investors totaled $12,175 million. In addition to the $12,501 million of tenders accepted in the auction process, $1,550 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $570 million was accepted from Federal Reserve banks for their own account. 52-Week Bills October 4 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated October 17, 1996, and to mature October 16, 1997. The issue was to refund $18,482 million of maturing 52-week bills and to raise about $775 million new cash. The bills were auctioned on October 10. Tenders totaled $48,960 million, of which $19,310 million was accepted, including $752 million of noncompetitive tenders from the public and $5,259 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. An additional $868 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. The average bank discount rate was 5.34 percent. October 29 tenders were invited for approximately $17,000 million of 48-day bills to be issued November 1, 1996, representing an additional amount of bills dated June 20, 1996, maturing December 19, 1996. The issue was to raise new cash. Tenders were opened on October 31. They totaled $54,347 million, of which $17,048 million was accepted. The average bank discount rate was 5.17 percent. NOVEMBER November Quarterly Financing October 30 Treasury announced it would auction $18,500 million of 3-year notes of Series Z-1999, $10,000 million of 9-year 11-month 6-1/2 percent notes of Series D-2006, and $10,000 million of 30-year bonds of November 2026 to refund $36,667 million of Treasury securities maturing November 15 and to raise about $1,825 million new cash. The notes of Series Z-1999 were dated November 15, 1996, due November 15, 1999, with interest payable May 15 and November 15 until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 5, and totaled $42,195 million, of which $18,501 million was accepted at yields ranging from 5.872 percent, price 100.008, up to 5.889 percent, price 99.962. Tenders at the high yield were allotted 10 percent. Noncompetitive tenders were accepted in full at the average yield, 5.879 percent, price 99.989. These totaled $564 million. Competitive tenders accepted from private investors totaled $17,937 million. In addition to the $18,501 million of tenders accepted in the auction process, $1,635 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $2,716 million was accepted from Federal Reserve banks for their own account. The 6-1/2 percent notes of Series D-2006 were an additional issue of notes dated October 15, 1996, due October 15, 2006, with interest payable April 15 and October 15 until maturity. Accrued interest of $5.53571 per $1,000, covering the period from October 15, 1996, to November 15, 1996, was payable with each accepted tender. Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 6, and totaled $24,061 million, of which $10,002 million was accepted at yields ranging from 6.260 percent, price 101.739, up to 6.283 percent, price 101.570. Tenders at the high yield were allotted 46 percent. Noncompetitive tenders were accepted in full at the average yield, 6.273 percent, price 101.643. These totaled $306 million. Competitive tenders accepted from private investors totaled $9,696 million. In addition to the $10,002 million of tenders accepted in the auction process, $1,470 million was accepted from Federal Reserve banks for their own account. The notes of Series C-2006 may be held in STRIPS form. The minimum par amount required is $400,000. The bonds of November 2026 were dated November 15, 1996, due November 15, 2026, with interest payable May 15 and November 15 until maturity. An interest rate of 6-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders for the bonds were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 7, and totaled $26,841 million, of which $10,000 million was accepted at yields ranging from 6.618 percent, price 98.470, up to 6.625 percent, price 98.380. Tenders at the high yield were allotted 51 percent. Noncompetitive tenders were accepted in full at the average yield, 6.619 PUBLIC DEBT OPERATIONS 29 TREASURY FINANCING: OCTOBER-DECEMBER, con. percent, price 98.457. These totaled $258 million. Competitive tenders accepted from private investors totaled $9,742 million. In addition to the $10,000 million of tenders accepted in the auction process, $1,470 million was accepted from Federal Reserve banks for their own account. The bonds of November 2026 may be held in STRIPS form. The minimum par amount required is $400,000. Auction of 2-Year and 5-Year Notes November 13 Treasury announced it would auction $18,250 million of 2-year notes of Series AM-1998 and $12,500 million of 5-year notes of Series Q-2001 to refund $28,336 million of securities maturing November 30 and to raise about $2,425 million new cash. The notes of Series AM-1998 were dated December 2, 1996, due November 30, 1998, with interest payable May 31 and November 30 until maturity. An interest rate of 5-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 19, and totaled $38,440 million, of which $18,255 million was accepted. All competitive tenders at yields lower than 5.662 percent were accepted in full. Tenders at 5.662 percent were allotted 29 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.662 percent with an equivalent price of 99.931. The median yield was 5.640 percent; and the low yield was 5.580 percent. Noncompetitive tenders totaled $928 million. Competitive tenders accepted from private investors totaled $17,327 million. In addition to the $18,255 million of tenders accepted in the auction process, $1,950 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $285 million was accepted from Federal Reserve banks for their own account. The notes of Series Q-2001 were dated December 2, 1996, due November 30, 2001, with interest payable May 31 and November 30 until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 20, and totaled $35,821 million, of which $12,504 million was accepted. All competitive tenders at yields lower than 5.950 percent were accepted in full. Tenders at 5.950 percent were allotted 42 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.950 percent with an equivalent price of 99.680. The median yield was 5.910 percent; and the low yield was 5.850 percent. Noncompetitive tenders totaled $310 million. Competitive tenders accepted from private investors totaled $12,194 million. In addition to the $12,504 million of tenders accepted in the auction process, $1,320 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $190 million was accepted from Federal Reserve banks for their own account. 52-Week Bills November 1 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated November 14, 1996, and to mature November 13, 1997. The issue was to refund $18,870 million of maturing 52-week bills and to raise about $375 million new cash. The bills were auctioned on November 7. Tenders totaled $57,496 million, of which $19,387 million was accepted, including $701 million of noncompetitive tenders from the public and $5,000 million of the bills issued to Federal Reserve banks for themselves. An additional $734 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. The average bank discount rate was 5.20 percent. Cash Management Bills October 30 tenders were invited for approximately $13,000 million of 34-day bills to be issued November 15, 1996, representing an additional amount of bills dated June 20, 1996, maturing December 19, 1996. The issue was to raise new cash. Tenders were opened on November 13. They totaled $61,368 million, of which $13,217 million was accepted. The average bank discount rate was 5.20 percent. DECEMBER Auction of 2-Year and 5-Year Notes December 11 Treasury announced it would auction $18,250 million of 2-year notes of Series AN-1998 and $12,500 million of 5-year notes of Series R-2001 to refund $27,768 million of securities maturing December 31 and to raise about $2,975 million new cash. The notes of Series AN-1998 were dated December 31, 1996, due December 31, 1998, with interest payable June 30 and December 31 until maturity. An interest rate of 5-3/4 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 noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on December 18, and totaled $40,634 million, of which $18,250 million was accepted. All competitive tenders at yields lower than 5.874 percent were accepted in full. Tenders at 5.874 percent were allotted 16 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.874 percent with an equivalent price of 99.769. The median yield was 5.850 percent; and the low yield was 5.800 percent. Noncompetitive tenders totaled $1,340 million. Competitive tenders accepted from private investors totaled $16,910 million. In addition to the $18,250 million of tenders accepted in the auction process, $1,450 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $875 million was accepted from Federal Reserve banks for their own account. The notes of Series R-2001 were dated December 31, 1996, due December 31, 2001, with interest payable June 30 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: OCTOBER-DECEMBER, con. and December 31 until maturity. An interest rate of 6-1/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on December 19, and totaled $34,899 million, of which $12,508 million was accepted. All competitive tenders at yields lower than 6.165 percent were accepted in full. Tenders at 6.165 percent were allotted 27 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.165 percent with an equivalent price of 99.830. The median yield was 6.150 percent; and the low yield was 6.110 percent. Noncompetitive tenders totaled $412 million. Competitive tenders accepted from private investors totaled $12,096 million. In addition to the $12,508 million of tenders accepted in the auction process, $850 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $600 million was accepted from Federal Reserve banks for their own account. 52-Week Bills November 29 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated December 12, 1996, and to mature December 11, 1997. The issue was to refund $18,792 million of maturing 52-week bills and to raise about $450 million new cash. The bills were auctioned on December 5. Tenders totaled $44,292 million, of which $19,327 million was accepted, including $795 million of noncompetitive tenders from the public and $5,527 million of the bills issued to Federal Reserve banks for themselves. An additional $1,201 million was issued to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. The average bank discount rate was 5.16 percent. Cash Management Bills November 26 tenders were invited for approximately $9,000 million of 14-day bills to be dated December 3, 1996, and to mature December 17, 1996. The issue was to raise new cash. Tenders were opened on December 2. They totaled $44,395 million, of which $9,060 million was accepted. The average bank discount rate was 5.18 percent. PUBLIC DEBT OPERATIONS 31 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996 [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1997 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 8%-D note 7-1/2%-Z note 6-1/4%-H note 4-3/4%-V note 6-7/8%-AB note 6-3/4%-J note 6-7/8%-K note 6-5/8%-AC note 8-1/2%-E note 6-7/8%-L note 6-1/2%-AD note 1 8-1/2%-A note 6-1/2%-W note 6-3/4%-M note 6-1/8%-AE note 6-3/8%-N note 5-5/8%-AF note 8-1/2%-F note 5-1/2%-P note 5-7/8%-AG note 1 8-5/8%-B note 6-1/2%-X note 5-5/8%-Q note 6%-AH note 5-1/2%-R note 5-3/4%-AJ note 8-3/4%-G note 5-3/4%-S note 5-5/8%-AK note 1 8-7/8%-C note 7-3/8%-Y note 6%-T note 5-3/8%-AL note 6%-U note 5-1/4%-AM note Issue date (2) 01/16/90 01/31/95 01/31/92 02/15/94 02/28/95 03/02/92 03/31/92 03/31/95 04/16/90 04/30/92 05/01/95 05/15/87 05/16/94 06/01/92 05/31/95 06/30/92 06/30/95 07/16/90 07/31/92 07/31/95 08/15/87 08/15/94 08/31/92 08/31/95 09/30/92 10/02/95 10/15/90 11/02/92 10/31/95 11/15/87 11/15/94 11/30/92 11/30/95 12/31/92 01/02/96 Total. . . . . . . . . . . . . . . 1998 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 5-5/8%-J note 5%-AB note 1 8-1/8%-A note 7-1/4%-W note 5-1/8%-K note 01/15/91 02/01/93 01/31/96 02/15/88 02/15/95 03/01/93 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 7,852 19,002 9,464 19,832 18,816 9,948 11,302 19,354 7,860 11,441 18,708 9,921 21,750 11,049 18,937 11,054 19,260 8,385 12,104 18,952 9,363 20,250 11,109 19,383 12,139 19,117 8,860 11,383 18,840 9,808 20,861 11,526 18,688 12,163 19,164 507,645 607 400 150 1,795 597 472 484 1,100 776 965 785 564 3,715 403 1,015 430 942 998 400 487 497 2,383 674 863 566 1,036 896 315 602 600 3,730 326 785 551 930 31,839 7,246 18,602 9,314 18,038 18,219 9,476 10,818 18,254 7,084 10,476 17,923 9,357 18,035 10,646 17,922 10,624 18,317 7,388 11,704 18,465 8,866 17,868 10,435 18,520 11,573 18,079 7,964 11,068 18,238 9,208 17,131 11,200 17,903 11,612 18,234 475,807 9,126 12,339 19,087 9,159 21,080 30,870 878 646 997 440 3,789 1,582 8,248 11,693 18,090 8,719 17,291 29,288 32 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1998, con. Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-1/8%-L note 6-1/8%-AD note 7-7/8%-F note 5-1/8%-M note 5-7/8%-AE note 1 9%-B note 6-1/8%-X note 5-3/8%-N note 6%-AF note 5-1/8%-P note 6-1/4%-AG note 8-1/4%-G note 6-1/4%-AH note 5-1/4%-Q note 1 9-1/4%-C note 5-7/8%-Y note 6-1/8%-AJ-note 4-3/4%-R note 6%-AK-note 4-3/4%-S note 7-1/8%-H note 4-3/4%-T note 5-7/8-AL note 1 8-7/8%-D note 3-1/2% bond 5-1/2%-Z note 5-1/8%-U note 5-5/8%-AM note 5-3/4%-AN note 5-1/8%-V note Issue date (2) 03/31/93 04/10/96 04/15/91 04/30/93 04/30/96 05/15/88 05/15/95 06/01/93 05/31/96 06/30/93 07/01/96 07/15/91 07/31/96 08/02/93 08/15/88 08/15/95 09/03/96 08/31/93 09/30/96 09/30/93 10/15/91 11/01/93 10/31/96 11/15/88 10/03/60 11/24/95 11/30/93 12/02/96 12/31/96 12/31/93 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1999, con. 6-3/8%-E note 5%-J note 1 8-7/8%-A note 5%-W note 5-1/2%-K note 5-7/8%-L note 7%-F note 6-1/2%-M note 1 9-1/8%-B note 6-3/4%-N note 6-3/8%-X note 6-3/4%-P note 01/15/92 01/31/94 02/15/89 02/15/96 02/28/94 03/31/94 04/15/92 05/02/94 05/15/89 05/31/94 05/15/96 06/30/94 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 13,149 21,720 8,788 12,225 21,406 9,165 21,226 12,358 21,110 12,596 22,054 9,694 21,563 11,689 11,343 22,418 21,949 13,019 21,486 12,576 10,268 13,023 21,221 9,903 230 20,598 12,115 20,532 20,615 12,444 564,144 1,295 1,675 585 495 926 478 3,646 805 771 1,471 1,462 1,600 1,427 497 1,011 4,580 963 689 1,116 944 969 858 1,297 535 162 2,720 939 410 956 1,580 45,194 11,854 20,044 8,204 11,730 20,480 8,687 17,580 11,553 20,339 11,125 20,592 8,094 20,136 11,192 10,332 17,838 20,986 12,330 20,370 11,632 9,300 12,165 19,924 9,368 67 17,879 11,176 20,122 19,659 10,865 518,952 10,559 12,901 9,720 21,997 11,914 12,780 10,178 12,292 10,047 12,339 23,360 13,101 907 377 845 3,522 435 1,875 1,171 1,220 1,178 668 2,910 1,645 9,652 12,524 8,875 18,475 11,479 10,905 9,007 11,072 8,870 11,671 20,450 11,456 PUBLIC DEBT OPERATIONS 33 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity Description (1) Issue date (2) July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 6-7/8%-Q note 6%-Y-note 8%-C note 6-7/8%-R note 7-1/8%-S note 6%-H note 7-1/2%-T note 7-7/8%-D note 5-7/8%-Z note 7-3/4%-U note 7-3/4%-V note 07/15/92 08/01/94 08/15/96 08/15/89 08/31/94 09/30/94 10/15/92 10/31/94 11/15/89 11/15/96 11/30/94 01/03/95 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 7-3/4%-G note 1 8-1/2%-A note 7-1/8%-H note 6-7/8%-J note 5-1/2%-F note 6-3/4%-K note 1 8-7/8%-B note 6-1/4%-L note 5-7/8%-M note 6-1/8%-N note 1 8-3/4%-C note 6-1/4%-P note 6-1/8%-Q note 5-3/4%-R note 1 8-1/2%-D note 5-5/8%-S note 5-1/2%-T note 01/15/93 01/31/95 02/15/90 02/28/95 03/31/95 04/15/93 05/01/95 05/15/90 05/31/95 06/30/95 07/31/95 08/15/90 08/31/95 10/02/95 10/31/95 11/15/90 11/30/95 01/02/96 Total. . . . . . . . . . . . . . . 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2001, con. 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 5-5/8%-F note 6-3/8%-G note 6-1/4%-H note 13-1/8% bond 1 8%-B note 6-1/2%-J note 6-1/8%-K-note 01/31/96 01/12/81 02/15/91 02/29/96 04/10/96 04/30/96 04/02/81 05/15/91 05/31/96 07/01/96 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 10,006 12,411 22,708 10,164 12,397 12,836 10,337 12,152 10,774 22,870 11,934 12,523 322,300 349 1,271 1,780 863 701 1,199 406 562 687 2,716 462 1,380 29,129 9,657 11,139 20,928 9,301 11,696 11,637 9,931 11,590 10,087 20,154 11,472 11,143 293,171 10,104 12,229 10,673 12,496 13,188 10,535 12,433 10,496 12,752 12,464 12,339 11,081 11,922 12,011 12,080 11,520 12,357 12,821 213,501 690 622 832 935 1,232 360 868 480 884 770 446 1,097 585 724 840 866 380 800 13,411 9,414 11,606 9,841 11,561 11,957 10,175 11,566 10,016 11,868 11,694 11,893 9,983 11,337 11,287 11,241 10,654 11,977 12,021 200,091 12,816 1,501 11,313 12,820 14,181 13,780 1,750 12,398 13,722 14,282 800 161 703 800 1,571 940 166 942 771 1,110 12,016 1,341 10,610 12,020 12,610 12,840 1,584 11,456 12,951 13,172 34 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6-5/8%-L-note 7-7/8%-C note 13-3/8% bond 6-1/2%-M note 6-3/8%-N-note 6-1/4%-P-note 15-3/4% bond 1 7-1/2%-D note 5-7/8%-Q-note 6-1/8%-R-note 1 Issue date (2) 07/31/96 08/15/91 07/02/81 09/03/96 09/30/96 10/31/96 10/07/81 11/15/91 12/02/96 12/31/96 Total. . . . . . . . . . . . . . . 2002 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 7-1/2%-A note 1 6-3/8%-B note 11-5/8% bond 1 01/06/82 05/15/92 08/17/92 09/29/82 Total. . . . . . . . . . . . . . . 2003 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 6-1/4%-A note 10-3/4% bond 11-1/8% bond 1 5-3/4%-B note 11-7/8% bond 1 01/04/83 02/15/93 04/04/83 07/05/83 08/16/93 10/05/83 Total. . . . . . . . . . . . . . . 2004 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-7/8%-A note 12-3/8% bond 1 7-1/4%-B note 13-3/4% bond 1 7-1/4%-C note 1 11-5/8% bond 1 7-7/8%-D note 02/15/94 04/05/84 05/16/94 07/10/84 08/15/94 10/30/84 11/15/94 Total. . . . . . . . . . . . . . . 2005 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2005, con. 1 7-1/2%-A note 8-1/4% bond 1 12% bond 1 6-1/2%-B note 1 10-3/4% bond 1 6-1/2%-C note 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 14,137 12,339 1,753 14,000 14,518 14,640 1,753 24,226 14,031 13,971 233,931 700 1,140 256 525 650 635 173 1,568 190 600 14,401 13,437 11,199 1,497 13,475 13,868 14,005 1,580 22,658 13,841 13,371 219,531 1,759 11,714 23,859 2,753 40,085 160 1,001 2,190 348 3,699 1,599 10,713 21,669 2,405 36,386 3,007 23,563 3,249 3,501 28,011 7,260 68,591 739 2,095 306 578 3,727 779 8,224 2,267 21,468 2,943 2,924 24,284 6,480 60,366 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,172 550 820 1,896 567 1,015 672 1,894 7,414 12,405 2,935 12,545 3,433 12,331 7,630 12,480 63,759 13,835 4,224 4,261 14,740 9,270 15,003 1,150 2,177 344 2,000 982 1,800 12,685 2,047 3,916 12,740 8,288 13,203 PUBLIC DEBT OPERATIONS 35 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 5-7/8%-D note 11/15/95 1,881 10,334 13,329 66,208 4,756 15,514 16,015 22,740 22,460 81,485 20 1,500 1,810 1,926 1,845 7,101 4,736 14,014 14,205 20,815 20,615 74,385 4,234 1,495 5,729 1,546 379 1,925 2,688 1,116 3,804 2,103 5,230 7,333 789 1,703 2,492 1,314 3,527 4,841 4,606 4,201 8,807 993 1,076 2,069 3,613 3,125 6,738 2,494 2,987 4,736 10,217 858 1,188 1,261 3,307 1,636 1,800 3,476 6,912 05/15/81 11/16/81 4,609 4,901 1,124 885 3,485 4,016 Total. . . . . . . . . . . . . . . 9,510 2,009 7,501 11/15/82 11,032 1,672 9,360 Total. . . . . . . . . . . . . . . 11,032 1,672 9,360 14,755 14,755 3,641 3,641 11,115 11,115 5,007 5,128 6,006 16,141 1,039 1,006 1,195 3,240 3,968 4,123 4,811 12,902 9-3/8% bond 5-5/8%-A note 6-7/8%-B note 7%-C-note 6-1/2%-D-note 01/15/86 02/15/96 05/15/96 07/15/96 10/15/96 Total. . . . . . . . . . . . . . . 2007 Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 7-7/8% bond 02/15/77 11/15/77 Total. . . . . . . . . . . . . . . 2008 Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 8-3/4% bond 08/15/78 11/15/78 Total. . . . . . . . . . . . . . . 2009 May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 10-3/8% bond 05/15/79 11/15/79 Total. . . . . . . . . . . . . . . 2010 Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 10% bond 12-3/4% bond 02/15/80 05/15/80 11/17/80 Total. . . . . . . . . . . . . . . 2011 May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2012 Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2013 Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 14% bond 10-3/8% bond 12% bond 08/15/83 Total. . . . . . . . . . . . . . . 2014 May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 12-1/2% bond 1 11-3/4% bond 05/15/84 08/15/84 11/15/84 Total. . . . . . . . . . . . . . . 2015 All other investors (5) 15,210 76,543 Total. . . . . . . . . . . . . . . 2006 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) 36 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,668 7,150 6,900 26,718 1,536 905 512 2,953 11,132 6,245 6,388 23,765 7,267 18,824 18,864 44,955 845 1,117 1,875 3,837 6,422 17,707 16,989 41,118 18,194 14,017 32,211 893 896 1,789 17,301 13,121 30,422 8,709 9,033 17,742 585 256 841 8,124 8,777 16,901 19,251 20,214 39,465 583 2,039 2,622 18,668 18,175 36,843 10,229 10,159 21,419 41,807 731 845 1,213 2,789 9,498 9,314 20,206 39,018 02/15/91 05/15/91 08/15/91 11/15/91 11,113 11,959 12,163 32,798 713 710 522 880 10,400 11,249 11,641 31,918 Total. . . . . . . . . . . . . . . 68,033 2,825 65,208 10,353 10,700 21,053 521 643 1,164 9,832 10,057 19,889 18,374 22,909 41,283 1,137 1,232 2,369 17,237 21,677 38,914 Description (1) Issue date (2) 11-1/4% bond 10-5/8% bond 1 9-7/8% bond 02/15/85 08/15/85 11/15/85 Total. . . . . . . . . . . . . . . 2016 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/4% bond 7-1/4% bond 1 7-1/2% bond 1 02/15/86 05/15/86 11/15/86 Total. . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/15/88 11/22/88 Total. . . . . . . . . . . . . . . 2019 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total. . . . . . . . . . . . . . . 2020 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 1 02/15/90 05/15/90 08/15/90 Total. . . . . . . . . . . . . . . 2021 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 1 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total. . . . . . . . . . . . . . . 2023 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/15/93 08/16/93 Total. . . . . . . . . . . . . . . 2024 Total (3) PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, con. [In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States,” Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 7-1/2% bond 08/15/94 Total . . . . . . . . . . . . . . . 2025 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total . . . . . . . . . . . . . . . 2026 Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% bond 6-3/4% bond 6-1/2% bond 02/15/96 08/15/96 11/15/96 Total . . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V1 of the “Monthly Statement of the Public Debt of the United States.” Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 11,470 11,470 450 450 11,020 11,020 11,725 12,602 24,327 700 1,372 2,072 11,025 11,230 22,255 12,905 10,894 11,493 35,292 1,203 900 3,470 5,573 11,702 9,994 8,023 29,719 38 PUBLIC DEBT OPERATIONS TABLE PDO-2.--Offerings of Bills [Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Issue date Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Regular weekly: (13 week and 26 week) 1996 - Sept. 5 . . . . . . 1996 - Dec. 1997 - Mar. 12 . . . . . 1996 - Dec. 1997 - Mar. 19 . . . . . 1996 - Dec. 1997 - Mar. 26 . . . . . 1996 - Dec. 1997 - Mar. Oct. 3 . . . . . . 1997 - Jan. Apr. 10 . . . . . Jan. Apr. 17 . . . . . Jan. Apr. 24 . . . . . Jan. Apr. 31 . . . . . Jan. May Nov. 7 . . . . . . Feb. May 14 . . . . . Feb. May 21 . . . . . Feb. May 29 . . . . . Feb. May Dec. 5 . . . . . . Mar. June 12 . . . . . Mar. June 19 . . . . . Mar. June 26 . . . . . Mar. June 52 week: 1995 - Dec. 14 . . . . . 1996 - Dec. 1996 - Jan. 11 . . . . . 1997 - Jan. Feb. 8 . . . . . . Feb. Mar. 7 . . . . . . Mar. Apr. 4 . . . . . . Apr. May 2 . . . . . . May May 30 . . . . . May June 27 . . . . . June July July 25 . . . . . Aug. 22 . . . . . Aug. Sept. 19 . . . . . Sept. Oct. Oct. 17 . . . . . Nov. 14 . . . . . Nov. Dec. 12 . . . . . Dec. Amounts of bids accepted On comOn noncomTotal amount petitive basis 2 petitive basis 3 (4) (5) (6) Amount maturing on issue date of new offering (7) Total unmatured issues outstanding after new issues (8) 5 6 12 13 19 20 26 27 2 3 9 10 16 17 23 24 30 1 6 8 13 15 20 22 27 30 6 5 13 12 20 19 27 26 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 90 181 91 182 91 182 91 182 91 182 47,471.7 45,765.6 68,696.7 44,435.6 55,154.7 42,694.8 46,449.9 44,433.4 50,082.6 50,995.7 43,329.8 46,538.1 37,982.0 37,236.2 48,594.0 59,204.8 54,819.4 51,847.0 59,066.4 55,664.2 46,668.6 53,889.1 52,570.9 50,787.2 63,101.3 50,454.2 73,876.4 44,116.0 54,272.7 48,956.6 47,634.3 42,376.1 36,869.4 45,593.1 12,123.3 12,121.3 11,081.8 11,191.7 11,095.1 11,104.8 11,587.9 11,548.8 13,517.1 13,670.5 13,116.3 13,164.5 13,022.9 13,058.9 13,121.8 13,137.1 14,213.9 14,037.8 14,214.7 14,288.5 14,042.6 14,094.4 14,160.5 14,139.0 14,074.3 14,082.1 14,080.8 14,136.0 13,054.4 13,126.3 13,027.1 13,032.9 13,023.0 13,087.8 10,698.5 10,907.8 9,706.4 10,093.2 9,605.0 9,821.9 10,227.5 10,277.7 12,048.5 12,442.4 11,610.1 11,916.9 11,530.5 11,891.3 11,779.3 12,118.5 12,827.6 12,852.2 12,678.0 13,026.6 12,526.5 13,992.1 12,702.2 12,935.5 12,696.8 13,007.1 12,654.3 12,974.6 11,630.8 11,971.2 11,572.1 11,889.8 11,698.3 12,029.7 1,424.8 1,213.5 1,375.4 1,098.5 1,490.1 1,282.9 1,360.4 1,271.1 1,468.6 1,228.1 1,506.2 1,247.6 1,492.4 1,167.6 1,342.5 1,018.6 1,386.2 1,185.5 1,536.7 1,261.9 1,516.1 102.3 1,458.3 1,203.4 1,377.5 1,074.9 1,426.5 1,161.4 1,423.6 1,155.1 1,455.0 1,143.1 1,324.7 1,058.1 14,582.4 15,392.2 15,755.7 12,746.6 13,615.8 13,550.1 13,110.2 13,545.0 14,771.0 13,589.0 14,619.0 13,585.3 14,309.4 10,568.2 13,673.8 11,774.0 13,073.1 13,637.6 13,274.1 13,553.7 13,709.3 13,709.3 12,836.2 13,638.7 12,026.2 14,092.2 12,123.3 14,715.0 11,081.8 15,596.8 11,095.1 13,559.0 11,587.9 13,154.1 176,354.1 349,422.1 171,680.2 347,867.2 169,159.5 345,421.9 167,637.2 343,425.7 166,383.3 343,507.2 164,880.6 343,086.4 163,594.2 345,577.1 163,042.2 346,940.2 164,183.0 347,340.3 163,982.7 347,674.9 164,516.3 347,725.5 165,307.0 348,175.2 166,564.3 347,715.3 167,264.5 347,596.2 168,537.0 345,244.8 169,196.5 347,070.0 169,972.1 345,178.5 12 9 6 6 3 1 29 26 24 21 18 16 13 11 364 364 364 364 364 364 364 364 364 364 364 364 364 364 49,995.6 57,799.9 58,950.5 39,126.6 56,041.7 53,986.3 55,662.8 56,160.4 49,393.5 49,972.9 52,210.1 49,840.5 58,249.9 45,506.0 18,792.2 18,910.5 18,899.7 18,795.1 18,944.6 19,461.4 19,327.0 19,596.1 20,184.9 20,571.4 19,906.7 20,190.4 20,141.8 20,542.5 18,006.7 17,953.2 17,841.6 17,820.2 17,953.2 17,841.6 17,820.2 17,820.2 19,238.4 19,655.0 19,037.3 19,425.4 19,422.3 19,734.5 785.5 957.3 1,058.1 974.9 1,148.6 1,024.3 1,045.4 996.4 946.5 916.4 869.4 765.0 719.5 808.0 17,078.4 17,351.2 17,455.2 17,352.4 17,574.2 17,953.4 18,579.6 19,322.4 18,359.0 18,464.3 19,275.3 18,482.5 18,869.7 18,006.7 237,927.1 239,486.4 240,930.9 242,373.6 243,744.0 245,252.0 244,490.7 245,524.9 247,350.8 249,457.9 250,089.3 251,797.2 253,069.3 255,605.1 Cash management: 1996 - Nov. 1 . . . . . . 1996 - Dec. 19 15 . . . . . Dec. 19 Dec. 3 . . . . . . Dec. 17 48 34 14 54,346.5 61,367.9 44,395.0 17,047.5 13,217.3 9,059.8 - - - 30,010.4 43,227.7 52,287.5 See footnotes at end of table. PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.--Offerings of Bills, con. [Dollar amounts in millions. Source: “Monthly Statement of the Public Debt of the United States” and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Issue date Regular weekly: 1996 - Sept. 5 . . . . . Average price per hundred (9) On total bids accepted Average Average discount rate investment rate 4 (percent) (percent) (10) (11) On competitive bids accepted High Discount rate (percent) (12) Price per hundred (13) 98.688 97.280 98.693 97.321 98.718 97.376 98.691 97.321 98.734 97.388 98.746 97.437 98.734 97.417 98.734 97.412 98.726 97.396 98.726 97.432 98.731 97.437 98.729 97.437 98.743 97.451 98.741 97.452 98.779 97.487 98.797 97.477 98.756 97.432 5.19 5.38 5.17 5.30 5.07 5.19 5.18 5.30 5.01 5.17 4.96 5.07 5.01 5.11 5.01 5.12 5.04 5.15 5.04 5.08 5.02 5.07 5.03 5.07 5.03 5.07 4.98 5.04 4.83 4.97 4.76 4.99 4.92 5.08 5.33 5.61 5.31 5.52 5.21 5.40 5.32 5.52 5.14 5.38 5.09 5.28 5.14 5.32 5.14 5.33 5.18 5.36 5.18 5.29 5.16 5.28 5.16 5.28 5.16 5.27 5.11 5.24 4.96 5.17 4.88 5.19 5.05 5.29 5.19 5.38 5.17 5.30 5.07 5.19 5.18 5.30 5.01 5.18 4.96 5.08 5.02 5.12 5.01 5.13 5.04 5.15 5.04 5.08 5.02 5.07 5.03 5.07 5.03 5.07 4.98 5.04 4.83 4.98 4.77 4.99 4.93 5.08 98.688 97.280 98.693 97.321 98.718 97.376 98.691 97.321 98.734 97.381 98.746 97.432 98.731 97.412 98.734 97.407 98.726 97.396 98.726 97.432 98.731 97.437 98.729 97.437 98.743 97.451 98.741 97.452 98.779 97.482 98.794 97.477 98.754 97.432 14 . . . . 11 . . . . 8 ..... 7 ..... 4 ..... 2 ..... 30 . . . . 27 . . . . 25 . . . . 22 . . . . 19 . . . . 17 . . . . 14 . . . . 12 . . . . 