Full text of Treasury Bulletin : September 1985
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LIBRARY
ROOM 5030
MAY
I
1986
TREASURY DEPARTMENT
DEPARTMENT OF THE TREASURY
FINANCIAL
MANAGEMENT SERVICE
OFFICE OF THE COMMISSIONER
WASHINGTON,
D.C.
20226
OFFICIAL BUSINESS
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DEPARTMENT OF THE TREASURY
TREAS'SSS
FIRST CLASS
Summer
Fiscal
Issue
\
TREASURY
Office of the Secretary
Department of the Treasury
Washington, D.C.
IBRARY.
I
,
:,-if
1985
ROOM 5510
Or THl
tueasury
Compiled by
Financial
Service
Management
TREASURY
Compiled by
Office of the Secretary
Department of the Treasury
Washington, D.C.
The Treasury Bulletin Is
US Government
Financial
Service
for sale
by the Superintendent of Documents,
20402
Washington,
Printing Office,
DC
Management
SUMMER ISSUE D THIRD QUARTER, FISCAL 19S5
FINANCIAL OPERATIONS
p,,,
FEDERAL FISCAL OPERATIONS
FFO'l.
Chart
3
4
Budget receipts by source
'
FFO-2.
Chart
Summary of fiscal operations
Budget and off-budget results
-
-
-
FFO-3.
5
Budget receipts by source
7
Budget outlays by agency
8
-
FEDERAL OBLieATIOKS
Government by object class
FO-1.
-
Gross obligations Incurred within and outside the Federal
FO-2.
-
Gross obligations Incurred outside the Federal Government by department or agency
10
11
ACCOUNT OF THE U.S. TREASURT
UST-1.
Elements of changes In Federal Reserve and tax and loan note account balances
-
13
FEDERAL DEBT
FD-1.
-
Summary of Federal debt
14
FD-2,
-
Interest-bearing public debt
14
FD-3.
-
Government account series
15
FD-4.
-
Interest-bearing securities Issued by Government agencies
16
FO-5,
-
Maturity distribution and average length of marketable Interest-bearing public debt held by private Investors
17
FD-G.
-
Debt subject to statutory limitation
17
FO-7.
-
Treasury holdings of securities Issued by Government corporations and other agencies
16
PUBLIC DEBT OPERATIONS
Article
Treasury financing operations
-
POO-1.
-
PDO-2.
-
PDO-3.
-
PDO-4.
-
19
Maturity schedule of Interest-bearing marketable public debt securities other than regular weekly and 52-week
Treasury bills outstanding
Offerings of bills
Public offerings of marketable securities other than regular weekly Treasury bills
Allotments by Investor classes on subscriptions for public marketable securities
21
22
24
26
U.S. SAVIN6S BONDS AND NOTES
SBN-1.
-
Sales and redemptions by series, cumulative
26
SBH-2.
-
Sales and redemptions by period, all
28
SBN-3.
-
Sales and redemptions by period,
series of savings bonds and notes combined
series E. EE. H. and HH
29
OHNERSHIP OF FEDERAL SECURITIES
OFS-1.
-
Distribution of Federal securities by class of investors and type of issues
30
OFS-2.
-
Estimated ownership of public debt securities by private Investors
30
MARKET BID VIELOS ON TREASURT SECURITIES
MBY-1.
Chart
Treasury market bid yields at constant maturities, bills, notes, and bonds
-
Yields of Treasury securities
-
31
32
AVERAGE TIELDS OF LONG-TERN BONDS
AY-1.
-
Average yields of long-term Treasury, corporate, and municipal bonds by period
33
Chart
-
Average yields of long-term Treasury, corporate, and municipal bonds
34
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
FEDERAL CREDIT PROGRAMS
GA-II-1.
-
Direct and guaranteed loans outstanding
35
INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1.
-
U.S.
IFS-2.
-
Selected U.S.
IFS-3.
-
Nonmarketabl
IFS-4.
-
Weighted average of exchange rate changes for the dollar
reserve assets
e
liabilities to foreigners
U.S. Treasury bonds and notes Issued to official institutions and other residents of foreign countries.
41
42
42
43
CAPITAL MOVEMENTS
LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
CM-I-1. - Total liabilities by type of holder
45
cn-I-2.
-
Total
liabilities by type, payable in dollars
46
CH-I-3.
-
Total
liabilities by country
47
CM-I-4.
-
Total
liabilities by type and country
46
CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
CM-II-1.
-
Total
claims by type
49
CM-lI-2.
-
Total
claims by country
50
CH-lI-3.
-
Total
claims on foreigners by type and country reported by banks In the United States
51
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES
- Dollar claims on nonbank foreigners
LIABILITIES TO. AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES
CM-III-1.
CM-IV-1.
-
Total
liabilities and claims by type
53
CM-IV-2.
-
Total
liabilities by country
54
—
IV
Page
CH-IV-3.
-
Total
CM-IV-4.
-
Total
5'
llabllttles by type and country
claims by country
"
- Total claims by type and country
BROKERS IN THE UNITED STATES
TRANSACTIONS IN LONC-TERH SECURITIES BY FOREIGNERS REPORTED BY BANKS AND
CH-v-l. - Foreign purchases and sales of long-term domestic securities by type
CH-y-J. - Foreign purchases and sales of long-term foreign securities by type
country
CH-v-3. - Net foreign transactions In long-term domestic securities by type and
and country, latest date
CH-V-a. . Foreign purchases and sales of long-term securities, by type
latest year
CM-v-5. - Foreign purchases and sales of long-term securities, by type and country,
CH-IV-5.
58
58
59
60
61
FOREICH CURKENCf POSITIOHS
SUMMARY POSITIONS
- Nonbanking firms'
FCP-I-1.
FCP-I-2.
positions
Weekly bank position
-
CANADIAN DOLLAR POSITIONS
FCP-II-1. - Nonbanking firms' positions
FCP-II-2. - Weekly bank positions
GERMAN HARK POSITIONS
FCP-lII-1.
-
Nonbanking firms' position
FCP-III-2.
-
Weekly bank positions
JAPANESE YEN POSITIONS
FCP-IV-I. - Nonbanking firms'
FCP-IV-2.
SWISS FRANC POSITIONS
- Nonbanking firms'
FCP-V-1.
FCP-V-2.
positions
Weekly bank positions
-
positions
Weekly bank positions
-
STERLING POSITIONS
FCP-VI-I. - Nonbanking firms'
FCP-VI-2,
positions
Weekly bank positions
-
U.S. DOLLAR POSITIONS ABROAD
FCP-VII-1. - Nonbanking firms'
FCP-VII-2,
-
positions
foreign subsidiaries'
Weekly bank foreign office positions
EICHAIIGE STABIIIZATIOII FUIID
ESF-I.
-
Balance sheet
ESF-2.
-
Income and expense
CASH MANAGEMENT/DEBT COLLECTION
CASH NAIAGEREIT IHITIATIVCS
....
Collection and Deposit Leg1slatlon--update
Reform 88 Cash Management
76
76
SPECIAL REPORTS
COiSOllOATEO Fl«A«CIAl STATENEHTS OF THE U«ITtO STATES GO»ER«NE«T, FISCAL YEAR 1984 (PROTOTYPE)
U.S. CURRENCY AHO COIN OUTSTAHOIMC AID
dote.
IN
Details of figures aay not add to totals because of rounding.
Abbreviations and symbol:
r
represents Revised,
p
80
"*
ClRCULATIOa
Preliminary, n... Not available.
t
Includes funds transferred from others.
FEDERAL FISCAL OPERATIONS
Table FFO-1.
[In
minions
of dollars.
Source:
- Summary
of Fiscal Operations
Monthly Treasury Statement of Receipts and Outlays of the United States Government]
Budget and off-budget results
Means of
Borrowing from the public
Fiscal year
or month
Budget
surplus
Net
receipts
Net
or
outlays
deficit
Offbudget
surplus
(-)
or
deficit
(1-2)
deficit
(-)
Total
surplus
Public
debt
securities
Agency
securities
f
— Federal
Investments of
Government accounts
inancing--net transactions
securities
Cash and monetary assets (deduct)
U.S.
Total
6+7-8
Treasury
operating
cash
Special
drawing
rights
Other
(-)
(1)
520.056
599.272
617.766
600,562
666,457
180
181
182
183
184
185
186
(Est.)
(Est.)
184-June
July
Aug
Sept
Oct
Nov
Dec
185-Jan
Feb
Mar
Apr
May
June
1985
date
740.595
794.300
69.282
52,017
55.209
68.019
52.251
51,494
62,404
70,454
54,021
49,606
94.593
39.794
72.151
seal
546.767
(2)
579.603
(3)
(4)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
CO
<
CX)
O)
CO
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LU
>
_l
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o
CO
CO
H
CO
LU
CC
\LU
CD
Q
LL
O
Q
LU
O
Q
m
—
FEDERAL FISCAL OPERATIONS
Table FFO-2.
[In im'nions of dollars.
- Budget
Receipts by Source
Source: Monthly Treasury Statement of Receipts and Outlays of the United States Governtnent]
Social insurance
taxes and contributions
Income taxes
Individual
Net
Fiscal year
or month
budget
receipts
Withheld
Refunds
Corporation
Met
Net
income
taxes
Employment taxes and contributions
Old-age, disability, and
hospital insurance
Gross
1980
1981
1982
1983
1984
520,056
599,272
617,766
600,562
666,457
1985 (Est.)
1986 (Est.)
740,595
794,300
1984-June
July
Aug
Sept
Oct
Nov
Dec
19B5-Jan
Feb
Mar
Apr
May
June
Fiscal 1985 to date....
69,282
52,017
55,209
68,019
52,251
51,494
62,404
70,454
54,021
49,606
94,593
39,794
72,151
646,767
223,763
Refunds
Net
6
FEDERAL FISCAL OPERATIONS
Table FFO-2.
—
Budget Receipts
[In
Social insurance
taxes and
contributions
—
Excise taxes
Airport and airway trust fund
Con,
Fiscal year
or month
insurance
taxes and
contributions
160,747
182,720
201,131
208,994
241,902
1985 (Est.)
1986 (Est.)
267,139
288,724
1984-June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Har
Apr
May
June
19,759
21,361
21,932
18,639
19,107
19,525
18,127
23,394
22,943
20,551
28,032
28,423
21,256
Black lung disability
trust fund
Highway trust fund
Gross
Net
social
1980
1981
1982
1983
1984
by Source-Continued
minions of dollars]
1,877
25
67
2,165
2,501
n.a.
225
225
281
236
237
237
240
241
226
197
232
200
3
Refunds
Miscellaneous
Gross
Refunds
FEDERAL FISCAL OPERATIONS
c
ID
00
E
c
^_
>
O
O
CO
CD
N.
O)
00
Jo
W
o
B
c
CO Z)
DC
<
LU
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_l
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o
CO
LL
CO
>
*^
o
C
CO
I
LU
O
DC
D
o
CO
Q.
CD
O
DC
CO
CO
s
_;
8
FEDERAL FISCAL OPERATIONS
Table FFO-3.
[In
Fiscal year
or month
minions of dollars.
Legislative
branch
The
judiciary
partuient
Commerce
Department
tfie
United States Government]
Defense Department
Military
866
3,298
3,148
2.971
2.945
3.072
1,024
1,130
117
110
11,076
12,153
45,177
39,100
2,113
1,972
246,300
277,500
18.978
20.279
7
72
12
983
804
811
1,672
1,243
962
1,269
605
677
689
937
393
2.050
2,400
2,648
2,496
4,602
4,175
5,057
5,634
3,959
3,874
5.212
3,221
3,053
141
178
201
186
175
162
222
263
296
248
19,123
18,296
19,459
18,354
18,707
20,259
19,508
18,912
19,216
21,039
19,597
21,492
20,247
8,448
38.789
1,587
178,977
165
93
65
79
69
79
67
96
66
60
99
119
75
63
1,196
723
564
637
705
787
11
9
10
11
8
7
9
9
7
ISO
199
141
158
174
150
Education
Department
Civil
132,840
156,035
182,850
205,011
220,805
110
144
142
1985 to date
Agrlculture De-
3,104
2,226
2,045
1,929
1,892
1,781
1,757
Fiscal
Funds appropriated
to the
President
24,555
26,030
36,213
46,384
37,482
1985 (Est.)
1986 (Est.)
131
Executive
Office
of the
President
7,507
7,010
6,073
5,427
8,538
1,218
1,209
1,362
1.438
1,584
110
145
116
94
173
112
128
129
Budget Outlays by Agency
95
96
95
94
95
1980
1981
1982
1983
1984
1984-June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June
-
Source: Monthly Treasury Statement of Receipts and Outlays of
303
1.602
1.341
697
1.680
1.620
1.667
1.660
1,687
1.666
13.124
9
FEDERAL FISCAL OPERATIONS
Table FFO-3.
- Budget
[In
Fiscal year
or month
1980
1981
1982
1983
1984
1985 (Est.)
1986 (Est.)
1984-June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June
Fiscal 1985 to date....
General
Services
Administration
National
Aeronautics
and
Space
Administration
Office of
Personnel
Management
Outlays by Agency-Continued
minions of dollars]
Small
Business
Administration
Veterans
Administration
Other
Independent
agencies
Undistributed offsetting
receipts
Rents and
royalties
Continental
Shelf lands
4,850
5,421
6,026
6.664
7,048
15,052
18,089
19,973
21,278
22,590
1,899
1,913
631
479
255
21,135
22,904
23,937
24,816
25,596
17,811
15,354
12,290
10,350
10,977
-4,101
-10,138
-6,250
-10,492
-6,694
7,317
7,772
23,612
24,800
726
150
26,800
26,522
11,781
9,248
-5,399
-6,691
537
10
3,148
1,240
3,281
932
2,104
3,346
2,388
925
2,214
2,291
2,290
3.205
904
-302
821
329
984
2,466
895
1,792
101
1,947
1,911
1.688
2.116
1.964
1.720
1.980
2,038
2,055
1,874
2,052
1,862
2,113
-15
23
-410
232
573
615
626
502
602
629
609
548
617
642
608
609
-29
1,180
1,643
618
-794
-284
-569
-680
-602
-1,269
-281
-375
-213
-289
22
-618
-242
-83
-39
5,601
17,658
109
19,666
7,787
-3,348
169
186
229
145
277
466
114
226
-226
167
44
-293
118
134
-288
313
52
Other
on the Outer
4
154
215
-8
-37
-54
2
-24
4
1
IS
17,831
Total
10
FEDERAL OBLIGATIONS
"Obligations" are the basis on Mhlch the use of funds Is controlled
They are recorded at the point at which the
In the Federal Govern«ent,
Governnent makes a flm comnltnent to acquire goods or services and are
the first of the four key events order, delivery, paynent, and conIn
sunption which characterize the acquisition and use of resources.
general, they consist of orders placed, contracts awarded, services
received, and sinilar transactions requiring the disburseaent of aoney.
—
—
The obligational stage of Governnent transactions is a strategic
point in gauging the inpact of the Governaent's operations on the
national econo^^, since it frequently represents for business firms the
Governaent coiaitaent which stinulates business Investaent, including
Disburseaents aay not
inventory purchases and efvloynent of labor.
occur for aontlis after the Governaent places its order, but the order
Itself usually causes iivediate pressure on the private econoiy.
Table FO-1.
- Gross
Obligations are classified according to a uniform set of categories^
based upon the nature of the transaction without regard to its u1t1aate<
purpose. All payaents for salaries and wages, for exa^ile, are reported;
as personnel coif»ensation, whether the personal services are used in'
current operations or in the construction of capital iteas.
Federal agencies often do business with one another; in doing so»|
the 'buying* agency records obligations, and the 'perfomlng' agencyj
records relaburseaents.
In table FO-1, obligations incurred within thel
Governaent
are
distinguished
froa
those
incurred
outside
thej
Governaent. Table FO-2 shows only those incurred outside.
|
Obligations Incurred Within and Outside the
Federal Government by Object Class, as
[In
minions
of dollars.
Source:
of Mar. 31,
1985
Standard Form 225. Report on Obligations, from agencies]
Gross obligations incurred
Object class
Personal services and benefits:
Personnel compensation
Personnel benefits
Benefits for former personnel
51,889
3.335
6,477
7,930
51,889
11.264
6.477
428
1.233
2,322
2.658
2.822
7.188
Contractual services and supplies:
Travel and transportation of persons.
Transportation of things
Rent, communications, and utilities,.
Printing and reproduction
Other services
Supplies and materials
2,230
1,590
4,866
442
60,274
34.033
277
718
21.433
13,688
81,707
47,721
40,444
5.876
29.052
4,413
1,735
44.658
77.312
158,530
81,745
403
9.276
Acquisition of capital assets:
Equipment
Lands and structures
Investments and loans
26
7,611
29,078
Grants and fixed charges:
Grants, subsidies, and contributions.
Insurance claims and indemnities
Interest and dividends
Refunds
18
17,939
86,588
158,548
99,684
403
Other:
Unvouchered
Undistributed U.S. obligations
-63
2
787
3,386
-60
4.173
Gross obligations incurred 1/
1/ For Federal budget presentation a concept of "net obligations
incurred" is generally used.
This concept eliminates transactions
""
within the Government and revenue and reimbursements from the public
which by statute may be used by Government agencies without appropriation action by the Congress.
Summary figures on this basis
follow,
(Data are on the basis of Reports on Obligations
presentation and therefore may differ somewhat from the Budget of the U.S. Government, )
Gross obligations incurred (as above)
643.326
Deduct:
Advances, reimbursements, other income, etc
-93.402
-80,229
Offsetting receipts
Net obligations incurred
469,695
11
FEDERAL OBLIGATIONS
Table FO-2. - Gross Obligations incurred Outside the Federal Government by
Department
[In
minions of dollars.
Source:
Personal
Classification
Legislative branch \J
Personnel
compensatlon
255
The judiciary
Executive Office of the President
Funds appropriated to the President:
International security assistance
International development assistance,,,.
Other
Agriculture Department:
Commodity Credit Corporation
Other
Commerce Department
Defense Department:
Military:
Department of the Arrny
Department of the Navy
Department of the Air Force
Defense agencies
Total military
Civil
Education Department
Energy Department
Health and Human Services Department
Housing and Urban Development Department.,
Interior Department
Justice Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc....
•....
General revenue sharing
Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Small Business Administration
Veterans Administration
Other independent agencies:
Export-Import Bank of the United States.
Tennessee Valley Authority
Other
Total
Off-budget Federal agencies:
Strategic petroleum reserve account
Postal Service
Rural Electrification Administration
revolving funds
Total off-budget Federal
agencies
4
4
25
1,339
453
14,694
or
Agency, as
of Mar. 31,
1985
Standard Form 225, Report on ObHgatlons, from agencies]
Contractual services and supplies
services and benefits
Personnel
benefits
Benefits
for
former
personnel
Travel and
transporta tlon
of persons
Transportatlon of
things
Rent, communlcations,
Printing
and
and
reprodue tlon
utilities
Other
services
Supplies
and
materials
12
FEDERAL OBLIGATIONS
Table FO-2. - Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of Mar. 31, 1985-Con.
[In
mllMons of dollars]
^
Grants and fixed charges
Acquisition of
capital assets
Classification
Equip-
.
...
13
ACCOUNT OF THE
U.S.
TREASURY
SOURCE AND AVAILABILITY OF THE BALANCE IK THE ACCOUNT OF THE U.S. TREASURY
The operating cash of the Treasury is maintained in Treasury's
accounts with the Federal Reserve banks and branches and in tax and loan
Hajor information sources include the Daily Balance wire
accounts.
received from the Federal Reserve banlts and branches, and electronic
transfers through the Treasury Financial Connunications System,
As the
balances in the accounts at the Federal Reserve banlcs become depleted,
they are restored by calling in (withdrawing) funds froB thousands of
financial Institutions throughout the country authorized to maintain tax
and loan accounts.
Under authority of Public Law 95-147, the Treasury implemented a
program on Nov. 2, 1978, to Invest a portion of its operating cash in
obligations of depositaries maintaining tax and loan accounts.
Under
the Treasury tax and loan investraent program, depositary financial
institutions select the manner in which they will participate in the
program.
Depositaries that wish to retain funds deposited in their tax
and loan accounts in Interest-bearing obligations participate under the
Note Option; depositaries that wish to remit the funds to the Treasury's
account at Federal Reserve banks participate under the Remittance
Option.
Table UST-1.
-
Elements of Changes
In
Deposits to tax and loan accounts occur in the nor^l course of
business
under
a
uniform procedure applicable
to
all
financial
institutions whereby customers of financial institutions deposit with
them tax payments and funds for the purchase of Government securities.
In most cases the transaction involves merely the transfer of funds from
a customer's account to the tax and loan account in the same financial
Institution.
On occasions, to the extent authorized by the Treasury,
financial Institutions are permitted to deposit in these accounts
proceeds from subscriptions to public debt securities entered for their
own account as well as for the accounts of their customers.
The tax 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 coimunities 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
econoflv
Federal Reserve and Tax and Loan Note Account Balances
[In millions of dollars.
Source: Financial Management Service]
Credits and withdrawals
Federal Reserve accounts
Fiscal year
or month
Credits
Withdrawals
Received
directly
1980
1981
1982
1983
1984
1984-June.
July.
Aug.
Sept.
Oct..
Nov..
Dec.
1985-Jan..
Feb..
Mar..
Apr.
Hay .
June.
Tax and loan note accounts
Proceeds from sales of securities 3/
1/
Received
through remittance option
tax and loan
depositaries
Taxes
_2/
Marketable
issues
1.165,226
1,372,394
1,512,662
1,752,320
1.808,415
64.047
80.177
94.732
107.837
125.293
1.231.660
1.453.153
1.599.939
1.854.575
1.941,748
32,479
150,028
148,561
171.016
126.852
11.984
10.523
10.455
11.697
11.411
10.467
12.960
12.136
10.487
12.712
13.375
12,244
13.100
162,471
159,507
181.413
134.063
177.249
190.621
167,104
178,621
165.546
150.681
212.028
216.977
161,544
5.368
7,211
8.702
4,443
7.801
10.633
9.244
8.780
5.535
5.967
6.607
6.144
4.652
161. 115
178.574
157.243
166.515
153.020
137.726
214.891
187.364
149.801
_5/
Nonmarketable
issues 4/
1.385
941
771
949
827
66
64
65
55
64
61
70
83
70
83
94
93
82
Total
credits
329.555
Withdrawals
(transfers to
Federal Reserve
accounts)
14
FEDERAL DEBT
Table FD-1.
Cln
milHons of dollars.
- Summary
of Federal
Debt
Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]
Amount outstanding
End of
fiscal year
or month
1980
1981
1982
1983
1984
1984-June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June
Securities held by:
Government accounts
Agency
securities
914,317
1,003,941
1,146,987
1,381,886
1,576,748
907,701
997,855
1,142,035
1.377,211
1,572,267
6,616
6,086
4,952
4,675
4,481
199,212
209,507
217,640
240,116
264,159
197,743
208,056
216,404
239,023
263.084
1,469
1,450
1,236
1,092
1,075
715,106
794,434
929,346
1,141,770
1,312,589
709,958
789,799
925,631
1,138,188
1,309,183
5,147
4,636
3,716
3,582
3,406
1,517,221
1,543,117
1,565,140
1,576,748
1,616,010
1,635,510
1,667,425
1,684,364
1,702,793
1.715,148
1,737,119
1.758.330
1,779,026
1,512,697
1,538,602
1,560,649
1,572,267
1,611,537
1,631,041
1,662,966
1,679.916
1,698,358
1,710,731
1,732,717
1,753,936
1,774,640
4,525
4,515
4,492
4,481
4,473
4,469
4,459
4.449
4,434
4,417
4,402
4,395
4.386
258,679
260,036
256,719
264,159
282,668
282,814
290,674
294.939
297,373
296,570
301,504
306,383
315,222
257,597
258,953
255,640
263,084
281,594
281,738
289,600
293,863
296,300
295,499
300,434
305,313
314.156
1,083
1,083
1,079
1,075
1,074
1,077
1.074
1,075
1,073
1,070
1.070
1,070
1.067
1,258,542
1,283,081
1,308,421
1,312,589
1,333,343
1,352,696
1.376,750
1,389,426
1,405,420
1,418,578
1.435.615
1,451,947
1.463.804
1,255,100
1,279,649
1,305,009
1,309,183
1,329,943
1,349,303
1,373,366
1,386,053
1,402,056
1,415,232
1.432.283
1,448,623
1.460.484
3,442
3,432
3,413
3,406
3,399
3,392
3,385
3,374
3,361
3,347
3.332
3,325
3.319
Table FD-2.
[In millions of dollars.
End of
The public
Public
debt
securities
Total
-
Total
Public
debt
securities
Agency
securities
Total
Interest-Bearing Public Debt
Source: Monthly Statement of the Public Debt of the United States]
Public
debt
securities
Agency
securities
15
FEDERAL DEBT
Table
[In
minions of dollars.
Airport and
End of
fiscal year
or month
Total
FD— 3. — Government Account
Source: Monthly Statement of the
Series
PubHc Debt
of the Um'ted States]
16
FEDERAL DEBT
Table FD-4.
-
Interest-Bearing Securities Issued by Government Agencies
Source: Monthly Treasury Statement of Receipts and Outlays
[In millions of dollars.
of the United States Government and Financial Management Service]
End of
fiscal year
or month
17
FEDERAL DEBT
Table FD-5.
