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 PENALTY FOR PRIVATE USE, $300 POSTAGE AND FEES PAID 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 < LU > _l < 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 > _l < 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;