94.884 95.056 95.308 94.965 94.773 94.641 94.621 94.378 94.449 94.580 94.368 94.601 94.742 94.783 5.06 4.89 4.64 4.98 5.17 5.30 5.32 5.56 5.49 5.36 5.57 5.34 5.20 5.16 5.35 5.16 4.89 5.25 5.46 5.60 5.62 5.89 5.81 5.67 5.90 5.64 5.49 5.45 5.06 4.89 4.64 4.99 5.17 5.31 5.32 5.57 5.49 5.36 5.57 5.35 5.21 5.16 94.884 95.056 95.308 94.955 94.773 94.631 94.621 94.368 94.449 94.580 94.368 94.591 94.732 94.783 Cash management: 1996 - Nov. 1 . . . . . 15 . . . . Dec. 3 . . . . . 99.311 99.509 99.799 5.17 5.20 5.18 5.28 5.30 5.25 5.18 5.20 5.19 99.309 99.509 99.798 12 . . . . 19 . . . . 26 . . . . Oct. 3 ..... 10 . . . . 17 . . . . 24 . . . . 31 . . . . Nov. 7 . . . . . 14 . . . . 21 . . . . 29 . . . . Dec. 5 . . . . . 12 . . . . 19 . . . . 26 . . . . 52 week: 1995 - Dec. 1996 - Jan. Feb. Mar. Apr. May May June July Aug. Sept. Oct. Nov. Dec. 1 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. 2 For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve banks. 3 For 13-week, 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder are accepted in full at average price or accepted competitive bids; for other issues, the Low Discount rate (percent) (14) 5 6 Price per hundred (15) 5.17 5.36 5.16 5.28 5.06 5.17 5.16 5.29 5.00 5.16 4.92 5.05 4.99 5.11 4.98 5.11 5.00 5.13 5.03 5.06 4.99 5.06 5.01 5.06 5.02 5.05 4.97 5.02 4.82 4.96 4.74 4.97 4.88 5.06 98.693 97.290 98.696 97.331 98.721 97.386 98.696 97.326 98.736 97.391 98.756 97.447 98.739 97.417 98.741 97.417 98.736 97.407 98.729 97.442 98.739 97.442 98.734 97.442 98.745 97.461 98.744 97.462 98.782 97.492 98.802 97.487 98.766 97.442 5.04 4.88 4.62 4.95 5.15 5.29 5.30 5.55 5.47 5.34 5.56 5.33 5.19 5.13 94.904 95.066 95.329 94.995 94.793 94.651 94.641 94.388 94.469 94.601 94.378 94.611 94.752 94.813 5.15 5.19 5.16 99.313 99.510 99.799 corresponding amount is stipulated in each offering announcement. 4 Equivalent coupon-issue yield. 5 Except $1,890,000 at 98.761 percent. 6 Except $5,000,000 at 94.924 percent and $1,000,000 at 94.944 percent. 40 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) 01/05/95 01/24/95 01/25/95 02/02/95 02/07/95 02/08/95 02/09/95 02/09/95 02/22/95 02/23/95 03/01/95 03/02/95 03/28/95 03/29/95 03/30/95 03/30/95 04/25/95 04/26/95 04/27/95 05/09/95 05/10/95 05/11/95 05/23/95 05/24/95 05/25/95 05/31/95 06/22/95 06/27/95 06/28/95 07/20/95 07/25/95 07/26/95 08/08/95 08/09/95 08/10/95 08/17/95 08/22/95 08/23/95 08/31/95 09/06/95 09/14/95 09/26/95 09/27/95 10/12/95 10/24/95 10/25/95 11/02/95 11/02/95 11/14/95 11/14/95 11/15/95 11/20/95 11/21/95 11/28/95 11/29/95 11/30/95 11/30/95 12/07/95 12/20/95 12/21/95 01/04/96 01/23/96 01/12/95 01/31/95 01/31/95 02/09/95 02/15/95 02/15/95 02/15/95 02/15/95 02/28/95 02/28/95 03/07/95 03/09/95 03/31/95 03/31/95 04/03/95 04/06/95 05/01/95 05/01/95 05/04/95 05/15/95 05/15/95 05/15/95 05/31/95 05/31/95 06/01/95 06/02/95 06/29/95 06/30/95 06/30/95 07/27/95 07/31/95 07/31/95 08/15/95 08/15/95 08/15/95 08/24/95 08/31/95 08/31/95 09/01/95 09/07/95 09/21/95 10/02/95 10/02/95 10/19/95 10/31/95 10/31/95 11/03/95 11/03/95 11/15/95 11/15/95 11/16/95 11/24/95 6 11/24/95 11/30/95 11/30/95 12/01/95 12/01/95 12/14/95 01/02/96 01/02/96 01/11/96 01/31/96 See footnotes at end of table. Description of securities 1 (2) 6.86% bill--01/11/96 7-1/2% note--01/31/97-Z 7-3/4% note--01/31/00-G 6.59% bill--02/08/96 7-1/4% note--02/15/98-W 7-1/2% note--02/15/05-A 7-5/8% bond--02/15/25 5.76% bill--04/20/95-reopening 6-7/8% note--02/28/97-AB 7-1/8% note--02/29/00-H 5.81% bill--03/16/95-reopening 6.16% bill--03/07/96 6-5/8% note--03/31/97-AC 6-7/8% note--03/31/00-J 5.97% bill--04/20/95-reopening 6.02% bill--04/04/96 6-1/2% note--04/30/97-AD 6-3/4% note--04/30/00-K 5.90% bill--05/02/96 6-1/8% note--05/15/98-X 6-1/2% note--05/15/05-B 5.81% bill--06/22/95-reopening 6-1/8% note--05/31/97-AE 6-1/4% note--05/31/00-L 5.54% bill--05/30/96 5.85% bill--06/15/95-reopening 5.22% bill--06/27/96 5-5/8% note--06/30/97-AF 5-7/8% note--06/30/00-M 5.38% bill--07/25/96 5-7/8% note--07/31/97-AG 6-1/8% note--07/31/00-N 5-7/8% note--08/15/98-Y 6-1/2% note--08/15/05-C 6-7/8% bond--08/15/25 5.55% bill--08/22/96 6% note--08/31/97-AH 6-1/4% note--08/31/00-P 5.58% bill--09/21/95-reopening 5.65% bill--09/15/95 5.21% bill--09/19/96 5-3/4% note--09/30/97-AJ 6-1/8% note--09/30/00-Q 5.30% bill--10/17/96 5-5/8% note--10/31/97-AK 5-3/4% note--10/31/00-R 5.37% bill--12/21/95-reopening 5.30% bill--01/25/96-reopening 5.77% bill--11/24/95-reopening 5.64% bill--12/21/95-reopening 5.15% bill--11/14/96 5-1/2% note--11/15/98-Z 5-7/8% note--11/15/05-D 5-3/8% note--11/30/97-AL 5-5/8% note--11/30/00-S 5.63% bill--12/14/95-reopening 5.39% bill--12/28/95-reopening 5.06% bill--12/12/96 5-1/4% note--12/31/97-AM 5-1/2% note--12/31/00-T 4.89% bill--01/09/97 5% note--01/31/98-AB Period to final maturity (years, months, days) 2 (3) 364d 2y 5y 364d 3y 10y 30y 64d 2y 5y 9d 364d 2y 5y 17d 364d 2y 5y 364d 3y 10y 38d 2y 5y 364d 13d 364d 2y 5y 364d 2y 5y 3y 10y 30y 364d 2y 5y 20d 8d 364d 2y 5y 364d 2y 5y 48d 83d 9d 36d 364d 3y 10y 2y 5y 13d 27d 364d 2y 5y 364d 2y Amount tendered (4) Amount issued 3,4 (5) 49,929 52,018 34,143 51,445 50,836 29,807 30,681 50,051 43,401 28,709 38,684 48,316 44,394 26,061 100,412 43,046 42,158 35,573 64,539 38,313 23,167 66,505 48,653 30,382 42,863 57,101 42,836 43,818 33,504 43,776 42,293 31,033 42,039 34,029 28,442 51,494 50,282 28,072 65,751 30,076 58,636 37,619 27,544 57,319 48,533 32,407 29,372 33,200 56,685 55,750 49,175 55,665 31,730 55,484 31,773 35,646 35,232 49,996 40,661 31,507 57,800 45,650 17,349 18,998 12,226 17,452 21,078 5 13,834 5 11,725 9,118 18,805 12,486 8,033 17,351 19,352 13,186 25,109 17,574 18,706 12,433 17,953 21,223 5 14,739 17,136 18,936 12,752 18,579 17,126 19,321 19,256 12,463 18,359 18,951 12,338 22,418 5 15,003 5 12,602 18,464 19,383 11,922 18,031 5,000 19,275 19,116 12,011 18,482 18,840 12,081 6,008 8,061 35,706 26,053 18,872 20,598 5 15,210 18,687 12,357 10,017 10,007 18,792 19,165 12,821 18,910 19,087 Range of accepted bids for notes and bonds (6) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 PUBLIC DEBT OPERATIONS 41 TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) 01/24/96 02/01/96 02/06/96 02/07/96 02/08/96 02/08/96 02/22/96 02/27/96 02/28/96 02/28/96 02/29/96 03/13/96 04/01/96 04/02/96 04/02/96 04/02/96 04/08/96 04/09/96 04/23/96 04/24/96 04/25/96 05/07/96 05/08/96 05/09/96 05/23/96 05/29/96 05/30/96 05/30/96 05/30/96 06/20/96 06/25/96 06/26/96 07/09/96 07/18/96 07/23/96 07/24/96 08/06/96 08/07/96 08/08/96 08/15/96 08/27/96 08/28/96 08/29/96 09/12/96 09/25/96 09/26/96 10/08/96 10/10/96 10/22/96 10/23/96 10/31/96 11/05/96 11/06/96 11/07/96 11/07/96 11/13/96 11/19/96 11/20/96 12/02/96 12/05/96 12/18/96 12/19/96 01/31/96 02/08/96 02/15/96 02/15/96 02/15/96 02/15/96 02/23/96 02/29/96 02/29/96 03/01/96 03/07/96 03/14/96 04/01/96 04/03/96 04/03/96 04/04/96 04/10/96 04/10/96 04/30/96 04/30/96 05/02/96 05/15/96 05/15/96 05/15/96 05/30/96 05/31/96 05/31/96 06/03/96 06/03/96 06/27/96 07/01/96 07/01/96 07/15/96 07/25/96 07/31/96 07/31/96 08/15/96 6 08/15/96 08/15/96 08/22/96 09/03/96 09/03/96 09/03/96 09/19/96 09/30/96 09/30/96 10/15/96 10/17/96 10/31/96 10/31/96 11/01/96 11/15/96 6 11/15/96 11/14/96 11/15/96 11/15/96 12/02/96 12/02/96 12/03/96 12/12/96 12/31/96 12/31/96 See footnotes at end of table. Description of securities 1 (2) 5-1/4% note--01/31/01-E 4.64% bill--02/06/97 5% note--02/15/99-W 5-5/8% note--02/15/06-A 6% bond--02/15/26 5.14% bill--02/22/96-reopening 5.02% bill--04/18/96-reopening 5-1/8% note--02/28/98-K-reopening 5-5/8% note--02/28/01-F 5.06% bill--03/14/96-reopening 4.98% bill--03/06/97 5.11% bill--04/25/96-reopening 5.31% bill--04/10/96 5.29% bill--04/18/96-reopening 5.25% bill--04/25/96-reopening 5.17% bill--04/03/97 6-1/8% note--03/31/98-AD 6-3/8% note--03/31/01-G 5-7/8% note--04/30/98-AE 6-1/4% note--04/30/01-H 5.30% bill--05/01/97 6-3/8% note--05/15/99-X 6-7/8% note--05/15/06-B 5.05% bill--06/20/96-reopening 5.32% bill--05/29/97 6% note--05/31/98-AF 6-1/2% note--05/31/01-J 5.17% bill--06/13/96-reopening 5.20% bill--06/18/96 5.56% bill--06/26/97 6-1/4% note--06/30/98-AG 6-5/8% note--06/30/01-K 7% note--07/15/06-C 5.49% bill--07/24/97 6-1/4% note--07/31/98-AH 6-5/8% note--07/31/01-L 6% note--08/15/99-Y 7% note--07/15/06-C-reopening 6-3/4% bond--08/15/26 5.36% bill--08/21/97 6-1/8% note--08/31/98-AJ 6-1/2% note--08/31/01-M 5.24% bill--09/17/96 5.57% bill--09/18/97 6% note--09/30/98-AK 6-3/8% note--09/30/01-N 6-1/2% note--10/15/06-D 5.34% bill--10/16/97 5-7/8% note--10/31/98-AL 6-1/4% note--10/31/01-P 5.17% bill--12/19/96-reopening 5-7/8% note--11/15/99-Z 6-1/2% note--10/15/06-D-reopening 5.20% bill--11/13/97 6-1/2% bond--11/15/26 5.20% bill--12/19/96-reopening 5-5/8% note--11/30/98-AM 5-7/8% note--11/30/01-Q 5.18% bill--12/17/96 5.16% bill--12/11/97 5-3/4% note--12/31/98-AN 6-1/8% note--12/31/01-R Period to final maturity (years, months, days) 2 (3) 5y 364d 3y 10y 30y 7d 55d 2y 5y 13d 364d 42d 9d 15d 22d 364d 2y 5y 2y 5y 364d 3y 10y 36d 364d 2y 5y 10d 15d 364d 2y 5y 10y 364d 2y 5y 3y 9y 30y 11m 364d 2y 5y 14d 364d 2y 5y 10y 364d 2y 5y 48d 3y 9y 11m 364d 30y 34d 2y 5y 14d 364d 2y 5y Amount tendered (4) Amount issued 3,4 (5) 27,500 58,951 52,932 29,711 25,590 41,694 85,706 43,564 26,829 32,082 39,127 47,387 61,735 41,567 39,872 56,042 38,769 33,365 50,232 30,958 53,986 42,974 35,543 57,628 55,663 46,623 33,746 29,435 52,006 56,325 51,295 31,171 28,149 49,394 43,537 28,686 47,376 23,393 23,513 49,973 44,932 28,179 60,065 52,210 51,401 34,192 24,360 49,841 50,828 31,319 54,347 46,564 25,533 58,250 28,334 61,368 40,718 37,348 44,395 45,506 42,998 36,362 12,816 18,900 21,997 5 15,514 5 12,905 8,055 29,192 19,184 12,820 6,003 18,795 9,060 33,111 14,008 11,062 18,943 21,719 14,181 21,405 13,779 19,461 23,360 5 16,015 13,045 19,326 21,107 13,720 7,011 23,086 19,595 22,053 14,282 5 11,536 20,184 21,562 14,136 22,708 5 11,200 5 10,899 20,572 21,948 13,999 30,010 19,907 21,485 14,516 5 10,985 20,190 21,220 14,639 17,048 22,870 5 11,473 20,141 5 11,493 13,217 20,532 14,031 9,060 20,540 20,615 13,970 Range of accepted bids for notes and bonds (6) 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. 2 From date of additional issue in case of a reopening. 3 In reopenings the amount issued is in addition to the amount of original offerings. 4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. 5 Eligible for STRIPS. 6 Interest began to accrue before the issue date (settlement date) of this loan. 7 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction. 8 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction. 9 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the average at 7.34% (price 99.762). 10 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the average at 7.54% (price 99.723). 11 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the average at 7.65% (price 99.708). 12 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction. 13 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction. 14 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction. 15 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction. 16 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction. 17 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction. 18 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the average at 6.165% (price 99.892). 19 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the average at 6.608% (price 99.219). 20 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 21 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 22 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 23 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction. 24 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction. 25 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction. 26 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the average at 5.997% (price 99.670). 27 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the average at 6.501% (price 99.993). 28 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the average at 6.906% (price 99.610). 29 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 30 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 31 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction. 32 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. 33 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction. 34 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction. 35 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the average at 5.549% (price 99.867). 36 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the average at 5.900% (price 99.810). 37 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 38 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction. 39 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction. 40 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction. 41 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction. 42 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the average at 5.043% (price 99.882). 44 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the average at 5.649% (price 99.819). 45 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the average at 6.119% (price 98.374). 46 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction. 47 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction. 48 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction. 49 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 50 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 51 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction. 52 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the average at 6.390% (price 99.960). 53 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the average at 6.902% (price 99.807). 54 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 55 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 56 Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction. 57 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction. 58 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the average at 7.016% (price 99.886). 59 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction. 60 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction. 61 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the average at 6.118% (price 99.681). 62 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the average at 6.535% (price 103.339). 63 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the average at 6.768% (price 99.770). 64 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 65 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 66 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction. 67 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction. 68 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the average at 6.502% (price 99.985). 69 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 70 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 71 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the average at 5.879% (price 99.989). 72 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the average at 6.273% (price 101.643). 73 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the average at 6.619% (price 98.457). 74 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction. 75 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 76 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction. 77 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction. 43 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 43 TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Commercial banks 1 (3) Individuals 2 (4) State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) Issue date Description of securities Total amount issued (1) 05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215 05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666 05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427 05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318 05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267 05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985 06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871 06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615 07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249 07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017 08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715 08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235 08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44 08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412 08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205 10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837 10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85 10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886 10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762 11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319 11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534 11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087 11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486 01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752 01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220 01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198 01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453 02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254 02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391 02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195 02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064 02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158 See footnotes at end of table. Federal Reserve banks (2) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Federal Reserve banks (2) Commercial banks 1 (3) Individuals 2 (4) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) Issue date Description of securities Total amount issued (1) 04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021 04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065 04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742 04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750 05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121 05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299 05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986 05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996 07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052 07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925 07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805 07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930 07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993 08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144 08/15/96 7% note--07/15/06-Creopening 11,204 900 382 351 - * 1,062 * - 6 7,744 759 08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5 09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787 09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032 09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461 09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355 10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838 10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883 10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447 11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094 11/15/96 6-1/2% note--10/15/06-Dreopening 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163 11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1 12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741 12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868 12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698 12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046 * Less than $500,000. 1 Includes trust companies, bank dealers, and stock savings banks. 2 Includes partnerships and personal trust accounts. 3 Exclusive of banks and insurance companies. 4 Consists of trust, sinking, and investment funds of State and local governments and their agencies. 5 Includes savings and loan associations, nonprofit institutions, and foreign and international investments. Also included are certain Government deposit accounts and Government-sponsored agencies. Note.--For detail of offerings see table PDO-3. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting] Allotments by investor classes Total amount issued 52-week series (3) U.S. Gov’t. accounts and Federal Reserve banks 1 (4) Commercial banks (5) Corporations 2 (6) Dealers and brokers (7) All other 3 (8) Date of financing Date of maturity (1) Average rate (percent) (2) 12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629 01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640 02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108 03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736 04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664 05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769 06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786 06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500 07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,159 08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,338 09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017 10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027 11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691 12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687 01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051 02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963 03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932 04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397 05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235 05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261 06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596 07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037 08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484 09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443 07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037 08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484 09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443 10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865 11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392 12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879 1 Includes trust funds and accounts that comprise Government accounts under the unified budget concept. 2 Exclusive of banks and insurance companies. 3 Included with “All other” investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts. Note.--For detail of offerings, see table PDO-3. 46 U.S. SAVINGS BONDS AND NOTES INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since January 1, 1980, are the only savings bonds currently sold. Series HH bonds are issued in exchange for Series E and EE savings bonds and savings notes. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the “Treasury Bulletins” of March 1967 and June 1968; and the Annual Report of the Secretary of the Treasury for fiscal 1974. TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Dec. 31, 1996 [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt, Office of Public Debt Accounting] Series Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . Series E, EE, H, and HH. . . . . . . Series F and G . . . . . . . . . . . . . . Series J and K . . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . Sales 1 (1) Accrued discount (2) Sales plus accrued discount (3) 3,949 340,786 28,396 3,556 862 377,549 1,054 181,172 1,125 198 673 184,222 5,003 521,958 29,521 3,754 1,535 561,771 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and Redemptions 1 (4) 5,002 337,547 29,517 3,753 1,162 376,981 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 196,654 341 196,995 1 2,284 3 2,288 HH bonds. 2 Details by series on a cumulative basis and by period of series A-D combined can be found in the February 1952 and previous issues of the “Treasury Bulletin.” TABLE SBN-2.--Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt, Office of Public Debt Accounting] Sales (1) Accrued discount (2) Fiscal years: 1935-92 . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 336,713 17,262 9,485 7,222 5,936 145,255 9,292 9,437 9,481 9,822 481,968 26,554 18,922 16,703 15,758 331,600 7,790 9,390 11,805 2,495 261,483 4,965 5,813 7,268 7,234 70,117 2,825 3,517 4,537 5,261 148,604 167,373 176,766 181,529 184,423 1,720 1,716 1,857 1,997 2,292 Calendar years: 1935-92 . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 343,145 13,370 8,999 10,963 5,828 147,459 9,453 9,446 22,014 9,636 464,130 22,822 18,445 32,977 15,464 333,355 8,146 9,896 17,971 13,408 262,611 5,106 6,178 11,109 2,056 70,744 3,040 3,717 6,862 5,803 155,297 169,775 178,138 182,266 182,781 1,969 2,145 2,335 2,724 4,222 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 613 614 539 462 564 462 426 461 417 379 481 451 572 768 909 829 787 1,040 688 715 851 777 724 974 656 686 1,381 1,523 1,368 1,249 1,604 1,162 1,141 1,312 1,194 1,103 1,455 1,107 1,258 925 1,300 988 998 1,138 1,079 1,001 1,164 1,137 1,021 1,309 1,059 1,214 439 733 497 576 662 613 552 690 660 572 758 566 724 486 567 490 422 476 466 449 474 477 449 550 493 490 182,266 182,584 183,037 183,337 183,826 183,938 184,114 184,292 184,379 184,488 184,642 184,719 182,781 2,724 2,628 2,547 2,498 2,456 2,415 2,378 2,348 2,319 2,292 2,268 2,240 4,222 Period 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Redemptions Sales price 1 (5) Accrued discount 1 (6) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Sales plus accrued discount (3) U.S. SAVINGS BONDS AND NOTES 47 TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”; Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price (5) Accrued discount (6) Amount outstanding Exchange of Matured E bonds for Interestnon-interestH and HH bonds bearing debt bearing debt (7) (8) (9) Series E and EE Fiscal years: 1941-91 . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 278,076 13,591 17,262 9,485 7,222 6,035 133,004 8,739 9,292 9,437 9,464 9,708 411,080 22,330 26,554 18,922 16,686 15,743 268,279 6,909 7,335 8,836 11,069 11,809 203,577 3,939 4,509 5,259 6,532 6,480 64,701 2,970 2,825 3,577 4,537 5,315 13,998 1,038 1,226 844 874 1,173 124,095 138,286 156,286 165,387 170,005 172,483 1,509 1,701 1,694 1,835 1,977 2,276 Calendar years: 1941-91 . . . . . . . . . . 1992 . . . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 276,010 17,659 13,370 8,999 10,953 136,175 8,816 9,453 9,446 12,434 412,184 26,475 22,822 18,455 23,387 269,969 6,909 7,664 9,304 12,546 204,551 3,992 4,624 5,587 10,201 65,419 2,917 3,040 3,717 2,345 14,024 1,170 1,070 855 1,179 126,099 144,724 158,633 166,731 170,690 1,836 1,939 2,119 2,307 2,700 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 608 598 534 465 547 475 430 461 417 389 481 451 572 767 909 829 787 1,040 688 715 851 776 724 974 656 684 1,375 1,507 1,366 1,252 1,587 1,163 1,145 1,312 1,193 1,113 1,455 1,107 1,256 873 1,235 923 932 1,070 1,010 949 1,091 1,065 962 1,238 1,000 1,150 387 668 435 511 595 544 500 617 588 513 687 507 660 486 567 490 422 475 466 450 474 477 449 550 493 490 70 87 110 114 117 126 92 99 115 95 109 93 95 170,690 170,969 171,380 171,633 172,074 172,142 172,280 172,421 172,475 172,548 172,665 172,707 170,744 2,700 2,606 2,526 2,478 2,438 2,397 2,361 2,332 2,302 2,276 2,252 2,225 4,198 Series H and HH Fiscal years: 1952-92 . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 13,545 3 8 16 - 13,545 3 8 16 17,980 455 555 737 744 17,980 455 555 737 744 - 15,036 1,226 844 874 1,173 10,319 11,087 11,379 11,524 11,940 15 17 17 16 16 Calendar years: 1952-92 . . . . . . . . . . 1993 . . . . . . . . . . . . 1994 . . . . . . . . . . . . 1995 . . . . . . . . . . . . 1996 . . . . . . . . . . . . 13,511 -18 1 42 49 - 13,511 -18 1 42 49 18,156 482 592 901 789 18,156 482 592 901 789 - 15,194 1,070 855 1,093 1,266 10,573 11,143 11,407 11,576 12,038 25 25 24 24 23 1995 - Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 5 16 5 -3 17 -13 -4 10 -9 -1 16 -1 16 - 5 16 5 -3 17 -13 4 10 -9 -1 16 -1 16 52 65 64 66 67 70 52 73 72 59 71 59 71 52 65 64 66 67 70 52 73 72 59 71 59 71 - 70 87 110 114 117 126 92 99 115 95 109 93 109 11,576 11,615 11,657 11,704 11,752 11,797 11,851 11,887 11,920 11,956 11,978 12,011 12,038 24 22 20 20 19 18 18 17 16 16 16 15 23 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. 48 OWNERSHIP OF FEDERAL SECURITIES INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the Federal Reserve banks, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The Federal Reserve banks acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service ] Total Federal securities outstanding (1) Total outstanding (2) ........................ ........................ ........................ ........................ ........................ 4,082,871 4,436,171 4,721,293 5,000,945 5,259,854 4,061,801 4,408,567 4,689,524 4,950,644 5,220,790 1,016,330 1,116,713 1,213,115 1,320,800 1,447,001 5,522 3,225 1,426 1,519 1,506 1,010,808 1,113,488 1,211,689 1,319,281 1,445,495 296,397 325,653 355,150 374,114 390,924 1995 - Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 5,224,199 5,243,459 5,259,854 5,282,566 5,330,904 5,357,391 4,964,371 4,983,247 5,012,872 5,082,952 5,097,989 5,124,422 5,126,748 5,184,908 5,173,734 5,220,790 5,243,339 5,263,423 5,317,188 1,304,456 1,309,154 1,291,214 1,353,767 1,374,268 1,380,619 1,422,443 1,420,680 1,424,120 1,447,001 1,454,847 1,457,953 1,497,178 1,519 1,519 1,506 1,506 1,506 1,506 1,506 1,506 1,506 1,506 1,254 1,254 1,254 1,302,937 1,307,635 1,289,708 1,352,261 1,372,762 1,379,113 1,420,937 1,419,174 1,422,614 1,445,495 1,453,593 1,456,699 1,495,924 390,959 378,208 376,519 380,952 381,806 387,050 391,000 397,836 391,329 390,924 392,917 400,210 410,878 End of fiscal year or month 1992 1993 1994 1995 1996 End of fiscal year or month 1992 1993 1994 1995 1996 ........................ ........................ ........................ ........................ ........................ 1995 - Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan.. . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . Interest-bearing public debt securities Total (3) Interest-bearing public debt securities, con. Held by private investors Total Marketable Nonmarketable (7) (8) (9) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Matured public debt and debt bearing no interest (10) Total outstanding (11) Public issues held by Federal Reserve banks (6) Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) 2,749,074 2,966,201 3,121,259 3,255,730 3,382,865 2,375,557 2,576,032 2,735,026 2,884,814 3,025,941 373,517 390,169 386,233 370,916 356,924 2,819 2,922 3,226 23,339 4,021 18,250 24,682 28,543 26,962 35,043 123 21 17 16 7,606 18,127 24,661 28,526 26,946 27,437 3,268,956 3,295,885 3,345,139 3,348,233 3,341,915 3,356,753 3,313,305 3,366,392 3,358,285 3,382,865 3,395,575 3,405,260 3,409,132 2,914,701 2,952,109 3,009,097 2,992,597 2,983,885 2,998,631 2,955,927 3,011,848 3,003,125 3,025,941 3,036,889 3,043,179 3,047,559 354,254 343,776 336,042 355,636 358,030 358,122 357,378 354,544 355,160 356,924 358,687 362,081 361,573 24,294 4,188 4,168 34,834 4,060 4,087 34,327 3,981 34,570 4,021 3,980 33,126 5,984 28,245 28,141 36,174 35,508 35,663 35,298 35,817 35,310 35,156 35,043 35,246 34,355 34,219 16 7,865 7,865 7,865 7,606 7,606 7,606 7,606 7,606 7,606 7,606 7,606 28,229 28,141 28,309 27,643 27,798 27,692 28,211 27,704 27,550 27,437 27,640 26,749 26,613 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors 1 [Par values in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] End of month Nonbank investors Money Individuals 3 Savings Other Insurance market bonds 4 securities companies funds (5) (6) (7) (8) State and Foreign Corpo- local govern- and interrations 5 ments 6 national 7 (9) (10) (11) Total privately held (1) Commercial banks 2 (2) Total (3) Total (4) 1986 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,473.1 1,502.7 1,553.3 1,602.0 194.3 194.4 194.8 197.7 1,278.8 1,308.3 1,358.5 1,404.3 157.8 159.5 158.0 162.7 81.4 83.8 87.1 92.3 76.4 75.7 70.9 70.4 85.8 87.9 93.8 101.6 29.9 22.8 24.9 28.6 59.6 61.2 65.7 68.8 374.9 405.7 411.6 446.6 232.6 250.9 265.5 263.4 338.2 320.2 339.0 332.6 1987 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 1,641.4 1,658.1 1,680.7 1,731.4 193.6 192.5 198.4 194.4 1,447.8 1,465.6 1,482.3 1,537.0 163.0 165.6 167.7 172.4 94.7 96.8 98.5 101.1 68.3 68.8 69.2 71.3 106.3 104.7 106.2 108.1 18.8 20.6 15.5 14.6 73.5 79.7 81.8 84.6 481.7 492.7 499.0 500.3 272.8 281.1 279.5 299.7 331.8 321.2 332.6 357.3 1988 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,779.6 1,786.7 1,821.2 1,858.5 195.6 190.8 191.5 185.3 1,584.0 1,595.9 1,629.7 1,673.2 178.1 182.0 186.8 190.4 104.0 106.2 107.8 109.6 74.1 75.8 79.0 80.8 110.2 113.5 115.9 118.6 15.2 13.4 11.1 11.8 86.3 87.6 85.9 86.0 509.2 506.0 500.4 509.1 332.5 345.4 345.9 362.2 352.5 347.9 383.7 395.1 1989 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,903.4 1,909.1 1,958.3 2,015.8 192.4 178.4 166.9 165.3 1,711.0 1,730.7 1,791.4 1,850.5 204.2 211.7 213.5 216.4 112.2 114.0 115.7 117.7 92.0 97.7 97.8 98.7 119.7 120.6 121.2 123.9 13.0 11.3 12.9 14.9 89.4 91.0 90.9 93.4 489.1 481.9 482.4 489.5 376.6 369.1 394.9 429.6 419.0 445.1 475.5 482.8 1990 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,115.1 2,141.8 2,207.3 2,288.3 178.8 177.3 180.0 172.1 1,936.3 1,964.5 2,027.3 2,116.2 222.8 229.6 232.5 233.8 119.9 121.9 123.9 126.2 102.9 107.7 108.6 107.6 132.3 133.7 136.4 138.2 31.3 28.0 34.0 45.5 94.9 96.9 102.0 108.9 528.8 538.7 r 541.9 r 539.9 421.8 427.3 440.3 458.4 504.4 510.3 r 540.2 r 591.5 1991 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,360.6 2,397.9 2,489.4 2,563.2 187.5 196.2 217.5 232.5 2,173.1 2,201.7 2,271.9 2,330.7 238.3 243.5 257.5 263.9 129.7 133.2 135.4 138.1 108.6 110.3 122.1 125.8 147.2 156.8 171.4 181.8 65.4 55.4 64.5 80.0 114.9 130.8 142.0 150.8 r 555.7 556.5 r 567.7 r 570.6 464.3 473.6 477.3 491.7 r 1992 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,664.0 2,712.4 2,765.5 2,839.9 255.9 267.0 287.5 294.4 2,408.1 2,445.4 2,478.0 2,545.5 268.1 275.1 281.2 289.2 142.0 145.4 150.3 157.3 126.1 129.7 130.9 131.9 188.4 192.8 194.8 197.5 84.8 79.4 79.4 79.7 166.0 175.0 180.8 192.5 r 582.0 570.7 r 562.8 r 547.3 507.9 529.6 535.2 549.7 r 1993 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,895.0 2,938.4 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,584.8 2,631.2 2,669.1 2,725.2 297.7 303.0 305.8 309.9 163.6 166.5 169.1 171.9 134.1 136.4 136.7 137.9 208.0 217.8 229.4 234.5 77.9 76.2 74.8 80.8 199.3 206.1 215.6 213.0 r 563.0 584.4 r 588.5 r 590.8 564.2 567.7 591.3 622.9 r 1994 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,094.6 3,088.2 3,127.8 3,168.0 344.4 330.1 313.2 r 290.4 2,750.2 2,758.1 2,814.6 r 2,877.6 315.1 321.1 327.2 331.2 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 226.5 r 633.3 633.1 655.6 688.6 r 1995 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,239.2 3,245.0 3,279.5 3,294.9 r 2,931.1 2,946.6 r 2,990.1 r 3,016.2 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 244.2 245.0 r 245.2 r 241.5 67.7 58.7 64.2 71.3 230.3 227.7 224.1 228.8 r 450.3 422.9 r 382.7 r 344.1 729.0 784.1 848.1 r 862.2 r r 342.8 344.2 345.9 347.7 r r 1996 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 3,382.8 3,347.3 r 3,386.2 3,411.2 r r 185.8 186.5 186.8 187.0 161.4 161.1 r 167.0 169.6 85.7 82.1 r 85.2 p 92.1 229.0 230.9 r 249.1 p 258.5 r r r r 347.2 347.6 r 353.8 356.6 r r 1 308.1 298.4 r 289.4 r 278.7 284.0 280.2 r 274.8 p 272.0 3,098.8 3,067.1 r 3,111.4 3,139.2 U.S. savings bonds, series A-F and J, are included at current redemption value. Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks. 3 Includes partnerships and personal trust accounts. 4 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970. 5 Exclusive of banks and insurance companies. 6 The State and local governments category has been redefined to include its fully defeased 2 r 239.4 234.4 r 234.5 p 234.0 r r r r r r 586.3 569.6 r 520.3 r 468.3 r r 325.4 316.8 r 298.5 p 290.0 r 931.5 959.8 r 1,030.9 p 1,131.5 r Other investors 8 (12) 587.2 585.0 r 591.5 r 591.9 r 610.9 622.9 r 643.8 r 689.5 r 674.7 676.0 r 663.7 r 673.3 r 696.5 710.2 r 778.6 r 855.3 r 866.8 864.0 r 879.9 r 920.6 r 940.6 895.5 r 859.4 p 776.5 r debt that is backed by nonmarketable Federal securities. Includes State and local pension funds. 7 Consists of the investments of foreign and international accounts (both official and private) in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the 1984 benchmark to December 1989; and the 1989 benchmark to date. 8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain Government deposit accounts, and Government-sponsored enterprises. MARKET YIELDS 51 INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. • Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. The Treasury yield curve in the accompanying chart is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. The Treasury uses quotations obtained by the Federal Reserve Bank of New York to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. Yields on Treasury bills are coupon equivalent yields of bank discount rates at which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury constant maturity data series in its weekly H.15 press release. • Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate bond average yield is developed by Treasury by calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors Service. The municipal bond average yield prior to 1991 was compiled by Treasury. Beginning with January 1991, the average yield is the “Municipal Bond Yield Average,” published by Moody’s Investors Service for 20-year reoffering yields on selected Aa-rated general obligations. See the footnotes for further explanation. TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Date 3-mo. (1) 6-mo. (2) 1-yr. (3) 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) Monthly average: 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 5.15 4.96 5.10 5.09 5.15 5.23 5.30 5.19 5.24 5.12 5.17 5.04 5.13 4.97 5.16 5.27 5.33 5.46 5.52 5.34 5.45 5.32 5.27 5.24 5.09 4.94 5.34 5.54 5.64 5.81 5.85 5.67 5.83 5.55 5.42 5.47 5.11 5.03 5.66 5.96 6.10 6.30 6.27 6.03 6.23 5.91 5.70 5.78 5.20 5.14 5.79 6.11 6.27 6.49 6.45 6.21 6.41 6.08 5.82 5.91 5.36 5.38 5.97 6.30 6.48 6.69 6.64 6.39 6.60 6.27 5.97 6.07 5.54 5.64 6.19 6.48 6.66 6.83 6.76 6.52 6.73 6.42 6.10 6.20 5.65 5.81 6.27 6.51 6.74 6.91 6.87 6.64 6.83 6.53 6.20 6.30 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 6.81 6.48 6.55 End of month: 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . July . . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 5.05 5.02 5.13 5.14 5.18 5.18 5.32 5.29 5.14 5.17 5.13 5.21 4.97 5.05 5.20 5.30 5.36 5.37 5.47 5.49 5.37 5.30 5.25 5.33 4.90 5.23 5.41 5.62 5.77 5.70 5.85 5.91 5.71 5.44 5.38 5.51 4.93 5.44 5.79 6.03 6.27 6.11 6.22 6.34 6.10 5.77 5.59 5.88 5.06 5.56 5.91 6.19 6.44 6.30 6.39 6.54 6.28 5.92 5.70 6.04 5.25 5.73 6.10 6.40 6.64 6.47 6.57 6.73 6.46 6.10 5.84 6.21 5.46 5.99 6.30 6.58 6.78 6.61 6.68 6.86 6.60 6.24 5.97 6.34 5.60 6.13 6.34 6.66 6.85 6.73 6.80 6.96 6.72 6.37 6.06 6.43 6.03 6.48 6.67 6.89 7.00 6.90 6.98 7.13 6.93 6.66 6.36 6.65 * Rates are from the Treasury yields curve. 52 MARKET YIELDS CHART MY-A.--Yields of Treasury Securities, Dec. 31, 1996 * Based on closing bid quotations (in percentages) Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded. (Year tick marks correspond with June data.) Years * Source: Office of Market Finance MARKET YIELDS 53 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1985 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 11.47 11.81 11.47 11.05 10.45 10.50 10.56 10.61 10.50 10.06 9.54 12.46 12.39 12.85 12.45 11.85 11.33 11.28 11.61 11.66 11.51 11.19 10.42 9.11 9.26 9.52 9.16 8.79 8.46 8.73 8.96 9.04 9.00 8.45 8.44 1986 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 8.93 7.96 7.39 7.52 7.57 7.27 7.33 7.62 7.70 7.52 7.37 10.33 9.76 8.95 8.71 9.09 9.39 9.11 9.03 9.28 9.29 8.99 8.87 8.02 6.93 6.93 7.14 7.50 7.75 7.34 7.66 6.94 6.59 6.72 6.70 1987 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.54 7.55 8.25 8.78 8.57 8.64 8.97 9.59 9.61 8.95 9.12 8.59 8.58 8.68 9.36 9.95 9.64 9.70 10.09 10.63 10.80 10.09 10.22 6.18 6.34 6.47 7.43 7.71 7.69 7.48 7.59 7.90 8.33 7.76 7.83 1988 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 8.43 8.63 8.95 9.23 9.00 9.14 9.32 9.06 8.89 9.02 9.01 9.81 9.43 9.68 9.92 10.25 10.08 10.12 10.27 10.03 9.86 9.98 10.05 7.46 7.34 7.55 7.69 7.63 7.67 7.63 7.62 7.30 7.27 7.39 7.40 See footnotes at end of table. 54 MARKET YIELDS TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) 8.93 9.01 9.17 9.03 8.83 8.27 8.08 8.12 8.15 8.00 7.90 7.90 9.92 10.11 10.33 10.11 9.82 9.24 9.20 9.09 9.29 9.04 9.20 9.23 7.18 7.31 7.42 7.30 7.05 6.94 6.89 6.73 7.10 7.13 6.95 6.76 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 Treasury 30-yr. bonds (1) Period MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. MARKET YIELDS 55 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1993 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1994 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1996 Jan.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 6.81 6.48 6.55 7.00 7.14 7.58 7.81 7.87 8.00 7.97 7.68 7.84 7.69 7.43 7.45 5.41 5.41 5.57 5.72 5.73 5.82 5.82 5.69 5.62 5.53 5.47 5.47 2 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 56 MARKET YIELDS CHART MY-B.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds* Monthly averages (in percentages) (Year tick marks correspond with June data.) Calendar Years * Source: Office of Market Finance U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and includes some old and current rare issues that do not circulate, or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, various U.S. Mint offices, the Federal Reserve banks, and the Federal Reserve Board. TABLE USCC-1.--Amounts Outstanding and in Circulation, Dec. 31, 1996 [Source: Financial Management Service] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $551,792,323,995 $527,401,209,097 $526,825,862,700 $317,964,116 $257,382,281 The Treasury . . . . . . . . . . . . . . . . 203,811,548 5,547,473 5,003,580 361,239 182,654 The Federal Reserve banks. . . . . 100,895,189,522 100,304,019,594 100,304,016,944 - 2,650 Amounts in circulation . . . . . . . . . . . $450,693,322,925 $427,091,642,030 $426,516,842,176 $317,602,877 $257,196,977 Less amounts held by: Dollars 3 (2) Fractional coins (3) $24,391,114,898 $2,024,703,898 $22,366,411,000 The Treasury . . . . . . . . . . . . . . . . 198,264,075 108,070,559 90,193,516 The Federal Reserve banks . . . . . 591,169,928 64,953,295 526,216,633 Amounts in circulation . . . . . . . . . . . $23,601,680,895 $1,851,680,044 $21,750,000,851 Coins 2 Amounts outstanding. . . . . . . . . . . . Total (1) Less amounts held by: See footnotes following table USCC-2. 58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION TABLE USCC-2.--Amounts Outstanding and in Circulation, Dec. 31, 1996 [Source: Financial Management Service] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,560,089,488 $6,412,194,776 $143,481 $147,751,231 $2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,089,760,262 957,174,720 132,572,966 12,576 $5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,761,157,790 7,618,091,380 110,575,210 32,491,200 $10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,258,408,610 14,235,603,230 5,950 22,799,430 $20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,133,628,280 87,113,521,620 3,380 20,103,280 $50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,557,817,600 48,546,320,550 - 11,497,050 $100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,412,965,400 261,316,670,900 74,301,800 21,992,700 $500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,718,000 144,530,000 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,876,000 167,670,000 - 206,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000 485 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 115 - 90 25 $427,091,642,030 $426,516,842,176 $317,602,877 $257,196,977 Comparative totals of currency and coins in circulation-selected dates Amount (in millions) (1) Per capita 5 (2) Dec. 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . $266,578 $1,690.66 Nov. 29, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,991 1,656.01 Oct. 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433,298 1,628.27 Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 30,229 182.90 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. 4 5 Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. 59 Page Intentionally Left Blank 60 Page Intentionally Left Blank INTERNATIONAL FINANCIAL STATISTICS 61 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies, and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.--U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) Reserve position in International Monetary Fund 1, 5 (5) 71,323 11,056 8,503 40,005 11,759 1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818 1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030 1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312 Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813 Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249 Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117 May . . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227 June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282 July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665 Aug.. . . . . . . . . . . . . . . . . . . 76,781 11,050 10,307 39,827 15,597 Sept. . . . . . . . . . . . . . . . . . . 75,509 11,050 10,177 38,861 15,421 Oct. . . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517 Nov. . . . . . . . . . . . . . . . . . . 75,444 11,049 10,386 38,493 15,516 Dec. . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435 1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372 Total reserve assets 1 (1) 1992. . . . . . . . . . . . . . . . . . . . . . . . End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted-average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF are also valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 62 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS-2.--Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Office of International Financial Analysis] Liabilities to foreign countries End of calendar year or month Official institutions 1 MarketNonmarketable U.S. able U.S. Liabilities Treasury Treasury reported by bonds bonds banks in and and notes 3 United States notes 2 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities to other foreigners LiabiliLiabiliMarketties ties able U.S. to nonreported Treasury monetary by bonds international banks in and and regional United States notes 2, 6 organizations 7 (9) (10) (11) Total (1) Total (2) 1991 . . . . . . . . . . 1,215,772 349,905 131,088 204,096 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 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597 1994 r . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581 1995 - Dec. r . . . . 1,890,621 605,356 275,877 293,731 6,492 29,256 800,039 462,171 121,168 341,003 23,055 1996 - Jan. r . . . . 1,903,390 619,449 277,883 306,346 6,120 29,100 796,470 464,479 122,914 341,565 22,992 Feb. r . . . . 1,922,502 645,071 294,451 315,027 6,158 29,435 778,945 475,960 125,572 350,388 22,526 Mar. r . . . . 1,926,590 657,715 302,442 319,775 6,199 29,299 772,544 474,242 121,776 352,466 22,089 Apr. r . . . . . 1,942,725 661,813 297,690 328,028 6,238 29,857 770,610 487,789 126,106 361,683 22,513 May r. . . . . 1,952,339 664,082 293,272 334,510 5,903 30,397 767,332 497,491 128,404 369,087 23,434 June r . . . . 1,968,684 670,620 305,429 327,862 5,941 31,388 764,418 511,042 125,976 385,066 22,604 July r . . . . . 2,007,915 675,024 299,506 337,491 5,980 32,047 756,341 554,798 130,965 423,833 21,752 Aug. . . . . . 2,006,923 680,488 300,760 341,078 6,018 32,632 745,317 558,397 125,847 432,550 22,721 Sept. . . . . . 2,037,666 696,283 298,450 358,266 6,057 33,510 758,871 557,822 127,565 430,257 24,690 Oct. . . . . . . 2,092,372 698,834 296,117 363,104 5,892 33,721 788,082 578,557 129,354 449,203 26,899 Nov. p . . . . 2,108,292 712,382 304,706 366,944 5,929 34,803 777,276 594,472 127,086 467,386 24,162 Dec. p . . . . 2,176,541 727,080 305,384 380,505 5,968 35,223 789,742 635,710 135,468 500,242 24,009 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to “other foreigners.” 2 3 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 7 Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Asian Development Bank. Note.--Table is based on Department of Treasury data and on data reported to the Department of Treasury by banks, other depository institutions, and brokers in the United States. Data correspond generally to statistics following in this section and in the “Capital Movements” section. Table excludes International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by other international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 63 TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Payable in dollars Mexico 2 (4) Grand total (1) Total (2) Argentina 1 (3) 1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759 1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817 1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885 1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959 1995 - Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039 Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045 Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052 Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059 May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067 June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074 July . . . . . . . . . . . . . . . . . . 5,980 5,980 985 3,914 1,081 Aug. . . . . . . . . . . . . . . . . . 6,018 6,018 991 3,939 1,088 Sept. . . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095 Oct. . . . . . . . . . . . . . . . . . . 5,892 5,892 1,003 3,786 1,103 Nov. . . . . . . . . . . . . . . . . . 5,929 5,929 1,009 3,810 1,110 Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118 End of calendar year or month 1 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon, 30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue is $6,685 million. 2 Includes current value of the following zero-coupon Treasury bond issues to the government of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,058 million; and beginning March 1990, 30-year maturity issue with remaining face value of $20,412 Venezuela 3 (5) million. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million. 64 CAPITAL MOVEMENTS INTRODUCTION: Capital Movements Treasury collects information about the transference of financial assets and other portfolio capital movements between the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking enterprises in the United States file capital movement reports with district Federal Reserve banks. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System, and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Copies of the reporting forms and instructions may be obtained from the Office of International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. However, information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records, and so may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite ‘Other Europe.’ Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United States must file reports. These enterprises include the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting. Banks and other depository institutions, and some brokers and dealers, file monthly reports covering their dollar liabilities to, and dollar claims on, foreigners in a number of countries. Twice a year, June 30 and December 31, they also report the same liabilities and claims items attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies. The exemption level applicable to these banking reports is $15 million. Banks and other depository institutions, securities brokers and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million during the covered month. Exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more at the end of the covered quarter. Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit claims of $10 million or more on banks abroad. The data in these tables do not cover all types of reported capital movements between the United States and other countries. The principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices), and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the United States balance of payments. • Section I presents liabilities to foreigners reported by U.S. banks and other depository institutions, as well as brokers and dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. • Section II presents claims on foreigners reported by U.S. banks and other depository institutions, brokers, and dealers. Data on banks’ claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a quarterly basis only. Maturity data are reported according to time remaining to maturity. Reporting also covers certain items held by brokers and dealers in the United States. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises in the United States. Information does not include accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment forms. Data exclude claims on foreigners held through banks in the United States. • Section V contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, brokers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners, and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical breakdown of the transactions data does not necessarily reflect the domicile of the ultimate owners of, or the original issuers of, the securities. This is because the path of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a reportable transaction. That is, before it enters and after it departs the reporting system, CAPITAL MOVEMENTS ownership of a security may be transferred between foreigners of different countries. Such transfers may occur any number of times and are concealed among the net figures for U.S. transactions opposite individual countries. Hence, the geo- 65 graphical breakdown shows only the country of domicile of the foreign buyers and sellers of securities in a particular round of transactions. SECTION I.--Liabilities to Foreigners Reported by Banks in the United States TABLE CM-I-1.--Total Liabilities by Type of Holder [In millions of dollars. Source: Office of International Financial Analysis] Foreign countries End of calendar year or month Official institutions 1 Payable in Payable foreign in currenTotal dollars cies 3 (2) (3) (4) Total liabilities (1) Banks and other foreigners Payable in Payable foreign in currenTotal dollars cies 3 (5) (6) (7) Total (8) International and regional 2 Payable in Payable foreign in currendollars cies 3 (9) (10) Memoranda Total liabilities to all foreigners reported by IBFs Payable in Payable foreign in currendollars cies 3 (11) (12) 1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129 1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394 1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669 1994 r . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397 1995 - Dec. r . . . . . . . . 1,209,261 275,877 275,877 - 921,207 812,632 108,575 12,177 11,039 1,138 369,591 85,755 1996 - Jan. r . . . . . . . . 1,209,076 277,883 277,883 - 919,384 810,809 108,575 11,809 10,671 1,138 370,232 85,755 Feb. r . . . . . . . . 1,211,052 294,451 294,451 - 904,517 795,942 108,575 12,084 10,946 1,138 370,259 85,755 Mar. r . . . . . . . . 1,207,798 302,442 302,442 - 894,320 788,390 105,930 11,036 9,512 1,524 363,818 82,143 Apr. r . . . . . . . . 1,207,241 297,690 297,690 - 896,716 790,786 105,930 12,835 11,311 1,524 359,454 82,143 May r . . . . . . . . 1,202,526 293,272 293,272 - 895,736 789,806 105,930 13,518 11,994 1,524 356,501 82,143 June r. . . . . . . . 1,209,322 305,429 305,429 - 890,394 780,084 110,310 13,499 12,158 1,341 355,258 80,985 July r . . . . . . . . 1,199,895 299,506 299,506 - 887,306 776,996 110,310 13,083 11,742 1,341 344,014 80,985 Aug. . . . . . . . . . 1,185,940 300,760 300,760 - 871,164 760,854 110,310 14,016 12,675 1,341 341,047 80,985 Sept. . . . . . . . . 1,201,028 298,450 298,450 - 886,436 776,995 109,441 16,142 14,443 1,699 341,182 76,897 Oct. . . . . . . . . . 1,231,367 296,117 296,117 - 917,436 807,995 109,441 17,814 16,115 1,699 344,512 76,897 Nov. p . . . . . . . 1,225,337 304,706 304,706 - 904,362 794,921 109,441 16,269 14,570 1,699 348,938 76,897 Dec. p . . . . . . . 1,245,567 305,384 305,384 - 925,210 815,769 109,441 14,973 13,274 1,699 352,750 76,897 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 66 CAPITAL MOVEMENTS TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars Part A.--Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Official institutions 1 U.S. Treasury bills and Deposits certifDemand Time 2 icates (2) (3) (4) Other liabilities 2 (5) Deposits Demand Time 2 (6) (7) 1991 . . . . . . . . . . . . . . . 747,085 1992 . . . . . . . . . . . . . . . 800,909 1993 . . . . . . . . . . . . . . . 915,736 1994 r . . . . . . . . . . . . . . 1,006,390 2,626 1,302 1,600 1,564 16,504 92,692 17,939 104,596 21,653 151,100 23,511 139,571 19,266 35,726 46,468 48,311 8,648 82,857 10,170 90,296 9,718 105,262 10,633 111,171 1995 - Dec. r . . . . . . . . . 1,088,509 1996 - Jan. r . . . . . . . . . 1,088,692 Feb. r . . . . . . . . . 1,090,393 Mar. r . . . . . . . . . 1,090,832 Apr. r . . . . . . . . . 1,088,476 May r . . . . . . . . . 1,083,078 June r. . . . . . . . . 1,085,513 July r . . . . . . . . . 1,076,502 Aug. . . . . . . . . . . 1,061,614 Sept. . . . . . . . . . 1,075,445 Oct. . . . . . . . . . . 1,104,112 Nov. p . . . . . . . . 1,099,627 Dec. p . . . . . . . . 