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DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

FIRST-CLASS MAIL
POSTAGE & FEES PA
Department

of the Trea

;iy

Permit No. G-4
OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

(-/T

Summer

Issue

S
Fiscal

1986

TREASURY

Office of the Secretary
Department of the Treasury
Washington, D.C.

Connpiied by
Financial
Service

Management

TREASURY

Compiled by

Office of the Secretary
Department of the Treasury

Financial
Service

Washington, D.C.

The Treasury Bulletin is
US Government

for sale

by the Superintendent of Documents.
Washington, DC. 20402

Printing Office.

Management

©®[n]ti©[ii]fe
SUMMER ISSUE

D THfRD

QUARTER, FISCAL 7986
Page

FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS
Budget results for the third quarter,

Analysis

FFO-1

Summary of fiscal operations

Chart
Chart

Budget receipts by source

FFO-3.

1986

On-budget and off-budget results
On-budget and off-budget receipts by source

FFO-2.

fiscal

On-budget and off-budget outlays by agency

FEDERAL OBLIGATIONS
FO-I.

FO-2.

Gross obligations incurred within and outside the Federal Government by object class
Cross obligations incurred outside the Federal Government by department or agency

ACCOUNT Of THE U.S. TREASURY
UST-l,

Elements of changes in Federal Reserve and tax and loan note account balances

FEDERAL DEBT

FD-K

FD-2.

Interest-bearing public debt

FD-3.

FD-4.

Summary of Federal debt

FD-5.

Government account series
Interest-bearing securities issued by Government agencies
Maturity distribution and average length of marketable interest-bearing public debt held

FD-6.

Debt subject to statutory limitation

Chart

Average length of the marketable debt

Chart

FD-7.

Private holdings of Treasury marketable debt by maturity
Treasury holdings of securities issued by Government corporations and other agencies

private investors

TREASURY FINANCING OPERATIONS

20
21
'

PUBLIC DEBT OPERATIONS
PDO-1.

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

POO- 2.

Offerings of bills

PDO-3.

PDO-4.

Public offerings of marketable securities other than regular weekly Treasury bills
Allotments by investor classes on subscriptions for public marketable securities

U.S. SAVINGS BONDS AND NOTES

cumulative

SBN-1.

Sales and redemptions by series,

SBN-2.

Sales and redemptions by period, all

SBN-3.

Sales and redemptions by period,

series of savings bonds and notes combined

series E. EE, H, and HH

OUMERSKIP OF FEDERAL SECURITIES
OFS-l.

OFS-2.

Distribution of Federal securities by class of investors and t> pe of issues
Estimated ownership of public debt securities by private investors

MARKET BID YIELDS ON TREASURY SECURITIES

Chart

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

MBV-1.

Yields of Treasury securities

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1.

Chart

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

FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
FEDERAL CREDIT PROGRAMS

GA-II-1.

Direct and guaranteed loans outstanding

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1.

U.S.

IFS-2.

IFS-3.

Selected U.S. liabilities to foreigners
Nonmarketable U.S. Treasury bonds and notes issued to official

lFS-4,

Weighted average of exchange rate changes for the dollar

reserve assets

institutions and other residents of foreign countries.

CAPITAL MOVEMENTS

LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UHITED STATES
- Total liabilities by type of holder

CH-I-1.
CH-I-2.

CM-I-3.

CM-I-4.

liabilities by type, payable In dollars
Total liabilities by country
Total liabilities by type and country
Total

CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
CH-II-1.

Total

claims by type

CM-II-2.

Total

claims by country

- Total
claims on foreigners by type and country reported by banks in the United States
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES
CH-llI-I. - Do liar claims on nonbank foreigners

CM-II-3.

III

©©DiiiiciKitJ^

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

Total

1 1

CM-IV-2.

Total

liabilities by country

CM-IV-3.

Total

liabilities by type and country

CM-IV-4.

Total

claims by country

CM-IV-5.

Total

TRANSACTIONS

abi'

1 1

THE

UNITED STATES

claims by type and country
LONG-TERfl SECURITIES BY FOREIGNERS REPORTED BY BANKS

ties and claims by type

Af.D

BROKERS

THE UNITED STATES

CM-V-1.

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

CM-V-2.

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

CH-V-3.

Net foreign transactions in long-term domestic

CM-V-4.

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

CM-V-5.

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

securities by type and country
latest date

FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS

FCP-I-1.

Nonbanking firms'

FCP-I-2.

Weekly bank positions

positions

CANADIAN DOLLAR POSITIONS
FCP-II-1.

Nonbanking firms'

FCP-II-2.

Weekly bank positions

positions

GERMAN MARK POSITIONS
FCP-III-1.

Monbankinq firms'

FCP-III-2.

Weekly bank positions

positions

JAPANESE YEN POSITIONS
FCP-IV-1.

Nonbanking firms'

FCP-IV-2.

Weekly bank positions

positions

SWISS FRANC POSITIONS
FCP-V-1.

Nonbanking firms'

FCP-V-2.

Weekly bank positions

positions

STERLING POSITIONS
FCP-VI-1.

Nonbanking firms'

FCP-VI~2.

Weekly bank positions

U.S.

positions

DOLLAR POSITIONS ABROAD

FCP-VII-1.

Nonbanking firms'

FCP-VII-2.

Weekly bank foreign office positions

foreign subsidiaries'

positions

EXCHANGE STABILIZATION FUND
ESF-1.

Balance sheet

ESF-2.

Income and expense.

CASH MANAGEMENT/DEBT COLLECTION
CASH HANAGEHENT INITIATIVES

Reform '88 Cash Management..

SPECIAL REPORTS
COKSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL YEAR I9B6 (PROTOTYPE).
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Note.--Detai'

of figures may not add to totals because of rounding.

Abbreviations and symbol:

represents Revised,

Preliminary, n.a. Not available.

Includes funds transferred from others]

BUDGET RESULTS FOR THE THIRD QUARTER, FISCAL 1986

?HiHliLr :B'b^J"
ill.

::uk;i^

^-iirii,rjt:L:v?u,r:::::

^vy^v^r^.-?

v^Vurs^,^r^.n.r^^^?aA;^vv;v,s;

uu:^^^

S3/« billion.

'-J

financially strapped farmers to the Farmers Home Administration
the
farmers
by
payments
to
deficiency
advance
also
and
These latter payments were heavy
Commodity Credit Corporation.
shifting »' s^nd "g
, represent a
in April and "ay and ba si ca
into fiscal 1986 of funds originally budgeted for next year
evel
ts spend, ng
likewise, the Department of De fense mu st cut

receipts were up 6.8 percent.
Year-over-vear this June
This lioure was boos eJ by the fact that individual tax refund
SaJmens had been rVn'o'ing* slow during the early spring of last
!tar so that ca tc h up payme n t s were being made in June, and this
Also some
Senrelsed the nel receipts t^tal for June 1085.
"nUtl ;::,:rV rVut'i-nV to°'the timing of revenue payments
raised the year-to-year change.

e'rof'SnU
V' ,for
"'X""
of only VT'p'eVcen?
the year
5.3 percent.
growth

"'""

""
//"=''""'

Of course, there are areas of underrun
notable among. these is 'hterest on "«/"»]'
been
had
than
rates
interest
lower
much
February,

the year
In the context of projections made at the turn of
conta ned in the bujget released in February, individual
and a
and especially corporate revenue flows are running well under
receipts are up only 4.6
So far in the year total
target.
from the fiscal 1985 total, rather than the budget
pe
[In

4s^-;\::;um°;.jj! 'u^-r^:;:: ^:!?,jr":f.»j^;
spending and other ""9"' «^ •""«';"''
°*?A,V'l^I

total by «.? percent, compared wi th the prooected 3.6
Overruns are especially apparent in the
percent for the year.
,'"'
Depart.ents of Agriculture and
„,/ "'\ '
"^l^,"" that
culture spending so far has exceeded
»'!"/,/»
1985

•)

vias

"'"'''

agency

outlays (on- and off-budget) ir June totaled S78 billion.
receipts were S77 billion, yielding a deficit of SI
and
deficits typically narrow (or shift to
Million
As noted
;
in oune -hen recVipts "re boosted by quarterly tax
s
Deficits typically
payments by corporations and individuals.

deficit last September

-- —'^

-'-^

last
Is?

projected
cted
"'„',

mil lions]

Budget estinates
(February 1986).
full fiscal 1986

Actual fiscal
year to date
Total on-budget and off-budget results:

...

57174
l(,i/«

5571.581
419,908
151.673
loi.o/j

S777.139
579.201
197,938

245.186
197 869
47 317
i/.ji/

738.402
602.961
135.441
ij3.

979.928
795.185
184.743

-30.479
-40.336
'tgas?
»9.857

-166.821
-183,053
"lie'?!!
*jb.2j.:

-202.789
-215.984

178.299

204.151
-2.940
l!578

S2H.708

,
receipts
On-budget receipts
Off-budget receipts

Total

.\
^°l'\°".
On-budget.' outlays
Off-budget outlays

surplus (+1 or deficit (-).
On-budget surplus (.1 or deficit (-1
Off-budget surplus (•! or deficit (-)

Total

"niigs

Heans of financing:
,.,<
By borrowing from the public
By reduction of cash and monetary assets,
By other means

50 673

••
increase (-)

,,t,,

-11001

jei

-477

30,479

Total on-budget and off-budget financing.

Second-quarter Receipts
capsule analysis

following

Ihe

budget receipts,

source,

for

the

n:;;:bir?ri-i!»^n:j:a;:irc.fr;;t?o'r?r^hr;;;t^-^'F^tj;ri:ii,^^s

quarter of fiscal

second

1986

"'PP''""/„'„

,
''"''"'"
,

u:t :L:':^,;v:\:.:':-^r.^;:^. :nj "e

•:;

saae time lag.

receipts

'°""''>"'V"^

i;i4f|fH-;:=;§iif|Sr!fi;:i

|F,f:d

Individual

rl"\l\\ :l
offset

income

taxes.-

-I

ndi v, dua

income

tax

AW
increase

Th"ese'".wo' i n^Je^se's" we^rT'irrg^l J
bni'len"."The large
in refunds of S7.3 billion.

:rtn"e;:r:rSrthr!n;e?na; li:llt lj::-^lTllZriri];^

z.^^ri:.^^p^t^^
^BH;^:r^^
January through March
nonwage

j^of^s.-n^Ln^rU^y^o ^po^a.i^rVerrs^: Ju.^^l'll

^^,,,C„st„.s

quarter.

oV """mM

M^H^Cims-i;

F^AnVVi^-

'^'e

January

'i^lwii luring
March.

the quarter than the previous year

J r°a7d""Di s???c t

-F^-

^^^^^^^s. ta«».-Federa, excise .« .ceipts

Corporation incoae taxes. --(Jet corporate tax receipts for
January-March of 1986 were SI. 39 billion lower than for the
Although corporations' final payments of
same period in 1985.

°' r"..

workers
ne! workers with lower contribution rates replace older
in the Government workforce.

of 1985.

income over

,.,.,.
tstate

Jjcrease

.„.,
and

.,,,
gift

and

,..,.--Ket
taxes
«='

--"--ust^

from

the

i/profitVVA

February,

billion

esta ite

recei pts
for

and

the

were

and

negligible

..0, refu^s
same

»co„d

- 'av^za^

quarter

were
in

„.l
1985.

FEDERAL FISCAL OPERATIONS

CX)

«J

O
*

FEDERAL FISCAL OPERATIONS
Table FFO-2.
[In

minions of dollars.

- On-budget and

Off-budget Receipts by Source

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

Income taxes

Social insurance
taxes and contributions

Corporation
Fiscal year
or month

Net
income
taxes

Employment taxes and contributio'
Old-age, disability, and
hospital insurance
Refunds

1981
1982
1963
1984
1985

256,007
267,146
266,046
281,805
302,554

1986 (Est.)
1987 (Est.)

325,174
358,307

1985-June
July
Aug
Sept
Oct
Nov
Oec
1986-Jan
Feb
Mar
Apr
May
June

Fiscal 1986 to date.

23,448
26,898
24,914
22,568
29,360
23,416
28,568
26,146
27,296
25,141
21,905
28,564
24,868

235.262

77.209

—

FEDERAL FISCAL OPERATIONS
Table

FFO— 2. - Onbudget and

Off-budget Receipts by Source— Continued

[In millions of dollars]

Social insurance
taxes and

contributions

Excise taxes

Airport and airway trust fund

Con.

Net
social
insurance
taxes and
contributions

(Est.).
(Est.).

.-June

July...
Aug. ...

Sept...
Oct
Nov

Dec...
i-Jan. ...

Feb
Mar
Apr. ...

Hay
June.

Highway trust fund

Black lung disability
trust fund
Net

182.720
201,498
208,994
239,376
265.163

25
134
,165
,501
,856

280,438
302,804

,959
,252

21,256
22,527
22,943
21,977
19,565
20,145
19,656
26,002
22,040
22,785
31,756
28,745
24,399

260
262
262
263

270
260
131

235
233
187

232
245
230

Gross

Refunds

Mi seel

Gross

laneous

Refunds

Net

FEDERAL FISCAL OPERATIONS

9
FEDERAL FISCAL OPERATIONS
Table FFO-3.
[In millions of dollars.

- Onbudget and

Off-budget Outlays by Agency

Source: Monthly Treasury Statement of Receipts and Outlays of

th'e

United States Government]

10
FEDERAL FISCAL OPERATIONS
Table FFC-3.

- On budget and

Off-budget Outlays by Agency-Continued

[In millions of dollars]

11
FEDERAL OBLIGATIONS

"Obligations' are the basis on Nhich the use of funds Is controlled
They are recorded at the point at which the
Federal Government.
makes a fimt connitnient to acquire goods or services and are
rnment
6
first of the four key events order, delivery, payment, and cont
which characterize the acquisition and use of resources.
In
t- tion
ral,
they consist of orders placed, contracts awarded, services
f# Ived, and similar transactions requiring the disbursement of Dioney.
;he

—

The obligational stage of Government transactions is a strategic
it
in gauging the impact of the Government's operations on the
onal economy, since it frequently represents for business firms the
rnment coranitment which stimulates business investment, including
ntory purchases and erployment of labor.
Disbursements may not
r for months after the Government places its order, but the order
If usually causes immediate pressure on the private economy.

Table FO-1.

—

Obligations are classified according to a uniform set of categories
based upon the nature of the transaction without regard to its ultimate
purpose.
All payments for salaries and wages, for exairple, are reported
as personnel condensation, whether the personal services are used in
current operations or in the construction of capital items.
Federal agencies often do business with one another; in doing so»
the "buying" agency records obligations, and the "performing" agency
records reimbursements.
In table FO-1, obligations incurred within the
Government are distinguished from those incurred outside the GovernTable FO-2 shows only those incurred outside.
ment.

Gross Obligations Incurred Within and Outside the Federal Government
by Object Class, as of Mar. 31, 1986

[In millions of dollars.