-
Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors
[In
End of
fiscal year
or month
of dollars.
Amount
outstanding
privately
held
463,717
549,863
682 .043
1980
1981
1982
1983
1984
1
minions
862, 631
1,017,488
984- June
July
Aug
Sept
Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June
969,341
1
1
,003 .260
.026 ,497
1,017,483
1,054,403
1,062,251
1,081,548
1,099,857
1,110,272
1,106.798
1,121,977
1,145,271
1,138,109
Source: Office of Government Finance and Market Analysis in the Office of the Secretary]
Maturity classes
1-5
years
5-10
years
220,084
256,187
314,436
379,579
437,941
156,244
182.237
221.783
294,955
332,808
38.809
48,743
75,749
99,174
130,417
25,901
32.569
33.017
40.826
49,664
22,679
30,127
37,058
48.097
66,658
415,474
424.193
444.361
437.941
447.809
447,330
455,801
461,758
462,955
463,882
457,352
467,260
465,310
322.719
343,145
342,249
332.808
354.372
362,598
365,794
372,608
378,690
366,843
385,122
392.430
379.046
122,146
122,928
123,641
130,417
131,895
128,376
136,121
137,280
136,490
143,745
143,704
145,696
153.878
47,141
47,133
49.667
49,664
49,655
52,090
52,068
56,353
54,699
54,722
54,320
58,372
58,362
61.861
65,861
66,579
66,658
70,672
71,857
71,765
71,858
77,438
77,606
81,478
81,513
81,513
Within
1 year
10-20
years
20 years
and over
Average length
3
yrs.
18
FEDERAL DEBT
Table FD-7.
[In
-
mUHons
Treasury Holdings of Securities Issued by Government Corporations and Other Agencies
of dollars.
Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]
Agriculture Department
End of
fiscal year
or month
Total
128,825
157,192
181,245
1980
1981
1982
1983
1984
198 ,639
211,833
1984- June
July
Aug
Sept
Oct
Nov
Dec
1985-Ja n
Feb
Mar
Apr
May
June
206,241
208,956
209,146
211,833
204,711
209,075
214,440
221,311
210,133
213,954
220,276
222,810
225,115
Commodity
Credit
Corporation
13,729
Rural
Farmers
Electrification
Administration
Home
Administration
Education
Department
College
housing
loans
Energy
Department
Bonnevil le
Power
Administration
Housing and Urban Development Department
Federal
Housing
Administration
Government
National
Mortgage
Association
19
TREASURY FINANCING OPERATIONS, APRIL-JUNE 1985
APRIL
Auction of 2-Year Notes
52-Ueek Bills
April 17 the Treasury announced that it would auction $9,000 million
of 2-year notes to refund %8,22S million of notes maturing April 30, 1985, and
The notes offered were Treasury Notes
to raise about $775 million new cash.
of Series U-1987, dated April 30. 1985, due April 30, 1987, with interest
An interest rate of 9-3/4
payable on October 31 and April 30 until maturity.
percent was set after the determination as to which tenders were accepted on a
yield auction basis.
On April 4 tenders were invited for approximately $8,300 million of 364day Treasury bills to be dated April 18, 1985, and to mature April 17, 1986,
The issue was to refund $8,282 million of 364-day bills maturing April 18,
Tenders were opened on April 11.
They totaled $25,224 million, of which
$6,337 million was accepted, including $741 million of noncompetitive tenders
from the public and $1,525 million of the bills issued at the average price to
Federal Reserve banks for themselves and as agents for foreign and interThe average bank discount rate was 8.44
national monetary authorities.
percent.
On
Tenders for the notes were received until 1 p.m. EST. April 24, and
totaled $20,622 million, of which $9,026 million was accepted at yields
ranging from 9.80 percent, price 99.911, up to 9.82 percent, price 99.876.
Tenders at the high yield were allotted 86 percent.
Noncompetitive tenders
These
were accepted in full at the average yield, 9.81 percent, price 99.893.
totaled 11,216 million.
Competitive tenders accepted from private investors
totaled $7,810 million.
In addition to the $9,026 mil lion of tenders accepted in the auction
process, $523 million was awarded at the average price to Federal Reserve
An
banks as agents for foreign and international monetary authorities.
additional $347 million was accepted at the average price from Government
accounts and Federal Reserve banks for their own account.
Hay Quarterly Financing
On April 30 the Treasury announced that it would sell to the public et
auction, under competitive and noncompetitive bidding, up to $8,000 million of
3-year notes of Series S-1988, $6,500 million of 10-year notes of Series 81995, and $6,000 million of 29-3/4-year 11-1/4 percent bonds of 2015 to refund
$10,623 million of publicly held Treasury securities maturing Nay 15 and to
raise $9,875 million new cash.
An interest rate of 10 percent was set on the notes of Series S-1988
after the determination as to which tenders were accepted on a yield auction
The notes of Series S-1988 were dated Nay 15, 1985, due Hay 15, 1988,
basis.
with interest payable on November 15 and May 15 until maturity.
Tenders for the notes of Series S-1988 were received until 1 p.m. EDST.
May 7, and totaled $17,974 million, of which $8,005 million was accepted at
yields ranging from 9.98 percent, price 100.051, up to 10.03 percent, price
Tenders at the high yield were allotted 46 percent.
Noncompetitive
99.924.
tenders were accepted in full at the average yield. 10.00 percent, price
These totaled $1,352 million.
Competitive tenders accepted from
100.000.
private investors totaled $6,653 million.
In addition to the $8,005 million of tenders accepted in the auction
process, $470 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $1,400
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account.
An Interest rate of 11-1/4 percent was set on the notes of Series B-1995
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series B-1995 were dated May 15, 1985, due May 15, 1995,
with interest payable on November 15 and May 15 until maturity.
Tenders for the notes of Series B-1995 were received until 1 p.m. EDST,
May 8, and totaled $15,225 million, of which $6,501 million was accepted at
yields ranging from 11.28 percent, price 99.823, up to 11.32 percent, price
99.587.
Tenders at the high yield were allotted 24 percent.
Noncompetitive
tenders were accepted In full at the average yield, 11.30 percent, price
These totaled $721 million.
99.705.
Competitive tenders accepted from
private investors totaled $5,780 mi llion.
In addition to the $6,501 million of tenders accepted in the auction
process, $5 million was awarded at the average price to Federal Reserve banks
as agents for foreign and International monetary authorities.
An additional
$600 million was accepted at the average price from Government accounts and
Federal Reserve banks for their own account.
The notes of Series B-1995 may be held in STRIPS form.
amount required is $160,000.
The minimum par
The 11-1/4 percent bonds of 2015 were an additional issue of the bonds
dated February 15, 1985, due February 15, 2015, with Interest payable on
August 15 and February 15 until maturity.
Tenders for the bonds were received until 1 p.m. EDST, May 9, and totaled
$15,870 million, of which $6,020 million was accepted at yields ranging from
Tenders at
11.36 percent, price 98.990. up to 11.39 percent, price 98.739.
the high yield were allotted 36 percent.
Noncompetitive tenders were accepted
in full at the average yield, 11.38 percent, price 98.822.
These totaled $554
million.
Competitive tenders accepted from private Investors totaled $5,466
million.
In addition to the $6,020 million of tenders accepted In the auction
process, $405 million was accepted at the average price from Government
accounts and Federal Reserve banks for their own account.
The bonds of 2015 may be held in STRIPS form,
required is $160,000.
The
mi
nlmum par amount
Cash Management Bills
On April 11 tenders were invited for approximately $4,000 million of 3day bills to be issued April 15, 1985, representing an additional amount of
The issue was to raise
bills dated April 19, 1984, maturing April 18, 19B5.
They totaled $28,858 million, of
new cash.
Tenders were opened on April 12.
The average bank discount rate was 8.43
which $4,001 million was accepted.
percent.
Tenders for the notes were received until 1 p.m. EDST, May 22, and
totaled $22,739 million, of which $9,000 million was accepted at yields
ranging from 9.11 percent, price 100.027, up to 9.14 percent, price 99.973.
Noncompetitive tenders
Tenders at the high yield were allotted 47 percent.
These
were accepted in full at the average yield, 9.13 percent, price 99,991.
totaled $1,029 million.
Competitive tenders accepted from private investors
totaled $7,971 million.
In addition to the $9,000 million of tenders accepted in the auction
process, $745 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $540
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account.
Auction of 5-Year 2-Month Notes
On Hay 21 the Treasury announced that it would auction $7,000 million of
5-year 2-month domestic notes and up to $1,000 million of 5-year 2-month
foreign-targeted notes to raise new cash.
The domestic notes were Treasury Notes of Series K-1990, dated June 4,
1985, due August 15, 1990, with interest payable on February 15 and August 15
each year until maturity.
The foreign-targeted notes were Treasury Notes
of Series L-1990, dated June 4, 1985. due August 15, 1990, with interest
An interest rate of 9-7/8
payable on August 15 in each year until maturity.
percent was set on both issues after the determination as to which tenders
were accepted on a yield auction basis.
in
The foreign-targeted notes were sold, under competitive bidding only, to
foreign institutions or to foreign branches of U.S. financial Institutions,
The notes were issued in book-entry form and were eligible for exchange into
registered notes of the companion domestic issue. Series K-1990, or for
conversion Into registered foreign-targeted notes after July 14, 1985.
Tenders for the domestic notes were received until 1 p.m. EDST, Hay 29,
and totaled $15,196 million, of which $7,012 million was accepted at yields
ranging from 9.92 percent, price 99.729, up to 9.96 percent, price 99.570,
Noncompetitive tenders
Tenders at the high yield were allotted 67 percent.
were accepted in full at the average yield, 9,95 percent, price 99.610.
These
totaled $610 mi llion.
Competitive tenders accepted from private Investors
totaled $6,402 million.
In addi tion to the $7,012 ml llion of tenders accepted in the
process, $155 million was awarded at the average price to Federal
banks as agents for foreign and international monetary authorities.
auction
Reserve
Tenders for the foreign-targeted notes were received until 1 p.m. EDST,
Hay 29, at the Federal Reserve Bank of New York, and totaled $2,464 million,
The Interest rate of 9-7/8 percent was
of which $1,000 million was accepted.
Accepted yields,
established in the auction of the companion domestic issuebased on an annual interest payment, ranged from 9.93 percent, price 99,684,
Tenders at the high yield were allotted 67
up to 10.03 percent, price 99.293.
percent.
The average yield of the accepted competitive tenders was 10.00
percent, price 99.410.
Noncompetitive tenders were not accepted.
S2-Week Bills
On Hay 3 tenders were Invited for approximately $8,500 million of 364-day
The
Treasury bills to be dated Hay 16, 1985, and to mature Hay 15, 1986.
issue was to refund $8,111 million of 364-day bills maturing Hay 16 and to
cash.
Tenders
were
opened
on
May
14.
They
raise about $400 million new
totaled $29,742 million, of which $8,519 million was accepted, including $645
million of noncompetitive tenders from the public and $1,800 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.
The
$5 million was issued to foreign official institutions for new cash.
percent.
average bank discount rate was 7.94
Auction of 2-Year Notes
Cash Kanagement Bills
On May IS the Treasury announced that it would auction $9,000 million of
2-year notes to refund $8,141 million of publicly held notes maturing Hay 31,
The notes offered were
1985, and to raise about $850 million new cash.
Treasury Notes of Series V-1987. dated May 31, 1985, due May 31, 1987, with
An Interest rate
interest payable on November 30 and Hay 31 until maturity.
of 9-1/8 percent was set after the determination as to which tenders were
accepted on a yield auction basis.
On May 28 tenders were invited for approximately $7,000 million of 17-day
bills to be issued June 3, 1985, representing an additional amount of bills
The issue was to raise new
dated December 20, 1984. maturing June 20, 1985.
cash.
Tenders were opened on Hay 30.
They totaled $40,833 million, of which
The average bank discount rate was 7.33 percent.
$7,052 million was accepted.
j
20
TREASURY FINANCING OPERATIONS, APRIL-JUNE 1985
JUNE
Auction of 2-Year Kotes
On June 12 the Treasury announced that it would auction $9,250 million of
2-year notes to refund $8,000 million of publicly held notes maturing June 30,
The notes offered were
1985, and to raise about $1,250 million new cash.
Treasury Notes of Series W-1987, dated July 1, 1985, due June 30, 1987, with
An interest rate
maturity.
until
interest payable on December 31 and June 30
of 8-1/2 percent was set after the determination as to which tenders were
accepted on
a
yield auction basis.
In addition
to the $6,542 million of tenders accepted in the auction
process, $410 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $500.
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account,
I
i
An interest rate of 10-3/8 percent was set on the notes of Series F-1992i
after the determination as to which tenders were accepted on a yield auction!
The notes of Series F-1992 were dated July 2, 1985, due July 15, 1992,!
basis.
with interest payable on January 15 and July 15 until maturity.
j
Tenders for the notes were received until 1 p.m. EDST, June 19, and
totaled $17,168 million, of which $9,252 million was accepted at yields
ranging from 8.48 percent, price 100.036, up to 8.54 percent, price 99.928.
Koncompetiti ve tenders
Tenders at the high yield were allotted 59 percent.
were accepted in full at the average yield, 8.51 percent, price 99.982. These
Competitive tenders accepted from private investors
totaled $924 million.
totaled $8,328 million.
In addition to the $9,252 million of tenders accepted in the auction
process, $535 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $799
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account.
Tenders for the notes of Series F-1992 were received until 1 p.m. EDST,
June 26, and totaled $15,674 million, of which $6,025 million was accepted at;
yields ranging from 10.37 percent, price 100.006, up to 10.41 percent, price.
Noncompetitive'
Tenders at the high yield were allotted 76 percent.
99.810.
tenders were accepted in full at the average yield, 10.40 percent, prices
Competitive tenders accepted from'
These totaled $740 million.
99.859.
private investors totaled $5,285 million.
An interest rate of 10-3/4 percent was set on the bonds of 2005 after the!
determination as to which tenders were accepted on a yield auction basis. Thej
bonds of 2005 were dated July 2, 1985, due August 15, 2005, with interest^
The bonds will become^
payable on February 15 and August 15 until maturity.
eligible for STRIPS on February 18, 1986.
'
Auction of 4-Year Notes, 7-Year Kotes, and 20-Year 1-Month Bonds
June 18 the Treasury announced that it would sell to the public at
auction, under competitive and noncompetitive bidding, up to $6,500 million of
4-year notes of Series M-1989, $6,000 million of 7-year notes of Series F1992, and $4,250 million of 20-year 1-month bonds of 2005 to refund $3,116
million of publicly held 4-year notes maturing June 30 and to raise about
$13,875 million new cash.
On
An interest rate of 9-5/8 percent was set on the notes of Series M-1989
after the determination as to which tenders were accepted on a yield auction
The notes of Series H-19B9 were dated July 1, 1985, due June 30, 1989,
basis.
with interest payable on December 31 and June 30 until maturity.
Tenders for the notes of Series M-1989 were received until 1 p.m. EDST,
June 25, and totaled $16,586 million, of which $6,542 million was accepted at
yields ranging from 9.70 percent, price 99,756, up to 9.72 percent, price
Noncompetitive
Tenders at the high yield were allotted 87 percent.
99.691.
tenders were accepted in full at the average yield, 9.72 percent, price
Competitive tenders accepted from
These totaled $741 million.
99.691.
private investors totaled $5,801 million.
Tenders for the bonds of 2005 were received until 1 p.m. EDST, June 27,
and totaled $13,533 million, of which $4,510 million was accepted at yields
ranging from 10.73 percent, price 100,098. up to 10.76 percent, price
Noncompetitive,
Tenders at the high yield were allotted 92 percent.
99.852.
tenders were accepted in full at the average yield, 10.75 percent, price
Competitive tenders accepted from*
These totaled $503 million.
99,934.
private investors totaled $4,007 million,
52-Week Bills
On May 31 tenders were invited for approximately $8,500 million of 364-|
day Treasury bills to be dated June 13, 1985, and to mature June 12, 1986.1
The Issue was to refund $8,354 million of 364-day bills maturing June 13 andl
They*
Tenders were opened on June 6.
to raise about $150 million new cash.
totaled $22,482 million, of which $8,511 million was accepted, including $46L
million of noncompetitive tenders from the public and $2,085 million of thebills issued at the average price to Federal Reserve banks for themselves and!
The average!
as agents for foreign and international monetary authorities.
bank discount rate was 7.18 percent.
—
—
21
PUBLIC DEBT OPERATIONS
Table PDO-1. - Maturity Sctieduls of Interest Bearing Marketable Public Debt Securities Ottier ttian Regular
Weekly and 52-Week Treasury
[In
19BS
July
Aug.
Aug.
IS..
Aug.
15..
Aug.
31..
Sept. 30.
Sept. 30..
Oct.
31..
Nov.
Nov.
Nov.
Oec.
Dec.
10-5/85-H
e-l/4!-B
9-5/81-E
13-1/8I-N
10-S/8I-X
15-7/8t-J
10-7/8S-V
10-l/2t-Z
11-3/4J-F
9-3/4X-P
10-1/2I-AB
14-1/81-K
10-7/et-AC
IS..
IS..
30..
31..
31..
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
8/01/83
8/15/78
6/05/80
e/16/82
8/31/83
9/30/81
9/30/83
10/31/83
9/03/80
11/15/82
11/30/83
12/31/81
1/03/84
Total
8.848
4,837
3.293
7,487
9,073
3.961
8.858
9.062
3,087
6,986
9.079
3.430
479
1,624
,101
600
8,648
8.369
3.213
3.199
5.929
8.356
3.357
8.372
8.120
3.077
6.381
8.321
3.259
94
1,558
717
604
486
942
10
605
758
171
SrllOJ
—
-
7
.501
8.4 5 4
1986
10-5/8t-0
13-l/2t-C
9-7/8I-L
10-7/81-1!
m-G
11-1/2I-S
11-3/4J-T
13-3/4X-D
7-7/et-A
9-3/ei-B
12-5/8J-U
14-7/eS-H
13J-V
12-S/8I-W
lI-3/et-N
ej-B
12-3/8I-X
12-1/4J-J
11-7/8X-T
ll-5/e»-Z
16-1/8J-F
6-1/et
13-7/81-E
IIX-P
10-3/8I-AB
lOt-K
9-7/8I-AC
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Bond
Note
Note
Note
Note
Note
1/31/84
12/08/80
2/15/83
2/29/84
3/31/82
4/02/84
4/30/84
3/04/81
5/17/76
5/16/83
5/31/84
7/06/82
7/02/84
7/31/84
8/15/83
8/16/76
8/31/84
9/30/82
10/01/84
10/31/84
9/06/81
11/15/71
6/03/81
11/15/83
11/30/84
12/31/8
12/31/8
Total
9-3/41-1)
31...
IS...
15...
9I-B
10-7/8t-M
12-3/4t-D
IS...
28...
31...
31...
30...
15...
15...
IS...
31...
30...
IS...
15...
101-5
1D-3/4J-T
10-l/4t-H
9-3/4J-U
12S-C
12-1/2J-N
14J-E
9-1/8I-V
10-l/2»-J
13-3/4I-F
12-3/81-P
11-1/8J-K
7-5/8I-A
12-5/8S-G
IS...
IS...
UJ-0
-1/41Total
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
9.228
3,188
8.116
9,141
4.215
9.337
9,208
3.460
5,219
7.330
9.192
4,758
9.933
10.231
6.862
9,515
9.859
5,813
9,612
9,802
3,469
1,196
3,206
7,650
10,052
5. 908
10,112
197.812
1/31/85
2/15/79
2/15/84
12/02/81
2/28/85
4/01/85
3/31/83
4/30/85
2/15/80
5/15/84
3/03/82
5/31/85
6/30/83
6/02/82
8/15/84
9/30/83
11/15/77
9/07/82
11/15/84
1/03/8
10.212
6.238
9,166
3,437
10.087
10,349
6.522
9,992
2.472
7,831
3,519
10.446
6,435
4,078
7,717
6,539
2,387
5.384
8.187
6,580
1
37 :5
7
596
201
1,275
661
469
953
1.129
128
1.1S8
529
630
413
900
1.238
2,100
1,987
809
243
785
529
277
864
91
1,126
559
343
600
?8.5»
625
1,669
2,415
47
646
750
315
347
498
710
907
303
616
245
.265
655
8
8,632
2.987
6.841
8.480
3.746
8.364
8,079
3.332
4,061
6.801
8,562
4,345
9,033
8,993
6,762
7.528
9.050
S.S70
8.827
9.273
3.192
332
3,115
6.524
9.493
5.565
9,512
177, «15
9.587
4,569
6.751
3.390
9.442
9. 599
6.207
9.645
1,974
7,121
3.470
9,906
6.097
3.997
6.810
6.236
1,771
5.139
6.922
5.925
134:558
1988
Jan.
Feb.
Feb.
Mar.
Apr.
May
May
May
June
July
Aug.
Sept.
Sept.
Oct.
Nov.
Nov.
Dec.
15...
15...
15...
31...
15...
15...
15...
15..
Note
Note
Note
12J-L
Note
13-1/4I-D
Note
lOI-S
Note
9-7/ei-K
Note
8-1/4J-A
Note
13-5/8S-M
Note
14I-E
Note
10-1/2X-J
Note
11-3/81-N
Note
1/11-3/et-P Note
TS-3/8t-F
Note
11-3/4J-K
Note
e-3/41-a
Note
Note
10-S/8S-0
Total
1/05/81
2/15/85
12/02/82
4/02/84
4/06/81
5/15/85
3/01/83
5/15/78
7/02/84
7/07/81
6/03/83
10/31/84
10/31/84
10/14/81
9/06/83
11/15/78
12/31/84
14-5/8J-C
11-3/et-G
11-1/4I-L
14-3/8t-D
9-1/4X-A
ll-3/4t-H
14-1/21-E
13-7/8X-J
11-7/81-F
12-3/4S-K
10-3/41-e
1/13/82
12/01/83
4/01/85
4/07/82
5/15/79
3/05/84
7/08/82
6/01/84
9/29/82
9/04/84
11/15/79
12-3/ej-C
lO-3/81-N
10-l/8t-G
.
30...
15...
IS...
30...
30...
15...
15...
15...
31...
2.710
8.490
5,040
6.837
2,972
9,987
5.955
4,148
6.723
3,469
5.783
6.821
S
1,070
8
752
160
1,400
1.754
536
753
3,474
6.026
3. 445
344
276
1.139
366
2,705
7.420
5.032
6.085
2,812
8,587
S.9S5
2.394
,398
.778
.821
409
.198
.965
.306
89,44;
1989
Jan.
Feb.
Mar.
Apr.
May
Hay
July
Aug.
Oct.
Nov.
Nov.
IS...
IS...
31...
15...
IS...
15...
15...
IS...
15...
15...
15...
Note
Note
Note
Note
Note
Note
Note
Note
Note
Note
Total
3,508
6.244
6,986
3.348
2.628
6,068
4,723
6,283
4,237
6,552
'479_
ii'.itt
365
103
459
115
110
1.942
i.ili
3.337
6,244
6,621
3,245
2.169
6.068
4.608
6,173
4.237
6,494
.837
53.833
1990
Jan,
Feb.
Feb.
Feb.
Apr.
May
May
July
Aug.
Aug.
Aug.
10-1/2I-C
15...
15...
15...
15...
15...
IS...
IS...
IS...
IS...
IS...
15...
IS...
15...
15.
.
US-G
1/llt-H
T-1/2J
10-l/2:-D
11-3/ej-j
8-1/41
10-3/4J-E
10-3/4X-A
9-7/e»-K
1/9-7/8X-L
T1-1/2S-F
13X-B
Total
11-3/4112-3/8J-
.
15...
1/
This
Hay
July
Aug.
Oct.
Nov.
14-l/2t-A
13-3/4S-F
14-7/8S-B
12-1/4S-G
14-1/4S-C
15
15
15
15
IS
Note
Note
Note
Note
Note
5/15/81
7/09/84
8/17/81
10/23/84
11/16/81
2.047
5.461
2.812
5.745
2,886
?9.e40
Note
Note
Note
Note
Bond
Bond
Note
1/04/85
2/16/82
4/02/85
5/17/82
8/15/62
7/08/77
11/15/82
5.759
2,813
5.868
10,798
1.694
1.504
4,331
3?,7t7
2,135
1.056
250
3.738
5.759
2.608
5,868
8,663
638
1.412
4,081
29,029
Note
Bond
Bond
Bond
Note
Bond
Bond
Note
Note
Bond
2/15/83
1/17/63
1/10/73
1/06/78
5/16/83
8/15/73
7/11/78
8/15/83
11/15/83
10/10/78
5.162
680
4.482
Total
300
133
520
552
1.552
1.747
5.328
2,292
5.745
2.334
1992
Jan.
Feb.
Apr.
Hay
Aug.
Aug.
Nov.
11-5/8S-0
15
14-5/8X-A
15
11-3/4S-E
IS.... 13-3/4J-B
15, 87-92 4-1/41
15.... 7-1/4X
15
10-1/2I-C
15....
Total
205
92
1993
Jan.
31..
Feb.
IS..
Feb.
15..
Feb.
2e..
«ar.
31..
«ar.
31..
Apr.
30..
May
15..
May
15..
May
IS..
May
31..
June
30..
June
30..
July
31..
Aug.
IS..
Aug.
15...
Aug.
31...