1,121,153 2,098 1,522 1,656 1,423 1,679 1,504 2,211 2,211 1,459 2,049 1,316 2,181 1,510 30,716 28,084 29,909 32,452 36,639 32,658 38,916 37,137 37,708 34,902 35,551 35,292 33,662 74,529 74,328 71,698 70,185 72,734 70,789 77,131 74,097 71,867 79,377 73,070 69,541 76,777 11,758 10,245 10,946 10,968 11,468 10,663 12,380 11,809 11,116 12,764 11,156 13,304 13,694 End of calendar year or month Total foreign countries (1) 168,534 173,949 191,188 198,382 186,638 188,321 187,171 186,061 189,726 182,122 186,180 197,692 193,435 103,472 110,422 104,078 100,847 95,871 88,765 90,481 95,128 94,867 91,906 96,223 94,345 91,168 Banks U.S. Treasury Other bills and liacertifbiliicates ties 2 (8) (9) Other foreigners U.S. Treasury bills and Deposits cerDemand Time 2 tificates (11) (12) (13) Other liabilities 2 (14) 7,471 94,190 329,099 11,087 104,773 330,994 10,712 148,206 318,273 11,264 149,986 395,478 9,004 10,310 10,236 11,160 57,574 48,936 45,411 48,532 8,841 10,053 10,652 11,822 18,313 24,727 36,445 43,387 15,872 15,995 17,947 15,967 16,801 17,584 18,241 18,091 18,670 18,556 16,865 14,227 13,886 10,571 10,375 10,851 10,948 10,789 11,127 12,655 10,950 10,523 10,665 11,328 12,131 11,879 53,712 55,482 54,439 56,559 55,097 55,785 56,007 57,479 59,248 60,214 59,607 57,998 58,096 12,599 12,787 13,705 13,792 13,241 14,542 12,322 12,531 11,208 11,401 10,964 12,039 13,272 44,286 44,270 46,577 40,477 46,979 46,950 44,992 50,005 44,868 45,285 47,455 44,918 52,221 164,021 165,670 169,442 164,426 167,888 169,970 167,861 165,080 157,142 169,868 168,649 169,083 160,361 To own foreign offices (10) 396,341 385,563 367,957 374,406 372,652 374,420 365,145 355,923 353,212 356,336 385,748 376,876 401,192 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month Total (1) Demand deposits (2) Time deposits 2 (3) U.S. Treasury bills and certificates (4) ........................ ........................ ........................ ........................ 8,981 9,350 10,936 8,606 43 46 15 29 2,714 3,214 2,780 3,298 1,730 1,908 4,275 281 4,494 4,182 3,866 4,998 1995 - Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. r . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. p . . . . . . . . . . . . . . . . . Dec. p . . . . . . . . . . . . . . . . . 11,039 10,671 10,946 9,512 11,311 11,994 12,158 11,742 12,675 14,443 16,115 14,570 13,274 21 30 43 16 28 34 123 22 49 26 67 46 29 4,656 4,434 3,526 3,563 4,024 3,442 4,052 3,747 4,738 5,441 6,005 4,906 5,815 350 764 555 564 426 376 874 865 345 399 600 1,088 244 6,012 5,443 6,822 5,369 6,833 8,142 7,109 7,108 7,543 8,577 9,443 8,530 7,186 1991 1992 1993 1994 1 Includes Bank for International Settlements. 2 Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." Other liabilities 2 (5) Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. CAPITAL MOVEMENTS 67 TABLE CM-I-3.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1996 Oct. Nov. p Dec. p 6,714 29,909 314 385 3,276 1,359 47,888 29,701 1,900 1,627 1,760 17,598 11,421 1,872 5,358 1,610 284 4,761 23,018 2,738 44,663 8,105 158,959 258 12,245 417,723 7,513 30,659 359 319 2,426 2,056 51,863 29,624 1,712 1,636 1,233 17,882 13,812 1,802 5,755 1,525 622 5,602 20,324 2,348 34,978 8,132 184,553 260 11,694 438,689 6,947 28,433 307 148 3,414 2,104 49,714 27,752 2,268 1,535 2,040 15,351 12,928 2,132 5,899 1,860 488 8,215 20,887 2,445 40,553 7,424 191,361 276 12,042 446,523 5,798 31,103 391 343 3,074 2,010 44,198 30,656 1,857 1,142 1,555 15,790 12,790 1,538 5,932 2,002 275 7,571 19,580 2,226 46,652 6,837 176,795 250 13,382 433,747 33,530 35,402 37,356 35,260 40,234 12,356 96,525 4,956 24,317 249,273 2,891 3,747 8 1,323 1,288 498 24,611 5,185 4,413 987 456 1,869 12,117 13,385 89,793 4,365 24,699 235,224 2,527 3,292 14 1,444 1,182 644 25,451 3,797 4,030 1,089 504 1,846 15,221 12,160 88,043 5,410 24,353 241,972 3,473 2,916 33 1,458 1,186 643 27,894 5,598 3,983 946 566 1,768 15,898 11,872 102,425 5,440 24,619 237,683 3,035 2,995 17 1,392 1,212 600 28,759 5,384 4,089 1,034 566 1,858 16,671 14,031 92,602 6,973 27,456 234,692 2,996 2,865 18 1,583 1,240 584 29,068 4,745 4,035 952 538 1,770 17,679 13,965 89,333 5,829 28,199 258,562 3,183 3,283 21 1,776 1,287 648 32,337 6,264 4,110 844 601 1,905 17,663 6,115 7,240 7,804 8,271 7,838 7,487 8,170 434,862 454,060 436,311 446,571 457,489 451,314 477,980 1993 1994 r 1995 r Aug. Sept. 2,203 31,609 99 817 4,650 2,569 48,658 33,433 1,527 1,491 2,323 14,546 17,788 3,071 2,292 3,488 125 2,532 21,365 2,813 45,746 3,584 150,912 373 26,524 424,538 4,109 26,475 611 953 3,137 1,569 52,816 32,356 1,409 1,095 1,987 13,419 17,259 2,339 2,316 2,997 529 2,726 15,612 3,157 42,126 3,378 187,081 245 20,966 440,667 4,269 31,298 752 1,667 3,517 3,035 49,220 31,065 2,039 2,055 2,615 16,045 14,993 1,424 5,690 2,916 246 7,948 11,960 3,376 46,210 4,311 161,112 177 14,255 422,195 5,173 32,701 372 652 2,869 1,581 49,329 29,994 1,762 1,187 2,406 17,316 13,143 1,593 6,008 1,453 307 4,988 19,251 2,320 41,858 7,440 163,072 207 15,920 422,902 21,577 26,523 32,002 14,591 74,844 8,372 5,384 199,955 3,314 3,220 33 899 1,224 425 28,374 5,277 3,887 966 398 1,664 13,334 17,273 104,934 8,631 9,292 237,571 3,174 4,674 13 886 1,136 541 12,392 5,748 4,775 913 641 1,649 14,504 6,084 372,245 68 CAPITAL MOVEMENTS TABLE CM-I-3.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 1996 Oct. Nov. p Dec. p 32,068 15,748 18,302 3,797 2,210 4,184 136,997 5,962 600 2,163 1,711 3,433 12,071 60 11,765 15,384 3,283 269,738 26,998 15,477 17,870 3,713 2,442 7,212 137,060 5,599 821 2,307 1,490 3,195 12,948 50 11,978 13,701 3,085 265,946 29,411 16,641 19,529 3,836 2,407 5,773 128,138 5,951 953 2,264 936 3,268 11,925 51 12,735 13,814 2,701 260,333 30,441 16,018 19,558 3,940 2,313 6,092 131,477 6,057 1,174 2,266 998 3,369 10,823 53 10,918 14,972 2,805 263,274 1,921 193 297 121 696 6 2,102 2,029 7,365 1,894 225 277 78 545 6 2,054 2,436 7,515 1,904 205 337 74 498 11 1,943 2,161 7,133 1,901 233 263 66 704 10 2,387 2,182 7,746 2,012 251 320 112 521 10 2,611 2,309 8,146 5,732 1,163 6,895 5,575 1,075 6,650 5,661 2,276 7,937 4,925 2,015 6,940 6,335 1,557 7,892 5,607 1,606 7,213 1,095,112 1,197,084 1,171,924 1,184,886 1,213,553 1,209,068 1,230,594 7,179 51 3,276 274 503 39 7,888 53 798 194 170 39 10,179 119 1,152 194 496 37 12,088 109 1,265 349 170 35 14,193 63 1,450 299 102 35 15,768 55 1,561 267 128 35 14,204 144 1,429 196 261 35 12,833 70 1,596 157 281 36 11,322 9,142 12,177 14,016 16,142 17,814 16,269 14,973 1,004,931 1,104,254 1,209,261 1,185,940 1,201,028 1,231,367 1,225,337 1,245,567 1993 1994 r 1995 r Aug. Sept. 4,011 10,684 17,724 1,123 2,001 4,453 79,241 4,963 469 1,833 1,216 2,041 8,746 365 6,155 15,943 2,783 163,751 10,066 9,971 17,956 2,340 1,610 5,160 87,304 5,176 503 1,704 1,309 2,722 8,537 608 6,475 15,547 3,315 180,303 33,765 11,743 22,588 3,378 2,743 4,064 139,056 5,797 631 2,415 1,703 3,100 11,564 858 12,291 16,057 2,413 274,166 34,227 14,805 19,517 4,019 2,195 4,407 134,663 5,456 527 2,084 1,803 2,544 10,249 94 10,713 14,483 3,380 265,166 2,218 153 816 100 451 12 1,308 1,612 6,670 1,886 233 323 97 440 9 1,381 2,223 6,592 2,137 229 368 104 810 10 1,837 2,271 7,766 3,919 909 4,828 5,250 915 6,165 993,609 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 69 TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1996, Preliminary [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for in curren- own lia- liabilDeposits obliga- liabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Europe: Austria . . . . . . . . . . . . . . 5,798 5,101 Belgium-Luxembourg. . . 31,103 23,676 391 391 Bulgaria . . . . . . . . . . . . . Czechoslovakia . . . . . . . 343 342 Denmark . . . . . . . . . . . . 3,074 2,450 Finland . . . . . . . . . . . . . . 2,010 1,463 France . . . . . . . . . . . . . . 44,198 33,404 Germany . . . . . . . . . . . . 30,656 24,554 Greece . . . . . . . . . . . . . . 1,857 1,811 Hungary . . . . . . . . . . . . . 1,142 1,140 Ireland . . . . . . . . . . . . . . 1,555 1,452 Italy. . . . . . . . . . . . . . . . . 15,790 10,701 Netherlands . . . . . . . . . . 12,790 10,995 1,538 1,288 Norway. . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . 5,932 5,437 Portugal . . . . . . . . . . . . . 2,002 1,865 Romania. . . . . . . . . . . . . 275 275 7,571 7,571 Russia 4 . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . 19,580 16,921 Sweden . . . . . . . . . . . . . 2,226 1,302 Switzerland. . . . . . . . . . . 46,652 44,215 Turkey . . . . . . . . . . . . . . 6,837 6,724 United Kingdom . . . . . . . 176,795 150,260 5 250 206 Yugoslavia . . . . . . . . . . Other Europe . . . . . . . . . 13,382 12,796 Total Europe . . . . . . . . 433,747 366,340 Canada . . . . . . . . . . . . . . . 40,234 38,031 Latin America and Caribbean: Argentina . . . . . . . . . . . . 13,965 13,794 Bahamas . . . . . . . . . . . . 89,333 87,915 Bermuda. . . . . . . . . . . . . 5,829 5,299 Brazil . . . . . . . . . . . . . . . 28,199 27,663 West Indies . . . . . . . . . . 258,562 250,372 Chile. . . . . . . . . . . . . . . . 3,183 2,915 Colombia . . . . . . . . . . . . 3,283 3,256 Cuba. . . . . . . . . . . . . . . . 21 21 Ecuador . . . . . . . . . . . . . 1,776 1,767 Guatemala . . . . . . . . . . . 1,287 1,282 Jamaica . . . . . . . . . . . . . 648 628 Mexico . . . . . . . . . . . . . . 32,337 31,251 Netherlands Antilles . . . . 6,264 5,956 Panama . . . . . . . . . . . . . 4,110 4,077 844 834 Peru . . . . . . . . . . . . . . . . Trinidad and Tobago . . . 601 600 Uruguay . . . . . . . . . . . . . 1,905 1,888 Venezuela . . . . . . . . . . . 17,663 17,361 Other Latin America 8,170 8,052 and Caribbean . . . . . . Total Latin America and Caribbean. . . . . 477,980 464,931 See footnotes at end of table. 697 1,760 7,427 21,330 170 1 342 624 2,004 547 1,334 10,794 25,432 6,102 19,363 46 881 2 318 103 1,043 5,089 10,186 1,795 7,908 250 571 495 2,371 137 1,123 99 3,365 2,659 5,603 924 1,156 2,437 15,894 113 1,812 26,535 135,455 44 205 586 9,289 67,407 269,014 3,341 2,346 221 446 129 7,972 5,191 930 822 409 515 3,087 717 3,066 742 176 4,206 11,318 146 28,321 4,912 14,805 1 3,507 97,326 67 818 22 63 89 17 287 588 43 35 91 376 185 20 21 44 13 178 291 99 663 116 832 8 325 5,291 765 7,205 24 78 492 702 7,997 4,355 17 144 4,362 2,529 12 89 422 16 453 2,086 225 1,745 635 25,428 31 4,466 64,278 3,322 644 218 170 102 6,818 4,886 901 288 61 162 942 28 3,065 576 175 4,185 9,340 81 22,323 4,771 4,522 1,315 68,895 31,196 6,835 241 4,031 1,719 171 8,898 1,418 74,320 530 2,953 536 23,345 8,190 163,863 268 2,574 27 3,134 21 9 1,597 5 1,003 20 545 1,086 16,904 308 4,868 33 3,676 10 811 1 541 17 1,773 302 13,235 4,896 13,595 2,346 4,318 86,509 341 122 170 279 83 14,347 1,088 401 23 59 115 4,126 214 55 11 449 79 155 78 4 106 50 37 151 119 63 42 8 83 120 2,137 5,043 675 13,917 9,276 410 668 259 89 239 2,315 153 174 18 95 263 3,312 3,700 157 358 5 132 25 44 173 28 11,996 22 41 4 3,447 1,058 210 1,375 875 13,049 331,055 133,876 2,034 40,418 2,203 118 6,994 525 265 3,186 9,274 122 165 8 1,349 324 173 430 2,840 13,416 8,517 5,009 466 73 804 9 514 130 3,631 1,425 2,744 3,947 1,140 28 1,967 278 220 290 28 39 2,607 29 3,411 761 303 227 6,902 10,905 760 301 21,706 80,637 110 5,875 447 70,065 128,252 26 121 3 19 7 161 225 51 1 47 175 106 28 4 23 2 17 91 14 174 20 1,079 2 22 2,418 126 882 2 25 7 8 526 597 226 3 51 340 94 26 11 122 2 91 851 45 580 75 1,542 10 238 6,480 1 230 24 50 100 11 80 64 108 3 1 12 6 38 31 795 16 3,132 47 4,749 4 1,316 3 1,309 277 23 334 166 340 3 1 156 5 52 277 128 30 11,382 45 61 15,912 13 569 196 151 5 32 123 70 1 118 3 104 16 1,324 1 3,131 1 1 5,859 17,814 709 1,608 833 6,942 41 1,049 326 13,655 64,768 1,654 24 8,503 879 83,085 136,085 278 124 591 46 6 504 83 76 1 162 22 5,040 1,458 212 849 255 1,068 61 36 256 8 215 514 1,786 203 592 131 54 617 802 245 217 155 104 24 1,288 104 170 93 22 92 1,120 4,589 1,576 279 2,946 4,915 1,317 1,545 5 555 731 58 7,586 717 1,946 565 192 611 7,077 121 1,353 440 41 2,050 64 14 9 6 33 393 818 105 1 4 27 94 1,066 1,177 1,804 306 13,948 322 72 6 52 52 25 1,024 2,962 255 18 15 79 202 160 855 144 87 312 93 82 17 49 14 565 28 90 16 1 36 503 274 680 3,108 49 299 81 21,007 118,570 206,768 6,510 40,318 5,622 23,684 3,133 4,134 1,182 70 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1996, Preliminary, con. [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for in curren- own lia- liabilDeposits obliga- liabilforeign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Asia: China: Mainland . . . . . . Taiwan . . . . . . . Hong Kong . . . . . . India . . . . . . . . . . . Indonesia . . . . . . . Israel . . . . . . . . . . Japan . . . . . . . . . . Korea . . . . . . . . . . Lebanon . . . . . . . . Malaysia. . . . . . . . Pakistan . . . . . . . . Philippines . . . . . . Singapore. . . . . . . Syria. . . . . . . . . . . Thailand . . . . . . . . Other Asia . . . . . . Total Asia . . . . . 30,441 16,018 19,558 3,940 2,313 6,092 131,477 6,057 1,174 2,266 998 3,369 10,823 53 10,918 17,777 263,274 30,441 15,991 18,741 3,936 2,307 6,042 107,017 6,003 1,174 2,044 991 3,365 10,623 53 10,912 17,104 236,744 Africa: Egypt . . . . . . . . . . Ghana . . . . . . . . . Liberia . . . . . . . . . Morocco . . . . . . . . South Africa . . . . . Zaire. . . . . . . . . . . Other Africa . . . . . Total Africa . . . . 2,012 251 320 112 521 10 4,920 8,146 2,012 251 312 112 458 10 4,916 8,071 4,023 26,418 27 8,667 7,324 817 14,052 4,689 4 1,537 2,399 6 1,619 688 50 1,725 4,317 24,460 35,337 71,680 54 4,527 1,476 1,092 82 222 1,446 598 7 786 205 4 1,992 1,373 200 8,657 1,966 50 3 6 991 9,921 673 14,172 2,932 26,530 100,673 136,071 8 63 4 75 783 221 239 110 452 10 4,245 6,060 1,229 30 73 2 6 671 2,011 Other countries: Australia . . . . . . . . 5,607 5,468 139 3,980 1,488 1,606 1,568 38 1,345 223 All other . . . . . . . . Total other 7,213 7,036 177 5,325 1,711 countries . . . . Total foreign countries. . . 1,230,594 1,121,153 109,441 743,323 377,830 International and regional: International . . . . . 12,833 11,401 1,432 11,194 207 European regional 70 60 10 42 18 Latin American regional . . . . . . . 1,596 1,339 257 1,324 15 Asian regional . . . 157 157 87 70 281 281 82 199 African regional . . Middle Eastern 36 36 36 regional . . . . . . . Total international 14,973 13,274 1,699 12,765 509 and regional. . Grand total. . . 1,245,567 1,134,427 111,140 756,088 378,339 1 These data as of Sept. 30, 1996. 2 228 265 405 314 254 136 1,169 202 78 104 40 353 381 16 202 495 4,642 1,709 14,750 1,998 6,863 1,388 996 10 2,084 70 654 208 4,020 4,059 67,601 638 883 644 314 577 120 165 140 426 1,284 1,439 1 140 9,902 2,361 2,074 15,084 112,434 12,886 4,293 4,418 480 564 488 7,877 1,174 332 434 333 1,792 1,525 10 277 2,923 39,806 439 490 7,663 619 469 448 21,153 2,146 10 290 257 145 5,255 284 7,425 47,093 31 179 336 79 45 100 409 27 17 25 21 72 130 5 38 217 1,731 276 1,588 2,809 233 244 458 667 915 80 298 48 392 201 18 64 573 8,864 26 50 159 2 65 1,081 5 11 1 1 336 2 3 212 1,954 96 265 567 115 7 119 3,001 13 2 1 6 45 72 1 2 824 5,136 11 213 116 11 5 82 226 12 1 1 35 10 1 103 827 87 28 1 18 66 3 1,102 1,305 181 39 11 4 718 953 1,219 30 632 1,881 411 93 62 308 1,696 2,570 56 35 6 6 6 285 394 16 11 18 8 18 170 241 35 9 214 7 51 1 252 569 26 1 4 31 7 6 53 4 57 127 6 35 2 21 64 1,636 55 57 9 1,339 46 1,423 570 312 559 150 120 73 184 64 19 414 6 9 1 1,691 66 1,385 1,993 871 270 257 83 420 10 15,204 124,830 207,321 237,138 401,192 11,879 58,096 13,272 52,221 9,934 13 5 5,354 26 207 18 5,827 11 - - - - - - 8 1 2 388 11 15 4 - 928 152 268 - - - - - - - 36 - - - - - - - - 29 5,815 244 7,186 - - - - - - 15,233 130,645 207,565 244,324 401,192 11,879 58,096 13,272 52,221 9,934 Excludes negotiable time certificates of deposit, which are included in "Other liabilities." 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in "Other Asia" and "Other Africa" amount to $1,124 million. 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 5 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under "Other Europe" as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 71 CHART CM-A.--U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars. Source: Office of International Financial Analysis] Country 1992 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . 125,388 221,194 260,020 77,735 87,870 772,207 110,848 883,055 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1993 150,912 273,626 292,335 79,241 84,510 880,624 124,307 1,004,931 1994 187,081 253,586 361,659 87,304 92,999 982,629 121,625 1,104,254 1995 161,112 261,083 360,352 139,056 135,110 1,056,713 152,548 1,209,261 1996 176,795 256,952 364,098 131,477 131,797 1,061,119 184,448 1,245,567 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking liabilities to foreigners, excluding liabilities represented by long-term securities, are concentrated in international financial centers. The chart and table show that nearly two-thirds of U.S. liabilities are currently reported opposite the United Kingdom, the rest of Europe and, most notably, the offshore banking centers in the Caribbean. An additional 21 percent of U.S. liabilities are held by foreigners domiciled in Japan and the rest of Asia. After declining moderately through the third quarter of 1996, total U.S. banking liabilities to foreigners expanded $44.6 billion in the fourth quarter, bringing the level to $1,245.6 billion. This represents an increase of $36.3 billion, or 3 percent, over the 1995 level, which is the lowest annual rate of growth in U.S. liabilities over the period shown. For the year, U.S. liabilities increased substantially opposite the United Kingdom ($15.7 billion) and “all other contries” ($31.9 billion), with $28.4 billion of the latter amount attributable to Canada, Mexico, and several other countries in Latin America. Heaviest activity occurred in the fourth quarter. Despite a fourth quarter increase of $16.6 billion opposite the British West Indies, U.S. liabilities to the Caribbean banking centers overall grew only marginally in 1996. Liabilities to other Europe, Japan, and other Asia fell by $15.1 billion combined. 72 CAPITAL MOVEMENTS SECTION II.--Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.--Total Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Type of claim Mar. r June r Sept. r Dec. r Mar. r 671,088 698,875 743,657 729,184 735,467 734,911 733,352 763,635 Payable in dollars. . . . . . . . . . . . . 599,499 617,344 656,358 653,000 655,306 659,399 660,084 688,310 Banks’ own claims on foreigners 483,220 494,434 527,747 523,380 532,539 531,231 536,045 544,717 Foreign public borrowers. . . . 23,416 23,805 23,811 22,450 22,518 27,755 22,946 22,719 Deposits . . . . . . . . . . . . . . . 59,368 53,676 59,152 51,089 37,658 42,155 33,998 35,286 Other . . . . . . . . . . . . . . . . . 49,978 53,697 55,724 59,885 63,937 61,568 71,548 74,330 Own foreign offices . . . . . . . . . . 283,015 292,370 305,151 302,569 307,427 297,616 307,510 311,588 All other foreigners . . . . . . . . . . 67,443 70,886 83,909 87,387 100,999 102,137 100,043 100,794 Claims of banks’ domestic customers . . . . . . . . . . . . . . . 116,279 122,910 128,611 129,620 122,767 128,168 124,039 143,593 Deposits . . . . . . . . . . . . . . . . 64,829 67,152 69,579 66,810 58,519 68,950 70,403 80,695 Negotiable and readily transferable instruments . . 36,008 38,703 39,237 44,223 44,161 41,401 37,331 46,491 Collections and other. . . . . . . 15,442 17,055 19,795 18,587 20,087 17,817 16,305 16,407 Payable in foreign currencies. . . . 71,589 81,531 87,299 76,184 80,161 75,512 73,268 75,325 Banks’ own claims on foreigners 60,711 72,652 77,055 69,560 74,016 69,159 65,804 68,195 Claims of banks’ domestic customers . . . . . . . . . . . . . . . 10,878 8,879 10,244 6,624 6,145 6,353 7,464 7,130 Claims reported by IBFs . . . . . . . 253,009 256,543 265,847 254,633 255,035 245,878 241,455 238,782 Payable in dollars . . . . . . . . . . . 212,096 206,691 211,088 206,204 202,411 199,188 198,049 195,580 Payable in foreign currencies . . 40,913 49,852 54,759 48,429 52,624 46,690 43,406 43,202 Customer liability on acceptances 8,427 8,439 8,792 8,766 8,410 9,032 9,335 9,396 On foreign public borrowers. . . . . 15,435 15,482 15,802 14,172 14,995 19,544 14,847 15,523 On all other unaffiliated foreigners 152,924 151,304 172,516 167,901 163,862 174,326 171,034 171,779 On foreign public borrowers. . . . . 7,838 8,146 7,908 8,236 7,522 8,131 8,126 6,922 On all other unaffiliated foreigners 23,873 26,886 26,167 30,146 38,648 31,481 34,564 37,165 Total claims 1994 r 1996 1995 June Sept. p Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: CAPITAL MOVEMENTS 73 TABLE CM-II-2.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1994 r 1996 1995 Mar. r June r Sept. r Dec. r Mar. r June Sept. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 1,889 10,166 7 84 1,562 813 21,493 18,425 1,105 41 513 10,550 5,354 544 413 1,177 238 1,395 5,583 8,930 12,955 3,032 96,779 275 720 1,760 10,742 7 68 1,578 787 24,496 20,621 1,118 143 411 10,767 6,781 1,569 383 1,225 222 1,001 6,639 7,306 16,190 2,495 101,599 253 798 1,831 8,187 6 41 1,872 1,028 24,329 21,633 905 13 499 11,160 8,670 1,260 473 2,149 210 926 6,407 7,582 18,885 2,826 99,992 235 436 2,098 10,764 83 70 1,778 1,470 25,310 19,159 792 9 621 9,468 9,126 1,719 1,153 1,204 199 793 4,841 7,712 20,291 2,901 89,167 240 518 1,961 12,124 7 166 2,027 1,569 24,031 20,814 923 24 1,143 8,789 9,200 735 1,474 1,042 179 1,069 3,842 9,367 18,568 2,834 103,375 150 3,901 2,348 10,078 4 153 2,317 2,148 27,056 18,697 885 31 1,391 9,977 9,979 1,326 2,875 995 192 1,132 6,705 6,408 13,370 2,852 109,520 121 3,037 2,077 10,544 2 111 2,287 1,182 23,787 25,783 940 18 1,006 9,797 10,582 1,654 2,076 942 71 748 3,428 6,329 19,339 3,069 110,958 164 2,314 1,999 11,177 2 247 2,939 1,677 26,710 23,569 835 72 1,277 9,235 11,144 1,709 1,024 732 172 1,791 5,449 7,852 19,057 3,112 128,395 87 3,398 204,043 218,959 221,555 211,486 229,314 233,597 239,208 263,661 Canada . . . . . . . . . . . . . . . . . . . . . . 33,067 42,085 41,749 39,609 35,840 31,622 36,771 43,576 6,075 69,894 8,666 10,574 125,436 4,376 4,369 717 385 262 23,405 1,426 2,293 1,072 473 554 2,803 6,461 67,510 8,952 12,090 121,144 4,812 4,310 593 391 291 22,350 1,236 2,593 1,142 516 406 2,500 6,786 69,340 8,640 12,866 137,816 4,707 4,355 778 356 404 23,192 3,183 2,647 1,406 484 438 2,525 6,392 65,833 6,207 14,915 147,264 4,728 4,705 1 830 378 292 21,209 6,273 2,909 1,513 487 453 2,318 6,759 61,477 6,226 14,826 148,626 5,184 4,892 846 472 329 21,375 9,850 3,347 1,880 485 534 2,536 6,564 68,778 6,144 15,655 143,800 4,656 4,908 1,007 482 338 19,908 11,547 2,942 1,981 478 693 2,293 6,859 63,946 5,059 16,826 131,242 4,630 4,908 994 468 365 19,551 13,371 2,762 2,442 513 696 2,105 7,420 65,691 5,105 17,193 131,856 4,639 5,060 991 525 346 19,959 11,703 2,444 2,576 491 568 2,156 3,504 3,293 3,291 3,505 2,982 3,235 3,634 3,575 266,284 260,590 283,214 290,212 292,626 295,409 280,371 282,298 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. 74 CAPITAL MOVEMENTS TABLE CM-II-2.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1994 r 1996 1995 Mar. r June r Sept. r Dec. r Mar. r June Sept. p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 888 1,548 11,541 1,069 1,717 5,533 93,196 10,508 57 758 641 757 5,376 73 3,094 14,450 523 962 1,639 17,114 1,149 1,770 5,987 97,256 12,466 57 1,010 846 646 5,277 74 3,004 13,688 567 1,423 1,906 18,782 1,335 2,771 6,018 108,044 13,650 63 1,351 1,005 1,008 9,206 65 3,223 13,521 439 1,476 1,685 19,439 2,052 3,983 5,431 100,164 13,182 62 1,298 1,140 812 6,914 75 2,858 12,804 347 1,176 1,836 16,770 1,946 2,016 5,345 98,745 14,419 44 1,170 571 1,449 6,383 94 2,806 10,562 484 2,699 1,906 17,860 1,989 1,990 5,254 88,032 17,668 38 1,054 997 1,313 6,704 63 3,260 8,302 381 2,342 1,612 19,159 1,942 1,872 5,056 84,688 19,755 38 1,190 1,143 1,492 9,257 91 3,308 9,856 419 1,922 1,821 16,425 2,148 1,938 5,008 84,892 18,250 43 1,190 1,505 1,464 7,953 3 2,852 11,179 368 151,729 163,512 183,810 173,722 165,816 159,510 163,220 158,961 249 6 598 876 768 3 1,003 506 223 8 537 620 751 2 848 542 224 9 505 845 677 3 761 527 222 8 549 823 546 2 717 790 233 18 550 720 606 1 654 682 268 6 583 882 657 1 615 581 219 17 525 1,048 615 1 563 598 263 13 474 842 656 1 473 697 4,009 3,531 3,551 3,657 3,464 3,593 3,586 3,419 5,441 1,599 4,153 2,063 5,002 2,076 5,927 1,672 4,919 1,557 5,583 1,783 5,352 1,791 7,701 2,294 7,040 6,216 7,078 7,599 6,476 7,366 7,143 9,995 666,172 694,893 740,957 726,285 733,536 731,097 730,299 761,910 4,783 40 93 - 3,887 15 80 - 2,536 96 68 - 2,811 88 - 1,837 94 - 3,726 3 85 - 2,985 66 2 - 1,650 8 67 - 4,916 3,982 2,700 2,899 1,931 3,814 3,053 1,725 671,088 698,875 743,657 729,184 735,467 734,911 733,352 763,635 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 CAPITAL MOVEMENTS 75 TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1996 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany. . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland. . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden. . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey. . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil. . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela. . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . See footnotes at end of table. Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in dollars (8) Payable in foreign currencies (9) 1,999 11,177 2 247 2,939 1,677 26,710 23,569 835 72 1,277 9,235 11,144 1,709 1,024 732 172 1,791 5,449 7,852 19,057 3,112 128,395 87 3,398 263,661 1,144 9,271 2 239 480 1,517 16,053 11,048 434 56 1,111 8,035 7,556 1,206 730 682 70 1,750 4,505 3,255 14,174 1,097 98,586 87 1,975 185,063 819 5,333 1 181 251 275 7,256 5,666 359 52 954 3,306 3,710 366 533 295 50 1,100 2,999 1,268 1,842 934 26,479 87 1,552 65,668 169 1,570 55 157 1,075 4,822 3,004 38 1 138 2,564 3,246 833 48 189 20 35 1,153 1,708 9,088 149 59,253 294 89,609 156 2,368 1 3 72 167 3,975 2,378 37 3 19 2,165 600 7 149 198 615 353 279 3,244 14 12,854 129 29,786 22 1 37 1 1 1 6 5 16 20 6 16 107 215 8 462 855 1,906 8 2,459 160 10,657 12,521 401 16 166 1,200 3,588 503 294 50 102 41 944 4,597 4,883 2,015 29,809 1,423 78,598 831 1,850 2,400 128 10,285 11,707 342 156 941 3,477 482 203 47 102 7 868 4,295 4,721 2,005 28,957 1,378 75,182 24 56 8 59 32 372 814 59 16 10 259 111 21 91 3 34 76 302 162 10 852 45 3,416 43,576 27,336 12,345 12,998 1,993 29 16,240 15,759 481 7,420 65,691 5,105 17,193 131,856 4,639 5,060 991 525 346 19,959 11,703 2,444 2,576 491 568 2,156 7,133 63,222 4,878 15,269 112,509 4,566 4,727 968 508 339 18,239 11,682 2,399 2,552 474 538 1,659 5,984 9,181 3,640 11,912 22,990 4,174 4,642 838 495 339 17,430 11,085 1,336 2,349 469 367 1,490 1,117 52,649 3,349 79,167 214 81 127 12 285 122 921 192 1 163 23 32 1,392 1,238 8 10,352 178 4 3 1 524 475 142 11 4 8 146 90 54 9 1,232 84 15 34 47 31 3 672 82 27 4 5 8 287 2,469 227 1,924 19,347 73 333 23 17 7 1,720 21 45 24 17 30 497 212 2,458 227 1,640 18,303 68 332 22 17 7 1,555 21 45 21 17 30 496 75 11 284 1,044 5 1 1 165 3 1 3,575 3,519 2,262 1,228 29 79 56 55 1 282,298 255,181 100,983 139,651 14,547 2,476 27,117 25,526 1,591 76 CAPITAL MOVEMENTS TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1996, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in foreign currencies (9) Payable in dollars (8) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 1,922 1,821 16,425 2,148 1,938 5,008 84,892 18,250 43 1,190 1,505 1,464 7,953 3 2,852 11,547 158,961 1,719 1,701 15,287 2,003 1,709 580 70,038 17,630 20 868 1,451 1,302 6,948 2 2,762 10,918 134,938 1,340 881 6,647 1,792 1,544 367 16,215 11,291 19 149 715 940 2,486 2 1,018 1,746 47,152 360 819 7,235 183 109 209 36,111 6,317 1 620 731 315 3,253 1,687 8,600 66,550 19 1 1,405 28 56 4 17,712 22 99 5 47 1,209 57 572 21,236 60 82 118 467 227 10 815 3,742 9 3 48 76 8 312 107 6,084 203 120 1,138 145 229 4,428 14,854 620 23 322 54 162 1,005 1 90 629 24,023 203 58 1,042 113 212 4,424 14,203 508 22 139 37 136 954 1 56 604 22,712 62 96 32 17 4 651 112 1 183 17 26 51 34 25 1,311 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 263 13 474 842 656 1 1,170 3,419 248 13 474 590 588 1 906 2,820 218 12 474 564 559 1 841 2,669 23 1 1 13 50 88 7 25 16 15 63 15 2 35 36 157 245 15 252 68 264 599 12 252 32 253 549 3 36 11 50 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 7,701 2,294 9,995 3,873 1,983 5,856 2,295 319 2,614 1,346 1,346 2,692 232 318 550 89 11 100 3,828 311 4,139 3,671 194 3,865 157 117 274 Total foreign countries. . . . . . 761,910 611,194 231,431 311,588 68,175 9,396 150,716 143,593 7,123 1,650 8 67 - 1,643 8 67 - 1,623 8 67 - - 20 - - 7 - - 7 - 1,725 1,718 1,698 - 20 - 7 - 7 763,635 612,912 233,129 311,588 68,195 9,396 150,723 143,593 7,130 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 77 SECTION III.--Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Total liabilities Calendar year Country Total banks’ own claims 1996 Calendar year 1996 1994 1995 June 1994 1995 June 183 36 777 266 41 768 160 32 574 11 14 64 n.a. 9 n.a. n.a. 13 n.a. 152 545 71 438 1,014 28 879 762 196 795 72 652 1,037 8 1,133 826 142 944 84 691 1,091 13 1,180 967 13 n.a. n.a. 207 404 n.a. 254 330 9 n.a. 21 253 292 n.a. 364 591 9 n.a. 14 299 229 n.a. 446 538 n.a. 241 633 191 592 61 35 318 650 201 554 94 32 286 689 n.a. 656 114 1 7 151 10 138 n.a. 2 17 174 9 153 n.a. n.a. 18 190 7 168 n.a. Other Asia: Afghanistan . . . . . . . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . Nepal . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . Vietnam . . . . . . . . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . . . . . . . 71 n.a. 192 32 n.a. 229 555 161 60 13 244 61 147 n.a. 527 92 49 16 238 78 148 135 n.a. 183 n.a. 71 n.a. n.a. 189 n.a. n.a. n.a. n.a. 89 24 n.a. n.a. n.a. n.a. n.a. 82 n.a. n.a. n.a. n.a. 5 Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . Djibouti . . . . . . . . . . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . Ivory Coast . . . . . . . . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . . . . . . . Mauritius. . . . . . . . . . . . . . . . . . . . Mozambique. . . . . . . . . . . . . . . . . . Niger. . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . Sudan. . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . Uganda. . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . Zimbabwe. . . . . . . . . . . . . . . . . . . . 72 6 n.a. 337 14 40 224 14 48 88 3 n.a. n.a. 21 38 191 53 200 72 143 145 14 72 n.a. 19 47 114 21 98 119 2 37 n.a. 14 31 288 32 n.a. 36 138 126 11 n.a. 252 10 n.a. 240 15 67 96 4 49 10 18 31 247 56 n.a. 53 108 n.a. 2 n.a. 15 1 15 19 n.a. n.a. n.a. 6 n.a. 4 77 8 n.a. 25 n.a. 1 * 10 n.a. n.a. 2 n.a. 4 * n.a. 3 n.a. n.a. 92 8 n.a. 46 n.a. 3 n.a. 10 n.a. 14 35 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 154 5 n.a. 26 All other: New Zealand . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . n.a. n.a. 758 n.a. 569 117 900 2 n.a. n.a. n.a. 10 Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean: Aruba . . . . . . . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . . . . . . . Belize . . . . . . . . . . . . . . . . . . . . . . Bolivia. . . . . . . . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . . . . . . . Dominica . . . . . . . . . . . . . . . . . . . Dominican Republic . . . . . . . . . . . El Salvador. . . . . . . . . . . . . . . . . . French West Indies and French Guiana . . . . . . . . . . . . . Haiti . . . . . . . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . . . . . . . Suriname . . . . . . . . . . . . . . . . . . . * Less than $500,000. Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates for the “other” geographical categories in the regular monthly series in the “Treasury Bulletin.” 78 CAPITAL MOVEMENTS CHART CM-B.--U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars. Source: Office of International Financial Analysis] Country 1992 1993 1994 1995 Sept. 1996 90,388 86,628 96,779 103,375 128,395 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 103,814 107,264 125,939 135,266 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 192,681 197,008 207,715 229,526 216,799 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,387 93,196 98,745 84,892 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,306 58,533 67,071 74,069 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 542,143 563,487 624,656 639,421 All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 626,726 108,500 650,643 107,601 671,088 110,811 735,467 124,214 763,635 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking claims on foreigners, excluding claims represented by long-term securities, are highly concentrated in international financial centers. The chart and table show that close to two-thirds of U.S. claims are currently reported opposite the United Kingdom, other Europe and, most notably, the offshore banking centers in the Caribbean. An additiional 21 percent of U.S. claims are on foreigners domiciled in Japan and the rest of Asia. Total U.S. banking claims on foreigners, which were virtually static through the first half of 1996, expanded $30.2 billion in the third quarter to $763.6 billion. This new high for U.S. claims represents an increase of $28.1 billion, or 3.8 percent, over the 1995 level. Compared with yearend 1995, third quarter claims were up $25 billion opposite the United Kingdom, and strong gains ($29.8 billion combined) were also realized for other Europe, other Asia, and “all other countries.” Canada was one important area of growth for the latter group, accounting for $7.7 billion of new U.S. claims. Claims on the Caribbean banking centers and Japan changed little in the third quarter, remaining off from 1995 levels by $26.5 billion combined. Banking claims on Japan remained at one of their lowest levels in recent years. CAPITAL MOVEMENTS 79 SECTION IV.--Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.--Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Type of liability or claim 1996 1995 1992 1993 1994 Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 Trade payables . . . . . . . . . . . . . . . . Sept. Dec. Mar. June Sept. p 47,673 46,448 49,907 48,990 51,105 38,298 33,908 33,903 36,273 35,385 36,402 17,259 18,818 13,872 12,903 13,831 12,212 11,256 8,679 7,869 8,860 8,749 9,996 9,934 10,122 10,761 Advance receipts and other. . . . . . . 11,817 12,314 10,620 11,287 11,004 12,508 13,051 14,385 Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 13,765 12,545 13,634 13,605 14,703 Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 12,365 11,338 12,739 12,632 13,851 Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,312 1,017 881 959 844 Advance receipts and other. . . . . . . 287 255 730 88 190 14 14 8 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 53,424 52,509 55,406 58,845 57,230 Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 49,696 48,711 51,007 54,000 52,555 Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 17,393 14,654 17,044 17,926 18,001 Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 10,689 10,976 11,290 13,233 12,143 Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 19,530 20,993 20,195 20,307 20,103 Advance payments and other . . . . . 2,330 2,455 2,157 2,084 2,088 2,478 2,534 2,308 Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,728 3,798 4,399 4,845 4,675 Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 581 479 551 438 624 Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,228 1,289 1,887 2,397 2,089 Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 1,879 2,005 1,928 1,969 1,907 Advance payments and other . . . . . 227 508 676 40 25 33 41 55 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 80 CAPITAL MOVEMENTS TABLE CM-IV-2.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] 1995 Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1991 1992 1993 1994 130 464 9 4 63 449 3,145 1,734 178 26 702 606 1,766 527 32 55 40 412 355 983 65 8,825 59 39 36 20,704 107 712 13 14 38 387 2,323 1,618 201 67 614 430 1,141 283 31 16 33 161 322 919 116 11,115 62 10 52 20,785 58 414 3 8 49 362 3,194 1,659 252 3 485 485 1,222 359 15 24 6 164 286 1,009 104 15,335 60 9 36 25,601 70 736 5 6 277 236 2,455 2,565 196 6 449 359 1,274 176 17 35 8 127 242 1,015 109 17,987 84 12 30 28,476 1,306 1,546 1,738 22 540 424 225 3,631 41 16 15 6 6 314 642 6 10 17 1 98 86 382 421 228 2,883 51 19 13 9 9 469 626 36 10 17 3 148 125 6,139 Sept. 1996 Dec. Mar. June Sept. p 56 696 3 21 619 192 1,893 2,330 68 7 401 291 1,040 276 7 43 4 170 243 1,203 63 13,869 96 6 67 23,664 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 171 233 1,308 118 13,706 177 6 188 23,322 30 853 2 21 143 277 2,327 3,028 44 8 399 486 1,138 389 13 20 6 120 214 1,688 96 13,771 143 6 153 25,375 43 824 1 4 150 157 1,689 2,689 48 7 353 485 1,061 277 32 26 8 162 240 1,672 95 14,056 63 73 135 24,350 57 974 3 5 168 152 1,877 3,235 55 8 469 487 1,187 412 13 52 7 150 293 1,239 106 13,485 85 9 180 24,708 1,666 2,016 1,672 2,125 1,949 1,975 36 137 350 232 1,387 89 34 18 6 6 498 633 8 13 18 1 128 88 120 425 368 1,021 44 19 33 8 14 574 645 50 30 25 1 281 91 80 363 254 935 61 41 1 45 5 16 360 624 6 55 13 3 178 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 120 106 696 185 956 100 44 28 5 14 484 628 4 21 26 4 245 147 66 537 127 836 134 92 11 34 12 18 486 12 13 37 47 13 284 155 83 380 168 779 94 78 2 34 13 13 445 28 9 44 118 7 332 176 218 145 380 364 320 364 542 5,586 3,812 3,891 3,511 3,523 3,986 3,270 3,324 CAPITAL MOVEMENTS 81 TABLE CM-IV-2.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] 1995 Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . 1991 1992 1993 1994 Sept. 1996 Dec. Mar. June Sept. p 621 773 801 61 176 124 566 810 884 164 207 181 723 579 785 91 363 229 597 853 805 59 296 141 543 559 686 212 330 118 579 451 646 196 350 99 483 412 729 220 263 132 649 269 728 291 281 110 773 393 682 277 267 273 Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 7,837 1,549 3 304 25 25 578 2 255 1,511 70 14,715 8,362 1,722 16 613 21 53 590 50 179 1,908 86 16,412 9,201 1,701 22 475 26 57 733 11 259 1,557 79 16,891 11,869 1,736 14 178 27 50 622 24 194 1,611 68 19,144 9,783 1,490 47 309 98 62 739 29 403 1,672 142 17,222 8,751 1,433 61 297 80 60 819 50 392 1,939 206 16,409 9,705 1,305 36 298 39 52 742 22 421 1,773 232 16,864 9,994 1,472 60 525 68 60 690 11 436 1,810 286 17,740 10,752 1,505 22 576 67 79 756 15 437 1,976 306 19,156 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 158 36 79 3 331 114 721 89 2 28 59 5 309 82 574 111 1 1 41 55 1 290 86 586 48 29 32 1 379 74 563 115 7 16 22 63 363 152 738 157 16 24 42 376 154 769 163 17 4 23 104 376 152 839 216 8 1 23 130 496 122 996 224 26 1 30 147 525 192 1,145 All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 974 108 1,082 503 88 591 517 148 665 372 153 525 348 129 477 461 230 691 517 139 656 525 70 595 577 104 681 Total foreign countries. . . . . . 44,667 45,494 49,293 54,265 47,628 46,386 49,845 48,900 50,989 40 1 17 - 18 - 44 - 45 - 2 60 - 2 60 - 27 63 - 55 61 - 41 17 18 44 45 62 62 90 116 44,708 45,511 49,311 54,309 47,673 46,448 49,907 48,990 51,105 Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 82 CAPITAL MOVEMENTS TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1996, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 57 974 3 5 168 152 1,877 3,235 55 8 469 487 1,187 412 13 52 7 85 150 293 1,239 106 13,485 9 180 24,708 1 547 51 4 1,220 2,276 2 311 191 519 94 20 4 44 59 830 19 9,821 41 16,054 178 3 405 1,097 2 279 75 400 12 4 3 11 2 288 18 4,310 16 7,103 1 369 51 1 815 1,179 32 116 119 82 16 1 33 57 542 1 5,511 25 8,951 56 427 3 5 117 148 657 959 55 6 158 296 668 318 13 32 7 81 106 234 409 87 3,664 9 139 8,654 Canada . . . . . . . . . . . . . . . . . . . . . . 1,975 881 362 519 1,094 155 83 380 168 779 94 78 2 34 13 13 445 28 9 44 118 7 332 9 50 25 9 764 18 1 3 4 3 - 9 50 25 9 611 18 1 3 4 3 - 153 - 146 33 355 159 15 76 77 2 31 13 13 441 28 9 44 115 7 332 542 132 132 - 410 3,324 1,018 865 153 2,306 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 83 TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1996, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commecial liabilities (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 773 393 682 277 267 273 10,752 1,505 22 576 67 79 756 15 437 2,282 19,156 24 16 180 3 33 10 6,602 13 2 4 3 37 6,927 24 1 174 1 33 10 2,440 13 2 2 37 2,737 15 6 2 4,162 2 3 4,190 749 377 502 274 234 263 4,150 1,492 20 572 67 79 753 15 437 2,245 12,229 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 224 26 1 30 147 717 1,145 1 131 132 131 131 1 1 224 26 1 30 146 586 1,013 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 577 104 681 37 3 40 3 3 37 37 540 101 641 Total foreign countries . . . . . 50,989 25,052 11,201 13,851 25,937 55 61 - 55 - 55 - - 61 - 116 55 55 - 61 51,105 25,107 11,256 13,851 25,998 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 84 CAPITAL MOVEMENTS TABLE CM-IV-4.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] 1995 Calendar year Country 1996 1991 1992 1993 1994 Sept. Dec. Mar. r June Sept. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 84 207 2 18 97 160 1,854 1,238 52 21 91 853 979 121 43 141 4 335 217 876 101 13,620 274 113 133 21,634 71 197 13 46 154 169 2,301 1,259 114 30 419 1,041 1,067 196 74 176 12 332 282 852 257 8,346 232 52 90 17,782 88 318 32 48 103 171 2,773 1,544 149 6 416 883 925 132 116 191 5 459 460 962 246 5,962 228 55 132 16,404 123 299 37 52 81 173 2,681 1,567 136 72 315 812 740 242 122 217 17 484 352 1,080 216 7,205 254 39 160 17,476 91 384 35 33 71 116 2,459 1,298 193 38 140 894 860 191 88 62 13 454 243 968 225 7,403 296 9 138 16,702 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 537 288 1,018 256 6,959 300 13 153 17,433 118 406 17 34 95 116 2,818 1,730 185 34 296 1,023 928 171 107 48 6 473 296 1,049 217 8,175 182 7 174 18,705 84 390 13 26 171 128 2,337 1,631 177 32 257 1,211 969 206 81 50 8 547 219 1,063 182 8,820 225 13 213 19,053 180 339 18 35 175 133 2,258 1,511 137 36 249 940 940 209 79 39 13 537 321 1,019 194 7,847 251 17 185 17,662 Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 5,497 4,802 7,314 6,847 6,534 214 840 272 778 9,097 84 118 2 95 14 25 1,054 38 38 91 20 7 243 242 806 295 1,043 11,787 129 129 2 40 23 30 1,369 26 66 115 9 8 374 299 1,347 307 1,114 12,770 221 120 2 81 32 27 1,862 37 90 148 26 8 454 347 2,433 261 1,132 15,311 229 396 1 112 46 42 1,966 65 102 175 27 25 383 381 1,578 280 1,596 11,882 276 414 1 147 47 42 1,513 33 134 222 34 29 375 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 388 1,568 350 1,828 10,206 224 394 1 105 58 51 1,331 53 204 227 34 28 348 461 2,196 348 2,079 13,127 292 399 5 106 59 57 1,413 31 161 220 27 24 336 491 1,760 403 2,274 12,928 279 356 1 141 69 46 1,312 69 110 209 20 24 319 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. 342 443 553 600 720 705 580 643 529 13,372 16,936 19,498 23,653 19,704 18,864 17,978 21,984 21,340 CAPITAL MOVEMENTS 85 TABLE CM-IV-4.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] 1995 Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 1996 1991 1992 1993 1994 Sept. Dec. Mar. r June Sept. p 212 368 267 105 159 174 2,249 423 11 55 50 79 248 5 118 625 83 5,231 282 307 267 135 138 168 2,571 361 50 90 53 105 291 8 127 696 81 5,730 378 411 298 147 354 218 3,167 549 65 477 32 111 390 5 174 707 188 7,671 526 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 124 8,853 504 533 451 293 367 276 3,402 915 66 457 30 130 436 14 235 779 98 8,986 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 108 8,891 610 461 509 290 383 271 3,181 767 61 451 41 96 541 14 176 1,037 101 8,990 677 510 420 325 427 301 2,729 665 34 424 29 114 588 13 190 888 120 8,454 626 457 464 392 413 316 2,919 632 59 478 107 116 705 9 283 943 123 9,042 92 1 38 23 108 6 96 123 487 177 5 34 37 81 29 87 187 637 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 88 13 8 102 173 10 80 258 732 160 16 13 57 321 11 92 260 930 207 7 11 41 319 10 112 237 944 166 67 10 32 247 12 88 263 885 160 24 32 32 262 10 155 217 892 570 180 750 702 152 854 945 208 1,153 1,218 269 1,487 1,497 272 1,769 1,310 270 1,580 1,220 236 1,456 1,343 262 1,605 1,484 269 1,753 45,237 45,058 49,131 57,865 53,390 52,500 55,387 58,828 57,223 22 2 1 - 13 2 - 28 - 19 4 - 34 - 8 1 - 17 2 - 11 6 - 6 1 - 25 15 28 23 34 9 19 17 7 45,262 45,073 49,159 57,888 53,424 52,509 55,406 58,845 57,230 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 86 CAPITAL MOVEMENTS TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1996, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 180 339 18 35 175 133 2,258 1,511 137 36 249 940 940 209 79 39 13 251 537 321 1,019 194 7,847 17 185 17,662 75 126 11 5 136 4 733 272 49 29 191 198 520 22 32 10 77 43 154 431 41 5,333 8 8,500 63 111 9 5 19 680 230 48 25 190 191 502 1 32 1 71 8 147 412 41 4,962 8 7,756 12 15 2 117 4 53 42 1 4 1 7 18 21 9 6 35 7 19 371 744 105 213 7 30 39 129 1,525 1,239 88 7 58 742 420 187 47 29 13 174 494 167 588 153 2,514 17 177 9,162 Canada . . . . . . . . . . . . . . . . . . . . . . 6,534 4,502 3,967 535 2,032 491 1,760 403 2,274 12,928 279 356 1 141 69 46 1,312 69 110 209 20 24 319 136 1,746 113 1,417 12,809 17 155 38 18 1 411 16 50 69 17 133 1,734 112 596 12,757 16 154 38 18 340 16 50 69 13 3 12 1 821 52 1 1 1 71 4 355 14 290 857 119 262 201 1 103 51 45 901 53 60 140 20 24 302 529 171 166 5 358 21,340 17,184 16,212 972 4,156 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 87 TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1996, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 626 457 464 392 413 316 2,919 632 59 478 107 116 705 9 283 1,066 9,042 42 3 53 11 190 3 1,001 22 291 1 12 57 78 62 1,826 41 2 44 2 188 1 613 20 288 12 55 71 56 1,393 1 1 9 9 2 2 388 2 3 1 2 7 6 433 584 454 411 381 223 313 1,918 610 59 187 106 104 648 9 205 1,004 7,216 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 160 24 32 32 262 10 372 892 2 28 7 87 52 176 2 28 7 87 52 176 - 158 24 4 25 175 10 320 716 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 1,484 269 1,753 586 83 669 560 80 640 26 3 29 898 186 1,084 Total foreign countries. . . . . . 57,223 32,857 30,144 2,713 24,366 6 1 - - - - 6 1 - 7 - - - 7 57,230 32,857 30,144 2,713 24,373 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 88 CAPITAL MOVEMENTS CHART CM-C.--Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars. Source: Office of International Financial Analysis] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1993 1994 1995 30,442 430 12,345 32,464 20,089 95,770 15,360 111,130 55,598 26,474 -3,581 36,441 21,424 136,356 3,994 140,350 100,411 24,795 48,344 16,504 25,657 215,711 16,226 231,937 Jan. - Dec. 1996 122,941 75,745 49,666 54,383 67,119 369,854 14,286 384,140 Oct. - Dec. 1996 34,091 18,911 35,507 19,180 16,033 123,722 4,989 128,711 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. As reported by U.S. banks, brokers, and other persons, foreigners’ transactions in long-term U.S. securities (i.e., U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) are conducted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1993 through 1996, as well as cumulative activity during the fourth quarter of 1996. The figures show an overall, steady increase in foreigners’ net purchases, or gross purchases minus gross sales, of U.S. securities. Total net purchases of U.S. securities by foreigners reached a record annual high of $384.1 billion during 1996. This represents an increase of $152.2 billion, or 65.6 percent, over cumulative net purchases in 1995. For the areas shown, 1996 increases were concentrated in the fourth quarter. In the case of the Caribbean banking centers, net fourth quarter activity of $35.5 billion constituted 71 percent of that area’s 1996 net purchases. The United Kingdom’s net purchases, which alone accounted for 32 percent of total 1996 net purchases, were equally heavy in the fourth quarter. In other Europe, annual net purchases were greatest opposite Germany and Spain. And in other Asia, foreigners in China, Hong Kong and Singapore were the major purchasers of U.S. securities. For the year, nearly 64 percent of foreigners’ total net purchases was comprised of U.S. Treasury bonds and notes. CAPITAL MOVEMENTS 89 SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Calendar year or month Marketable Treasury bonds and notes Net foreign purchases Foreign countries OffiInternaGross cial Other tional foreign instifor- and repurTotal tutions eigners gional chases (1) (2) (3) (4) (5) 1992. . . . . . . . . . . . . . . . . 39,288 1993. . . . . . . . . . . . . . . . . 23,552 1994. . . . . . . . . . . . . . . . . 78,801 1995 r . . . . . . . . . . . . . . . 134,115 1996 - Jan. - Dec. p. . . . . 244,171 6,876 1,306 41,822 39,631 86,774 31,059 1,353 22,062 184 36,815 164 94,045 439 159,239 -1,842 2,241,537 2,609,055 2,711,142 2,981,158 3,730,502 1995 - Dec. r . . . . . . . . . . 1996 - Jan. r . . . . . . . . . . Feb. r . . . . . . . . . . Mar. r . . . . . . . . . . Apr. r . . . . . . . . . . May r . . . . . . . . . . June r. . . . . . . . . . July r . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. p . . . . . . . . . Dec. p . . . . . . . . . 2,651 12,615 8,681 4,748 8,253 6,482 -6,648 9,629 3,587 17,188 4,838 3,840 13,561 -11,557 -438 562 305 8,823 -741 2,078 611 9,217 -1,375 7,404 238 15,979 -811 38,767 -436 8,717 36 -2,293 -157 18,946 537 18,183 -1,192 32,856 1,143 196,701 282,487 324,178 261,312 226,222 270,040 224,691 332,542 269,098 374,195 404,194 374,314 387,229 -9,344 13,482 16,763 7,437 16,095 14,124 8,520 47,960 12,340 14,738 24,321 20,831 47,560 Gross foreign sales (6) 2,202,249 2,585,503 2,632,341 2,847,043 3,486,331 U.S. Government corpoCorporate and other securities rations and federally Stocks sponsored agencies Bonds 1 Net Gross Net Gross Net Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross purpur- foreign purpurforeign purpur- foreign chases chases sales chases chases sales chases chases sales (7) (8) (9) (10) (11) (12) (13) (14) (15) 18,291 35,428 21,680 28,729 49,322 111,186 149,097 159,270 125,453 166,048 92,895 113,669 137,590 96,724 116,726 20,789 30,572 37,992 57,853 77,415 103,736 82,947 -5,136 134,727 104,155 21,578 130,067 92,075 1,877 168,080 110,227 11,240 255,702 178,287 13,232 206,045 -1,743 9,401 11,144 2,646 12,619 269,005 4,178 10,715 6,537 4,714 15,903 307,415 3,369 13,222 9,853 5,792 19,547 253,875 6,902 15,890 8,988 7,931 24,094 210,127 329 8,579 8,250 5,096 15,551 255,916 2,815 12,693 9,878 8,031 22,247 216,171 3,780 13,303 9,523 5,684 21,849 284,582 4,284 10,707 6,423 6,220 17,255 256,758 4,376 13,565 9,189 7,056 18,768 359,457 4,724 12,758 8,034 8,825 24,649 379,873 4,195 15,857 11,662 6,196 24,811 353,483 6,890 20,984 14,094 5,849 26,422 339,669 3,480 17,775 14,295 6,021 24,606 9,973 11,189 13,755 16,163 10,455 14,216 16,165 11,035 11,712 15,824 18,615 20,573 18,585 2,107 1,626 1,177 831 4,273 1,484 1,013 -2,654 2,065 49 1,007 1,936 425 221,367 319,664 350,593 462,950 625,598 226,503 298,086 348,716 451,710 612,366 46,479 43,574 52,260 55,281 53,047 57,552 43,374 49,557 46,136 42,599 57,758 67,406 57,054 44,372 41,948 51,083 54,450 48,774 56,068 42,361 52,211 44,071 42,550 56,751 65,470 56,629 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Net foreign purchases of foreign securities (1) Net foreign purchases (2) Foreign bonds Gross foreign purchases (3) Gross foreign sales (4) Net foreign purchases (5) Foreign stocks Gross foreign purchases (6) Gross foreign sales (7) 1992. . . . . . . . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . . . . . . . 1995 r . . . . . . . . . . . . . . . . . . . . . . . 1996 - Jan. - Dec. p. . . . . . . . . . . . . -47,864 -143,068 -57,295 -98,696 -103,093 -15,605 -80,377 -9,224 -48,405 -45,217 513,589 745,952 848,368 889,541 1,118,141 529,194 826,329 857,592 937,946 1,163,358 -32,259 -62,691 -48,071 -50,291 -57,876 150,051 245,490 386,106 345,540 459,288 182,310 308,181 434,177 395,831 517,164 1995 - Dec. r . . . . . . . . . . . . . . . . . . 1996 - Jan. r . . . . . . . . . . . . . . . . . . Feb. r . . . . . . . . . . . . . . . . . . Mar. r . . . . . . . . . . . . . . . . . . Apr. r . . . . . . . . . . . . . . . . . . May r . . . . . . . . . . . . . . . . . . June r. . . . . . . . . . . . . . . . . . July r . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. p . . . . . . . . . . . . . . . . . Dec. p . . . . . . . . . . . . . . . . . -10,574 -10,950 -7,088 -16,393 -6,873 -3,766 -9,562 -8,557 -6,386 -6,163 -8,100 -3,439 -15,816 -3,972 -4,516 -1,384 -6,048 -167 -599 -2,035 -3,418 -5,189 -4,430 -5,771 -1,233 -10,427 80,367 84,672 95,211 93,340 81,249 82,417 82,833 80,692 84,461 113,087 116,354 105,181 98,644 84,339 89,188 96,595 99,388 81,416 83,016 84,868 84,110 89,650 117,517 122,125 106,414 109,071 -6,602 -6,434 -5,704 -10,345 -6,706 -3,167 -7,527 -5,139 -1,197 -1,733 -2,329 -2,206 -5,389 32,369 33,481 37,464 36,115 37,764 43,515 36,728 37,643 34,016 31,195 40,117 48,253 42,997 38,971 39,915 43,168 46,460 44,470 46,682 44,255 42,782 35,213 32,928 42,446 50,459 48,386 Calendar year or month 90 CAPITAL MOVEMENTS TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1996 Corporate bonds 1996 Corporate stocks 1996 1996 Calendar year 1995 r Jan. through Dec. Oct. through Dec. p Calendar year 1995 Jan. through Dec. Oct. through Dec. p Calendar year 1995 Jan. through Dec. Oct. through Dec. p Calendar year 1995 Jan. through Dec. Oct. through Dec. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 2,454 591 -6 -36 974 -56 482 6,136 667 2,429 -1,277 603 1,891 -97 1,271 255 2 1,372 -3,881 358 -472 144 34,754 1 1,417 49,976 1,027 1,481 -34 122 -120 -247 2,561 18,072 41 1,018 312 1,890 -529 407 2,469 -257 1 603 17,997 2,350 480 759 64,428 -34 2,612 117,409 485 380 -34 -9 294 184 2 7,761 167 508 200 668 1,161 -81 28 -208 782 6,864 150 -1,170 752 17,234 -34 62 36,146 -46 1,469 126 93 230 1,073 10 199 100 360 25 17 10 -10 28 -39 170 145 3 17,126 120 21,209 314 3,067 -69 130 248 1,637 -3 309 110 -84 1,500 87 -15 30 -21 7 56 208 11,012 346 18,869 308 253 -73 55 385 9 -3 88 119 55 663 -11 -15 -18 4 13 13 1,088 278 3,211 -29 -298 68 74 21 913 4,865 96 75 918 -302 1,438 87 2 8 -5 80 190 349 11 40,465 -4 87 49,109 150 -326 -4 -224 113 4,952 3,499 21 -5 1,901 -78 940 -56 28 -48 -4 462 372 674 44 43,573 8 84 56,076 102 -1,099 -4 41 678 -87 22 304 123 111 3 15 -6 -3 21 314 -116 19 12,906 8 19 13,371 -89 -1,616 -6 2 4 2 -1,099 -1,837 -14 2 266 -636 3,507 10 -22 -8 3 45 -123 667 -2,283 24 8,066 3 44 4,912 69 114 1 -1 181 13 -2,343 1,101 9 57 -700 -1,100 1,365 170 -4 -358 -3 -64 113 1,127 2,706 -24 3,928 1 -26 6,332 -33 -302 9 48 4 -1,520 90 -59 1 -803 -396 -153 -2 -139 -76 73 389 356 -6 2,863 -70 274 Canada . . . . . . . . . . . . . . . . . . . . . . 252 2,725 -2,211 1,006 160 8 1,563 4,070 999 -1,517 2,253 1,469 2,706 2,643 -6,017 3,607 17,365 257 1,220 757 18 -70 2,511 23,459 6 2 -10 262 -2 317 1,518 2,601 -724 8,463 88 220 135 21 -88 334 12,376 185 -76 -1 184 -69 150 671 908 711 6,366 -255 466 26 1 -18 29 20,358 42 -101 114 115 28 549 1,144 21 -380 3 8 -73 4 -5 209 31 201 1 -3 -21 124 135 3,303 1,332 8,697 39 20 -23 4 78 372 266 59 3 -4 76 95 10 56 2,539 1,198 2,158 25 3 -41 -1 39 32 -48 25 2 3 40 12 81 550 1,887 -12 1,290 14 11 -6 -1 1 131 -197 85 2 30 25 90 117 1,102 2,028 30 2,953 198 5 1 32 8 1 85 899 196 10 10 90 123 143 296 409 209 563 76 3 1 19 -2 2 63 -64 71 -3 2 28 71 65 -48 585 -105 1,077 24 -18 -11 -6 2 85 3,989 125 -6 11 -9 34 280 -2,279 -343 -8 3,026 -38 34 -38 16 -1 150 4,085 396 -4 89 84 112 51 -1,578 -343 -14 861 -4 12 14 3 1 29 2,154 63 -1 2 20 31 Country Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. -105 56 30 168 217 76 275 191 51 20 -3 -1 48,609 25,540 29,613 1,885 14,793 6,128 4,256 8,079 1,938 5,814 5,558 1,300 CAPITAL MOVEMENTS 91 TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1996 Corporate bonds 1996 Corporate stocks 1996 1996 Calendar year 1995 r Jan. through Dec. Oct. through Dec. p Calendar year 1995 Jan. through Dec. Oct. through Dec. p Calendar year 1995 Jan. through Dec. Oct. through Dec. p Calendar year 1995 Jan. through Dec. Oct. through Dec. p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 703 -3,405 4,919 -160 -388 1,601 16,979 2,259 6 -839 -48 -117 8,875 -546 3,075 -447 32,467 14,247 4,608 14,448 99 1,204 -545 41,508 2,280 2 -578 4 311 7,718 2,995 10,232 -571 97,962 961 3,572 5,911 9 219 -168 15,559 748 -10 -656 1 -97 2,077 -932 740 -3 27,931 855 -495 -58 2 8 91 1,069 1,800 -1 4 90 268 1,453 -152 4,934 3,056 -1,129 915 1 -8 308 7,595 57 1 294 2 662 1,361 1 1,557 241 14,914 1,220 -374 -58 -5 162 2,484 -65 251 1 270 240 915 -22 5,019 14 -63 956 -5 -7 204 1,181 40 -3 -12 3 -11 -258 1 416 138 2,594 257 8 1,737 -3 4 215 5,598 92 -1 1 -1 28 1,115 59 80 141 9,330 4 -49 -24 -1 1 94 1,692 5 -1 -11 -1 31 -414 2 221 225 1,774 -11 -177 226 -15 -11 -205 -2,725 -23 15 -70 5 13 5,579 2 21 -337 -121 2,166 -2 74 -317 -44 -38 -385 -318 -69 40 12 10 -32 2,154 11 -7 -1,602 -191 -704 7 -11 15 -11 4 -161 -555 -21 23 -3 8 5 1,269 2 -14 -49 -19 489 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,031 255 70 2 106 1,464 1,022 155 -33 1 -60 1,085 -46 84 3 -68 -27 244 -271 -1 1 -30 -57 468 57 4 81 610 103 34 75 212 82 91 125 1 -8 291 -8 -8 -1 1 6 -10 14 12 -3 1 20 44 -5 -1 -32 4 3 4 29 2 -37 -49 8 84 24 -111 -81 -25 5 2 43 11 -44 -8 -411 1,319 2,434 -1,142 755 17 205 -135 4 -147 -14 24 182 -6 -89 -93 -47 -11 389 -321 -487 435 -117 -1 908 1,292 772 70 -143 10 176 -182 -58 68 -52 -118 133,676 246,013 92,224 29,047 49,203 14,588 57,989 77,363 18,068 11,445 13,306 3,406 9 -45 261 93 83 38 -1,390 28 -779 -153 -10 462 -35 -1 246 -54 6 326 -399 72 48 -19 -20 - 4 13 39 41 22 - -10 -24 8 3 - -148 -11 -6 34 -5 37 8 -4 11 - -4 1 1 - 10 -211 -3 -1 - -137 51 10 2 - -8 -32 1 1 - Country 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. . . . . . . . . . . . . . . 1 439 -1,842 488 -318 119 -23 -136 52 -2 -205 -74 -38 134,115 244,171 92,712 28,729 49,322 14,565 57,853 77,415 18,066 11,240 13,232 3,368 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. 92 CAPITAL MOVEMENTS TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Fourth Quarter 1996, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . 9,098 7,937 16,053 7,203 401 711 693 5,030 2,117 2,416 1,732 36,456 20,337 42,210 28,098 1,359 994 1,721 1,563 12,511 7,335 11,135 4,805 15,844 6,366 2,540 1,299 5,228 5,101 1,473 1,268 8,469 7,912 17,240 14,477 6,660 2,219 22,129 4,039 2,335 1,947 853,754 549,912 242 5,963 4,906 1,080,978 682,260 308 478 699 65 421 283 16 138 225 82 1,358 9 3 9 19 82 2 10,312 289 14,798 117 1,120 34 59 1,841 1,856 26 654 447 381 30 24 7 216 321 1,084 23 40,404 11 47 48,702 Canada . . . . . . . . . . . . . . 161,735 97,100 796 2,563 15,831 36,459 8,986 164,498 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. 