Source:

Standard Form 225, Report on Obligations, from agencies]
Gross obligations incurred

Object class

ersonal services and benefits:
Personnel compensation
Personnel benef ts
Benefits for former personnel

64,097
3,677
355

10,050

64,097
13,727
355

ontractual services and supplies:
Travel and transportation of persons.
Transportation of things
Rent, communications, and utilities..
Printing and reproduction
Other services
Supplies and materials

2,146
3,583
5,182
447
62,577
32,531

384
790
2,364
306

22,836
11,292

2,530
4,373
7,545
753
85,413
43,823

cquisition of capita! assets:

Equipment
Lands and structures
Investments and loans

38,749
5,826
25,839

4.786
1,904

55,613
177,083
82,171
416

9.973

43,535
7,730
25,917

rants and fixed charges:

Grants, subsidies, and contributions.
Insurance claims and indemnities
Interest and dividends
Refunds

20,175

65,586
177,084
102.346
416

then
-823
15.601

Unvouchered
Undistributed U.S. obligations

3.078

-623
18,679

Gross obligations incurred 1/

1/
I

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)
663,086
Deduct:

Advances, reimbursements, other income, etc
Offsetting receipts
Net obligations incurred

-88,235
-79,461
495,390

12
FEDERAL OBLIGATIONS
Table FO-2.
[In

—

Gross Obligations Incurred Outside the Federal
by Department or Agency, as of Mar. 31, 1986

minions of dollars.

Source:

Standard Form 225, Report on Obligations, from agencies]

Personal services and benefits

Classification

Government

13
FEDERAL OBLIGATIONS
Table FO — 2.
by

- Gross

Obligations Incurred Outside the Federal

Department

or Agency, as of Mar. 31,

Government
1986-Continued

[In millions of dollars]

Grants and fixed charges

Acquisition

Classification

14
ACCOUNT OF THE US, TREASURY
SOURCE AND AVAILABILITY OF THE BALANCE IN 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
accounts.
Hajor information sources include the Daily Balance Hire
received from the Federal Reserve banks and branches, and electronic
transfers through the Treasury Financial Coranunications System.
As the
balances in the accounts at the Federal Reserve banks become depleted,
they are restored by calling in (withdrawing) funds from thousands of
financial Institutions throughout the country authorized to maintain tax
and loan accounts.

Under authority of Public Law 95-147, the Treasury inplemented a
program on Nov. Z, 1978, to invest a portion of its operating cash in
obligations of depositaries maintaining tax and loan accounts.
Under
the Treasury tax and loan Investment program, depositary financial
institutions select the manner in which they will participate 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

Changes

Deposits to tax and loan accounts occur in the normal course of
under
uniform procedure applicable
business
a
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 fro»
a customer's account to the tax and loan account in the same financial
institution.
On occasion, 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 commnities 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 fluctuating
institution reserves and the
operations on Note Option financial
economy.

Federal Reserve and Tax and Loan Note Account Balances

[In millions of Jollars.

Source:

Financial Management Service]

Credits and withdrawals
Federal Reserve accounts

Credits

Fiscal year
or month

Withdrawals 2/
Received
directly

1,372,394

1981
1982
1983
1984
1985

19a5-June.
July..
Aug.
Sept.,
Oct..
Nov..

Dec.
1986-Jan..
Feb. .
Mar...
Apr.
May . .
Jure.

Tax and loan note accounts

Proceeds from sales of securities

Received
through remittance option
tax and loan
depositaries

Taxes

Marketable
i ssues

Nonmarke table
issues 4/

_5/

Total

credits

Withdrawal
(transfers to
Federal Reserve
accounts)

15
FEDERAL DEBT
Table FD-1.
[In

minions of dollars.

- Summary

of Federal

Debt

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

Securities held by:

Anount outstanding

Government accounts

End of
fiscal year
or month

Public
debt
securities

Agency
securities

Public
debt
securi-

The public

Agency
securi-

Publ ic

Total

ties

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

Dec.
6-Jan.
Feb..
Mar..
Apr. .
ray..
June.

Agency
securities

ties

1,003,941
1,146,987
1,381.886
1,576,746
1,827,470

997,855
1,142,035
1,377,211
1,572,267
1,823.103

6,086
4,952
4,675
4,481
4,366

209,507
217.640
240.116
264.159
317.612

208.056
216.404
239.023
263,084
316,545

1.450
1.236
1.092
1,075
1,067

794,434
929.346
1,141,770
1,312,569
1,509,857

789,799
925,631
1,138,188
1,309.183
1,506,558

4.636
3,716
3,582
3,406
3,299

1,779,026
1,805,324
1.822,387
1,827,470
1.836,210
1,904,542
1,950,293
1,966,846
1,983,428
1,991,098
2,012,556
2,035.634
2,063,627

1,774,640
1,800,943
1,818,013
1,823,103
1.831.849
1.900.186
1,945,942
1,962,552
1,979,143
1,986,816
2,008.271
2.031.350
2,059,349

4,386
4,381
4,374
4,366
4,362
4,356
4,351
4,294
4,286
4,282
4,285
4,284
4,278

315.222
317.599
318,505
317,612
314,963
337,432
349,922
353,814
354,385
353,615
360,860
365,978
375.471

314,156
316,533
317,437
316,545
313,898
336,369
348,859
352,752
353.326
352.557
359.796
364.914
374,410

1,067
1,067
1,067
1,067
1,065
1,064
1.063
1.062
1.060
1,058
1,064
1,064
1,061

1,463,804
1,487,725
1,503,882
1.509.857
1.521.247
1.567,110
1,600,371
1.613.032
1.629.042
1.637.483
1,651.696
1,669.656
1,688,156

1,460,484
1,484,410
1,500,576
1,506,558
1,517,951
1,563,617
1,597.083
1,609,800
1,625,817
1,634,259
1.648.475
1,666,436
1,684.939

3,319
3,314
3,307
3,299
3,297
3,292
3,288
232
226
224
221
220

Table FD-2.
[In millions of dollars.

End of

debt
securi-

Interest-Bearing Public Debt

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

16
FEDERAL DEBT
Table
[In millions of dollars.

End of
fiscal year
or month

Total

Airport and
airway
trust fund

Series

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

Employees
life

insurance
fund

«,712

FD— 3. — Government Account
Exchange
Stabilization
Fund

Federal
Deposit
Insurance
Corporation

Federal
disability
insurance
trust fund

Federal
employees
retirement
funds

Federal
hospital
insurance
trust fund

Federal
Housing
Admlnistration

Federal
old-age ai
survivors
insurance
trust fun

17
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

Defense
Department

outstanding

Family housing
and homeowners

assistance

-June.
July.
Aug.
Sept.

Oct..
Nov..
Dec.

-Jan..
Feb..
Mar..
Apr.
Hay..
June.

Housing and Urban
Development Department

Other independent agencies

Total

Federal
Housing
Administration

Government
National
Mortgage
Association

2,715
2,165
2,165
2,165
2,165

6,086
4,952
4,675
4,481
4,366

516
3S8
264
153
82

432
335
206
140

4,386
4,381
4,374
4,366
4,362
4,356
4,351
4,294
4,286
4,282
4,285
4,284
4,278

97
93
89
82
80
76
72
67
64
61
58

119

55
52

117

Export-Import
Bank of the

United States

Postal
Service

Tennessee
Valley
Authority

18
FEDERAL DEBT
Table FD-5.

Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investc]
[In ni'llions of dollars.

End of
fiscal year
or month

Amount
outstanding
privately
held

Source: Office of Government finance and Market Analysis in the Office of the Secretary]

Maturity classes
Within
1
year

years

5-10
years

1-5

10-20
years

20 years
and over

Average length

1981
1982
1983
1984
1985

549,863
682.043
862,631
1,017,488
1,185,675

256,187
314.436
379,579
437,941
472,661

182,237
221,783
294.955
332,808
402.766

48,743
75,749
99,174
130,417
159,383

32.569
33.017
40.826
49.664
62,853

30,127
37,058
48,097
66,658
88,012

4 yrs.

yrs.

6 mos

4 yrs.

11 mos

1985- June
July
Aug
Sept
Oct
Nov
Dec
1986-Jan
Feb
Mar
Apr
May
June

1,138,109
1,171,662
1.173,579
1,185,675
1,193,376
1,224,074
1,237,340

465,310
470.538
473,060
472,661
480,307
492,916
490,217
492,408
496,927
496,137
498,504
493,622
496,114

379.046
401.502
398.089
402.766
407.877
413.960
423,625
429.808
434.036
435.704
437.756
438,261
450,670

153,878
155.237
151.550
159.383
154,326
156,262
163,049
164,242
165,187
172,974
173,434
173.587
181,384

58,362
62,872
62,867
62.853
62,853
66,154
66,003
66,045
70,810
70,804
70,389
70,793
70,952

81.513
81,513
88,013
88,012
88,013
94,782
94,446
99,379
101,688
101,688
101,127
110,707
110,707

yrs.
yrs.
yrs.
yrs.
yrs.
yrs.
yrs.
yrs,
yrs.
yrs,
yrs.
yrs.
yrs.

10 mos
9 mo
mos
11 mos
10 mos
mos
mos
mos
2 mos
1 mo
1 mo
4 mos
3 mos

,251 ,882

1,268,648
1,277,307
1,281,210
1,286.970
1.309.827

Table FD-6.

yrs,

4 yrs.
4

mos
11 mos
1

in
00
CO
00

in
CO
CD
CD

CD
o>

o
CO

Itn
LU

a
LU
CD

<
111

It
CO

O
CO
O
z
o
o
X
UJ

<
>
tr
a.

-o>CM

21
FEDERAL DEBT
Table FD
[In

mi-

22
TREASURY FINANCING OPERATIONS, APRIL JUNE 1986

Auction of 2-Year Notes
April 16 the Treasury announced that it would auction $9,750 million
of 2-year notes to refund $8,07° million of notes maturing April 30, 1986.
and
to raise about 51,675 million new cash.
The notes offered were Treasury Notes
of Series Y-1988, dated April 30, 1986, due April 30, 1988, with interest
payable on October 31 and April 30 until maturity.
An interest rate of 6-5/8
percent was set after the determination as to which tenders were accepted on a
yield auction basis.
On

Tenders for the notes were received until 1 p.m. EST, April 23, and
totaled $18,300 million, of which $9,752 million was accepted at yields
ranging from 6.63 percent, price 99.991, up to 6.73 percent, price 99.807.
Tenders at the high yield were allotted 42 percent.
Noncompetitive tenders
were accepted in full at the average yield, 6.68 percent, price 99.899. These
totaled $740 million.
Competitive tenders accepted from private investors
totaled $9,012 million.
In

addition

the

$9,762

million

tenders

accepted

the

auction

On April 30 the Treasury announced that it would sell to the public at
auction, under competitive and noncompetitive bidding, up to $9,000 million of
3-year notes of Series R-1989, $9,000 million of 10-year notes of Series C1996. and $9,000 million of 30-year bonds of 2016 to refund $14,190 million of
publicly held Treasury securities maturing May 15 and to raise about $12,800
million new cash.
An interest rate of 6-7/8 percent was set on the notes of Series R-1989
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series R-19e9 were dated Hay 15, 1986, due Nay 15,
1989,
with interest payable on November 15 and May 15 until maturity.

Tenders for the notes of Series R-1989 were received until 1 p.m. EOST,
and totaled $24,964 million, of which $9,013 million was accepted at
yields ranging from 6.94 percent, price 99.827, up to 6.98 percent, price
99.720.
Tenders at the high yield were allotted 8 percent.
Noncompetitive
tenders were accepted in full at the average yield, 6.97 percent, price
99.747.
These totaled $685 million.
Competitive tenders accepted from
private investors totaled $8,328 million.
6,

In addition to the $9,013 million of tenders accepted
in the auction
process, $388 million was accepted from Federal Reserve banks as agents for
foreign and international
monetary authorities, and $1,019 million was
accepted from Government accounts and Federal Reserve banks for their own
account.

An interest rate of 7-3/8 percent was set on the notes of Series C-1996
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series C-1996 were dated Nay 15, 1986, and due Nay
15,
1996, with interest payable on November 15 and May 15 until maturity.

Tenders for the notes of Series C-1996 were received until 1 p.m. EOST,
Nay 7, and totaled $20,830 million, of which $9,017 million was accepted
at
yields ranging from 7.45 percent, price 99.478, up to 7.48 percent, price
99.270.
Tenders at the high yield were allotted 80 percent.
Noncompetitive
tenders were accepted in full at the average yield, 7.47 percent, price
99.339.
These totaled $432 million.
Competitive tenders accepted from
private investors totaled $8,585 million.
In addition to the $9,017 million of tenders accepted in the
auction
process, $5 million was awarded to Federal Reserve banks as agents for foreign
and international monetary authorities.
An additional
$500 million was
accepted from Government accounts and Federal Reserve banks for their own
account.

The notes of Series C-1996 may be held in STRIPS form
amount required is $1,600,000.

The minimum par

An interest rate of 7-1/4 percent was set on the bonds of 2016 after the
determination as to which tenders were accepted on a yield auction basis.
The
bonds were dated Hay 15, 1986, due May 15, 2016, with interest payable on
November 15 and Nay 15 until maturity.

Tenders for the bonds were received until 1 p.m. EOST. May 8, and totaled
$19,095 million, of which $9,015 million was accepted at yields ranging from
7.34 percent, price 98.915, up to 7.40 percent, price 98.202.
Tenders at the
high yield were allotted 21 percent.
Noncompetitive tenders were accepted in
full at the average yield, 7.37 percent, price 98.557.
These totaled $337
million.
Competitive tenders accepted from private investors totaled $8,678
mi

lion.
In

addition

the $9,015

52-Hcek Bills
On April 4 tenders were invited for approximately $9,250 million
week Treasury bills to be dated April 17, 1986, and to mature Ap
1987.
The issue was to refund $8,362 million of 52-week bills maturiij
17 and to raise about $900 million of new cash.
Tenders were opened
They totaled $29,536 million, of which $9,258 million was a(
10.
including $601 million of noncompetitive tenders from the public and
million of the bills issued to Federal Reserve banks for themselves
agents for foreign and international monetary authorities.
An additioii
million was issued to Federal Reserve banks as agents for forej
international monetary authorities for new cash.
The average bank
rate was 5.94 percent.

process, $300 million was accepted
serve banks for their own account.

May Quarterly Financing

May

process, $385 million was awarded to Federal Reserve banks as
agel
foreign and international monetary authorities.
An additional $1,129
was accepted from Government accounts and Federal Reserve banks for
tl
account.

million

of tenders accepted in the auction

from Government accounts and FedeJ

The bonds of 2016 may be held in STRIPS form.
required is $800,000.

The minimum pari

Auction of 2-Year Notes
On May 14 the Treasury announced that it would auction $9,750 mil
2-year notes to refund $8,548 million of publicly held notes maturing
1986, and to raise about $1,200 million new cash.
The notes offen
Treasury Notes of Series Z-1988, dated Nay 31, 1986, due May 31, 1981
interest payable on November 30 and May 31 until maturity.
An intere
of 7-1/8 percent was set after the determination as to which tender
accepted on a yield auction basis.
Tenders for the notes were received until 1 p.m. EDST, Hay 2|
totaled $35,599 million, of which $9,811 million was accepted at a yii
7.20 percent, price 99.863, which represented the full range of a.
bids.
Competitive tenders at 7.20 percent were allotted 81
Noncompetitive tenders were accepted in full at the average yiel
percent.
These totaled $773 million.
Competitive tenders accepte,
private investors totaled $9,038 million.
I

In addition to the $9,811 million of tenders accepted in the
process, $378 million was accepted from Federal Reserve banks as aoei
foreign and international monetary authorities, and $644 million was a(
from Government accounts and Federal Reserve banks for their own accoun'
<

Auction of 5-Year 2-Honth Notes
On May 20 the Treasury announced that it would auction $7,750 mil!
5-year 2-month notes to raise new cash.
The notes offered were Treasurj
of Series K-1991, dated June 3, 1986, due August 15, 1991, with intere!
able on February 15 and August 15 until maturity.
An interest rate of
percent was set after the determination as to which tenders were accept*
yield auction basis.

Tenders for the notes were received until 1 p.m. EDST, May 2
totaled $18,080 million, of which $7,756 million was accepted at
ranging from 7.50 percent, price 99.946, up to 7.55 percent, price
Tenders at the high yield were allotted 65 percent.
Noncompetitive tl|
were accepted in full at the average yield, 7.53 percent, price 99.815.
totaled $337 million.
Competitive tenders accepted from private invjl
totaled $7,419 million.
In addition to the $7,756 million of tenders accepted in the aj
process, $15 million was awarded to Federal Reserve banks as agen'
foreign and international monetary authorities.

S2-Week Bills
On May 2 tenders were invited for approximately $9,250 million of 3
Treasury bills to be dated Hay 15, 1986, and to mature May 14, 1987
issue was to refund $8,550 million of 52-week bills maturing May 15
raise about $700 million new cash.
Tenders were opened on May 13.
totaled $29,369 million, of which $9,252 million was accepted, includin
million of noncompetitive tenders from the public and $2,319 million
bills issued to Federal Reserve banks for themselves and as agents for f
and international monetary authorities.
The average bank discount ra
6.17 percent.

23
TREASURY FINANCING OPERATIONS, APRIL-JUNE 1986

:tion of 2-Year Notes
On June 11 the Treasury announced that it would auction $9,750 million of
(ear notes to refund $9,033 million of publicly held notes maturing June 30,
ion new cash.
$725 mi
The notes offered were
36, and to raise about
?asury Notes of Series AB-1988, dated June 30, 1986, due June 30, 1988, with
An interest rate
terest payable on December 31 and June 30 until maturity.
7 percent was set after the determination as to which tenders were accepted

yield auction basis.

Tenders for the notes were received until 1 p.m. EDST, June 18, and
$26,720 mil lion, of which $9,751 million was accepted at yields
.iging from 7.00 percent, price 100.000, up to 7.05 percent, price 99.908.
nders at the high yield were allotted 52 percent.
Noncompetitive tenders
These
re accepted in full at the average yield, 7.04 percent, price 99.927.
Competitive tenders accepted from private investors
taled $735 million.
taled $9,016 million.
taled

In addition to the $9,751 mil lion of tenders accepted in the auction
ocess, $565 million was accepted at the average price from Federal Reserve
nks as agents for foreign and international monetary authorities, and $1,000
llion was accepted at the average price from Government accounts and Federal
serve banks for their own account.

competitive tenders were accepted in full at the average yield,
percent.
These totaled $384 mi 11 ion.
Competitive tenders accepted
private investors totaled $7,005 million.

7.26
from

In addition to the $7,389 million of tenders accepted in the auction
process, $325 million was accepted at the average price from Federal Reserve
banks as agents for foreign and international monetary authorities, and $313
million was accepted at the average price from Government accounts and Federal
Reserve banks for their own account.

An interest rate of 7-1/4 percent was set on the notes of Series G-1993
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series G-1993 were dated July 7, 1986, due July 15. 1993.
with interest payable on January 15 and July 15 until maturity.

Tenders for the notes of Series G-1993 were received until 1 p.m. EDST.
June 25, and totaled $16,656 million, of which $6,758 million was accepted at
yields ranging from 7.26 percent, price 99.940, up to 7.36 percent, price
99,399.
Tenders at the high yield were allotted 30 percent.
Noncompetitive
tenders were accepted in ful 1 at the average yield, 7.33 percent, price
These totaled $309 mi llion.
99.561.
Competitive tenders accepted from
private investors totaled $6,449 million.

52-Heek Bills
ction of 4-Year and 7-Year Notes
On June 17 the Treasury announced that it would sell to the public
ction, under competitive and noncompetitive bidding, up to $7,250 million
year notes of Series P-1990 and $6,750 million of 7-year notes of Series
'93 to refund $4,346 million of publicly held 4-year notes maturing June
id to raise about $9,650 million new cash.

at
of
G-

The Treasury had announced on April 30, that it was eliminating the 201-month bond from the regular offering schedule.
Accordingly, the June
announcement contained only 4-year and 7-year note issues.

•ar
'

An interest rate of 7-1/4 percent was set on the notes of Series P-1990
the determination as to which tenders were accepted on a yield auction
The notes of Series P-1990 were dated June 30, 1986, due June 30,
190, with interest payable on December 31 and June 30 until maturity.

On May 30 tenders were invited for approximately $9,250 million of 364day Treasury bi 1 Is to be dated June 12, 1986, and to mature June 11, 1987.
The issue was to refund $8,533 million of 52-week bills maturing June 12 and
to raise about $725 million new cash.
Tenders were opened on June 5.
They
totaled $22,436 million, of which $9,251 million was accepted, including $382
million of noncompetitive tenders from the public and $2,285 million of the
bills issued at the average price to Federal Reserve banks for themselves and
as agents for foreign and international monetary authorities.
An additional
$152 mi 11 ion was issued to Federal Reserve banks as agents for foreign and
international monetary authorities for new cash.
The average bank discount
rate was 6.59 percent.

ter

isis.

Cash Hanagenent Bills

Tenders for the notes of Series P-1990 were received until 1 p.m. EDST,
and totaled $31,930 million, of which $7,389 million was accepted at
.26 percent, price 99.966, which represented the full
range of accepted
ids.
Competitive tenders at 7.26 percent were allotted 40 percent.
Non-

On May 30 tenders were invited for approximately $5,000 million of 15-day
bills to be issued June 4, 1986, representing an additional amount of bills
The issue was to raise new
dated December 19, 1985, maturing June 19, 1986.
cash.
Tenders were opened on June 3.
They totaled $26,364 million, of which
The average bank discount rate was 6.71 percent.
$5,000 million was accepted.

jne 24,

24
PUBLIC DEBT OPERATIONS
Table PDO-1.

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly

and 52-Week Treasury

Bills

Outstanding, June 30, 1986

Source: Monthly Statement of the Public Debt of the United States,
[In millions of dollars.
and Office of Government Finance and Market Analysis in the Office of the Secretary]

Amount of maturities

Amount of ruaturities

Held by
Date
of final
maturi ty

Description

Issue
date

Tota

U.S. Gov't
accounts and
Federal Reserve banks

All

other
investors

Date
of final
maturi ty

Descri ption

sue

date

25
PUBLIC DEBT OPERATIONS
Table

PDO-1. - Maturity Schedule

Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly

and 52-Week Treasury

Outstanding, June 30, 1986-Continued

Bills

mllions

[Ir

dollars]

Amount of maturities

Held by
Date
of final

Description

maturity

Issue
date

Total

U.S. Gov't
accounts and
Federal Reserve tanks

Held by

other
investors

?00I

11-3/4!
Feb.
15
13-l/8t
Hay
15
Aug. 15,96-01 ej
AU9.
15
13-3/8J
15-3/4!
Nov.
15

Bond
Bond
Bond
Bond
Bond

1/12/61
4/02/81
8/16/76
7/02/81
10/07/81

Total

1.501
1.750
1,485
1,753
1,753

13
51

741
114

1,488
1,699
744

1,639
1.617

£.242

1,055

1,759
2,753

88
106

~4,512

194

4,318

3.007

2.950

7,18

15
15

14-1/4S
11-5/81

Bond
Bond

2003
15

10-3/41

Bond

Description

Nov. 15,03-08 E-3/4$
'^„,,^

6ond

Issue
date

Total

All

other
investors

11/15/78

2009
May 15,04-09 9-1/81
uov. 15.04-0910-3/81

Bond
Bond

Xotj,

2010
1/06/82
9/29/82

Total
Feb.

Gov't
accounts and
Federal Reserve tanks
U.S.

maturity

2002
Feb.
Hov.

Date
of final

All

1/04/83

1.671
2.647

Feb. 15.05-10 11-3/4!
nay 15,05-10 10!
Nov. 15. 05-10 12-3/4!

^'""

Bond
Bond
Bond

2/15/80
5/15/80
11/17/80

2.494
2.987
4,736

662
1.070
686

1,832
1,917

4,050

26
PUBLIC DEBT OPERATIONS
Table PDO-2.
[Dollar amoiints in millions.

Source:

Maturity
date

Number of
days to
maturity 1/

Offerings of Bills

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

Amounts of bids accepted

Description of new issue
Issue date

Amount of
bids
tendered

Total

On com-

On noncom-

amount

petitive
basis 2/

petitive
basis 3/

Amount
maturing on
issue date
of new

offering

Regular weekly:
(13-week and 26-weck)
1986-Kar.

20
27

Apr.

10
17

May

June

12
19

1986-June
Sept.
June
Sept.
June
Sept.
June
Sept.
July
Oct.
July
Oct.
July
Oct.
July
Oct.
July
Oct.
Aug.
Nov.
Aug.
Nov.
Aug.
Nov.
Aug.
Nov.
Sept.
Dec.
Sept.
Dec.
Sept.
Dec.
Sept.
Dec.

52-week:

1985-June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1986-Jan.
Feb.
Mar.
Apr.

May
June

13
11

8
5

31
29
26
23
20
20
17
15
12

1986-June
July
Aug.
Sept.
Oct.
Oct.
Nov.
Dec.
1987-Jan.
Feb.
Nar.
Apr.
Nay
June

Total

unmatured
issues on
standing ter
new issue'

27
PUBLIC DEBT OPERATIONS
Table PDO-2.
On total

Issue
date

Average
price per
hundred

Offerings of Bills-Continued

bids accepte d

Average
discount
rate
(percent)

On competitive bids accepted

Average
investment
rate
(percent)

High

Discount
rate
(percent)

ular weekly:

Price per
hundred

scount
rate
(percent)

Price per
hundred

28
PUBLIC DEBT OPERATIONS

29
PUBLIC DEBT OPERATIONS
Table PDO-3.

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

Date sutscription books
c

sed

tenders recei ved

4/10/66

Issue
date

Description of securities

Period to final
maturity
(years, months.
days)

Amount
tendered

Amount
issued

Range of
accepted bids
and bonds

30
PUBLIC DEBT OPERATIONS
Table PDO-4.

Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part A
[In millions of dollars.

Other than

Bills

Source: SubscriptTon and allotinent reports]

31
PUBLIC DEBT OPERATIONS
Table PDO-4.

Allotments by Investor Classes on Subscriptions for Public Marketable Securities-Continued
Part B

Bills

Other than Regular Weekly Series

[DoTlar amounts in millions.

Source:

Subscription and anotment reports]

Reserve
banks 1/

32
U.S.

SAVINGS BONDS AND NOTES

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
E and EE savings bonds and savings notes.
Series A-D were sold from
Mar. 1, 1935, through Apr. 30, 1941.
Series E was on sale from Hay 1,
through Dec. 31, 1979 {through June 1980 to payroll savers
1941,
only).
Series F and G were sold from May 1, 1941, through Apr. 30,
1952,
Series H was sold from June 1, 1952, through Dec. 31, 1979.
Series HH bonds were sold for cash from Jan. 1, 1980, through Oct. 31,
1982. Series J and K were sold from May 1, 1952, through Apr. 30, 1957.

Table

U.S. savings notes were on sale May 1, 1967, through June
The notes were eligible for purchase by individuals with
1970,
simultaneous purchase of series E savings bonds.
The principal tei
and conditions for purchase and redeiH)tion and information on investm
yields of savings notes appear in the Treasury Bulletins of March 1
and June 1968; and the Annual Report of the Secretary of the Treasi
for fiscal year 1974.

SBN-1. - Sales and Redemptions

by Series, Cumulative through June 30,

1986

[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/

Savings bonds:
Series A-0 2/
Series E, eT, H, and HH.
Series F and G
Series J and K

Savings notes
Total

3,949

Accrued
discount

Sales plus
accrued
di scount

Redemptions

Interestbearing debt

Matured
non-interest
bearing debt

33
U.S.

Table

SBN-3.

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series

EE, H,

Source: Monthly Statement of the Public Debt of the
[In millions of dollars.
United States; Market Analysis Section, United States Savings Bonds Division]

and HH

34
OWNERSHIP OF FEDERAL SECURITIES
Table

OFS— 1. —

Distribution of Federal Securities by Class of Investors and Type of Issues
[In m'Tlions of rioHars.

Source: Financial Management Service]

Interest-beanng public Jebt securities
End of
fiscal year
or month

1981
1982
1983
1984
1985

1985-June
July
Aug
Sept
Oct

outstanding

1,003.942
1.146.987
1,381.886
1.576,748
1,827,470

996.495
1.140.883
1,375,751
1,559,570
1.821,010

208.076
216.404
239,023
263,084
316,546

9,016
7.944
5.687
4,994
6,134

.779 ,026

1,759.826
1,798,912
1,806.905
1,821,010
1,829.885
1,888.844
1,943.402
1.960.129
1.976,744
1.984.224
2.005.889
2.019.773
2.056.726

314.156
316,533
317.437
316.545
313.898
336.370
348,859
352,752
353,326
352,557
359.796
364.914
374.410

3.905
6.059
6.003
6,134
14.824
20,322
20.381
20.194
20.148
20.183
20,313
20,276
6.158

1,806.324
1.822,387
1,827.470
1.836.210
1,904.642
1,950.293
1
966 .846
1,983,428
1.991.098
2.012.556
2 035 6 34

986-Oan

Feb

Mar
Apr
Hay
June

Held by U.S. Government accounts

Total

securities
outstanding

Hov
Dec
1

Total
Federal

2 ,063 ,627

Konmarketable

Interest-bearing public debt
End of
fiscal year
or month

Held by private investors

Honmarketable

Matured
public
debt
and debt
bearing no
interest

199.060
208,460
233,136
258.090
310.411

124.330
134,393
155.423
155.018
169.702

310.251
310,474
311.434
310.411
299.074
316,048
328.478
332.558
333.178
332,374
339.483"
344.638
368,252

169.110
167,095
170,109
169,702
168,705
169.168
181.327
187.843
184,724
184.807
181.834
1S1.992
183.649

Agency securities
Total

outstanding

Public
issues
held by
Federal
Reserve
banks

Held by

35
MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. - Treasury Market

[Source:
3-mo.

Bid Yields at Constant Maturities,

Office of Government Finance and Market Analysis
6-nio.

1-yr.

2-yr.

3-yr.

5-yr.

Bills,

Notes, and Bonds'

the Office of

the Secretary]

7-yr.

IP-yr.

10.16J
10.20
10.24

10.33
10.37

20-yr.

t i)y average

J.july
Aug
Sept
Oct

7.31%
7.36
7.33

7.57?
7.70
7.64

7.86S
8.05
8.07

8.771
8.94
8.96

9.18J
9
9.31
9.37

9.70t
9.81
9.81

10.

10.68S
10.73
10.80

10.50J
10.56
10.61

36
MARKET BID YIELDS ON TREASURY SECURITIES, JUNE

30,

1986

1—

O
CO

LaJ

^S
1

ID
CO
<;
LlI

C/5

<i>

37
AVERAGE YIELDS OF LONG-TERM
Table AY-1.
[Source:

Treasury

New Aa

30-yr.
bonds 1/

corporate
bonds 11

New Aa
municipal
bonds 3/

— Average

BONDS

Yields of Long-Term Treasury, Corporate, and Municipal

Treasury
30-yr.
bonds 1/

New Aa

corporate
bonds 2/

New Aa
municipal
bonds 3/

Treasury

New Aa

30-yr.

corporate
bonds 2/

bonds 1/

HOKTHLY SERIES— AVERAGES OF DAILY OR WEEKLY SERIES
i.

...

n.a.

Bonds

Office of Government Finance and Market Analysis in the Office of the Secretary]
New Aa
municipal
bonds 3/

Treasury

New Aa

30-yr.
bonds 1/

corporate
bonds 2/

New Aa
municipal
bonds 3/

38
AVERAGE YIELDS OF LONG-TERM BONDS

39
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
Section

Table GA-ll-1.
[In thousands of dollars.

Direct and
Source:

Federal Credit Programs

Guaranteed Loans Outstanding, Mar. 31, 1986

Schedule

to the sr-220 coryiled by

the rinancial Nanageroent Service]

Direct loans or credit
figency and program

Guarantees or
Amount
outstandina

owned Govern»ent enterprises
U.S. dollar loans

funds appropriated to the President

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
Rural Electrification Administration:
Rural commjnication development fund
Rural electrification and telephone revolving fund:
Electrical systems
Telephone systems
Rural telephone bank
Farmers Home Administration:
Agricultural credit insurance fund:
Farm ownership loans
Operating loans
Emergency loans
Other loans
Rural development insurance loans
Rural housing insurance loans
Other t
Total Department of Agriculture

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
Other
Total Department of Commerce

Department of Defense:
Defense production guarantees
Operations and maintenance
Ryukyu Islands, construction of power systems
Total Department of Defense

Department of Education:
College housing loans
Student loan insurance fund
Higher education facilities loan and insurance fund
Loans to students in higher education
Total Department of Education

Department of Energy
Department of Health and Human Services:
Health Resources and Services Administration:
Health professions graduate student loan insurance fund....
Medical facilities guarantee and loan fund
Student loan program
Ot^e^ loans
Other HHS loans
Total

Maximum
authority

—Wholly

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
Housing and other credit guaranty programs
Other programs
Overseas Private Investment Corporation
Total

Amount
outstanding

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
Other housing loans
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

702,366
175.500
341,332
599,062

702.366
175,500
341,332
599.082

2.810,487
8,959,426
18,226
6,647,845
35,358

2,810,487
10.424,765
18,226
7,004,675
50.000

20.289,622

23,829.786
10,167,015
758,643
249,310

23.829.786
10.167,015
758.643
249,310

798,668

798.668

20,812

7,804.642
2,401.264
1,422.752

193,551
238,546
248,555
5,137
211,458
256,799
7,621

46,614,559

609,965
9.314
67.416
_l_/8.955

98,050
27,136
11.679
852,515

957
550
3,729
5,236

2,260,993
3,640,167
345.092
5,228,841
11.475.093
8. 159

21,904
26.384
498.066
58 .168

35.754

640.276

4,229,857
5,919,854
14,984,854
361,862
1.527.401
2,977
724,409
779

27,751,993

94,987
358,711
13.935
105.827
6,230

579,690

19.549.520

1.205.732

489.946

Maximum
authority

40
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
Table GA-ll-1.

Direct and Guaranteed Loans Outstanding, Mar. 31,

1986-Continued

[In thousands of dollars]

Guarantees or insurance

Direct loans or credit
Agency and program

— Wholly

Ma X i mum

Amount
outstandinq

author! ty

Amount
outstanding

owned Governtnent enterprises
U.S. dollar loans Continued

—

Department of Labor:
Pension Benefit Guaranty Corporation

2,046

Department of State:
Emergencies in the diplomatic and consular services
Loans to the United Nations

1,522
4,_ 739

1,522
4,739

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 rai 1 roads
Urban Mass Transportation Administration:
Land, facilities, and equipment acquisitions
Washington Metropolitan Area Transit Authority
construction bonds
Total Department of Transportation

Department of the Treasury:
New York City loan guarantees
Loans to foreign governments
Federal Financing Bank
Total Department of the Treasury

6,261

63,239
120,779
75,974

300.000
380.000

1,223,370

5.890.668

594,869

176.429

748

2.078,979

3,079,975
2/^

3.079,975

Environmental Protection Agency:
Puerto Rico Aquaduct and Sewer Authority

13, 126

General Services Administration:
Federal buildings fund
Other loans
i

13,571

Total General Services Administration
Small Business Administration:
Business loan and investment fund:
Business loans
Economic opportunity loans
State and local development company loans

13,571

2,161,790
175,419
211,219
412,093

Investment company assistance program
Other loans
Disaster loan fund:
Financial assistance programs

4.304,956

Total Small Business Administration

7,423,351

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
Veterans special life insurance fund
Other loans
Total Veterans Administration

Other independent agencies:
District of Columbia:
Loans for capital outlay and repayable advances
Export-Import 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:
Conrail plant modernization
Other loans
Total other independent agencies
Total Part

157,8 74

1,222,730
140,396
38,618
35,890
47,106
1.040,402
78,617
28,423

2,632,182

1,536,582

15,271,243

1,217,867

2,069

270,172
850,939
925^

19,149,797
144.616,431

997.000

Maximum
authority

41
FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS
Table GA-ll-1.

Direct

and Guaranteed Loans Outstanding, Mar. 31, 1986-Continued
[In thousands of dollars]

Direct loans or credit
Agency and progran

Amount
outstanding

879

Maximum
authority

Guarantees or insurance

Amount
outstanding

Maximum
authority

iJSlliDSGD©!

45
INTERNATIONAL FINANCIAL STATISTICS
this section are designed to provide data
reserve assets and liabilities and other statistics
balance of payments and international

Table IFS-3 shows U.S. Treasury nonmarketable bonds and
notes issued to official institutions and other residents of
f orei gn countries.

The tables in
i.S.

ted to the U.S.
ncial position.

i(
.

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

Table IFS-1 shows the reserve assets of the United States,
uding its gold stock, special drawing rights held in the
ial Drawing Account in the International Monetary Fund,
ings of convertible foreign currencies, and reserve posiin the International Monetary Fund.

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

s t i

ign official
c s

Table IFS-1.
Tin mi 11

U.S.

Reserve Assets

ons of dollars]

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

Selected U.S. Liabilitres to Foreigners
[In millions of dollars]

Liabilities to foreign countries
Official

institutions

Liabilities to
other f orei gner s

End of

calendar
year or
month

1982

Total

(1)

(2)

421 624

Other
Liabili- able U.S. Nonmarket- readily
ties
Treasury able U.S.
marketreported bonds
Treasury
able
Liabiliby banks and
bonds and
liabili- ties to
in U.S.
notes 21
banks 4/
notes
ties 3/
(3)

(4)

(5)

(6)

(7)

Liabili- MarketNonmarketable U.S. able U.S.
reported Gov't
Treasury
by banks bonds
bonds and
Total in U.S.
2/ 5/
notes ^1
ties

(9)

(10)

1 i

to nonmor
tary in-

Market-

(111

terna tic
al anc:
g1 ona
gan

za 1

(12)

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 19703

Trade-weighted average appreciation (+}
(-) of the U.S. dollar

or depreciation

End of calendar
year or month

Currencies of
OECD countries 2/

-10.9
-10.3
-14.6
-21.5
-18.4
-15.0
-3.4
+9.2
+21.8
+41.9
+35.6

+40.2
+41.0
+38.1
+36.9
+34.8
+35,6
+34.3
+29,5
+34.1
+28.6
+32.6
+28.9
+25.6

ii-July...
Aug....
Sept...
Oct
Nov
Dec
i-Jan.,..
Feb
Mar. ...
Apr.. .
May
June p.
July p.

^his table presents calculations of weighted average percentage changes in
'the rates of exchange between the dollar and certain foreign currencies, in
3rder to provide a measure of changes in the dollar's general foreign
jxchange value broader than a measure provided by any single exchange rate
Calculations are provided for two sets of countries that account
:hange.
U.S. bilateral trade patterns in
=or a major share of U.S. foreign trade,
!972 are used as a convenient, readily available proxy for the assignment
)f relative weights to individual exchange rate changes, although such
velghts do not provide a full measure of individual currencies' relative
Importance in U.S. international transactions because they take no account
The calculations do not purport to represent
')f factors other than trade.
guide to measuring the impact of exchange rate changes on U.S.
i

international transactions.
:xchange rate data used in constructing the indices reported here differ
;omewhat from those used in earlier calculations to more accurately reflect
nd-of-period currency values.

'he

equations used are as follows:

Equation one is used to calculate a trade-weighted average of changes in
-he dollar cost of foreign currencies:

(EQU

E^ - r(fl$/fc^

Where:
.

M^/EH)

E_ is the weighted average of percentage
changes in the dollar cost of individual
foreign currencies;
A$/fc^ is the percent change in the dollar
cost of foreign currency 1; and

M^/IM is U.S. imports from country i, as
a proportion of total U.S. imports from
all countries in the set.

vis-a-vis

Currencies of 46 main
trading countries 3/

48
CAPITAL

MOVEMENTS

INTRODUCTION

Background
Data relating to capital movements between the United States and foreign
countries have been collected in some form since 1935.
Reports are filed with
district Federal Reserve banks by commercial banks, thrift institutions, bank
holding companies, securities brokers and dealers, and nonbanking enterprises
in the United States.
Statistics on the principal types of data by country or
geographical area are then con so i da ted and are published in the Treasury
Bulletin.
1

The reporti ng forms and instructions 1/ used in the Treasury International Capital (TIC) Reporting System have Teen revised a number of times to
meet changi ng conditions and to increase the usefulness of the published
statistics.
The most recent, general revision of the report forms 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
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.

Basic Definitions
The term "foreigner" as used in the Treasury reports covers all institutions and individuals domiciled outside the United States, including U.S.
ci tizens domic i led abroad, and the foreign branches, subsidiaries, and other
af fil iates
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 institutions 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
Furthermore, U.S. liabi lities arising
domic i le of the ultimate beneficiary.
from deposits of dol lars wi th foreign banks are 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 pertaini ng 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) , savings and loan and other thrift insti tut ions,
securities brokers and dealers, and nonbanking enterprises in the Uni ted
States, including the branches, agencies, subsidiaries, and other affil iates
in the United States of foreign banking and nonbanking firms.
Entities that
have
reportable
liabilities,
claims,
transactions
or
securities
below
specified exemption levels are exempt from reporting.
Banks, thrift institutions, and some brokers and dealers file monthly
reports covering their dollar liabilities to, and dollar claims on, foreigners
in a number of countries.
Twice a year, 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.
Quarterly reports
are filed with respect to liabilities and claims denominated in foreign
currencies vis- a- v is foreigners.
Effective January 31, 1984, the specified
exemption level applicable to the monthly and quarterly banking reports was
raised from $10 million to $15 million.
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 wi th 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 institutions other than banks, thrift institutions
and brokers, and other nonbanking enterprl ses if their 1 iabi lities 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
Nonbanking enterprises also report
set at $10 million, up from $2 million.
for each monthend their U.S. dol lar-denominated deposi t and certificates of
deposit claims of $10 million or more on banks abroad.

Description of Statistics
Section 1 presents data on liabilities to foreigners reported by banks,
thrift institutions, brokers, and dealers In the United States.
Beginning
April 1978, the following major changes were made in the reporting coverage:

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.

Amounts due to banks' own foreign offices are reported separately; a p'
distinction between short-term and long-term liabilities was eliminc
separation was provided of the liabilities of the respondents themselv'
their custody liabilities to foreigners; and foreign currency liabilit ^
Also, beginning April 1978, the data on l1ab
only available quarterly.
were made more complete by extending to securi ties brokers and dealt
requirement to report certain of their own liabilities and all of
Effective as of January 31, 1985, savij
custody liabilities to foreigners.
and loan associations and other thrift institutions began to f i le the
banking forms.
Previously they had reported on TIC forms for nonbaf
enterprises.
:

Section II presents the claims on foreigners reported by banks in
Beginning with data reported as of the end of April 197
United States.
claims held for the1 r own account
di stinction was made between banks'
The former are available
claims held for their domestic customers.
monthly series whereas the latter data are collected on a quarterly t
Also, the distinction in reporting of long-term and short-term
only.
banks'
Maturi ty data began i
ponents of
claims was di scontinued,
collected quarterly on a time remaining to maturity basis as opposed to
Foreign currency claims are
historic original maturity classification.
collected on a quarterly basis only.
Beginning March 1981, this cl
coverage was extended to certain items in the hands of brokers and dealer
the United States.
See notes to section I above concerning the repcrtir
thrift institutions.

Another important change in the claims reporting, beginning with
quarterly data as of June 30, 1978, was the adoption of a broadened concef
"foreign public borrower," which replaced the previous category of "foi
official institution" to produce more meaningful information on lending tt
public sector of foreign countries. The term "foreign public borrower" ei
passes central governments and departments of central governments of foi
banks, stabilizi
countries and of their possessions; foreign central
funds, and exchange authorities; corporations and other agencies of cej
governments, including development banks, development institutions, and <
agencies which are majority-owned by the central government or its del
ments; State, provincial, and local governments of foreign countries ard
departments and agencies; and any international or regional organizatio
subordinate or affiliated agency thereof, created by treaty or convei)
between sovereign states.
Section 111 includes supplementary statistics on U.S. banks' llabil^
and claims on, foreigners.
The supplementary data on banks' loam
credi ts to nonbank foreigners combine selected information from the
reports with data from the monthly Federal Reserve 2502 reports submittei
major foreign branches of U.S. banks. Other supplementary data on U,S. b<
dollar liabilities to, and banks' own dollar claims on, countries not
ularly reported separately are available semiannually in the May and Uov^
Issues of the Treasury Bulletin.
to,

unaff 11
and claims on,
Section IV shows the liabilities to,
industrial
and
commercial conc^
foreigners by exporters,
importers,
financial institutions other than banks, thrift institutions, brokers,
The data exclude
other nonbanking enterprises in the United States.
intercompany accounts of nonbanking enterprises in the Uni ted States
their own branches and subsidiaries abroad or with their foreign p>
(Such transactions are reported by business enterprises t(
companies.
The data also exi
Department of Commerce on its direct investment forms.)
Beginning with data rep
claims held through banks in the United States.
financial
liabilities and claims of repoi
as of December 31,
1978,
enterprises are distinct from their commercial liabilities and claims;
items are collected on a time remaining to maturity basis instead of
original maturity basis used previously.

Section V contains data on transactions in all types of long-term dJ
and foreign securities by foreigners as reported by banks and broke
United States (except nonmarketable U.S. Treasury notes, foreign se:
and nonmarketable U.S. Treasury bonds and notes, foreign currency se
which are shown In the "International Financial Statistics" section
IFS-3).
The data cover new issues of securities, transactions in outsta
They include transactions execut
issues, and redemptions of securities.
the United States for the account of foreigners, and transactions exe
abroad for the account of reporting insti tutions and their domestic
tomers.
The data include some transactions which are classified as d
Also, see notes for se
Investments in the balance of payments accounts.
I
above concerning the reporting of thrift institutions.
tic
the

The geographical breakdown of the data on securities transactions
the country of domicile of the foreign buyers and sellers of the securi
In the case of outstanding issues, this may differ from the country o'
original issuer.
The gross figures contain some offsetting transac
between foreigners.
The net figures for total transactions represent t
actions by foreigners with U.S. residents; but the net figures for t
actions of individual countries and areas may include some transac
between foreigners of different countries.
The data published in these sections do not cover all types of rep
The
capital movements between the United States and foreign countries.
cipal exclusions dre the intercompany capital transactions of nonba
branches
with
their
own
the
United
States
business enterprises In
subsidiaries abroad or with their foreign parent companies, and capital t
Consolidated data on all types of i
actions of the U.S. Government,
national capital transactions are published by the Department of Commer
its regular reports on the U.S. balance of payments.

49
CAPITAL
Section

Liabilities to Foreigners

Table

CM-l-1. -

MOVEMENTS
Reported by Banks

Total Liabilities by

[In millions of

Type

the United States

of Holder

dollars]
Internal lonalanij
regional 2/

Foreign countries
Official

institutions

liabilities
all foreigners
reported by IBF's

Banks and other foreigners

Payable

ndof

Total

Payable

alendaryear

liabilities

month

(1)

r
r
r

311

'5-June
July
Aug.
Sept,
Oct.
Nov.
Dec.
'6-Jan.
Feb.
I

r.
r.
r.
r.
..

Mar
Apr.
Hay p..
June p.
.

r.
r.
r.

Total

dollars

(2)

(3)

foreign
currencies _3/
(4)

Payable

Memoranda
Total

Payable
in

Total

dollars

(5)

(6)

foreign
currencies _3/
{?)

Payable

Payable
in

Total

dollars

(8)

(9)

foreign
currencies 3^/
(10)

Payable
in

foreign
curren-

dollars

cies

(11)

(12)

_3^/

CAPITAL MOVEMENTS
Table

CM-l-3. -

Total Liabilities by Country

[Posttlon at end of period in millions of dollars]

Calendar year
1984

Europe
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
;

590

Italy

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

Europe

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombi a
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Carl bbean

Asia:

CM na:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malay s1 a
Pakistan
Philippines
Singapore
Syri

Thailand
01 -exportl ng countries
Other Asia

_!_/,

Total Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oi -exportl ng countries
Other Africa

2/,
,

Total Africa

Other countries:
Australia
All other

Total other countries....,
Total

foreign countries..,

International and regional:
International
European regional
Latin American regional...,
Asian regional
African regional
Middle Eastern regional.,.,

Total
n ternatJonal
and regional
i

Grand total

52
CAPITAL MOVEMENTS
Table

CM-l-4. -

Total Liabilities by Type and Country, as of June 30, 1986, Preliminary
[Position in ninions of dollars]

Total liabilities

payable in dollars

To foreign official

Liabilities to
MemoLiabilall other foreigners
randun
ities to
Banks'
Custody
banks'
ShortDeposits
Other
Negotiforeign own lia- liabilDeposits
ShortOther
own
term l.S. liabil- able
curren- bllities ities
term U.S. liabil- foreign
-,,Demand Time Zl Treasury ities
CD's
_£*,
cles
Demand Time 2J TTreasury ,..-.
ities
offices
obligeheld
obligations
for all
tions
foreigners
Totals

institutions and
unaffiliated foreign banks

Total

Country

Payable

dollars

Payable

(1)

660
4,002

(2)

659
3,047

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

Ul)

(12)

(13)

(14)

(15)

53
CAPITAL MOVEMENTS
Section

II.

Claims on Foreigners Reported by Banks
Table

CM-ll-1. -

[Position at end of period In
Calendar
year
19e3r

)

claims
in

dollars

own claims on foreigners...
Foreign public borrowers
Unaffiliated foreign banks:
Deposits
Other
Own foreign offices
All other foreigners

Banks'

Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable instruments
Collections and other
ayable in foreign currencies
Banks' own claims on foreigners...
Claims of banks' domestic
customers
anda
.

Sept.r

Sefit.r

«34,505

438,390

445,631

426.215

428,830

433,070

391,312
57,569

394,294
60,615

400,162
62,237

47,126
76,711
146,393
63,514

47,557
74,991
152,001
59,130

49,226
75,706
156,216
56,777

34,903
2,969

34,537
4,575

32,916
3,380

26,064
5,870

23,907
6,055

23,805
5,732

8,290
7,231

9,560
9,279

12,553
11,984

1.059

281

569

173,154
169.248
3,906

186,483
182,195
4,288

189,720
184,253
5,467

37,715

38,905

37,103

24,039

21,219

23,912

152,120

141,808

144,687

32,521

38,702

38,695

35,036

39,066

37,399

ims reported by IBF's_l_/
ayable in dollars
ayable in foreign currencies

tomer liability on acceptances

remaining
turity of 1 year or less:
n
foreign public borrowers
in all
other unaffiliated
foreigners
ims with

ims with rema i ni ng
turity of more than

year:
1
foreign public borrowers
In all
other unaffiliated
foreigners
in

.tablishment of International
ginning December 1981.

the United States

ons of dollars]

claim

lyatle

Total Claims by Type

Banking Facilities (IBF's) permitted

445

Mar.

54
CAPITAL
Table

CM-ll-2. -

MOVEMENTS
Total Claims by Country

[Position at end of period in millions of dollars]

CAPITAL MOVEMENTS
Table CM-ll-3.

Total Claims on Foreigners by Type and Country Reported

Banks

the United States, as of Mar. 31, 1986

[Position at end of period in millions of dollars]
CI ains of banks'
domestic customers

Reporting banks' own claims

Memorandum
Country
Total
bank s
own
claims
'

Total
claims

(2)

Europe:
Austria

600

Belgium-Luxembourg
Bulgari

Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherlands
Norway
Poland
Por tuga

Romania
Spa in

Sweden
Switrerland
Turkey
United Kingdom
U.S.S.fi

Yugoslavi a
Other Europe
Total

Europe

Canada
Lati

Amerl ca 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 America
and Caribbean
Tota 1 Latin Ainer i ca
and Cari bbean
Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Paki Stan
Phi ippines
Singapore
Syria
Thailand
Other Asia
1

Total

Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
Total Africa
Other countri es

Australia
Al
other
1

Total

other countries....

Total

foreign countries..

International and regional:
International
European regional
Latin American regional.,.
Asian regional
African regional
Middle Eastern regional. ,,
Total
nternational
and regional
i

Grand tota

Claims on
foreign public
borrowers and
unaf f
iated
foreigners
1

(3)

Tota

own
orei gn

payable

fore

offices

currenc

us toner
abi 1 i ty
accep t-

Payab

1 i

gn
es

ance

Total
(7)

f
1

a r s

(8)

orei gn

currenc ies

56
CAPITAL MOVEMENTS
Section

III.

- Supplementary
Table

Liabilities

CM — III — 1. -

and Claims Data Reported by Banks
Dollar Claims on

the United States

Nonbank Foreigners

[Position at end of period in mill ions of dollars]
Dollar claims of U.S. offices
Dol lar claims

Totaldollar
End of calendar

claims on non-

U.S. -based

U.S. agencies
and branches of

U.S.-basedbanj
major foreign

yearormonth

bankforeigners

banks

foreignbanksJ_/

branches2/

(1)

1981
1982
1983
1984
1985

r
r

1985-May r
June r
July r
Aug.
Sept.
Oct.
Nov.
Dec.

1986-Jan.
Feb
Har
Apr.
Hay

_1_/

r
r

r
r
r
r

p
p

(2)

(3)

(4)

165,730
186,923
199,950
191,928
176,121

43.656
64,543
76,113
75,952
67,810

36,645
42,493
44,970
43,062
42,871

85,425
79,887
7R,867
72,914
65,440

186,250
186,533
184,781
182,886
181,714
178,583
177,713
176,121
174,814
174,342
174,781
172.844
172,480

71,959
71,714
71,790
71,415
69,869
69,084
68.221
67,810
68.677
66,698
66,982
66,215
66,248

43,058
43,278
42,973
42,861
43,231
42,351
42,412
42,871
41,858
43.500
43,447
43,400
42,806

71,263
71,541
70,016
68,61C
68,614
67,14t
67,080
65,44C
64,279
64,144
64,352
63,229
63,426

Beginning December 1981, includes International Banking Facilities (IBF'
established by foreign-based banks.
Federal Reserve Board data.

57
CAPITAL
Section

IV.

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

Total Liabilities and Claims by

[Position at end of period

the United States

Type

millions of dollars]

Calendar year
1983

of
a1

or claim

liabilities.

lyable in dollars
Flnanci a
1

Commercia
Trade payables
Advance receipts and other.
1

in foreign currencies..
Flnanci a 1
Commerci al
Trade payables
Advance receipts and other.

'ayable

•

claims.

ayable in dollars
Ff nanci al
Deposi ts
Other
Commercial
Trade receivables
Advance payments and other.
:

It-

in foreign currencies..
Financial
Deposi ts
Other
Commerci al
Trade receivables
Advance payments and other.

ay able

27,512

1984

Har.r

June

Sept.r

Dec.

Mar.

58
CAPITAL MOVEMENTS
Table

CM-IV-2. -

Total Liabilities by Country

[Position at end of period in minions of dollars]

59
CAPITAL MOVEMENTS
Table

CM-IV-3 -

Total Liabilities by Type and Country, as of Mar. 31, 1986, Preliminary
[Position at end of period

millions of dollars]
Financial

liabilities
Commerc a
liabilities

Total

liabilities
Payable
Total

clo1

lars

Payable
in foreign
currencies

(2)

Europe
Austria
Belgium-Luxembourg
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
:

404

338

334

15
66

223
1.253

89
871

779

337
545
127

53
164
78

483

251

322

957

366
1.166
276

640
149

23
627
149

201
110
976

37
31
724

241

4,638

3,682

140

Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamai ca

980
222

954
13
26
1.610

938

1,617
34
29

2
2

13
26

1.512
2
2

11
3
4

Mexico
Netherlands Ant i lies
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.

276
86
15
12

20
84

20
83

368
65

Latin America and Caribbean

Asia:
China:

Mainland

205
109
117

Taiwan
Kong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon

beri

3.229

1,191
456

442
456

45
13

154
1

Africa:
Egypt
Ghana
Li

36
149
165

590

Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
Total Asia

2,326

7.163

1.796

133
1

Morocco
South Africa
Zaire
Other Africa

181
1

174

Total Africa
Other countries:

Australia
All other
Total other countries
Total

foreign countries....

International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total

international and regional.

Grand total

Latin America and Caribbean:

Ma lay si

546
41

Canada

Total

203

974
41

Europe

Total

134
382

489
20
1

60
CAPITAL MOVEMENTS
Table

CM-IV-4. -

Total Claims by Country

[Position at end of period In millions of dollars]

61
CAPITAL
Table CM-IV-5.

MOVEMENTS

Total Claims by Type

and Country, as

of Mar.

31,

1986

[Position at end of period in millions of dollars]
Financial claims

Country

urope
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
b.S.S.R
Yugoslavia
Other Europe

Total

Total
f
nancia

claims

Denomi nated
in

dollars

;

Total

Europe

158

12
10

217

208

44
107

602

568
106

172
28

2'82
,

116

39
61
41

e
5

171
135

415

33
166

33
160

44
,749

5,816

24
,

Latin America and Caribbean:
Argent ina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Col ombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.

Latin America and Caribbean

0,926

Asia:
China:

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

222
120
iZl
75
104
195

1.153
224
8

67
25
43
104
2

Thailand
Other Asia
Total

743

Asia

Afri ca

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

15
94

Total Africa
Other countries

Australia
All other
Total other countries
Total

foreign countries

International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total

international and regional.

Grand total

33
58
41

3
,

Total

4S3

Canada

29
2

24
2

12
3

17
98

350
50

Denomi nated
in foreign

currencies

Commercia
claims

62
CAPITAL
Section

Transactions
Table

[In

mtlHons

MOVEMENTS

Long-Term Securities by Foreigners Reported by Banks and Brokers

CM-V-1. -

Foreign Purchases and Sales of Long-Term Domestic

dollars; negative figures Indicate net sales by foreigners or

^!et

net outflow of capital

the United States

from the United States]

Corporate and other securities

U.S. Gov't corporations
and federally sponsored

Marketable Treasury bonds and notes

Securities by Type

agencies

foreign purchases

Foreign countries

International
Other
forand reinstitutions eigners gional

Offi-

Calendar
year
or mon

cial

Total
(1)

1982

(2)

(3)

(4)

Gross
foreign Gross
foreign
pursales
chases
(5)

(6)

Net
Gross
foreign foreign Gross
foreign
purpursales
chases
chases
(7)

(8)

Net
Gross
foreign
foreign foreign Gross
purpurforeign purchases
chases
sales
chases

Net

(10)

(11)

(12)

(13)

Gross
foreign Grosd
purchases
(14)

forei
sales
(15)

63
CAPITAL MOVEMENTS
Table

CM-V-3 -

Net Foreign Transactions

Long Term Domestic Securities by Type and Country

millions of dollars: negative figures indicate net sales by foreigners or

[In

net outflow of

capital

from the United States]

Marketable Treasury
bonds and notes

U.S. Gov't corporations
and Federal agency bonds

Corporate

Corporate bonds
1966

tock

1986

Apr.
Apr.
Calendar Jan.
Apr.
Calendar Jan.
Calendar Jan,
Apr.
Calendar Jan.
through through year
through through year
through through
year
through through year
Junep Junep
Jiinep Junep
I085r
Ounep Junep 198 6r
1985r
Junep Junep 1985r

Eu rope

Austria
Belgium-Luxenibourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherlands
Norway
Poland
Portugal
Romania
Spai

Sweden
Switzerland
Turkey
United Kingdom

476

312
-56

203
382
-261

1.917

1.8 75

251
1

-24

53
269

-188

1.373

314

260

150

213

-169

-158

198

97
-33

-15
740

-1

993
342
1,067

580
365
877

-1

-1,954

3.782

1.032

-3

Yugoslavia
Other Europe
Total Europe

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

Netherlands Antilles
Panama

470
633

280

-162

174
33
4

132

1.731
326

Peru

528
301

-294
177

Trinidad and Tobago
Uruguay
Venezuela
Other Latin Am erica
and Ca r bbean

15
36

238

Tota 1 Lati n Amer ca
and Caribbean
i

Asia:
China:

Mainland

274

Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea

9 2

1,264
55
*

17,880
227

Lebanon
Malaysia

-43

Stan

k i

Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia
Total

1.609
-32
1/

Africa
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
Other Afri ca

-1. 581
9_4_

Asia

19,859

-1
*

105
*
•

_2^/

Total Africa

Other countries:
Austral ia
Al 1 other
Total other countries..
Total

foreign countries

International and regional:
International

Europeanrcgional
LatinAmericanreglonal...
Asian regional

-420

3.239

-833

123
137

35
18

859

Africanreglonal
Middle Eastern regional..
Total international
and regional

Grand total

.110
6

-87
976
760

U.S.S.fi

29
-8

•__

457

3.499

-780

29.007

17.061

9,141

201

29
185

64
CAPITAL
Table

CM-V-4. by Type

MOVEMENTS

Foreign Purchases and Sales of Long-Term Securities,

and Country, During Second Quarter 1986, Preliminary
[In

minions

Gross purchases by foreigners
Domes

ti c

secur i ties

dcUars]
Cross sales by foreiqnc
['oirestic

securities

66
FOREIGN CURRENCY POSITIONS
INTRODUCTION

Background

"Majority-owned foreign partnerships" are those organized under 1
foreign country in w^ich one or more nonbanking concerns or ni
institutions in the Uni ted States, directly or indirectly
own more
percent profit interest.
"Majority-owned foreign subsidiaries" are
corporations in which one or more nonbanking business concerns or rn
institutions located in the United States, directly or indirectly,
with more than 50 percent of the total combined voting power of all clj
stock entitled to vote, or more than 50 percent of the total value
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, majority-owned foreign partnerships, and majority-owned foreign
subsidiaries of U.S. banks and nonbanking firms.
Reports cover five major
foreign exchange market currencies and U.S. dollars held abroad.
Reporting
has been required pursuant to title II of Public Law 93-110, an amendment to
the Par Value Modi fi cation Act of September 21,
1973, and implementing
Treasury regulations.
Statistics on the positions have been pub! shed since
March 1977 beginning with data for December 1975.

Reporting Threshold
The report forms and instructions used in the collection of bank data
were revi sed 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.

Coimon Definitions and Concepts
The term "Uni ted States" means the States of the Uni ted States, the
District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Midway
The term "foreign" means
Island, the Virgin Islands, and Wake 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 propri
etorshi ps, partnerships, and corporations ... the United States
ncluding the
U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of
"nonbanking firms
positions," and the agencies, branches, and subsidiaries
'+"''
located
" the United
States of foreign banks and banking
institutions,
"
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
The
foreign
except
intercompany accounts.
data
include
the
subsidiaries of a few foreign-owned U.S. -based corporations.

The exemption level applicable to banks and banking institutions
million equivalent through January 1982, when it was raised to $10C
The exemption level applicable to nonbanking business concerns and n(
institutions was $1 million equivalent on all nonbank forms from Mar|
through November 1976.
It was raised to $2 million equivalent on the
reports of positions held in the United States from November 1976
September 1978.
The exemption level was raised to $3 mi 11 ion on
subsidiary positions on June 30, 1977, and for positions held in th(
The exemption level for nonbanking ti
States on September 30, 1978.
raised to $100 million on positions in the United States in January
on foreign branch and subsidiaries positions in March 1982.
rJ

Firms must report their entire foreign currency position in a s|
foreign currency if a specified U.S. dollar equivalent value is reachei
category of assets, 1 iabi 1 ities, exchange contracts bought and sold
net position in the currency.
In general, exemption levels are applie(
entire firm.
In reports on their foreign branches, majority-ownei:
partnerships, and majority-owned foreign subsidiaries, U.S. banks and
are required to report the U.S.
dollar-denominated assets, liabl
exchange contracts bought and sold, and net positions of those bii
partnerships, and subsidiaries with reportable positions in the sjj
foreign currencies.
ti

Description of Statistics

1 iabi 1 ities,
and foreign exchange contract data are reported on
of time remaini ng to maturi ty as of the date of the report,
regardless of the original maturity of the instrument involved.
"Spot" means
due for receipt or del i very within 2 business days from the date of the
report.
"Short-term" means maturing in 1 year or less from the date of the

Data collected on the Treasury foreign currency forms are publi
the Treasury Bulletin in seven sections.
The first section presents a
Sect
of worldwide net positions in all of the currencies reported.
through VI each present data on a specified foreign currency.
Sect
presents the U.S. dollar positions of the foreign branches and subsidii
U.S. firms which are required to report in one or more of the s[

report.

foreign currencies.

Assets,

the

basi

67
FOREIGN CURRENCY POSITIONS
Section

Table FCP-l-1.

Summary

Positions

Nonbanking Firms' Positions-'

[In millions of foreign currency units,
except yen, which is in billions]

68
FOREIGN CURRENCY POSITIONS
Section

Table

II.

—

Canadian Dollar Positions

FCP— — 1. — Nonbanking
II

[In millions of

Report
date

Liabilities

Firnns' Positions

dollars]

Exchange bought ^/

Exchange sold AJ

posi-

tionS/
(1)

(21

(3)

10/31/85
4,898
11/29/85.... r4,236

746
'•541

1,11°
1,763

44,861
r735

1,215
rl,363

12/31/85....

53,405
r4,274

(4)

2,471

(5)

Exchange
rate 6/

Positio
held in

(6)

2,600
r2,326

0.7311
0.7226

United Sta
United Sta

2,458
2,562

,3I>!

•2,320

0.7156
0.7156

Abroad
United Sta

r3,

69
FOREIGN CURRENCY POSITIONS
Section

III.

Table FCP-lll-1.

— German Mark Positions
- Nonbanking Firms' Positions-

[In millions of marks]

eport
ate

Assets 2/

(1)

Liabi

ties

(2)

Exchange bought

13)

_4_/

Exchange sold^/

(4)

position
(S)

Exchange
rate 6/
(6)

^
;l/85
•9/85

)l/85..

1,927
2,091

5,750
4,560

23,827
27,424

12,976
16,931

7,028
6.004

2.6140
2.5120

held in:

70
FOREIGN CURRENCY POSITIONS
Section

IV.

Japanese Yen Positions

Table FCP-IV-1. - Nonbanking Firms' Positions
billicns of yen]

[In

Report
date

l^et

Assets

Liabilities

(

10/31/85.
11/29/85.

496
494

I2/31/C5.

1,784
r414

1/31/86.
2/28/86.

3/31/86.

)

665
658

_3_/

Exchange bought

(

)

1.514
1,802

_4_/

Exchange sold

(

_£_/

position 5/

Exchange
rate 6/

)

1,060
1,287

286
351

211.1500
202.0500

Position
held in:

FOREIGN CURRENCY POSITIONS

- Swiss Franc Positions
Table FCP-V-1.
Nonbanking Firms' Positions-'
Section

[In millions of

francs]
Net

.eport

ate

Assets

Liabilities

_3/

Exchange bought ^/

Exchange sold ^/

posit

11/85
->9/85

11/85

31/86....
28/86
31/86

n _5_/

Exchange
rate _6^/

Position
held in:

(1)

(2)

(3)

(4)

n.a.
n.a.

2,887
3,303

7,613
12,151

n.a.
n.a.

r-l,4E9
-1,566

2.1475
2.0803

United States
United States

n.a.
n.a.

r2,758

r407

n.a.

rl,662

2.0590

Abroad
United States

23
136

3,356
2,792

10,513
11,163

8,488
9,686

-1,300
-1,176

2.0250
1.8850

United States
United States

4,376

3,019

n.a.

1,612

1.9695

Abroad
United States

(5)

(6)

Wo r

FOREIGN CURRENCY POSITIONS
Section

VI.

Table FCP-VI-1.
[In

Sterling Positions

- Nonbanking

Firms' Positions'

millions of pounds]

Report

Liabilities

_3 /

Exchange bought ^/

Exchange sold

(1)

(2)

(3)

(4)

10/31/65.
11/29/85.

1,318
rl,220

rl ,954

5,263
4,610

5,694
4,946

12/31/85.

21,176
1,218

1/31/86.
2/28/86.
3/31/86.

r 2

2 5

_4_/

Net
posi-

Exchange

Posi tion

ti on

ra te _£/

held in:

_5_/

(5)

r-l,C67
r-1,141

(6)

1.4428
1.4E94

73
FOREIGN CURRENCY POSITIONS
VII. - U.S. Dollar Positions
- Nonbanking Firms' Foreign

Section

Table FCP-VII-1.

Abroad
Subsidiaries' Positions

[In millions of dollars]

Report
date

Net

Assets ZJ

Liabilities

Exchange bought

_3 /

Exchange sold_4_/

_£_/

position

31/85
31/86

(1)

(2)

(3)

(4)

43.958
40,251

36,687
33.928

4.326
4.537

3,669
3,379

Table FCP-VII-2.

- Weekly Bank

Abroad
Ab road

7,928
7,481

Foreign Office Positions

7/
-

[In millions of dollars]

Assets 8/

Liabilities

Exchange bought

Exchange sold

l,orldwi de

net
position

Report
date

(2)

(3)

(4)

(5)

296. 54E

307,902
304,480
306,444
307,365
312,148

384,765
364.081
354.170
351.978
394.381

364,648
342,941
333,394
333,478
374,012

9,208
5,295
5,519
3,731
4,769

J27/85

293,881
287.450
293,966
288,359

309,863
303,445
308,421
302,775

387.338
372,915
379,815
375,904

367,146
353,230
359,835
356,744

4,210
3,690
5,525
5,744

/04/e5
/ll/es
/18/85
/25/85

290,953
284,717
288,768
294,831

306,554
299,992
304,237
308,838

386,394
375.468
351,910
338,030

366,210
355,896
331,428
317,950

4,583
4,297
5,013
6,073

/01/86
/08/86
./15/e6
/22/86
/29/86

297,215
291,725
300,328
294,303
292,309

312,370
306,956
315,044
308,129
306,733

324,326
371,980
373.067
380.766
404,859

303,006
350,645
351,445
360,469
389,086

6,165
6.104
6.906
6,471
1,349

/05/86
/12/86
/19/86
/26/86

284,982
286,936
284,488
290,306

301,706
302,239
298,760
305,683

411,611
386,871
403,106
406,547

390,870
365,957
382,299
385,697

4,017
5,611
6.535
5,473

/C2/85
'09/85
/16/85
'23/85
/30/85

296,993
288,635
290,187
292,596

/06/85
/13/85
/20/85

/05/86
12/86

held in:

74
FOREIGN CURRENCY POSITIONS
Footnotes to Tables

_1/

Worldwide net positions on the last business day of the calendar quarter
of nonbanking business concerns in the United States and their foreign
branches and majority-owned partnerships and subsidiaries.
Excludes
receivables and instal Iment 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.

FCP-I through FCP-VII

majority-owned foreign subsidiaries.

Capitalized plant and equipment leases are excluded.

Includes both spot and forward exchange rates,

Columns

Representative rates on the report date.
Canadian dollar anC
Kingdom pound rates are expressed in U.S. dollars per unit of
currency, all others in foreign units per U.S. dollar.

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

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

3/ Weekly
""

7/
""

4/ Foreign branches and

SECTIONS
1/
""

THROUGH VII

and

8/ Excludes capital
_9/

less columns 2 and 4,

Banks and banking institutions in the United States and
subsidiaries.
branches
and
ma jori ty-owned
In
section
branches and majority-owned subsidiaries only.

assets.

Excludes capital liabilities.

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

10/

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

12/ See footnote 6.

2/ Excludes
""

majority-owned subsidiaries only,

Includes both spot and forward exchange contracts.

11/ Columns 3 and 9 less columns 6 and

12.

their

VII,

76
EXCHANGE STABILIZATION FUND
Table ESF-1. - Balances as of Dec. 31, 1985, and Mar. 31, 1986
[In thousands of dollars]
Dec.

Assets, liabilities, and capital

Dec. 31,

1985

31, 1985, through
Mar. 31, 1986

Mar. 31,

1986

Assets
dollars:
eld at Federal Reserve Bank of New York.
»1d with Treasury:
U.S. Government securities
Other
cial drawing rights _1^/
feign exchange and securities 2J
erman marks
apanese yen
ounds sterling
Kiss francs
ounts receivable
,

•

106,894

otal assets

106.894

426,540
1,067,000
7,292,815

(231,375)

2,924,273
2,782,599
11,808
16,275
133.239

163,674
412,607
562

545,951

1,041
(6,736)

14,761,443

195.165
1,067,000
7,838.766

3,087,947
3,195,206
12,370
17,316
126,504
15,647,168

Liabilities and capital
rent liabilities:
ccounts payable
dvance from U.S. Treasury (U.S. drawing
on IMF) 3/

68,834

Total current liabilities.

(4,056)

64.778

1,067,000

1,135,834

1.131,778

er liabilities;
special drawing right certificates.
•pecial drawing rights allocations.

4,718,000
5,381,739

Total other liabilities.

lital:
tapital account
let income (loss)

200,000
3,325,870

(see table ESF-2).

Total capital

195,250

4,718,000
5,576,989

195,250

10,294,989

694,531

200.000
4,020,401

694.531

Total liabilities and capital

15,647,168

footnotes at end of table ESF-2.

Table

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

Current quarter
Jan.

1986,

through
Mar. 31, 1986

Year to date
1, 1985,
through
Mar. 31, 1986
Oct.

and expense:
'rofit (loss) on:
Foreign exchange.

Wjustment for change

and allocations \J
Interest (net charges) on:
Special drawing rights
U.S. Government securities

Foreign exchange
Income from operations
Retained earning adjustment for fiscal

(

487,885

943,754

77,340

143,188

38,798
4,410
86,098

73,291
21,295
158,000

694,531

1,339,528

valuation of SDR holdings

1985 £/.

(3)

Ket income.

Beginning July 1974, the International Monetary Fund (IMF) adopted
a technique for valuing the special drawing rights (SDRs) based on
a weighted average of exchange rates for the currencies of selected
member countries.
The U.S. SDR holdings and allocations are valued
on this basis beginning July 1974.
Excludes foreign exchange transactions for future and spot delivery.
A non-interest-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.

_4/

Represents an adjustment to retained earnings for income that was
recorded in fiscal 1986 that had been earned in fiscal 1985.

—

Note.
Annual balance sheets for fiscal years 1934 through 1940 appear
Report of the Secretary of the Treasury and those for
succeeding years appear in subsequent reports through 1980.
Quarterly
balance sheets beginning with Dec. 31, 1938, have been published in the
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

©tiOOOQ

CASH MANAGEMENT INITIATIVES

Reform '88 Cash Management

Treasury's Financial Management Service/Federal Finance has lead agency
responsibility for monitoring and reporting progress on cash management
The overall goal
initiatives undertaken by Federal departments and agencies.
of the program is to improve Government's payments and collections systems,
being
directed
toward
identifying
additional
special
attention
with
application for state-of-the-art technology and expanding the use of other
mechanisms, such as lockboxes, automated clearinghouses, and cash concentration systems.

Agencies are providing quarterly reports to Treasury on the status of!
initiatives.
For fiscal years 1983, 1984, and 1985, interest savings totj
$178 million, $335 million, and $837 million, respectively.
Interest savings for second-quarter fiscal 1986 and combined inte
savings to date for each of the participating agencies are shown below.

Interest Savings for Fiscal 1986
[In thousands of dollars]

Interest savings

Department/agency

Actual

interest
(2d quarter)

Agency for International Development
Agriculture
Commerce
Defense
Education
Energy
Environmental Protection Agency
Federal Energy Regulatory Commission
General Services Administration
Health and Human Services
Housing and Urban Development
Interior
Justice
Labor
National Aeronautics and Space Administration.
National Archives and Records Administration,.
Railroad Retirement Board
Small Business Administration
State
Transportation
Treasury
Veterans Admini strati on
Tola

Actual
interest
(to date)

1,084
9,745
290
46,184
1.365
7,727
955

9,382
58,761
3.462
310,473
38,405
31.595
7,266

745
30,030
1,877
1,730
2,579
1,153
2,923

2,828
327,419
54,645
16,886
15.788
68,475
23.211

15,139

84.784
4,393
10,866
12,805
527.385
18,412

671

2,939
1,954
123,138
5,413

1,627,243

CONSOLIDATED FINANCIAL STATEMENTS
OF THE UNITED STATES GOVERNMENT
FISCAL YEAR 1985/PROTOTYPE

84
THE SECRETARY OF THE TREASURY

WASHINGTON

t
i

July

1986

statement of the
Secretary of the Treasury
The Department of the Treasury is pleased to present these
Consolidated Financial Stateme nts disclosi ng information on the
financial condition of the Fed eral Governm ent for the fiscal year
They have been prepared in con form ty with generally
1985.
accepted accounting principles (GAAP) but remain a prototype
document because GAAP reports are not prep ared by all Federal
agencies. The statements unde rline the Tr easury's commitment to
In
full disclosure of financial i nformation t o the public.
recent years, several Federal agencies hav e developed
consolidated GAAP statements, but the Fede ral sector still trails
at least 25 States
the progress of State and loca 1 government s
now prepare GAAP-based financi al statement s

—

The renewed emphasis with in the Federal Government on improving
financial management syst ems has produced additional agency
systems capable of report ing under GAAP, and their progress
We expect to have a
should be seen in the FY 1986 statements.
redesigned Governmentwide accounting and reporting system in
place for the FY 1987 sta tements. Other Federal projects
include 0MB s development of a standardized general ledger to
bring consistency to acco unting within all agencies and the
efforts to expand use of generic systems and off-the-shelf
software
'

Improvement in the guality and the timeliness of source data will
make the Consolidated Financial Statements a moi^e reliable and
We hope that these statements
useful document in the future.
will enhance public understanding of the complex issues involved
in managing the Government's financial resources.
One major change in this year's report involves the reclassification of the social security liability for future benefit
payments as a contingent liability.
This liability, previously
included on the Statement of Financial Position, may now be
found in the section on Commitments and Contingencies.

James

Baker, III

85
Comptroller General
of the United States
Washington, D.C. 20548

July

1986

STATEMENT OF THE UNITED STATES
GENERAL ACCOUNTING OFFICE

The need for sound financial management is one of the most critical
With annual spending now
issues facing the federal government today.
exceeding 1 trillion dollars and current budget deficits of over
$200 billion, the federal government must develop modern financial
management systems. These systems are necessary for efficient and
effective decision making about the size and af fordability of
government programs and for producing financial reports which
accurately portray the government's operations and financial
condition.

This consolidated financial report provides useful information, that
is not available elsewhere, about the financial condition and
operations of the federal government as a whole; it is supplementary
to information contained in budget documents.
The consolidated
statements disclose the magnitude of the government's assets and
future claims on government resources not fully disclosed in the
budget.
This includes information on the government's inventories and
fixed assets as well as its pension liabilities, and the size of the
public debt.
The amount of liability for social security benefits, which had been
included in the Statement of Financial Position in previous
consolidated financial reports, has been eliminated by Treasury from
the Statement in this report and included in a footnote instead.
Social security benefits is the single largest liability of the
federal government.
In 1985 the liability amounted to over 2 trillion
dollars and would have represented about 40 percent of total
liabilities had it been reported in the Statement of Financial
Position.
At present we are not sure whether social security should
be a liability or only disclosed in a footnote.
The nature of social
security is perhaps the most contentious issue in federal financial
reporting and is currently under study to determine how best to report
it in the consolidated financial statements.

Although this report is a prototype, it is a step toward a goal we
strongly support the annual publication of formal consolidated
financial statements of the United States government which can sustain
the scrutiny of an independent audit.
Achieving this goal will be a
significant milestone towards building strong viable financial
management systems that will serve the needs of government and help
restore public confidence in the management of the government.

—

Agency summary level statements, along with additional supplemental
information, form the basis for preparing this consolidated report.
Our ultimate objective is to establish credibility of the financial

statements and to be able to audit them and render a favorable opinion
To achieve this objective, however, we
on their fair presentation.
will first audit the underlying agency statements. We have begun this
process with pilot audits at selected major federal 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 management systems,
including the underlying reports needed to manage government
Our limited audit work has indicated that some of the
programs.
numbers in these consolidated statements can be more fairly stated. A
primary example of this is the receivables and related allowances in
Based on the work
the consolidated statement of financial position.
substantially
for
losses
is
allowance
we have done, we believe the
net
overstatement
of
understated resulting in a significant
of the
of
the
costs
understatement
receivables and a significant
on loan
estimated
losses
the
related programs. Likewise, we believe
understated.
guarantees and insurance is significantly

Regardless of the current shortcomings, these consolidated financial
statements are critical to improving financial management. They are
the underpinning for budget and management reports and encourage
agencies to improve their underlying systems. Although improvements
have been and are being made, much still remains to be done to produce
formal consolidated statements that can be audited. Currently, the
Department of the Treasury estimates certain amounts contained in the
accompanying statements based on available data. One of the major
improvements undertaken by the Treasury, however, has been the
development of a new governmental accounting and reporting system
which will facilitate the preparation of the financial statements when
it becomes operational, primarily in the consolidation of information
received from agencies that the Treasury has estimated for this year's
statements.

Treasury also intends to further improve the formats and presentation
We at GAO are committed to
of the consolidated financial report.
federal financial
consolidated
achieving the goal of audited
and the Office of
Treasury
with
the
statements and we are working
in the near future.
a
reality
help
make
it
Management and Budget to
planned for the
revisions
in
further
We are particularly interested
closely with
work
and
will
the
statements
formats and presentation of
Treasury in this endeavor.
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

INTRODUCTION
The

begun in the FY 1984 report to more
been continued in the FY 1985 CFS. Five
supplemental tables. Flow of Funds Projections, Financial Statements of the U.S. Government Restated for
General Price-Level Changes, Effect of Individual and Corporate Tax Benefits on Federal Revenues,
Additions to Non-Federal Economic Resources, and Federal Facts and Figures, have been eliminated
because these tables were derived entirely from other published reports. For the convenience of the reader,
the sources of information for these tables have been listed at the end of the report.
reformatting of the Consolidated Financial Statements,

closely approximate corporate annual reports to stockholders, has

The

and Supplemental Tables have been prepared from data contained in the
in the statements. The reconciliation of accrual operating
results to the cash deficit has been augmented by the addition of a summary of cash basis receipts and
outlays to better contrast the different results produced by each accounting method. Throughout the CFS,
the graphic representations of data have been improved to provide a pictorial overview of data relationships

CFS and

Financial Highlights

are intended to expand significant items

whicn the user

may

explore

greater detail

the statements.

The detail of line items in the Statement of Financial Position is now contained in Notes to Financial
Statements, and the Statement of Operations presents only expenses by agency which now makes the CFS
format consistent with other Treasury reports. With the exception of the reclassification of the accrued
actuarial
liability,

liability for

future social security benefit

payments from a balance sheet

liability

the statements and the methodology used to prepare them remain unchanged.

a contingent

FINANCIAL HIGHLIGHTS
Revenues and expenses
The following graphs show revenues and expenses for fiscal years 1975 through 1985, and the major
categories of revenues by source and expenses by function for fiscal year 1985. These amounts, taken from
the Statement of Operations, have been calculated on an accrual basis and differ from those reported on the
cash basis in other reports. The data supporting the graph
based on calculated amounts in prior years.

expenses by function has been estimated

TOTAL REVENUES AND TOTAL EXPENSES
FY

1975-85

89
Major categories of assets
Assets are resources owned by the Federal Government that are available to pay liabilities or provide
The following chart is derived from the Statement of Financial Position and
depicts the major categories of assets for FY 1 985 as a percent of total assets. The components for each of
these major categories are contained in Notes to Financial Statements.
public services in the future.

MAJOR CATEGORIES OF ASSETS
Property and equipment: 32.7%

Receivables: 31

%
Cosh and monetary
reserves: 6.2%

Deferred charges and
other assets: 12.5%
Inventories:

7.7%

Total:

Assets,
The
is

billion

and accumulated position

following graph depicts the assets,

liabilities, and accumulated position reported in the Statement
years 1981 through 1985. Accumulated position, the excess of liabilities over

of Financial Position for fiscal

assets,

liabilities,

$1,047.9

shown below the base

line to

emphasize Federal equity claims

TOTAL ASSETS, TOTAL

or interests

LIABILITIES,

AND ACCUMULATED POSITION
FY 1981-85
Total assets

Total liabilities

Accumulated position

jsooCtamows)

2500

[

2000

500

000

I-

'7 ni
-500
-1000
-1500
-2000
-2500

1981

1982

1983

1984

1985

assets.

Sources and uses

of funds

The charts below have been derived from the Statement of Changes in Financial Position for FY 1985
and show the resources provided during the period and the uses to which they were put. This statement is
not intended to substitute for either the Statement of Financial Position or the Statement of Operations;
instead,

presents additional useful information not included

those reports.

SOURCES OF FUNDS
Taxes and other

levies:

56.9%

Depreciation: 3.1%
Provision for accrued
retirement and disability
plans: 3.2%

Sale of property and
equipment: 4.1%

Net increase in
borrowing: 15.4%

hcrease

in liabilities:

4.8%

Other Government
operations:

12.5%

USES OF FUNDS

Spending on Government
programs: 83.8%
(includes interest on
the Public Debt: 13.6%)
Increase

receivables:

Increase

.8%

irj

deterred charaes „ ._
and olner assets: 2.4%
Increase

inventories:

2.6%

Purchase of property
and equipment: 9.5%

Consolidated Financial Statements
United States Government Consolidated Statement
September 30, 1985 and 1984

of Financial Position as of

Assets

Cash and monetary reserves (Note

1985

Receivables, net of allowances for losses of $16.3

1985 and $11.6

1984

(Note 3)
Inventories, at cost (Note 4)

Property and equipment, at cost less accumulated depreciation of $313.4

1985 and $299.5

1984 (Notes 5 and

Deterred ctiarges and ottier assets
Total

Liabilities

and Accumulated Position

Accounts payable

Unearned revenue
Borrowing from the public (Note

Accrued pension, retirement, and

7)
disability

plans (Note 8)

Social secunty (Note 9)

Contingent

Other

liabilities

for

guarantee and insurance programs (Note 10)

liabilities

Total

liabilities

Accumulated position end
Total

of period

(Note 11)

United States Government
Consolidated Statement of Operations
for the Years Ended September 30, 1985 and 1984
1985

1984
($ billions)

Revenues
Levied under the Government's sovereign power

income taxes

Individual

Corporate income taxes
Social insurance taxes and contributions
Excise taxes
Estate and

Customs

gift

taxes

duties

Miscellaneous

Earned through Government business-type operations
Sale of goods and services
Interest

Other
Total revenues

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

expenses

Current period results

($ billions)

Reconciliation of Accrual Operating Results
to the Cash Basis Budget

as of September 30, 1985 and 1984
1985

1984
(S billions)

Expenses over revenues
Deduct:
Net expenses
Increase

(current period results

of off-budget

on accrual basis)

12.5

agencies

actuarial liabilities for pension, retirement,

and

disability plans.

Depreciation

Change

contingent

liabilities

for

guarantee and insurance programs

Other accrual adjustments

Add:
Capital outlays

Net loan disbursements
Seigniorage

Reported budget outlays over receipts (cash basis)

192.6

140.3

United States Government Consolidated Statement
of Changes in Financial Position
for the Years Ended September 30, 1985 and 1984
1985

1984
($ billions)

Cash and monetary resen/es beginning

of period

72.8

Sources of funds:
Taxes and other levies
Other Government operations
Net increase

735.6

borrowing

Depreciation
Provision for accrued pension, retirement,

and

Sale of property and equipment
Increase

liabilities

Total sources of funds

Uses of funds:
Spending on Government programs
Purchase of property and equipment
Increase

Increase

inventories

Increase

deferred charges and other assets

receivables

Total uses of funds

Cash and monetary reserves end

of period

disability

plans

79.7

Notes to Financial Statements
1.

Summary

of general accounting policies

the most significant changes

—

These consist
Changes in Financial

Principal financial statements.

Operations, and a Statement of

a Statennent of Financial Position, a Statement of
Because of their developmental nature, only

Position.

format are disclosed

the Notes.

—

Principles of consolidation.
The statements include the accounts of all significant agencies and
funds included in the budget of the U.S. Government. Agencies such as the U.S. Postal Service and the
Federal Financing Bank, classified as off-budget (not included in calculating the budget surplus or deficit),
have also been included in the statements because they are wholly owned and are clearly within the scope
of Government operations. Government-sponsored enterprises such as the Federal land banks are excluded
because they are privately owned. Significant intragovernmental transactions of an identifiable nature were

eliminated

consolidation.

— Because actual amounts as of September 30,

1985, were not available,
the Statement of Financial Position contains certain estimated amounts. The amounts have been estimated
by calculating a simple average of the change in reported amounts for the fiscal years 1982,1983, and 1984.
(e.g., accumulated
In instances where the estimate is the basis for generating subsequent amounts
depreciation is derived from amounts for property and equipment), the subsequent amounts should also

Estimates of source data.

be considered estimates.
Fiscal year.

—The

Reclassification

fiscal

year of the U.S. Government ends on September 30.

and adjustment.

— For comparability,

certain fiscal

1984 data are

reclassified

where

appropriate to conform to the financial statement presentation for fiscal 1985.
2.

Cash and monetary reserves
Sept. 30,

Sept. 30,

1985

1984
($ billions)

Operating cash
International

the Treasury

17.1

30.4

11.1

6.8

5.6

11.7

11.6

7.3

6.5

monetary reserves:

Gold (monetized at the statutory price
$42.22 per ounce)
Special drawing rights
U.S. reserve position

the International

Monetary Fund
Other cash:
Accountability for cash and other assets

held outside the Treasury
Convertible foreign currencies (at market
value)
Other U.S. Treasury monetary assets
Nonpurchased foreign currencies

8.7

Receivables
Sept. 30,

1985

Accounts receivable
Accrued taxes receivable....
Loans receivable
Advances and prepayments

98
and facilities include all real property owned by the Federal Government except
Department of Defense for fiscal years 1985 and 1984 are $60.8 billion and $58.5

Buildings, structures,
land.

The amounts

billion,

for the

respectively.

Military

hardware and equipment are recorded
in use or in usable condition.

at acquisition cost

and include only depreciable

property currently

Accumulated depreciation

Most Government agencies do not calculate depreciation on property and equipment; therefore,
accumulated depreciation is estimated on a straightline basis, from available information. The useful lives
applied to each classification of asset are;

Buildings, structures,

and

50 years
30 years
20 years

facilities

Ships and service craft
Industrial plant
All

equipment

10 years

other depreciable assets

Borrowing from the public

The amount of Federal debt outstanding is reported net of unamortized premiums and discounts. The
amounts reported for fiscal years 1985 and 1984 reflect a reduction for intragovernmental holdings of $318.1
billion and $264.7 billion, respectively. As of September 30, 1985, approximately 14.0 percent was held by
foreign and international investors.
8.

Accrued pension, retirement, and

disability plans

The accounting for accrued pension, retirement, and disability plans is subject to several different
assumptions, definitions, and methods of calculation. Each of the major plans is summarized below.
Sept. 30,

99
Other annual pension reports received from plans covered by Public Law 95-595 are reported
military personnel and civilian employees described above.

the

same manner as
9.

Social security

In pnor years, a liability equalling the amortized portion of the unfunded liability for the social security
program was included on the Statement of Financial Position. The unfunded liability is determined annually
and the change is amortized over a 30-year period. As of September 30, 1985, the unfunded liability for
social secuhty was $4,647.4 billion of which $2,059.8 billion was recorded through amortization. The
amounts for September 30, 1984, were $4,207.7 billion and $1,911.8 billion, respectively. The liability
represents the present value of the projected excess of future benefit payments to present participants over
the contributions still to be made by the same group and their employers for the next 75 years. This liability
has been reclassified as a contingent liability and may be found in the supplemental table. Commitments and

Contingencies.

The Congress and the trustees of the funds prepare estimates based on a different financing method
more appropriate for social insurance programs. The actuarial amounts below are calculated

they regard as

on the assumption that future young workers

will

be covered by the program as they enter the labor force.
Sept. 30,

Sept. 30,

1985

1984
($ billions)

Actuarial

liabilities

Actuarial surplus (or deficit)

10.

Contingent

A number

liabilities for

,655.8

2,328.9
12,060.1

11,693.2

-268.8

37.4

1 1

Actuarial assets

guarantee and insurance programs

agencies do not make any provision

for

estimated loss on loan guarantees and

insurance, while others provide minimal estimates of losses.

11.

Accumulated position
Sept. 30,

Sept. 30,

1985

1984
($ billions)

Accumulated position beginning

of period

Current period results

Accumulated position end

The accumulated

positions as of

elimination of the actuarial

the increase

the

of period

liability for

liability

September

30,

-1,827.8
-192.6

-1,687.5
-140.3

-2,020.4

-1,827.8

1984 and 1985, have been restated to reflect the
and the associated noncash provision for

future social security benefits

between years.

12.

Contingencies
Several Government agencies insure businesses and individuals against vanous types of risks. The
of insurance coverage in force, representing the maximum risk exposure to the Government, is

amount

$2,659.1

billion

The Government also guarantees loans by non-Government enterprises to businesses and
is required to honor its
These guarantees become liabilities of the Government only when
guarantees. Loan guarantees in force at September 30, 1985, are $668.7 billion.
individuals.

as of September 30, 1985.

100

Supplemental Tables
SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE DUE FROM THE PUBLIC
Total accounts receivable

amounted

FY 1985, an increase of $13.7 billion from FY
FY 1985, an increase of $27.0 billion from FY

to $77.2 billion in

1984. Total loans receivable amounted to $288.1

billion in

1985. Graphically depicted below are summaries by agency of accounts and loans receivable data.

ACCOUNTS RECEIVABLE
Treasury: 57.4%
(includes IRS:

56.3%)

Off-budget:

Labor: 8.9%
Other: 16.6%
Agriculture: 9.1

Total:

$77.2

LOANS RECEIVABLE

billion

Off-budget: 57.3%
(includes FFB: 53.3%)

Education: 3.9%

Funds appropriated

the President: 7.3%
Other:

13.5%

""^immi^'

^Agriculture:

8.6%

Housing and Urban Development: 9.5%

Total:

$288.1

billion

The Debt Collection Act of 1982 (31 U.S.C. 3719) requires the Director of the Office of Management
and Budget, in consultation with the Secretary of the Treasury and the Comptroller General of the United
States, to establish regulations requiring each agency with outstanding debts to prepare and transmit to
OMB and the Treasury a report which summanzes 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 launchings; sale of Government goods such as natural
resources from Federal lands; overpayments to annuitants; and various loan programs such as student and
housing loans. The data in the reports will enable the Federal Government to improve collection activity.
"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

The

annually

table which follows supports the balance sheet receivables,

the Treasury Bulletin.

101
Accounts and Loans Receivable By Agency
($ billions)

Accounts receivable
1985

1984

Loans receivable
1985

1984

Legislative branch

Executive branch

Funds appropriated
Departments

to the President

1.0

0.6

7.0

Agriculture

Commerce
Defense
Education

Energy
Health and

Human

Services

Housing and Urban Development
Interior

Justice

Labor
State

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

6.9

10.4

20.9

20.5

102
FEDERAL DEBT
Total net borrowing from the public
billion

from

amounted

S1,498.8

1984. This chart has been presented to graphically

billion in

show

FY 1985, an increase

the increase

the public.

NET BORROWING FROM THE PUBLIC
WITH INTEREST EXPENSE
FY
1600

1400

1200

1000

800
600
400

200

BILUONS)

1975-85

of S199.3

net borrowing from

103

Federal Debt as of September 30, 1985

Average
Interest
rate

(percent)

Marketable
8.113

Bills

Notes

Bonds

11.022

303

10.146

Nonmarketable
Foreign government senes
Government account senes
U.S. savings bonds
Other

8.797
7.507
7.210
5.867
7.345

Other

Agency

series

5.615

—

Other

5.615

Net borrowing from the public
Current period
Prior

penod

Net increase

Total debt

104
COMMITMENTS AND CONTINGENCIES
FY 1985, total commitments amounted to $472.1 billion and total contingencies amounted to
The charts below show the percentage distribution of 1985 commitments and contingencies

$5,448.1

billion.

by source category.

COMMITMENTS

Undelivered
orders:

97.1%
ong-term
contracts:

Total:

$472.1

2.9%

CONTINGENT

billion

(Maximum

LIABILITIES

risk

exposure)
Other contingencies: 38.2%
(includes social security
benefits:

37.8%)

Unadjudicated claims:

Sy.

y;':'-:-S'^^Government loons
'^"'^ credit
\:'y

Insuronce

guarantees:

12.3%

force:

Total:

$5,448.1

billion

The table that follows shows two basic types of information: the maximum potential liabilities
(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 allowances for
losses.

A commitment represents an obligation
Commitments shown in the

or services upon delivery under a contractual
represented by long-term contracts for which
appropriations have not yet been provided by the Congress, and undelivered orders represent obligations of

arrangement.

pay

table

for

goods

are

currently available appropriations.

contingency represents a possible exposure to a

future events or circumstances. Contingencies are stated

depending upon the outcome of uncertain
terms of the maximum risk exposure without

liability

regard to existing contingent assets which would be available to offset potential losses.

The

actuarial

liability

disclosed on the balance sheet, has been included with other
contingencies because the probability that these payments will be be continued is high. "Contingent
for future social security benefits, previously

liabilities"

supports the balance sheet

and represents the anticipated

liability

liability.

"Contingent

liabilities for

guarantee and insurance programs"

105
Commitments and Contingencies of the United States Government
as of September 30, 1985
(S billions)

Amounts
outstanding

Commitments
Long-term contracts

Defense

3.0

General Services Administration

2.9

Tennessee Valley

5.2

Authority

Other

2.5

Subtotal

13.6

Undelivered orders

Funds appropriated to the President
Defense
Health and Human Services
Housing and Urban Development

36.9
89.5
23.2

210.2

Transportation

34.1

Other agencies

59.6

Off-budget agencies

5.0

458.5

Subtotal
Total

commitments

472.1

Contingent
liability

(Max.

risi<

exposure)

Contingent
liabilities

Contingencies

Government loan and

credit

guarantees

Housing

Farm ownership and

rural

426.9

0.4

73.5

4.7

development

Veterans benefits

60.3

Education

43.7

Other

64.3

0.4

668.7

5.5

1,400.5

2.3

Subtotal

Insurance

force

Federal Deposit Insurance Corp

Federal Savings and Loan Insurance Corp
Federal Emergency

Management Agency

723.3
129.1

Nuclear Regulatory Commission

70.5

National Credit Union Administration

103.0

Transportation

Other
Subtotal

83.0
49.7

0.9

2,659.1

3.2

Unadjudicated claims

Energy

11.3

Transportation

11.1

Other

15.2

37.6

Subtotal

Other contingencies
13.9

Veterans benefits

2,059,7

Social secunty benefits

Other

9.1

2,082.7

Subtotal
Total contingencies

Total contingent

Less than $50

million.

liabilities

5,448.1

106

SOURCES OF DISCONTINUED TABLES
The supplemental tables listed below have been discontinued. Data may be found
Government publications as indicated.

other

Flow of Funds Projections
This table presented actual and projected cash receipts and outlays for a 5-year period and reflected

what could happen
reflected

Government,

Fiscal

cash basis revenues and expenditures considering certain basic assumptions
in the Historical Tables, Budget of the United States

The information may be found
Year 1987, Tables 2.1 and 3.3.

the budget.

Financial Statements of the U.S.

Government Restated

This table restated the historical values contained

for General Price-Level

Changes

the Statement of Financial Position and

Operations to account for changes in the general purchasing power of the dollar and provided
comparability between years by equating all dollar values to the current level of purchasing power. The
preparation of this information has been discontinued until the accounting profession agrees upon the utility
of such statements and an appropriate and consistent methodology to be employed. An overview of the

Statement

accounting-for-inflation theory as well as the current conversion factors calculated by the
Statistics,

Department

of Labor,

may be found

and Changing Prices (FAS 82 and
Urban Consumers (CPI-U), respectively.

33, Financial Reporting

Effect of Individual

Bureau

Labor

the Financial Accounting Standards Board, Statement No.
all

updates), and the

Consumer

Price Index for All

and Corporate Tax Benefits on Federal Revenues

This table presented the approximate cost of tax benefits.

made allowances

showed revenue losses

income exclusions, income

attributed to tax

exemptions or deductions
from gross income, and special tax rates or deferrals. The information may be found in the Special Analyses,
Budget of the United States Government, Fiscal Year 1987, Table G-2.
law provisions that

for

deferrals,

Additions to Non-Federal Economic Resources
This 3-year table

human resources

showed how the Government used

its

resources to add to the Nation's physical and

order to enhance productivity and to increase the assets of private institutions or State

and local governments. This information may be found in the Special Analyses, Budget
Government, Fiscal Year 1987, Tables D-5, D-7, D-8, and K-2.

of the United States

Federal Facts and Figures
This table provided benchmarks to use

between
and CPI-U may be
Economic Analysis, U.S. Department of

making comparisons and

identifying relationships

the financial statements and tables. Information on personal income, employment,

found

the Survey of Current Business prepared by the Bureau of

GNP

Commerce. Estimates

of population may be found in the Statistical Abstract of the United States, prepared
by the Bureau of the Census, U.S. Department of Commerce. Gross Federal debt information may be found
in the Treasury Bulletin, Table FD-1, prepared by Financial Management Service, Department of the

number of taxpayers and the amount of income taxes paid may be found in IRS
Advanced Data, 1984 Individual Income Tax Returns, Table 1. Borrowing from the public, interest, and
expense information may be found in the Statement of Financial Position and the Statement of Operations

Treasury. Information on the

within this report.

CURRENCY AND COIN
OUTSTANDING AND IN CIRCULATION
U.S.

108
U.S.

Currency and Coin Outstanding and

Circulation

[Source: Financial Managetrent Service]

AMOUNTS OUTSTANDING AND IN CIRCULATION

June 30, 1986

Currency

Coin 2/

Total

currency and
coin

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

Federal Reserve notes 1/

Total

L.S.

Currency no
longer issued

notes

S233, 294, 848,645 5216,556,009,747 5215.964,649,114 5322,539,016 $270,821,617

Total

$16,736,838,898

$2,024,703,898 $14,712,

539,124,174
483,089,766

352,481,112
122,028,662

361.'

292,495,668

270,604,682

15,714,624,958

1,550,194,124

14,164,

34,466,078
32,928,992,738

4,231,880
32,928,966,653

30,043,339

199,309,175.889

183,594,550,931

183,031,450,581

1986

Denomination

$1
$2
$5

U.S.
notes

Currency
no longer
issued

5143,481
132.932,862
112,278,505
5.950
3.380

487

5152,719,942
12,998
38.197.800
24.943.550
20.213.480
11.638,400
22,333,500
190,500
209,000
45,000
100,000
487

$10
$20
$50
$100
$600
$1,000
$5,000
$10 ,000
Fractional parts
Partial notes 5^/

115

Total currency

$3,701,589,632
718,748,002
5,055,175,325
11,523, 770,350
54,780,940, 120
23,837,026,100
83,641 ,102,800
153,212,000
177,701,000
1,805,000
3

183,594,550,931

Issued on and after July 1. 1929.
2/ Excludes coin sold to collectors at premium prices.
T/ Includes $481,781,898 in standard silver dollars.

_!_/

,480 ,000

$3,548, 726,209
585, 802,142

699,020
820,850
723,260
387,700
637,900
153, 021.500
177, 492.000
1, 760.000
3, 380,000

4,904,
11,498,
54,760,
23,825,
83.571,

183.031.450.581

166,

COMPARATIVE TOTALS OF MONET IN
CIRCULATION--SELECTED DATES

CURRENCY IN CIRCULATION BY DENOMINATION

Federal
Reserve
notes 1/

Frac
coin

190,859
26,076

573,590,252
33,412,082,504

June 30,

Dollars 2/

47,131,400

292.495.668

Amount

Per

(in

capita

millions)

June
May
June
June
June
June
June
June
June
June

30.
31.
30.
30,
30,
30.
30.
30.
30,
30.

1986
1986
1985
1980
1975
1970
1965
1960
1955
1950

$199,309.2
197.819.4
185.890.8
127,097.2
81,196.4
54,351.0
39,719.8
32,064.6
30.229.3
27,156.3

$825
r819,

r776,
558,
380,
265,
204,
177,

182,
179,

270.604.682

A/ Based on Bureau of the Census estimates of population.
5/ Represents value of certain partial denominations not presented

redemption.

*U.S. GOVERNMENT PRINTING OFFICE: 1986-491-830 S40002

DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

FIRST-CLASS MAIL

POSTAGE & FEES PA
Department

of the TreasLJ
Permit No. G-4

Full text of Treasury Bulletin : September 1986

FRASER