Sept. 30...
Sept. 30...
Oct.
31...
Nov.
15...
Nov.
IS...
Nov.
IS.
Nov.
15...
30...
31...
Dec.
31...
19S7
Jan.
Feb.
Feb.
Feb.
Feb.
Har.
Mar.
Apr.
Hay
May
Kay
Nay
June
Aug.
Aug.
Sept.
Nov.
Nov.
Nov.
Dec.
Outstanding, June 30. 1985
of dollars.
Source: Monthly Statement of the Public Debt of the United States,
and Office of Government Finance and Market Analysis in the Office of the Secretary]
*
-^-^—
1
1
. ^ J I J
.
Amount
of _.
maturities
Amount of matu
Held ty
He ld by
\l.i. Cov't
« 11
U.S. tov't
TTl
Total
Issue
accounts and
other
accounts and other
date
Federal Rei n ves
Federal Reserve banks
tors
serve banks
—n
Date
of final
Bills
mllMons
item
T/ This secur
s
ty
a
Note
Note
Note
Bond
Note
Note
Bond
Note
Note
Note
Note
Note
Note
1/04/83
12/03/84
12/03/84
2/14/58
4/04/83
3/01/85
4/07/75
7/05/83
8/15/80
6/04/85
6/04/85
10/05/83
U/17/80
4,842
7,213
4,842
7,213
734
817
734
510
5.039
7.029
861
4,928
2.626
7.196
1.000
5.034
5.069
55, 891
5.054
7.029
1,203
5.013
3,762
7.196
1.000
5.044
.701
54.608
1/04/84
4/04/84
2,5J8
5.512
5,377
forei gn- targe ted Treasury note.
eligible for stripping.
See table
is
Feb.
IS
10-7/8S-A
Feb. 15,88-93 4S
Feb.
15
6-3/4S
Feb.
15.... 7-7/8X
Hay
15
10-l/8«-8
Aug. 15. 88-93 7-1/2X
Aug.
15
8-5/8S
Aug.
15
11-7/8S-C
Nov.
15
11-3/4S-D
Nov.
15
8-5/81
Total
1994
Feb.
IS
91
Hay 15.89-94 4-1/81
Hay
13-l/8t-A
15
Aug.
15.... 12-5/8S-B
Aug.
8-3/41
15
Nov.
IS
2/11-5/81-C
Nov.
15
T0-l/8t
Total
1995
Feb.
15.... 3J
Feb.
15.... 10-1/21
Feb.
15
2/11-1/4X-A
Hay
15.... T2-5/81
Hay
15
10-3/8S
Hay
15
2/11-1/4X-B
Nov.
15
Tl-l/2t
Total
1998
Hay 5.93-98
7J
Nov.
15
3-1/21
Total
1999
May 15.94-99 8-1/2S
Bond
Bond
Note
Note
Bond
Note
Bond
1/11/79
4/18/63
5/15/84
8/15/84
7/09/79
11/15/84
10/18/79
Bond
Bond
Note
Bond
Bond
Note
Bond
2/15/55
1/10/80
2/15/85
4/08/80
7/09/80
5/15/85
10/14/80
8ond
Bond
5/15/73
10/03/60
Bond
88
627
1,501
5.100
1.814
1,768
6,593
12,478
1.609
36.648
42
46
209
136
378
1.144
132
1.312
1,745
418
1,365
4.722
159
5,937
3.010
97
555
330
438
482
5.669
6.300
1.506
6.659
1.502
55.201
52
876
49
2.328
197
1,502
6.934
1.503
57
28
670
1.636
5.281
10,733
1.350
30:
7
03
2,913
225
5,231
5,818
1,454
S.781
1.453
52.8 75
140
1,504
7,127
1,482
20,249
1,781
1,474
6,334
1,131
1,492
6.527
1,450
18.548
692
512
230
162
462
350
5/15/74
2.378
1,614
Bond
Bond
2/18/7S
8/15/75
—TTTu
2.749
4.612
595
2.067
r.iei
Bond
Bond
Bond
Bond
Bond
1/12/81
4/02/81
8/16/76
7/02/81
10/07/81
1,501
1,750
1.485
1,763
1.753
WTTTl
13
51
741
110
136
1.051
Bond
Bond
1/06/82
9/29/82
1.759
2,753
88
106
1,671
2,647
4,318
Bond
Bond
Bond
Bond
1/04/83
4/04/83
7/05/83
10/05/83
3.007
3.249
3.501
7.260
17.017
57
2.950
3.246
3,464
7.190
16.849
Bond
Bond
Bond
4/06/84
7/10/B4
10/30/64
3,755
4.000
8.302
18.057
Bond
Bond
5/15/75
4/02/85
—nrnj
600
372
12
600
32
jw
TTJ-
2000
Feb. 15, 95-00 7-7/8S
Aug. 15, 95-00 8-3/8X
Total
2001
Feb.
15
11-3/41
Hay
IS
13-1/8S
Aug. 15, 96-01 8S
Aug.
15.... 13-3/8S
Nov.
16-3/43
15
Total
2002
Feb.
15
14-l/4i
Nov.
15
11-5/81
Total
2003
Feb.
15
10-3/4X
May
15.... 10-3/4J
Aug.
15
ll-l/8t
Nov.
IS
Il-7/ei
Total
2004
May
15
12-3/8S
Aug.
15
13-3/4J
Nov.
2/11-5/ei
"Total
15
2005
Hay 15.00-05 8-1/4:
May
15
3/12X
"Total
2007
Feb. 15. 02-07 7-5/8S
Nov. 15. 02-07 7-7/8J
Total
2008
Aug. 15, 03-08 8-3/8J
Nov. IS. 03-06 e-3/4t
Total
2009
Hay 15.04-09 9-1/8J
Nov. 15.04-0910-3/8S
Total
2010
Feb. 15, 05-10 11-3/41
Hay 15.05-10 lOX
Nov. IS. 05-10 12-3/4X
Total
2011
May 15.06-11 13-7/8t
Nov. 15. 06-11 14t
Bond
Bond
2/15/77
11/15/77
Bond
Bond
8/15/78
11/15/78
Bond
Bond
5/15/79
11/15/79
Bond
Bond
Bond
2/15/80
5/15/80
11/17/80
Bond
Bond
5/16/81
11/16/81
Total
—
—jtrn
4.224
4.261
—CTB?
rw
4
37
70
RT"
84
-_
5J—
4.699
1.488
1.699
744
1.643
1,617
77191
3,671
4,000
8.302
2.156
22
5,1
76
4.239
6:307
4.234
1.49S
s;729
1.568
265
1.833
2,666
1.230
2,103
5.230
TTJTS
749
1.611
1.354
3.619
5.380
—
—OT7
4,606
4,201
725
820
1.545
3.881
3.381
7 ,282
2,494
2,987
4.736
10,517
662
1.070
666
2.398
1,832
1.917
4,070
4.609
4,901
868
506
575T1I
1,374
3,741
4,395
8.138
—
2012
Nov. 15. 07-12 ID-3/B!
Bond
11/15/82
11,032
774
Bond
8/15/83
14,755
2.159
12.596
Bond
Bond
Bond
5/15/B4
8/15/84
11/15/84
5.007
5.128
6,006
ie:ui
257
332
750
1.339
4.750
4.796
5.256
14.802
Bond
2/15/85
12,668
899
11.769
2013
Aug. 15, 08-13 12S
2014
Hay 15.09-14 13-1/41
Aug. 15. 09-14 12-1/2!
Nov. 15.09-14 2/11-3/4J
"Total
2015
Feb.
2/11-1/41
15
5.500
5.372
_3/
Hontnly Statement of the Public Debt of the United States.
This bond will become eligible for STRIPS on Nov. 16. 1985.
22
PUBLIC DEBT OPERATIONS
Table PDO-2.
[Dollar amounts in minions.
Maturity
date
Offerings of Bills
Source: Monthly Statement of the Public Debt of the United States and allotments]
Amounts of bids accepted
Description of new issue
Issue date
-
Number of
days to
maturity 1/
Amount of
bids
tendered
23
PUBLIC DEBT OPERATIONS
Table PDO-2.
On total
Issue
date
14.
21.
28.
Apr.
4,
11.
18.
25.
May
2.
9.
16.
23.
30.
June
6.
13.
20.
27.
Average
price per
hundred
97.793
96.460
97.856
95.556
97.816
95.430
97.874
95.521
97.910
95.678
97.942
95.672
97.968
95.819
98.074
96.021
98.011
95.900
98.038
95.991
98.056
96.006
98.160
96.244
98.175
96.243
98.223
96.380
98.177
96.284
98.299
96.512
98.215
96.340
-week:
84-June
July
Aug.
Sept.
Oct.
Nov.
Nov.
Dec.
85-Jan.
Feb.
Mar.
Apr.
Hay
June
14.
12.
9.
6.
4.
1.
29.
27.
24.
21.
21.
18.
16.
13.
88.959
88.888
89.090
89.040
89.565
90.445
91.139
91.527
91.517
91.446
90.657
91.466
91.972
92.740
-
Offerings of Bills-Continued
bids accepted
Average
discount
rate
(percent)
8.73
On competitive bids accepted
Average
investment
rate 4/
(percent)
High
Discount
rate
(percent)
Price per
hundred
Discount
rate
(percent)
Price per
hundred
24
PUBLIC DEBT OPERATIONS
Table PDO-3^
Other than Regular
Public Offerings of Marketable Securities
fPolUr
Date subscription books
closed or
tenders received
6/01/83
6/02/83
6/02/63
6/09/83
6/15/83
6/21/83
6/22/83
6/23/83
7/07/83
7/20/83
8/02/83
8/03/63
6/04/83
8/09/63
8/24/83
8/31/83
9/01/63
9/14/83
9/20/83
9/21/83
9/22/83
9/29/63
10/19/83
11/01/63
11/07/63
11/09/83
11/10/63
11/22/83
11/23/83
11/29/83
11/30/83
11/30/63
12/01/83
12/21/83
12/22/63
12/27/83
12/26/83
12/29/83
1/19/84
1/25/84
2/07/64
2/08/64
2/09/84
2/16/84
2/22/84
2/28/84
3/15/84
3/21/64
3/27/64
3/28/84
3/29/64
4/12/84
4/25/64
5/06/64
5/09/64
5/10/84
5/15/84
5/23/64
5/23/84
5/23/84
5/29/84
5/30/64
5/31/84
5/31/84
5/31/84
6/07/84
6/20/84
6/26/64
7/03/64
7/05/84
7/10/64
7/25/84
8/02/84
8/07/84
e/OB/84
8/09/64
6/22/84
6/26/84
8/29/84
8/30/64
9/19/64
9/27/84
10/16/84
10/17/84
10/23/84
10/24/84
10/24/64
10/25/84
11/05/64
11/07/64
11/08/64
11/21/84
11/27/84
11/28/84
11/28/84
11/29/84
11/29/84
12/19/84
12/20/84
12/26/64
1/02/85
1/03/85
1/17/85
1/23/65
2/05/85
2/06/85
2/07/85
2/14/85
2/20/65
2/26/85
3/14/85
3/20/85
3/26/85
3/27/65
3/28/85
Issue
date
6/03/83
6/06/83
6/06/83
6/16/83
6/30/63
6/30/83
7/05/83
7/05/83
7/14/83
8/01/63
6/15/83
8/15/83
8/15/83
8/11/83
8/31/63
9/06/83
9/06/63
9/30/83
9/30/83
10/05/83
10/05/83
10/06/63
10/31/63
11/03/83
11/15/83
11/15/83
11/15/83
11/30/63
12/01/83
12/01/63
12/02/83
12/02/83
12/05/63
1/03/84
12/29/83
1/03/64
1/04/84
1/04/64
1/26/84
1/31/64
2/15/84
2/15/84
2/15/84
2/23/84
2/29/64
3/05/84
3/22/84
4/02/84
4/02/64
4/04/84
4/05/84
4/19/84
4/30/84
5/15/84
5/15/84
5/15/64
5/17/84
5/24/84
5/24/64
5/31/84
5/30/84
6/01/84
6/04/84
6/04/64
6/04/84
6/14/84
7/02/B4
7/02/84
7/09/64
7/10/84
7/12/64
7/31/84
8/09/84
6/15/84
8/15/64
8/15/84
8/31/84
8/31/84
9/04/84
9/06/84
10/01/84
10/04/84
10/23/84
10/31/64
10/30/64
10/31/84
10/31/64
11/01/84
11/15/64
11/15/84
11/15/84
11/30/84
11/29/84
12/03/84
12/03/84
12/03/84
12/03/84
12/31/84
12/27/84
12/31/84
1/04/85
1/08/65
1/24/85
1/31/85
2/15/65
2/15/85
2/15/65
2/21/85
2/26/85
3/01/85
3/21/85
4/01/85
4/01/85
4/02/85
4/02/65
See footnotes at end of table.
amoiints In
lannons.
Source:
Description of securities \l
Kote
Bill
10-1/21
8.51
8.65
8.60
Bill
Bin
Note
Note
Note
Bond
10
10-1/2
10-3/4
11-1/6
9.36
10-5/8
11-3/8
11-7/6
Bin
Mote
Note
Note
Bond
12
Bill
9.77
10-5/6
11-3/4
9.64
10-7/8
11-1/8
11-1/2
11-7/8
9.13
10-1/2
9.03
Note
Note
8111
Note
Note
Note
Bond
Bill
Note
Bin
Note
Note
Bond
Note
11
11-3/4
12
10-1/2
9.09
11-3/8
8.73
9.02
8.66
10-7/8
9.23
Bin
Note
Bin
Bin
Bill
Note
Bin
Note
Note
Bond
U-1/4
11-3/4
11-7/6
9.04
10-5/8
10-7/8
11-3/4
Bin
Note
Note
Note
Bond
Bill
Note
Note
12
9.24
10-7/8
11-3/4
9.68
11-1/2
Bin
Note
Note
Note
Bond
Bill
Note
Note
Note
Bond
12
12-3/8
12-3/8
9.86
11-3/4
12-1/2
13-1/8
13-1/4
10.64
9.95
10.51
12-5/8
9.93
13-7/B
10.27
9.82
10.62
10.92
Bill
Bin
Bin
Note
8111
Note
Bin
Bin
em
em
13
13-5/6
13-3/4
13-3/4
10.99
12-5/8
10.79
12-3/8
12-5/6
12-1/2
12-3/8
11.26
12-3/4
10.64
11-7/8
10.32
12-1/4
11-5/8
11-5/8
11-3/8
ii-3/e
9.45
11
11-5/8
11-3/4
10-3/6
6.74
11
11
8.45
8.25
9-7/8
8.38
10-5/8
11-5/8
11-5/8
8.39
9-3/4
10-3/6
11-1/4
11-1/4
6.46
10
11-3/8
9.24
10-3/4
11-1/4
11-3/4
12
Note
Note
Note
Bond
Bin
Note
Bin
Note
Note
Bond
Note
em
Note
em
Note
Bill
Note
Note
Bond
Note
5/ Note
Bin
Note
Note
Bond
Note
em
Note
5/ Note
Tin
em
Note
Bin
Note
Note
Bond
Bin
Note
Note
Note
Bond
Bin
Note
Note
Bin
Note
Note
Note
Bond
Weekly Treasury
Bills
Bureau of the Putllc Dtbt]
8/15/88-J
B/18/83-Reopenlng
ll/17/fl3-Reopening
6/14/B4
6/30/85-V
6/30/87-J
7/15/90-E
8/15/2003
7/12/84
7/31/85-H
6/15/86-N
8/15/93-C
8/15/2008-13
6/09/64
8/31/85-X
11/15/88-K
9/06/84
9/30/B5-y
9/30/87-K
10/1S/90-F
11/15/2003
10/04/64
10/31/85-Z
11/01/84
11/15/86-P
11/15/93-0
B/16/2008-13-Reopenlng
11/30/85-AB
11/29/64
2/15/89-G
2/02/84-Reopenlng
5/03/84-Re opening
12/22/83-Reopen1ng
12/31/85-AC
12/27/84
12/31/87-L
1/15/91-0
Il/15/2003-Reopen1ng
1/24/85
1/31/B6-0
2/15/87-H
ll/16/93-D-Reopen1ng
8/15/2008-13-Reopen1n9
2/21/85
2/28/86-R
5/15/89-H
3/21/65
3/31/86-5
3/31/6e-L
4/15/91-E
5/15/2004
4/18/65
4/30/86-T
5/15/87-N
5/15/94-A
5/15/2009-14
5/16/85
8/09/84-Re opening
ll/08/64-Reopen1ng
5/31/66-U
6/21/84-fteopen1ng
8/15/B9-J
6/21/84-Reopenlng
8/02/64-Reopen1ng
ll/01/84-Reopen1ng
6/13/85
6/30/86-V
6/30/88-N
7/15/91-F
8/15/2004
7/11/85
7/31/e6-W
e/08/85
8/15/87-P
8/15/94-6
8/15/2009-14
8/31/86-X
9/20/84-Reopen1ng
11/15/89-K
9/05/85
9/30/e6-Y
10/03/85
10/15/91-0
10/31/86-2
11/15/2004
9/30/B8-N
9/30/68-R
10/31/65
11/15/B7-Q
11/15/94-C
11/15/2009-14
11/30/66- AB
11/29/65
2/15/90-G
2/15/90-H
12/20/84-Reopen1ng
l/17/65-Reopen1ng
12/31/86-AC
12/26/85
12/31/88-0
1/15/92-0
Il/15/2004-Reopen1ng
1/23/86
1/31/87-R
2/15/88-R
2/15/95-A
2/15/2015
2/20/86
2/28/87-5
5/15/90-J
3/20/66
3/31/87-T
3/31/69-L
4/15/92-t
5/15/2005
Amount
tendered
Period to final
maturity
(years, aonths,
day si II
73d
164d
364d
2y
4y
7y
20y
2y
3y
lOy
30y
2y
5y
2y
4y
7y
20y
364d
364d
3y
lOy
29y
2y
62d
153d
17d
4y
7y
19y
2y
3y
9y
29y
2y
5y
2y
4y
7y
20y
2y
3y
lOy
30y
364d
77d
168d
2y
22d
5y
17d
59d
150d
364d
2y
4y
7y
20y
364d
364d
3y
lOy
30y
2y
20d
5y
3640
2y
364d
7y
2y
20y
3y
3y
Urn
11m
3y
lOy
30y
2y
Sy
5y
17d
45d
4y
7y
19y
2j
3y
10>
30y
2y
5y
2y
4y
7y
20y
512,984
8.761
8,373
16.459
14,961
15,330
7,916
6,699
15,563
16.676
13,697
12,922
9,534
14,044
18,290
12,196
19,244
15,630
15,454
10,178
11,560
18,114
17,428
21,977
16,128
13,045
9,717
17,932
19,520
18,091
12,066
10,205
19,207
16,296
18,101
19,407
13,792
8,937
20,633
20,395
19,810
14,599
11,724
15,823
17,478
14,108
21,707
16,785
17,665
12,463
7,073
18,443
23,418
18,164
12,941
10,463
19.366
9,094
8,486
17,699
13,998
14,749
12,554
9,020
10,151
16,401
19,847
14,626
13,537
6,060
20,228
17,456
22,374
17,279
12,199
16,997
23,161
30,986
16,756
20,168
19,261
22,426
11,766
20,426
8,267
16,482
3,996
18,965
19,777
12,957
10,492
26,941
21,526
19,166
2,145
21,887
21,963
22.513
18,592
15,549
12.133
12,676
21,448
27,962
29,515
16,728
12,781
43,756
18,982
19,273
17,189
23,356
22,533
16,121
10,698
Amount
Issued
3/
4/
S5.767
2,502
2,507
7,776
9,022
6,434
5,013
3,501
7,646
8,648
8,862
6,593
4,921
7.777
9,072
6,026
7,771
8,658
6,539
5,014
3,502
7,766
9,062
7,774
7,649
6,005
4,591
9,077
8,007
6,238
2,502
2,503
5,006
9,095
8,272
6,577
5,508
3,757
8,481
9,221
9,164
6,469
5,249
8,528
9,136
6,067
8,252
9,335
6,832
5.377
3,753
8,283
9,199
7,824
5,668
5,008
8,105
2,002
2,004
9,191
6,001
6,274
3,009
3,003
3,005
6,379
9,692
6,722
5,456
4,000
6,382
10,224
8,465
7,715
6,300
5,128
9,852
8,004
6,551
8,427
9,612
8,312
5,742
9,601
4,012
6,573
1,001
8,259
6,173
6,657
6,005
10,054
8,532
6,946
1,000
5,013
5,008
10,105
8,587
6,607
5,755
4,267
8,555
10,210
8,489
6,933
6,243
8,524
10,065
7,027
6,527
10,347
6,962
5,867
4,261
Range of
accepted bids
for notes
and bonds
7/
SI
•5/
mi
11/
17/
TO
Hi
15/
TO
17/
TO
TO
TO
22/
m
TO
Til
26/
TO
TO
31/
TO
TO
TO
35/
TO
37/
TO
•35/
TO
41/
TO
TO
TO
45/
46/
47/
TO
TO
TO
52/
73/
•51/
15/
W
iV
58/
T5/
TO
TO
TO
63/
TO
TO
TO
67/
TO
70/
TO
TO
73/
TO
75/
TO
77/
75/
79/
TO
TO
171
25
PUBLIC DEBT OPERATIONS
Table PDO-3.
-
Public Offerings of Marketable Securities Other tfian Regular Weekly Treasury
Bills-Continued
rPollar aaoufiti in
Date siibscrtp-
»mions]
26
PUBLIC DEBT OPERATIONS
Table PDO-4.
-
Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part A
[In
mnnons
of dollars.
-
Other than
Source:
Bills
-^
Subscription and allotjnent reports]
27
PUBLIC DEBT OPERATIONS
Table PDO-4.
-
Allotments by Investor Classes on Subscnptions
tor Publ,c Marketable
Secur,t,es-Cont,nued
Part B - Bills Other than Regular
Weekly
Series
[Dollar amounts in millions .
Date of
financing
Date of
maturity
Average
rate
(percent)
Source: Subscription and allotment reportsi
Total amount
issued
52-week
series
Allotments by investor classes
U.S. Gov't
Commer-
accounts
and Federal
Reserve
banks 1/
cial
6/16/83
7/14/83
8/11/83
9/08/83
10/06/83
11/03/83
12/01/83
12/29/83
6/14/84
7/12/84
8/09/84
9/06/84
10/04/84
11/01/84
11/29/84
12/27/84
8.80
9.36
9.77
9.64
9.13
9.03
9.09
9.23
$7,776
7,846
7,777
7,773
7,767
7,774
8,006
8,272
$1,800
1,450
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
10/03/84
11/01/84
11/29/84
12/27/84
1/24/85
2/21/85
3/21/85
4/18/85
5/16/85
6/13/85
7/11/85
8/08/85
9/05/85
10/03/85
10/31/85
11/29/85
12/26/85
9.04
9.24
9.68
9.86
10.64
10.92
10.99
10.79
10.84
10.32
9.45
8.74
8.38
1/24/85
2/21/85
3/21/85
4/18/85
5/16/85
6/13/85
1/23/86
2/20/86
3/20/86
4/17/86
5/15/86
6/12/86
e.39
8.46
9.24
8.44
7.94
7.18
1,500
1,600
1.485
1,700
1,500
$1,417
1,678
2,129
2,102
1,803
2,164
1,203
1,359
$43
32
145
127
8,481
8,529
8,252
8,282
8,111
8,354
8,408
8,482
8,442
8.311
8,259
8,535
8,587
1,000
1,600
2,100
1,200
1,800
2,000
1,700
1,400
1,900
1,800
1,000
1,700
1,700
2,425
1,807
1,596
1,904
2,825
2,332
1,295
1.951
2.289
2,066
2,083
2,003
1,434
202
43
8,555
8.525
8,528
8,362
8,550
8,533
800
1,600
2,000
1,400
1,600
2,000
3,319
3,241
1,541
244
545
3,555
1,673
11
14
28
^""""ts that comprise Govern^nt accounts
"""'L'^kV""
unified budget concept.
Exclusive
of
banks
and
/
insurance companies.
,',ndlr''t^
under the
Corporations 21
banks
175
il
16
10
71
34
17
235
73
143
18
5
61
211
56
58
27
8
66
Dealers
and
brokers
All
other 3/
$3,457
4,158
3.707
2,952
3.679
3.494
4.074
4,823
$1,059
528
1,621
1,092
3,468
3,912
3,736
3,836
2,005
2,755
4,874
4.443
3,452
3,735
3,944
4.481
3,854
1,386
1,167
803
1,107
1.408
1,124
521
683
740
499
1,176
293
1,572
3,069
2,386
3,729
3,973
2,714
3,449
1,123
1,290
1,192
2,433
667
1,383
Included with all other investors are certain
Government deposit
accounts and Government-sponsored agencies,
formerly included with
Government accounts.
Note.— For detail of offerings
see table PDO-3.
669
621
958
556
,i
28
U.S.
SAVINGS BONDS AND NOTES
U.S. savings notes were on sale Kay 1. 1967. through June 30,
The notes were eligible for purchase by individuals with the]
simultaneous purchase of series E savings bonds.
The principal terms
conditions
for purchase and redeoption and information on Investnent'
and
yields of savings notes appear in the Treasury Bulletins of Narch 1967'
and June 1968; and the Annual Report of the Secretary of the Treasury
for fiscal year 1974.
Series EE bonds, on sale since Jan. 1, 1980, are the only savings
bonds currently sold. Series HH bonds are issued in exchange for series
Series A-D were sold fron
E and EE savings bonds and savings notes.
Series E was on sale from Hay 1,
Mar. 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,
Series H was sold from June 1, 1952, through Dec. 31. 1979.
1952.
Series KH bonds were sold for cash from Jan. 1, 1980, through Oct. 31,
1982. Series J and K were sold from Nay 1, 1952, through Apr. 30. 1957.
Table SBN-1.
-
1970.
j
Sales and Redemptions by Series, Cumulative through June 30, 1985
[In millions of dollars.
Source: Monthly Statement of the Public Debt of the
United States; Market Analysis Section, United States Savings Bonds Division]
Amount outstanding
Sales 1/
Accrued
discount
Sales plus
accrued
discount
Savings bonds:
Series A-D 2/
Series E, ft, H. and HH.
Series F and G
Series J and K
Savings notes
Total
3,949
Redemptions 1/
Interestbearing debt
Matured
non-interestbearing debt
29
U.S.
Table SBN-3.
-
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 Savings Bonds Division]
Redemptions
Sales
Accrued
discount
Sales plus
accrued
discount
Series E and EE
Fiscal years:
1941-62
1983
1984
210,222
3,952
3,907
Calendar years:
1941-82
1983
1984
1984- June
July
Aug
Sept
Oct
Nov
Dec
1 985-Jan
Feb
Mar
Apr
Hay
June
211,112
3,926
3,988
316
318
333
285
325
308
317
415
395
430
493
474
388
73,612
Exchange of
bonds for
H and HH bonds
Amount outstanding
E
Sales
price
Accrued
discount
Interestbearing debt
Matured
non-interestbearing debt
30
OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1.
-
Distribution of Federal Securities by Class of Investors and Type of Issues
[In
minions
of dollars.
Source:
Fjnanctal Management Service]
Interest-bearing public debt securi ties
End of
fiscal year
or month
Total
Federal
securities
outstanding
914.317
1980
1961
1982
1983
1984
1984- June.,
July.,
Aug...
Sept..
Oct..,
Nov..,
Dec,
1985-Jan..,
Feb..,
Har. .,
Apr..,
Hay.,,
June.,
Total
Held by U.S. Government accounts
outstanding
Nonmarketable
Public
Issues
held by
Federal
Reserve
banks
31
MARKET BID YIELDS ON TREASURY SECURITIES
Table
MBY-1. - Treasury Market
[Source:
I-yr.
Honthly average
19e4-July
Aug
Sept
Oct
Nov
Dec
1986-Jan
Feb
Mar
Apr
May
June
10.521
10.69
10.79
10.12
8.92
8.34
8.02
8.55
8.82
8.22
7.73
7.17
End of Bonth
19e4-July
Aug
Sept
Oct
Kov
Dec
1985-Jan
Feb
Mar
Apr
Hay
June
10.83
11.06
10.62
9.35
8.74
8.12
8.33
8.81
8.46
8.12
7.37
7.04
Bid Yields at Constant Maturities,
Office of Government Finance and Market Analysis
11.261
2-yr.
3-yr.
in
5-yr.
Bills,
Notes, and Bonds'
the Office of
7-yr.
the Secretary]
10-yr.
20-yr.
30-yr.
32
MARKET BID YIELDS ON TREASURY SECURITIES, JUNE
in
28,
1985
.
.
.
33
AVERAGE YIELDS OF LONG-TERM BONDS
Table AY-1.
- Average
[Source:
Treasury
20-yr.
bonds 1/
New Aa
corporate
bonds 2/
Yields of Long-Term Treasury, Corporate, and Municipal
New Aa
municipal
bonds 3/
Treasury
New Aa
New Aa
20-yr.
bonds 1/
corporate
bonds 2/
municipal
bonds 3/
Treasury
20-yr.
bonds 1/
New Aa
corporate
bonds 2/
MONTHLY SER1ES--AVERAGES OF DAILY OR WEEKLY SERIES
1977
Jan..
Feb..
Mar..
Apr.
May..
June.
July.
Aug.
Sept.
Oct..
Nov..
Dec.
Jan..
Feb..
Mar..
Apr.
May..
June.
July.
Aug.
Sept.
Oct..
Nov..
Oec.
Jan..
Feb..
Mar..
Apr.
May..
June.
July.
Aug.
Sept.
Oct..
Nov..
Dec.
7.481
Bonds
Office of Government Finance and Market Analysis in the Office of the Secretary]
New Aa
municipal
bonds 3/
Treasury
20-yr.
bonds 1/
New Aa
corporate
bonds 2/
New Aa
municipal
bonds 3/
34
AVERAGE YIELDS OF LONG-TERM BONDS
—
35
FINANCIAL OPERATIONS OF
Section
Table GA-ll-1.
-
[In thousands of dollars.
II.
GOVERNMENT AGENCIES AND FUNDS
- Federal
Credit Programs
Direct and Guaranteed Loans Outstanding, Mar. 31, 1985
Source: Schedule 3 to the SF-220
conpHed
by the Financial Management Service]
Direct loans or credit
Amount
outstanding
Agency and program
I
Maximum
authority
Wholly oMned GovemMent enterprises
U.S. dollar loans
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
Loans of predecessor agencies in liquidation
Other development programs
Overseas Private Investment Corporation
Total funds appropriated to the President
2,825,411
6,647,408
47,066
9,407
12,360
232,765
6,348,575
33,089
19,783,096
Department of Agriculture:
Commodity Credit Corporation:
Commodity loans
Loans to foreign governments and private trade entities,.,.
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 communication development fund
Farmers Home Administration:
Agricultural credit Insurance fund:
Farm ownership loans
Operating loans
Emergency loans
Economic emergency loans
Other loans
Rural development Insurance fund:
Water and waste disposal loans to associations
Community facilities loans to associations
Business and industrial development loans
Rural development loan fund:
Community services loans to individuals and cooperative
associations 1
Rural housing insurance fund:
Rural housing loans
Rural rental and cooperative housing
Labor housing loans
Self-help housing land development fund
Water conservation and utilization projects t
Total Department of Agriculture
12,665,533
9,446,690
862,184
497,424
408,320
700
18,768
265,612
365,947
246,432
81,258
9,791
330,844
80,657
1,868
4,474
158,895
61,505
84,860
126
3,721
25,617,611
Department of Commerce:
Economic Development Administration:
Loan revolving fund
Trade adjustment assistance
Drought assistance programs
International Trade Administration.
National Oceanic and Atmospheric Administration:
Coastal energy impact fund
Federal ship financing fund, fishing vessels
Fisheries loan fund
Total
355,037
192,500
375,465
503,993
588,415
9,974
89,163
~U4,942
96,061
26,656
9,927
Department of Commerce
625,138
Department of Defense:
Defense production guarantees:
Army
Navy
Operations and maintenance
Ryukyu Islands, construction of power systems
Total Department of Defense
Department of Education:
Col lege housing loans
Student loan Insurance fund
Higher education facilities loan and insurance fund
Loans to students in higher education
Other loans
Total Department of Education
,
4
857
550
4,138
5^549
2,346,793
2,841,988
364,995
4,940,653
83,220
10,577,649
355,037
Guarantees or Insurance
Amount
outstanding
Maximum
authority
36
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
Table GA-ll-1.
-
Direct and Guaranteed Loans Outstanding, Mar. 31,
1985-Con.
[In thousands of dollars]
Guarantees or Insurance
Direct loans or credit
Agency and program
I
— Wholly
Maximum
authority
Amount
outstanding
owned Govermnent enterprises
Continued
U.S. dollar loans
—
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
Other loan programs
Charges for subslstance. laundry, and health services
Community 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
Community disposal operations fund
Liquidating programs
Appalachian housing programs t
Government National Mortgage Association:
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
11,661
57,555
8,774
4,339
3,242
25,663
6,243
8,774
44,291
521,160
812
38,388
652,912
4,182,659
5,416,761
10,441,569
1,944
552
391.053
307
1,957,373
3,160
725,457
9,222
23,130,057
91,139
324,138
14,967
100.838
5.209
-
536,291
Department of Labor:
Pension Benefit Guaranty Corporation
2,341
Department of State:
Emergencies In the diplomatic and consular services
Loans to the United Nations
2,536
8,459
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
Amount
outstanding
Department of Transportation
Department of the Treasury:
New York City loan guarantees
Fishermen's protective fund
Other loans:
Greece
Hungary
Turkey
United Kingdom
Lend-lease and surplus property
Total Department of the Treasury
Environmental Protection Agency:
Puerto Rico Aquaduct and Sewer Authority
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
Investment company assistance program
Other loans
Disaster loan fund:
Financial assistance programs
Total Small Business Administration
10.995
88,214
134,130
87,816
306,631
1,289.150
748
-
1,908,669
7
11,748
77
113,694
1,920,965
1.178^650
3,225,341
7,683
183
49.527
49,710
2,306.764
195.574
104,580
235,096
388,917
47 .826
4^707,675
7.986,431
31.073
Maximum
authority
37
FINANCIAL OPERATIONS OF
GOVERNMENT AGENCIES AND FUNDS
Table GA-ll-1. - Direct and Guaranteed Loans Outstanding, Mar. 31, 1985-Con.
[In thousands of dollars]
Direct loans or credit
Agency and program
I
—Wholly
Amount
outstanding
Maximum
authority
1,193,602
169,641
37,688
42,147
53,987
1,093,544
30,265
80,285
940
466
1.193.602
owned Governaent enterprises
U.S. dollar loans Continued
—
Veterans 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
National service life insurance fund
U.S. Government life Insurance fund
Veterans special life Insurance fund
Veterans insurance and Indemnities
Other loans
Total Veterans Administration
2,702,565
Other independent agencies:
District of Columbia:
Loans for capital outlay and repayable advances
Export-Inport Bank of the United States:
Direct loans
Guaranteed loans
Federal Savings and Loan Insurance Corporation:
Loans to aid industry and homeowners
Interstate Commerce Commission:
Railroad improvement loans
National Credit Union Administration:
Share Insurance fund
Tennessee Valley Authority:
Energy resource and conservation projects
United States Railway Association:
Conrall plant modernization
1.776,063
17,264,119
1,103,725
2,879
270,172
850,939
Total other Independent agencies
21,267,697
Total budget Federal agencies
118,301,836
Off-budget Federal agencies:
Rural Electrification Administration:
Rural electrification and telephone revolving fund:
Electrical systems
Telephone systems
Rural telephone bank
Federal Financing Bank
United States Railway Association
7,836.320
2,319,801
1.349.930
147.506,944
926
Total off-budget Federal agencies
159.013,921
Total Part
277.315,757
II
1
—Wholly
owned Governnent enterprises
Loans repayable in foreign currencies
Funds appropriated to the President:
International development assistance:
Agency for International Development;
Development loan fund, liquidation account
Loans of predecessor agencies
Common defense, economic, and triangular trade loans
Other development programs
116,545
317.237
459,612
49,756
Total funds appropriated to the President
943,150
United States Information Agency
Total Part
III
834
943,984
II
—Privately
owned Governmentsponsored enterprises
Farm Credit Administration:
Banks for cooperatives
Federal intermediate credit banks
Federal land banks
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Student Loan Marketing Association
1/8,496,689
1720,377,804
T/51,216,452
~
74,690,944
11,119,900
88,348,751
4,341,464
Total Part III
258,592,004
Grand total, all parts
536,851,745
Guarantees or Insurance
Amount
outstanding
Maximum
authority
INTERNATIONAL FINANCIAL STATISTICS
The tables In this section are designed to provide data
on U.S. reserve assets and liabilities and other statistics
related to the U.S. balance of payments and International
financial posi ti on.
Table IFS-3 shows U.S. Treasury nonnarketable bonds and
notes Issued to official Institutions and other residents of
foreign countries.
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,
In exchange
Table IFS-4 presents a measure of weighted-average changes
rates between the U.S, dollar and the currencies of
certain other countries.
Table IFS-2 brings together statistics on liabilities to
foreign official institutions, and selected liabilities to all
other foreigners, which are used In the U.S. balance of payments
statistics.
Table IFS-1.
[In
End of calendar
year or month
-
U.S. Reserve Assets
minions
of dollars]
41
t
. .
.
42
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.
-
Selected U.S. Liabilities to Foreigners
[In millions of dollars]
Liabilities to foreign countries
Official
End of
ca1 endar
year or
month
Institutions
Liabilities to
other foreigners
1/
MarketOther
Ltabill- able U.S. Nonmarke t- readi ly
ties
Treasury able U.S.
marke treported bonds
Treasury
able
Liabiliby banks and
bonds and
liabili- ties to
In U.S.
notes 2/
notes
ties
banks _4/
tary 1 nNonmarke t- terna t 1 onable U.S. able U.S.
al and rereported Go v
Treasury
gional orby banks bonds
bonds and
ganizations
Total 1n U.S.
notes _6/
2/ 5/
I!
LlablH- Market-
ties
'
V
Total
Total
(1)
(21
1981
1982
1983
1984
346,585
421,624
485,470
544,058
161,236
163,885
170,103
174,805
79.126
71,647
79,875
86,065
53,185
67,733
68,514
69,029
11,791
8,750
7,250
5,800
17,134
15,755
14,464
13,921
139,527
190,701
232,054
255,712
37,414
57,509
72,189
99,321
1984-June r
July r
Aug. r
Sept.
522,900
520.504
524,326
522.470
515,960
528,377
544,058
539.030
546,677
550,650
551,572
554,580
561,677
167,349
167,745
170,943
167.303
170,232
172,432
174,805
171.119
167,719
164,140
164,982
167,963
171,687
77,628
77,707
80,416
76.683
82.606
85,430
86,065
79,972
75,894
77,675
79,947
79,789
81.395
68,982
69.160
70,528
68.560
67,709
67.107
69,029
71,557
72,879
67,601
67,004
70,470
73,019
6,600
6.600
5,800
5,800
5,800
5,800
5,800
5,800
5,300
5,300
4,900
4,500
4,500
14,139
14,278
14,199
14,259
14,117
14,095
13,921
13,790
13,646
13,564
13,132
13,204
12,773
260,279
256,104
249,970
252,214
239,518
245,887
255,712
249,328
257,681
265,555
260,848
259,710
260,946
83,668
84,315
89,669
90,744
93,617
96,419
99,321
103,002
106,759
105,885
108,391
110,242
113,466
Oct.
Nov.
Dec.
r
r
r
1985-Jan. r
Feb...
Mar...
Apr. .
Hay p.
June p
(3)
(4)
(61
(51
1/ Includes Bank for International Settlements.
T/ Derived by applying reported transactions to benchmark data.
Ty Includes debt securities of U.S. Government corporations, federally sponsored agencies, and private corporations.
4/ Includes liabilities payable In dollars to foreign banks, and
""
liabilities payable in foreign currencies to foreign banks and
to "other foreigners."
5/ Includes marketable U.S. Government bonds and notes held by
" foreign banks.
kj Includes nonmarke tabl e U.S. Government bonds and notes held by
foreign banks.
TJ Principally the International Bank for Reconstruction and
Development, the Inter-American Development Bank, and the
Asian Development Bank.
Table IFS-3.
- Nonmarketable
U.S.
Liabilities
to nonmone-
(7)
(8)
(10)
(11)
(12)
26,035
44,606
56,887
68,119
7,298
11,169
15,284
31,202
4,081
1,734
8,408
9,529
11,124
14,220
65,695
65,509
66,651
67,495
67,824
68,361
68,119
70,549
73,475
72,079
71,738
72,936
72,775
17,773
18,806
23,018
23,249
25,793
28,058
31,202
32,453
33,284
33,806
36.653
37,306
40,691
(9)
11,604
12,340
13,744
12,209
12,593
13,639
14,220
15,581
14,618
15,070
17,351
16,665
15,578
Note. --Table is based on Treasury Department data and on dat
reported to the Treasury Department by banks and brokers in th
United States.
Data correspond generally to statistics following 1n this
section and in the "Capital Movements" section, except for the
inclusion of investments by foreign official reserve agencies
in debt securities of U.S. federally sponsored agencies and
U.S. corporations.
Table excludes International Monetary
Fund "holdings of dollars" and holdings of U.S. Treasury
letters of credit and nonnegot abl e noni nteres t-bear ng
special U.S. notes held by other international and regional
organizations.
1
1
Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries
[In millions of dollars or dollar equivalent]
Payable in dollars
End of calendar
year or month
1982
1983
1984
Grand
total
Total
(1)
(2)
0,484
1984-July.
Aug.
Sept.
Oct..
Nov..
Dec.
1985-Jan.
Feb..
Mar. .
Apr . .
May..
June.
July.
Germany
Payable in foreign currencies
Swi tzer land
(4)
Total
Germany
(5)
(61
_1^/
Switzerland^/
(7)
.
a
;
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. do ll _rl _ vis-a-vi
/
End of calendar
year or month
Currencies of
OECD countries
s
Currencies of 46 main
trading countries 3/
21
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
-16.0
-10.9
-10.3
-14.6
-21.5
-18.4
-15.0
-3.4
+9.2
+41.9
-1.0
-1.0
-4.1
+6.6
+21.3
+58.9
+141.2
+446.4
+1,853.3
1984-July...
Aug...
Sept...
Oct
Nov
+33.7
+33.0
+37.2
+37.7
+39.8
+41,9
+43.4
+49.5
+44.9
+46.2
+46.8
+44.9
+39.3
+977.3
+1.098.2
+1,267.6
+1.513.5
+1.690.7
+1.853.3
+2.023.3
+2,253.3
+2,476.5
+2.801.1
+3,088.2
+3,385.1
+3,944.7
+ 21.8
Dec...
1985-Jan
Feb
Mar
Apr..,,
Hay
June p.
July p.
\J
-9.6
-4.6
Equation two is used to calculate a trade-weighted average of changes in
the foreign exchange cost of dollars:
This table presents calculations of weight ed average percentage changes in
the rates of exchange between the dollar aind certain foreign currencies, in
order to provide a measure of changes in t he dollar's general foreign
exchange value broader than a measure prov i ded by any single exchange rate
change.
Calculations are provided for two sets of countries that account
for a major share of U.S. foreign trade.
U.S. bilateral trade patterns in
1972 are used as a convenient, readily ^s^ liable proxy for the assignment
of relative weights to individual exchange rate changes, although such
weights do not provide a full measure of i ndi vi dual currencies' relative
importance in U.S. international transact! ons because they take no account
of factors other than trade.
The calculat ions do not purport to represent
a guide to measuring the impact of exchang e rate changes on U.S.
international transactions.
(E02)
X^/EX is U.S. exports to country i, as
proportion of total U.S. exports to
all countries in the set.
a
Equation three combines the above export-weighted and import-weighted
averages to provide an overall measure of exchange rate change:
The equations used are as follows:
(E03)
Equation one is used to calculate a trade-weighted average of changes
the dollar cost of foreign currencies;
En,
=
Where:
E
=
Where:
E(a$/fCi * Mi/EM)
[{E^
*
m/m+x)*(-l)]
*
[E^ * x/m+x]
m/m+x is U.S. imports as a proportion
of its total trade with all countries in
the set; and
x/m+x is U.S. exports as a proportion of
its total trade with all countries in the
E_ is the weighted average of percentage
changes in the dollar cost of individual
foreign currencies;
set.
Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France,
Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and United
Kingdom.
The currencies of 46 IMF member countries which account for approximately
90 percent of U.S. total trade.
21 Australia,
A$/fc^ is the percent change in the dollar
cost of foreign currency 1; and
~
M./IM is U.S. imports from country
as
proportion of total U.S. imports from
all countries in the set.
_3/
i,
a
E„ is the weighted average of percentage
changes in the foreign currency cost of
dol lars
AfCj/$ is the percent change in the
foreign currency i cost of dollars; and
Exchange rate data used in constructing the indices reported here differ
somewhat from those used in earlier calculations to more accurately reflect
end-of-period currency values.
(EOl)
=i:(Afc,-/$ * x^/rx)
E^
Where:
44
CAPITAL
MOVEMENTS
INTRODUCTION
Background
Data relating to capital moven»ents between the United States and foreign
Reports are filed with
countries have been collected in some form since 1935,
district Federal Reserve banks by commercial banks, bank holding companies,
securities brokers and dealers, and nonbanking enterprises in the United
Statistics on the principal types of data by country or geographical
States,
area are then consolidated and are published in the Treasury Bulletin.
The reporting forms and instructions 1/ used in the Treasury International Capital (TIC) Reporting System have "Been revised a number of times to
meet changing conditions and to increase the usefulness of the published
The
ine most recent, genera
general revision or
of tne
the report Torms
statistics.
siacisncs,
forms De
became
effective with the banking reports as of Apri 1 30, 1978, and with the
nonbanking reports as of December 31, 1978,
Revised forms and instructions
ions
are developed with the cooperation of other Government agencies and the
Federal Reserve System and in consultations with representatives of banks,
securities firms, and nonbanking enterprises.
r
Basic Definitions
The term "foreigner" as used in the Treasury reports covers all institutions and individual s domici led outside the United States, including U,S,
citizens domiciled abroad, and the foreign branches, subsidiaries, and other
affi liates
abroad
of
U.S.
banks
and
business
concerns;
the
central
governments,
central
banks,
and other official
institutions of foreign
countries, wherever located; and international and regional organizations,
wherever located.
The term "foreigner" also includes persons in the United
States to the extent that they are known by reporting insti tutions to be
acting on behalf of foreigners.
In general, data are reported opposite the foreign country or geographarea in which the foreigner is domiciled, as shown on the records of
reporting institutions.
For a number of reasons, the geographical breakdown
of the reported data may not in all cases reflect the ultimate ownership of
the assets.
Reporting institutions are not expected to go beyond the addresses shown on their records, and so may not be aware of the country of
domicile of the ultimate beneficiary.
Furthermore, U.S. liabilities arising
from deposits of dollars with foreign banks &rG reported in the Treasury
statistics as liabilities to foreign banks,
whereas the liability of the
foreign bank receiving the deposit may be to foreign official institutions or
to residents of another country.
ical
Data pertaining to branches or agencies of foreign official institutions
are reported opposite the country to which the official institution belongs.
Data pertaining to international and regional organizations are reported
opposite the appropriate international or regional classification except for
the Bank for International Settlements which is included in the classification
"Other Europe."
Reporting Coverage
Reports are required from banks, bank holding companies. International
Banking Facilities (IBF's), securities brokers and dealers, and nonbanking
enterprises in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and
nonbanking firms.
Entitles that have reportable liabilities, claims, or
securities transactions below specified exemption levels ^re exempt from
reporting.
Banks and some brokers and dealers file monthly reports covering their
dollar liabilities to, and dollar claims on, foreigners in a number of countries.
Twice a year, as of June 30 and December 31, they also report the same
liabilities and claims items with respect to foreigners in countries not shown
separately on the monthly reports.
Beginning with reports due as of June 30,
1978, quarterly reports are filed with respect to liabilities and claims denominated in foreign currencies vi s -a -vi s foreigners.
Effective January 31,
1984, the specified exemption level applicable to the monthly and quarterly
banking reports was rai sed from $10 million to $15 mi 11 ion.
There is no
separate exemption level for the semiannual reports.
Banks, securities brokers and dealers, and in some instances nonbanking
enterprises report monthly their transactions in securities with foreigners;
the applicable exemption level is $500,000 on the grand total of purchases and
on the grand total of sales during the month covered by the report.
Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial insti tutions other than banks and brokers, and
other nonbanking enterprises if their liabilities to, or claims on, unaffiliated foreigners exceed a specified exemption level on a two quarter-end
average basis.
Effective March 31, 1982, this exemption level was set at $10
million, up from $2 mi 11 ion.
Nonbanking enterprises also report for each
monthend their U.S. dollar-denominated deposit and certificates of deposit
claims of $10 million or more on banks abroad.
Description of Statistics
Section
brokers, and
11
presents data on liabilities to foreigners reported by banks,
dealers in the United States,
Beginning April 1978, the fol-
I
Copies of the reporting forms and instructions may be obtained from the
Office of Data Management, Office of the Assistant Secretary for International
Affairs, Department of the Treasury, Washington, D.C. 20220, or from district
Federal Reserve banks.
lowing major changes were made in the reporting coverage: Amounts due to
banks
own foreign offices are reported separately; a previous distinction
between short-term and long-term liabilities was eliminated; a separation was
provided of the liabilities of the respondents themselves from their custody
liabilities to foreigners; and foreign currency liabilities are only available
quarterly. Also, beginning April 1978, the data on liabilities were made more
complete by extending to securities brokers and dealers the requirement to
report certain of their own liabilities and all of their custody liabilities
to foreigners.
Section II presents the claims on foreigners reported by banks in the
United States.
Beginning with data reported as of the end of April 1978, a
distinction was made between banks' claims held for their own account and
claims held for their domestic customers.
The former are avai lable in a
monthly series whereas the latter data are collected on a quarterly basis
only.
Also, the distinction in reporting of long-term and short-term comMaturity data began to be
ponents of
banks' claims was discontinued.
collected quarterly on a time remaining to maturity basis as opposed to the
historic original maturity classification.
Foreign currency claims are also
collected on a quarterly basis only.
Beginning March 1981, this claims
coverage was extended to certain items in the hands of brokers and dealers in
the United States.
Another important change in the claims reporting, beginning with new
quarterly data as of June 30, 1978, was the adoption of a broadened concept of
"foreign public borrower," which replaced the previous category of "foreign
official institution" to produce more meaningful information on lending to the
public sector of foreign countries.
The term "foreign public borrower" encompasses central governments and departments of central governments of foreign
countries and of their possessions; foreign central
banks, stabi lization
funds, and exchange authorities; corporations and other agencies of central
governments, including development banks, development institutions, and other
agencies which are majority-owned by the central government or its departments; State, provincial, and local governments of foreign countries and their
departments and agencies; and any international or regional organization or
subordinate or affi liated agency thereof, created by treaty or convention
between sovereign states.
Section III includes supplementary statistics on U,5, banks' liabilities
and claims on, foreigners.
The supplementary data on banks' loans and
credits to nonbank foreigners combine selected information from the TIC
reports with data from the monthly Federal Reserve 2502 reports submitted for
major foreign branches of U.S. banks. Other supplementary data on U.S. banks'
dollar liabilities to, and banks' own dollar claims on, countries not regularly reported separately are available semiannually in the May and November
issues of the Treasury Bulletin.
to,
Section
shows the 1 iabi lities
and claims on,
unaffiliated
IV
to,
foreigners by exporters,
importers,
industrial and commercial
concerns,
financial institutions other than banks and brokers, and other nonbanking
enterprises in the United States.
The data exclude the intercompany accounts
of nonbanking enterprises in the Uni ted States with their own branches and
subsidiaries abroad or with their foreign parent companies.
{Such transactions are reported by business enterprises to the Department of Commerce on
its direct investment forms,)
The data also exclude claims held through banks
in the United States.
Beginning with data reported as of December 31, 1978,
financial
iabi lities and claims of reporting enterprises are distinct from
their commercial 1 iabi lities and claims; and i tems are col lee ted on a time
remaining to maturity basis instead of the original maturity basis used
previously.
1
Section V contains data on transactions in all types of long-term domestic and foreign securities by foreigners as reported by banks and brokers in
the United States (except nonmarketable U.S. Treasury notes, foreign series;
and nonmarketable U.S, Treasury bonds and notes, foreign currency series,
which are shown in the "International Financial Stati sties" section, table
IFS-3).
The data cover new issues of securities, transactions in outstanding
They include transactions executed in
issues, and redemptions of securities.
the United States for the account of foreigners, and transactions executed
abroad for the account of reporting institutions and their domestic cusThe data include some transactions which are classified as direct
tomers.
investments in the balance of payments accounts.
The geographical breakdown of the data on securities transactions shows
the country of domicile of the foreign buyers and sellers of the securities;
in the case of outstanding issues, this may differ from the country of the
The gross figures contain some offsetting transactions
original issuer.
between foreigners.
The net figures for total transactions represent transactions by foreigners with U.S. residents; but the net figures for transactions of individual countries and areas may include some transactions
between foreigners of different countries.
The data published in these sections do not cover all types of reported
The princapital movements between the United States and foreign countries.
cipal exclusions are the intercompany capital transactions of nonbanking
business enterpri ses in the Uni ted States with their own branches and
subsidiaries abroad or with their foreign parent companies, and capital transConsolidated data on all types of interactions of the U.S. Government.
national capital transactions are published by the Department of Commerce in
its regular reports on the U.S. balance of payments.
45
CAPITAL
Section
I.
—
Liabilities to
Table
MOVEMENTS
Foreigners Reported by Banks
CM-l-1. -
Total Liabilities by
in
the United States
Type of Holder
[In millions of dollars]
Forel gn countri es
End of
Interna ti ona
regional 2/
1
and
Memoranda
46
CAPITAL
Table
CM-l-2. -
MOVEMENTS
Total Liabilities by Type, Payable
Part A
—
Foreign Countries
[In millions of dollars]
in
Dollars
1
47
CAPITAL MOVEMENTS
Table
CM-l-3. -
[PoslHon
at end of
Total Liabilities by Country
period in mtnions of dollars]
Calendar year
Apr.
Europe;
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portuga
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Otlier Europe
1
Europe
Total
522
2,6g8
590
3,193
115
46
23
50
44
481
532
9.657
486
434
12,842
16
514
752
8.227
155
135
190
5.491
537
14g
5.704
3,638
1,571
3,799
522
3,719
58
404
91
1,418
1,392
29,355
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malay si a
Pakistan
Philippines
Singapore
Syria
Thailand
01
-exporting countries^/
Other Asia
.T.
Total
Asia
Africa:
Egypt
Ghana
Li
beri
585
7,413
602
7,348
119,766
140,497
155,662
3,729
44,990
1,717
2.016
26.746
1.628
2.598
9
455
670
127
8,607
3.630
4,828
1.148
425
761
8,678
2,874
204
2,762
4,790
434
857
608
16,391
1,694
238
326
309
770
5,363
35
629
13,500
578
49,488
81
295
23
1.281
685
3,134
Total other countries....
foreign countries..
Total international
and regional
Grand total
79
499
7,022
Australia
All other
Total
2,090
1,680
31,350
69,946
Other countries:
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
32,529
52
65
65
562
51
Total Africa
608
160
1,609
1,806
471
286
Morocco
South Africa
Zaire
01 l-exporting countries 2/
Other Africa
T.
86
381
61.537
432
a
11,020
5,040
1,553
50
Total Latin America
and Carl bbean
Asia:
China:
Mai nland
8,632
4,438
1,683
297
Latin America and Caribbean:
Brazil
British West Indie
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
148
702
138
49,094
Canada
Argentina
Bahamas
Bermuda
617
4,424
4,049
71
541
254
16
15
48
CAPITAL MOVEMENTS
Table
CM-l-4.
Total Liabilities by Type and Country, as of June 30, 1985, Preliminary
[Posltton In minions of dollars]
Tout liabilities
Liabilities payable In dollars
Liabilities to
other foreigners
To foreign official
Institutions and
unaffiliated foreign banks
Totals
Payable
Payable
In
Banks'
Custody
foreign own Ifa- llabllcurren- bllUles Itles
cles 1/
^n
dollars
Deposits
Time
V
*"
iiL
Europe:
Austrta
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
July
,
,
,
,
564
226
9.134
117
2.445
534
246
162
99
189
IS
40
2
3.095
157.054 153.771
3.283 105.391
48.380
5.396
26.430
32.246
2.515
278
2.597
1.484
325
35
10
8«
149
118
118
4,370
4,D03
367
607
249
605
249
9,276
4,378
1,397
3
5.092
152
176
62
635
82
2,015
2.277
29.554
631
70,938
15.875
4.715
1.559
71
3
5,142
3,141
267
4.134
1.237
1.130
57
611
24
71
11
1,837
576
178
1.701
21,107
8.448
626
62.840
620
3
13.361
5
6
8.098
11
(9)
699
31
13,
498
I
5
719
3.140
28
727
16.495
Latin America and Caribbean:
Argentina
Bahamas
Bernuda
Brazil
British West Indies..
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles.
Panama
Peru
Trinidad and Tobago.,
Uruguay
Venezuela
Other Latin America
and Caribbean
2
31
28
761
335
29.860
632
72,467
Canada
73
25
(8)
729
6.235
76
18
1
4
4,525
1,388
378
3.077
35
311
103
77
60
2.552
14
22
104
13
3,640
1,108
892
1.665
401
294
934
91
1.133
1.275
12
35
44
1
214
123
1.552
139
1
6
160
1.
29
120
293
46
1.616
77
59
93
1.657
15.352
14.256
148
1.724
randuffi
Other
Shortterm U.S. llabllTlme Z/ Treasury
Itles
obligations
Deposits
banks'
own
foreign
offices
Memo-
all
'
127
1.337
31
76
1.405
62
641
82
2,021
2.281
Total Europe
149
882
730
6.252
563
4,g88
9,428
4,554
Netherlands
Nornay
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
414
4.107
Other
Shortterm U.S. Habll'
Treasury Itles
obligations
69
233
67
20
128
64
386
53
455
60
129
290
120
115
39
55
11
192
150
645
170
1.790
18
60
76
580
5,486
U.ggs
Liabilities to
67
154
107
5.606
139
8.976
5
13
1.388
268
2
9
123
43
282
223
1
1
109
102
37
3
99
59
325
202
28
130
69
17
1
1
8
29
338
1
2
1.019
2.989
104
29
135
126
6
40.295
431
181
149
34
47
24
34
3
2.645
49
494
469
160
5
3
2
3
157
3
18
3.390
331
43
16
156
24.576
52.120
2.658
6.254
1.058
3.406
1.510
5
5
1.846
2.243
291
Negotiable
CD's
held
for all
foreigners
1
:
49
CAPITAL MOVEMENTS
Section
II.
- Claims
on Foreigners Reported by Banks
CM-ll-1. -
Table
in
the United States
Total Claims by Type
[Position at end of period in minions of dollars]
Ca endar
year
1982
Sept.
Se
Type of claim
Total
claims
Payable In dollars
Banks' oun claims on foreigners...
Foreign public borrowers
Unaffiliated foreign banks:
Deposits
Other
Own foreign offices
All
other foreigners
Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable Instruments
Collections and other
Payable In foreign currencies
Banks' own claims on foreigners...
Claims of banks' domestic
customers
Memoranda
Claims reported by IBF's 1/
Payable in dollars
T
Payable In foreign currencies
Customer liability on acceptances
Claims with remaining
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners
Claims with remaining
maturity of more than 1 year:
On foreign public borrowers
On all other unaffiliated
foreigners
1/
""
404,398
424,892
434,505
396,015
416,177
426,215
355,705
45,422
380,080
54,512
391,312
57,569
44,223
77,153
127,293
61,614
48,928
74,043
140,472
62,126
47,126
76,711
146,393
63,514
40,310
2,491
36,097
2,654
34.903
2,969
30,763
7,056
27,550
5,892
26,064
5,870
8,383
7,707
8,715
7,998
8,290
676
717
1,059
144,598
140,744
3,854
167,730
163,803
3,927
172,089
168,184
3,905
38,153
34,564
37,715
7,231
22,285
26,187
25,048
151,895
152,014
152,315
23,137
28,325
32,521
31,095
33,083
35,036
Establishment of International Banking Facilities (IBF's) permitted
beginning December 1981.
435,
p t
,r
Ha
r
.
p
50
CAPITAL
Table CM-ll-2.
-
MOVEMENTS
Total Claims by Country
[Position at end of period in millions of dollars]
Calendar
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portuga 1
Romania
Spa1
n
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Europe
Total
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Ameri ca
and Caribbean
1
Total Latin America
and Caribbean
Asia:
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oi 1 -exporting countries 1/
Other Asia
T.
Total Asia
Africa:
Egypt
Ghana
Li
beri
a
Morocco
South Africa
Zaire
Oil-exporting countries 21
Other Africa
T.
Total Africa
Other countries:
Australia
Al 1 other
Total other countries,...
Total
foreign countries..
International and regional:
International
European regional
Latin American regional..,
Asian regional
African regional
Middle Eastern regional...
Total 1 nternational
and regional
Grand total
1
51
CAPITAL MOVEMENTS
Table
CM-ll-3
Total Claims on Foreigners by Type and Country
Reported
Banks
by
in the United States, as of Mar. 31,
1985
[Position at end of period In nnitons of dollars]
Claims of banks'
domestic custome
Reporting banks' own claims
Memorandum
Country
Total
banks'
Total
claims
Europe;
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Oenmark
''"'"1"
fnnce
German Oemocratic Republic.
Total Europe
^'"'ll'
355
3.875
39
37
j^^
36
34
580
865
10.542
256
1.710
852
864
9.260
1.455
625
819
7.743
234
653
887
865
9.482
1.951
763
183
1.202
'"l"*"?''
United Kingdom
"•S-S.R
Yugoslavia
Other Europe
522
5,627
41
40
257
Romania
Spain
Switzerland
529
5,720
2.060
"*'!'
T"key
13)
788
Netherlands
""""Sy
'I'^hH
S'tiert
i
claims
(2)
1.148
11.749
Cei""any
''"S":^
"""S'l-y
Claims on
foreign public
borrowers and
unaf f
iated
foreigners
181
1.195
5I
35
32
3.271
2,796
2.200
1.309
78.972
3.056
2.368
2,047
i.2g8
61.077
244
1.809
703
203
1.794
587
2.779
2.328
880
1.095
32.626
203
1,682
129.019
107.34;
24.150
20.018
Argentina
Bahamas
Bermuda
11.347
59,223
11.195
57.963
468
Brazil
465
26.624
38.061
6,946
3.395
26,289
37.189
6.890
3.313
562
68.332
British West Indies
">"'
Colombia
Cuba
Ecuador
Guatemala
Jamaica.,
"««•'"
Netherlands Antilles
''4na'"4
'=;":•
Trinidad and Tobago.
l'r"9"4y
•'"f"!'
Other Latin America
and Caribbean
Total Latin America
and Caribbean
2
*
2,529
2,477
168
251
154
33,859
1,350
7,183
2.370
233
33,679
1
272
7',157
2,348
2II
190
1.033
11.127
1,019
10.989
2
115
1
953
208.261
204.776
575
550
1.972
7.568
295
388
1.955
29.832
5.375
Asia:
China;
"Finland
'4i"an
Hong Kong
"''»
Indonesia
'"»'1
"P"''"ea
Lebanon
"«'4>s<4
'•J'?«'"
Philippine
Singapore
Sy'
IJ?"""":
"<''" «sia
To'4l
«sla
Africa:
EjyP'
Ghana
'-"eria
'""'°":o
South Africa
^"'»
Other Africa
Total Africa
2.154
7.602
322
920
2.059
32.475
g.5g7
57
53
737
190
2,461
720
2,445
4,758
4732
187
45
35
1.062
5,752
1,055
5.283
70.967
67.046
721
24
685
509
603
505
586
2.558
2.483
62
23
24
2.273
2.016
6.751
6,322
3.1,9
2.887
Other countries:
^''ilratla
»" ""'T
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
772
737
3,971
3.524
443.116
409.135
347
129
28
325
52
26
*
.
*
*
505
403
443,623
409.538
10
foreign
offices
claims
payable
in foreign
currencies
(51
784
793
7.462
792
620
175
1.186
Latin America and Caribbean;
Total
129
2
ances
(6)
(8)
5
3
179
47
468
1.696
283
1.205
501
11
638
3
71
549
118
1.207
2
2
125
50
138
350
330
2.004
222
486
138
134
105
211
35
1
7
13
199
14
25
1,041
127
127
.695
25,756
(7)
dollars
38
10
77
in
Total
103
419
1,249
555
Payable
on accept-
115
539
1,358
2,298
ustomer
liability
C
1.506
1.448
47
178
1.826
214
428
148
10
17.802
98
111
1
46
15
114
foreign
currenci es
52
CAPITAL IVIOVEhflENTS
]
Section
III.
-
Supplementary
Table
Liabilities
CM —
III
— 1. —
and Claims Data Reported by Banks
Dollar Claims
[Position at end of period
In
In
the United States
on Nonbank Foreigners
millions of dollars]
Oollar claims of U.S. offices
dollar
claims on nonbank foreigners
U.S. -based
U.S. agencies
and branches of
banks
foreign banks
Total
End of calendar
year or month
(1)
1980
1981
1982
1983
1984-Hay
r
June r
July r
Aug. r
Sept.r
Oct. r
Nov.
Dec.
r
r
1985-Jan
Feb
Mar
Apr.
May
_!_/
2/
p
p
(2)
(3)
_1^/
Do liar claims of
U.S. -based banks^i
major foreign
branches 2/
'
(4)
136,912
165,730
186.923
199,950
28,751
43,656
64,543
76,113
28,653
28,
36,645
42,493
44,970
79.508
85,429
79,887
78,867
194,439
195,762
196,286
192,802
192,194
192,148
191,624
190,716
187,560
188,564
187.802
186,243
185,570
74,380
75,245
75,954
75,261
75,209
75,675
75,182
74,944
73,609
74,728
74,254
73,577
72,320
44,271
44,971
45.458
43,780
44,403
43,484
43,887
43,620
42,265
42,587
42,566
41,932
42,736
75,788
75,546
74,874
73,761
72,582
72,989
72,555
72,152
71,686
71,249
70,982
70,734
70,514
Beginning December 1981, includes International Banking Facilities (IBF's)
established by foreign-based banks,
Federal Reserve Board data.
:::
53
CAPITAL
Section
IV.
-
Liabilities to,
MOVEMENTS
and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table
CM-IV-1. -
Total Liabilities and Claims by
in
the United States
Type
[Position at end of period in millions of dollars]
yea
Sept.
r
Dec.
Ma r.
28,808
25,195
rype of liability or claim
Total
liabilities
Payable in dollars
Financial
Commercia 1
Trade payables
Advance receipts and other
Payable in foreign currencies
Financial
Commerc i a
Trade payables
Advance receipts and other
1
Total
claims
Payable in dollars
Financial:
Deposits
Other
Commercl a 1
Trade receivables
Advance payments and other
Payable in foreign currencies
Financial
Deposits
Other
Commerci al
Trade receivables
Advance payments and other
;
28,618
24.909
9,499
27,512
25,215
29,551
34,248
30,7 38
p
1
54
CAPITAL MOVEMENTS
Table
CM-IV-2. -
Total Liabilities by Country
[Position at end of period in millions of dollars]
Calendar year
Sept.
Europe:
Austria
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spai
n
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
46
59
71
65
569
542
557
364
468
404
462
519
1
1
1
1
1
1
3
1
4
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Europe
Mar,
26
1
1
2
2
2
2
34
27
20
20
7B
28
161
33
165
37
33
241
53
317
909
1,282
1.280
1,444
1,425
1,340
1,433
3
2
6
36
941
44
1,073
1,079
1,107
994
30
29
34
25
11
2
1
5
1,261
1,036
41
10
37
9
1
4
4
2
1
1
409
900
439
968
483
1,058
500
460
860
492
833
486
824
29
73
114
512
857
162
170
155
182
1
935
23
929
22
797
130
5
2
2
55
52
94
16
6
5
5
4
2
127
68
99
114
81
108
118
1,139
79
137
80
727
91
250
179
853
52
135
73
111
116
114
1,118
809
109
113
120
754
1,159
3
3
101
109
919
2
826
Brazi
1
Cuba
Ecuador
Guatemala
Jama ca
Mexi CO
5
5
15
13
9
9
7
24
7
4,445
4,128
3,571
4,688
4,891
4,596
4.470
3,681
13
107
25
12
23
29
14
21
27
3
6
4
6
3
1
22
24
10
22
9
13
32
21
21
18
51
123
973
125
1,281
91
84
51
84
70
87
920
753
74
89
131
88
80
76
1,432
210
3,659
76
135
105
56
,607
121
101
1,431
127
159
1,487
1,243
2,667
4.551
,258
2,136
46
54
,059
43
1,024
30
39
57
44
41
41
33
98
125
119
124
133
166
22
19
30
23
10
24
22
36
25
28
67
443
274
557
208
158
798
925
131
50
127
124
61
963
128
114
55
5
7
32
23
28
901
142
73
56
12
10
758
36
26
32
167
265
100
106
203
159
3
i
465
Netherlands Antilles
139
307
42
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
49
4
137
28
805
126
36
15
121
52
23
29
17
12
6
13
400
374
756
556
681
755
26
22
40
185
73
216
185
117
159
166
51
286
223
240
24
53
1,886
165
160
1,941
28
137
187
88
33
221
139
147
35
168
74
53
8
7
10
Total Latin America
and Caribbean
Asia:
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israe
Japan
Korea
Lebanon
Mai aysia
Pakistan
93
32
Philippines
Singapore
Syri
a
Thailand
Oi -exporting countries
Other Asia
Total
2,145
356
2,237
2,248
227
304
378
420
3
4
6
5
5
5
4
37
29
61
86
138
139
86
10
53
53
42
39
30
41
55
12
58
64
14
10
29
55
50
36
244
302
349
350
376
356
1
1
2
4
3
18
46
37
38
78
71
69
10
48
76
8,136
7.083
5,672
4.348
3,906
4,370
2,508
,519
76
73
4
_2/
Af ri ca
Other countries:
Austral i a
Al 1 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
143
242
32
191
184
60
252
37
2
Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa
Total
1/
150
223
255
2.514
267
126
1.445
199
1
1
5,132
10,683
British West Indies
Chile
Colombia
436
864
155
3
214
2
39
342
1,277
23
52
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
336
11
86
33
29
85
85
10,359
9,183
,073
7,975
B.451
58
17
160
17
10
35
98
15
3
2
34
201
21
14
12
245
147
129
4
7
B
151
20
518
345
277
42
167
46
244
217
51
34
55
49
1
1
10
251
66
250
,377
499
2
p
1:
55
CAPITAL MOVEMENTS
Table
Mar. 31, 1985, Preliminary
Total Liabilities by Type and Country, as of
CM-IV-3. -
[Position at end of period in millions of dollars]
Financial
liabilities
Commerci a
ties
1 iabi
1
Total
1
liabilities
1
Payable
Payable
1
In dol lars
Total
n
f
Orel gn
currencies
C2)
Europe
Austria
Belglum-Luxefnbourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
:
Europe
Total
Canada
7
5
298
295
89
89
792
20
37
39
39
342
1,277
876
36
10
994
441
436
B64
155
83
10
253
401
26
219
553
27
29
391
272
110
25
11
25
11
45
18
592
563
45
45
1
1
2
2
109
109
113
120
754
42
5
37
71
521
227
294
120
233
2,847
2,508
339
734
7
7
3,581
1
1
18
51
18
51
^
__
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemal a
Jamai ca
Mexico
21
17
79
1
*
13
3
2
25
89
21
145
28
654
2S
89
47
124
1
28
4
2
5
6
395
3
398
71
25
96
2,606
131
163
178
32
211
Taiwa n
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
232
2,176
528
20
20
1
I
935
268
131
163
158
31
211
232
,241
260
519
268
4
4
48
50
48
50
Malaysia
Stan
16
16
ppi nes
Asia
2
29
1,441
680
136
Mainland
Total
15
11
112
101
3
2
Asia:
China:
1
52
836
«
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.^
Total Latin America and Caribbean_
Singapore
Syria
Thailand
Other Asia
52
853
13
Peru
Pa k1
67
864
122
130
1,511
18
81
Netherlands Antilles
Panama
Phi
26
336
244
353
2
2
102
2,88
102
_
_
3.005
5.76
7,231
Af ri ca
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
Total Africa
2
2
2
164
176
,
,
Other countries:
Austral la
All other
Total other countries
Total
2
592
60
602
60
14.072
foreign countries
International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total
373
45
international and regional.
Grand total
Less than S500,000.
25.195
1,751
1
n
1
1
56
CAPITAL MOVEMENTS
CM-IV-4. -
Table
Total Claims by Country
[Position at end of period 1n mllltons of dollars]
Calendar year
Europe:
Austria
49
277
166
27
173
203
20
179
143
6
5
8
2
3
2
3
5
3
4
3
53
46
65
43
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
47
24
52
153
3
9
U
65
97
13
46
50
38
53
36
90
1.427
1.061
608
584
558
557
9
15
5
7
5
5
20
829
786
535
508
508
608
558
598
90
104
13
51
13
130
121
76
120
8
4
5
60
10
898
465
447
426
405
415
342
528
463
479
364
111
35
67
130
30
69
127
12
68
112
23
61
113
27
49
524
405
117
21
12
9
9
9
6
9
462
267
131
467
259
247
98
451
38
.438
48
199
104
311
202
93
353
49
5,864
196
105
337
58
5,784
54
39
e
97
29
96
2S
Spal
15
63
79
780
369
Italy
Netherlands
Norway
Poland
Portugal
Romania
Total
378
58
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
348
137
52
69
424
208
407
87
5.916
39
35
36
4,531
4,876
6,590
63
67
64
38
289
3.498
243
957
2.789
223
3,661
698
3,982
140
3,300
292
320
3,267
145
139
122
167
79
182
10
11
1
1
106
123
67
57
92
106
48
231
548
95
355
554
e
16
49
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British Hest Indies
Chile
Col ombia
Cuba
Ecuador
Guatemala
Jamal ca
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
241
129
125
133
137
130
4,753
3,962
218
444
4,932
3,259
100
393
4,402
3.396
3,276
92
97
206
176
7
77
53
292
545
4,170
Israel
Total
Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa
Total
87
19
12
88
23
13
85
28
18
96
28
10
216
89
547
572
490
406
398
366
461
422
343
334
22
39
foreign countries.
._
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total international
and regional
Grand tota
60
256
182
83
457
230
1,610
152
117
301
20
123
16
129
174
7
9
48
198
175
78
195
260
1,200
255
24
36
18
1,410
282
38
221
123
51
132
306
1,499
273
43
19
108
242
113
119
9
8
8
58
741
73
48
707
75
45
79
54
942
77
46
766
83
179
54
179
183
65
174
321
22
12
373
314
27
52
19
68
845
14
other countries....
12
0^604
6
Total
30
197
19
229
32
181
Total
799
25
23
220
98
Africa
827
1.023
26
109
Other countries:
Austral 1a
Al 1 other
70
55
86
370
._
_2^/
75
54
90
1,175
18
47
30
Singapore
Syria
Thailand
01 -exporti ng countries 1/
Other Asia
T._
99
178
1
48
190
342
Paki Stan
Phil Ippi nes
103
171
2
1,049
1,335
108
304
117
210
1,242
Japan
Korea
Lebanon
Malaysia
93
175
72
48
86
62
274
177
132
352
Indonesia
3,912
81
56
90
^
Mainland
121
314
4,498
84
112
1,311
121
599
119
43
Asia:
China:
Ta Iwan
Hong Kong
India
93
304
12
78
94
36
10
331
57
CAPITAL
Table CM-IV-5.
-
MOVEMENTS
Total Claims by Type and Country, as of Mar. 31,
1985
[Position at end of period In millions of dollarsl
Financia
claims
1
Total
Total
Country
claims
Europe:
Austria
Denomi na ted
Oenomi na ted
In dollars
In foreign
currencies
20
176
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary
4
t
4
65
3
2
1
62
51
20
86
20
80
*
31
6
375
29
359
461
30
1
1
635
276
197
28
72
49
20
72
49
79
27
26
4
424
417
103
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
4
396
345
54
6
6
8
6
3
3
164
19
103
299
19
57
5.773
46
12
.901
14
19
45
12
.669
*
144
64
1
253
6
*
45
212
872
27
97
24
27
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indie
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
107
2,965
200
307
3.647
63
Latin America and Caribbean
25
2.953
33
98
3.641
16
71
4S
54
25
14
36
24
694
201
46
20
25
250
44
19
9
*
I
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.^
Total
25
,956
36
96
.641
16
17
141
Netherlands Antilles
Panama
8
5
14
35
200
20
25
S
4
Mainland
2
1
1
295
277
102
96
58
90
44
9.235
7.255
79
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
Total Asia
172
1
240
48
89
115
other countries
foreign countries
114
457
194
9
9
10
46
10
46
11
64
161
5
38
787
._
International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total
International and regional.
Grand total
15
509
168
137
26
1
*
6
1
13
*
149
16
Total Africa
Total
15
114
218
1.662
Other countries:
Australia
All other
Total
2
43
30
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
1
9
Asia:
China:
Taiwan
Hong Kong
India
Commercia
claims
20
149
4
Italy
Total
financial
claims
5
21
6
1
58
CAPITAL
Section
V.
—
Transactions
Table
in
Long-Term Securities by Foreigners Reported by Banks and Brokers
CM-V-1. -
[In millions of dollars;
MOVEMENTS
Foreign Purchases and Sales of Long-Term Domestic
negative figures Indicate net sales by foreigners or
a
net outflow of capital
Gov't corporations
and federally sponsored
agenc 1 e s
Marketable Treasury bonds and notes
the United States
from the United States]
Corporate and other securities
U.S.
Net foreign purchases
in
Securities by Type
Bonds
Stocks
II
foreign countries
Offi-
Calendar
year
or month
Total
(1)
1981
InternaOther
tional
instiforand retutlons eigners gional
cial
(2)
(3)
(4)
Gross
foreign Gross
purforeign
chases
sales
(5)
(6)
Net
Gross
Net
foreign foreign Gross
foreign
purpurforeign purchases
chases
sales
chases
(71
(8)
(9)
(10)
Gross
foreign Gross
purforeign
chases
sales
(11)
(12)
Net
Gross
foreign foreign Gross
purpurforeign
chases chases
sales
'
(13)
(14)
(15)
CAPITAL MOVEMENTS
Table
[In
minions
CM-V-3. -
of dollars;
Net Foreign Transactions
in
negative figures Ind icate net sales
Marketable Treasury
bonds and notes
Long-Term Domestic Securities by Type and Country
fay
foreigners or
Gov't corporations
and Federal agency bonds
a
net outflow of capital
from the UnUed States]
U.S.
Corporate bonds
Corporate stocks
Country
Calendar Jan.
Apr.
Calendar Jan.
Apr.
Calendar Jan.
Apr.
Calendar Jan.
Apr
year
through through year
through through year
through through year
through through
1984r
June p
June p
1984r
June p
June p
1984r
June p
June p
1984r
June p
June p
Europe:
Austria
Belgium- Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Switzerland
Turkey.
434
289
-280
-82
635
101
60
MOVEMENTS
CAPITAL
Table
CM-V — 4, —
Foreign Purchases and Sales of Long-Term Securities, by Type and Country,
During Second Quarter 1985, Prelinnmary
mm Ions
[In
Gross purchases
of
do] lars]
foreigners
fay
Gross sales by foreigners
Domestic securjttes
Marketable
Bonds
Treasof U.S.
ury S
Gov't
Federal corp.
Financ- and feding
erally
Country
Total
Bank
purbonds
chases notes
(1)
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Nor»ay
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
Europe
t
(3)
265
1.911
ITS
789
2
-
2
-
440
1.169
2,649
316
1.032
1.488
11
11
6,298
49
1
-
131
38
2.173
1.854
1.369
1,513
*
-
securi ties
t,
(4)
Bonds Stocks
(6)
(51
(7)
(6)
_____
-_•-_
_*i-.
_••_.
_*i*.
_-•._
-12--.._
-12*2-
5
71
300
64
459
securl ties
c
Marketable
Bonds
Treas- of U.S.
ury £
Gov't
Federal corp.
Firanc- and fed- Corporate
ing
erally
i other
Bank
sponTotal bonds i sored
sales notes
agencies Bonds Stocks
(10)
(91
15
7
150
240
51
2,422
64
591
i_
__
ji
•_
•_
4•_
1._
•-
(11)
(12)
Foreign
securl ties
Bonds Stocks
(13)
(14)
!____
_____
__**.
__•__
__.__
._4..
__•__
_.._]
__.__
-_*__
1
6
56
H
9
6
82
400
1.308
35
36
63
14
29
5
51
2
106
7
10
163
9
705
130
198
5
148
2B8
904
1.699
6
2
4
508
980
3.090
10
-
638
458
124
4.220
70
979
605
272
152
4.642
2,665
46
822
539
297
272
13
4
9
22
•
1
43
20
•
•
22
-
1
•
6
25
25
37
225
36
-
9
25
62
424
214
2,268
87
541
18
10
624
1.439
533
5
1
103
60
130
137
253
21
1
27
25
59
35
280
513
4.983
10
11
15
18
7
-
45
20
318
45
1,540
2,479
311
470
44
131
43.315 22.583
1,397
1,828
4.321
11.638
1.547
•
*
-
314
219
1,054
1.730
1,372
5.220
Foreign
Corporate
other
sponsored
agencies Bonds Stocks
(2)
1
Domestl
3
-
45.286
21.925
•
-
14
-
1,07S
989
13
9
•
S
5
18
45
65
I
56
536
2.387
252
310
200
1.461
6,491
3.965
9,976
1.468
I
8
6J
7
8
1
7
14
633
219
93
552
172
3
7
70.238
Canada
Latin America and Caribbean;
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Amer 1 ca
and Caribbean
Total Latin America
and Caribbean
•236*
2565*
_____
-.
«*21«12«
_•••• 3*
_
-•31*
--•-•23
85
23
34
3
1 1
14
•
23
•
7
1.510
3.639
847
1.284
12
148
280
389
1.451
102
571
11
520
1.245
131
374
128
6
47
1.175
3.252
17
7
1
290
1.228
454
34
20
542
186
274
147
1
20
186
1
1
8
57
28
33
15
-
-
8
S
2
4
2
•
-
241
91
2.828
552
645
249
16
12
4
•
15
1
257
64
76
54
12
3
*
*
2
*
*
5
64
35
4
147
53
1.098
888
56
20
42
135
49
142
86
4
1.359
486
237
239
•
2
6
•
27
5
1
13
13
35
11
1
175
138
5
11
8
21
1
12
•110
2
1
3'
-262.--..
-'111"
**3*.
__••_
..3,.
__*i_
1
13
120
41
5
1
1
8
«
•
21
20
55
100
2
15
47
5
108
29
888
29
•
2
13
7
-
2
30
4
117
6
6
42
280
20
219
99
IJ
4
4
66
8
2
101
5
3
12
75
4
10.087
3.856
93
706
3.481
1.822
130
7,143
2,605
66
607
2,936
754
•
280
476
9
18
•
•
2_
175
Asia:
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
567
170
283
62
-
11
5
13
•
47
38
•
*
•
91
5
4
•
3,302
2,039
55
168
370
550
121
2,325
1.316
32
104
291
415
166
91
68
15
3
1
3
1
33
30
3
•
1
•
•
•
•
-
3
657
17
3
904
762
21.008 14.981
475
326
582
3.663
28
981
.
_
•
12
15
•
2
31
-
•
-
7
159
77
17
-
-
1
11
23
959
913
"
20.418
949
972
773
3,954
1.352
113
67
76
31
10
11
•
15
1
-
1
34
-
1
48
SO
15
4
•
17
6
1
19
250
196
7
5.776
5.516
-
•
-
124
65
136
8,681
1
3
27
15
•
3
-227*
_**..
•366"
_*•__
__•__
--J-*
_*•-.
21
17
10*
1*
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
19
4
5.893
5.420
*
*
132
8,181
115
5.905
30B
362
1,409
16
131
Total Asia
47,872
35.337
1,339
1,557
2.882
5,207
1,551
17
-
•
7
•
1
54
12
-
•
18
3
1
17
1
•
1
13
10
28
65
6
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
1
25
•
-
107
84
1
-
57
•
4
-
1
10
•
28.418
1
20
•
i_
1
2
26
12
86
-*242
_.._*
12631
.**_•
_••-_
.**-_
__•__
•
5.323
481
1.302
1,367
167
39
39,710 28.308
1.000
1,748
2,473
4,931
1.251
•_
•«.
-
•
10
32
-
•
*
15
1
-
-
1
25
10
23
Table
CM-V-5. -
61
MOVEMENTS
CAPITAL
Foreign Purchases and Sales of Long-Term Securities by Type and Country,
During Calendar Year 1984
[In ml
_^
Gross purchases
n Jons
of do] lars]
foreigners
tiy
Gross sales by foreigners
DornestU securities
Marketable
Bonds
Treasof U.S.
ury a
Gov't
Federal Corp.
FInanc- and fedIng
erally
Country
Total
Bank
purbonds
chases notes
(1)
Europe:
«us>r1a
Belglun-Luxenbourg
Bulgaria
Czechoslovakia
Denmark
f'nl«nd
france
German Oemocratic Republic
Germany
Ceece
Ketherland
Kornay
Poland
Portugal
Romania
SP«'n
S'ei'en
Saltzerlind
Turkey
United Kingdom
Yugoslavia
Other Europe
Total Europe
C'"'""
Latin America and Caribbean:
Argentina
8«''«"«s
Bermuda
Sraill
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
"'«'td
Netherlands Antilles
'"""S
P'ru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
"'nland
'rael
"P'l
"drea
Lebanon
"•'»"'•
Pakistan
Philippines
Singapore
Syria
T"'"""'
"""r Asia
'°'"'
*"•
Africa:
E9ypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
Total Africa
Corporate
other
Foreign
securities
*
agencies Bonds Stocks
13)
628
3,963
1,615
•
_
1.194
3,210
8,999
838
2.798
3,969
(4)
(5)
Bonds Stocks
16)
(7)
able
Treasury I
Federal
FinancIng
Bank
Total bonds i
sales notes
(9)
(8)
--.__
_-..*
Bonds
of U.S.
Gov't
Corp.
and fed-
Corporate
erally
I other
sponsored
agencies Bonds Stocks
(10)
111)
(12)
Foreign
securities
Bonds Stocks
(13)
(M)
_____
__•__
l-'--l7l -•ig.*
•_ ...__
_*••_
-••__
-•••_ •_
•_ __*__
-•41' 6- ••311
-•1-6 1- -.j**
S51
2
35
43
228
-
22
__
•_
206
1.323
28
616
5
343
139
5.074
117
1,326
49
1.264
3.218
9,669
1.119
2.880
4,108
20
2
12
42
40
21
323
3,083
272
1.77S
560
16.976 11.150
459
3
10
52
54
31
59
492
2,676
221
320
1,365
436
7
1
•
21,660
14,109
274
2,937
3.067
855
418
254
126
21
2
92
-
-
.
\
8
*
4
1
236
86
1
15
75
36
21
8,122
4,471
5,271
2,824
20
187
40
1,747
1,257
74
241
247
1
-
•
•
13
53
104
9,406
•
19
98
29
314
1,381
20
104
1,893
47
4
132
16
13
99
1.382
3,117
766
156
51
•
3
97
5
3
48
1
8
89
56
655
29
288
7,657
3,539
4.817
2,592
23
91
14
2.062
289
758
77
30
85
575
67
1
•
30
•
•
1
29
•
•
146
186
1.366
16
262
6
3
60
106
U9
609
578
3.527
18.154
1,402
4,026
55
21
142
1,049 10,698
1,807
1,437
151
687
5,505 11.564 13.802 23,849
3,561
96, '61
40,972
5,716
2,632 14,449 28,643
4,149
20
848
433
1
6.133 168,508 75.326
6.735
17
3
•
_
761
56
1,916
17,795
476
1,448
2
10
21
4,664
69
1,659
14
8
104,474
46.195
6
-
.
157
3
1,637
1.412
179.763
86.397
26.176
11,133
128
869
9,263
4.479
2.304
24.635
9.606
71
998
116
19
*
7
30
57
1
96
5
•
17
37
2,953
8,397
1,214
3.238
3
263
307
673
3,060
760
1,667
39
94
2.624
7,729
967
3,096
5
26
698
36
24
195
243
723
31
2.976
1,220
170
105
1,384
130
17
•
16
81
31
41
1
54
5
•
1
.•i._
-144«
-13*«
-*6*^
-•17-
71
1
1
4
36
9
-
9
1
1
6
'
660
15,158
1.235
9,406
350
54
311
39
7.356 17,306 33,043 29.528
616
6
256
•
5
•
4
396
260
23
1,345
676
19
34
71
•
3
58
51
22
20
33
23
49
133
136
165
3.698
1.702
21
194
11
73
553
231
17
320
12.151
1,048
74
162
2
10
6
•
12
•
41
107
37
2
61
10
22
248
7
296
65
205
276
•
•
151
7
1
7
113
20
4
155
30.992
15.264
107
982
8.918
5.294
406
3
32
13
643
104
6.390
543
69
2,132
39,450
3^7
7
32
7.052
7.589
24
4.255
2.116
9
24
1
37
406
204
3
25
39
7
1
9
•
•
\
I
\
2
1
17
129
61
21
14
67
3.237
14
547
86
256
22
'
38
183
55
-
1
9
1
1
-
•
1
2
8
39
97
21
20
44
•
'-
-
4
129
is
6
67
632
8.425
2.697
533
2
46
•
2
26,225 13.871
2
8
-
-
64
1
149
23
2
398
130
37
-
1
81
8
2.536
479
3
216
22
391
1,163
1,742
337
5,973
1,872
75
218
1,702
1,509
597
2
3
•
5
2
24
•
52
25
-
52
85
41
-
578
-
3
7
37
26
1.950
18,290
1
11
114
26
29
1,163
1,382
1,308 12,606
4,661
268
130
114
205
30
•
4
27
2
5
-
7
104
•
13
3
6
97
•
75
75
5
-
3
•
96
40
II
7
144
46
19.662
18.867
76
3
•
31
2
-•2-*
12
-.11.
-••__
-•8^_-•_*
7
52
2,250
1,706
30,762 12,226
405
377
4*
2-
5
9
1
117
378
46
487
635
1,439 11.647
4,326
.*3**
-.11.
-*j__
-•9_.
__•_•
•
3
7
18
-
1
63
•
5
-
1
6
63
1
2
•
27
8
-
43
60
265
104
77
-
•
6
10
•
6.554
-
•
532
177
26.450 15,116
2.407
1.725
472
174
5,329
84,802 48,977
2,971
2.662 10.309 14.576
5.305
17.975 17.465
35
19
3.296
3.186
7.939 15.899
9
-
•
9
3
•
11
1
-
3
42
6
3
51
•
•
2
25
4
69
267
9
;
-
6
2
16
51.354
6
*
1
5
21
26
1
•
495
4.555
106
50
•
1,272
3
317
40
1.843
_
1
-
6.666
*
29
26
161
17.245
57
34
-
-
67,005
•
333
._._.
-*33«
.-2_*
1
6.537
42
6.134 36,016 37.242
•
'
1
j_
5*
6"
2*
•
20
41
103
445
Asia:
China;
T''"S"
"""9 Kong
'"'"'
Indonesia
Market-
sponsored
(2)
Hungary
'«4'>
I
Domestic securities
~~~
!_
9•_
_
.
10
.
-
•
40
8
2
•
1
54
17
206
.
87
12
2
22
50
•
143
112
1
4
15
9
2
306
55
•
7
107
64
72
502
122
1
6
130
34
209
1,241
363
343
42
II
504
51
3
336
1
43
-_
2
16
40
608
205
20
860
669
224
3
150
303
190
;
1.604
380
42
13
524
453
191
1.529
266
51
5
352
648
206
Other countries:
*uf'ra1la
*''
""^r
Total other countries
Total
foreign countries.. 327.846 164,602
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total International
and regional
Grand total
*
37
Less than 1500,000.
10.932 22,364 59.794 55.719 14,436 306.201148.169
77.056
69.165
5,899
124
637
1,058
153
361
91
-
-
-
-
5
•
*
2.208
2.089
20
-
2
-
4
-
22
20
361
66
68
-
_
-
-
*
-
12 8
679
1.593
155
79,736
71.274
407.562 235.876
^
5
,907
-
•__
2
72,032 64.574
444
371
1,794
69
_
1,696
j.
-
74.710 66.271
16,639 22.492 60.473 57,312 14,591 360,911214,440
9.897 10.436 62.824 59.454 15.420
5,706
22
_
_
964
44^
366
226
•
31
15
61
54
2
-
23
564
1.910
227
517
.
_i__.
3
_
3
-
5,715
I
•
-
15,612 10,459 63,388 61,364 15,648
I
62
FOREIGN CURRENCY POSITIONS
INTROOUCTION
Background
"Majority-owned foreign partnerships" are those organized under the laws
a foreign country in which one or more nonbanking concerns or nonprofit;
institutions in the United States, directly or Indirectly, own more than 50]
percent profit interest.
"Majority-owned foreign subsidiaries" are foreign!
corporations in which one or more nonbanking business concerns or nonprofit!
institutions located in the United States, directly or indirectly, own stockl
with more than 50 percent of the total combined voting power of all classes ofi
stock entitled to vote, or more than 50 percent of the total value of alV
classes of stock.
of
Data have been collected since 1974 on the foreign currency positions of
banks and nonbanking firms in the United States, and on those of foreign
branches, majori ty-owned foreign partnerships, and majority-owned foreign
Reports cover five major
subsidiaries of U.S. banks and nonbanking firms.
Reporting
foreign exchange market currencies and U.S. dollars held abroad.
has been required pursuant to title 11 of Public Law 93-110, an amendment to
and implementing
the Par Value Modification Act of September 21,
1973,
Statistics on the positions have been published since
Treasury regulations.
March 1977 beginning with data for December 1975.
Reporting Threshold
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.
Connon Definitions and 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 Virgin Islands, and Wake Island.
The term "foreign" means
Island,
locations other than the "United States."
The term "worldwide" is used to
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
located in the United States of foreign banks and banking
institutions, in
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
through
intercompany
except
accounts.
The
data
include
the
foreign
subsidiaries of a few foreign-owned U.S. -based corporations.
Assets, liabilities, and foreign exchange contract data are reported on
basis of time remaining to maturity as of the date of the report,
regardless of the original maturity of the instrument involved.
"Spot" means
due for recei pt or del 1 very wi thi n 2 business days from the date of the
report.
"Short-term" means maturing in 1 year or less from the date of the
report.
the
The exemption level applicable to banks and banking Institutions was Sio'
million equivalent through January 1982, when It was raised to $100 million.
The exemption level applicable to nonbanking business concerns and nonprofit!
institutions was $1 million equivalent on all nonbank forms from March 197S:
through November 1976.
It was raised to $2 million equivalent on the monthly;
reports of positions held in the United States from November 1976 throughi
The exemption level was rai sed to J3 mi 11 Ion on foreign]
September 1978.
subsidiary positions on June 30, 1977, and for positions held in the United.
The exemption level for nonbanking firms was;
States on September 30, 1978.
raised to $100 million on positions in the United States in January 1982 andj
on foreign branch and subsidiaries positions in March 1982.
Firms must report their entire foreign currency position in a specified!
foreign currency If a specified U.S. dollar equivalent value Is reached in any;
category of assets, liabilities, exchange contracts bought and sold, or the;
net position in the currency.
In general, exemption levels are applied to thei
entire firm.
In reports on their foreign branches, majori ty-owned foreign!
partnerships, and majority-owned foreign subsidiaries, U.S. banks and nonbankS)
are required to report the U.S. dollar-denominated assets,
liabilities,;
exchange contracts bought and sold, and net positions of those branches.:
partnerships, and subsidiaries with reportable positions in the specified;
foreign currencies.
Description of Statistics
Data col lee ted on the Treasury foreign currency forms are published in;
the Treasury Bulletin in seven sections.
The first section presents a summary;
of worldwide net positions in all of the currencies reported.
Sections IT
through VI each present data on a specified foreign currency.
Section VII
presents the U.S. dollar positions of the foreign branches and subsidiaries of,
U.S. firms which are required to report In one or more of the specified;
foreign currencies.
63
FOREIGN CURRENCY POSITIONS
Section
Table
FCP— I— 1.
[In
Report
I.
— Summary Positions
- Nonbanking Firms' Positions-
millions of foreign currency units,
except yen, which fs in billions]
64
FOREIGN CURRENCY POSITIONS
Section
II.
-
Table FCP-li-1.
[In
Report
date
Cana.dian Dollar Positions
- Nonbanking
mllMons
Firms' Positions-''
of dollars]
65
FOREIGN CURRENCY POSITIONS
- German Mark Positions
FCP-lll-1. - Nonbanking Firms' Positions-'
Section
Table
III.
[In
minions
of marks]
Report
date
Net
Assets ~
2J
Liabilities
11
Exchange bought
^J
Exchange sold ^/
position 5/
Exchange
rate 6/
Position
held in:
(1)
(21
(3)
(4)
(51
10/31/84
11/30/84
1,503
2,166
3,522
4,030
22,409
26,802
15,149
18,513
5,241
6,425
3.0150
3.1138
United States
United States
12/31/84
43,925
1,670
43,053
3,879
5,926
19,908
6,148
11,440
650
6,259
3.1540
3.1540
Abroad
United States
45,595
46.932
25,834
17,588
6,909
3.1540
Worldwide
1,304
1,163
4,278
4,058
26,432
25,660
19,283
19,
19,187
19,
4,175
3,578
3.1648
3.3510
United States
United States
1/31/85
2/28/85....
(6)
66
FOREIGN CURRENCY POSITIONS
Section
IV.
Table FCP-tV-1.
- Japanese Yen Positions
- Nonbanking Firms' Positions
-''
[In billions of yen]
Report
date
Exchange bought
Liabilities 3/
10/31/84..
11/30/84..
_4/
Exchange sold_£/
(2)
(3)
(4)
(51
528
484
391
r366
903
962
930
925
109
155
245.0500
247.6000
United States
United States
148
730
r33
693
267
138
251.5500
251.5500
Abroad
United States
405
251.5500
Worldwide
661
837
107
63
255.2500
25.0000
United States
United States
317
238
250.6000
250.6000
Abroad
United States
555
250.6000
Worldnide
rl,3e4
398
r2.034
3/29/85...
Position
held in:
Exchange
rate 6/
5/
(1)
rl.536
498
438
400
379
420
710
919
1,789
362
1,609
417
164
28
1.210
916
1/31/86..
2/28/85..
position
-
Table FCP-IV-2.
(6)
Weekly Bank Positions-
[In billions of yen]
Liabilities
Report
date
United Foreign
States branch
(1)
10/03/84..
World- United Foreign
wide
States branch
(3)
(5)
Exchange bought 10/
9/
Worldwide
(6)
United Foreign
States branch
(7)
(8)
Worldwide
(9)
Exchange sold 10/
United Foreign
States branch
Worldwide
Worldwide
Exchange
net
rate 12 /
position 11/
(13)
(14)
67
FOREIGN CURRENCY POSITIONS
Section
V.
Table FCP-V-1.
[In
-
Swiss Franc Positions
- Nonbanking
mniions
of
Firms' Positions-'
francs]
Report
Assets
""•te
Ltab1Ht(es2/
_2/
Exchange bought
soldV
Exchange
_4/
Net
posttion_5^/
Exchange
rate _6/
<ll
(2)
(3)
(41
(5)
(6)
"
Position
held in;
\°,',ll.iV.---11/30/84
'-"^
n.a.
"•'"
n.a.
6.084
^•"2"
4.852
-l.»39
-805
2.4845
2.5610
United States
United States
12/31/84
n.a.
n.a.
2.676
rl,7e2
n.a.
"•«•
n.a.
n.a.
1,237
r-519
2.5995
2.5995
Abroad
United States
3.165
r718
2.5995
Worldwide
1/31/85
2/28/85
n.a.
n.a.
n.a.
n.a.
7.764
9.083
6.654
7.673
-772
-476
2.6843
2.8695
United States
United States
3/29/85
n.a.
3,731
2,285
n.a.
n.a.
1.874
5.655
1.128
-576
2.5950
2.5950
Abroad
United States
S'O'S
9.2'2
7.529
552
2.5950
Worldwide
"'•
Table
FCP-V-2. - Weekly Bank
[In millions of
*"^ts
Report
date
United Foreign
States branch
'1'
0/03/84.
<2)
Liabinties
6/
Horld- United Foreign
wide
States branch
(3)
(4)
(5)
francs]
Exchange bought 10/
9/
Horldwide
(61
United Foreign
States branch
(7)
(8)
}
m
Positions-'
Horldwide
(9)
Horldwide
Exchange sold 10/
United Foreign
States branch
(10)
(11)
Worldwide
(12)
"I
net
Exchange
posirate 12/
t1on 11/
—
(13)
(14)
,„^
.
,
68
FOREIGN CURRENCY POSITIONS
VI. - Sterling Positions
—
FCP— VI 1. — Nonbanking Firms'
Section
Table
[In millions
Report
date
Assets 2/
LUbtHttes
il
Positions-
of pounds}
Exchange bought 4/
Exchange sold 4/
~
poslt1on
(1)
(2)
(3)
{4)
(5)
10/31/64.
11/30/84.
n. a.
n. a.
n.a
n.a
2,608
2,896
2,963
3,224
-1,304
-690
12/31/84..
n.a
n.a.
1/31/85.
2/28/85.
5/
Exchange
rate 6/
(6)
1.2258
1.1947
Pos1 t1on
held In:
69
FOREIGN CURRENCY POSITIONS
Section
VII.
[In
Report
date
2/31/84
3/29/85
Assets
2/
47,674
43,495
U.S. Dollar Positions
FCP— VII-1. - Nonbanking
Table
Liabilities
mtllions of dollars]
Exchange bought ^/
3/
Abroad
Firms' Foreign Subsidiaries' Positions-'
Exchange sold 4/
position 5/
(2)
(3)
(4)
(5)
r35,732
36.005
r4,200
4,223
r2,669
3,358
rl3,473
8,355
Table FCP-VII-2.
- Weekly Bank
[In mi
Liabilities
9/
1
1
Position
held In:
Abroad
Abroad
Foreign Office Positions^
ions of dollars]
Exchange bought 10 /
Exchange sold 10/
Report
date
Worldwide
net
position
(11
(21
(3)
(41
(51
1/03/84
3/10/84
1/17/84
J/24/84
1/31/34
291,673
290,127
291,161
291,921
293,694
306.286
304.567
304.517
305,205
306,180
298.684
302.907
301,513
311.401
299.668
277,767
281,392
281,360
291,733
281,074
6.304
7.075
6,797
6,384
6,108
1/07/84
1/14/84
1/21/84
1/28/84
298,858
299,901
300,081
302,216
315,792
313,963
314,042
317,960
323,532
324.779
314.200
319.588
300,397
304,454
293,515
297,718
6.201
6.263
6.724
6.126
!/05/84
!/12/84
>/19/84
;/26/84
304,768
309.812
313.065
317.088
317,640
323,386
326,633
329,330
308.110
285.012
282.070
269.508
288.519
264.298
262,048
250,266
6.719
7.140
6.454
7.000
1/02/85
1/09/85
1/16/85
1/23/85
1/30/85
309,902
310.900
309.886
309.582
310,727
322.830
323.449
322,307
319,974
321.913
266.067
302.926
305.293
302,294
304,380
246,409
283,955
286.436
284,368
286,186
6,730
6,422
6,436
7,534
7.008
1/06/85
1/13/85
1/20/85
1/27/85
316,105
317,123
318,300
319,877
327,161
328.056
329.390
331.315
323,572
326.940
321.122
342.547
305,425
308,972
303,050
324,834
7.091
7.035
6.982
6.275
1/06/85
1/13/85
1/20/85
1/27/85
304,906
318,050
312,429
315,655
314.680
328.870
323.307
327.628
329,017
336,753
343,309
346,294
312,519
319,367
325.831
328,301
6,724
6,566
6,600
6,020
e
footnotes on following page.
70
FOREIGN CURRENCY POSITIONS
Footnotes to Tables
\J
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 majori ty-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.
2/ Foreign branches and majority-owned partnerships and subsidiaries only.
FCP-I through FCP-VII
majority-owned foreign subsidiaries.
3/
Includes both spot and forward exchange rates.
SI
Columns
3/ Weekly
"^
_4/
1/
""
n
THROUGH VII
Positions of nonbanking business concerns in the United States and their
foreign branches and majority-owned partnerships and subsidiaries.
In
section VII positions of foreign branches and majority-owned partnerships
and subsidiaries only.
3
less columns 2 and 4.
rates on the report date.
Canadian dollar and Unite.
Kingdom pound rates are expressed in U.S. dollars per unit of foreigi
currency, all others in foreign units per U,S. dollar.
and banking Institutions in the United
majority-owned
subsidiaries.
branches
and
branches and majority-owned subsidiaries only.
States and
section
In
8/ Excludes capital assets.
9/
Excludes capital liabilities.
10 / Includes both spot and forward exchange contracts.
IJ./
receivables and installment paper sold or discounted before
maturity, fixed assets (plant and equipment), and parents' Investment in
2/ Excludes
and
7/ Banks
~
Foreign branches and majority-owned subsidiaries only,
SECTIONS
1
6/ Representative
""
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.
Capitalized plant and equipment leases are excluded,
4/
Columns
3 and
9
12/ See footnote 6.
less columns 6 and 12.
their
VII,
foreigi
foreigi
:
71
EXCHANGE STABILIZATION FUND
Table ESF-1. - Balances as of Dec. 31, 1984, and Mar. 31, 1985
[In thousands of dollars]
Dec.
Assets,
HabiMttes, and capital
Dec. 31,
1984
31, 1984, through
Mar. 31, 1985
Mar. 31. 1985
Assets
U.S. dollars:
Held at Federal Reserve Bank of New York.
Held with Treasury:
U.S. Government securities
Other
Special drawing rights _1^/
Foreign exchange and seTurlties 2/:
German marks
.T
Japanese yen
Pounds sterl 1 ng
Swiss francs
Argentine pesos
Accounts recei vabl e
6,902
(1)
6.901
2,538,183
1,067.000
5,640,691
(22,851)
2,515,332
1.067.000
5,972.913
332,222
356,579
51,807
9.270
1,098,224
1.467,786
2
12,271
500,000
113,549
166
(500,000)
7.135
1.454,803
1.519.593
9,272
12,437
120.684
Total assets
Liabilities and capital
Current liabilities:
Accounts payable
Advance from U.S. Treasury (U.S. drawing
on IMF)
y
Total current liabilities
Other liabilities:
Special drawing right certificates
Special drawing rights allocations
Total other liabilities
Capital
Capital account
Net income (loss)
(see table ESF-2)
Total
capital
Total
liabilities and capital
66.343
1,019
67,362
1.067.000
1,067,000
1,133.343
1.134,362
4,618,000
4.802.566
54.224
4,618,000
4,856.790
9,420,566
54,224
9,474.790
200,000
1,690,699
179,084
200,000
1,869,783
"J
y
.mt'.
<
2.069.783
1,890.699
a
234.327
12,444,606
See footnotes at end of table ESF-2.
I
Table ESF-2.
- Income and Expense
1
[In thousands of dollars]
IP
1985,
Year to date
Oct, 1. 1984.
through
Mar. 31. 1985
through
Mar. 31, 1985
Current quarter
Jan.
1,
Income and expense;
Profit (loss) on:
Foreign exchange
50,448
Adjustment for change in valuation of SDR holdings
and allocations XJ
14,455
Interest (net charges) on:
Special drawing rights
U.S. Government securities
Foreign exchange
20,970
51,801
41.410
37,719
120,638
82,329
179.084
232,571
Income from operations
ESF prior year administrative expenses
(1)
Net income
Beginning July 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.
2/ A non-inlerest-bearing liability to the U.S. Treasury resulting from
the transfer to the Exchange Stabilization Fund of foreign currencies
drawn from the IMF by the United States.
_!/
a
a
(1,211)
(1)
232,570
—
Note.
Annual balance sheets for fiscal years 1934 through 1940 appear
Report of the Secretary of the Treasury and those for
Quarterly
succeeding years appear in subsequent reports through 1980.
balance sheets beginning with Dec. 31, 1938, have been published in the
Treasury Bulletin.
Data from inception to Sept. 30, 1978, may be found
on the statements published in the January 1979 Treasury Bulletin.
In the 1940 Annual
I*
IM
1
m
CASH MANAGEMENT INITIATIVES
76
Collection
and Deposit Legislation-Update
Deposits not only to the Treasury general fund, but to any type,
such as a special, trust, or revolving fund, are subject to the
requirements of the rule;
As noted in the last issue, the final rule will be published on September
Training on the application of
1985, and go into effect as of fiscal 1986.
the new Treasury Financial Manual chapter 6-8000, and the supplement to the
will
be conducted by the Financial
Management
Review
Guide,
Cash
chapter, the
Management Service over the course of the upcoming fiscal year.
1,
When no other method is available, deposits may be mailed to any
financial institution; and
Twelve comments were received in response to the notice of proposed
Changes made to the final rule by the
rulemaking, published March 28, 1965.
Commissioner in response to commentors include:
*
A
*
The final
formal process to appeal
included in the final rule;
charges
against an agency
has
Agencies need not submit an annual cash management plan.
primary cash management review is expected by each agency
identify improvement opportunities.
A
to
been
rule on receipt of funds extends to that of donations,
and deposits received in foreign countries and international
territories;
Reform '88 Cash Management
Treasury's Financial Management Service/Federal Finance has lead agency
responsibility by monitoring and reporting progress on Reform '88 cash
management Initiatives undertaken by 20 Federal departments and agencies. The
overall goal of the project is to improve Government's payments and collection
systems, with special attention being directed toward identifying additional
application for state-of-the-art technology and expanding the use of other
and
cash
automated
clearinghouses,
mechanisms,
such
as
lockboxes,
concentration systems.
Agencies are providing monthly reports to Treasury on the status of 426
initiatives.
For fiscal years 1983 and 1984, interest savings totaled $176
million and $334 million, respectively.
Projected figures for fiscal 1985 and semiannual figures for fiscal
for each of the participating agencies are shown below.
Semiannual 1985 Interest Savings
[In thousands of dollars]
Interest savings
Department /agency
Agency for International Development
Agriculture
Commerce
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
Smal 1 Business Administration
State
Transportation
Treasury
Veterans Administration
Total
Original
Actual
goal
(full year)
interest
(semiannual
1,118
20,843
559
8,614
450
59.900
7,032
4.032
860
429
25,478
4,960
2,965
1.131
6,750
2,000
9,427
945
472
3,032
71.026
1.885
900
119,800
14,065
8,064
1,720
899
50,956
9,919
5,963
2,261
13,500
4,000
18,855
1,817
946
6,064
138,000
3,844
423,534
)
1985
*1
t
/
mi
I
1
1
J
.«
1
IV
I
t
/
i
::
1
3
3
>
m
1
CONSOLIDATED FINANCIAL STATEMENTS
OF THE UNITED STATES GOVERNMENT
FISCAL YEAR 1984/PROTOTYPE
f
THE SECRETARY OF THE TREASURY
WASHINGTON 20220
May 24, 1985
Statement of the
Secretary of the Treasury
The Department of the Treasury is pleased to present
these consolidated financial statements, an annual effort
begun nearly a decade ago to apply the principles of business
Because we recogaccounting to the business of government.
nize the importance of financial management. Treasury is
committed to improving the governmentwide systems for
collecting and disclosing the results of federal operations.
Full disclosure of financial information is critical to the
effective management of Government's assets and liabilities
This
and as a measure of accountability to the electorate.
objective is shared by the Office of Management and Budget
and the General Accounting Office in our common goal of
managing the taxpayers' dollar wisely.
Over the past four years, these agencies have renewed
Government's commitment to effective financial management.
By focusing federal attention on standard financial structures,
new technology, and internal controls. Government has charted
Toward this
a new course towards cost effective operations.
end, Treasury will complete the development of a fully
automated financial reporting network that will integrate
the results of agency operations into comprehensive governmentwide reports. These reports will provide timely and
meaningful financial information to a broad spectrum of users
in the public and private sectors.
Reader reactions and comments on this prototype report
are welcome.
^:^
James A
Baker III
COMPTROLLER GENERAL OF THE UNITED STATES
WASHINGTON DC 20540
May 24, 1985
STATEMENT OF THE UNITED STATES
GENERAL ACCOUNTING OFFICE
The need for sound financial management is one of the most
critical issues facing the federal government today. With an
annual spending budget approaching $1 trillion and a current
budget deficit approximating $200 billion, the federal government must develop modern financial management systems. These
systems are necessary for efficient and effective management of
the government's programs and for producing financial reports
which accurately portray the government's operations and financial condition.
This consolidated financial report provides useful information about the financial condition and operations of the federal government as a whole that is not available elsewhere; it
is supplementary to information contained in the budget documents.
The consolidated statements disclose the magnitude of
the government's assets and future claims on resources not fully
disclosed in the budget, such as the government's inventories
and fixed assets as well as its pension and social security liabilities, and public debt.
Although this report is a prototype, it demonstrates a goal
the annual publication of formal audited
consolidated financial statements of the United States government.
Achieving this goal will be a significant milestone towards building strong viable financial management systems that
will serve the needs of government and the public in the last
decade of the 20th Century and beyond.
we strongly support
—
The General Accounting Office (GAO) is committed to
achieving this goal. During the past year, we have completed
three major efforts and are involved in a number of other efforts bearing on this consolidated report.
First, we issued a
two-volume report. Managing the Cost of Government, Building an
Effective Financial Management Structure
This report identifies the key issues in federal financial management that must be
dealt with and proposes a conceptual framework for comprehensive
reform of financial management, of which consolidated reporting
is a part.
Second, we issued revised accounting principles and
standards federal agencies are to follow. One of the standards
specifically addresses these consolidated financial statements
and requires their formal issuance in the future.
Third, we
.
.
continued our efforts in monitoring implementation of the Federal Managers' Financial Integrity Act which requires agencies
to annually assess the quality of their internal controls and
their accounting systems (which directly impact on the quality
of these consolidated statements) and to report to the President
and the Congress.
Finally, we are participating in a project with the Auditor
General of Canada to determine the needs for federal government
information by users of such information, focusing on consolidated financial reporting.
Agency summary level statements, along with additional
supplemental information, form the basis for preparing this conOur longer term objective is to audit these
solidated report.
consolidated statements and render an opinion on their fair
To achieve this, however, we must first audit the
presentation.
underlying agency statements; we are beginning pilot audits at
selected agencies.
We are convinced that the need for such an audit is critical since it would give assurance that the information is reliable as well as adding discipline to the overall financial manOur limited audit wor k thus far has indicated
agement systems.
that some of the numbers in these conso lidated statements can be
more accurately stated. A primary exam pie of this is 'the receivables and related allowances in the consolidated statement
Based on the wo rk we have recently done
of financial position.
we believe the allowance for losses is substantially understated
resulting in a significant overstatemen t of net receivables and
a significant understatement of the cos ts of the related programs.
Likewise, based on recent work, we believe the estimated
losses on loan guarantees and insurance is significantly
understated
In spite of its current shortcomings, this consolidated
Although
report is critical to improving financial management.
improvements have been and are being made, much still remains to
be done to formalize these consolidated statements and audit
them.
We at GAO are committed to achieving the goal of audited
consolidated federal financial statements and we are working
with the Treasury and the Office of Management and Budget to
help make it a reality in the near future.
As with earlier reports of this nature, we have not audited
the accompanying statements and accordingly, we do not express
an opinion on them.
Charles A. Bowsher
Comptroller General
of the United States
83
INTRODUCTION
le
Since the first set of Consolidated Financial Statements of the United States Government was released in 1 976,
content of the report has not changed significantly. Several Supplemental Tables have been added and the
Iternative
I
Statements have been discontinued; however the core of the CFS, the Financial Statements and the Notes
Financial Statements, has remained unchanged.
The CFS has been reformatted to more closely approximate corporate annual reports to stockholders. Graphic
based upon data from the CFS has been added to the Financial Highlights section as well as to the
laterial
upplemental Tables. Additional analytical material
will
be included
in
future reports using data from current
and
prior
3ars.
3;
c
/
i«i
c:
<
•Ml
J
1
'3
»
I
u
85
FINANCIAL HIGHLIGHTS
Major categories
of
assets
Assets are resources owned by the Federal Government that are available to pay liabilities or to provide public
in the future. The following graph is derived from the Statement of Financial Position and depicts the major
categories of assets for FY 1 984 as a percent of total assets. The Statement of Financial Position on page 88 shows
the components for each of these major categories.
services
Deferred Charges and Other Assets
Cash and Monetary Reserves
Total Assets $937.3 billion
1
86
Revenues and expenses
The following graphs show revenues and expenses for fiscal years 1 974 through 1 984 and total revenues with
amounts for major sources for the same period. The figures are taken from the Statement of Operations for the 1
periods for which consolidated statements have been prepared. These amounts have been calculated on an accrual
basis and differ from those reported on the cash basis in other reports.
000
87
Sources and uses
of
funds
The graphs below have been derived from the Statement of Changes in Financial Position
show the resources provided during the period and the uses to which they were put. This statement
substitute for either the
Statement
of Financial Position or the
Statement
of
Operations; instead,
it
for
is
FY 1984 and
not intended to
presents additional
useful information not Included in those reports.
Provision for Accrued Pension, Retirement
Sale of Property
Increase
Depreciation
and
and Equipment
in Liabilities
Disability Plans
5.0%
3.0%
2.0%
Cash and Monetary Reserves
Beginning of Period
3.0%
Net increase
in Borrowing
in Deferred Charges and
Other Assets 1.2%
Increase
Increase
in
increase
Inventories
in
0.7%
Receivables
1.3%
Purchase of Property
Other
Government
and Equipment
Operations
Sources
of Funds
uses of Funds
.
88
Consolidated Financial Statements
United States Government Consolidated Statement
of Financial Position as of
September
30,
1984 and 1983
(In billions)
Assets
—
(What the Government owns resources that are available
to pay liabilities or to provide public services in the future)
1984
Cash and monetary reserves
Operating cash
International
in
the Treasury
$30.4
monetary reserves (Note
2)
.
.
Other cash (Note 3)
Receivables (net of allowances)
Accounts receivable
Accrued taxes receivable (Note 4)
Loans receivable (Note 5)
Advances and prepayments
Inventories (at cost) (Note 6)
Goods for sale
Work in process
Raw
materials
Materials
and supplies
for
Government use
Stockpiled materials and commodities
Property and equipment
Land (Note
(at cost)
7)
Buildings, structures,
and
hardware (Note
Equipment (Note 9)
Military
Construction
in
facilities
(Note 8)
9)
progress
Leasehold improvements
Other
Accumulated depreciation (Note 10)
Deferred charges and other assets
Total
.
1983
89
United States Government Consolidated Statement
of Financial Position as of
September
30,
1984 and 1983
(In billions)
Liabilities
—
(What the Government owes liabilities incurred in the
will require cash or other resources in the future)
past that
1984
Accounts payable
Unearned revenue
Borrowing from the public (Note 11)
Accrued pension, retirement, and
Military
personnel
Civilian
employees
disability
plans (Note 12)
Social security
Veterans compensation
Federal employees compensation
Other pension plans
Contingent
Other
liabilities for
guarantee and insurance programs (Note 13)
liabilities
Total
Accumulated Position
Accumulated position beginning
of period
Current period results
Current noncash provision for social security (Note 14)
Accumulated position end
Total
of period
90
United States Government Consolidated Statement of Operations for
the Years Ended September 30, 1984 and 1983
(In billions)
1984
Revenues
Levied under the Government's sovereign power
Individual
income taxes
$296.0
Corporate Income taxes
and contributions
Social insurance taxes
Excise taxes
Estate and
Customs
gift
taxes
duties
Miscellaneous
Earned through Government business-type operations
Sale of goods and services
Interest
Other
Total
Expenses by function (see also summary
of
expenses by object and agency)
Administration of justice
Agriculture
Commerce and housing
Community and
regional
credit
development
Education, training, employment, and social services
Energy
General government
General purpose
fiscal
assistance
General science, space, and technology
Health
Income
security (Note 12)
Military
personnel
Civilian
employees
Social insurance
Veterans compensation
Other
Interest
International affairs
National defense
Natural resources and environment
Social security
and medicare
Social security (Note 12)
Medicare
Transportation
Veterans benefits and services
Total
Current period results
1983
..
91
Summary
expenses by object and agency
of
1984
Expenses by object
employee benefits
Vendor services and supplies
Salaries and
$96.4
Depreciation
Pensions, health and
life
insurance
Casualty insurance and indemnities
Grants, subsidies, and contributions
.
.
.
.
Interest
Total
Expenses by agency
Legislative branch
Judicial
branch
Executive branch
Office of the President
Departments
Agriculture
Commerce
Defense
Education
Energy
Health and
Human
Services
Housing and Urban Development
Interior
Justice
Labor
State
Transportation
Treasury; Interest
Other
Independent agencies
Total
1983
92
United States Government Consolidated Statement
of Changes in Financial Position
for the Years Ended September 30, 1984 and 1983
(In billions)
1984
Cash and monetary reserves beginning
Sources
of period
of funds:
Taxes and other levies
Other Government operations
Net increase
In
borrowing
Depreciation
Provision for accrued pension, retirement,
Sale
of
Increase
Total
Uses
and
property and equipment
in liabilities
sources
of
funds
of funds:
Spending on Government programs
Purchase of property and equipment
Increase
In
Increase
In
Inventories
Increase
In
deferred charges and other assets
Total
receivables
uses
of
funds
Cash and monetary reserves end
of period
disability
plans
93
Notes to Financial Statements
I.
Summary
of general accounting policies
Principal financial statements.
ind a statement
;hanges
of
changes
in
format are disclosed
in
in
Principles of consolidation.
ncluded
in
—These consist
financial position.
a statement of financial position, a statement of operations,
Because of their developmental nature, only the most significant
of
the Notes.
—The
statements include the accounts of
all
significant
agencies and funds
the budget of the U.S. Government. Agencies such as the U.S. Postal Service and the Federal Financing
been included in the
Government operations. Government;ponsored enterprises such as the Federal land banks are excluded because they are privately owned. Intragovernnental transactions were eliminated in consolidation.
Fiscal year
The fiscal year of the U.S. Government ends on September 30.
For comparability certain fiscal 1983 data are reclassified where appropriReclassification and adjustment.
Jank, classified as off-budget (not included in calculating the budget surplus or deficit), have also
itatements because they are wholly
owned and
—
ite to
!.
are clearly within the scope of
—
conform to the financial statement presentation
International
for fiscal
1984.
monetary reserves
This category, as of September 30, 1984, comprises the following items: $11.1
billion in gold, recorded at
monetized by the issuance of gold certificates to the Federal
Reserve System; $5.6 billion of special drawing rights, an international reserve asset; and $1 1 .6 billion representing
he U.S. reserve position in the International Monetary Fund.
542.22 per ounce, the statutory price at which gold
L
is
Other cash
1 984, comprises the following items: Other U.S. Treasury monetary assets,
cash and other assets held outside the Treasury by disbursing, collecting and other fiscal
)fficers, $6.5 billion; convertible foreign currencies, at market value, $6.0 billion, and balances of nonpurchased
oreign currencies, $0.7 billion. The amounts as of September 30, 1 983, were $1 .6 billion, $7.0 billion, $6.9 billion, and
This category, as of September 30,
J0.9 billion; accountability for
)1.0 billion, respectively.
L
Accrued taxes receivable
The September
)illion
>.
of
30,
1
984,
total for
taxes receivable represents $26.0
billion (net) for
delinquent taxes and $4.2
accrued corporate taxes.
Loans receivable
Outstanding loans and allowances have been recorded as reported by the various lending agencies. The
presumed to be understated and they are under study. Interest rates and loan repayment
errns vary considerably for outstanding loans, with rates ranging up to 1 7.86 percent and terms from as short as 5
illowances for losses are
Jays to well over
>.
35 years.
Inventories
The September 30, 1 984, total for
.8 billion for other agencies. The amounts
respectively. The inventory accounts do not include
and are stated
Defense and $41
Inventories include nondepreciable personal property
billion for the Department of
September 30, 1983, were $101 .9 billion and $41 .6 billion,
he weapons stockpile since the extent of this inventory is classified
nventories comprises $1 09.6
is of
r.
at cost.
information.
Land
Land
is
valued
at
nent would have paid
The cost of land acquired through donation, exchange,
estimated by the General Services Administration at amounts the Govern-
the cost paid by the Government.
)equest, forfeiture, or judicial process
if
purchased
is
at the
date of acquisition. Pending study of valuation methods, the Outer
94
domain land, have not been included. In
1972 a committee of the House of Representatives estimated the value of public domain land (92 percent of the total
onshore acreage owned by the Federal Government) to be $29.9 billion.
Continental Shelf and other offshore land, and the 670 million acres of public
8.
and
Buildings, structures,
This category consists of
facilities
all
real
property
owned by the Federal Government except
land.
The total
reflects the
dams, utility systems, monuments, roads, and
bridges. The September 30, 1984, total represents $58.5 billion for the Department of Defense and $78.5 billion for
other agencies. The amounts as of September 30, 1983, were $56.5 billion and $83.1 billion, respectively.
and the cost
acquisition cost of buildings
9.
of acquiring or erecting
Depreciable personal property
hardware and equipment are recorded at acquisition cost and include only depreciable property
use or in usable condition. The major components of each category are summarized as follows:
Military
currently
in
1984
hardware
and related equipment
Ships and service craft
Combat and tactical vehicles
Missiles and related equipment
Other
Military
Aircraft
Total
Equipment
Department
Defense
equipment
Communications and electronics
Other
of
Industrial plant
Other agencies
Total
10.
Accumulated depreciation
Most Government agencies do not calculate depreciation on property and equipment; therefore, accumulated
is estimated on a straightline basis, from available information. The useful lives applied to each
classification of asset are as follows: Buildings, structures, and facilities
50 years; ships and service craft 30 years;
industrial plant equipment
20 years; all other depreciable assets 10 years.
depreciation
—
11.
—
—
Borrowing from the public
As
of
September
discounts was $1,035.8
amount
of
$1,371.2
1
—
30, 1984, the gross
billion.
amount
of Federal
debt outstanding net of unamortized premiums and
billion for intragovernmental holdings. The
This amount was reduced by $263.7
Federal debt outstanding net of unamortized premiums and discounts, as of September 30, 1983, was
billion.
This amount was reduced by $240.8
billion for
intragovernmental holdings.
984, foreign and international investors held approximately $1 75.5
amount as of September 30,
1
Federal Debt Maturity table
in
983, was $1 60.0
billion.
billion of
As
of
September
the debt outstanding with the public.
30,
The
For additional information on borrowing from the public, see the
the supplemental section (page 105).
95
Accrued pension, retirement, and
12.
disability plans
The accounting for accrued pension, retirement, and disability plans is subject to several different assumptions,
and methods of calculation. Each of the major plans is summarized below.
Military personnel and civilian employees: The liabilities under these two pension plans represent a major
)ortion of the total unfunded liability which is to be reported under Public Law 95-595. In prior years, the accrued
)ension liabilities for September 30 represented the actuarial present value of accumulated plan benefits and were
;alculated in accordance with instructions developed jointly by the General Accounting Office and the Office of
i/lanagement and Budget under the provisions of Public Law 95-595.
The actuarial liabilities as of September 30, 1984, were not available for either plan. The liabilities have been
jstimated by calculating a simple average of the change in reported liability for each of fiscal years 1981 1982, and
lefinitions,
,
983.
Based on the present value
of the projected excess of benefits over contributions for present
75 years.
It has not yet been determined whether the requirements for Federal pension plans, established as a result of
>ublic Law 95-595, should be applied to the Social Security System due to the uniqueness of the actuarial cost
nethods used for measuring benefits under the system.
Veterans compensation: Represents the present value of projected annual benefit payments.
Federal employees compensation: Represents estimated future costs for approved Federal Employees
/Ompensation Act cases.
Other annual pension reports received from plans covered by Public Law 95-595 are reported in the same
nanner as military personnel and civilian employees described above.
Social security:
larticipants for the next
3.
Contingent
liabilities for
guarantee and insurance programs
A number of agencies do not make any provision for estimated
losses on loan guarantees and insurance, while
do not provide reasonable estimates of losses.
For additional information on estimated losses for guarantee and insurance programs, see the Commitments
Contingencies of the U.S. Government table in the supplemental section (page 103)-
)thers
ind
4.
Current noncash provision for social security
The noncash
changes
provision for social security represents
eriods based on a 30-year amortization of the actuarial
deficit.
in
the social security accrued
Accounting methods
liability
between
for this provision require
dditional study.
The noncash amount
is
urrent
noncash provision
5.
is
not included
in
not applicable to the current period.
ortion
the Statement of Operations because a substantial but Indeterminate
The Statement
for social security is
$133.3
of
Operations does include cash benefit payments. The
1984.
billion in
Contingencies
Several Government agencies insure businesses and individuals against various types of risks. The amount of
isurance coverage in force, representing the maximum risk exposure to the Government, is $2,636.8 billion as of
September 30, 1984.
The Government also guarantees loans by non-Government enterprises to businesses and individuals. These
become liabilities of the Government only when is required to honor its guarantees. Loan guarantees in
Dree at September 30, 1 984, are $61 5.0 billion. For further information on contingencies, see the Commitments and
Contingencies of the U.S. Government table in the supplemental section (page 103).
luarantees
it
96
16.
Open-ended programs and
fixed costs
I
The Government commits itself to provide services by passing laws that make spending mandatory. Since i
is very probable that the Government will pay for these program;
significant amount of future spending is fixed by law,
the laws are changed
1 984 that can be terminated only
programs
for
fiscal
the
in future years. Listed below are
it
if
1984
i
[In billions]
;
Payments
for individuals
and railroad retirement
Federal employees retirement and insurance
Social security
Unemployment assistance
Assistance to students
Food and nutrition assistance
All
other
Medicare and Medicaid
Public-assistance-related programs
Net interest
General revenue sharing
Other open-ended programs and fixed costs
Total
,
$1 79.3
]
49.0
j
16.9
!
4.8
3.6
i
|
2.9
79.9
21.0
357.4
111-1
4.6
5.7
$478.8
I
97
Supplemental Tables
FLOW OF FUNDS PROJECTIONS
Total cash receipts amounted to $718.8 billion in FY 1984, an increase of $82.5 billion from FY 1983. The
graphs below depict the actual and projected FY 1985-88 cash receipts and outlays and the components of cash
receipts for
FY 1984.
Major components of Cash Receipts
for FY 1984
All
Other Receipts
Actual and Projected Cash Receipts and Outlays
FY 1984-88
98
Funds Projections
Ended
September 30, 1 984-88
Flow
of
for the Years
(In billions)
1984
1985
Actual
Cash Receipts
Taxes
$296.2
Individual
Corporation
56.9
and contributions
Employment taxes and contributions
Unemployment insurance
Contributions for other Insurance and retirement
Social insurance taxes
21
1
.9
25.1
4.6
37.4
Excise taxes
Estate and gift taxes
Customs duties
1 1
Miscellaneous
62.6
Rents and
6.0
.4
6.7
royalties
718.8
Total casfi receipts
Cash outlays by function
Administration of justice
5.7
12.2
Agriculture
Allowances
for civilian
Community and
—
pay raises and contingencies
Commerce and housing
regional
5.2
credit
development
Education, training, employment, and social services
7.3
27.6
Energy
General government
General science, space, and technology
General purpose fiscal assistance
Health
2.5
5.1
8.3
6.8
30.4
Income security
112.6
Interest
131.4
International affairs
1
National defense
and environment
and medicare
Natural resources
Social security
3.0
227.4
12.6
235.8
Transportation
24.6
Veterans benefits and services
25.6
Total
cash outlays
Total
budget surplus
Deficit,
894.1
(deficit)
off-budget Federal entities
Total surplus (deficit)
(175.3)
(10.0)
$(185.3)
$329.7
1986
1987
Estimate
1988
99
COMPARATIVE SUMMARY OF SELECTED FINANCIAL DATA
Restated for General Price-Level Changes
The
were developed from the Statement
following graphs which
)perations present a comparative
summary
of
—
FY 1980-84
(In
billions of dollarsi
I
of
—
Actual and Restated for
Operating Results
General Price-Level Changes
FY 1980-84
(In
[^ Accumulated
and Statement
selected financial data.
Actual and Restated
for General Price-Level Changes
Accumulated Position
of Financial Position
billions
of dollarsi
Position
Accumulated Position Restated
200
100
1,000
—
—
-100
2,000
-200
-3,000
-300
I
I
Current Period Results
Current Period Results Restated
-400
-4,000
1980
1981
1982
1983
1984
1980
1981
1982
1983
1984
by restating historical values to account for changes in the general purchasing power of
between years since all dollars are equivalent to the current level of purchasing
ower. This restatement generally follows the Financial Accounting Standards Board Statement No. 33, "Financial
leporting and Changing Prices."
Accounting
for inflation
16 dollar provides comparability
The tables which follow show the Financial Statements of the U.S. Government restated
hanges and a comparative summary of selected financial data.
Derived from the
1
the tables are: fiscal
for
general price-level
Consumer Price Index for All Urban Consumers (CPI-U), the average conversion factors used
1984—1.025 and fiscal 1983 1.011. Monetary assets and liabilities as of September 30,
—
984, are not restated because they already represent dollars of current general purchasing power.
100
Financial Statements of the U.S. G<
Restated for General Price-Level
(Restated to September 30, 1984,
(In billions)
Financial position
Assets
Cash and monetary reseives
Receivables (net
of
allowances)
(
101
EFFECT OF INDIVIDUAL AND CORPORATE TAX BENEFITS ON FEDERAL REVENUES
The
following table
is
designed
to
show
the revenue losses attributable to tax law provisions that allow special
income or provide special
jxclusions, exemptions, or deductions from gross
schedule
is
It
shows the approximate cost
credits, tax rates, or deferrals.
The
of tax benefits.
should be noted that the effect on revenues of adding or deleting a particular tax benefit would not be the same
amount currently associated with the benefit. Consequently, it is not possible to say what the effects of
the dollar
ncreasing or decreasing selected benefits would be without considering a
Some
may
minor distortions
number
of variables.
have occurred since data presented have been condensed
for
purposes
of this
sport.
Effect of Individual
and Corporate Tax Benefits on Federal Revenues
for Tax Years 1984 and 1983
(In billions)
Estimated amount
of revenue loss
1984
Income exclusion
Capital gains at death
$3.9
and retirement benefits
Disability
(social security
and
private)
Education allowances (scholarships and Gl benefits)
Foreign earnings and investment incentives (income earned abroad)
Interest
and dividends (State and
local
bonds and
debt,
and
life
insurance)
Medical care and insurance (employer premiums paid)
Payroll benefits
and allowances (group
Other (age 55 or over credit on
home
life,
accident,
and unemployment)
sales)
Income deferrals
Interest
on U.S. savings bonds
Real estate (home sales)
Foreign earnings (domestic international sales corporations)
Other deferrals
Taxes (shipping companies)
Deductions and credit
Agriculture related (capital outlays
Contributions (charitable and
and gains on
certain income)
political)
Earned income
Employee stock ownership plans (funded through investment and tax credits)
Excess bad debt reserves (financial institutions)
Exemptions (credit unions)
Foreign earnings (corporations doing business in U.S. possessions)
Interest (mortgage and consumer)
Investments (commercial capital gains, credits, other investment incentives, construction period
interest, and expensing developmental costs)
Medical
Mining and timber (capital gains treatment of royalties and certain income)
Old-age, disability and other personal exemptions
Other (deductions
intercity
Property
of
motor carrier
rights, certain
adoption expenses, and energy credit for
buses)
damages and
losses (casualty losses)
State
and
Work
incentives (employment credits under work programs) and dependent care
local property tax
and other taxes
Accelerated depreciation (rental housing, buildings other than rental housing, and machinery and
equipment)
1983
102
COMMITMENTS AND CONTINGENCIES
Total
commitments amounted
contingencies amounted to $3,316.2
show
to
$514.8
billion in
the percentage distribution of 1984
billion in
FY
1
FY
1984, an increase of $80.3
984, an increase of $368. 1
billion
from
billion
FY
1
FY 1983. Total
The graphs below
from
983.
commitments and contingencies by source category.
Unadjudicated Claims 1.5%
Other contingencies 0.5%
Long-Term Contracts
Contingent
(Maximum
Liabilities
Risic
Exposure)
Commitments
Total $514.8 billion
Total $3,316.2 billion
is designed to show two basic types of financial information. These are the maximum
(commitments) and the anticipated liabilities (contingencies) which it is reasonably certain, based
on experience and other factors, will occur The anticipated liabilities are the equivalent to allowance for losses.
The
table that follows
potential liabilities
As used
in
commercial accounting, a commitment represents an obligation
delivery under a contractual arrangement.
for
to
pay
for
goods
or services
upon
Commitments shown
in the table are represented by long-term contracts
which appropriations have not yet been provided by the Congress, and undelivered orders representing obligations
of currently available appropriations.
A contingency represents a possible exposure to a liability depending upon the outcome of uncertain future
events or circumstances. Contingencies are stated in terms of the maximum risk exposure without regard to existing
contingent assets which would be available to offset potential losses. The ratio of losses Incurred to premiums written
represents the probability of incurring those losses. "Contingent
"contingent
liabilities for
liabilities" supports the balance sheet
guarantee and insurance programs" and represents the anticipated liability
liability
.
103
Commitments and Contingencies
of the U.S. Government
as of September 30, 1984
(In billions)
Commitments
Long-term contracts
GSA
building construction
Tennessee Valley Authority
Other
Subtotal
Undelivered orders
Legislative branch
Judicial
branch
Executive Office of the President
Funds appropriated to the President
Defense
Education
Health and
Human
Services
Housing and Urban Development
Transportation
Environmental Protection Agency
Other agencies
Off-budget agencies
Subtotal
Total
commitments
Contingencies
Government loan and
Housing
credit
guarantees
Export-Import Banl< of the United States
.
Business loan and investment fund
Farm ownership
Rural development
Shipbuilding and operations
Transportation
Veterans benefits
Education
Other
Subtotal
Insurance
Federal
Federal
Federal
Nuclear
in
force
Deposit Insurance Corp
Savings and Loan Insurance Corp.
Emergency Management Agency
Regulatory Commission
National Credit Union Administration
Veterans Administration
Department
of Transportation
Other
Subtotal
Unadjudicated claims
Transportation
Other
Subtotal
Other contingencies
Veterans readjustment benefits
Other
Subtotal
Total contingencies
Total contingent liabilities
.
—
104
FEDERAL DEBT MATURITY
|
I
'
borrowing from the public amounted to $1 ,299.5 billion in FY 1984, an increase of $169.1 billion from
1983. This chart has been presented to graphically show the increase in net borrowing from the public.
Total net
FY
Net Borrowing from the Public with interest Expense for 1974-84
1,300
1—
(In
—
billions of dollars)
1,200 —
interest Expense
1974
197S
1976
1977
1978
1979
1980
1981
1982
1983
1984
1974
The Federal Debt
Government needed
1975
1976
1977
1978
1979
1980
1981
1982
21.5
32.7
452
41.9
39 2
48 3
59 9
78 4
97 7
108 4
129
1983
1984
Maturity schedule which follows reflects information on the borrowing of the Federal
to finance the
Information on the debt
is
Government's operations.
provided by type of debt instrument, average interest rate charged for each type, and
is shown net of.
maturity This schedule directly supports the balance sheet caption, "Borrowing from the public," which
intragovernmental holdings and unamortized premium or discount. Intragovernmental holdings represent that portion
of the total
Federal debt held by Federal entities, including the major trust funds.
The percentage
distribution of
1984 net borrowing from the public by source category
is
graphically depicted
below.
Nonmarketable
Bills
26.6%
105
Marketable
Bills
106
ADDITIONS TO NON-FEDERAL ECONOMIC RESOURCES
The
human
following graph indicates the
ways
which the Government uses
in
its
resources to add to the physical and
resources of the Nation without acquiring physical assets.
All
Other
$2.6
Training
Science and Engineering
Education
—
Income Support
Conservation
Total $63.2 billion
The
and
all
shows the amounts of these expenditures. Some of these investment-type expenadding to the Federal assets, add to the assets of State and local governments or private institutions,
table which follows
ditures, while not
enhance the
While
future productivity of the Nation.
this table
does not provide a precise measure
of the difference
between
capital
and current items,
it
does
indicate a useful general magnitude.
Additions to State, local, and private assets include construction grants for highways, hospitals, and airports,
fleet, and conservation projects, which increase the value of private farmland and water
subsidies to the merchant
resources. Other developmental expenditures reflect current Federal expenditures and grants which
Nation
in
future years
will
benefit the
by increasing productivity or well-being. These include research and development costs and
education and training.
.
107
Additions to Non-Federal
Economic Resources
Ended September 30, 1984-86
for the Years
(In billions)
1984
Additions to State, local, and private assets
Community and
regional
development
Environment
Transportation
Highvi^ays
Rail
and
and mass
transit
air
Other
Total additions
Other developmental expenditures
Agriculture
Conservation
Economic development
Education
Education-income support
Environment
Health
Science and engineering
Training
Transportation
Other
Total
developmental expenditures
Total investment outlays
.
108
SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE
DUE FROM THE PUBLIC
Total
accounts receivable amounted
amounted to $261
summaries by function
loans receivable
.1
below are
of
to
billion in
$63.5
FY
1
billion in
FY 1 984, an
increase of $6.1
984, an increase of $6.5
billion
from
FY
billion
1
FY
from
1
983. Total
983. Graphically depicted
accounts and loans receivable data.
Loans Receivable
Accounts Receivable
gricultur^Other
1.3%
bommeree and
Housing Credit
Total $63.5 billion
Total $261.1 billion
iiiil General
Government Receivables
The table which follows supports the balance sheet receivables, "Accounts receivable" and "Loans receivable"
which are shown net of allowances, taxes receivable and intragovernmental holdings. The information in the table is
based on data submitted by Federal agencies to the Treasury and published annually in the Treasury Bulletin.
371 9) requires the Director of the Office of Management and Budget
and the Comptroller General of the United States, to
establish regulations requiring each agency with outstanding debts to prepare and transmit to 0MB and the Treasury a
report which summarizes the status of accounts and loans receivable managed by each agency These receivables
result from a wide range of Federal activities including tax assessments; sale of Government services such as satellite
The Debt Collection Act of 1 982
(0MB),
in
(31 U.S.C.
consultation with the Secretary of the Treasury
launchings; sale of
Government goods such as
natural resources from Federal lands;
annuitants; and various loan programs such as student
Federal Government to improve collection
activity.
and housing loans. The data
overpayments
in
the reports
to
will
people like
enable the
109
Summary
Due from
of Accounts and Loans Receivable
the Public as of September 30, 1984 and 1983
(In billions)
Accounts and Loans Receivable
by Agency
Accounts receivable
1984
Legislative branch
Executive branch
Funds appropriated
Departments
to the President
$0.6
Agriculture
6.6
Commerce
Defense
.7
Education
.7
Energy
Health and
.6
Human
Services
2.7
Housing and Urban Development
.9
Interior
.4
Justice
Labor
State
['
10.4
Transportation
Treasury
Veterans Administration
Other Independent agencies
Off-budget agencies
Gross receivables
Less taxes receivable, allowances and Intragovernmental
transfers
Net receivables due from the public
31.0
Loans receivable
..
110
Summary
of
Due from the Public as
Accounts and Loans Receivable
September 30, 1984 and 1983 Continued
—
of
(In billions)
Accounts and Loans Receivable
by Function
1984
Accounts
Administration of justice
Agriculture
Commerce and housing
Community and
regional
credit
development
Education, training, employment, and social
services
Energy
General government'
General purpose fiscal assistance
General science, space, and technology
.
.
Health
Income security
International affairs
National defense
Natural resources and environment
Social security and medicare
Transportation
Veterans benefits and services
Total
Administration of justice
Agriculture
Commerce and housing
Community and
regional
credit
development
Education, training, employment, and social
services
Energy
General government^
General purpose fiscal assistance
General science, space, and technology
Health
Income security
International affairs
National defense
Natural resources
and environment
Social security and medicare
Transportation
Veterans benefits and services
Total
.
.
1983
111
RECONCILIATION OF ACCRUAL OPERATING RESULTS TO THE
CASH BASIS BUDGET
The
following table reflects the separate
Financial Statements are prepared
o!Z.
bases used to prepare each (accrual vs. cash) The
Consolidated
on the accrual basis and, accordingly, are more
comprehensive because ttlej
'^^ accounting period to which they relate rather than when the
receipts or
tLrn^L"^%T
'^^T^f
L"
outlays take
place. The o
Budget
of the United States
Government
reflects only
cash received or spent.
The items shown as additions represent additional expenses
not recognized under the budget i^unoepi,
concept wnne
while
deductions are adjustments for redistribution items.
Reconciliation of Accrual Operating Results to
the Cash Basis Budget
as of September 30, 1984 and 1983
(In billions)
1984
Reported budget outlays over receipts (cash basis)
Net expenses
Total
budget
of off-budget
agencies
deficit (casfi basis)
Add:
Noncasfi provisions
for retirement
and
disability benefits
Depreciation
Increase
in
contingent
liabilities for
guarantee and insurance programs
Deduct:
Capital outlays
Net loan disbursements
Decrease
in
contingent
liabilities for
guarantee and insurance programs
Seigniorage
Net effect on other accrual adjustments
Current period results on accrual basis per
consolidated statement of operations (expenses
over revenues)
$175.3
1983
.
112
Federal Facts and Figures
Unit of
Gross national product
Current dollars
Per capita
1972 dollars
Per capita
Population (includes Armed Forces)
Consumer Price Index
All Items
1 967 = 1 00)
Purchasing power (1967 = $1.00)
(
Employment
Total labor force
Total
employed
Federal employment
Military
Civilian
Federal employment as a percent
Federal debt
Gross debt
1
972
of total U.S.
employment
dollars
Held by public (current dollars)
Percent of GNP
Per capita
1
972
Interest
dollars
on the Federal debt (current
dollars)
Per capita
GNP
Percent of
Percent of
1
972
total
Federal expenses
dollars
expenses (accrual)
Total Federal
Current dollars
Percent of GNP
Per capita
Personal income
Current dollars
Percent of
Per capita
1972
GNP
dollars
Percent of
Per capita
GNP
income taxes paid for adjusted income levels
Under $6,000
Total
Number
taxpayers
of
$6,000-$9,999
Number
taxpayers
of
$10.000-$1 5.999
Number
taxpayers
of
$1 6.000-$24,999
Number
taxpayers
of
$25,000-$49,999
Number
taxpayers
of
$50,000-$99,999
Number
taxpayers
of
,
$100.000-$999,999
Number
of
$1 million
taxpayers
and over
Number of taxpayers
Federal participation in domestic credit markets
Total funds advanced in U.S. credit markets (nonfinancial sectors)
Total funds advanced under Federal guidance (direct and guaranteed
.
loans)
Federal participation rate
Total funds raised in U.S. credit markets (nonfinancial sectors)
Total funds raised under Federal guidance (includes Federal
borrowing from the public, guaranteed borrowing, and sponsored
agency borrowing)
Federal participation rate
.
CURRENCY AND COIN
OUTSTANDING AND IN CIRCULATION
U.S.
114
Currency and Coin Outstanding and
U.S.
Circulation
in
[Source: Financial Hanageinent Service]
MO
AmuNTS OUTSTAKDIMG
IN
CUtCUUTION
June 30. 1985
Total
Amounts outsunding
Less amounts Held by:
nl
;;de"a"i'R;u;«-i;n;;::
Amounts in circulation
Federal Reserve notes
Total
currency ana
coin
Dollars 3/
Currency no
longer Issued
U.S. notes
U
~
Fractional
coin
$2,024,703,898 $14,150,243,000
$272,146,611
S217.004. 108.419 J200.829.I61,521 $200,234,475,894 J322. 539.016
$16,174,946,898
548.968.131
475.151.041
357.702.528
163.232.664
191,265.603
311.9i8.157
15.150.827.726
1,503.768.486
13,647,059,240
3o,l3l:S":o6l
2oJI: IIImi
^o.osl-.lTdU
le
205.084
47.516
185,890.791.786
170.739.964.060
170.174,914.088
293,155.961
271.894,011
CUME«C»
III
308.311
29.383.039
COt»>AllATI»E TOTALS OF HOIIEY IN
CIRCULATIOIl BT DEII0I1IIIATI0N
CIRCULATION—SELECTED DATES
June 30, 1985
Denomination
U.S.
Federal
Reserve
notes 1/
$3,571,913,726
707,773,472
4,939,073,340
11,363,371,940
51,586,205,780
21,715,575,800
76,516,974,400
154,472,000
179,308,000
1,825,000
3,470,000
*87
jl
j2
•S
$lo"
'"'.
.'..'.
120
J50
jlOo"
•
500
$l,o66.'.'!
$5.000
$10,000
Fractional parts
Partial notes ^/
Total currency
1/
Issued on and after July
1,
$3,418,640,301
574.776,882
4,787,962.345
11,338,220,160
51,565,949,500
21,703,898,000
76,446,943,900
154,281,000
179,097.000
1,775,000
3,370,000
notes
$143,480
132,983,566
112,428,595
5,950
3,380
47,590,900
Currency
no longer
Issued
$153,129,945
13,024
38,682,400
25,145,830
20,252,900
11,677,800
22,439,600
6/191,000
7/211,000
~ 50,000
100,000
487
25
170,739,964,060
271,894,011
1929.
?/ Excludes coin sold to collectors at premltjfl prices.
7/ Includes $481,781,896 In standard silver dollars.
7/ Based on Bureau of the Census estimates of population.
293,155,961
Per
(in
capita
4^/
millions)
115
170.174.914,088
Amount
June
Hay
June
June
June
June
June
June
June
June
5/ Represents value of certain partial
1985
1985
1984
1980
1975
1970
1965
1960
1955
30, 1950
30,
31,
30,
30,
30,
30,
30,
30,
30,
$185,890.7
184,692.6
175.059.6
127.097.2
81.196.4
54.351.0
39.719.8
32.064.6
30.229.3
27.156.3
$778.58
r774.07
r739.64
558.28
380.08
265.39
204.14
177.47
162.90
179.03
denominations not presented for
~
redemption.
during March 1985.
6/ Increase due to erroneous reporting by New York FRB
i
U
S
GOVERNMENT PRINTINC OFFICE
1965
461-835/2000;
@FedFRASER