451 137 4,078 1,996 11 379 1 315 1,569 58 192 6,149 4,502 4,220 2,718 206 58 3 439 1,083 2,811 1,774 3,716 1,147 385 372 3 53 45 61 29 485 500 838 1,227 1,099 12,755 1,170 78 142 47,836 155,985 14 206 459 147 85,788 176,114 148 8,195 7,452 1,178 16,466 6,823 11 149 34 17 729 702 296 4,435 1,823 310 2,053 1,548 3,206 38,832 20,335 5,035 34,859 20,337 59 1,478 827 17 1,154 1,055 2,775 12,664 7,135 1,216 10,974 4,137 2,876 14,438 5,205 445 3,170 1,380 44 5,321 5,073 92 2,037 1,476 1 43 7,759 7,130 1,200 10,287 7,613 1,775 4,904 2,069 2,999 23,552 5,209 143 1,676 1,195 49,305 836,070 532,678 11 235 34 115 5,634 4,844 73,316 1,047,072 646,114 Foreign securities Bonds Stocks (13) (14) 225 772 10 36 274 19 50 106 27 695 20 18 18 5 6 69 2 9,224 11 11,587 15 2,219 4 34 18 1,163 1,943 4 350 324 270 27 9 13 3 195 7 1,200 4 27,498 3 28 35,331 484 92 4,380 1,997 2 93 2 267 1,243 54 75 7,669 5,158 4,130 2,039 265 124 2 19 1,242 1,233 3,207 1,530 3,869 1,616 385 743 5 159 184 180 105 407 427 935 838 512 12,399 1,262 84 203 44,973 168,243 14 181 529 44 85,514 188,090 152 822 16 25 296 348 4,471 6,136 239 28 2,598 1,749 2,783 615 57 184 1 96 1,112 1,472 3,413 188 53,454 3 178 80,436 99,311 788 1,564 14,362 38,818 9,655 14,197 21,104 79,350 32,810 84,740 1,565 1,969 18 729 69 77 18,613 66,638 2,807 154 74 1,785 2,009 1,024 6,214 17,160 14,494 29,267 94 1,718 520 3 14,026 33,330 164 1 387 513 57 823 13,409 1,533 9,580 26 7 5 1 64 56 727 449 2 13 51 25 312 1,511 4,911 378 7,127 97 21 2 26 3 2 449 3,521 236 4 14 137 84 300 4,962 17,781 196 18,766 189 64 1 59 23 4 424 14,415 789 25 10 248 232 11,696 6,708 23,410 14,153 16,235 1,052 151 14 116 39 6 2,073 7,533 988 32 36 822 1,040 808 886 2,679 2,056 3,765 107 8 1 3 1 1,585 7,112 181 90 1 140 115 14,355 20,830 76,906 31,507 73,687 1,611 1,626 13 716 56 61 18,833 40,568 2,272 301 42 1,538 1,590 874 5,543 16,252 13,783 22,901 349 1,252 494 2 18 13,997 12,972 122 102 273 398 47 767 10,870 335 7,422 1 4 46 2 25 24 775 424 10 11 13 169 1,215 4,502 169 6,564 21 18 1 7 5 386 3,585 165 7 12 109 13 249 6,540 18,124 210 17,905 193 52 1 45 20 3 395 12,261 726 26 8 228 201 12,164 6,038 23,996 14,275 14,993 987 261 11 123 26 14 2,349 4,346 733 73 11 827 823 852 727 3,162 2,735 3,902 60 39 1 1 1 1,682 6,629 102 93 1 90 142 2,961 238 193 861 255 1,343 71 2,795 208 117 810 256 1,300 104 331,669 119,153 27,021 19,696 58,743 87,447 19,609 289,307 89,540 20,893 17,758 57,443 83,350 20,323 CAPITAL MOVEMENTS 93 TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Fourth Quarter 1996, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Foreign securities Bonds Stocks (13) (14) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional: International . . . . . . . . . European regional . . . . Latin America regional . Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . 1 10,124 8,464 7,550 6,252 40,056 26,708 456 316 2,472 1,949 5,490 4,532 183,643 144,260 4,048 2,458 144 1 3,919 2,744 77 2 1,237 470 40,476 30,392 34 3,002 2,519 14,419 8,871 317,147 239,938 1,331 192 447 170 6,399 204 294 1 289 587 1,762 11,676 34 22 487 1 103 2,553 87 1 36 287 2 911 4,524 62 731 2,002 53 47 425 9,936 35 75 120 42 78 3,898 9 17 2,317 19,847 180 44 3,314 10 99 94 7,420 799 65 58 7 119 2,815 20 37 289 15,370 53 309 7,098 77 376 166 13,075 465 2 703 25 245 2,497 5 427 269 25,792 8,083 7,503 4,673 2,680 36,224 20,797 589 307 2,597 1,730 6,014 4,700 162,197 128,701 4,538 1,710 96 11 6,025 3,400 76 1 1,598 567 37,126 28,315 42 4,155 3,451 13,576 8,134 287,609 212,007 111 566 505 5 8 3,915 269 43 19 347 869 6,657 30 71 511 1 9 861 82 2 11 1 5 701 465 2,750 55 742 1,987 64 43 586 10,491 56 52 123 34 73 2,629 7 31 2,385 19,358 310 325 4,546 8 444 257 6,125 1,411 25 1,593 10 641 3,006 27 403 1,321 20,452 74 289 7,878 209 375 454 12,104 1,010 6 855 30 293 2,128 8 270 402 26,385 235 5 512 8 227 1 449 1,437 6 162 1 4 113 286 115 36 75 226 30 25 23 78 73 197 3 60 119 452 10 3 68 2 33 20 136 1 2 24 2 130 1 99 259 207 8 360 19 710 1 458 1,763 52 78 1 1 181 313 12 2 14 16 13 3 2 34 98 192 1 17 152 460 17 52 15 305 22 411 12 8 23 2 384 1 101 531 19,452 1,857 11,591 270 33 40 191 54 1,009 509 3,831 682 2,797 302 21,191 1,947 10,836 253 47 16 238 65 1,126 510 5,585 825 3,359 278 21,309 11,861 73 245 1,518 4,513 3,099 23,138 11,089 63 303 1,636 6,410 3,637 1,914,275 1,150,598 54,590 75,808 182,179 320,039 131,061 1,813,387 1,058,374 40,002 14,625 10 373 243 35 14,357 4 265 106 18 4 14 8 20 9 2 23 11 4 1 64 6 53 17 - 157 21 116 6 14,710 32 85 297 26 14,392 5 19 160 12 14 24 6 5 57,740 178,773 337,531 140,967 24 8 1 31 43 3 - 62 3 4 10 - 187 5 124 8 395 389 - - - - 6 63 63 - - - - - 15,681 15,139 26 31 39 140 306 15,213 14,651 49 33 77 79 324 1,929,956 1,165,737 54,616 75,839 182,218 320,179 131,367 1,828,600 1,073,025 40,051 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 57,773 178,850 337,610 141,291 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 94 CAPITAL MOVEMENTS TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1996 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . Canada . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean . . . . . Total Latin America. . and Caribbean. . . . See footnotes at end of table. Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate purbonds sponsored and other chases & notes agencies Bonds Stocks (1) (2) (3) (4) (5) 26,023 22,669 57,813 22,385 742 5 2,854 2,759 17,219 7,735 14,444 12,254 144,188 87,655 147,586 95,484 5,285 4,090 6,020 5,254 39,490 24,203 41,551 17,331 66,405 25,527 9,991 5,356 10,138 9,640 3,695 2,946 8 1 15,052 13,814 59,837 48,303 24,826 10,676 86,958 21,601 5,109 3,917 2,662,048 1,581,672 322 26,203 22,087 3,473,807 2,047,364 Foreign securities Bonds Stocks (6) (7) Total sales (8) 331 207 1,787 485 544 24,491 3,990 4,314 14,161 7,702 5,261 51,888 15 682 40 486 2 13 80 2,803 3,247 139 1,087 4,013 998 16,450 257 220 102 764 847 15,590 1,028 8,227 19,266 17,229 10,783 144,144 2,336 8,608 15,129 11,880 14,149 131,078 18 51 810 126 190 5,849 486 30 75 118 57 4,615 794 3,011 2,409 4,332 4,741 38,826 181 1,705 10,625 7,745 3,964 42,340 2,854 2,026 16,853 6,450 12,695 64,081 148 126 1,159 1,187 2,015 10,500 3 71 15 256 153 7,999 30 127 172 154 266 4,683 2 5 10 2 124 1,011 101 14,666 37 995 1,563 5,597 3,342 41,082 92 491 4,562 3,136 5,869 21,883 542 5,179 43,822 6,356 9,458 84,166 6 77 224 371 514 4,604 38,425 133,738 162,060 567,589 178,564 2,575,624 11 21 242 48 330 1,202 193 1,539 624 558 23,190 56,009 169,546 297,584 648,067 255,237 3,331,378 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate bonds sponsored and other & notes agencies Bonds Stocks (9) (10) (11) (12) 21,642 20,904 39 2,637 7,855 12,501 85,094 77,412 4,049 4,236 23,891 15,441 26,056 4,949 7,171 3,203 13,211 30,306 8,326 21,121 3,158 1,517,244 34 19,475 1,929,955 17 57 1,718 520 537 923 4,640 14,047 8,106 3,268 4 14 392 37 3 23 140 3,316 363 906 2,691 1,319 127 107 89 1,503 1,263 780 3,275 21,609 17,804 15,582 699 5,109 14,028 15,530 18,300 21 30 801 504 444 177 35 18 79 70 684 1,110 3,109 4,583 5,449 265 1,783 11,725 7,395 5,731 1,354 1,086 15,488 8,029 12,068 61 182 989 2,029 2,290 18 43 19 374 374 175 530 245 530 5 5 23 4 188 947 293 30 533 1,450 5,050 3,713 36 119 3,435 2,410 7,557 334 4,505 41,116 5,546 11,544 6 33 248 482 677 27,413 90,165 158,132 588,269 194,401 3 20 187 86 856 109 1,565 520 665 37,140 113,470 291,252 673,218 286,343 546,487 320,997 3,296 10,943 56,267 124,688 30,296 542,996 318,272 3,136 6,873 40,893 70,466 246,900 115,837 275,841 5,538 4,972 19 3,079 719 222 47,909 242,955 9,001 589 309 4,561 6,308 2,547 25,799 73,391 60,239 109,113 1,315 4,280 1,978 449 79 28,452 136,255 619 29 3 497 1,162 220 2,226 24,485 1,697 34,313 45 55 53 6 103 522 2,056 1,857 3 16 96 147 784 5,192 13,420 658 17,623 265 34 2 76 17 2 1,437 10,805 628 30 37 468 195 999 15,526 54,540 669 58,501 689 200 1 114 91 25 1,378 55,294 3,021 102 137 657 780 33,800 19,405 72,411 45,609 43,955 2,911 295 14 854 139 6 8,737 19,544 2,344 98 101 2,382 3,741 2,543 2,318 8,653 6,965 12,336 313 108 2 4 17 7 7,383 19,001 532 327 15 461 283 40,488 70,105 245,230 116,631 252,722 5,333 5,530 13 2,854 622 242 48,858 221,863 8,666 952 182 3,783 5,738 2,230 24,281 70,790 60,963 100,650 1,227 4,060 1,843 428 167 28,118 123,879 434 105 4 313 1,231 96 2,091 21,182 365 25,616 6 35 76 2 25 150 1,790 1,798 20 20 52 10,364 951 652 1,774 898 5,828 261 10,120 895 435 1,086,482 447,158 68,552 61,529 1,039,932 421,618 53,759 53,447 193,622 262,174 Foreign securities Bonds Stocks (13) (14) 54,014 127,113 33,588 667 4,090 11,392 628 14,670 67 29 1 44 9 1 1,352 9,906 432 20 27 378 72 719 17,805 54,883 677 55,475 727 166 1 152 75 26 1,228 51,209 2,625 106 48 573 668 33,745 19,425 75,971 44,519 44,300 2,885 988 11 734 93 15 10,350 18,407 2,873 111 49 2,170 3,504 3,031 2,413 11,012 9,479 12,011 421 252 5 15 8 7,660 16,672 504 610 34 329 211 1,583 901 6,000 306 45,368 188,064 266,150 64,973 CAPITAL MOVEMENTS 95 TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1996, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 44,459 20,023 149,566 1,989 6,955 16,699 603,712 13,145 432 11,766 216 4,111 158,015 73 17,254 60,502 1,108,917 38,704 15,858 100,246 1,390 5,110 13,907 447,955 8,028 16 8,222 9 1,430 122,158 15,576 40,489 819,098 3,659 600 2,813 1 431 18,767 694 1 366 2 687 2,921 20 5,569 36,531 482 108 3,018 1 4 276 9,637 251 4 16 1 71 2,966 59 3,218 20,112 170 2,193 7,712 190 178 1,162 35,648 118 265 388 105 266 13,063 33 89 9,031 70,611 1,303 325 12,127 47 265 311 34,520 2,128 138 224 22 821 9,499 20 159 872 62,781 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 1,987 6 1,854 23 958 5 1,745 6,578 1,092 517 1 91 589 2,290 481 309 4 87 881 96 98 3 38 235 256 1 553 17 148 506 1,481 42 3 315 2 223 158 743 20 2 62 3 489 5 367 948 63,016 8,977 32,977 2,711 207 129 1,009 195 3,715 1,627 15,565 3,180 71,993 35,688 336 1,204 5,342 18,745 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. . . . . . . 1 Total sales (8) 141 26,936 939 17,262 23,650 140,406 360 2,594 1,398 7,126 612 19,060 57,185 555,233 1,926 14,091 8 313 2,550 14,189 77 223 836 4,346 7,408 145,710 20 75 1,351 15,041 1,323 52,457 99,784 1,015,062 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign bonds sponsored and other securities & notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 24,457 11,250 85,798 1,291 3,906 14,452 406,447 5,748 14 8,800 5 1,119 114,440 12,581 30,828 721,136 603 1,729 1,898 8 123 11,172 637 72 25 1,560 19 3,771 21,617 225 100 1,281 4 61 4,039 159 5 15 2 43 1,851 2,997 10,782 172 2,119 8,029 234 216 1,547 35,966 187 225 376 95 298 10,909 22 96 10,824 71,315 677 312 1,676 40 2,076 15 1,707 6,503 70 362 1 124 648 1,205 13 252 6 271 104 106 4 31 245 293 1 602 9 64 593 1,562 33 259 291 19 513 95 1,210 164 52 63 11 1,371 15 334 2,010 9,543 1,135 65,153 9,577 30,543 3,853 203 276 1,098 288 4,202 1,192 18,832 2,892 10,275 1,076 10,678 74,730 34,396 479 1,386 5,394 21,724 11,351 6,294,264 3,672,595 165,605 255,487 624,907 117,198 458,472 6,010,601 1,276 203 894 1,170 15,190 28,210 190 875 1,519 1,477 1,368 1,509 30,793 66,816 3,545 3,815 57 12 1,942 2,984 13 108 1,738 1,123 10,126 6,824 27 26 1,008 1,337 2,492 1,545 72,178 118,034 3,426,582 116,402 178,124 611,601 161,593 516,299 53,127 376 51,355 286 170 37 133 - 129 - 727 53 613 - 54,866 884 52,745 258 166 24 96 - 266 - 915 602 678 - 5,126 922 305 1,159 4,257 609 247 1,153 144 55 37 - 52 18 12 - 517 42 3 - 135 28 - 21 170 6 6 5,885 1,018 287 691 5,036 762 257 691 105 14 15 - 44 22 1 - 466 32 1 - 229 14 5 - 5 174 8 - 61,015 57,907 443 215 691 943 816 63,631 59,749 324 163 765 1,765 865 6,355,279 3,730,502 166,048 255,702 625,598 118,141 459,288 6,074,232 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under “Other Europe.” 2 3,486,331 116,726 178,287 612,366 163,358 517,164 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 96 CAPITAL MOVEMENTS CHART CM-D.--Net Purchases of Long-Term Foreign Securities by U.S. Investors * (In billions of dollars) (Note: To facilitate comparison of net purchases during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) Type Foreign bonds . . . . . . . . . . . . . . . Foreign stocks . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . [In millions of dollars. Source: Office of International Financial Analysis] 1 1980-89 4,883 2,834 7,717 1993 80,377 62,691 143,068 1994 9,224 48,071 57,295 1995 Jan. - Dec. 1996 Oct. - Dec. 1996 48,405 45,217 17,431 50,291 57,876 9,924 98,696 103,093 27,355 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 1 Annual average. U.S. net purchases of foreign bonds and stocks in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity throughout the 1980’s. The heightened activity in foreign securities is due largely to continuing international diversification among U.S. institutional investors, including pension funds and investment companies. The table presents aggregate U.S. net purchases on an annual average basis for 1980 through 1989, and on an annual basis for 1993 through 1996. It also gives U.S. net purchases during the fourth quarter of 1996. The chart and table show that U.S. net purchases of foreign securities continued at a strong pace in 1996. Net purchases of foreign bonds surged during the second half of the year, particularly during the fourth quarter. However, net purchases for the year remained below 1995 levels. U.S. net purchases of foreign bonds amounting to $3 billion or more were transacted with foreigners in the United Kingdom, Germany, Bermuda, Hong Kong, and Australia. U.S. investors recorded $3.7 billion net sales of foreign bonds opposite Japan. For foreign stocks, the first quarter of 1996 was the strongest quarter ever for U.S. net purchases, and activity through the first half of the year was at near record levels. Net purchases stalled in the second half, though, falling to levels not seen since late 1994 and early 1995. Nevertheless, net purchases of foreign stocks for 1996 were were up over 1995. U.S. net purchases of foreign stocks of $3 billion or more were reported opposite France, Germany, the United Kingdom, Canada, Hong Kong, and Japan. Although strong, 1996 net purchases opposite Japan were down more than 50 percent from 1995. FOREIGN CURRENCY POSITIONS 97 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” publishes series on foreign currency holdings of large foreign exchange market participants. The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, German mark, Japanese yen, Swiss franc, and pound sterling). U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (“Monthly Consolidated Foreign Currency Report”). A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $1 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). Exemptions from filing the quarterly report are given to major nonbank market participants that file weekly and monthly reports, and banking institutions that file FFIEC 035 reports. This information is published in five sections corresponding to each of the major currencies covered by the reports. Tables I-1 through V-1 present the foreign currency data reported weekly by major market participants. Tables I-2 through V-2 present more detailed currency data of major market participants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. Principal exchanged under cross currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal is also separately noted on monthly and quarterly reports. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. 98 FOREIGN CURRENCY POSITIONS SECTION I.--Canadian Dollar Positions TABLE FCP-I-1.--Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . 10/02/96. . . . . . . . . . . . . . . . . . . . . . . 10/09/96. . . . . . . . . . . . . . . . . . . . . . . 10/16/96. . . . . . . . . . . . . . . . . . . . . . . 10/23/96. . . . . . . . . . . . . . . . . . . . . . . 10/30/96. . . . . . . . . . . . . . . . . . . . . . . 11/06/96. . . . . . . . . . . . . . . . . . . . . . . 11/13/96. . . . . . . . . . . . . . . . . . . . . . . 11/20/96. . . . . . . . . . . . . . . . . . . . . . . 11/27/96. . . . . . . . . . . . . . . . . . . . . . . 12/04/96. . . . . . . . . . . . . . . . . . . . . . . 12/11/96. . . . . . . . . . . . . . . . . . . . . . . 12/18/96. . . . . . . . . . . . . . . . . . . . . . . 12/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 185,475 185,684 182,913 181,472 181,900 184,597 181,910 182,015 186,125 183,585 185,428 178,479 182,758 185,589 184,547 193,433 195,378 200,442 198,034 197,919 202,676 206,168 206,705 216,752 211,001 199,602 Exchange rate (Canadian dollars per U.S. dollar) (4) 1.3611 1.3676 1.3730 1.3715 1.3748 1.3729 1.3748 1.3743 1.3664 1.3697 1.3718 1.3723 1.3665 1.3597 1.3539 1.3546 1.3440 1.3414 1.3319 1.3341 1.3400 1.3467 1.3545 1.3612 1.3671 1.3655 Net options positions (3) n.a. -2,594 -2,911 -3,377 -3,307 -3,458 -3,661 -3,798 -3,797 -3,777 -3,812 -3,791 -3,375 -3,868 -3,793 -4,021 -3,980 -3,546 -3,655 -4,101 -4,262 -4,324 -4,024 -3,938 -4,058 -3,587 Sold (2) 180,960 180,999 178,944 178,062 179,057 182,307 179,563 178,788 182,153 176,577 180,356 172,453 177,716 179,299 178,465 186,530 189,808 195,772 192,177 192,336 195,233 197,536 199,560 209,803 203,638 195,542 TABLE FCP-I-2.--Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 170,552 220,483 213,946 206,090 191,613 192,615 193,386 182,857 183,132 187,031 183,991 196,696 198,576 196,650 168,063 218,270 213,264 204,098 190,724 192,439 195,060 185,075 186,382 185,456 182,904 196,600 196,936 193,701 42,517 46,532 52,386 48,854 52,846 59,506 51,873 54,681 61,951 54,242 60,471 56,750 51,290 60,191 44,077 44,497 50,272 45,320 50,254 55,815 48,878 50,748 56,972 50,981 55,781 51,801 45,874 55,532 11,489 12,594 13,755 13,736 14,142 14,116 15,150 16,874 14,552 14,386 16,319 25,352 18,064 16,472 11,681 14,271 15,437 15,589 15,017 15,529 15,980 14,668 16,608 18,071 19,309 26,888 19,518 17,809 11,521 17,244 17,691 18,412 16,819 18,102 18,125 15,284 16,361 16,441 15,761 17,160 19,701 20,051 9,574 14,008 14,165 13,646 13,350 14,864 15,408 12,584 14,739 13,902 14,189 16,129 18,293 18,097 -1,354 -2,395 -2,531 -2,630 -2,621 -3,256 -2,453 n.a. -3,270 -3,879 -3,991 -3,541 -3,896 -3,411 71,264 77,764 80,188 81,498 78,026 77,427 78,349 80,771 88,608 94,258 91,838 92,362 94,075 94,012 1.4030 1.3646 1.3741 1.3708 1.3595 1.3621 1.3690 1.3639 1.3748 1.3683 1.3621 1.3382 1.3517 1.3708 Exchange rate (Canadian dollars per U.S. dollar) (11) 1.4030 1.3996 1.3727 1.3426 1.3646 1.3595 1.3639 1.3621 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) TABLE FCP-I-3.--Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 38,697 39,610 37,915 45,225 40,940 37,455 36,973 42,377 37,175 37,364 34,162 37,086 37,896 33,031 32,864 37,666 48,219 48,269 54,224 58,059 56,387 46,802 52,939 58,303 43,109 43,919 49,566 53,278 53,606 41,983 44,462 48,879 3,501 3,333 3,326 3,944 3,712 6,581 7,946 8,860 2,873 2,651 3,219 3,490 3,638 6,865 8,036 n.a. 3,632 2,872 2,886 4,055 4,931 7,882 8,139 10,082 3,054 2,432 2,285 2,436 3,440 5,169 5,816 n.a. -298 310 575 608 98 -293 -586 -186 14,637 15,770 15,363 15,816 14,974 11,179 11,410 9,988 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts FOREIGN CURRENCY POSITIONS 99 SECTION II.--German Mark Positions TABLE FCP-II-1.--Weekly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . 10/02/96. . . . . . . . . . . . . . . . . . . . . . . 10/09/96. . . . . . . . . . . . . . . . . . . . . . . 10/16/96. . . . . . . . . . . . . . . . . . . . . . . 10/23/96. . . . . . . . . . . . . . . . . . . . . . . 10/30/96. . . . . . . . . . . . . . . . . . . . . . . 11/06/96. . . . . . . . . . . . . . . . . . . . . . . 11/13/96. . . . . . . . . . . . . . . . . . . . . . . 11/20/96. . . . . . . . . . . . . . . . . . . . . . . 11/27/96. . . . . . . . . . . . . . . . . . . . . . . 12/04/96. . . . . . . . . . . . . . . . . . . . . . . 12/11/96. . . . . . . . . . . . . . . . . . . . . . . 12/18/96. . . . . . . . . . . . . . . . . . . . . . . 12/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 1,561,489 1,643,563 1,854,412 1,779,441 1,773,784 1,765,893 1,743,589 1,780,985 1,778,674 1,793,876 1,908,652 1,818,822 1,862,322 1,797,709 1,800,907 1,829,277 1,870,395 1,974,410 1,890,705 1,900,644 1,838,547 1,882,593 2,019,858 1,900,665 1,768,097 1,714,698 Exchange rate (Deutsche marks per U.S. dollar) (4) 1.5211 1.5260 1.4862 1.4900 1.4723 1.4850 1.4898 1.4827 1.4773 1.4808 1.5109 1.5091 1.5165 1.5330 1.5281 1.5395 1.5217 1.5117 1.5180 1.5080 1.4965 1.5273 1.5603 1.5382 1.5523 1.5587 Net options positions (3) 6,154 7,244 8,791 9,222 6,111 4,122 4,739 3,354 255 -2,563 -782 1,005 1,174 2,743 3,291 2,748 3,095 4,038 4,489 5,442 3,840 2,980 4,474 7,198 6,272 6,947 Sold (2) 1,568,005 1,648,740 1,856,773 1,786,741 1,779,518 1,769,611 1,749,975 1,787,839 1,790,167 1,801,616 1,917,632 1,824,850 1,863,056 1,794,053 1,800,408 1,833,526 1,873,445 1,979,388 1,899,354 1,910,335 1,845,830 1,887,002 2,023,653 1,901,744 1,779,408 1,720,762 TABLE FCP-II-2.--Monthly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . Purchased (1) 1,652,725 1,401,280 1,633,455 1,665,026 1,577,310 1,709,850 1,773,912 1,659,045 1,794,700 1,754,494 1,782,372 1,966,283 1,830,046 1,631,374 Sold (2) 1,656,590 1,389,800 1,634,077 1,676,857 1,591,989 1,727,707 1,797,102 1,671,359 1,800,737 1,767,751 1,783,403 1,978,061 1,836,430 1,636,017 Non-capital items Assets (3) 171,778 194,640 244,345 250,008 239,743 255,201 222,262 223,021 231,869 229,647 227,809 238,599 241,730 246,589 Liabilities (4) 173,397 205,836 251,491 253,568 243,594 259,203 229,276 229,763 232,197 226,229 227,095 236,696 239,529 240,864 Calls Puts Bought (5) Written (6) Bought (7) Written (8) 186,072 200,726 242,730 240,860 232,172 249,552 292,005 359,485 391,716 329,783 345,904 359,793 398,910 363,398 172,292 199,284 228,184 232,361 227,185 239,877 273,891 283,513 330,392 333,361 354,079 358,911 394,886 366,096 214,518 239,785 275,738 276,101 263,391 294,513 338,745 396,679 443,124 334,848 336,344 358,788 394,211 363,037 256,228 258,091 291,938 286,933 274,710 308,450 335,329 332,681 352,833 351,707 346,679 368,348 403,428 375,143 Net delta equivalent (9) 14,686 4,088 6,695 8,297 9,907 11,260 11,753 7,270 6,141 -1,336 3,500 3,824 4,124 6,143 Cross currency interest rate swaps (10) 195,003 220,050 250,805 257,499 258,772 260,277 274,582 281,078 300,144 310,092 312,998 327,498 332,373 331,422 Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5495 1.4385 1.4900 1.4735 1.4769 1.5314 1.5238 1.5250 1.4723 1.4829 1.5254 1.5179 1.5389 1.5420 TABLE FCP-II-3.--Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Purchased (1) Sold (2) 304,637 301,610 275,411 291,202 232,935 239,454 228,088 247,393 287,651 273,531 273,485 309,101 242,840 248,946 235,453 243,506 Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 104,055 105,483 103,983 106,063 110,323 104,831 103,846 110,167 29,435 30,803 21,738 19,385 13,902 15,590 22,105 32,968 35,758 32,772 23,370 21,080 13,509 12,791 17,949 22,083 40,778 41,500 39,604 29,982 23,934 28,335 26,572 36,492 37,624 31,069 32,021 26,246 17,298 17,958 20,201 23,095 -2,952 -5,248 -4,392 -2,916 -2,533 -3,755 -2,493 -3,799 20,179 21,213 22,187 25,280 27,119 18,634 20,637 18,623 Non-capital items Assets (3) 103,734 107,995 109,893 110,314 116,608 107,580 109,153 119,439 Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5495 1.3746 1.3828 1.4280 1.4385 1.4769 1.5250 1.5254 100 FOREIGN CURRENCY POSITIONS SECTION III.--Japanese Yen Positions TABLE FCP-III-1.--Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . 10/02/96. . . . . . . . . . . . . . . . . . . . . . . 10/09/96. . . . . . . . . . . . . . . . . . . . . . . 10/16/96. . . . . . . . . . . . . . . . . . . . . . . 10/23/96. . . . . . . . . . . . . . . . . . . . . . . 10/30/96. . . . . . . . . . . . . . . . . . . . . . . 11/06/96. . . . . . . . . . . . . . . . . . . . . . . 11/13/96. . . . . . . . . . . . . . . . . . . . . . . 11/20/96. . . . . . . . . . . . . . . . . . . . . . . 11/27/96. . . . . . . . . . . . . . . . . . . . . . . 12/04/96. . . . . . . . . . . . . . . . . . . . . . . 12/11/96. . . . . . . . . . . . . . . . . . . . . . . 12/18/96. . . . . . . . . . . . . . . . . . . . . . . 12/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) Exchange rate (Yen per U.S. dollar) (4) 133,633 138,758 142,837 142,328 141,607 144,338 142,252 139,871 144,233 140,258 144,184 144,210 143,039 138,026 136,803 140,174 139,930 148,010 144,165 146,894 148,548 145,633 152,333 149,897 147,144 142,672 136,094 141,444 145,868 145,540 145,084 147,489 145,670 143,130 147,850 143,928 147,835 147,807 146,479 141,190 139,804 143,151 142,679 150,673 146,647 149,603 151,764 148,827 154,977 152,459 149,869 145,477 798 800 736 911 826 939 816 797 816 782 730 713 619 637 589 460 359 446 368 640 730 911 740 767 857 1,006 110.4200 110.3700 108.8000 108.4800 106.8700 107.9900 108.1600 108.4700 108.4900 108.7900 110.4000 109.1500 110.4600 111.9000 111.5700 112.3300 112.9600 114.1400 114.0000 111.8000 111.6000 113.3500 113.0700 113.0600 113.7100 114.8000 TABLE FCP-III-2.--Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 121,520 119,445 129,279 132,259 131,118 137,749 134,984 138,772 143,079 133,294 138,367 144,238 147,245 137,749 123,174 122,102 131,586 134,213 133,435 139,788 136,765 141,404 146,267 136,916 141,200 146,793 149,232 140,568 16,336 21,177 20,208 20,571 19,877 20,951 19,746 22,592 22,811 22,237 23,785 23,741 22,624 23,020 15,781 20,459 19,525 19,829 19,362 19,785 18,772 21,841 21,327 21,479 23,069 23,325 22,174 21,526 11,361 13,939 14,832 15,892 14,464 16,428 17,084 16,512 18,047 17,095 17,205 18,450 19,255 22,334 10,530 13,161 14,086 15,172 14,137 16,056 16,506 16,394 17,692 16,631 16,976 18,763 19,022 22,188 13,131 19,205 20,310 21,299 19,810 21,436 22,829 20,925 21,018 19,792 19,982 21,940 22,717 20,558 14,793 20,603 21,572 22,277 20,839 22,288 23,592 21,920 21,947 20,736 21,140 23,003 23,876 22,419 1,234 1,256 1,047 756 904 825 626 829 838 794 522 360 629 924 30,578 35,992 39,220 39,615 38,733 40,472 42,524 43,446 46,173 47,132 49,021 51,046 53,236 53,765 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 99.6000 103.4200 107.1300 105.3000 107.3100 105.1900 108.1500 109.7500 106.8700 108.9100 111.4500 114.0500 113.9000 116.0000 TABLE FCP-III-3.--Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 16,042 19,372 17,163 18,902 16,673 15,106 15,413 16,461 18,154 19,898 17,847 20,715 17,835 17,364 16,875 16,775 5,932 4,451 4,583 5,286 5,822 7,085 6,820 6,704 5,547 4,473 4,374 4,681 5,102 6,443 6,486 6,452 2,533 1,531 1,353 1,539 1,026 948 1,036 1,388 3,045 1,514 1,417 1,679 1,100 952 1,098 1,354 3,524 3,404 3,016 3,312 2,946 2,081 2,603 1,661 2,736 2,206 1,878 2,258 1,509 1,131 1,381 1,109 -302 24 -137 -563 -1,014 -481 -728 -88 3,758 4,404 4,409 5,032 5,379 3,286 3,558 3,648 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 99.6000 86.6000 84.7300 99.6500 103.4200 107.3100 109.7500 111.4500 FOREIGN CURRENCY POSITIONS 101 SECTION IV.--Swiss Franc Positions TABLE FCP-IV-1.--Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . 10/02/96. . . . . . . . . . . . . . . . . . . . . . . 10/09/96. . . . . . . . . . . . . . . . . . . . . . . 10/16/96. . . . . . . . . . . . . . . . . . . . . . . 10/23/96. . . . . . . . . . . . . . . . . . . . . . . 10/30/96. . . . . . . . . . . . . . . . . . . . . . . 11/06/96. . . . . . . . . . . . . . . . . . . . . . . 11/13/96. . . . . . . . . . . . . . . . . . . . . . . 11/20/96. . . . . . . . . . . . . . . . . . . . . . . 11/27/96. . . . . . . . . . . . . . . . . . . . . . . 12/04/96. . . . . . . . . . . . . . . . . . . . . . . 12/11/96. . . . . . . . . . . . . . . . . . . . . . . 12/18/96. . . . . . . . . . . . . . . . . . . . . . . 12/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) Exchange rate (Francs per U.S. dollar) (4) 397,278 415,893 457,178 454,543 450,022 437,466 430,581 449,655 437,155 432,635 469,888 467,737 478,027 475,707 459,990 476,563 468,465 495,541 525,336 505,629 523,842 544,710 593,782 577,254 541,825 495,238 409,874 431,084 470,227 466,520 461,929 449,534 443,116 460,142 447,966 445,048 484,003 486,028 494,429 492,706 478,757 495,509 486,041 512,389 540,835 519,366 535,825 554,331 605,595 589,910 558,496 510,341 10,915 13,112 11,550 9,434 10,465 9,413 9,161 9,187 9,670 10,009 9,273 12,253 10,352 10,482 9,764 8,953 8,060 7,662 6,709 6,562 6,202 6,305 5,709 5,417 8,809 8,862 1.2532 1.2634 1.2120 1.2145 1.1979 1.2098 1.2100 1.2010 1.1930 1.2064 1.2356 1.2419 1.2415 1.2582 1.2535 1.2677 1.2535 1.2553 1.2780 1.2718 1.2665 1.2915 1.3210 1.3105 1.3300 1.3485 TABLE FCP-IV-2.--Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . Non-capital items Calls Puts Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 322,798 303,365 365,388 380,360 328,706 372,832 423,618 423,691 457,420 432,124 466,024 506,348 528,308 502,668 328,968 309,490 367,400 383,396 334,043 379,661 432,475 433,067 468,160 442,632 483,498 520,867 537,826 511,997 24,890 25,274 24,750 23,408 21,963 24,094 22,465 21,142 19,713 18,593 18,455 21,609 21,064 21,527 26,361 30,477 29,111 27,313 25,509 25,843 26,981 27,125 24,058 22,540 22,058 24,381 24,966 26,206 35,863 33,752 35,985 44,638 36,757 43,190 51,448 52,771 59,168 55,691 69,534 67,609 81,905 77,532 31,307 31,297 34,835 41,405 33,561 37,853 46,168 46,853 51,088 48,601 58,796 61,994 85,293 89,178 30,497 27,594 38,129 41,203 37,726 45,228 53,405 53,823 66,800 65,370 79,794 78,552 84,532 71,096 30,940 31,562 41,988 42,150 40,183 48,781 59,700 60,985 70,116 67,119 86,809 81,490 96,242 89,416 4,223 n.a. 5,688 6,402 7,145 7,755 10,511 11,183 10,461 9,716 10,254 7,163 6,213 7,492 Cross currency interest rate swaps (10) 132,369 112,346 113,743 113,268 100,122 100,058 100,602 98,403 97,137 96,569 96,957 99,330 100,652 98,205 Exchange rate (Francs per U.S. dollar) (11) 1.3100 1.1545 1.2140 1.2019 1.1910 1.2445 1.2500 1.2545 1.1979 1.2025 1.2550 1.2690 1.3045 1.3420 TABLE FCP-IV-3.--Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Purchased (1) 38,500 44,619 33,662 44,152 32,493 34,563 37,929 39,350 Sold (2) 32,752 34,524 24,077 34,781 23,675 29,557 43,179 42,009 Non-capital items Assets (3) 14,611 14,014 14,736 14,252 13,572 14,414 13,808 13,859 Liabilities (4) 14,809 14,218 15,134 15,075 14,755 17,044 15,025 13,732 Calls Bought (5) 2,413 1,535 1,531 2,338 1,217 582 1,849 1,865 Written (6) 2,473 1,872 1,931 2,395 1,264 717 2,376 2,034 Puts Bought (7) 2,766 2,882 2,528 3,195 2,070 2,558 6,821 4,602 Written (8) 2,089 1,542 1,969 2,663 1,559 1,193 3,239 3,927 Net delta equivalent (9) -132 155 136 -162 -74 -126 n.a. 25 Cross currency interest rate swaps (10) 19,497 20,160 20,203 21,170 20,652 17,109 17,460 15,635 Exchange rate (Francs per U.S. dollar) (11) 1.3100 1.1325 1.1500 1.1550 1.1545 1.1910 1.2545 1.2550 102 FOREIGN CURRENCY POSITIONS SECTION V.--Sterling Positions TABLE FCP-V-1.--Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 07/03/96. . . . . . . . . . . . . . . . . . . . . . . 07/10/96. . . . . . . . . . . . . . . . . . . . . . . 07/17/96. . . . . . . . . . . . . . . . . . . . . . . 07/24/96. . . . . . . . . . . . . . . . . . . . . . . 07/31/96. . . . . . . . . . . . . . . . . . . . . . . 08/07/96. . . . . . . . . . . . . . . . . . . . . . . 08/14/96. . . . . . . . . . . . . . . . . . . . . . . 08/21/96. . . . . . . . . . . . . . . . . . . . . . . 08/28/96. . . . . . . . . . . . . . . . . . . . . . . 09/04/96. . . . . . . . . . . . . . . . . . . . . . . 09/11/96. . . . . . . . . . . . . . . . . . . . . . . 09/18/96. . . . . . . . . . . . . . . . . . . . . . . 09/25/96. . . . . . . . . . . . . . . . . . . . . . . 10/02/96. . . . . . . . . . . . . . . . . . . . . . . 10/09/96. . . . . . . . . . . . . . . . . . . . . . . 10/16/96. . . . . . . . . . . . . . . . . . . . . . . 10/23/96. . . . . . . . . . . . . . . . . . . . . . . 10/30/96. . . . . . . . . . . . . . . . . . . . . . . 11/06/96. . . . . . . . . . . . . . . . . . . . . . . 11/13/96. . . . . . . . . . . . . . . . . . . . . . . 11/20/96. . . . . . . . . . . . . . . . . . . . . . . 11/27/96. . . . . . . . . . . . . . . . . . . . . . . 12/04/96. . . . . . . . . . . . . . . . . . . . . . . 12/11/96. . . . . . . . . . . . . . . . . . . . . . . 12/18/96. . . . . . . . . . . . . . . . . . . . . . . 12/25/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) 272,676 289,420 291,084 287,589 296,100 307,357 296,408 301,657 310,731 320,473 319,729 307,693 307,067 292,535 297,420 314,920 310,826 338,590 346,900 347,545 344,661 345,591 384,506 365,005 349,520 316,278 271,352 287,164 287,733 284,183 293,141 304,856 294,648 299,898 308,430 316,834 317,562 304,027 303,488 286,867 292,406 308,726 303,444 330,410 340,632 343,964 341,476 342,476 379,433 360,460 343,424 307,821 1,782 786 806 1,243 607 714 198 327 718 851 658 738 722 798 917 566 -74 -653 -998 -624 -514 339 -458 -391 -644 -775 Exchange rate (U.S. dollars per pound) (4) 1.5629 1.5520 1.5452 1.5521 1.5557 1.5427 1.5490 1.5499 1.5591 1.5667 1.5547 1.5606 1.5617 1.5650 1.5652 1.5840 1.5977 1.6328 1.6413 1.6593 1.6802 1.6780 1.6431 1.6510 1.6742 1.6700 TABLE FCP-V-2.--Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . Purchased (1) 266,836 285,039 310,528 321,322 301,321 290,220 299,506 289,658 300,608 293,683 302,300 342,988 352,406 319,811 Sold (2) 264,375 280,494 308,608 317,931 297,302 287,636 297,708 289,140 298,567 291,969 295,350 334,369 345,749 308,666 Non-capital items Assets (3) 48,055 53,633 63,042 60,063 62,670 67,772 60,105 64,406 64,729 63,601 69,562 69,099 67,155 70,639 Liabilities (4) 51,191 58,713 65,948 63,872 65,079 71,375 66,019 68,953 66,094 65,884 73,519 72,923 71,503 72,805 Calls Bought (5) 19,335 20,451 25,031 29,083 27,505 36,198 43,912 47,078 42,935 41,615 39,435 48,323 54,005 48,830 Puts Written (6) 19,627 20,231 25,774 27,607 26,304 35,442 42,422 49,810 43,834 43,348 41,821 50,299 55,727 49,889 Bought (7) 16,695 21,389 27,271 25,010 24,926 28,445 34,609 39,878 40,992 40,972 36,067 45,937 51,282 45,236 Written (8) 18,416 23,368 29,824 29,011 27,827 32,834 39,439 44,732 43,874 43,653 39,788 48,445 53,361 47,500 Net delta equivalent (9) 663 1,976 1,370 1,906 1,231 1,653 2,054 2,330 615 740 494 -469 -222 -324 Cross currency interest rate swaps (10) 48,456 50,681 51,969 51,699 51,741 53,187 53,757 55,190 58,977 59,100 58,548 59,731 61,216 60,305 Exchange rate (U.S. dollars per pound) (11) 1.5665 1.5500 1.5120 1.5305 1.5261 1.5069 1.5510 1.5518 1.5557 1.5614 1.5646 1.6265 1.6812 1.7120 Exchange rate (U.S. dollars per pound) (11) 1.5665 1.6215 1.5945 1.5825 1.5500 1.5261 1.5518 1.5646 TABLE FCP-V-3.--Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 43,912 36,795 38,179 33,854 32,742 33,512 38,937 38,861 42,884 36,084 39,074 36,205 39,024 37,914 37,986 42,245 36,089 35,549 37,724 38,420 39,447 37,611 37,330 39,643 31,884 30,824 31,873 32,227 32,647 30,769 31,782 30,461 3,369 3,328 3,168 2,207 2,043 2,047 2,946 2,250 3,317 3,712 3,623 2,064 2,353 2,332 3,617 3,241 3,846 4,469 3,976 2,947 2,804 3,337 4,880 4,280 2,765 2,736 2,611 1,947 1,820 1,892 2,824 2,209 -495 -239 -327 -309 -240 -593 -568 -275 6,530 6,389 6,468 6,911 7,233 5,198 5,230 4,968 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . June. . . . . . . . Sept. . . . . . . . Non-capital items Calls Puts EXCHANGE STABILIZATION FUND 103 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the IMF. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. “Profits (+) or losses (-) on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.--Balances as of June 30, 1996, and Sept. 30, 1996 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital June 30, 1996 June 30, 1996 through Sept. 30, 1996 Sept. 30, 1996 Assets U.S. dollars: Held with Treasury: U.S. Government securities . . . . . . . . . . . . . 4,185,087 11,045,825 7,667,626 -868,395 11,852,713 10,177,430 Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 6,571,245 9,527,704 10,500,000 351,289 28,515 -177,986 -7,000,000 -242,844 6,599,760 9,349,718 3,500,000 108,445 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 42,181,150 -593,084 41,588,066 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 315,975 -256,414 59,561 Total current liabilities . . . . . . . . . . . . . . . . . . 315,975 -256,414 59,561 Special drawing rights certificates . . . . . . . . . . Special drawing rights allocations . . . . . . . . . . 10,168,000 7,071,692 -450,000 -19,431 9,718,000 7,052,261 Total other liabilities . . . . . . . . . . . . . . . . . . . 17,239,692 -469,431 16,770,261 Net income (+) or loss (-) (see table ESF-2) . . 200,000 24,425,483 132,761 200,000 24,558,244 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,625,483 132,761 24,758,244 Total liabilities and capital . . . . . . . . . . . . . 42,181,150 -593,084 41,588,066 Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . Foreign exchange and securities: 2 German marks . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities and capital Current liabilities: Other liabilities: Capital: Capital account . . . . . . . . . . . . . . . . . . . . . . . . See footnotes on the following page. 104 EXCHANGE STABILIZATION FUND TABLE ESF-2.--Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter July 1, 1996, through Sept. 30, 1996 Fiscal year to date Oct. 1, 1995, through Sept. 30, 1996 Income and expense Profit (+) or losses (-) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -213,585 -1,627,563 Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . 26 -160,954 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,454 148,744 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,830 251,682 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,036 1,134,202 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,761 -253,889 Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,761 -253,889 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the special drawing rights (SDRs) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. 2 Excludes foreign exchange transactions for future and spot delivery. Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” 105 Page Intentionally Left Blank 106 Page Intentionally Left Blank 107 Statement of Liabilities and Other Financial Commitments The Statement of Liabilities and Other Financial Commitments of the United States Government is compiled in accordance with 31 U.S.C. 331 (b). The report discloses the liabilities as of September 30, 1995 and 1996. Commitments and contingencies are disclosed as of September 30, 1994 and 1995. TABLE SLOFC-1--Summary of Liabilities of the United States Government [In millions of dollars. Source: Financial Management Service] Section Liabilities: Borrowing from the public: Public debt securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plus premium on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less discount on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total public debt securities net of premium and discount . . . . . . . . . . . . . . . . . . . . . Agency securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less net Federal securities held as investments of Government accounts . . . . . . . . . . . Total borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued interest payable to the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Deposit funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous liability accounts, includes checks outstanding . . . . . . . . . . . . . . . . . . . . . . . . Accounts payable and accruals of Government agencies 2 . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 This is a revised fiscal 1995 amount obtained from "Schedule 1-U.S. Summary General Ledger Account Balances, 1996 Annual Report-Appendix." 2 3 1996 1995 5,224,812 1,510 79,442 4,973,985 1,236 81,232 5,146,880 35,044 4,893,989 1 26,955 5,181,924 1,448,967 1 3,732,957 45,605 7,218 1,906 185,515 1 3,603,299 50,611 8,186 1 4,790 216,369 3,973,201 3 3,883,255 1 4,920,944 1,317,645 Figures includes both public and Federal accounts. Revised fiscal 1995 amount. (In billions of dollars) CHART SLOFC-A.-Commitments and Contingencies This report contains totals for commitments of the Government that represent the value of goods and services ordered and obligated but not yet received. It also includes other commitments against appropriations, all pursuant to section 1311 of the Supplemental Appropriation Act of 1955 (31 U.S.C. 200). Contingencies represent conditional commitments that may become liabilities due to events beyond the control of the Government. The amounts are agency projections stated in terms of maximum theoretical risk exposure. The data for commitments and contingencies come from agency notes reports, which have been submitted to the Financial Management Service. * Decrease is due to the Department of Energy’s change in its reporting of Environmental compliance. For fiscal 1995, the entire Environmental compliance is reported as a liability. Note.--Financial Management Service (FMS) expects to compile 1996 contingencies data by May 31, 1997. A copy of the detailed schedules can be obtained from the Financial Reports Branch (202) 874-9922. Amounts presented in Chart SLOFC-A were compiled from reports submitted by the agencies in accordance with vol. I, part 2, chapter 4000 of the "Treasury Financial Manual " (Transmittal Letter No. 565). The information furnished by some reporting agencies was based on estimates. Amounts presented in Table SLOFC-1 were compiled from "Schedule 1-U.S. General Ledger Account Balances, 1996 Annual Report-Appendix" and Treasury internal documents. 108 TRUST FUNDS INTRODUCTION: Airport and Airway Trust Fund The Airport and Airway Trust Fund was established on the books of the Treasury in fiscal 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49 U.S.C. 1742 (a)]. The trust fund was re-established in the Internal Revenue Code (26 U.S.C. 9502) as a result of the Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248, dated September 3, 1982), effective September 1, 1982. Amounts equivalent to the taxes received in the Treasury on transportation of persons and property by air, gasoline and jet fuel used in noncommercial aircraft, and an international departure tax are appropriated from the general fund of the Treasury to the trust fund. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5, 1990) increased rates for the excise taxes transferred to the fund. These transfers are made based on estimates made by the Secretary of the Treasury, subject to adjustments in later transfers in the amount of actual tax receipts. On January 1, 1996, authority to collect these taxes and to transfer them from the general fund to the trust fund (26 U.S.C. 9502) expired. Public Law 104-188, the Small Business Job Protection Act of 1996, reinstated this authority as of August 27, 1996. The taxes and transfer authority expired again on January 1, 1997. When the provisions of 26 U.S.C. 9602 (b) are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities with the interest credited to the fund. Additional sums from the general fund are also credited as authorized and made available by law, if necessary, to meet outlay requirements. Amounts required for outlays to carry out the airport and airway program are made available to the Federal Aviation Administration, Department of Transportation. Other charges to the trust fund are made by the Secretary of the Treasury for transfers of certain refunds of taxes and certain outfits under section 34 of the Internal Revenue Code of 1986. Annual reports to Congress, required by 26 U.S.C. 9602 (a), are submitted by the Secretary of the Treasury, after consultation with the Secretary of Transportation. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next 5 fiscal years. TABLE TF-10.--Airport and Airway Trust Fund Results of Operations, Fiscal 1996 [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $11,365,204,758 Receipts: Excise taxes (transferred from general fund): Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . Use of international travel facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transportation of property, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,063,000 -1,256,525 2,122,879,000 128,380,000 150,905,000 2,404,970,475 Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,523,870 19,507,900 36,031,770 2,368,938,705 573,416,066 185,284,073 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,127,638,844 Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,576,122 Outlays: Interest on refunds and credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenses: Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Research, engineering, and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . DOT rental payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Air carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,222,859,096 1,654,551,500 2,443,458,148 232,607,620 41,441,000 21,833,719 6,616,751,083 Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,576,122 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,876,092,519 TRUST FUNDS 109 TABLE TF-10.--Airport and Airway Trust Fund, con. Expected Condition and Results of Operations, Fiscal 1997-1998 [In millions of dollars. Source: Department of Transportation] 1997 1 1998 $7,876 $7,801 Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,823 6,391 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532 5,355 486 6,877 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,545 7,034 Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 7,801 115 7,759 Balance Oct.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Assumes taxes are reinstated on April 1 and continue through September 30, 1998 110 TRUST FUNDS 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 1992 [42 U.S.C. 2297 (g)]. Receipts represent (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. Expenditures from the fund are for the purpose of (1) decontamination and 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 producers for the costs of decontamination, decommissioning, reclamation, and remedial action of uranium/thorium sites that are incident to 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 (2) bearing interest at rates determined appropriate, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to these investments. The Secretary of the Treasury is required by 42 U.S.C. 2297 (g) to provide 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 Energy Policy Act of 1992 [42 U.S.C. 2297 (g)(1)] authorizes appropriations to ensure annual deposits to the fund of $480 million before adjustments for inflation. Between fiscal 1993 and 1996, Government contributions of $1,379.7 million were authorized. However, only $680.9 million was appropriated. The shortfall of Government contributions from appropriations is approximately $698.8 million. TABLE TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund Results of Operations, Fiscal 1996 [Source: Department of Energy] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948 Receipts: Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Penalties collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,449,911 13,602 16,391,497 526,855,010 Outlays: DOE, decontamination and decommissioning activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,094,386 209,760,671 526,855,057 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 901 TABLE TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund Expected Condition and Results of Operations, Fiscal Years 1997-2001 [In thousands of dollars. Source: Department of Energy] 1997 1 1998 1999 2000 2001 ............................................. 1 1 1 1 1 Receipts: Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536,648 41,422 578,070 555,000 57,411 612,411 569,430 77,753 647,183 584,804 101,380 686,184 600,594 126,979 727,573 Outlays: DOE, decontamination and decommissioning fund . . . . . . . . . . . . . . . . . Costs of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242,882 335,189 578,071 236,285 376,125 612,410 227,106 420,078 647,184 209,318 476,865 686,183 194,500 533,073 727,573 Balance Sept. 30 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 Balance Oct. 1 1 In past fiscal years, the October 1 and September 30 balances have been presented in whole dollars instead of thousands of dollars as figures in other sections of the report have been presented. This error was detected during the update for the fiscal year 1996 report. The October 1 and September 30 balances have been converted to thousands of dollars with fiscal year 1996’s Report of Expected Condition and Results of Operations, Fiscal Years 1997-2001. TRUST FUNDS 111 INTRODUCTION: Black Lung Disability Trust Fund The Black Lung Disability Trust Fund was established on the books of the Treasury in fiscal 1978 according to the Black Lung Benefits Revenue Act of 1977 (Public Law 95-227). The Black Lung Benefits Revenue Act of 1981 (Public Law 97119), re-established the fund in the IRC, 26 U.S.C. 9501. The Consolidated Omnibus Budget Reconciliation Act of 1985 (Public Law 99-272), enacted April 7, 1986, provided for an increase in the coal tax effective April 1, 1986, through December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest payments ended on September 30, 1990. Payment of interest on advances resumed in fiscal 1991. The Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203), signed December 22, 1987, extends the temporary increase in the coal tax through December 31, 2013. 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. 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 in 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 credited, if necessary, will be repayable advances from the general fund to meet outlay requirements exceeding available revenues. To carry out the program, amounts are made available to the 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 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 during the next 5 fiscal years. TABLE TF-12.--Black Lung Disability Trust Fund Results of Operations, Fiscal 1996 [Source: Department of Labor] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,498,612 Receipts: Excise taxes (transfered from general fund): $1.10 tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0.55 tax on surface coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 percent tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 percent tax on surface coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Collection--responsible mine operators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Recovery of prior year funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repayable advances from the general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,267,000 148,956,000 150,212,000 71,045,000 3,014,511 6,323,474 104,000 373,500,000 997,421,985 Net receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,421,985 Outlays: Treasury administraive expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Salaries and expenses--Labor--DM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Salaries and expenses--Labor--OIG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Salaries and expenses--Labor--ESA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,256 19,621,000 298,000 27,193,000 47,314,256 Expenses: Program expenses--Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on repayable advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499,622,215 445,191,928 944,814,143 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,792,198 112 TRUST FUNDS TABLE TF-12.--Black Lung Disability Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1997-2001 [In thousands of dollars. Source: Department of Labor] 1997 1998 1999 2000 2001 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,792 - - - - Receipts: Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advances from general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604,000 394,189 2,000 1,000,189 613,000 394,000 2,000 1,009,000 626,000 394,000 2,000 1,022,000 639,000 392,000 2,000 1,033,000 652,000 387,000 2,000 1,041,000 Outlays: Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on repayable advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,665 46,317 465,000 1,007,982 466,817 48,183 494,000 1,009,000 454,127 49,873 518,000 1,022,000 441,375 51,625 540,000 1,033,000 426,559 53,441 561,000 1,041,000 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - TRUST FUNDS 113 INTRODUCTION: Harbor Maintenance Trust Fund The Harbor Maintenance Trust Fund was established on the books of the Treasury on April 1, 1987, according to the Water Resources Development Act of 1986 (Public Law 99962, November 17, 1986) (26 U.S.C. 9505). The Harbor Maintenance Trust Fund consists of such amounts as may be appropriated provided by section 9505 (b), transferred by the Saint Lawrence Seaway Development Corporation (SLSDC) according to section 13 (a) of the Act of May 13, 1954, or credited as provided in section 9602 (b). Amounts are appropriated equivalent to the user fees in the Treasury under section 4461 (relating to harbor maintenance tax). Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures to carry out section 210 (a) of the Water Resources Development Act of 1986. The appropriations act for the Department of Transportation for fiscal 1995 (Public Law 103-331, September 28, 1994), section 13, waived collection of charges or tolls on the Saint Lawrence Seaway in accordance with section 13 (b) of the Act of May 13, 1954 (as in effect on April 1, 1987). Legislation was passed in the North American Free Trade Agreement (NAFTA) Implementation Act of 1994 (Public Law 103-182, Sec. 683), which amends paragraph (3) of section 9505 (c) of the Internal Revenue Code of 1986, to authorize payment of up to $5 million annually to the Department of the Treasury, for all expenses of administration incurred by the Department of the Treasury, the U.S. Army Corps of Engineers, and the Department of Commerce related to the administration of subchapter A of chapter 36 (relating to harbor maintenance tax). Section 201 of the Water Resources Development Act (WRDA) 1996, authorizes use of the Harbor Maintenance Trust Fund for construction of dredged material disposal facilities associated with the operation and maintenance of Federal navigation projects for commercial navigation. Annual reports to Congress are required by Section 330 of the Water Resources Development Act of 1992, (Public Law 102-580). These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-13.--Harbor Maintenance Trust Fund Results of Operations, Fiscal 1996 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $621,194,000 Receipts: Excise taxes: Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,342,000 Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,399,000 Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,447,000 Passengers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,608,000 Zones admissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,471,000 Toll receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,855,000 Interest income discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741,122,000 Expenses: Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,126,000 SLSDC/DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,708,000 Treasury adminstrative cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,834,000 Balance Sept 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867,482,000 114 TRUST FUNDS TABLE TF-13.--Harbor Maintenance Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1997-2001 1 [In millions of dollars. Source: Department of the Army Corps of Engineers] 1997 1998 1999 2000 2001 Balance Oct. 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867.5 1,105.1 1,383.9 1,803.2 2,353.3 Receipts: Harbor maintenance fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer of tolls from SLSDC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724.0 55.0 775.0 68.2 829.3 83.5 887.3 106.3 949.4 136.0 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 779.0 843.2 912.8 993.6 1,085.4 Outlays: Corps of Engineers O&M and Admin. Expenses . . . . . . . . . . . . . . . . . . . SLSDC/DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Administrative expenses for Treasury (Customs) . . . . . . . . . . . . . . . . . . 528.0 10.4 3.0 550.0 10.4 4.0 480.0 9.5 4.0 430.0 9.5 4.0 460.0 9.5 4.0 Pending legislation: Corps of Engineers construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NOAA activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541.4 564.4 493.5 443.5 473.5 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105.1 1,383.9 1,803.2 2,353.3 2,965.3 1 Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. These are planning numbers and are not to be construed as representing the “President’s Budget for Fiscal Year 1998.” 2 Includes unrealized discounts on investments as reported by Department of Treasury Financial Management Service’s Sept. 30, 1995, “Harbor Maintenance Trust Fund Income Statement.” TRUST FUNDS 115 INTRODUCTION: Hazardous Substance Superfund The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal 1981, in 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 re-established 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 Re-authorization Act (SARA) of 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 appropriated. Cost recoveries, and other miscellaneous receipts (e.g. interest revenue) are deposited directly to the Superfund. Also appropriated to the Super- fund, if required, are repayable advances from the general fund to meet outlay requirements in 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 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. An annual report 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 1996 [Source: Environmental Protection Agency] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,655,852,291 Receipts: Crude and petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,559,000 Certain chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,341,000 Corporate environmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,190,000 General fund appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000,000 Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,945,712 Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,337,118 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,438,187 Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485,811,017 Undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Expenses: EPA expense (after recission) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,248,821,139 Commerce expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338,900 FEMA expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HHS expense (ATSDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 998,436 58,710,000 Interior expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,322 Labor expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,203 Corps of Engineers expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,310,674,000 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830,989,308 116 TRUST FUNDS TABLE TF-14.