Full text of Treasury Bulletin : September 1984

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JUM

2

/9B5

DEPARTMENT OF THE TREASURY
FISCAL SERVICE, BUREAU OF
GOVERNMENT FINANCIAL OPERATIONS

POSTAGE AND FEES PAID
DEPARTMENT OF THE TREASURY

TREAS

-

BB3

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C. 20226

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, »300

FIRST CLASS

<^

Summer

Issue

9

1[^[D)

Fiscal

1984

-''"'^y-ROOHSBlo

TREASURY

Office of the Secretary

Department of the Treasury
Washington, D.C.

•H

'M

Compiled by
Bureau of Government
Financial Operations

TREASURY
©(y][L[L[lirDK]

Compiled by
Bureau of Government

Office of the Secretary

Department
Wasfiington,

of thie

Treasury

DC.

The Treasury Bulletin is
US, Government

Financial Operations

for sale

by the Superintendent of Documents,
Washington, DC- 20402

Printing Office,

©©[rat^^DQGj
SUMMER ISSUEaTHIRD QUARTER, FISCAL 1984
OPERATIONS

FINANCIAL

FEDERAL FISCAL OPERATIONS

Budget and off-budget results

-

Budget receipts by source

-

FFO-2.

Chart

Summary of fiscal operations

-

FFO-1.

Chart

Budget receipts by source

-

Budget outlays by agency

-

FFO-3.

FEDERAL OBLIGATIONS

ACCOUNT OF THE U.S. TREASURY

Elements of changes

-

UST-1.

in

Federal

Reserve and tax and loan note account balances

FEDERAL DEBT

Summary of Federal debt

FD-1.

-

FD-2.

-

Interest-bearing public debt

FD-3.

-

Government account series

FD-4.

-

Interest-bearing securities issued by Government agencies

FD-5.

-

FD-6.

-

Maturity distribution and average length of marketable interest-bearing public debt held by private investors
Debt subject to statutory limitation

FD-7.

-

Treasury holdings of securities issued by Government corporations and other agencies

PUBLIC DEBT OPERATIONS

Article

Treasury financing operations

-

PDO-1.

-

Maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week
Treasury bills outstanding

PDO-2.

-

Offerings of bills

POO-3.

-

Public offerings of marketable securities other than regular weekly Treasury bills

PDO-4.

-

Allotments by investor classes on subscriptions for public marketable securities

U.S. SAVINGS BONOS AND NOTES

SBN-1.

-

Sales and redemptions by series, cumulative

SBN-2.

-

Sales and redemptions by period, all

SBN-3.

-

Sales and redemptions by period,

series of savings bonds and notes combined

series E, EE, H, and HH

ONNERSHIP OF FEDERAL SECURITIES

securities by class of investors and type of issues

OFS-1.

-

Distribution of Federal

OFS-2.

-

Estimated ownership of public debt securities by private investors

NARKET BID riELOS ON TREASURY SECURITIES
HBY-1.

Chart

Treasury market bid yields at constant maturities, bills, notes, and bonds

-

Yields of Treasury securities

-

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1.

Average yields of long-term Treasury, corporate, and municipal bonds by period
Average yields of long-term Treasury, corporate, and municipal bonds

-

Chart

-

FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
FEDERAL CREDIT PROGRAMS
GA-II-1.

-

Direct and guaranteed loans outstanding

INTERNATIONAL

STATISTICS

INTERNATIONAL FINANCIAL STATISTICS
IFS-1.

-

U.S. reserve assets

IFS-2.

-

Selected U.S. liabilities to foreigners

IFS-3.

-

lFS-4.

-

Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countr
Weighted average of exchange rate changes for the dollar

CAPITAL MOVEMENTS

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
CM-I-1.

-

Total

liabilities by type of holder

CM-I-2.

-

Total

liabilities by type, payable in dollars

CM-I-3.

-

Total

liabilities by country

CM-I-4.

-

Total

liabilities by type and country

Ill

IV

©®[n]l^©[TQii^

CLAIMS ON FOREIGNERS REPORTED BY BANKS
CM-I I-l.

Total

-

IN

UNITED STATES

THE

cla

CM-lI-2.

- Total cla
by country.
- Total cla
on foreigners by type and country reported by banks in the
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES

CM-I 1-3.

CM-III-1.

State

Dollar claims on nonbanl< foreigners

-

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
CM-IV-1.

-

Total

CM-IV-2.

-

Total

IN

THE

UNITED STATES

liabilities and claims by type
liabilities by country

CM-IV-3.

-

Total

liabilities by type and country

CM-IV-I.

-

Total

claims by country

CM-IV-5.

-

Total

claims by type and country

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
CM-V-I.

-

CM-V-2.

-

IN

THE UNITED STATES

Foreign purchases and sales of long-term domestic securities by type
Foreign purchases and sales of long-term foreign securities by type

CM-V-3.

-

Net foreign transactions

CM-V-4.

-

Foreign purchases and sales of long-term securities, by type and country,

CM-V-5,

-

Foreign purchases and sales of long-term securities, by type and country, latest year

in

long-term domestic securities by type and country
latest date

FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS
FCP-I-1.

Nonbanking firms' positions

-

FCP-I-2.

- Weekly bank positions
CANADIAN DOLLAR POSITIONS

FCP-II-1.

-

Nonbanking firms' positions

FCP-II-2.

-

Weekly bank positions

GERMAN HARK POSITIONS
FCP-III-1.
FCP-I

I

-

Nonbanking firms' positions

1-2.

ekly bank po

JAPANESE YEN POSITIONS
FCP-IV-1.

-

Nonbanking firms

FCP-IV-2.

-

Weekly bank posit

'

SWISS FRANC POSITIONS
FCP-V-1.

-

Nonbanking firms'

FCP-V-2.

-

Weekly bank positi

STERLING POSITIONS
FCP-VI-1.

-

Nonbanking firms'

FCP-VI-2.

-

Weekly bank posit

U.S. DOLLAR POSITIONS ABROAD

FCP-VII-1.

-

Nonbanking firms

FCP-VII-2.

-

Weekly bank fore

office posi

t

i

EXCHANGE STABILIZATION FUND
ESF-1.

Balance she

ESF-2.

Income and

CASH

MANAGEMENT/DEBT COLLECTION

CASH MANAGEMENT INITIATIVES

Milestones in Federal Cash Management
Chart - Federal Cash Management History
Reform '88 Cash Management
CashMan Initiatives Status Code Summary
Current Value of Funds and Renegotiation Board Rates..
Chart - Total Treasury Payments, 1972-1984

SPECIAL

REPORTS

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION.

Note.--Detai

1

s

of

figures may not add to totals because of rounding.

Abbreviations and symbol:

r

represents Revised,

p

Preliminary, n.a. Not available,

t

Includes funds transferred from others.

[FD[jQSi[ra©DSiD

©\s)®[['m'&mm.

FEDERAL FISCAL OPERATIONS
Table

FFO— 1. — Summary

of Fiscal

Operations

ce: Monthlji Treasury Statement of Receipts and Outlays of the United States Government]

Budget and off-budget results

Means of financing

orrowing from the public
Budget
surplus

Total

budget
surplus

Agency
securities

surplus

— Federal

— net

securities

Investments of

Cash and monetary assets (deduct)
Special

Treasury
operating

Ciovern-

(-)

(1-2)

transactions

ights

cash

deficit

counts

(-)

(U)

(8)

1979
1980
1981
1982
1983

465,955
520,056
599,272
617,766
600,562

1984 (Est.)
1985 (Est.)

672,695
753,069

1983-June
July
Aug
Sept
Oct
Nov
Dec
1984-Jan

Feb
Mar
Apr
May
June
Fiscal 1984
to date

493,607
579,603
657,204
728,424
795,969

-27,652
-59,547
-57,932
-110,658
-195,407

-12,467
-14,245
-21,005
-17,331
-12,357

66,517
43,948
49,683
63,556
45,156
46,200
58,041
62,544
47,886
44,464
80,180
37,459
69,282

63,116
65,360
67,160
61,610
70,225
67,792
74,702
68,059
68,267
73,020
68,687
71,391
71,283

3,401
-21,412
-17,477
1,946
-25,069
-21,591
-16,661
-5,515
-20,381
-28,555
11,493
-33,932
-2,000

-2,019
-1,293
-1,267
-2,702
1,446
-678

491,213

633,426

-142,213

-5,136

-40,119
-73,792
-78,936
-127,989
-207,764

54,975
81,182
90,153
144,181
235,176

-192,987
-193,800

-1,727
-660
-1,352

n.a.

1,382
-22,706
-18,744
-756
-23,623
-22,270
-16,572
-5,762
-20,588
-30,282
10,833
-35,284
-3,801

28,219
7,300
21,493
28,837
7,359
4,592
21,540
26,681
20,161
6,196
22,375
11,008
15,573

19,685
10,061
10,294
8,134
22,475

33,641
70,515
79,329
134,912
212,424

1,732
-3,186
-2,320
10,494
7,893

1.629
3,634
1,916

176,000
192,000

-4,599
955
13,371
-4,382
-4,365
6,026
2,963
1,962

-1,392
5,322
2,388
10,042

25,719
11,877
20,522
15,442
11,732
8,946
16,501
23,686
18,172
7,668
17,038
8,604
5,524

22,764
-6,352
-3,177
18,588
-9,957
-21,887
6,606
16,727
-4,787
-9,704
24,150
-30,022
5,386

-1,191
4,248
-4,453

-147,349

Selected balances end of period
Federal securities

Treasury
operating

(deduct)
(13)

1979
1980
1981
1982
1983
1984 (Est.)
1985 (Est.)

1983-June
July
Aug
Sept
Oct
Nov
Dec
1984-Jan
Feb
Mar
Apr
May
June
Fiscal 1984
to date

-2,237
94

2,442
1,507
2,530
n.a.
n.a.
1

80
-163
92
146
408
1,387
128
248
6

-73
69
34

2,353

3,317

Public
debt
securities

Agency
securities

Investments
of Government accounts

Held by the
public
(18+19-20)

FEDERAL FISCAL OPERATIONS
Table FFO-2.
'ce:

- Budget

Receipts by Source

Monthly Treasury Statement of Receipts and Outlays of the United States Gov.
Income taxes

taxes and

Corporati

FEDERAL FISCAL OPERATIONS
Table FFO-2.

- Budget

Receipts by Source-Continued

[In millions of dollarsj

Airport and airway trust fund

Gross

Refunds

Net

Hi qhvjay

Gross

Refunds

Gross

trust fund

Miscel laneous

Refunds

Gross

insurance
taxes and
contributions

141,591
160,747
182,720
201,131
208,994

1982
1983

7,189

1984 (Est.).
1986 (Est.).

1983-June...
July...
Aug. ..
Sept...

17,903
15,316
20,089
17,240
15,706
16,780
16,120
21,462
19,963
17,703
26,036
26,441
19,759

1,029

179,970

8,690

Refunds

FEDERAL FISCAL OPERATIONS

[In m

FEDERAL FISCAL OPERATIONS
Table FFO-3.

- Budget

Outlays by Agency-Continued

[In millions of dollars]

nautics

Federal

The March 31,

being

not
di f f

i

1984,

published

cul ti es

.

--Ed.

in

Obligations

tables on
this

"Federal

issue

Obligations" are

because

of

processing

ACCOUNT OF THE

U.S.

TREASURY

ACCOUNT OF THE

U.S.

13

TREASURY

Source and AvaiUbility of the Balance in the Account of the U.S. Treasury

operating cash of the Treasury is maintained in Treasury's
accounts with the Federal Reserve banks and branches and in tan and loan
As the balances in the accounts at the Federal Reserve banks
accounts.
become depleted, they are restored by calling in (withdrawing) funds
financial
thousands
of
institutions
throughout
the
from
country
authorized to maintain tax and loan accounts.
The

Under authority of Publi c Law 95-147, the Treasury implemented a
nvest a portion of its operating cash in
program on Nov. 2, 1978, to
obligations of depositaries r aintaining tax and loan accounts.
Under
the Treasury tax and loan investment program, depositary financial
which they will participate
Institutions
Depositaries that wish to retain funds deposited in their tax
program.
and loan accounts in interest-bearing obligations participate under the
Note Option; depositaries that wish to remit the funds to the Treasury's
Reserve banks participate under the Remittance
account at Federal
Option.

ax and loan system permits the 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
such time as the Treasury needs the funds for its operations.
In this
way the Treasury is able to neutralize the effect of its fluctuation
operations on Note Option financial
institution reserves and the
econorny

Table UST-1.

- Elements

[In millions of dollars.

of

Changes

in

Federal Reserve and Tax and Loan Note Account Balances

Figures on basis of telegraphic reports.

Source:

Bureau of Guvtrnment Financial Operations]

Credits and withdrawals
Federal Reserve ace

Credits

nts

1/

Withdrawals

Received
directly

983,693

1979
1980
1981
1982
1983

1983-June.
July.
Aug.
Sept.
Oct..
Nov..

Dec.
1984-Jan..
Feb..
Mar..
Apr..
May..
June.

Received
through remittance option
tax and loan
depositaries

Tax and

y

note accounts

Proceeds from sales of securities 3/
Taxes

Marketable
issues

Nonmarketable
issues 4/

_5/

Total

credits

Withdrawals
(transfers to
Federal Reser
accounts)

FEDERAL DEBT
Table FD-1.
[In millions of dollars.

Amount outstanding
End of
fiscal year
or month

- Summary

of Federal

Debt

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Gov

15

FEDERAL DEBT
Table FD-3.
[In millions of dollars.

- Government Account

Series

Source: Monthly Statement of the Public Debt of the United States]

Federal
End of
fiscal year
or month

1979
1980
1981
1982
1983

Total

176,360
189,848
201,052
210,462
234,684

Airport and
airway
trust fund

4,377
5,423
4,712
3,868
4,794

life
insurance
fund

2,771
3,161
3,646
4,191
4,770

Exchang
Stabili
Fund

4.266
3.544
3,130
3,011
2,514

7,835
9,379
11,232
13,249
13,867

5,286
7,377
3,095
6,456
4,992

61,369
71,055
81,768
94,205
108.089

13,144
14,606
18,141
20,800
13.059

1,203
1,315
1,488
1.944
2.009

23,251
2U,565
20,742
9,519
25,503

16

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 Bureau of Government Financial Operations]

End of
fiscal year
or month

Housing and Urban
Development Department

Defense
Department

outstanding

Family housing
and homeowners
assistance

1979
1980
1981
1982
1983

7,232
6,616
6,086
4,962
4,675

1983-June
July
Aug
Sept
Oct
Nov
Dec
1984-Jan
Feb
Mar
Apr
May
June

4,737
4,715
4,698
4,676
4,666
4,664
4,641
4,610
4,582
4,663
4,547
4,532
4,525

Federal
Housing
Administration

767
641
516

298
284
274
264
258
253
243

Banks for
cooperatives

651

388
264

228
220
213
206
203
197

194
173
169
166
162
156
155

234
216

206
197
188
181

Farm
credit

Government
National
Mortgage
Association

495
432
335
206

Memorandum
End of
fiscal year
or month

Other independent agencies

Off-budget
Federal agency

Total

— Interest-bearing

3,004
2,842
2,715
2,166
2,165

2,166
2,166
2,166
2,165
2,166
2,166
2,166
2,165
2,166
2,166
2,165
2,165
2,165

Export-Import
Bank of the
United States

Tennessee
Valley
Authority

933
661

1,725
1,725
1,725
1,725
1,725

250
260
250
250
250

1,725
1,725
1,725
1,725
1,725
1,725
1,725
1,725
1,725
1,725
1,725
1,725
1,725

250
260
250
250
250
260
250
260
260
250
260
250
250

446
88
64
70
70
71

64
64
64
64
63
57
51

48
48
48

U.S.
Postal

Service

securities of non-Government agencies
Federal
land
banks

Federal home
loan banks

banks

Federal
intermediate
credit banks

2,676
1,821
1,388
926
926

17,076
12,765
10,317
7,652
6,015

45,518
54,101
76,799
98,911
111,012

46,378
52,382
56,688
76,263
97,480

1,611
3,145

926
926
926
926
926
926
926
926
926
926
926
926
926

5,802
5,015
5,015
5,016
4,015
4.015
4,015
4,015
4,015
4,015
4,015
4,015
4,016

107,068
107,634
108,944
111,012
115,496
115,767
114,471
115,152
115,815
117,406
118,693
122,231

98,751
100,443
96,444
97,480
96,494
98,311
100,028
100,146
102,299
104,248
107,071
108,566
109,606

2,362
2,472
3,148
3,146
3,060
3,060
3,060
3,231
3,342
3,518
3,749
3,996
4,184

1979
1980
1981
1982
1983

220
220

29,297
45,950
59,024
65,653
67,320

1983-June
July
Aug
Sept
Oct
Nov
Dec
1984-Jan
Feb
Mar
Apr
May
June

220
220
220
220
220
220
220
220
220
220
220
220
220

65,975
67,346
68,252
67,320
68,898
68,633
67,684
68,046
67,725
68,039
68,157
68,238
68,040

* Less than

785
584
220

$600,000.

n.a.

Federal
National

Student
Loan

Mortgage
Association

Marketing
Association

FEDERAL DEBT
Table

FD-5. - Maturity

Distribution

[In millions of dollars.

End of

and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors
Source:

Office of Government Finance and Marfcet ftnalysts in the Office of the Secretary]

17

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]

Education

Agriculture Department
Total

Comnodity
Credit
Corporation

Rural

Electrification
Administration

Farmers
Home
Administrati

19
TREASURY FINANCING OPERATIONS, APRIL-JUNE 1984
APRIL

of 2-

Audi

Notes

52-Meek Bills

18 the Treasury announced that it would auction $8,250 million
of 2-year notes to refund $5,051 million of notes maturing April 30, 1984, and
The notes offered were Treasury Notes of
to raise $3,200 million new cash.
Series T-19B6, dated April 30, 1984, due April 30. 1986, with interest payable
An interest rate of
on October 31 and April 30 in each year until maturity.
11-3/4 percent was set after the determination as to which tenders were
accepted on a yield auction basis.
On April

Tenders for the notes were received until 1 p.m. EST, April 2b, and
totaled $22,479 million, of which $8,260 million was accepted at yields
ranging from 11.81 percent, price 99.896. up to 11.83 percent, price 99.861.
Noncompetitive tenders were accepted in full at the average yield of accepted
99.861.
11.83 percent,
price
These totaled $1,465 million.
tenders,
Competitive tenders accepted from private investors totaled $6,795 million.

ddition to the $8,260 mil
$826 million was accepted
and Federal Reserve banks

of

tenders

accepted
from

On April 6 tenders were invited for approximately $8,000 million of 364Treasury bills to be dated April 19, 1984, and to mature April 18, 1985.
The issue was to refund $7,764 million of 354-day bills maturing April 19 and
to raise about $236 million new cash.
Tenders were opened on April 12.
They
totaled $18,160 million, of which $8,000 million was accepted. Including $600
million of noncompetitive tenders from the public and $1,250 million of the
bills issued at the average price to Federal Reserve banks for themselves and
An additional
as agents for foreign and international monetary authorities.
$225 million of the bills was issued to Federal Reserve banks as agents for
foreign and international monetary authorities for new cash.
The average bank
discount rate was 9.86 percent.
day

the auction
Government
change for

May Uuarterly Financing

May 2 the Treasury announced that it would sell to the public at
auction, under corrpetitive and noncompetitive bidding, up to $6,500 million of
3-year notes of Series N-1987. $5,250 million of 10-year notes of Series A1994, and $4,750 million of 30-year bonds of 2009-14 to refund $9,321 million
of publicly held Treasury securities maturing May 15. and to raise $7,175
million new cash.
On

Tenders for the notes were received until 1 p.m. EDST. May 23. and
totaled $16,761 million, of which $8,253 m111i( n was accepted at yields
ranging from 12.60 percent, price 10U.043, up to 12.70 percent, price
99.871.
Noncompetitive tenders were accepted in f jll at the average yield of
12.68 percent,
99.905
These totaled
$1,383
accepted tenders,
price
Competitive tenders accepted from prival ,e investors totaled $6,870
1111

addition to the $8,253 million of tenders accei
$365 million was accepted at the average price
agents for foreign and International monetary ai
lion was accepted at the average price from Government
erve banks for their own account in exchange for maturi
In

An interest rate of 12-1/2 percent was set on the notes of Series N-1987
after the determination as to which tenders were accepted on a yield auction
The notes of Series N-1987 were dated May 15, 1984, due May 15, 1987.
basis.
with interest payable on November 15 and May 15 in each year until maturity.

cess.
ks

as

Auction of 5-Year 2-Honth Note
On May 22 the Treasury announced that it would auction $6,250 million of
The notes offered were Treasury Notes
5-year 2-month notes to raise new cash.
Series J-1989, dated June 1. 1984. due August 15, 1989, with Interest
payable on February 15 and August 15 in each year until maturity. An interest
rate of 13-7/8 percent was set after the determination as to which tenders
were accepted on a yield auction basis.

of

In addition to the $6,539 million of tenders accepted in the auction
process, $420 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $700
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account in exchange for maturing securities.

An interest rate of 13-1/8 percent was set on the notes of Series A-1994
after the determination as to which tenders were accepted on a yield auction
The notes of Series A-1994 were dated May 15, 1984, due May 16, 1994.
basis.
with interest payable on November 15 and May 15 in each year until maturity.

Tenders for the notes were received until 1 p.m. EDST. May 30. and
totaled $14,726 million, of which $6,251 million was accepted at yields
ranging from 13.85 percent, price 99.911. up to 13.96 percent, price 99.511.
Noncompetitive tenders were accepted in full at the average yield of accepted
These totaled $720 million.
Comtenders, 13.93 percent, price 99.620.
petitive tenders accepted from private investors totaled $5,531 million.

52-Week Bills

Tenders for the notes of Series A-1994 were received until 1 p.m. EDST,
May 9, and totaled $12,529 million, of which $5,256 million was accepted at
yields ranging from 13.12 percent, price 100.027. up to 13.18 percent, price
99.699.
Nonconpetitive tenders were accepted in full at the average yield of
These totaled $616 million.
accepted tenders. 13.16 percent, price 99.808.
Conpetitive tenders accepted from private investors totaled $4,741 million.

addition to the $5,256 million of tenders accepted in the auction
$400 million was accepted at the average price from Government
and Federal Reserve banks for their own account in exchange for
maturing securities.
An interest rate of 13-1/4 percent was set on bonds of 2009-14 after the
determination as to which tenders were accepted on a yield auction basis.
The
bonds of 2009-14 were dated May 15. 1984, callable May 15, 2009, and due May
15, 2014, with interest payable on November 15 and May 15 in each year until
call

ity.

Tenders for the bonds were received
totaled $10,206 million, of which $4,751
ranging from 13.29 percent, price 99.706, u|
Nonconpeti ti ve tenders were accepted in full
13.32
99.486.
tenders.
percent,
price
Competitive tenders accepted from private ini

EDST, May 10, and
million was accepted at yields
to 13.34 percent, price 99.339.
at the average yield of accepted
$371
totaled
million,
These
estors totaled $4,380 million.
intil

1

p.m.

In addition to the $4,751 million of tenders accepted
process. $257 million was accepted at the average price
accounts and Federal Reserve banks for their own account and

Aucti

of 2-»e

auction
overnment
hange for

th.e
f

Note

On May 16 the Treasury announced that It would auction $8,250 million of
2-year notes to refund $5,568 million of publicly held notes maturing May 31,
1984, and to raise about $2,576 million new cash.
The notes offered were
Treasury Notes of Series 0-1986. to be dated May 31. 1984, due May 31, 1986,
with interest payable on November 30 and May 31 in each year until maturity.
An interest rate of 12-5/8 percent was set after the determination as to which
tenders were accepted on a yield auction basis.

On May 4 tenders were invited for approximately $8,000 million of 364-day
The
Treasury bills to be dated May 17, 19B4, and to mature May 16, 1985.
issue was to refund $7,795 million of 364-day bills maturing May 17 and to
Tenders were opened on May 16,
They
provide about $205 million new cash.
$680
totaled $19,371 million, of which $8,010 million was accepted
and $1,930
Ion o'f the
million of noncofipetiti ve tenders from the pubV
iselves and
e banks fot
bills issued at the average price to Federal Resi
as agents for foreign and international monetary authorities.
additional
agents for
$70 million of the bills was issued to Federal Reserve bank
foreign and international monetary authorities fo
sh.
The average bank
discount rate was 10.64 percent.

Cash Management Bills
On May 22 tenders were Invited for approximately $2,000 million of 77-day
bills to be Issued May 24. 1984. representing an additional amount of bills
The Issue was to raise new
dated August 11. 1983. maturing August 9, 1984.
They totaled $9,094 million, of which
cash.
Tenders were opened on May 23.
$2,002 million was accepted.
The average bank discount rate was 9.95 percent.
In
May
22,
tenders
were
invited
for
the
nnoun
lent
on
of 168-day bills to be issued May 24, 1984,
approx mately $2,000
1984, maturing
imount of bills dated May 10,
nting an additional ar
Tenders were opened on
The issue was to raise new cash.
November 8, 1984.
May 23.
They totaled $9,094 million, of which $2,004 million was accepted,
The average bank discount rate was 10.51 percent.
i

On May 25 tender
ited for approximately $6,000 million of 22-day
to be Issued May 30. 19B4. representing an additional amount of bills
The issue was to raise new
December 22. 1983, maturing June 21, 1984.
They totaled $13,9
Tenders were opened on Hay 29.
las 9.93 per
million was accepted.
The average bank discount ra

bills
dated
cash.
$6,001

20

TREASURY FINANCING OPERATIONS, APRIL-JUNE 1984
On May 30 tenders were invited for appronimately $3,UOO miHion of 17-day
bills to be issued June 4, 1984, representing an additional amount of bills
The issue was to raise new
dated Occcmber 22, 1983, maturing June 21, 1984.
Tenders were opened on May 31.
They totaled $12,554 million, of which
cash.
The average bank discount rate was 10.27
$3,009 million was accepted.
nt.
per

were
invited
on
May
tenders
In
the
same
announcement
30,
approximately $3,000 million of 59-day bills to be issued June 4,
representing an additional amount of bills dated February 2, 1984, mat
August 2, 1984.
The issue was to raise new cash.
Tenders were opened o
31.
They totaled $9,020 million, of which $3,003 million was accepted,
average bank discount rate was 9.82 percent.

Auction of 2-ye

Also on May 30 tenders were invited for approximately $3,000 million of
150-day bills to be issued June 4, 1984, representing an additional amount of
bills dated November 3, 1983, maturing November 1, 1984.
The issue was to
raise new cash.
Tenders were opened on May 31.
They totaled $10,151 million,
The average bank discount rate was
of which $3,005 million was accepted.
10.62 percent.

Public Debt Li
Law 98-302, signed by the President on May 25, raised the public
The size of several bill offerings had been
limit to $1,520 billion.
reduced to ensure that the previous debt limit of $1,490 billion would not be
exceeded.
debt

age price from Governmer
unt in exchange for matu ing

Note

On June 13 the Treasury announced that it would auction $8,600 million of
2-year notes to refund $5,373 million of publicly held notes maturing June 30,
The notes offered were
1984, and to raise about $3,125 million new cash.
Treasury Notes of Series V-19B6, dated July 2, 1984, due June 30, 1986, with
An
interest payable on December 31 and June 30 in each year until maturity.
interest rate of 13 percent was set after the determination as to which
tenders were accepted on a yield auction basis.

Tenders for the notes were received until 1 p.m. LOST, June 20, and
totaled $18,484 million, of which $8,529 million was accepted at yields
ranging from 13.08 percent, price 99.863, up to 13.11 percent, price 99.812.
Noncoirpeti ti ve tenders were accepted in full at the average yield of accepted
13.10 percent,
These totaled
$1,684 million.
tenders,
price 99.829.
Conpetitive tenders accepted from private investors totaled $6,845 million.
In addition to the $8,529 million of tenders accepted in the auction
process, $370 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $900
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account in exchange for maturing securities.

Auctions of 4-Year Notes. 7-Year Notes, and 20-Year 1-Month Bonds
On June 19 the Treasury announced that it would sell to the public at
auction, under competitive and noncompetitive bidding, up to $6,000 million of
4-year notes of Series M-1988, $5,500 million of 7-year notes of Series F1991, and $4,000 million of 20-year 1-month bonds of 2004 to refund $3,162
million of publicly held 4-year notes maturing June 30, and to raise about
$12,350 million new cash.
An interest rate of 13-5/8 percent was set on the notes of Series M-1988
after the determination as to which tenders were accepted on a yield auction
The notes of Series M-1988 were dated July 2, 1984, due June 30, 1988.
basis.
with interest payable on December 31 and June 30 in each year until maturity.

Tenders
for
the
notes of Series M-1988 were received until 1 p.m.
EDST, June 26, and totaled
$13,904 million,
of which
$6,000 million was
accepted at yields ranging from 13.65 percent, price 99.925, up to 13.71
percent, price 99.745.
Noncompetitive tenders were accepted in full at the
These totaled
average yield of accepted tenders, 13.69 percent, price 99.805.
Competitive tenders accepted from private investors totaled
$1,036 million.
$4,964 million.
In addition to the $6,000 million
process, $160 million was accepted at the
banks as agents for foreign and internat

jnders

accepted

in

the

auction

age price from Federal Reserve
monetary authorities, and $523

An interest rate of 13-3/4 percent was set on
after the determination as to which tenders were
basis.
The notes of Series F-1991 were dated July
with interest payable on January 15 and July 15 in

.

Tenders for the notes of Seri
July 3, and totaled $13,593 millioi
yields ranging from 13.80 percent,
99.589.
Noncompetitive tenders wer
accepted tenders, 13.83 percent, p
Competitive tenders accepted from p

lunts and Federal

he notes of Series F-1991
;epted on a yield auction
1984, due July 15, 1991,
ch year until maturity.

F-1991 were received until 1 p.m. EDST,
of which $5,512 million was accepted at
irice 99.766, up to 13.84 percent, price
accepted in full at the average yield of
These totaled $756 million,
ce 99.633.
vate investors totaled $4,756 million.

An interest rate of 13-3/4 percent was set on the bonds of 2004 after the
determination as to which tenders were accepted on a yield auction basis. The
bonds of 2004 were dated July 10, 1984, due August 15, 2004, with interest
payable on February 15 and August 15 in each year until maturity.

Tenders for the bonds of 2004 were received until 1
m. EDST, July 5,
and totaled $8,061 million, of which $4,001 nillioh was accepted at yields
13.82 percent, price
up
to
ranging from 13.71 percent, price 100.186
99.441.
Noncompetit
,-,.__ _:cepted in full at the average yield of
These totaled $226 million.
jccepted tenders, 13.76 percent, price 99.846.
Competitive tenders accepted from private investors totaled $3,775 million.

52-Week Bills
On June 1 tenders were invited for approximately $8,250 million of 364Treasury bills to be dated June 14, 1984, and to mature June 13, 1985.
issue was to refund $7,776 million of 364-day bills maturing June 14 and
Tenders were opened on June 7.
They
raise about $474 million new cash.
aloH tlft ?R1 million
rtf whirh
Ch ^ft Pi^Q mi 1 i nn w;*Q ^rrpnted, inrliiriinn $591
$8,259 million was accepted, including
lied $16,281
tenders from the public and $2,055 million of the
lion of noncompetit
e price to Federal Reserve banks for themselves and
Is issued at the av
An additional
agents for foreign
1
monetary authorities.
million of the bills was issued to Federal Res ve banks as agents for
The average bank
eign and international monetary authorities for ne cash.
count rate was 10.92 percent.
1

Public Debt

Li

Public Law 98-342, signed by the President on July 6, raised the publi
The 7-year notes issued July 9 and the 20-yea
debt limit to $1,573 billion.
l-month bonds issued July 10 were auctioned the week following their norma
dates to avoid exceeding the previous debt ceiling of $1,520 billion.

PUBLIC
Table

PDO-1

-

Maturity

Sctiedule

and

31.

.

of

DEBT

Interest-Beanng

52Week

Treasury

Bills

21

OPERATIONS

Marketable

Public

Outstanding,

Debt

June

30,

Securities

1984

Other

ttian

Regular

Weekly

PUBLIC DEBT OPERATIONS
Table
[Dollar amounts in millions.

PDO-2. -

Offerings of Bills

Source: Monthly Statement of the Public Debt of the United States and allotments]

PUBLIC DEBT OPERATIONS
Table PDO-2.

-

Offerings of Bills-Continued

23

24

PUBLIC DEBT OPERATIONS
Table

Date subscrip
books

tiort

PDO-3^ -

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills

25
PUBLIC DEBT OPERATIONS
Table PDO-3.

-

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Continued
[Dollar amounts In millions]

Date subscrlp-

Period to
maturity

Description of
closed or

(years, m.
days) II

4/12/84
4/25/84
5/08/84
5/09/84
6/10/84
5/16/84
5/23/84
5/23/84
6/23/84
6/29/84
6/30/84
6/31/84
5/31/84
6/31/84
6/07/84
6/20/84
6/26/84
7/03/84
7/05/84

4/19/84
4/30/84
5/16/84
5/16/84
5/15/84
5/17/84
5/24/84
6/24/84
6/31/84
6/30/84
6/01/84
6/04/84
6/04/84
6/04/84
6/14/84
7/02/84
7/02/84
7/09/84
7/10/84

,

offe
In

9.86%

4/18/85
4/30/86-T
5/15/87-N
5/16/94-A
6/15/2009-14
5/16/85
e/09/84-Reopening
ll/08/84-Reopen1ng
6/31/86 -U
6/2l/84-Reopening
8/15/89-J
6/21/84-Reopening
a/02/84 -Reopening
11/01/84-Reopening
6/13/85
6/30/S6-V
6/30/88-H
7/15/91-F
8/15/2004

U-3/4
12-1/2
13-1/8
13-1/4
10.64
9.95
10.51

12-5/8
9.93
13-7/8
10.27
9.82
10.62
10.92
13

13-6/8
13-3/4
13-3/4

always

ctlon, the rate shown
of accepted bids.
OtI
auction. For details

the equivalent

10,161

pl6,376
pl9,754
pl4,587
pl3,593
pe,061

44/ Yields accepted

ngs

reopenings the amou

Includes securities is
Reserve banks; and to
whether in exchange fc
accepted ranged
99.806) with the avera.
accepted ranged
99.722) with the averai
accepted ranged
99.208) with the a»era
Yields a.
99.923)
13-1/ei
limit

ary

1

14.36%
14.43%
14.93%
14.96%
14.55%
14.62%
13.04%
13.09%
hat all

(pr ce 100.025) up to 14.49% (price
(pr ce 99.907).
(pr ce 99.839) up to 14.97% (price
(pr ce 99.752).
(pr ce 99.766) up to 14.68% (price
(pr ce 99.465).
(pr ce 100.145) up to 13.17% (price
(pr ce 100.060).
The coupon rate w
pri, ,es would be above the original

'

13.00% (pr ce 100.302) up to 13.22% (price
13.17% (pr ce 99
100.47 (yi lid 13.64%) down to 100.03 (yi
100.18 (yii 'Id 13
11.38% (pr ce 100.428) up to 11.72% (p
11.67% (pr ce 99.922).
12.64% (pr ce 99.807) up to 12.69% (pr
12.68% (pr ce 99.668).
12.00% (pr ce 100.217) up to 12.25% (p
12.20% (pr ce 99.870).
12.28% (pr
907) up to 12.31% (pr
12.30% (pr
99.
11.82% (pr
100.229) up to 12.00% (p
11.94% (pr
).667).
11.65% (pr
'.727) up to 11.79% (pr
11.68% (pr ;e 99 496)
9.72% (pri
100.053) up to 9.85% (pric
9.79% (pri
99.929).
9.70% (pri : 100.128) up to 9.90% (pric
9.86% (pri
99.720).
10.46% (pr :e 100.244) up to 10.53% (pr
10.50% (pr :e 100.000).
10.44% (pr ;e 99.407) up to 10.48% (pri
10.46% (pr ;e 99.226).
9.85% (pri
100.044) up to 9.93% (pric
9.91% (pri
99.938).
10.18% (pr ;e 99.684) up to 10.23% (pri
10.21% (pr ;e 99.565).
9.42% (pri
99.920) up to 9.50% (price
9.46% (pri
99.848).
10.00% (pr ;e 100.000) up to 10.12% (pr
10.10% (pr ;e 99.672).
10.56% (pr ;e 99.692) up to 10.61% (pri
10.68% (pr ;e 99.594).
10.70% (pr ;e 100.348) up to 10.77% (pr
10.75% (pr :e 99.938).
9.18% (pri
100.125) up to 9.28% (pric
9.25% (pri
100.000).
9.90% (pri ! 99.936) up to 10.02% (pric
9.98% (pri
99.733).
10.92% (pr ;e 99.730) up to 10.96% (pri
10.94% (pr :e 99.611).
10.98% (pr ;e 94.660) up to 11.05% (pri
11.01% (pr :e 94.401).
66% (pri
99.956) up to 9.73% (price
9.71% (pri
99.849).
1 9.94%
(pri ! 99.646) up to 10.00% (pric
9.96% (pri
99.566).
9.60% (prii ! 100.045) up to 9.70% (pric
9.66% (pri
99.938).
10.25% (pr :e 100.000) up to 10.33% (pr
"""
10.30% (pr ;e 99,.839)_
10.55% (pr :e 99,.740) up to 10.59% (pr
10.58% (pr :e 99 .594).
10.78% (pr ;e 99,.694) up to 10.84% (pr
10.81% (pr :e 99.,450)
.,_
9.60% (pri ! 99.822) up to 9.63% (pr
9.61% (pri
99.805).
9.45% (pri ! 99.808) up to 9.49% (price
9.48% (pri
99.732).
10.14% (pr :e 99.907) up to 10.18% (pri
1
10.16% (pr :e 99.783).
1
10.26% (pr :e 101.061) up to 10.32% (pr
it 10.29% (pi
ce 100.782).
9.89% (pri ! 99.973) up to 9.93% (price
9.92% (pri
99.920).
10.48% (pi :e 99.975) up to 10.50% (pri
10.50% (pr ;e 99.897).
n
10.00% (pi ;e 100.000) op to 10.12% (pr
10.09% (pr ;e 99.841).

'

"

'

•

'

'

1

I

epte
averagi

'

;

'

.

'

;

'

I

,

'

1

;

I

I

:

1

I

I

I

I

I

I

I

I

;

I

I

;

1

1

99.743)
elds
epte
99.546)
elds accepted ranged
99.207) with the averagi
accepted ranged
99.769) with the averagi
accepted ranged
99.706) with the averagi
Yields
h the iveragi
99.660)
Yields
ccepted r
100.504)
Yields
99.902)
ith the iveragi
Yields
iveragi
99.897)
Yields
99.788)

;

'

>

1

99.406)

'

I

'.

.

1

I

1

•

1

!

,

1

;

:

I

1

,

:

!

I

I

1

;

'

I

99.632)
elds accepted
99.491) with the sveragi
elds accepted
.071) with the
elds accepted
1.813) with the

'

'

1

1

1

t

1

11.94%
11.96%
12.05%
iverage
12.08%
10.69%
10.73%
inged from 11.77%
iverage at 11.79%
inged from 10.87%
iverage at 10.91%
inged from 11.14%
erage at 11.16%
11.68%
99.323)
11.61%
iverage
elds
inged fn « 11.89%
99.737)
iverage
11.90%
Yields accepted
n
10.48%
99.912) with the
10.61%
Yields accepted
.
11.00%
99.701) with the iverage
11.11%
Yields accepted
«
11.80%
99.366) with the iverage
11.84%
n
11.75%
101.387) with th
It
11.80%
Yields accepted
«
10.55%
99.754) with the
10.62%
Yields accepted
1
11.36%
99.
11.37%
n
10.83%
elds a
99.956)
verage
10.89%
Yields a
n
11.35%
11.35%
99.656)
verage
Yields a
inged fr « 11.74%
11.75%
99.981)
verage
Yields a
accepted
n
11.92%
99.237
verage
11.95%
10.64%
Yields accepted
n
99.921
verage
10.66%
n
10.94%
99.
verage
10.96%
8) with the
1
11.70%
100.145) with th
,_ It 11.70%
inged from 11.87% „
100.977) with th
11.88%
10.92%
10.94%
99.868) with the iverage
Yields accepted
11.82%
11.84%
99.495) with the iverage
11.52%
accepted
99. 51)
iverage
11.55%
12.06%
12.07%
12.40%
12.41%
12.34%
12.39%
elds accepted ranged f
11.81%
11.83%
1.861) with the average
elds accepted ranged f
iged from 12.53%
1.902) wi
lerage at 12.54%
iged from 13.12%
elds ace
1.699) wi
lerage at 13.16%
iged from 13.29%
lerage at 13.32%
iged from 12.60%
).871) with the
lerage at 12.68%
elds accepted
iged from 13.85%
lerage at 13.93%
1.511) with the
elds accepted
iged from 13.08%
1.812) with the
lerage at 13.10%
loed from 13.65%
elds accepted
1.745) with the
age at 13.69%
13.
elds accepted
13.83%
1.589) with the iverage
13.71%
1.441) with the
13.76%
1

iverage

I

1

I

inged from 11.38%
11.43%
iverage

1

I

t

10.61%
10.62%
10.761

1

1

99.620) with t
eld
the a«erag(
99.784) wi
Yields ace
99.815) wi
Yields
99.387)
Yields
98.669
Yields
99.823)
Yields ccepted ranged
99.619)
Yields accepted ranged
99.817)
Yields
ccepted ranged
99.045) with the averagi
Yields
ccepted ranged
99.902)
Yields
ccepted ranged
99.486)
Yields ccepted ranged
99.777)
ccepted ranged
99.613)
Yields
99.449)
Yields
ccepted ranged
99.775)
ccepted ranged

1

1

m

99.835) with

1

99.617) with th.
Yields accepted
99.550) with th,
Yields accepted
99.024) w
the
Yields accepted
99.838) with thi
Yields accepted
99.789) with thi
Yields accepted
99.512) with th,
Yields accepted
99.198) with thi
Yields accepted
99.780) with thi
elds
lepted
99.726)
Yields a
99.886)
th the
Yields a
99.858)
'

1.750.

99.771) with t
ices accept!
.721) with t

p$8.225
p9.086
p7,659
p5.656
p5,008
p8,080
2,002
2,004
p9,068
6,001
p6.261
3,009
3,003
3,005
p8,364
p9,799
p6,683
p6,612
p4,001

PS18.385
p23,305
P17.999
pl2,929
pl0,463
pl9,341
9.094
8.486
pl7,576
13,998
pl4,726
12,554
9,020

'

I

1

i

1

i

i

i

I

I

—All

securitii

99.649) up
99.617).
99.936) up
99.743).
99.497) up
99.181).
100.097) u
100.009).
99.988) up
99.864).
99.626) up
99.612).
99.597) up
99.357).
99.886) up
99.815).
99.802) up
99.726).
100.009) u
99.939).
99.953) up
99.889).
99.605) up
99.464).
99.813) up
99.737).
100.035) u
99.932).
100.00) up
99.726).
99.711) up
99.480).
101.791) u
e 101.653).
99.912) up
99.789).
99.934) up
99.896).
100.079) u
99.974).
99.686) up
99.686).
100.028) u
99.981).
99.538) up
99.312).
99.974) up
99.938).
99.837) up

10.62% (price
10.84% (price

11.24% (price
to 10.66% (pric

11.46% (price
11.96% (price
o 12.10% (price

10.75% (price
11.82% (price
to 10.94% (pric

11.17% (price
11.64% (price
11.90% (price
to 10.66% (pric

11.12% (price
11.86% (price
to 11.82% (pric

10.64% (price
11.37% (price
to 10.90% (pric

11.36% (price
to 11.75% (pric

11.96% (price
10.67% (price

10.96% (price
99.:
100.203) up to 11.71% (pric
e 100.203).
101.059) up to 11.88% (pric
e 100.977).
10.95% (price
99.921) up
99.886).
99.609) up
11.85% (price
99.533).
11.58% (price
99.965) up
99.913).
99.814) up
12.08% (price
99.783).
12.42% (price
99.863) up
99.817).
10U.180) up to 12.50% (pric
99.811).
11.83% (price
99.896) up
99.861).
12.54% (price
99.927) up
99.902).
100.027) up to 13.18% (pric
99.808).
13.34% (price
99.705) up
99.485).
100.043) up to 12.70% (pric
99.905).
99.911) up
13.96% (price
99.620).
13.11% (price
99.863) up
99.829).
13.71% (price
99.925) up
99.805).
99.765) up
13.84% (price
99.633).
to 13.82% (pric

PUBLIC DEBT OPERATIONS
Table

PDO-4. - Allotments

by Investor Classes on Subscriptions for Public Marketable Securities
Part A

[In nillions of dollars.

-

Other than

Source:

Bills 1/
Subscription and allotment reports]
Al

lotments by

Amount issued
1

of securities

I

ichange
)r

U.S. Government
accounts
and

Federal
Res rve
banks 2/

6/01/82

Mutual
savings
banks

Corporations

y

stor cla

State and local
governments 6/
Other
funds

All

othe
7/

1/17/82

715/82
1/12/82
1/09/82
1/07/82

704/82
1/02/82

730/82
727/83
:/2il/83

724/83
721/83
719/83
716/83
714/83
711/83
1/08/83

706/83
703/83
1/01/83

729/83

726/84
723/84
722/84
719/84
717/84
i/14/84

27
PUBLIC DEBT OPERATIONS
Table

PDO-4. -

Allotments by Investor Classes on Subscriptions for Public Marketable Securities-Continued
Part 8 - Bills Other than Regular Weekly Series
[Dollar amounts in millions.

Source:

Subscription and allotment reports]
Al

Average
rate
(percent

lotments by

Gov't
accounts
and Federal
Reserve
banks 1/

Oea1e
and
broke

U.S.

6/16/83
7/14/83
8/11/83
9/08/83
10/06/83
11/03/83
12/01/83
12/29/83

12.173
12.318
11.195
10.286
9.521
8.667
8.372
8.095

$5,777
6,034
6,262
7,127
7,012
7,017
7,008
7,109

$1,200
1,200
1,100
1,300
1,200
1,000
1,300
1,000

$1,147
2,380
1,576
1,670
2,386
2,094
1,667
1,964

1/26/84
2/23/84
3/22/84
4/19/84
5/17/84
6/14/84
7/12/84
8/09/84
9/06/84
10/04/84
11/01/84
11/29/84
12/27/84

8.007
8.308
8.427
8.275
8.05
8.80
9.36
9.77
9.64
9.13
9.03

7,527
7,768
7,774
7,764
7,795
7,776
7,846
7,777
7,773
7,767
7,774
8,006
8,272

900
1,200
1,500
1,100

175
1,500
1,600
1,485
1,700
1,500

1,565
1,749
1,632
2,002
2,167
1,417
1.678
2.129
2,102
1.803
2,164
1,203
1,359

8,481
8,529
8,252
8,282
8,111
8,354

1,000
1,600
2,100
1,200
1,800
2,000

2,425
rl,B07
rl,595
1,865
2,822
2,295

1/24/85
2/21/85
3/21/85
4/18/85
5/16/85
6/13/85

9.86
10.64
10.92

$2,738

U.S.

SAVINGS

BONDS AND

U.S. savings notes were on sale May 1, 1967, through June 30,
1970.
The notes were eligible for purchase by individuals with the
The principal terms
simultaneous purchase of series E savings bonds.
conditions for purchase and redetiption and information on investment
and
Ids of savings notes appear in the Treasury Bulletins of March 1967
1968;
the Annual Report of the Secretary of the Treasury
1974.
for fiscal yea

Scries E£ bonds, on sale since Jan. 1, 1980, are the only savings
Series HH bonds are issued in exchange for series
bonds currently sold.
Series A-D were sold from
E
and EE savings bonds and savings notes.
Series E -as on sale from May 1,
Har. 1, 1935, through Apr. 30, 1941.
1979 (through June 1980 to payroll savers
1941, through Dec.
31.
only).
Series F and G were sold from May 1, 1941, through Apr. 30,
1952.
Series H was sold from June 1. 1952, through Dec. 31, 1979.
bond
Series HH bonds were sold for cash from Jan. 1, 1980, through Oct. 31,
1982. Series J and K
d from May 1, 1952,' through Apr. 30, 1957.

Table

SBN-1.

-

Sales

and

Redemptions

NOTES

by

Series,

Cumulative

through

June

30,

1984

Source: Monthly Statement of the Public Debt of the
United States^ Market Analysis Section. United States Savings Bonds Division]

[In millions of dollars.

Amount outstanding
Accrued

V

.

U.S.

Table

SBN-3. -

2^

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series

E,

EE, H, and

HH

[In millions of dollars.

Source: Monthly Statement of the Public Debt of the
United States; Market Analysis Section. United States
Bonds 01

Redemptions

Accrued
discount

Series
Fiscal years
1541-Bl...
1982
1983

Exchange of
E bonds for
H and HH bonds

Sales plus
accrued
discount

E

Amount outstanding
Interestbearing debt

and EE

:

207,160
3,062
3,962

Calendar years
1941-81.....
1982
1983

68,690
4,922
5,033

275,850

8.986

208,560
8,095
5,622

169,022
4,796
3,347

207,930
3,182
3,926

69,875
4,941
5,126

277,805
8,123
9,052

210,478
7,465
5,420

170,158
4,435
3,194

7,984

60,923
60,048
62,460

:

Months
r55J-Junc
July
Aug

40,320
3,030
2,226

60,105
60,392
62,882

:

344
314
323
306
306

Sept
Oct
Nov
Dec
1984-Jan

61,639
61,945
62,203
62,460
62,775
63,042
62,882
63,118
63,343
63,645
63,848
64,076
64,328

239
325
378
350

Feb
Mar
Apr

356
354
348

May

Series H and HH
Fiscal years:
1952-tl
1982
1983

Calendar years
1952-81.

7,367
7,485
7,829
:

1982
1983

Months
r95T-June
July
Aug
Sept
Oct
Nov
Dec
1984-Jan
Feb
Mar
Apr
May
June.
:

. .

Note. --Series E and EE include U.S. savings notes (Freedom Shares)
on sale from May 1, 1967, through June 1970 to E bond buyers.

7,764
7,786
7,809
7,829
7,842
7,843
7,851
7,860
7,902
7,926
7,942
7,968
7,979

Matured
non-interestbearing debt

OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1.

-

Distribution of Federal Securities by Class of investors and Type of Issues

Total
Federal

Held by U.S. Government

.

Nonmarlcetable

31

MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. -

Treasury Market Bid Yields at Constant Maturities,
l-yr

Monthly average
1983-JuIy
Aug
Sept
Oct
Nov
Dec

1984-Jan
Feb
Mar
Apr
May
June

9.44%
9.72
9.35
8.97
9.11
9.35
9.26
9.45
9.88
10.07
10.22
10.26

10.15
9.74
9.40
9.50
9.77
9.60
9.78
10.29
10.49
11.02
11.24

9.59
9.64
9.05
8.83
9.24
9.32
9.25
9.49
10.09
10.08
10.13
10.30

10.55
11.33
11.18

10.20t

End of month

19e3-July
Aug
Sept
Oct

Nov
Dec

1984-Jan
Feb
Mar
Apr
May

June

6-yr

Bills,

Notes, and Bonds*
10-yr

32
MARKET BID YIELDS ON TREASURY SECURITIES, JUNE

CO

CO

29.

1984

33
AVERAGE YIELDS OF LONG-TERM BONDS
Table AY-1.

- Average

Treasury
Period

New Aa

tv^-yi.
20-yr.
bonds \J

corpuroie
corporate
bonds 2/

Yields of Long-Term Treasury, Corporate, and Municipal

New Aa
municipal
bonds IJ

Treasury
^u-yr.
20-yr.
bonds \J

New Aa

New Aa
municipai
bonds

Treasury

New Aa

20-yr.
bonds \J

corporate
bonds Z]

Bonds

New Aa
municipal
bonds

New Aa

New Aa

20-yr.
bonds

\l

corporate
bonds _2/

municipal
bonds 3/

14.57%
14.48
13.75
13.67
13.46
14.18

16.34%
16.36
15.72
15.62
15.37
15.96

8.92
8.97
9.21
9.99
10.37
10.18

13.76
12.91
12.16
10.97
10.57
10.62

15.76
14.64
13.78
12.63

5.52
5.41
5.59
5.33
5.36
5.32

10.65
12.21
12.49
11.42
10.43
9.89

10.78
11.03
10.80
10.63
10.67
11.12

12.04
12.11
11.81
11.58
11.24
11.90

6.33
5.39
5.15
5.28
6.14
6.21

10.32
11.07
11.47
11.76
12.44
12.49

11.48
12.31
12.74
13.17
14.10
14.38

11.59
11.96
11.82
11.77
11.92
12.02

12.46
12.89
12.68
12.54
12.86
12.87

5.36
5.23
5.25
5.33
5.75
5.91

V

Treasury

5.91
5.97
5.41

corporate
bonds

12.29
12.98
12.94
13.46
13.82
13.20

14.01
14.60
14.49
15.00
15.68
14.97

10.63

5.97
5.81
5.61
6.76
5.81

13.92
14.52
16.07
15.13
13.56
13.73

15.67
16.34
16.97
16.96
15.53
15.55

11.50
12.11
12.92
12.63
11.94
12.30

V

V

MONTHLY SERIES— AVERAGES OF DAILY OR WEEKLY SERIES

1973

Jan
Feb

Mar
Apr
May
June
July
Aug
Sept
Oct

Nov
Dec

6.781
6.88
6.91
6.86
6.99
7.06

1982

7.6U

4.99S

8.0U

7.67
7.75

5.11

8.03
7.97

7.70
7.69
7.73

5.22
5.02
5.04
5.13

7.29
7.62
7.26
7.18
7.30
7.29

6.32t
6.17
6.34
5.97

7.91

7.78
7.70
7.64
7.30

8.98%
9.03
9.08
9.12
9.21
8.91

13.09%
12.51
12.17
11.36
12.14
11.70
10.56
10.16
9.75
9.99
9.84

1983

Jan
Feb
Mar

Apr
May

June

7.48
7.46
7.73
8.01
8.14
8.10

July
Aug
Sept
Oct
Nov
Dec

8.26
8.60
8.60
8.37
7.99

Jan
Feb
Mar
Apr
May
June

8.60
9.04
9.39
9.69

5.19
5.25
5.42
6.61

7.48
7.64
7.73
7.67
7.74
7.64

6.75
6.55
6.64
6.33
6.33
6.86

7.60
7.64
7.57
7.71
7.76
7.87

7.96
8.18
8.33
8.30

7.88

7.91

10.18
10.30
10.44
10.29

1981

July

Aug
Sept
Oct
Nov
Dec

7.71

7.99
8.36
8.22
8.04

8.17
8.50
8.57
8.35
8.28
8.23

8.69
8.45
8.47
8.69
8.75

9.27
8.83

8.78
9.14

is the 2^-^^ir constant maturity rate read from daily
Treasury yield curves and averaged for the month.
based on 3-week moving average of reoffering yields of new
corporate bonds rated Aa by Moody's Investors Service and having an
original maturity of at least 20 years.
Prior to June 1973, this series
reflected bonds without call protection.
From June 1973 to July 1976, the

\t Treasury series
Zl Treasury series

U

9.36
9.70
9.23
9.16
9.39
9.77

1984

11.82
12.00
12.45
12.65
13.43
13.54

13.36
13.64
14.41
14.49

9.18
9.30
r9.68
9.69
10.28
10.44

eries was adjusted to reflect 5 years call protection.
Since that time,
the s
reflects bond yields regardless of the call protection offered.
Index of new reoffering y
1
obligations rated Aa by
Moody's Investors Service
1970, the series was compiled by
Securities Industries Ass
then, the series has been
complied by Treasury.

AVERAGE YIELDS OF LONG-TERM BONDS

.

FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS

p

Section

Table

GA-ll-1.

[In thousands of dollars.

-

Direct

Source:

II.

-

and

Schedule

3

Federal Credit Programs

Guaranteed
to

tlie

Loans

Outstanding,

Direct loans or credit

Agency and progr.

Amount
outstanding
ente

Funds appropriated to the President:
International security assistance:
Defense Security Assistance Agency:
Foreign military credit sales
Military credit sales to Israel
Emergency security assistance for Israel
Guaranty reserve fund
International development assistance:
Agency for International Development:
Alliance for Progress loan fund
Development loan fund
Development loan fund liquidation account
Housing and other credit guaranty programs
Common defense, economic, and triangular trade
Loans of predecessor agencies in liquidation
Other development programs
Overseas Private Investment Corporation
Total funds appropriated to

i

205,499
210,000
409,598
469,011

lo

ident

Department of Agriculture:
Commodity Credit Corporation:
Commodi ty oans
ade entities....
Loans to foreign governments and pri
Export credit sales program
Storage facility and equipment loans
Guaranteed foreign loans
Rescheduled claims on guaranteed loans
Agricultural Marketing Service:
Milk market orders assessment fund
Rural Electrification Administration:
Rural commjnication development fund
Farmers Home Administration:
Agricultural credit insurance fund:
Farm ownership loans
Operating loans
Recreati on oans
Soil and water conservation loans to individuals....
Emergency I oans
Economic emergency loans
Indian land acquisition loans
Grazing, recreation, irrigation, and forestry loans.
Watershed inprovement and flood prevention loans....
Resources conservation development loans
Programs in liquidation
Rural development insurance fund;
Water and waste disposal loans to associations
Commjnity facilities loans to associations
Business and industrial development loans
Rural development loan fund:
Community services loans to individuals and cooperat
associations t
Rural housing insurance fund:
Rural housing loans
Rural rental and cooperative housing
Rural housing site loans
Labor housing loans
Self-help housing land development fund
Water conservation and utilization projects t
I

1

Total Department of Agriculture

Department of Commerce:
Economic Development Administration:
Loan revolving fund
Trade adjustment assistance
Drought assistance programs
National Oceanic and Atmospheric Administration
Coastal energy inpact fund
Federal ship financing fund, fishing vessels.
Fisheries loan fund

205,499
210,000
409,598
469,011

2,890,785
8,679,735
53,338
5,192
12,924
255,375
6,051,985
33,652

2,890,785
10,402,447
53,338
5,192
12,924
255,375
6,686,256
50,000

19,277,094

11,366,157
8,812,549
794,332
803.033

11,366,157
8,812,549
794.332
803,033

286,630

275,840
441
8,279
419,661
112,257
1,059
3,069
1,537
429
41

250,636
57,994
1,625

99,015
642
3,484

24.903,216

685,510
10,528
91,889
96,393
25,468
6,881

Total Department of Commerce

Department of Defense:
Defense production guarantees:
Arny
Navy
Operations and maintenance
Total Department of Defense

Department of Education:
College housing loans
Student loan insurance fund
Higher education facilities loan and insurance fund.
Loans to nonprofit schools
Loans to higher education institutions
Advances for reserve funds
Loans to students in higher education
Loans to law enforcement students
Cuban student loan program
Total Department of Education

Mar.

31,

1984

SF-2gO compiled by the Bureau of Goaernment Financial Operations]

1/ 1,411

2,999,533
2,106,521
390,037
41

2,616
102,063
4,461,474
87,284
19.235
10,168,804

5,124,081
2,106,521
804,250
41,420
25,520
102,063
6,169,720
428,250
34,000

FINANCIAL OPERATIONS OF
Table

GA-ll-1.

-

Direct

and

GOVERNMENT AGENCIES AND FUNDS

Guaranteed

Loans

Outstanding,

[In thousands of dollars]

Agency and program

Amount
outstanding

I--Wholly owned Government enterprises
U.S. dollar loans— Continued

Department of Energy
Department of Health and Human Services:
Health Resources and Services Administration:
Health professions graduate student loan insurance fund....
Health professions education fund
Nurse training fund
Medical facilities guarantee and loan fund
Health Maintenance Organization
Health teaching facilities
Hospital construction activities
Community facilities and services
Other student loan programs
Charges for subsistance, laundry, and health services
Cotmunity development loans
Total Department of Health and Human Services

Department of Housing and Urban Development:
Federal Housing Administration fund
Housing for the elderly or handicapped
Low-rent public housing program
Nonprofit sponsor assistance.'.
Corrfnunity disposal operations fund
Liqui dat i ng programs
Appalachian housing programs t
Government National Mortgage Association:
Special assistance functions
Emergency mortgage purchase assistance
Management and liquidating functions
Guarantees of mortgage-backed securities
Rehabilitation loan fund
Urban renewal programs
Total Department of Housing and Urban Development

Department of the Interior:
Bureau of Reclamation:
Irrigation distribution systems
Small reclamation projects
Drought emergency assistance
Bureau of Indian Affairs:
Revolving fund for loans
Indian loan guaranty and insurance fund
Territorial Affairs:
Guam Power Authority
Virgin Islands construction
Total Department of the Interior

Department of Labor:
Pension Benefit Guaranty Corporation
Department of State:
Emergencies in the diplomatic and consular services
Loans to the United Nations
Total Department of State

Department of Transportation:
Federal Aviation Administration:
Purchase of aircraft
Federal Highway Administration:
Right-of-way revolving fund
Highway trust fund
Maritime Administration:
Federal ship financing fund
Federal Railroad Administration:
Loans to railroads
Urban Mass Transportation Administration:
Land, facilities, and equipment acquisitions
Washington Metropolitan Area Transit Authority
construction bonds
Total Department of Transportation

Department of the Treasury:
New York City loan guarantees
Fishermen's protective fund
Other loans:
Greece
Hungary
Turkey
United Ki ngdom
Lend-lease and surplus property
Total Department of the Treasury

General Services Administration:
Liquidation of Virgin Islands Corporation
Federal buildings fund
Disposal of surplus real and related personal property
Total General Services Administration

Small Business Administration:
Business loan and investment fund:
Business loans
Economic opportunity loans
Loans for the handicapped
State and local development company loans
Loans to energy -oriented businesses
Investment company assistance program
Disaster loan fund:
Financial assistance programs
Total Small Business Administration

20.663

3,538
6,207
3,567
23,g36
5,956
45,300
1.077
541,167
669
28.784

660.200

4,254.431
4,833,671
261,695
1,947
692
431 ,504
307

2,608,307
299,946
84,459
4,753
715,023
880
13,397,615

88,334
279,799
15,986

87,222
3,357

^
474,698

1,489

2,957
12,103

15.060

144,113
148,754
76,384

290,398
1,213,736
10,512
:i

1,883.897

7

1 1

.840
152

121.861
2.006.190
1,196,933

3,336,983

279

69,163
69.442

2.414,510
221,658
94,373
269,498
28,158
331,159
5,170,061

8.519.317

3,538

Mar.

31,

1984-Con.

37

FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
Table

GA-ll-1.

-

Direct

and

Guaranteed

Loans

Outstanding,

Mar.

Agency and progr,

I--Whol1y owned Government enterprises
U.S. dollar loans—Continued

eterans Administration:
Loan guarantee revolving fund:
Loans for homes, farms, and businesses
Direct loans to homeowners
Service-disabled veterans insurance fund
Veterans reopened insurance fund
Education loans
Vocational rehabilitation revolving fund
National service life insurance fund
U.S. Government life insurance fund
Veterans special life insurance fund
Veterans insurance and indemnities

1,067,322
202 061
36]418
44*067
58|7 73

454
1,131,698
33.417
8oi868
993

1,067,322

31,

1984-Con.

DDilGdFUQflGDOlJDilD ©GilftDgGD©!

INTERNATIONAL FINANCIAL STATISTICS
The tables in this section are designed to provide data
U.S. reserve assets and liabilities and other statistics
related to the U.S. balance of payments and international
financial position.

on

Table IFS-1 shows the reserve assets of the United States,
including its gold stock, special drawing rights held in the
Special Drawing Account in the International Monetary Fund,
holdings of convertible foreign currencies, and reserve position in the International Monetary Fund.

Table IFS-2 brings together statistics or liabilities to
foreign official institutions, and selected liabilities to all
other foreigners, which are used in the U.S. balance of payments
statistics.

Tabl

41

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

-

Selected U.S. Liabilities to Foreigners

[In

mi

Official institutions

IHons

of dollars]

1/

Dthe

Total
(2)

MarketLiabili- able U.S. NonmarketTreasury able U.S.
ties
Treasury
reported bonds
bonds and
by banks and
notes
notes 2/
in U.S.
(3)

(4)

(5)

Other
readily
marketable
liabil
3/

(6)

'g"e

Nonmarket- tern
Liabili- Marketal a
able U.S. able U.S.
gion
Treasury
reported Gov't
gani
bonds and
by banks bonds
notes 6/
Total in U.S.
2/ 5/
7/
ties

Liabil

banks 4/
(7)

(8)

(9)

(10)

(11)

43
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.

- Weighted Average

of

Exchange Rate Changes

for the Dollar

[Percent change relative to exchange rates as of end-May 1970]

Trade-weighted average appreciation (*)
or depreciation (-) of the U.S. dollar

-14.6
-16.0
-10.9
-10.3
-14.6
-21.5
-18.4
15.0

1983-July.
Aug..
Sept.

Apr.
May.

1/

CAPITAL

MOVEMENTS

apnal movements between the United States ai
lected in some form since 1935.
Reports are
/e banks by banks, bank holding companies,
ing enterprises in the United States
ipal types of data by country or geographii
ire published in the Treasury Bulletin.

relating to
have been C(
Federal Resi
and dealers,
a
s

,

The reporting forms and instructions 1/ u'
tional Capital {TIC) Reporting System have "Been
meet changing conditions and to increase the
statistics.
The most recent, general revision
effective with the banking reports as of Ap
nonbanking reports as of December 31, 1978.
R(
are developed with the cooperation of other
Federal Reserve System and in consultations with
securities firms, and nonbanking enterprises.

in the Treasury Int
ised a number of timi
hed
fulness of the pub!
the report forms becami
1978, and with th
30.
ed forms and instruction
?nt
agenc s and th
of banks
repi esentative

Basic Definitions
The term "foreigner" as used in the Treasury reports c
tions and individuals domiciled outside the United State
citizens domiciled abroad, and the foreign branches, subsi
affiliates
abroad
of
banks
and
business
concei
U.S.
governments, central
banks,
and other official
institL
countries, wherever located; and international and regioi
wherever located.
The term "foreigner" also includes per
States to the extent that they are known by reporting i
acting
behalf of fo
rs.

all institucluding U.S.
s, and other

the United

general
dat
reported opposite the fo
ountry or geograph
dred
which the foreigner is domiciled, a; shown on the records o
domici led, as
reporting institutions.
For
ber of reasons, the geographical breakdowi
the reported data may not
11
cases reflect the ultimate ownership o'
the assets.
Reporting insti
o beyond th.
dresses show
,

ical

of

m

45
CAPITAL MOVEMENTS
Section

I.

-

Liabilities to

Table

Foreigners Reported by Banks

CM-l-1. -

In

the United States

Total Liabilities by Type of Holder

[In millions

o(

dollars]

Foreign count

liabilities
all foreigners
reported by IBF's 4/
Total

Official

institutions

1/

Banks and other foreigners

Payable
Total

End of

calendar year

ties

in

Total

dollars

cies2/

(1)

(2)

(3)

1980
1981
1982
1983

209,045
247,412
311.900
374,870

r

1983-June
July
Aug.
Sept.
Oct.
Nov.
Dec.

r
r

r
r

r
r
r

1984-Jan.

r

Feb.

r

Mar
Apr
Hay p
June p

Payable

foreign
curren-

liabili-

or month

Payable

86.624
79.126
71.647
79,844

86.624
79.126
71,647
79,844

328,370
333,164
340.815
345.165
344.437
358.136
374,670
364.269
374.212
363.342
365.974
399.609
406,193

72,445
74.914
73.476
72.349
73.675
75.374
79.844
78,095
79.253
77,053
77.005
74,160
77.343

Payable
in

Total

dollars

(5)

(6)

(4)

foreign
currenciesj^/
(7)

Payable

Payable

Payable
in

foreign
curren-

Total

dollars

cies_3./

(8)

(9)

(10)

Payable
in

foreign
curren-

dollars

cies_3./

(11)

72,445
74.914
73.476
72.349
73.675
75.374
79.844
78.095
79.253
77,053
77.005
74.160
77.343

120.043

for International Settlements.
he International Bank for Reconstruction and
Development and the Inter-American Development Bank.
3/ Data as of preceding quarter for non-quarter-end months.
T/ Establishment of International Banking Facilities (IBF's)

~

to

Note. --Total liabilities include liabilities previousl
fied as either "short term" or "long term" on the Treasu
The maturity distinction was discontinu
filed by banks.
new reports filed as of Apr. 30. 1976. and historical se
See introductory text to Capital Mo
Justed accordingly.

(12)

CAPITAL MOVEMENTS
Table

CM-l-2. -

Total Liabilities by Type, Payable

Part A

-

Foreign Countries
s]

in

Dollars

1

.

•

CAPITAL
Table

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Oeninark

Finland
France
German Democratic Rcpubl
Germany
Greece
Hungary
Italy
Netherlanils
Norway

7,317

Poland
Portugal
Spa in.. !!!.. .".".!....'.;.'.

Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Other Europe
Total

Europe

anada
atin America and Caribbea

•rgentina
Bahamas
Bermuda
Brazi

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

China:
Mainland
Taiwan
«on9 Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia
Total

2./-

Asia

frica:
Egypt
Ghana

Morocco
South Africa
Zaire
Oil-exporting countries 2/..
Other Africa
Total Africa
ther countries:

Australia
All other
Total

other

Total

foreign

coi
(

nternational and
International.
European regioni
Latin American
i

African regiona
Middle Eastern
Total internat
and regional.

Grand total

i

CM-l-3. -

MOVEMENTS

Total Liabilities by Country

CAPITAL
Table

CM-l-4. -

MOVEMENTS

Total Liabilities by Type and Country, as of June 30,

1984, Preliminary

[Position in nilHons of ilollars]

Liabilities payable In dollars

liabilities

Total

ign official
'

Payable

in

dollars

I

foreign
cfes

rg
5,599
62
44
Denmark
302
Finland
1.242
France
11.789
German Democratic Republic
143
Germany
3,855
Greece
598
Hungary
158
Italy
8.392

iated foreign bank

Payable

in

Total

5.129

470

own
Other
Shortterm U.S. liabil- foreign
offices
ities
Time ^/ Treasury

Deposits

i

Demand

1/

3.834

1.295

6.990

4.678

Cze<

121
2

Netl

Poland...
Portugal.
Romania.
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

1.766
1,482
35.483
317

70,918
51

555

6.170

1,757

140

1

195

2,327

1.333

1.622

2,669

Demand

term U.:
Time ^/ Treasur;
obliga-

49
CAPITAL
Section

II.

MOVEMENTS

- Claims on Foreigners Reported
Table CM-ll-1.

-

by

Banks

in

the United States

Total Claims by Type

[Position at end of period in millions of dollars]

Sept.

Total

claims

other foreigners

Claims of banks' domestic
customers
Deposits
Negotiable and readily

387.587

404.398

423.388

419.752

423.284

432,522

430,567

380,731

396.015

414.627

411,190

414,569

424,232

421,214

251.589
31.260

343,351
42.824

355.705
45,422

376,360
47,716

375,486
50,449

378,472
54,463

389,329
57,500

385.029
57,731

42,753
71.165
126,899
59.710

44,223
77,153
127,293
61,614

50,059
72,762
144,868
60,955

48,240
73,239
141,271
62,287

48,950
73,758
139,157
62,144

47,005
76,338
144,964
63,522

45,364
74,132
146,467
61,335

37,380

40,310
2,491

38,267
2,126

35,704
2,631

36,097
2.654

34,903
2,969

36,185
3,660

Payable
rs.

Claims reported by IBf'tU.
Payable in dollars
Payable in foreign currenc

shment of Internal
December 1981.

.

.

63,
62,
1,

nces.

ng

Sept.r

35,968
1,378

°^^^''

Own foreign offices

maturity of more
On foreign publi

r

23,381
51.322
96,653
48.972

'^P°5i'5

of 1 year or less:
oreign public borrower
II other unaffiliated
signers

June

287,557

Banks' own claims on foreigners...
Foreign public borrowers
Unaffiliated foreign banks:

ity

Mar.r

293,508

Payable in dollars

All

Dec.

1.015

CAPITAL
Table CM-ll-2.

-

MOVEMENTS
Total Claims by Country

osition at end of period in millions of dollar

Europe:

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary
5,601
1.058
419

Italy

Netherlands
Poland
Portugal

Spain..!!!!!;!!!;;!;!;;;;;!;
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Other Europe
Total

Europe

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

7

Netherlands Antilles.!;.!!!!
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

Asia:
China:

Mainland
Taiwan
"on9 Koig
India
Indonesia
Israel
Japan
Korea
Lebanon

Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries 1/..
Other Asia
T.
.

Total

.

Asia

Africa:
Egypt
Ghana

Morocco
South Africa
Zaire
Oil-exporting countries 21..
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

CAPITAL
Table CM-ll-3.

-

Total Claims on Foreigners by

MOVEMENTS

Type and Country Reported by Banks

ing bants

Total
banks'
own

Bulga

Italy.

Saitzerlan
Turkey....
United Kin
U.S.S.R...
Yugoslavia
Other Euro
Total Eur
Cana

120.447

foreign publ
borrowers and
unaffiliated
i

in

the United States, as of Mar. 31, 1984

52
CAPITAL
Section

III.

- Supplementary

MOVEMENTS

and Claims Data Reported by Banks
Table CM-lll-1. - Dollar Claims on Nonbank Foreigners
Liabilities

in

the United States

[Position at end of per iod In millions of dollars]
Dollar claims of U.S. offices

dollar
claims on nonbank foreigners
Total

End of calendar
year or month

(1)

U.S. -based
banks
(2)

U.S. agencies
and branches of

foreign banks
(3)

U

Dollar claims of
U.S. -based banks'
major foreign
branches

V

(4)

1980
1981
1982
1983r

136,912
165,730
186,923
199,885

28,751
43,656
64,543
76,086

28,653
36.645
42.493
44,936

79,508
85,429
79,887
78,863

1983-Hay r
June r
July r

169,335
191,637
194,386
196,193
195.763
196.432
198,273
199,885
196,775
197,357
195,578
197.240
195.193

66,596
69,430
69,846
71,012
71,503
71.584
73,739
76,086
74,013
73,841
73,796
75,571
75,119

42,701
43.306
43,708
43.533
45.105
44.973
45.224
44,936
44.779
45,297
45,271
44.599
44.228

80,038
78,901
80,831
80,648
79,155
79,875
79,310
78,863
77,983
78,219
76,511
77,070
75,846

Aug.

r

Sept

r

Oct.
Nov
Dec.

r

19e4-Jan.

r

Feb.
Mar.
Apr.
May

r

1/

r
r

r
p
p

Beginning December 1981. includes International Banking Facilities (IBF'sl
established by f orei gn -ba sed banks.

;

CAPITAL MOVEMENTS
Section

IV.

-

Liabilities to,

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table CM-IV-1. - Total Liabilities and Claims by Type
[Position at end of period in miinons of dollars]

1980

Type of liability or claim

Total

liabilities

Payable in dol lars
Trade payables
Advance receipts and other
Payable in foreign currencies.
Financial
Commercial:
Trade payables
Advance receipts and other
Total claims

Payable in dollars
Financial;
Deposits
Other
Commercial;
Trade receivables
Advance payments and other
Payable in foreign currencies.
Financial
Deposi ts
Other
Commerc a
Trade receivables
Advance payments and other
;

i

1

25,689
8,528

1981

1982r

in

the United States

CAPITAL
Table

Europe:

Belgiurn-Luxembourg,

BulgarU
Czechoslovakia
Oermark
Finland
France
German Democratic
Germany
Greece
Hungary

Ri

Italy

Ketherlanas
Norway
Poland
Portugal
Spain.

.!.".'.;.!;.'.'.'.'

Sweden
Switzerland
Turkey

465
7
'.'.'.'.'.

U

.

S

.

S

.

R

'"goslavia
Other Europe
Total

Europe

Canada
Latin America and Car
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

Netherlands Antille
Panama

Trinidadarid'Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin Americ.
and Caribbean

China:

Mainland
Hong Kong
India
Indonesia
Israel
Japan

Malaysia!;;!;.'!;;.'.'

Philippines;;;;;;;;
Singapore
Syria
Thailand

Oil-e«porting count
Other Asia
Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting count
Other Africa
Total Africa
Other countries:

Australia
All other
Total other countr
Total

foreign coun

International and regional:
International
European regional..
Asian regional
;;;
African regional
Middle Eastern regional...
Total international
and regional

Grand total

CM-IV-2. -

MOVEMENTS
Total Liabilities by Country

CAPITAL
Table

CM-IV-3. -

Total

Liabilities

MOVEMENTS

by Type and Country, as of Mar. 31, 1984, Preliminary

Financial

.1gium-Lux
Dennarlc.

Finland.
1.415

liabili

1*1

Poland

Pctugal
ISomania

246

32
532

24

7

491
38

41

38
•

•

-

2

91

Spain
S«eden
Switzerland
Turkey
United Kingdom
U.S.S.R

3ta1

110

278

2
6

"""""ay

824

524

505
792
101

tsly
Netherlands

i

933

940

Republ

127
68

1,054

-

474
259
62
2

2
.

2
.

-

29

12

17

2

2

-

9I
98
66

154

487

413

641

5

9

•

«

-

9

4,507

3,836

3,438

398

734

6

•

•

-

6

111
35
155
176

1.291
238

Eu

ana Ca

1,393
41
37

2,534
Chile
Colon
Cuba.

Trinidad and Tobago
Uruguay
Other Latin
Total

Lati

Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore

8

8

-

2,303

1,013

468

544

276

37

37

-

5

*

88

2
•
6

•
2
*
6

126

126

35

11

42
334

3,464

uth Afr

Total Afric
her countrie

Total

fo

Middle Ea
Total

in

Grand to

11

157
184

144

34

34

-

5

-

86

-

11
36

208

CAPITAL
Table

CM-IV-4. -

MOVEMENTS
Total Claims by Country

of period

Calend

elgiuB-Lux

Portugal.

U.S.S.R.

11.101

Urugua

hilippf
(ngapor

a1

Afr

eglonai!'.'.'.'.'.'.'.'.'.

11.613

in

mi

1

lions of dollars]

CAPITAL
Table

CM-IV-5. -

MOVEMENTS

Total Claims by Type and Country, as of Mar. 31,

[Position at end of period

Austria
Belgium

Republi

Italy

rland...

Kingdom
U.S.S.

al

Europe

Cuba

therlands Anti lies
ini'dad and Tobago
"9uay
nezuela
her Latin America and Ca

Japan.

hilippine
ingapore.
yr

i

a

nai land.

.

Egypt
Ghana
Liberia
Morocco
South Afric
Zaire
Other Afric

il

for

African regional
Middle Eastern regional.
Total

international anc

than

5500,000.

10,069

in

millions of dollars]

1984

CAPITAL
Section
[I n

V.

MOVEMENTS

-

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

millio ns of dollars; negative figu res indicate net sales by foreigners or

a

net outflow of capital

fr om the

United ^tilej^]

CAPITAL
Table
of

CM-V-3. -

Net Foreign Transactions

in

59

MOVEMENTS
Long-Term Domestic Securities by Type and Country

dollars; neqatiyg figures indicate net sales ty foreigners or

a

net outflo» of capital

bonds

1983r

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Oenmark
Finland
France
German Democratic Republ
Germany
Greece
Hungary

June

-431

Italy

Netherlands
Poland. ...!!!!!'.!!!!'.'.'.'.
Portugal
Romania
Spain
Sweden

Switzerland
Turkey
United Kingdom
U.S.S.R
Other Europe
Total Europe

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British Kest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
1

Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

1

162
193
2

-294
19

-26
*

S3

-149
1

-1
-51
2

-124
'_

-212

China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines

1

663
98
I

85

2.333
-29
-2
-6

-96
-1,181

Singapore
Syria

Thailand
Oil-exporting countries
Other Asia

U

Total Asia

Africa:
Egypt
Ghana

22

-5,419
1J_

-3.517

1

South Africa!.'..'.
Zaire
Oil-exporting countries 2/
Other Africa

-1

Total Africa

Other countries:

Australia
All other
Total other countr
Total

foreign cour

International and res
International
European regional
Latin American regional...
Asian regional
Middle Eastern regional...
Total international
and regional

Grand total

218

313

^
531

5,445

p

June

p

1983r

June

p

June

p

19e3r

from the Unil

':°'-p°

Apr.
Calendar Jan.
ugh through year
thro
June p
19e3r
June
p

60
CAPITAL MOVEMENTS
Table

CM-V—

4.

-

Foreign

Purchases

and

Sales

of

Long-Term

Securites,

by

Type

and

Country,

During

Second

Financ- and fe
Ing
erally
Bank
spon-

Quarter

1984,

Preliminary

61
CAPITAL
Table

CM-V-5. -

MOVEMENTS

Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1983
[In millions

of

dollars]

Treas-

of U.S.

ury i

Gov't
Corp.

Federal

(11

(2)

13)

(4)

(5)

(61

(71

265

3

8

1.525

1,790

62
FOREIGN CURRENCY POSITIONS

Data have been collected since 1974 on the fo
banks and nonbanking firms in the United States,
branches, majority-owned foreign partnerships, c
subsidiaries of U.S. banks and nonbanking firms.
foreign exchange market currencies and U.S. dolla
has been required pursuant to title II of Public
the Par Value Modification Act of September 2
Treasury regulations.
Statistics on the positions
March 1977 beginning with data for December 1975.
I

gn currency positions of
on those of foreign
majority-owned foreign

ind

Reports cover five major
Reporting
held abroad.
93-110, an amendment to
1973.
and implementing
ave been published since

The report forms and instructions used in the collection of bank data
were revised effective with reports as of March 16. 1983, for the weekly
The most recent revision of the nonbank foreign currency forms (see
reports.
below) became effective as of the last business day of March 1983.

Common Defin

nd Concepts

The term "United States" means the States of the United States, the
District of Columbia, the Commonwealth of Puerto Rico. American Samoa, Midway
The term "foreign" means
Island,
the Virgin Islands, and Wake Island.
The term "worldwide" is used to
locations other than the "United States."
describe the sum of "United States" and "foreign" data.
Data for the United States include amounts reported by sole proprietorships, partnerships, and corporations in the United States including the
U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of
"nonbanking firms' positions," and the agencies, branches, and subsidiaries
institutions, in
located in the United States of foreign banks and banking
the case of the weekly "bank positions."

Data for "foreign branches" and "abroad" include amounts reported by the
branches, majority-owned partnerships, and majority-owned subsidiaries of U.S.
banking and nonbanking concerns.
In general, these data do not reflect the
positions of foreign parents or foreign parents' subsidiaries located abroad
foreign
incl ude
the
except
through
intercon^jany
accounts.
The
data
subsidiaries of a few foreign-owned U.S. -based corporations.

the

and foreign exchange contract data are reported on
to maturity as of the date of the report,
"Spot" means
maturity of the instrument involved.
ery within 2 business days from the date of the
IS maturing in 1 year or less from the date of the
ling

63
FOREIGN CURRENCY POSITIONS
Section

I,

Table FCP-l-1.

- Summary Positions
- Nonbanking Firms' Positions

i'

tin millions of foreign currency units,
except yen, which is in billions^

Japanese
yen

Swiss
francs

Britis
pounds

(3)

(1)

(6)

Table FCP-l-2.

- Weekly Bank

Positions II

[In millions

except

Report
date

Canadian
dollars

German
marks

of foreign currency units,
yen, which is in billions]

Japanese
yen

(1)

(2)

115

2,437
2,278
1,995
1,807

107
41
15

778
331

-18
-49

57

15

177

4

10/05/83
10/12/83
10/19/33
10/26/83

-45

11/02/83
11/09/83
11/16/83
11/23/83
11/30/83

-3D
-37
-69
-140
-117

12/07/83
12/14/83
12/21/83
12/28/83

-124
-202

77
37

51

50

(3)

Swiss
francs

British
pounds

U.S.

dollars
(6)

(4)

14

226

35

349
1,191
977
1,399

-23
1

-29
-16

(5)

-471
-74
-310
-543

-260
-15
-179
-203

4,528
4.795
4,718

-757
-849
-598
-1,095
-902

-362
-388
-274
155
-244

5,431
5,238
2,714
4.950
4.890

-977
-1,103
-1,057
-934

-503
-424
-188
-373

5,519
5,065
5,022
4,623

5.027

1/04/84
1/11/84
1/18/84
1/25/84

-72
-40
-87

1.794
427
758
1,246

-44
-10
-19
15

-1.327
-988
-1,280
-866

-435
-445
-152
-337

4,808
5,093
5,238
4,925

2/01/84
2/08/84
2/15/84
2/22/84
2/29/84

-26
117
82
-37
-138

2,292
2,800
3,041
2,796
2,405

-64
-46
-48
-49
-17

-836
-345
-405
-360
-521

-193
-282
-61
-138
120

4,958
4,578
4,012
4,206
4,686

3/07/84
3/14/84
3/21/84
3/28/84

-290
-341
-171
-216

2,515
2,198
2,179
3,236

48

-42

340
-595
-495
-811

-211
-78
-214
-174

4,281
4,594
4,919
4,166

See footnotes

93

following table FCP-VIl-2.

50
15

64

FOREIGN CURRENCY POSITIONS
Section

II.

- Canadian Dollar Positions
- Nonbanking Firms' Positions

1/

Table FCP-ll-1.
[In

Assets

mi

1

lions of dol lars]
Net

U

Liabilities }J

Exchange bought

_4_/

Exchange sold

_4/

posiExchange Position
tlon 5/ rate 6/

(2)

(1)

r40.020

n.a.
n.a.

946

n.a.
n.a.

U.8036
0.8036

Abroad
United State

0.8036

Uorldwide

11,384

1/31/84
2/29/84

r49,197
3,242

r8,761
1,344

rlO.lCS

12/30/83

0.7816

Worldwide

3,260
3,335

-

Table FCP-ll-2.
[In

Assets 8/
Liabilities 9/
Report
date
United Foreign World- United Foreign
WorldStates branch
wide
States branch
wide
(1)

(2)

(3)

(4)

10/05/83..
10/12/83..
10/19/83..
10/26/83..

791

754
716
758

7,436
7,661
7,400
7,664

8,226
8,415
8,116
8,422

485
450
461
483

4,242
4,493
4,088
4,273

11/02/83..
11/09/83..
11/16/83..
11/23/83..
11/30/83..

935
822
755
722
926

7,423
7,460
7.184
7,463
7,239

8,358
8,282
7,939
8,185
8,164

634
555
448
434
635

12/07/83..
12/14/83..
12/21/83..
12/28/83..

649
861
772
664

7,443
7,677
8,253
7,606

8,092
8,538
9,025
8,270

1/04/84..
660
848
1/11/84..
908
1/18/84..
1/25/84. .1.168

7,645
7,661
7.731
7.496

2/01/84..
948
2/08/84. .1,004
2/15/84. .1,002
2/22/84. .1.035
2/29/84..
894
3/07/84..
3/14/84..
3/21/84..
3/28/84..

859
826
905
837

(6)

(6)

mi

1

Weekly Bank Positions-'

lions of dol lars]

Exchange bought 10/
United Foreign
States branch
(7)

(8)

Worldwide
(9)

Exchange sold 10/
United Foreign
States branch
(10)

(11)

wide

Worldwide
(12)

4,727
4,943
4,549
4,766

83,093
15,328
82,894
82,135

10,996
10,899
11,419
11,775

94,089
26,227
94,313
93,910

83,742
16,903
83,517
82,764

13,731
13,719
14,408
14,775

97,473
29,622
97,925
97,539

4,231
4,217
4,042
4,122
3,990

4,865
4,772
4,490
4,556
4,625

14,943
15,830
15,928
16,618
16,962

12,148
12,148
12,581
12,248
12,711

27,091
27,978
28,509
28,866
29,673

15,682
16,433
16,628
17,269
17,713

15,032
15,092
15,399
15,366
15,616

30,614
31,525
32,027
32,635
33,329

377
532
459
411

4,361
4,399
4,683
4,572

4,738
4,931
5,142
4.983

16,631
17,358
15,415
14,931

13,058
13,346
12,839
12,432

29,689
30,704
28,254
27,363

17.390
18,150
16,142
15,562

15,777
16,363
15,944
15,038

33.167
34,513
32,086
30,600

8,305
8.499
8.639
8.664

402
585
615
951

4,520
4.590
4,478
4,292

4,922
6.175
5.093
5.243

15,351
15.881
16.067
15.222

12,031
12.510
12.741
12.415

27,382
28.391
28.808
27,637

16,027
16.572
16.749
15,863

14,645
15.215
15.645
15,282

30.672
31.787
32.394
31.145

7.721
7.773
7,617
7.670
7,315

8.669
8,777
8,619
8.705
8,209

702
764
722
826
634

4.635
4.561
4,303
4.582
4,539

5.337
5.325
5,025
5.408
5.173

15.422
15.821
15,697
15.804
15,339

12.896
13.425
13.580
12.782
13.034

28.318
29.246
29.277
28.586
28.373

16.019
16.345
16.246
16.241
15.981

15.657
16.236
16.543
15.679
15.566

31,676
32.581
32.789
31.920
31,547

7,248
7,409
7,708
7,685

8,107
8,235
8.613
8,522

581

4,420
4,519
4,601
4.685

5,001
5,091
5,164
5,191

16,230
16.729
16,998
16,447

12,831
12.803
12,461
12,920

29,061
29.532
29,459
29,367

16,847
17.438
17,767
17,211

15,610
15.579
15,312
15,703

32,457
33.017
33,079
32,914

572
563
506

net
Exchange
posirate 12/
tion _1_1_/
(13)

115

(14)

65

FOREIGN CURRENCY POSITIONS
Section III. — German Mark
Table FCP-lll-1. - Nonbanking
[In

Assets II

3/

mi

Positions

Firms' Positions 1/

llions of marks]

Exchange bought

V

Exchange sold

V

posiExchange Position
tion 5/ rate 6/
held in:

(1)

9,920

2.7238

Worldwide

7,828

2.5843

Worldwide

7,408
10,1S5

- Weekly Bank

Table FCP-lll-2.
[In

roi

Positions

-

llions of marks]

Exchange bought 10/

change sold 10/
irldide

(12)

0/05/83

Exchange
net
posirate 12/
tion 11/

FOREIGN CURRENCY POSITIONS
Section

IV.

Table FCP-IV-1.

- Japanese Yen Positions
- Nonbanking Firms' Positions

[In

Assets

(1)

10/31/83.
11/30/83.

U

L1abi

bi

i'

llions of yen]

1

(2)

131
.

196

r27

[In

-

Weekly Bank Positions

bill ions

of

yen]

Worldwide

-28

Table FCP-IV-2.

231.6300

224.3300

Worldwide

67

FOREIGN CURRENCY POSITIONS

— Swiss Franc Positions
FCP-V-1. - Nonbanking Firms' Positions!/

Section

Table

V.

[In millions of

Assets ]J

Liabilt

Exchange bought

(2)

(3)

francs]

j_/

Exchange sold

_4_/

tlon
(1)

•

n:::

(4)

(5)

W

68

FOREIGN CURRENCY POSITIONS
Section

Table

[In

Llab1

(2)

2/30/83.

Hties

V

VI.

-

Sterling Positions

FCP-Vl-1. - Nonbanking Firms'
mil lions

of pounds]

Positions i/

69

FOREIGN CURRENCY POSITIONS

Table

Section VII. - U.S. Dollar Positions Abroad
FCP— VII-1. - Nonbanking Firms' Foreign Subsidiaries'
[In

es

3/

millions of dollarsl

Exchange bought

(3)

12/30/83.

..

_£/

Positions!/

70
FOREIGN CURRENCY POSITIONS
Footnotes to Tables FCP-I through FCP-VII
SECTION

y

I

Worldwide net positions on the last business day of the calendar quarter
of nonbanking business concerns in the United States and their foreign
Excludes
branches and majority-owned partnerships and subsidiaries.
receivables and installment paper which have been sold or discounted
before maturity, U.S. parent companies' investment in their majorityowned foreign subsidiaries, fixed assets {plant and equipment), and
capitalized leases for plant and equipment.

partnerships and subsidiaries only.
2J Foreign branches and majority-owned

y

Weekly worldwide net positions of banks and banking institutions in the
United States, and their foreign branches and majority-owned foreign
subsidiaries. Excludes capital assets and liabilities.

y

majority-owned foreign subsidiaries.

y
y
y
6^/

Foreign branches and majority-owned subsidiaries only.

SECTIONS

II

THROUGH VII

1/
~

Positions of nonbanking business concerns in the United States and their
In
foreign branches and majority-owned partnerships and subsidiaries.
section VII positions of foreign branches and majority-owned partnerships
and subsidiaries only.

y

Excludes receivables and installment paper sold or discounted before
maturity, fixed assets (plant and equipment), and parents' investment in

y

Capitalized plant and equipment leases are excluded.
Includes both spot and forward exchange rates.

Columns

I

and 3 less columns 2 and 4.

Canadian dollar and United
Representative rates on the report date.
Kingdom pound rates ^re expressed in U.S. dollars per unit of foreign
currency, all others in foreign units per U.S. dollar.
Banks and banking institutions in the United States and
section
In
and
majority-owned subsidiaries.
branches
branches and majority-owned subsidiaries only.

y

Excludes capital assets,

y

Excludes capital liabilities.

10 / Includes both spot and forward exchange contracts.

m

Columns

3 and

9

12/ See footnote 6.

less columns 6 and 12.

their
VII.

foreign
foreign

:

71
EXCHANGE STABILIZATION FUND
Table ESF-1,

- Balances

as of Dec. 31,

1983, and Mar. 31, 1984

[In thousands of dollars]
^

Dec.

Assets, liabilities, and capital

Dec.

31,

1983

31, 1983, through
Mar. 31, 1984

Mar.

31,

1984

Assets
U.S. dollars:
Held at Federal Reserve Bank of New York
Held with Treasury:
U.S. Government securities

Other
Special drawing rights
Foreign exchange and securities:
German marks
Japanese yen
Pounds sterling
Swiss francs
Jamaica dollars
Accounts receivable

26,802
3,784,557
1,067,000
5,025,402

(209,987)

1,044,370
1,496,432

U

148,051
71,090

315,308

3,574,570
1,067,000
5,340.710

2J

2

14,084
10,000
232,784

Total assets

288
(10,000)
5,677

12,701,433

320,427

184,535

2,627

Liabilities and capital
Current liabilities:
Accounts payable
Advance from U.S. Treasury (U.S. drawing
on IMF) 2/

1,067,000

Total current liabilities

1,251,535

Total

233,285

12,701,433

liabilities and capital

233,285

1,702,322

Total capital

84,515

200,000
1,502,322

(see table ESF-2)

84,515

9,747,676

Total other liabilities

Capital
Capital account
Net income (loss)

2.627

4,618,000
5,129,576

Other liabilities:
Special drawing right certificates
Special drawing rights allocations

187,162
1,067,000

320,427

See footnotes at end of table ESF-2.

Table

ESP— 2. — Income and Expense
[In thousands of dollars]

Current quarter
Jan. 1, 1984,
through
Mar. 31, 1984

Income and expense
Profit

Year to date
Oct. 1, 1983,

through
Mar. 31, 1984

:

(loss) on:

Foreign exchange
Adjustment for change in valuation of SOR
holdings and al locations _1_/
Interest (net charges) on;
Special drawing rights
U.S. Government securities
Forei gn exchange

1,482
78,477
40,979

12.622
131,677
91,185
311,633

Income from operations
ESF prior year administrative expenses.

(14)

Net income

1974, the International Monetary Fund (IMF) adopted
technique for valuing the special drawing rights (SDR's) based on
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.
A non-interest-bearing liability to the U.S. Treasury resulting from
J/
the transfer to the Exchange Stabilization Fund of foreign currencies
drawn from the IMF by the United States.
\l Beginning July
a
a

Note.—Annual balance sheets for fiscal years 1934 through 1940 appear
in the 1940 Annual Report of the Secretary of the Treasury and those for
succeeding years appear in subsequent reports through 1980. Quarterly
balance sheets beginning with Dec. 31, 1938, have been published in the
Data from inception to Sept. 30, 1978, may be found
Treasury Bulletin.
Ished in the January 1979 Treasury Bulletin.
on the statements
.

-

^

D)(§fol

CASH MANAGEMENT INITIATIVES

Milestones

in

Federal Cash

Management

While the Department of the Treasury has been in the business of managing the Government's money for approximately
200 years, only recently has it become obvious that cash management is a critical element in department and agency
rates meant that the opportunity cost became
In the 1970's and 198U's to date, sustained high-interest
activities.
Also, the birth and rapid growth of the coupling of highsufficiently high to justify the expense of managing cash.
speed data processing capabilities with telecommunications has given cash managers more opportunities to monitor and
control funds flow.
Cash management studies, legislation, new
The history of Federal cash management is charted on the following page.
procedures, and additional Treasury personnel resources are all contributing to the evolution of cash management in the
Federal Government.
Below are short explanations of the items chronologically arranged on the chart.

Treasury General Accounts (TGA).

— "Flow-through"
institutions.

accounts for Government collections and payments at 700 financial
Funds are transferred every day to respective Federal Reserve banks.

Treasury Tax and Loan System (TTAL). --Treasury collects Government receipts through
institutions located throughout the country.

Letter of Credit (LOC).

14,000 depositary

— Method

of disbursing funds
on a drawdown basis
over a period of time.
Treasury to retain interest-bearing funds until needed by the recipient.

Banking and Cash Management (BCM).

Division
ations.

was established within

Joint Financial Management Improvement Program (JFMIP).

Treasury Financial Manual

(TFM CH8000).

— Incorporated

President's Reorganization Project (PRP).

Financial Management Integrity Act.

Reform '88.

over

—A

a

Treasury's

Bureau of

This

Government

method

permits

Financial

Oper-

— Conducted

study which looked at cash management problems and
a
identified possible solutions.

new section dealing with cash management.

Assisted in internal reviews of cash management practices
eral agencies.

conducted by

Fed-

— Places

the implementation and maintenance responsibilities of adequate internal
control systems with agency heads and requires them to evaluate and report to the
President and Congress on the adequacy of the systems of internal accounting and
administrative control.

500" company.
6-year effort to make the Government
run as efficiently as
a "Fortune
save as much as $4.7 billion by fiscal 1985 by improving cash management at 20 agencies.

It

is

expected

to

— Requires

allows claims for
Federal agencies to pay bills on
time, neither
early nor
late, and
Interest to be filed against the Federal Government due to late payments to vendors, contractors,
and others.

Prompt Payment Act.

Debt Collection Act.

Grace Commission.

financial

— Law

— An

which enables the Government to use many of the tools and techniques employed by the private
sector to aid in the collection of delinquent debts and eliminates the disincentives that exist
in the Government's debt collection process.

18-month, $75 million study of Government overspending containing nearly 2,500 recommendations to
Numerous proposals from the study pertained to better cash management
reduce Federal spending.
practices.

77

^

o

c

E
0)

0)

o
c
o

78
Reform '88 Cash Management

Treasury's Bureau of Government Financial Operations/Federal Finance has
lead agency responsibility for monitoring and reporting progress on Reform '88
20
and
undertaken
Federal
departments
management
initiatives
by
cash
The overall goal of the project is to improve Government's payments
agencies.
systen
attention bei 19 di
cted toward
olle
and
appli
state-of-thetechnology
iden
addi tional
as lockboxes.

Fiscal

approximately 340

iding monthly reports to Treasui
itiatives. For fiscal 1983, interest
eration/defe
amounts totaled 1879

Projected and actual figure
ing agencies are shown below.

1984 Interest Savings and Accele

for

fiscal

1984

for

ings totaled $176

each of the parti

n/Deferral Figur

[In thousands of dollars]

Acceleration/defe
Original

Revised

goal
(full year)

Department/agency

goal
interes
(full year) (1st an

Actual

quarter

Agency for International Development
Agriculture
Coninerce

Defense
Education
Energy
Environmental Protection Agency
General Services Administration
Health and Human Services
Housing and Urban Development
Interior
Justice
Labor
National Aeronautics and Space Administration
Railroad Retirement Board
Small Business Administration
State
Transportation
Treasury
Veterans Administration
Total

6^6
8,844
685
1.660
13,074
7,044
1,373
881

15,067
7,877
4,600
1,990
10,925
4,000
14,151
1,639
664
4,044
85,000
3,196

187,360

656
11,066
1,194
42,901
12,395
5,284
1,970
259

1,068

21,226
6,246
1,264

8,646
5,861
1,961

10,928
5,670
14,151
994
596

2,042
82,188
3,680

1,877
2,887
13,462

.

CashMan

Initiatives Status

"CasWan" is the abbreviated term used to describe Treasury's
cash management monitoring system which tracks agency initiatives
under Reform '88. This monitoring tool is needed to help both the
agencies and Treasury track initiatives and keep them on target.
Each month 20 agencies submit information regarding the status of
their cash management initiatives.

Number of
initiatives

79

Code Summary

The following table shows the status, as of June 30, 1984, of
the 338 agency initiatives.
"Green" represents an initiative
which is on target, "yellow" means the initiative has minor
difficulties, and "red" indicates an initiati ve which has run into
major difficulties.

Percent of total

Green

Number of new
initiatives

23.7
17.8

Yel low
Red
Terminated.
Completed.

Total...

Current Value of Funds and Renegotiation Board Rates
Treasury's current value of funds rate (CVFR) is used (1) to
assess late fees against those who have debts outstanding with the
Federal Government that have not been paid by the specified due
date and (2) to decide whether to take a purchase discount from a
The rate is based on a 12-month average of Treasury tax
vendor.
and loan investment rates and is referenced by the Debt Collection
Act of 1982.

The Renegotiation Board rate is used to calculate the
interest the Government owes for overdue payments to vendors,
The rate is based on the current private
contractors, etc.
commercial rates of interest for new loans maturing in 5 years and
Is referenced by the Prompt Payment Act of 1982.
Historical data and
rates are shown below.

Current Value of Funds Rate

Accounts Receivable

Time period
Mar. 31, 1978-June 30, 1980
July 1, 198U-Sept. 30, 1980
Oct. 1, 1980-Dec. 31, 1980

Jan.

1

current

CVFR

and

Renegotiation

Board

80

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CONSOLIDATED FINANCIAL STATEMENTS

The

"Consolidated Financial
Year

Government,

Fiscal

instead

published

interest,

be

the

in

1983,"
a

Statements

scheduled

later

of

for

edition.

"Consolidated Financial

United States

the
this

issue,

Because

Statements"

will

of

will

user

remain

a

separate publication as well as an annual feature in the Treasury
Bulletin. --Ed.

U.S.

CURRENCY AND COIN

OUTSTANDING AND

IN

CIRCULATION

84
U.S.

Currency and Coin Outstanding and

in

Circulation

AMOUNTS OUTSTANDING AND IN CIRCULATION

June 30. 19B4
Coin 2/
Total

Amounts outstanding
Less amounts held by:
The Treasury
The Federal Reserve banks..
Amounts in circulation

federal Reserve notes

U.S. note

U

Currency
longer is

$203,748,508,067 $188,213,062,169 $187,637,075,048 $322,539,016 $273,448,105

Total

$15,515,445,898

Dollars 2/

$2,024,703,898 $13,490,742,000

523,710,165
28,165,213,759

30,952,274
27,727.790,075

3,267,982
27,727,744.624

27,490,939

203,353
45,461

492,757,891
437,423.684

362,346,322
113.626,233

130,411,569
323.798,461

175.059.584,143

160.474,319.820

159,906,072.442

296,048,077

273,199,301

14,585,264,323

1,548.732.343

13.036,531.980

CURRENCY IN CIRCULATION BY DENOMINATION

June 30. 1984

JRSI
1985