--Hazardous Substance Superfund, con. Expected Condition and Results of Operations, Fiscal Years 1997-2001 [In millions of dollars. Source: Environmental Protection Agency] 1997 1 1998 1 1999 1 2000 1 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830 3,391 4,336 4,821 6,051 Receipts: Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Recoveries, fines, and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 203 151 250 955 360 179 2,250 250 3,039 360 154 1,815 250 2,579 396 154 1,874 250 2,674 450 155 1,910 250 2,765 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394 2,094 2,094 1,444 1,394 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391 4,336 4,821 6,051 7,422 1 Forecasts for these fiscal years assume reauthorization of the Superfund by Congress. On January 1, 1998, the corporate environmental tax expires unless reauthorized by Congress. The estimate includes only the first quarter fiscal 1998 corporate collections. 2 2001 1 TRUST FUNDS 117 INTRODUCTION: Highway Trust Fund The Highway Trust Fund was established on the books of the Treasury in fiscal 1957, according to provisions of the Highway Revenue Act of 1956. It has been amended and extended by various highway and surface transportation acts since 1959. The Intermodal Surface Transportation Efficiency Act of 1991 extended the Highway Trust Fund and its taxes through September 30, 1999. It has also been modified by the Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation Act of 1993. Amounts equivalent to taxes on gasoline, diesel fuel, special motor fuels, certain tires, vehicles, and truck use, are designated by the Act to be appropriated and transferred from the general fund of the Treasury to the trust fund. These transfers are made monthly based on estimates by the Secretary of the Treasury, subject to adjustments in later transfers to the amount of actual tax receipts. Amounts available in the fund exceeding outlay requirements are invested in public debt securities and interest is credited to the fund. Within the fund is a mass transit account, funded by a portion of the excise tax collections under sections 4041, 4081, and 4091 of the Internal Revenue Code (26 U.S.C.). The funds from this account are used for expenditures according to section 21 (a) (2) of the Urban Mass Transportation Act of 1964 or the Intermodal Surface Transportation Efficiency Act of 1991. The remaining excise taxes collected are included in a higher account within the trust fund, and expenditures from this account are made according to the provisions of various transportation Acts. Amounts required for outlays to carry out the Federal Highway program are made available to the Federal Highway Administration, Department of Transportation. Other charges to the trust fund are made by the Secretary of the Treasury for transfer of certain taxes to the land and water conservation fund and to the Aquatic Resources Trust Fund and refunds of certain taxes. Annual reports to Congress are required by 26 U.S.C. 9602 (a) Internal Revenue Code as amended, to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Transportation. These reports cover the financial condition and results of operations of the fund for the past fiscal year and expected condition and operations during the next 5 fiscal years. TABLE TF-15.--Highway Trust Fund Results of Operations, Fiscal 1996 [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Excise taxes (transferred from general fund): Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks, buses, trailers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash management improvement act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less refunds of taxes (reimbursed to general fund): Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel fuel bus use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas/diesel/alcohol mixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment income: Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $19,000,184,158 764,810,000 174,116,000 5,991,014,100 1,878,863,400 15,438,922,200 532,352,000 2,110,547 739,878,000 7,375,841 25,529,442,088 1,000,000 218,135,000 25,310,307,088 12,241,460 316,550,740 14,316,420 662,422,000 6,401,580 27,898,140 27,520,450 -410,047,000 657,303,790 24,653,003,298 1,320,959,851 1,320,959,851 25,973,963,149 118 TRUST FUNDS TABLE TF-15.--Highway Trust Fund Results of Operations, Fiscal 1996, con. [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Amount Expenses: Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,543,893,941 Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,181,615 National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,198,577 Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,183,566 Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,991 Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353,426 PA toll road demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,531 Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,047,482 Alabama HYW bypass demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553,082 Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,434,691 University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,743 Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684,745 National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,777,797 Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,704,872 Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,335,987,874 Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,697,334 Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,396,956 Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,629,135 Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,726 Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,189,091 Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,169,695 Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,305 Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,561,705 Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,567 Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,869,057 Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,111 Virginia HOV safety demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600,000 Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,897,000 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,330,923,615 Outlays: Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,287 Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22,000,000 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,621,182,405 TRUST FUNDS 119 TABLE TF-15.--Highway Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1997-2001 [In millions of dollars. Source: Department of Transportation] Combined Statement Highway and Mass Transit Accounts 1997 1998 1999 2000 2001 21,620 24,370 27,744 31,442 34,963 Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,853 24,697 25,317 25,829 26,570 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 1,441 1,595 1,720 1,879 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,203 26,137 26,912 27,550 28,449 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,453 22,763 23,214 24,028 24,296 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,370 27,744 31,442 34,963 39,116 1997 1998 1999 2000 2001 9,525 9,586 11,285 12,678 13,085 3,006 3,063 3,131 2,956 3,023 Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Mass Transit Account Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 569 649 693 703 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,602 3,631 3,780 3,650 3,726 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,541 1,932 2,387 3,243 3,735 Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,586 11,285 12,678 13,085 13,076 1997 1998 1999 2000 2001 12,095 14,784 16,459 18,764 21,878 Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,847 21,634 22,186 22,873 23,547 Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 754 872 946 1,027 1,176 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,601 22,506 23,132 23,900 24,723 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,912 20,831 20,827 20,785 20,561 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,784 16,459 18,764 21,878 26,040 Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,506 44,200 - - - Twenty-four month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,638 47,032 48,623 24,723 - Highway Account Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: 120 TRUST FUNDS TABLE TF-15A.--Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment to the Intermodal Surface Transportation Efficiency Act of 1991 and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from three Department of Transportation for fiscal 1996. The 24- and 12-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal 1996. Highway Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123 24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154 Mass Transit Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561 12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233 TRUST FUNDS 121 INTRODUCTION: Inland Waterways Trust Fund The Inland Waterways Trust Fund was established by the Treasury in fiscal 1984, according to provisions of the Inland Waterways Revenue Act of 1978 (Public Law 95-502) and continued according to the Water Resources Development Act of 1986 (26 U.S.C. 9506). Amounts determined by the Secretary of the Treasury to be section 4042 of the Internal Revenue Code of 1986 (relating to tax on fuel used in commercial transportation on Inland Waterways) shall be appropriated to the trust fund. The Technical and Miscellaneous Revenue Act of 1988 (Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later transfers to the amounts of actual tax receipts. The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment, not required to meet current withdrawals. The interest on, and proceeds from the sale or redemption of, any obligation held in the trust fund is credited to the trust fund. The act provides that amounts in the trust fund shall be available, by appropriations acts, for making construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United States described in 33 U.S.C. 1804. Expenditures must be otherwise authorized by law. Annual reports to Congress are required by 26 U.S.C. 9602 to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next 5 fiscal years. TABLE TF-16.--Inland Waterways Trust Fund Results of Operations, Fiscal 1996 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $238,531,000 Receipts: Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,381,000 13,889,000 122,270,000 Transfers: Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,483,000 275,318,000 Expected Condition and Results of Operations Fiscal Years 1997-2001 1 [In millions of dollars. Source: Department of the Army Corps of Engineers] 1997 1998 1999 2000 2001 275.3 325.2 392.8 486.9 590.4 Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.0 121.0 125.0 130.0 135.0 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5 18.1 21.7 25.8 30.2 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.5 139.1 146.7 155.8 165.2 Balance Oct. 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Transfers: Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. These are planning numbers and are not to be construed as representing the "President’s Budget for Fiscal Year 1998." 82.6 71.5 52.6 52.2 62.2 325.2 392.8 486.9 590.4 693.4 2 Includes unrealized discounts on investments as reported by the Department of Treasury’s Financial Management Service’s Sept. 30, 1995, "Inland Waterways Trust Fund Income Statement." 122 TRUST FUNDS INTRODUCTION: Leaking Underground Storage Tank Trust Fund The Leaking Underground Storage Tank (LUST) Trust Fund was established 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). The LUST Trust Fund is financed by taxes collected on gasoline, diesel fuels, special motor fuels, aviation fuels, and fuels used in commercial transportation on inland waterways. Amounts available in the LUST Trust Fund, exceeding current expenditure requirements, are invested by the Secretary of the Treasury in interest-bearing Government securities (e.g., Treasury bills). All interest earned is credited directly to the LUST Trust Fund. To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the Environmental Protection Agency (EPA) for programmatic and administrative expenses. An annual report to Congress by the Secretary of the Treasury is required by 26 U.S.C. 9602 (a). These reports present the financial condition of the LUST Trust Fund and results of operations for the past fiscal year, and its expected condition and operations during the next 5 fiscal years. TABLE TF-17.--Leaking Underground Storage Tank Trust Fund Results of Operations, Fiscal 1996 [Source: Environmental Protection Agency] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $925,000,000 Receipts: Taxes relating to highway, inland, and airport trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000,000 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000,000 Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000,000 Gross tax receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,087,000,000 Less reimbursements to general fund: Refund of taxes and estimated tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000,000 Net receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000,000 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,000,000 Undisbursed balances: EPA LUST balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000,000 EPA IG balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 Total undisbursed balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,500,000 Expenses: EPA LUST expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600,000 EPA IG expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,650,000 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 986,000,000 Note.--The expected conditions and results of operations for fiscal years 1997 through 2001 were not available at the time of publication. TRUST FUNDS 123 INTRODUCTION: Nuclear Waste Fund The Nuclear Waste Fund was established on the books of the Treasury in fiscal 1983, according to provisions of the Nuclear Waste Policy Act of 1982 [42 U.S.C. 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. 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 in tandem with the needs of the waste fund, and (2) bearing interest at rates determined appropriate, taking into 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 report to Congress by the Secretary of the Treasury, after consultation with the 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. TABLE TF-18.--Nuclear Waste Fund Results of Operations, Fiscal 1996 [Source: Department of Energy] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $-9,024,543 Receipts: Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634,696,718 Penalties and interest on fee payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,983 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,011,882 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,058,730,583 Outlays: Department of Energy radioactive waste disposal activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,067,114 Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 841,494,539 Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049,561,653 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,387 124 TRUST FUNDS INTRODUCTION: Reforestation Trust Fund The Reforestation Trust Fund was established on the books of the Treasury in fiscal 1981 to continue through September 30, 1985, according to provisions of Title III--Reforestation, of the Recreational Boating Safety and Facilities Improvement Act of 1980 [16 U.S.C. 1606a (a)]. The act provides that the Secretary of the Treasury shall transfer to the trust fund tariffs, limited to not more than $30 million for any fiscal year, received in the Treasury from October 1, 1979, through September 30, 1985, 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 in interest-bearing obligations of the United States or in obligations guaranteed as to 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. The Secretary of Agriculture is authorized to obligate available sums in 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. 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 during the past fiscal year and on its expected condition and operations during the next fiscal year. TABLE TF-19.--Reforestation Trust Fund Results of Operations, Fiscal 1996 [Source: Department of Agriculture] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,445,798 Receipts: Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000 Redemption of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,057 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,251,057 Expenses: Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,568,711 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,568,711 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,128,144 Expected Condition and Results of Operations, Fiscal 1996 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,128 Receipts: Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,180 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,308 TRUST FUNDS 125 CHARTS TF-D and E.--Major Trust Funds [Data depicted in these charts are derived from the Trust Fund tables, which are provided by various Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.] Interest on Investments, Fiscal 1995-96 Receipts and Outlays, Fiscal 1996 126 TRUST FUNDS INTRODUCTION: Aquatic Resources Trust Fund Aquatic Resources Trust Fund was established on the 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 equivalent to the excise taxes received on sport fishing equipment and import duties on fishing tackle, yachts, and pleasure craft 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 1990 (Public Law 101-508), small engine gasoline taxes are transferred to the Sport Fish Restoration Account. 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 in the Boat Safety Account, as provided by appropriations acts are available to carry out the purposes of Public Law 92-75 related to recreational boating safety assistance. When the provisions of 26 U.S.C. 9602 (b) are met, amounts available in the two accounts exceeding outlay requirements are invested in public debt securities with the interest credited to the respective 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. TABLE TF-20.--Aquatic Resources Trust Fund, Sport Fish Restoration Results of Operations, Fiscal 1996 [Source: Financial Management Service] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $647,666,176 Revenue: Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,199,085 Fish equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,253,000 Electric trolling sonar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,573,000 Import duty equipment, yacht. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,103,356 Gas, small engines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,330,000 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,633,817 Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10,820,165 Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,272,093 Equity: Transfer from Boat Safety to Sport Fish Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Nonexpenditure transfers: Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,966,258 Coast Guard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500,000 Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000,000 Total nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,466,258 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745,472,011 TRUST FUNDS 127 TABLE TF-20.--Aquatic Resources Trust Fund, Boat Safety Results of Operations, Fiscal 1996 [Source: Financial Management Service] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,201,256 Revenue: Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,605,915 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,082,688 Interest on investment--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -18,946 41,669,657 Nonexpenditure transfers: Boat safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,476,158 Total nonexpenditure transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,476,158 Equity: Transfer to Sport Fish Restoration from Boat Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,394,755 Note.-- The expected conditions and results of operations for fiscal years 1997 through 2001 were not available at the time of publication. 128 TRUST FUNDS INTRODUCTION: Oil Spill Liability Trust Fund The Oil Spill Liability Trust Fund was established on the books of the Treasury by the Omnibus Budget Reconciliation Act 1986 (Public Law 99-509). It was made effective on January 1, 1990, by the Omnibus Budget Reconciliation Act of 1989 (Public Law 101-239), and amended by the Oil Pollution Act of 1990 (Public Law 101-380). Amounts equivalent to the taxes received from the environmental tax 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 if the Secretary of the Treasury estimates that, as of the close of the preceding calendar quarter, the unobligated balance in the fund exceeds $1 billion. Certain amounts were transferred from other funds and were appropriated to the Oil Spill Liability Trust Fund as provided by U.S.C. 26 9509 (b). certain paid penalties and amounts recovered for damages are also appropriated to the fund. Amounts in the fund are available for oil spill cleanup costs and certain other related purposes as provided by appropriations acts or section 6002 (b) of the Oil Pollution Act of 1990. When the provisions of 26 U.S.C. 9602 (b) are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities. Interest is credited to the fund. Annual reports to Congress, required by 26 U.S.C. (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. TABLE TF-21.--Oil Spill Liability Trust Fund Results of Operations, Fiscal 1996 [Source: Financial Management Service] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,137,793,725 Revenue: Tax on crude oil/petroleum products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000 Transfer from AK Pipeline Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,425,032 Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,458,560 Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,639,240 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,310,746 Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -342,744 Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,390,834 Outlays/nonexpenditure transfers: Transfer to the Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400,000 Salaries and expense-the Department of the Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,297 Transfer to Environmental Protection Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 Transfer to Department of Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,152,553 Transfer to Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,166,323 Transfer to Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000 Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,572,173 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,139,612,386 Note.-- The expected conditions and results of operations for fiscal years 1997 through 2001 were not available at the time of publication. TRUST FUNDS 129 INTRODUCTION: Vaccine Injury Compensation Trust Fund The Vaccine Injury Compensation Trust Fund (VICTF) was created on the books of the Treasury by the Revenue Act of 1987 (Public Law 100-203, approved December 22, 1987). Excise taxes on DPT, DT, MMR and polio vaccines (26 U.S.C. 4131) are appropriated into the fund which serves as a source of funds to pay claims for compensation for vaccine-related injury or death occurring after October 1, 1988. Under current law, the excise tax imposed by the VICTF expires if the project balance of the VICTF, as of the calendar quarter ending December 31, 1992, is not negative. Annual reports to Congress, required by 26 U.S.C. (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. TABLE TF-22.--Vaccine Injury Compensation Trust Fund Results of Operations, Fiscal 1996 [Source: Financial Management Service] Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $943,115,435 Receipts: Excise tax receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,989,500 Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,093,014 Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,593,753 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,676,267 Outlays/nonexpenditure transfers: U.S. Claims Court expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,190,688 U.S. Department of Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581,732 Health resources/transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,311,518 Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,083,939 Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,076,707,764 Note.-- The expected conditions and results of operations for fiscal years 1997 through 2001 were not available at the time of publication. 130 TRUST FUNDS INTRODUCTION: National Recreational Trails Trust Fund Provisions relating to a National Recreational Trails Trust Fund were enacted as part of the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240, approved December 18, 1991). The Act provides that amounts equivalent to the taxes imposed 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.S.C. 9503 (c) (6)]. Transfers to the fund are limited to amounts obligated under section 1302 of the Act. Obligated amounts cannot exceed $30 million per fiscal year over the 1992-97 period. Obligations cannot be Note.-- No current figures or future projections are available from the Department of the Treasury because funds have yet to be appropriated to the fund. made until amounts are appropriated; there have not yet been appropriations to the fund. When the provisions of 26 U.S.C. 9602 (b) are met, amounts available in the fund exceeding outlay requirements are invested in public debt securities with the interest credited to the fund. 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 131 Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9001. “Some Economic Aspects of the U.S. Health Care System.” James E. Duggan. August 1990. 9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and John S. Greenlees. December 1990. 9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly D. Zieschang. August 1990. 9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert Gillingham, and John S. Greenlees. February 1991. 9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” Michael Cayton. February 1993. 9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. April 1993. 9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John S. Greenlees. Revised April 1995. 9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. November 1995. 9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, Robert Gillingham, and John S. Greenlees. January 1997. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4422 Washington, D.C. 20220 Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633. 132 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Accrued discount (SBN-1, -2, -3)—Interest that accumulates on savings bonds from the date of purchase until the date of redemption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, and J are discount or accrual type bonds— meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Average discount rate (PDO-2, -3)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-2)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)—A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Coupon issue—The issue of bonds or notes (public debt). Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (“U.S. Savings Bonds and Notes”)— Bonds paying semiannual interest to holders. Interest is not included in accrued discount. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of December 1996, the debt limit was $5,500,000 million; the limit may change from year to year. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 U.S.C. 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign (“Foreign Currency Positions,” IFS-2, -3)—Locations other than those included under the definition of the United States. (See United States.) Foreigner (“Capital Movements,” IFS-2)—All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (“Capital Movements”)—Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those 133 Glossary of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (“Capital Movements”)—Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (“Exchange Stabilization Fund,” IFS-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)—These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)—The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Off-budget Federal entities (“Federal Fiscal Operations”)—Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (“Capital Movements”)—Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-3, -4)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” IFS-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (FD-2)—(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities 134 Glossary comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-1, -3)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), they are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)—An intra-budgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER