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SUMMER
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September 1990
TREASURY
BULLETIN
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Contents
SUMMER ISSUE, SEPTEMBER 1990
TREASURY ISSUES
Page
ECONOMIC POLICY
The Role
of
Saving
in
a Dynamic U.S. Economy
3
TREASURY ISSUES INDEX
7
FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS
Analysis. --Budget results for the
FFO-1— Summary
tfiird
quarter, fiscal
1990
15
17
of fiscal operations
Cfiart.-tvlontfily receipts
and outlays
FFO-2.-On-budget and off-budget
Gfiart. -Budget receipts
18
receipts by source
19
by source
21
FFO-3.-On-budget and off-budget outlays by agency
22
FEDERAL OBLIGATIONS
FO-1 .-Gross obligations incurred within and outside the Federal Government by object class
24
FO-2. -Gross obligations incurred outside the Federal Government by department or agency
25
Chart— Gross Federal
ACCOUNT OF THE
obligations; gross Federal obligations incurred outside the Federal
U.S.
Government
27
TREASURY
UST-1 —Elements of changes
in
Federal Reserve and tax and loan note account balances
28
FEDERAL DEBT
FD- 1 .-Summary
of Federal
FD-2— Interest-bearing
debt
31
public debt
31
FD-3. -Government account series
32
FD-4. -Interest-bearing securities issued by Government agencies
FD-5.-IVlaturity distribution
FD-6.-Debt subject
and average length
of
marketable Interest-bearing public debt held by private investors
to statutory limitation
33
34
34
Chart.-Average length of the marketable debt
35
Chart.-Private holdings of Treasury marketable debt by maturity
36
FD-7.-Treasury holdings of securities issued by Government corporations and other agencies
37
TREASURY FINANCING OPERATIONS
38
PUBLIC DEBT OPERATIONS
PDO-1
-IVlaturity
schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week
Treasury
bills
outstanding
42
III
IV
Contents
Page
PDO-2. --Offerings
PDO-3. -Public
PDO-4—Allotments
U.S.
48
of bills
offerings of marketable securities other tfian regular weekly Treasury
by investor classes
for public
bills
50
53
marketable securities
SAVINGS BONDS AND NOTES
SBN-1 .-Sales and redemptions by
SBN-2. -Sales and redemptions by
SBN-3. -Sales and redemptions by
55
series, cumulative
period,
all
series of savings
period, series E, EE, H,
bonds and notes combined
and HH
55
56
OWNERSHIP OF FEDERAL SECURITIES
OFS-1, -Distribution
of Federal securities by class of investors
OFS-2. -Estimated ownersfiip
of public
and type
58
of issues
59
debt securities by private investors
MARKET YIELDS
61
Treasury market bid yields at constant maturities, 1983-89
MY-1 .-Treasury market
bid yields at constant maturities:
bills,
notes,
62
and bonds
63
Cfiart— Yields of Treasury securities
MY-2— Average
64
and municipal bonds by period
long-term Treasury, corporate, and municipal bonds
yields of long-term Treasury, corporate,
Cfiart. -Average yields of
65
FEDERAL AGENCIES' FINANCIAL REPORTS
67
FA-1 .--Direct and guaranteed loans
Ctiart. -Direct
70
and guaranteed loans
INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
73
IFS-1— U.S. reserve assets
Selected U.S.
liabilities to
IFS-2— Selected
U.S.
foreigners,
liabilities to
74
1980-89
75
foreigners
IFS-3.-Nonmarketable U.S. Treasury bonds and notes issued
IFS-4.-Trade-weigfited index of foreign currency value of
tfie
to official institutions
dollar
and
otfier residents of foreign countries
75
76
CAPITAL MOVEMENTS
LIABILITIES
TO FOREIGNERS REPORTED BY BANKS
CM-l-1 -Total
liabilities
IN
THE UNITED STATES
79
by type of holder
80
Chart.-Liabilities to foreigners
CM-l-2. -Total
liabilities
by type, payable
in
81
dollars
CIVI-l-3.-Total liabilities
by country
82
CfVl-l-4. -Total liabilities
by type and country
83
CLAII^S
ON FOREIGNERS REPORTED BY BANKS
Cfw1-ll-1. -Total
claims by type
Chart -Claims on foreigners
Cf\/l-ll-2. -Total
claims by country
IN
THE UNITED STATES
84
85
86
Contents
Page
CM-ll-3.--Tolal claims
SUPPLEMENTARY
on foreigners by type and country reported by banks
LIABILITIES
CM-lll-1 .--Dollar claims on
in
the United States
AND CLAIMS DATA REPORTED BY BANKS
IN
87
THE UNITED STATES
nonbank foreigners
88
AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
THE UNITED STATES
LIABILITIES TO,
IN
CM-IV-1 .-Total
liabilities
and claims by type
89
CM-IV-2.-Total
liabilities
by country
90
CM-IV-3. -Total
liabilities
by type and country
91
CM-IV-4. -Total claims by country
92
GM-IV-5.-Total claims by type and country
93
TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
THE UNITED STATES
CM-V-1 .-Foreign purchases and sales
of long-term
CM-V-2. -Foreign purchases and sales
of long-term foreign securities
CM-V-3.-Net
foreign transactions
Chart— Net purchases
in
of long-term
domestic securities by type
by type
long-term domestic securities by type and country
domestic securities by selected countries
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
IN
94
94
95
96
97
98
FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS
FCP-l-1 .-Nonbanking firms' positions
100
FCP-l-2. -Weekly bank positions
100
CANADIAN DOLLAR POSITIONS
FCP-ll-1
-Nonbanking firms' positions
bank positions
FCP-ll-2. -Weekly
101
101
GERMAN MARK POSITIONS
FCP-lll-1
—Nonbanking
FCP-lll-2. -Weekly
firms' positions
bank positions
102
102
JAPANESE YEN POSITIONS
FCP-IV-1 .-Nonbanking
firms' positions
FCP-IV-2. -Weekly bank positions
103
103
SWISS FRANC POSITIONS
FCP-V-1 .-Nonbanking firms' positions
FCP-V-2. -Weekly bank positions
104
104
STERLING POSITIONS
FCP-VI-1 -Nonbanking
firms' positions
FCP-VI-2.-Weekly bank positions
105
105
VI
Contents
Page
U.S.
DOLLAR POSITIONS ABROAD
FCP-VII-1.--Nonbanking
106
firms' foreign subsidiaries' positions
106
FCP-VII-2. --Weekly bank foreign office positions
EXCHANGE STABILIZATION FUND
ESF-1 .-Balance sheet
109
ESF-2.-lncome and expense
109
special reports
consolidated financial statements of the united states government, fiscal year
u.s.
currency and coin outstanding and
in
circulation
Notes
Details offigures
may
r represents Revised,
not add to totals because of rounding.
p Preliminary,
n.a.
Not
available.
1989 (extract)
114
123
VII
Nonquarterly Tables and Reports
For the convenience of the Treasury
with the issues in which they
Bulletin user, nonquarterly tables
and
reports are listed below along
appear
Issues
Winter
Spring
Summer
Fall
Federal Fiscal Operations
FFO-4.--Summary
Capital
of internal
revenue collections by States and other areas
.
.
V
Movements
CM-lll-2. --Dollar liabilities
to,
and
dollar claims on, foreigners in countries
and
V
areas not regularly reported separately
V
Special Reports
V
Consolidated Financial Statements of the United States Government
Statement
of Liabilities
and Other
Financial
Commitments
V
States Government
Trust
of the United
Fund Reports:
Airport
and airway
Asbestos
trust
trust fund
V
V
V
fund
Black lung disability trust fund
Civil
service retirement
and
disability
fund
V
V
V
Federal disability insurance trust fund
Federal hospital insurance trust fund
Federal old-age and survivors insurance trust fund
Federal supplementary medical insurance trust fund
Harbor maintenance
trust
fund
V
Hazardous substance superfund
Highway
trust
V
fund
V
V
Inland watenways trust fund
Leaking underground storage tank
National service
life
trust
fund
v
V
insurance fund
Nuclear waste fund
v
V
Railroad retirement account
Reforestation trust fund
Unemployment trust fund
Investments of specified trust accounts
V
V
TREASURY ISSUES
The Role
of Saving in a
Dynamic
U.S.
Economy
The following paper summarizes a range of background material prepared for the administration's Economic Policy Council in 1989,
when saving and investment issues were being examined. Statistical material has been updated to reflect the 1990 revisions to the National
Income and Product Accounts.
Why
Saving
is
Important
ranked 18th out of 21 major countries, while the U.S. net
national saving rate ranked last.
The United States faces three major economic
chal-
We
must maintain the strong growth
that has characterized the economic expansion of the past
7-1/2 years; we must be able to compete successfully in an
increasingly integrated world economy; and we must prepare
for the coming "demographic twist," when the large babyboom population moves out of the workforce and into retirement, leaving a smaller working-age population to support
economic growth.
lenges
for the future:
Components of Saving
National saving is the sum of government, household,
and business saving. Total national saving must be raised to
influence investment. Different factors affect saving in each
sector, leading to different trends
Most
The key
to
A
to addressing these challenges successfully
is
improve the productivity performance of the United States.
higher rate of national saving is a crucial component of
Productivity, or the output per unit of labor input,
shapes our standard
of living. Primary
among
is
what
the factors that
ing
development. Saving provides the funds to support that investment. To improve the rate of investment, and thereby
productivity growth, saving should be raised. The basic issue
is one of reallocating resources away from current consumption and toward investment in the future. Evidence of the
cits
relationship
between a
Historical
nation's rate of saving
shown
in
exhibit
and
its
growth
1
Record
of the decline in the national
saving rate that oc-
the government sector due to the growing Federal
The Federal
widened from an average of 1 .7
970s to 3.7 percent during the 1 980s.
State and local governments have generally run a surplus
due to pension fund balances. The Federal deficit has narrowed substantially from close to 5 percent in the mid-1980s
to
The
in
deficit.
determine productivity growth is the rate of investment-in
capital
equipment, technology, and human
resource
of productivity is
recent years.
curred during the past decade represented increased dissav-
percent of
that effort.
in
GNP
in
deficit
the
about 3 percent
deterioration
in
other
1
in
the
first
components
quarter of this year,
but
of saving (including defi-
in the operating accounts of State and local governments) has caused the national saving rate to remain low.
The personal saving rate (saving as a share of after-tax
income of households) was also a major source of the weakness in national saving during the past decade. The personal
saving rate has fallen from an average of 7.2 percent in the
1950 to 1979 period to a post-Depression low of 2.9 percent
by 1987. Personal saving has since risen to 5 percent of
disposable personal income in early 1990 but still remains
well below the long-term average, as shown in exhibit 3.
National saving as a share of gross national product has
been stable throughout most
of this century.
The
major exceptions were during the Depression and World
War
generally
II.
(See
exhibit 2.)
downward
trend
in
Business
saving-undistributed
depreciation-accounts
more than
and
profits
three-fourths of private
Over the past decade there has been a
saving, with depreciation contributing by far the largest part.
the U.S. saving rate, associated with the
Although retained earnings declined from an average of 2.5
even the current inadequate rate of investment. The national saving rate has fallen
from an average of 16.4 percent from 1950 to 1979 to 14.1
percent during the past decade. In the first quarter of 1990,
the rate was only 12.4 percent. There is a well-founded consensus that the United States needs to save more.
inflow of foreign capital to maintain
percent of
GNP
in
the
1
the recent performance of U.S. saving low
970s
to
1
.7
percent during the
1
980s,
depreciation allowances increased from 9.6 percent to 11.1
percent over that span, causing total business saving to
advance.
A
saving concept net of depreciation would be theoreti-
cally preferable to the
Not only
for
gross business saving figures cited
is poor in comparison with foreign
a recent Organization for Economic
Cooperation and Development calculation, during the period
above since depreciation represents saving for replacement,
rather than expansion of capital. Because of difficulties in
properly measuring depreciation, and because depreciation
is frequently used to replace worn-out capital with more pro-
1981 to 1988, the United States gross national saving rate
ductive assets, the gross saving figures are probably the
is
historical perspective,
in
it
countries. According to
ECONOMIC POLICY
more
relevant
measures
of
saving from a practical point of
equity finance
and cause business saving
to rise
if
some
of
the additional equity earnings were retained.
view.
Government saving can be increased by reducing the
On
balance during the past decade, the combination of
government deficit claims and lower personal saving rates has reduced the national saving rate well below the
historical pace.
the large
budget
deficit
and, perhaps, eventually running a budget
Given the importance
the single most effective and
surplus.
of
government saving,
direct
way
to raise
this is
national
saving.
To
Foreign saving has augmented the declining pool of
national saving. During the years 1950 through 1979,
cannot
rely
Americans invested the equivalent of 0.3 percent of our GNP
abroad on average, building up a large creditor position
which provided us with considerable interest and dividend
income. During the 1980s this situation was reversed. U.S.
borrowing from abroad far exceeded our investment there,
so that on average we were net borrowers of amounts equiv-
should be concentrated first of all on lowering government consumption, rather than increasing tax rates. Reduced government consumption would free up more re-
alent to
1
.6
percent of
ment
however, deficit reduction
reduce private saving or govern-
raise national saving,
on
policies that
infrastructure investments. Therefore, deficit reduction
efforts
sources for productive private sector investment-the
mate goal
GNP.
Consequences of the
Low
U.S. Saving Rate
The low saving
rate
in
Determinants of Saving
the United States creates the
The saving behavior
reflects
responses
of the different sectors of the
econ-
to factors important to the individual
Personal saving provides resources to finance
retire-
ment, to ensure against bad times, to purchase big-ticket
items, and to leave a bequest. The major factors affecting
saving include the expected length of retirement, the rate of
Social
Low
if
saving increases the cost of capital
in
the United
The lack of domestic savings has caused the United States to rely on borrowing from
foreign investors to support public and private consumption,
as well as investment. Over time, the earnings on investment
States, which restricts investment.
sectors.
return
provide the resources needed to
goals.
risk
we fail to
be curtailed
meet important investment
that our future standard of living will
omy
ulti-
of higher national saving.
on saving, other sources of retirement income (e.g.,
Security),
and uncertainty about costs during
made by
foreigners
will
flow overseas, rather than being
returned to the U.S. economy. Already, the imbalance on our
current account has created pressure for protectionism at
home.
retirement.
Tax
policy affects personal saving by altering the after-
tax returns to saving.
A
reduction
in
the tax on capital gains
increases the rate of return and, therefore, should increase
saving. Similarly, the President's proposal for Family Savings
Accounts would also promote saving by eliminating tax on
returns to saving held longer than 7 years.
Business saving
is
driven largely by the incentive to
finance investment internally rather than externally. Therefore,
it
is
responsive to tax policy toward capital gains,
Preparation for a changing world econ-
omy and the future needs of an aging
population requires more investment in
modern plant and equipment, more investment in technology, and more investment
in
our people.
dividends, and interest.
• Reducing capital gains taxes would increase equity
finance and reduce debt finance.
It
incentive to retain earnings. Both effects imply that lower
capital gains taxes will raise
The
would also increase the
business saving.
implications for the future are clear:
should
allo-
of an aging population requires more
modern plant and equipment, more investment
technology, and more investment in our people.
and the future needs
investment
• Reducing taxes on dividends also would increase
We
cate more of our national resources to saving and investment priorities. Preparation for a changing world economy
in
in
ECONOMIC POLICY
Exhibit
1
GROSS SAVING AND REAL GROWTH
Growth
GDP
of Real
per
1960 to 1988
Employee
Japan
Italy
France
Other
OECDa^
Germany
U.K.
Canada
U.S.
i^_L
16
20
18
22
24
26
28
Gross Saving as a Percent
Source:
GECD,
of
30
32
34
GDP
Historical Statistics, 1960-1988.
Exhibit 2
GROSS SAVING
U.S.
RATIO, 1898-1990
(Saving as Percent of
GNP)
Percent -
-
Percent
Depression
of 1930's
and
World War
20
II
15
1898-1928 Private Saving
16.7% Average
10
5-
J_
1900
Note:
1898-1928
1910
1920
1930
1940
data from David and Scadding, Journal of
Data following
1928
Latest observation:
are from
first
US, Department
1990
quarter
of
Political
Commerce.
1950
Economy,
April
1960
1974.
1970
1980
1990
ECONOMIC POLICY
Exhibit 3
PERSONAL SAVING RATE
U.S.
1929 to 1990
Percent
25 h
20
15-
10-
-5
1929
I
I
I
I
I
I
I
1934
I
N
I
I
I
1939
Latest observation:
first
I
M
I
I
1944
half 1990
I
I
I
I
1949
I
I
I
I
I
1954
I
I
I
I
I
1959
I
I
I
I
I
1964
I
I
I
I
I
1969
I
I
I
I
I
1974
I
I
I
I
I
1979
I
I
I
I
I
1984
I
I
I
1989
TREASURY ISSUES INDEX
Previous articles appearing
issue,
in
the "Treasury Issues" section of the Treasury Bulletin are listed below by
and page number.
Domestic Finance
"Issues
A
in
the Securities and Futures Markets." Glauber, Robert R.
discussion on regulatory fragmentation
and
June 1990, pp.
related issues in the securities
US. fragmented system so as
enforcemerU, coordinated market mechanisms, and globalization.
the importance of integrating the
3-6.
and futures markets,
stressing
to gain significant benefits in innovation,
Economic Policy
Revenue Effects of
"Direct
Capital
Evidence, The." Darby, Michael
R.,
Gains Taxation: A Reconsideration of the Time-Series
Robert Gillingham, and John S. Greenlees. June 1988, pp.
2-2.8.
A
report presenting results that indicate the time-series data, like the cross-section data, provide considerable
evidence supporting the likelihood of direct reverme gains from reductions in capital gains tax rates.
"Fiscal 1991 Budget, The." Brady, Nicholas F. March 1990, page 3.
A statement by the Secretary of the Treasury on the elements of the family savings account, the capital gains tax
reduction, and the home ownership initiative contained in the administration-proposed Savings and Economic
Growth
Act.
"Outlook for the Savings and Loan Industry after the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989." Glauber, Robert R. December 1989, pp. 4-6.
A discussion of the savings and loan industry's future as it relates to provisions in the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989.
"Solution to the Savings and Loan Problem, The." Excerpted. Brady, Nicholas
page
F.
September 1989,
3.
Remarks by the Secretary of the Treasury on the administration s comprehensive reform plan proposed for the
overhaul of the savings and loan industry.
Fiscal Service
"Status Report on the Fiscal Operations of the Government, A." Murphy, Gerald. December
1988, pp. 3-7.
A sweeping look by the Fiscal Assistant Secretary of the Treasury at each of nine major responsibilities making
up the Fiscal Service' s financial leadership role
in
Government.
title,
TREASURY ISSUES INDEX
International Affairs
"International Debt Strategy, The." Brady, Nicholas F. June 1989, pp. 3-4.
Remarks by the Secretary of the Treasury on the debt problem and the direction needed to be provided to
international efforts to strengthen the debt strategy.
"Strengthened Debt Strategy, The." Brady, Nicholas F. December 1989, page 3.
An update from the Secretary of the Treasury on the international debt strategy to improve
creditors' assets
and creditworthiness
the quality of
in debtor countries.
Toward Direct Foreign Investment." Robson, John E. March 1990, pp. 4-7.
An exploration into the position thai the United States is taking on foreign trade and investment policy
"U.S. Policy
matters.
Tax Policy
Congressional Reports and Staff Working Papers by the Office of Tax Policy. March 1988, pp.
3-4.
A
listing
of research studies pertaining to important contemporary and anticipated tax policy issues, particularly
related to the 1986-7 tax reform effort.
Tax Reform Act of 1986 on Commercial Banks, The." Excerpted. Neubig, Thomas
and Martin A. Sullivan. June 1988, pp. 3-7.
An analysis of the overall effect of tax reform on the banking industry, which, the study concludes, benefits from
"Effect of the
S.,
tax reform.
"Impact of the Tax Reform Act of 1986 on Trade and Capital Flows, The." Excerpted. Grubert,
Harry,
and John
Muttl.
March 1988, pp.
An
5-8.
analysis of the international implications of tax reform, based on a general equilibrium
States and the rest of the world.
"New Estimates of
Data." Summary.
model of the United
Capital Gains Realization Behavior: Evidence from Pooled Cross-Section
Gillingham, Robert, John S. Greenlees, and Kimberly D. Zieschang.
September 1989, pp.
4-5.
estimating a behavioral model of taxpayer response to capital gains taxation. Using the
econometric approach, the pooled cross-section data represents a set of independent observations from a taxpayer
sampling extending over the period 1977-85.
A paper developing and
"Noncorporate Business Taxation: Before and After the Tax Reform Act of 1986." Excerpted.
Nelson, Susan C. December 1988, pp. 8-12.
An analysis of the effects that the Tax Reform Act of 1986 might have on noncorporate business in terms of tax
reveruie, incentives for noncorporate versus corporate investment, and individual marginal tax rates on different
types of income from noncorporate business.
TREASURY ISSUES INDEX
Operation and Effect of the Domestic International Sales Corporation Legislation: July
June 30, 1983. June 1988, page 8.
An announcement of the Department
1,
1981, to
of the Treasury's release of the 11th report in a series on domestic
on part of their
international sales corporations, special corporations eligible for deferral of Federal income tax
export profits.
"Tax Expenditure Budget Before and After the Tax Reform Act of 1986, The." Excerpted. Neubig,
Thomas S., and David Joulfalan. March 1989, pp. 3-10.
Findings from a recent study showing changes made by the Tax Reform Act of 1986 led to significant reductions
in
Government subsidies provided through
tax expenditures.
Taxation Studies, Abstracts of Recent. September 1988, page 3.
Summaries of four major papers and reports, ranging from an examination of trends
in
noncorporate business
taxation to a study of certain employee benefits not subject to Federal income tax.
Taxation Studies, Abstracts of Recent. June 1989, page
5.
A
brief look at four reports covering the taxation of insurance syndicate income, Social Security benefits,
Americans working overseas; and the possessions corporation system of taxation.
and
Taxation Studies, Abstracts of Recent. September 1989, pp. 6-8.
A summation of the reports to Congress on life insurance taxation and the depreciation of clothing held for
rental, and various OTA papers on issues running from transfer pricing to capital gains realization behavior.
Taxation Studies, Abstracts of Recent. June 1990, pp. 9-10.
A summation of reports on lax studies on financing health and long-term care, widely held partnerships,
life insurance company products, and reinsurance excise tax and the depreciation of horses, scientific instruments,
and fruit and nut trees.
"Trends
A
and
In
Corporate Tax Receipts." Rosen, Harvey
S.
June 1990, pp.
7-8.
discussion of recent trends in corporate tax receipts, the importance of the corporate tax in foreign countries,
the effect of the Tax Reform Act of 1986 on corporate tax receipts.
FINANCIAL OPERATIONS
13
FEDERAL FISCAL OPERATIONS
INTRODUCTION
Background
collections.
Section 114 of the Budget and Accounting Procedures Act of
use. 3513a) requires the Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government.
Rece;pfs. -Receipts reported in the tables are classified into the
following major categories: (1) budget receipts and (2) offsetting
collections. Budget receipts are collections from the public that result
from the exercise of the Government's sovereign or governmental
The first three Federal fiscal operations (FFO) tables are
published quarterly and cover 5 years of data, estimates for 2 years,
detail for 13 months, and fiscal year-to-date data. The tables are
designed to provide a summary of data relating to Federal fiscal
operations reported by Federal entities and disbursing officers, and
daily reports from the Federal Reserve banks. These reports detail
accounting transactions affecting receipts and outlays of the Federal
Government and off-budget Federal entities, and their related effect
on the assets and liabilities of the U.S. Government. Data used in the
preparation of tables FFO-1, FFO-2, and FFO-3 is derived from the
Monthly Treasury Statement of Receipts and Outlays of the United
States Government.
powers, excluding receipts offset against outlays. These collections,
also called governmental receipts, consist mainly of tax receipts
(including social insurance taxes), receipts from court tines, certain
1950 (31
and deposits
licenses,
Refunds
of earnings
of receipts are treated
by the Federal Reserve System.
as deductions from gross receipts.
Offsetting collections are from other Government accounts or
the public that are of a business-type or market-oriented nature.
They are classified into two major categories: (1) offsetting
collections credited
receipts
offsetting
to
(i.e.,
appropriations
or fund accounts, and (2)
in receipt accounts).
amounts deposited
Collections credited to appropriation or fund accounts normally can
be used without appropriation action by Congress. These occur in
Budget authority usually takes the form of "appropriations"
which permit obligations to be incurred and payments to be made.
Most appropriations for current operations are made available for
obligation only during a specified fiscal year (annual appropriations).
Some are for a specified longer period (multiple-year appropriations).
Others, including most of those for construction, some for researcfi,
two instances:
and many for trust funds, are made available for obligation until the
amount appropriated has been expended or until the objectives have
been attained (no-year appropriations).
Offsetting receipts in receipt accounts cannot be used without
being appropriated. They are subdivided into two categories: (1)
proprietary receipts-these collections are from the public and they
are offset against outlays by agency and by function, and (2)
intragovernmental funds-these are payments into receipt accounts
from governmental appropriation or fund accounts. They finance
operations within and between Government agencies and are
credited with collections from other Government accounts. The
transactions may be intrabudgetary when the payment and receipt
both occur within the budget or from receipts from off-budget Federal
entities in those cases where payment is made by a Federal entity
whose budget authority and outlays are excluded from the budget
Budget authority can be made available by Congress for
and disbursement during a fiscal year from a succeeding
year's appropriations (advance funding). For many education
programs. Congress provides forward funding-budget authority
made available for obligation in one fiscal year for the financing of
ongoing grant programs during the succeeding fiscal year. When
advantageous to the Federal Government, an appropriation is
provided by Congress that will become available 1 year or more
beyond the fiscal year for which the appropriation act is passed
(advance appropriations). Included as advance appropriations are
appropriations related to multiyear budget requests.
obligations
When
budget authority is made available by Congress for a
any part not obligated during that period
expires and cannot be used later. Congressional actions that extend
the availability of unobligated amounts that have expired or would
otherwise expire are known as reappropriations. The amounts
involved are counted as new budget authority in the fiscal year of the
legislation in which the reappropriation action is included, regardless
specific period of time,
of
when
the
amounts were
originally appropriated
or
when
they
would otherwise lapse.
Ouf/ays.-Obligations generally are liquidated by the issuance of
of cash; such payments are called
outlays. In lieu of issuing checks, obligations also may be liquidated
(and outlays recorded) by the accrual of interest on public issues of
Treasury debt securities (including an increase in the redemption
value of bonds outstanding); or by the issuance of bonds, deben-
checks or the disbursement
monetary credits, or electronic payments. Refunds of
collections generally are treated as reductions of collections, rather
(1) when authorized by law, amounts collected for
materials or services are treated as reimbursements to appropriations and (2) in the three types of revolving funds (public enterprise,
intragovernmental, and trust); collections are netted against
spending, and outlays are reported as the net amount.
totals.
Intrabudgetary
transactions
are
subdivided
into
three
categories: (1) interfund transactions, where the payments are from
one fund group (either Federal funds or trust funds) to a receipt
account in the other fund group; (2) Federal intrafund transactions,
where the payments and receipts both occur within the Federal fund
group; and (3) trust intrafund transactions, where the payments and
receipts both occur within the trust fund group.
deducted from budget authority
by subfunction, or by agency. There are four
receipts, however, that are deducted from budget totals as
Offsetting receipts are generally
and outlays by
function,
types of
undistributed offsetting receipts. They are: (1) agencies' payments
(including payments by off-budget Federal entities) as employers
into employees retirement funds, (2) interest received by trust funds,
(3) rents and royalties on the Outer Continental Shelf lands, and (4)
other interest (i.e., interest collected on Outer Continental Shelf
money
in
deposit funds
when such money
is
transferred into the
budget).
tures, notes,
than as outlays However, payments for earned-income tax credits in
excess of tax liabilities are treated as outlays rather than as a
reduction in receipts. Outlays during a fiscal year may be for
payment of obligations incurred in prior years or in the same year.
Outlays, therefore, flow in part from unexpended balances of prior
year budget authority and in part from budget authority provided for
the year in which the money is spent. Total outlays include both
budget and off-budget outlays and are stated net of offsetting
entities. -The Federal Government has used
budget concept as the foundation for its budgetary
analysis and presentation since 1969. This concept calls for the
budget to include all of the Government's fiscal transactions with the
public. Starting in 1971, however, various laws have been enacted
under which several Federal entities have been removed from the
budget or created outside the budget. Other laws have moved
Off-budget Federal
the
unified
certain off-budget Federal entities onto the budget. Under current
law, the off-budget Federal entities consist of the two Social
14
FEDERAL FISCAL OPERATIONS
Security trust funds, Federal old-age
Federal disability insurance.
The off-budget Federal
and
entities
survivors insurance
are
federally
and
owned and
transactions are excluded from tfie budget totals
under provisions of law. When an entity is off-budget, its receipts,
outlays, and surplus or deficit are not included in budget receipts,
budget outlays, or the budget deficit; its budget authority is not
controlled, but
and net miscellaneous receipts by source.
Table FFO-3.--On-budgct and Off-budget Outlays by Agency
tfieir
Congress
[generally]
in
obligate the
[usually]
provides
budget
authority
the form of appropriations, then
which
is
Federal agencies
Government funds to make outlays. The amounts in this
a breakdown of on-budget and off-budget outlays by
the totals of budget authority for the budget; and its
receipts, outlays, and surplus or deficit ordinarily are not subject to
the targets set by the congressional budget resolution.
table represent
Nevertheless, the Balanced Budget and Emergency Deficit
Control Act of 1985 (commonly known as the Gramm-RudmanHollings Act) included the off-budget surplus or deficit in calculating
the deficit targets under that act and in calculating the excess deficit
for purposes of that act. Partly because of this reason, attention has
focused on the total receipts, outlays, and deficit of the Federal
Table FFO-4."Sunimary of Internal Revenue Collections by States and
included
in
Government instead
of the on-budget
agency.
Other Areas
This annual table provides data on internal revenue collections
and other areas and by type of tax. The amounts
reported are for collections made in a fiscal year beginning in
classified by States
October and ending the following September.
amounts alone.
Fiscal year collections
they consist of prepayments
Table FFO-l.--Summary of Fiscal Operations
This
table
summarizes the amount
outlays, total surplus or deficit, transactions
monetary
assets,
and
transactions
and
of
in
total
receipts,
total
Federal securities and
in
Treasury
balances
liability years because
estimated tax payments and taxes
span several tax
(e.g.,
withheld by employers for individual income and Social Security
taxes), of payments made with tax returns, and of subsequent
payments made after tax returns are due or are filed (e.g., payments
with delinquent returns or on delinquent accounts).
operating cash.
It
is
reflect the
also important to note that these data do not necessarily
Federal tax burden of individual States. The amounts are
Budget receipts are taxes and other collections from the public
result from the exercise of the Government's sovereign or
governmental powers. The amounts in this table represent income
reported based on the primary filing address furnished by each
taxpayer or reporting entity. For multistate corporations, this address
may reflect only the State where such a corporation reported its
taxes from a principal office rather than other States where income
was earned or where individual income and social security taxes
taxes, social insurance taxes, net contributions for other insurance
and retirement, excise taxes, estate and gift taxes, customs duties.
were withheld. In addition, an
work in another State.
Table FFO-2. -On-budgct and Off-budget Receipts by Source
that
individual
may
reside
in
one State and
15
FEDERAL FISCAL OPERATIONS
Budget Results for the Third Quarter, Fiscal 1990
Summary
The Federal budget
1990 totaled $12
deficit in
the third quarter of fiscal
a deterioration from a surplus of $23
billion in the third quarter of fiscal 1989. For the first 9
months of fiscal 1990, the deficit was $163 billion, or $58
billion wider than for the same period of fiscal 1 989 when the
deficit for the full fiscal year was $152 billion. Outlays during
the first 9 months of fiscal 1990 were up over 10 percent
from a year earlier, while receipts increased by 3-3/4 percent. The midsession review of the budget, released in mid-
higher spending by the
RTC.
billion,
projected a deficit of $220 billion for full-year fiscal
1990, including Resolution Trust Corporation (RTC) outlays.
July,
Receipts in the third quarter of fiscal 1990 totaled
$319-1/2 billion, up 3-3/4 percent from the year earlier third
quarter. Outlays in the third quarter totaled $331-1/2 billion,
up over 16 percent from a year earlier, boosted by sharply
Pn
Outlays in most major functional budget categories for
first three quarters of fiscal 1990 were up from year earlier figures, with only spending for national defense and a
few other categories in the negative column. The sharpest
increase by far was posted by the commerce and housing
credit function, reflecting a surge in spending by the RTC
(beginning in March). Spending for the health and medicare
functions during the first three quarters of fiscal 1990 was up
appreciably (15-1/2 percent) from the year earlier period.
Spending for income security rose by 9-1/2 percent from the
year earlier period. Outlays for national defense during the
first three quarters of fiscal 1990 were off by 1/2 percent from
the year earlier figure.
the
millions]
April-June
Actual fiscal
year to date
ToUl on-budgel and off-budgel
results:
$319,450
Tolal receipts
On-budgel receipts
236.006
Ott-budget receipts
83.443
331 .474
Tolal outla/s
On-budget outlays
277,448
oil-budget outlays
54,026
Tola! surplus
()
-12,023
or delicit ()
On-budget surplus
{+) or deficit
{-)
-41 .443
OtI-budget surplus
()
(-)
-t29.417
Means
or delicit
of financing:
Borrowing from the public
Reduction
ol operating
cash, increase
40.964
(-)
Olher means
Total on-budget
-
16.
1
52
-12.790
and oft-budget financing
12.023
16
FEDERAL FISCAL OPERATIONS
Employment taxes and contributlons.-Although
the
Contributions for other insurance and retirement.--
Social Security payroll tax increased from 15.02 percent to
Contrlbutions for other retirement were $1.1 billion for the
second quarter of fiscal 1990. This is basically unchanged
1990, employment taxes and
second quarter
of fiscal 1989 to the second quarter of fiscal 1990. Employment taxes and contributions were $89.9 billion during the
second quarter of 1989. For the comparable period in 1990,
15.3 percent on January
1,
contributions increased only slightly from the
employment taxes and contributions were $90.6
The
negligible increase
in
of
employees covered under the civil service re(CSRS) by those covered under the Federal
employees retirement system. Contributions under the
system are lower than under the older CSRS.
billion.
adjustments
made
to
the Social Security trust funds during the quarter. The oldage survivors, disability, and health insurance (OASDHI)
trust funds were adjusted to reflect actual withholding data
from calendar 1989. As a consequence, $2.3 billion was
returned to the withheld individual income tax account. In the
previous year, the trust funds received $2.6 billion on the
basis of actual calendar 1988 withholding data. Adjustments
based on self-employment earnings were not significantly
over the
earnings reported
the OASDHI trust
the nonwithheld
placement
tirement system
latter
employment taxes and con-
tributions reflected the large negative
different
from the second quarter of fiscal 1989. This general trend
has been evident over the past fiscal year due to the dis-
two quarters. Based on self-employment
on tax returns from 1987 and prior years,
funds were increased by $0.3 billion, and
individual income tax account was de-
creased accordingly. In the prior year, the adjustment to the
funds for self -employment taxes was $0.3 billion.
Excise taxes.-Excise tax receipts for the January-March
1990 quarter were $7.7 billion, compared with $7.9 billion for
the same quarter of fiscal 1989. Year-to-year comparisons of
excise tax receipts are affected by month-to-month differences in the processing and reporting of gross receipts and
refunds. The decrease of $0.2 billion in net excise receipts
from the comparable quarter of the prior year is primarily the
result of
these timing factors.
Estate and gift taxes.-Estate and gift tax receipts were
$2.2 billion in the January-March quarter of fiscal 1990. This
represents a decline of $0.2 billion over the previous quarter
and an increase of $0.3 billion over the same quarter in the
previous fiscal year.
trust
Customs duties.-Customs
Unemployment insurance.--Unemployment
insurance
January-March 1990 quarter were $3.1 billion, compared with $3 billion for the same quarter of fiscal
1989. State deposits of unemployment insurance declined
slightly as a result of the decrease in average State unemployment insurance tax rates. However, total unemployment insurance receipts for the quarter were $0.2 billion
above the comparable quarter of the prior year as the result
of adjustments made to previously reported Federal Unemployment Tax Act taxes.
receipts for the
Second-Quarter Fiscal
1M0
$4.1 billion for the
decrease
of $0.7 billion from the
fiscal year.
The
decline
is
due
Individual
income taxes
Corporate income taxes
Errployment taxes and contributions
Unerrployment insurance
Contributions tor other insurance and retirement
Excise taxes
Estate and gift taxes
Customs duties
Miscellaneous receipts
Total budget receipts
to
of fiscal 1990. This
same
were
is
a
quarter of the prior
a decrease
in imp>orts.
Miscellaneous receipts.-Net miscellaneous receipts
for
the second quarter of fiscal 1990 were $6.2 billion. This represents an increase of $1 .1 billion over the comparable quarter of the prior fiscal year. Deposits of Federal Reserve earnings increased by $0.9 billion, while net other miscellaneous
receipts increased by $0.2 billion.
Nel Budget Receipt*, by Source
[In billions of dollars]
Source
receipts net of refunds
second quarter
January
56.0
February
17
FEDERAL FISCAL OPERATIONS
Table FFO-1 ."Summary of Fiscal Operations
[In millions ol dollars.
Source: Monlhly Treasury Slalemenl
ot
Recelpis and Outlays of Ihe Unftad Stales
Total on-budget and ott-budget results
Fiscal year
or
month
Tolai
receipts
(1)
On-budget
Govemmsnl]
18
FEDERAL FISCAL OPERATIONS
MONTHLY RECEIPTS AND OUTLAYS
FISCAL YEARS 1989 AND 1990
Source: Monthly Treasury Statement of Receipts and Outlays
of the United States
150
n
140
-.
Government
I
n
-
130
B
i
120
-.
I
I
i
110
-
100
-
o
n
s
o
f
D
I
I
a
r
s
T
O
-88
N
1
D
1
J
'89
r
F
FISCAL YEARS 1989
AND
1990
19
FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source
[In
millions of dollars. Source: Monthly Treasury
Slalement
of
Receipts and Outlays of the United States Government]
Income taxes
Social insurance
taxes and contributions
Individual
Corporation
Net
Refunds
taxes
income
Fiscal year
or
month
Withheld
Other
Refunds
Net
Gross
Employment taxes and
contributions
Old-age. disabilily, and
hospital insurance
Refunds
1985
1986
1987
1988
1989
1990
302.554
(Est.).
1991 (Est.).
1989- June
July
.
.
Aug.
Sept.
Oct
..
Nov.
Dec.
1990 -Jan
.
.
Feb..
t^ar..
Apr
.
May.
June
.
Net
20
FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source-Continued
[In
millions of dollars]
Excise taxes
Social insurance
laxes and
contributions-
Airpon and ainvay
trust
fund
Con.
Fiscal year
or month
trust
Net
Gross
Refunds
Highway
Blacl^ lunq disability
Net
Gross
581
Refunds
Net
social
insurance
taxes and
contri-
butions
1985
1986
1987
1988
1989
1990
(Est.)
1991
(Est.)
1989 -June
452
2,851
2,736
3,060
3,189
3,664
380,156
481,127
n.a.
n.a.
3,941
n.a.
n.a.
n.a.
4,844
n.a.
31,276
413
49
25,805
32,863
29.055
32.961
43,821
37,450
34,326
413
302
314
360
265
305
335
554
435
238
320
100
206
287,381
2,758
27,941
Aug
28,470
29,259
24,308
Nov
Dec
26,791
1990 -Jan
Feb
Mar
Apr
May
June
Fiscal
2,856
2,743
3,066
3,195
4,117
July
Sept
Oct
1990
to date
4
265.163
283,901
303,319
334,335
359,416
8
6
6
295
70
547
572
594
563
8
52
44
28
3
244
348
265
305
332
554
435
233
320
100
203
10
2,748
2
50
49
51
70
49
70
52
49
56
trust
fund
Miscellaneous
fund
581
Gross
Refunds
Not
21
FEDERAL FISCAL OPERATIONS
BUDGET RECEIPTS BY SOURCE THROUGH THIRD
QUARTER OF FISCAL YEARS 1989 AND 1990
Source: Monthly Treasury Statement of Receipts and Outlays
of the
Individual
Income
Corp. Income
United States Government
Social Insurance
Excise
Estate and Gift
Customs Duties
TAXES AND OTHER RECEIPTS
Misc. Receipts
22
FEDERAL FISCAL OPERATIONS
Table FF0-3.--0n-budget and Off-budget Outlays by Agency
[In
LegisFiscal year
or
month
millions of dollars. Source:
Monlhly Treasury Slalemeni
of
Receipls and Oullays ol the United Slates Government]
23
FEDERAL FISCAL OPERATIONS
Table FF0-3.--0n-budget and Off-budget Outlays by Agency-Continued
Environ-
24
FEDERAL OBLIGATIONS
causes immediate pressure on the
are the basis on which the use of funds is
the Federal Government. They are recorded at the point
at which the Government makes a firm commitment to acquire goods
or services and are the first of the four key events-order, delivery,
order, but the order itself usually
payment, and consumption-which characterize the acquisition and
use of resources. In general, they consist of orders placed, contracts
awarded, services received, and similar transactions requiring the
disbursement of money.
categories based upon the nature of the transaction without regard to
its
ultimate purpose. All payments for salaries and wages, for
"Obligations"
controlled
in
private
economy.
Obligations
are
classified
according
to
a
uniform
set
of
example, are reported as personnel compensation, whether the
personal services are used
in
current operations or
in
the construc-
tion of capital items.
obligational stage of Government transactions is a strategic
gauging the impact of the Government's operations on the
national economy, since it frequently represents for business firms
the Government commitment which stimulates business investment,
including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its
The
point
in
Federal agencies often do business with one another; in doing
agency records obligations, and the "performing"
agency records reimbursements. In table FO-1, obligations incurred
within the Government are distinguished from those incurred outside
so, the "buying"
the Government. Table
FO-2 shows only those
incurred outside.
Table FO-1 .--Gross Obligations Incurred Within and Outside the Federal Government
by Object Class, as of Mar. 31, 1990
[In
millions of dollars. Source:
Standard Form 225. Report on Obligalions. from agencies]
Gross obligations incurred
Object class
Outside
Within
Total
Personal services arid benefits:
69.527
Personnel compensation
Personnel benefits
Benefits for former personnel
16.067
5.501
69,527
20.568
427
427
Contractual services and supplies:
Travel and transportation of persons
Transportation of tfiings
Rent, communications, and utilities
Printing and reproduction
Other services
Supplies and materials
316
782
2,597
3.397
6.636
.
.
2,750
2,913
4,179
9.386
447
340
787
82.673
22,558
22,566
12,760
105,239
35,318
38,443
6,876
10,298
3,414
1.176
18
41,857
8,052
89.673
214.616
103.850
17,524
40,029
107,197
214,698
143,879
355
Acquisition of capital assets:
Equipment
Lands and structures
Investments and loans
10.316
Grants and fixed charges;
Grants, subsidies, and contributions
Insurance claims and indemnities
Interest and dividends
.
.
.
82
355
Refunds
Other:
Unvouchered
Undistributed U.S. obligations
Gross obligations incurred
47
2
49
3,203
1,441
4,644
118,267
'
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)
Deduct:
Advances, reimbursements, other income, etc.
Offsetting receipts
-101,107
-101,065
Net obligations incurred
577.219
25
FEDERAL OBLIGATIONS
Table FO-2.--Gross Obligations incurred Outside the Federal Government by
Department or Agency, as of Mar. 31, 1990
[In
millions of dollars. Source:
Standard Form 225. Report on Obligations, from agencies]
Personal services and benefils
Classification
Contractual services and supplies
26
FEDERAL OBLIGATIONS
Table FO-2.--Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of Mar. 31, 1990--Contlnued
[In millions of dollars]
Grants and tixed charges
Other
Acquisition of
capital assets
Classification
Equip-
ment
Lands
and
Invest-
struc-
menis
and
tures
loans
Grants.
subsidies.
Insurance
claims
and
and con-
and indem-
dividends
tributions
nities
Interest
Refunds
Unvouchered
Undistrib-
Total
uted U.S.
gross
obliga-
obliga-
tions
tions
incurred
53
4
13
Legislative branch
The
judiciary
Office of the President
Funds appropriated
1
140
to the President:
International security assistance
International
42
development assistance
Other
1.333
4.840
12
64
40
41
2
3.706
13,365
12.786
6,176
412
389
203
359
36,033
1.363
Other
Commerce Department
3.307
13
2
46
1
Agriculture Department;
ComrTx>diiy Credit Corporation
1.519
15
3.212
12.858
16
2.700
63
11
Defense Department:
Military:
Department of the Army
Department of the Navy
Department of the Air Force
Defense agencies
Total military
26
Civil
Education Department
Energy Department
Health and Human Services, except
590
58
Social Security
Health and Human Services. Social
Security (off-budget)
Housing and Urban Development Department
Interior Department
31
Justice Department
27
2
Labor Department
Slate Department
Transportation Department
3
13
385
Treasury Department:
on the public debt
on refunds, etc
Other
Veterans Affairs Department
Environmental Protection Agency
General Services Administration
Interest
Interest
59
460
34
123
National Aeronautics and Space
Administration
Office of Personnel Management
Small Business Administration
Other independent agencies:
Postal Service
Tennessee Valley Authority
76
2
1
37
122
1
Other
31
Total
38.443
78
3
33
24
29
52
11
90
10.707
1.471
47
98
27
FEDERAL OBLIGATIONS
GROSS FEDERAL OBLIGATIONS AS OF MAR.
31,
1990
Personal Services & Benefils
Outside Government
Within Government
Conlraclual Services & Supplies
Acquisition ol Capital Assets
Grants & Fixed Charges
I
I
I
I
I
I
I
I
I
I
I
200
100
I
I
I
I
I
I
I
I
I
I
I
I
300
400
I
I
I
$ Billions
GROSS FEDERAL OBLIGATIONS INCURRED
OUTSIDE THE FEDERAL GOVERNMENT
Asof Mar.
31,
1990
;ontractual Services
and Supplies
_18%
Acquisition ot Capital Asset:
9%
Personal Services and Benefits
11%
Grants and Fixed Charge:
62%
I
I
I
500
28
ACCOUNT OF THE
U.S.
SOURCE AND AVAILABILITY OF THE BALANCE
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. Major information sources include the Daily
Balance Wire received from the Federal Reserve banks and
branches, and electronic transfers through the Letter of Credit
Payment, Fedline Payment, and FedvL^ire Deposit Systems. 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.
Law 95-147, the Treasury implemented
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.
Under authority
a program on Nov.
Deposits
to tax
of Public
IN
TREASURY
THE ACCOUNT OF THE
business under a uniform
U.S.
TREASURY
procedure applicable
to
all
financial
whereby customers of financial institutions deposit with
them tax payments and funds for the purchase of Government
securities. In most cases the transaction involves merely the transfer
of funds from a customer's account to the tax and loan account in the
institutions
same
On
occasion, to the extent authorized by
in these
accounts proceeds from subscriptions to public debt secunties
entered for their own account as well as for the accounts of their
customers. Also, Treasury can direct the Federal Reserve banks to
invest excess funds in these accounts directly from its account at the
Federal Reserve banks.
financial institution.
the Treasury, financial institutions are permitted to deposit
2,
and loan accounts occur
in
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 communities in which they arise until
such time as the Treasury needs the funds for its operations. In this
way the Treasury is able to neutralize the effect of its fluctuating
financial institution reserves and the
operations on Note Option
economy.
the normal course of
Table UST-1 .--Elements of Changes
In
In
Federal Reserve and Tax and Loan Note Account Balances
millions of dollars. Source: Financial
Managemenl
Service)
29
ACCOUNT OF THE
Table UST-1 .--Elements of Changes
in
Federal
Tax and
month
Reserve
loan nole
or
millions of dollars]
During period
of period
Fiscal year
accounts
TREASURY
Federal Reserve and Tax and Loan Note Account Balances-Con.
[In
End
U.S.
High
Federal
Tax and
Federal
Tax and
Federal
Reserve
loan note
Reserve
loan note
Resen/e
accounts
1985
1986
1987
1988
1989
4,174
7,514
9,120
13.023
13.452
12,886
23,870
27,316
31.375
19,877
19,087
29,688
27.521
25.444
1989- June.
12,153
5.312
6.652
13.452
13.124
5,500
6.217
13,153
6.613
31.560
16,837
18,732
19,822
12,153
7,775
13,669
13,452
7,133
6,217
13,153
7,925
8,303
5,667
8,230
6,626
July
Aug
.
.
SepI
Oct.
Nov
Dec
.
.
1990 -Jan..
Feb..
Mar..
Apr.
May
4.832
5.205
4,426
5,470
.
June.
27,521
30,362
16,214
20,718
31.899
12,976
13,634
34,091
9,276
29,148
19,101
22,398
25,139
28,553
32,188
32,214
31.756
31.560
20.614
31,591
M,362
29,263
22,446
31,899
31 ,820
18.372
34,091
34,576
32,719
Less than $500,000.
Represents transfers from tax and loan note accounts, proceeds from sales of securities
other than Government account series, and taxes.
^ Represents checks paid, wire transfer payments, drawdowns on letters of credit,
redemptions of securities other than Government account series, and investment (transfer)
of excess funds out of this account to the tax and loan note accounts.
Special depositaries are permitted lo make payment in the form of a deposit credit for the
purchase price of U.S. Government securities purchased by them for their own account, or
for the account of their customers who enter subscriptions through them, when this method
of payment is permitted under the terms of the circulars inviting subscriptions to the issues.
Effective Oct. 1 1 989, public debt securities, including U.S. savings bonds, will no longer be
'
.
setlled through the tax
and loan note accounts.
accounts
1,429
311
1,518
851
2,698
3,754
2,436
4.157
4.280
3,787
3,368
4.265
3,815
3,477
3,335
3,924
4,712
1,980
3,817
3,743
7.849
11.123
551
5,344
7.028
savings notes
256
3,871
3,982
3,137
12,806
5,097
4.162
4,546
6,584
5,028
7.328
11,649
12,208
18,485
19,718
19,030
10,072
6,067
5,437
7.679
6,111
5.008
4.787
20,856
18.868
12.705
18.763
17.280
10.780
13,536
18,814
17,858
12,622
14,268
21,589
15,245
6.302
5.867
5.349
376
4.351
5,054
5,078
9,276
183
first
offered for sale as of
loan note
accounts
Includes U.S. savings bonds, savings notes, retirement plan and tax
U.S.
Tax and
May
1.
and
toss bonds.
1967. and were discontinued after
June 30. 1970. Retirement plan bonds first offered for sale as of Jan. 1,1963; tax and toss
bonds first issued in March 1 968.
Taxes eligible for credit consist of those deposited by taxpayers in the lax and loan
deposrtaries. as follows; Withheld Income taxes beginning March 1948; taxes on enployers
and employees under the Federal Insurance Contributions Act beginning January 1950. and
under the Railroad Retirement Tax Act beginning July 1961; a number of excise taxes
beginning July 1953; estimated corporation income taxes beginning April 1967; all
corporation income taxes due on or after Mar. 15. 1968; FUTAtaxes beginning April 1970.
and individual estimated income taxes beginning October 1988.
30
FEDERAL DEBT
INTRODUCTION
Treasury securities
(i
e
,
public debt securities) comprise
most
of
the Federal debt, with securities issued by other Federal agencies
accounting for the remainder. In addition to the data on the Federal
debt presented in the tables in this section of the quarterly Treasury
Bulletin, the Treasury publishes detailed data on the public debt
outstanding in the Monthly Statement of the Public Debt of the
United States and on agency securities and the investments of Federal Government accounts in Federal securities in the Monthly
Treasury Statement of Receipts and Outlays of the United States
Government.
Table FD-l.-Summary of Federal Debt
The Federal debt outstanding is summarized as to holdings of
and agency securities by the public, vi/hich includes the
Federal Reserve, and by Federal agencies, largely the social security and other Federal retirement trust funds. Greater detail on holdpublic debt
ings of Federal securities by particular classes of investors is presented in the ownership tables, OFS-1 and OFS-2, of the Treasury
Bulletin.
agency borrowing from the Treasury, which is presented in the
Monthly Treasury Statement of Receipts and Outlays of the United
eral
States Government. The Government-sponsored entities, whose
securities are presented in the memorandum section of table FD-4,
are not agencies of the Federal Government, nor are their securities
presented in table FD-4 guaranteed by the Federal Government.
Distribution
and Average Length of
FD-5. -Maturity
Marketable Interest-Bearing Public Debt Held by Private Investors
Table
The average maturity of the privately held marketable Treasury
debt has increased gradually since it hit a trough of 2 years, 5
months, in December 1975. In March 1971, the Congress enacted a
limited exception to the 4-1/4-percent interest rate ceiling on Treasury bonds tfiat permitted the Treasury to offer securities maturing in
more than 7 years at current market rates of interest for the first time
since 1965. The exception to the 4-1/4-percent interest rate ceiling
had been expanded since 1971 to authorize the Treasury to continue
to issue long-term securities. The 4-1/4-percent interest rate ceiling
on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity
class reflects the remaining period to maturity of Treasury bills,
and bonds, and the average length comprises an average of
remaining periods to maturity, weighted by the amount of each security held by private investors (i.e., excludes the Government accounts and Federal Reserve banks).
notes,
Table FD-2.--Interest-Bearing Public Debt
and nonmarketable Treasury
Interest-bearing marketable
securities are presented as to type of security The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities on which interest has ceased
to accrue. The Federal Financing Bank (FFB) is under the supervision of the Treasury, and FFB secunties shown in this table are held
by a US, Government account.
Table FD-6.--Dcbt Subject to Statutory Limitation
is compared with the outstanding debt
other debt category includes certain Federal
debt that the Congress has designated by statute to be subject to the
debt ceiling. The changes in non-interest-bearing debt shown in the
The
statutory debt ceiling
subject to
Table FD-3.-Government Account Scries
last
Nonmarketable Treasury securities held by U.S. Government
accounts are summarized as to issues to particular funds within the
Government. Many of the funds invest in par-value special series
nonmarketables at statutorily determined interest rates, while others
whose statutes do not prescribe an interest rate formula invest in
market-based special Treasury secunties whose terms mirror the
terms of marketable Treasury securities.
Table
FD-4.--lnterest-Bearing
Securities
Issued
by
Government
Agencies
Federal agency borrowing has been declining in recent years,
because the Federal Financing Bank has been providing
financing to other Federal agencies. This table does not cover Fedin
part
limit.
column
The
reflect maturities of
Treasury securities on nonbusiness
days, such as weekends and holidays. In that event. Treasury
securities are redeemed on the first business day following a non-
business day.
Table FD-T.-Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies
Certain Federal agencies are authorized by statute to borrow
from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are
authorized to borrow from the Treasury to finance capital projects.
The Treasury finances such loans to the Federal agencies with is-
sues of public debt securities.
31
FEDERAL DEBT
Table FD-1. --Summary of Federal Debt
[In
millions ol dollars. Source: Monthly Treasury
Statement
of
Receipts and Oullays of the United Slates Government]
Amount outstanding
End
Government accounts
of
fiscal
or
Securities held by:
year
month
Total
Public
debt
Agency
securi-
ties
ties
securi-
Total
Public
The
Agency
debt
securi-
securi-
ties
ties
public
Public
Total
32
FEDERAL DEBT
Table FD-3.--Government Account Series
[In millions ot dollars.
Source: Monthly Slalemenl
of the Public
Debl
ol the
United Stales]
33
FEDERAL DEBT
Table FD-4.--lnterest-Bearing Securities Issued by Government Agencies
[In
millions of dollars.
Source: Monthly Treasury Slalement
ot
Receipts and Outlays of the United States Government and Financial
Federal Deposit
Insurance Corporation
End
year
or montfi
Total
Bank
Federal Savings
Federal
Government
Tennessee
outstanding
insurance
fund
and Loan Insurance Corporation--
Housing
National
Adminis-
Mortgage
Valley
Authority
resolution
tration
Association
fund
4.366
1989- June,
July.
Aug..
Sept.
Oct..
Nov.
Dec.
1990- Jan..
Feb..
Mar..
Apr.
.
May
.
June.
Otfier
independent
of
fiscal
1985
1986
1987
1988
1989
Housing and Urban
Development Deparlment
Management
Service]
34
FEDERAL DEBT
Table FD-5.--Maturity Distribution and Average Lengtfi of I\/larl<etable
Interest-Bearing Public Debt Held by Private Investors
[In
End
of
millions of dollars. Source: Otiice ot
Market Finance]
35
FEDERAL DEBT
(0
c
a? CO
I-
c
<D ii-
"
0)
°t
So
36
FEDERAL DEBT
37
FEDERAL DEBT
Table FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies
[In
End
of
fiscal
or
millions of dollars. Source: Monthly Treasury
year
month
Total
Statement
of
Receipts and Outlays oi Ihe United Stales Government]
38
TREASURY FINANCING OPERATIONS, APRIL-JUNE
APRIL
1990
1990, and to mature April 11, 1991. The issue was to refund
million of maturing 52-week bills and to raise about
$675 million of new cash. Tenders were opened on April 5.
$9,075
Auction of 7-Year Notes
totaled $25,184 million, of which $9,766 million was
accepted, including $1,110 million of noncompetitive tenders
from the public and $2,360 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign
They
On
April
4 the Treasury announced
that
it
would auction
million of 7-year notes to refund $4,831 million of
notes maturing April 15, 1990, and to raise about $2,675
million of new cash. The notes offered were Treasury Notes
of Series E-1997, dated April 16, 1990, due April 15, 1997,
with interest payable on October 15 and April 15 until
maturity. An interest rate of 8-1/2 percent was set after the
determination as to which tenders were accepted on a yield
$7,500
and
international
discount rate
monetary
was 7,72
authorities.
The average bank
percent.
MAY
auction basis.
for the notes were received until 1 p.m. EDST,
1990, and totaled $19,442 million, of which $7,520
million was accepted at yields ranging from 8.62 percent,
price 99.379, up to 8.63 percent, price 99.328. Tenders at
the high yield were allotted 47 percent. Noncompetitive
May
tenders were accepted in full at the average yield, 8.62 percent, price 99.379. These totaled $414 million. Competitive
tenders accepted from private investors totaled $7,106
lion of 30-year bonds of 2020 to refund $18,130 million of
Treasury securities maturing May 15 and to raise about
$12,375 million of new cash.
Tenders
Quarterly Financing
April 11,
On May
2 the Treasury announced that it would auction
3-year notes of Series T-1993, $10,000
million of 10-year notes of Series B-2000, and $10,000 mil-
$10,500
million of
million.
In
addition to the $7,520 million of tenders accepted
in
$100 million was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $223 million was accepted from
Federal Reserve banks for their own account.
the auction process,
The notes of Series T-1993 were dated May 15, 1990,
due May 15, 1993, with interest payable on November 15
and May 15 until maturity. An interest rate of 8-5/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders
Auction of 2-Year Notes
On
for the
notes were received
until
1
p.m.
EDST,
May 8, and totaled $37,327 million, of which $10,574 million
was accepted at yields ranging from 8.73 percent, price
18 the Treasury announced that it would auction
$10,500 million of 2-year notes to refund $9,826 million of
notes maturing April 30, 1990, and to raise about $675 million of new cash. The notes offered were Treasury Notes of
Series Y-1992, dated April 30, 1990, due April 30, 1992, with
interest payable on October 31 and April 30 until maturity. An
interest rate of 8-7/8 percent was set after the determination
as to which tenders were accepted on a yield auction basis.
April
Tenders for the notes were received until 1 p.m. EDST,
and totaled $26,124 million, of which $10,503 million was accepted at yields ranging from 8.88 percent, price
99.991, up to 8.91 percent, price 99.937. Tenders at the high
yield were allotted 71 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.90 percent, price
99.955. These totaled $1,906 million. Competitive tenders
accepted from private investors totaled $8,597 million.
99.728, up to 8.75 percent, price 99.676. Tenders at the high
were allotted 13 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.74 percent, price
99.702. These totaled $2,448 million. Competitive tenders
yield
accepted from private investors totaled $8,126
In
million.
addition to the $10,574 million of tenders accepted
the auction process,
$770
million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $1,702 million was accepted from
Federal Reserve banks for their own account.
April 25,
The notes of Series B-2000 were dated May 15, 1990,
due May 15, 2000, with interest payable on November 15
and May 15 until maturity. An interest rate of 8-7/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders
In
addition to the $10,503 million of tenders accepted
in
$757 million was awarded to Federal
Reserve banks as agents for foreign and international
monetary authorities. An additional $1,434 million was accepted from Federal Reserve banks for their own account.
the auction process,
for the
notes were received
until
EDST,
million.
Bills
On March 30
$9,750
p.m.
100.033, up to 8.88 percent, price 99.967. Tenders at the
high yield were allotted 63 percent. Noncompetitive tenders
were accepted in full at the average yield, 8.88 percent, price
99.967. These totaled $659 million. Competitive tenders
accepted from private investors totaled $9,367
52-Week
1
May 9, and totaled $30,042 million, of which $10,026 million
was accepted at yields ranging from 8.87 percent, price
million of
tenders were invited for approximately
364-day Treasury bills to be dated April 12,
In addition to the $10,026 million of tenders accepted in
the auction process, $200 million was accepted from Federal
Reserve banks as agents for foreign and international
39
TREASURY FINANCING OPERATIONS, APRIL-JUNE
monetary authorities, and $250 million was accepted from
Federal Reserve banks for their own account.
The notes of Series B-2000 may be held in STRIPS
The minimum par amount required is $1,600,000.
form.
of 2020 were dated Ivlay 15, 1990, due May
2020, with interest payable on November 15 and May 15
until maturity. An interest rate of 8-3/4 percent was set after
the determination as to which tenders were accepted on a
The bonds
15,
1990
accepted on a yield auction basis.
Tenders for the notes were received until 1 p.m. EDST,
24, and totaled $21,930 million, of which $8,502 million
was accepted at yields ranging from 8.52 percent, price
99.847, up to 8.56 percent, price 99.681. Tenders at the high
yield were allotted 93 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.54 percent, price
99.764. These totaled $593 million. Competitive tenders
accepted from private investors totaled $7,909 million.
May
yield auction basis.
In
Tenders for the bonds were received until 1 p.m. EDST,
May 10, and totaled $19,948 million, of which $10,008 million
was accepted at yields ranging from 8.83 percent, price
99.162, up to 8.85 percent, price 99.954. Tenders at the high
yield were allotted 58 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.84 percent, price
These
$463
Competitive tenders
accepted from private investors totaled $9,545 million.
99.058.
totaled
addition to the $8,502 million of tenders accepted
Reserve banks as agents
monetary authorities.
52-Week
In
addition to the $10,008 million of tenders accepted
Reserve banks
$150
for their
million
own
for
foreign
and
in
to Federal
international
Bills
million.
On
April
in
was accepted from Federal
account.
The bonds of 2020 may be held in STRIPS
minimum par amount required is $160,000.
form.
The
Auction of 2- Year and 5- Year 2-Month Notes
27 tenders were
invited
approximately
for
364-day Treasury bills to be dated May
10, 1990, and to mature f^ay 9, 1991. The issue was to refund $9,057 million of maturing 52-week bills and to raise
about $950 million of new cash. Tenders were opened on
May 3. They totaled $30,408 million, of which $10,036 million
was accepted, including $1,068 million of noncompetitive
tenders from the public and $2,630 million of the bills issued
to Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities. The average
bank discount rate was 8.05 percent.
$10,000
the auction process,
was awarded
the auction process, $340 million
million of
On May
16 the Treasury announced that it would auction
2-year notes of Series Z-1992 and $8,500
million of 5-year 2-month notes of Series L-1995 to refund
$8,91 6 million of publicly held 2-year notes maturing May 31
1990, and to raise about $10,375 million of new cash.
$10,800
million of
The notes of Series Z-1992 were dated May 31, 1990,
due May 31, 1992, with interest payable on November 30
and May 31 until maturity. An interest rate of 8-1/2 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Cash Management
On May 25
tenders were invited for approximately $6,000
20-day bills to be issued June 1, 1990, representing an additional amount of bills dated December 21,
1989, maturing June 21, 1990. The issue was to raise new
cash. Tenders were opened on May 30. They totaled
$29,598 million, of which $6,024 million was accepted. The
average bank discount rate was 7.93 percent.
million of
same announcement on May 25, tenders were
approximately $6,000 million of 1 1 1-day bills to be
issued June 1, 1990, representing an additional amount of
bills dated March 22, 1990, maturing September 20, 1990.
The issue was to raise new cash. Tenders were opened on
May 30. They totaled $43,455 million, of which $6,008 million
was accepted. The average bank discount rate was 7.78
In
Tenders for the notes were received until 1 p.m. EDST,
May 23, and totaled $37,566 million, of which $10,883 million
was accepted at yields ranging from 8.51 percent, price
99.982, up to 8,53 percent, price 99.946. Tenders at the high
yield were allotted 10 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.52 percent, price
99.964. These totaled $1,665 million. Competitive tenders
accepted from private investors totaled $9,218 million.
In
addition to the $10,883 million of tenders accepted
the auction process,
$667
million
in
Bills
the
invited for
percent.
JUNE
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $761 million was accepted from
Federal Reserve banks for their own account.
Auction of 2-Year and 4-Year Notes
On June 20 the Treasury announced that would auction
11,250 million of 2-year notes of Series AB-1992 and $8,250
million of 4-year notes of Series N-1994 to refund $17,324
million of Treasury notes maturing June 30 and to raise
about $2,175 million of new cash.
it
The notes of Series L-1995 were dated June 1, 1990,
due August 15, 1995, with interest payable on February 15
and August 15 until maturity. An interest rate of 8-1/2 percent
was set after the determination as to which tenders were
40
TREASURY FINANCING OPERATIONS, APRIL-JUNE
The notes of Series AB-1992 were dated July 2, 1990,
due June 30, 1992, with interest payable on December 31
and June 30 until maturity. An interest rate of 8-3/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders for the notes were received until 1 p.m. EDST,
June 26, and totaled $24,848 million, of which $11,252 mil-
was accepted
ranging from 8.38 percent, price
99.991, up to 8.42 percent, price 99.919. Tenders at the high
yield were allotted 10 percent. Noncompetitive tenders were
lion
accepted
99.937.
in
full
These
at
the average yield, 8.41
percent, price
totaled $1,494 million. Competitive tenders
million.
addition to the $11,252 million of tenders accepted
the auction process,
$692
million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $1,328 million was accepted from
Federal Reserve banks for their own account.
The notes of Series N-1994 were dated July 2, 1990, due
June 30, 1994, with interest payable on December 31 and
June 30 until maturity. An interest rate of 8-1/2 percent was
set after the determination as to which tenders were accepted on a yield auction basis.
Tenders for the notes were received until 1 p.m. EDST,
June 27, and totaled $44,780 million, of which $8,313 million
was accepted
addition to the $8,313 million of tenders accepted
the auction process, $342 million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $500 million was accepted from
Federal Reserve banks for their own account.
52-Week
Bills
at yields
accepted from private investors totaled $9,758
In
In
1990
at yields ranging from 8.49 percent, price
100.033, up to 8.50 percent, price 100.000. Tenders at the
high yield were allotted 20 percent. Noncompetitive tenders
were accepted in full at the average yield, 8.50 percent, price
100.000. These totaled $796 million. Competitive tenders
accepted from private investors totaled $7,517 million.
On May 25
were invited for approximately
364-day Treasury bills to be dated June 7,
1990, and to mature June 6, 1991. The issue was to refund
$8,587 million of maturing 52-week bills and to raise about
$1,425 million of new cash. Tenders were opened on May
31. They totaled $25,562 million, of which $10,009 million
was accepted, including $869 million of noncompetitive
tenders from the public and $2,450 million of the bills issued
to Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities. An additional
$630 million was issued to Federal Reserve banks as agents
for foreign and international monetary authorities for new
cash. The average bank discount rate was 7.65 percent.
$10,000
tenders
million of
On June 22 tenders were invited for approximately
$10,250 million of 365-day Treasury bills to be dated July 5,
1990, and to mature July 5, 1991. The issue was to refund
$9,030 million of maturing 52-week bills and to raise about
$1,225 million of new cash. Tenders were opened on June
28. They totaled $31,663 million, of which $10,264 million
was accepted, including $834 million of noncompetitive
tenders from the public and $2,700 million of the bills issued
to Federal Reserve banks for their own account. An additional $265 million was issued to Federal Reserve banks as
agents for foreign and international monetary authorities for
new cash. The average bank discount rate was 7.52 percent.
41
PUBLIC DEBT OPERATIONS
INTRODUCTION
Background
52-week bill is a reopening of the existing 52-week
low, and average yields on accepted tenders and the
The Second Liberty Bond Act (31 U.S.C. 3101, et seq.) provides the Secretary of the Treasury with broad authority to borrow
and to determine the terms and conditions of issue, conversion,
payment, and interest rate on Treasury securities. Data in
have been published in
the Treasury Bulletin in some form since its inception in 1939, pertain only to marketable Treasury securities, currently bills, notes, and
bonds. Treasury bills are discount securities that mature in 1 year or
less, while Treasury notes and bonds have semiannual interest payments. New issues of Treasury notes mature in 2 to 10 years, and
bonds mature in over 10 years from the issue date. Each marketable
Treasury security is listed in the Monthly Statement of the Public
Debt of the United States.
maturity,
the "Public Debt Operations" section, which
Table PDO-1. --Maturity Schedule of Interest-Bearing Marketable
Public Debt Securities Other than Regular Weekly and 52-Week
Treasury
All
Bills
unmatured Treasury notes and bonds are
order, beginning with the earliest maturity.
listed in maturity
A
separate breakout is
provided for the combined holdings of the Government accounts and
Federal Reserve banks, so that the "All other investors" category
includes all private holdings.
The
weekly auctions of 13- and 26-week bills and
bills every fourth week are presented in table
PDO-2. Treasury bills mature each Thursday. New issues of 13week bills are reopenings of 26-week bills. The 26-week bill issued
every fourth week to mature on the same Thursday as an existing
results of
high,
bids is presented, along with the dollar value of awards on a
competitive and a noncompetitive basis. The Treasury accepts noncompetitive tenders of up to $1 million in each auction of Treasury
securities in order to assure that individuals and smaller institutions
are able to participate in offerings of new marketable Treasury
securities. Noncompetitive bids are awarded
accepted competitive bids.
at the
average
yield
on
Table PDO-3. -Public Offerings of Marketable Securities Other than
Regular Weekly Treasury Bills
The results of auctions of marketable Treasury securities, other
than weekly bills, are listed in the chronological order of the auction
dates over approximately the most recent 2 years. This table includes notes and bonds presented in table PDO-1, 52-week bills in
table PDO-2, and data for cash management bills. Treasury offers
cash management bills from time to time to bridge temporary or
seasonal declines in the cash balance. Cash management bill
maturities generally coincide with the maturities of regular issues of
Treasury bills.
Table PDO-4."Allotments by Investor Classes for Public Marketable
A and B
Data on allotments of marketable Treasury securities by invesare presented in chronological order of the auction date for
approximately the most recent 2 years. These data have appeared in
the Treasury Bulletin since 1956. Tenders in each Treasury auction
of marketable securities other than weekly auctions of 13- and 26week bills are tallied by the Federal Reserve banks into investor
classes described in the footnotes to the table.
tor class
auctions of 52-week
The
total
Securities, Parts
Table PDO-2.-Offerings of Bills
bill.
dollar value of
42
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, 1990
[In
millions ol dollars. Source: Monthly
Slaiement
of Ihe Public
Debt
of Ihe
United Stales, and Oftioe of Mafkel Finance]
Amount
Date
of final
maturity
Description
1990
10-3'4%-E note
July 16
July 31
8-3/8%-AD note
10-:V4%-A note
Aug. 15
Aug. 15
Aug 15
Aug. 15
9-7/8%-K note
note
' 9-7/8%-L
7-7/8%-U note
8-5/8%-AE note
8-1/2%-AF note
6-3/4%-Q note
11-1/2%-F note
8-1/4%-AG note
Aug 31
Sept 30
Sept. 30
Oct 15
Oct!3l!
Nov. 15
Nov] 15
Nov! ^5
Nov. 30
13%-B note
9-5/8%-M note
8%-V note
8-7/8%AH
Dec! 31
note
9-1/8%-AJ note
6-5/8%-R note
Oec 31
!
Total..
1991
1-3/4%-D note
Jan. 15
Jan. 31
9%-V
Feb 15
Feb. 15
9-1/8%-H note
7-3/8%-R note
Fab 28
9.3/8%-W note
31
Mar. 31
9-3/4%-X note
6-3/4%-M note
1
lular.
12-3'8%E note
Apr. 15
Apr. 30
9-1/4%-Y note
14-1/2%-A note
May 15
May 15
May31
1/8%-J note
8-3/4%-Z note
8-1/4%-AB note
7-7/8%-N note
13-3/4%-F note
8-
June 30
June 30
July 15
7-3/4%-AC note
14-7/8%-B note
July 31
Aug.
Aug.
Aug.
Aug.
no'e
15
15
15
31
8-3/4%T note
7-1/2%-K note
8-1/4%-AD note
9-1/8%P
Sept. 30
Sept. 30
note
Oct 15
8-3/8%-AE note
12-1/4%-G note
Oct. 31
7-5/8%AF note
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
15
15
15
14-1/4%-C note
8-1/2%-U note
6-1/2%-L note
30
7-3/4%.AG note
B-1/4%-Q note
7-5/8%-AH note
31
31
Total..
1992
15
15
15
11-5/8%-D note
8-1/8%-V note
14-5/8%-A note
9-1/8%-R note
6-5/8%-H note
29
8-1/2%-W note
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
15
31
Apr.
30
7-7/8%-M note
8-1/2%-X note
note
1 1-3'4%-E
8-7/8%-Y note
13-3'4%-B note
31
31
Apr. 15
May 15
May
May 15
May31
9-°/^S note
6-5/8%-J note
1
8-1/2%-Z note
note
June 30
8-1/4%-l>J
July 15
10-3/8%-F note
8-1/4%-K note
4-1/4% bond
7-7/8%-T note
7-1/4% bond
8-3/4%-P note
9-3/4%-G note
Aug.
Aug.
Aug.
Aug.
15
15.
15
15
Sept. 30
Oct. 15
87-92
ot maturities
5
43
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, 1990-Continued
[In
millions of dollars]
Amounl
of maturities
Held by
Date
of final
U.S.
maturity
Total
Description
Govt
accounts and
Federal Reserve banl(s
All
other
investors
1992-Con.
Nov.
Nov.
Nov.
Dec.
10-1/2%-C note
8-3/8%-L note
7-3/4%-U note
15
15
15
31
9-l/8%Q
note
4,331
8,549
11/15/82
09/03/87
11/15/89
01/03/89
10,681
8,287
645
7.642
1993
15
15
15
15
15,
8B-33
15
15
31
15
May 15
fi/lay 15
t^ay 15
June 30
July 15
Aug.
Aug.
Aug.
Aug.
15,
88-93
15
15
15
Sept. 30
Oct. 15
Nov.
Nov.
Nov.
Dec.
15
15
15
31
8-3/4%-E note
10-7/8%-A note
8-1/4%-J note
8-3/8%-S note
4% bond
6-3/4% bond
7-7/8% bond
9-5/8%-N note
7-3/8%-F note
10-1/8%-B note
7-5/8%-K note
8-5/8%-T note
8- 1/8%-P note
7-1/4%-G note
7-1/2% bond
8-5/8% bond
11 -7/8%-C note
8-3/4%-L note
8-1/4%-Q note
7-1/8%H
11
note
note
8-5/8% bond
7-5/8%-R note
Total..
1
1994
Jan. 16
7%-D
Feb. 15
Feb. 15
Mar. 31
Apr. 15
9% bond
8-7/8%-H note
May 15, 89-94
May 15
May 15
4-1/8% bond
13-1/8%-A note
July 15
8%-F note
Aug. 15
Aug. 15
Aug. 15
12-5'8%-B note
8-3/4% bond
8-5/8%-K note
Oct. 15
9-1/2%G
Nov. 15
Nov. 15
Nov. 15
1 1-5/8%-C
note
10-1/8% bond
8-1/4%-L note
note
8-1/2%-!^ note
7%-E note
9-1/2%-J note
note
2
Total..
1995
May
May
May
May
15
15
15
15
15
15
15
15
15
15
July
1
Jan.
Feb.
Feb.
Feb.
Feb.
Apr.
01/15/86
•3/4%-D note
9%-lv1
8-5/8%-E note
3%
bond
10-1/2% bond
11.1/4%-A note
2
7-3/4%-J note
8-3/8%-F note
12-5'8% bond
10-3/8% bond
Aug. 15
Aug. 15
2,,.,/4o/„.B „o,a
8-1/2%-K note
8-7/8%-G note
2 10-1/2%-C note
8-1/2%-L note
Oct. 15
8-5/8%-H note
4,031
8,434
115
3,630
Total..
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Apr.
300
14,311
57,964
44
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, 1990-Continued
[In
millions of dollars]
Amount
of maturities
Held by
Date
of final
Gov1
accounts and
U.S.
maturity
Description
Total
All
ottier
Federal Reserve banks
investors
32
273
1,450
7.046
1995-Con.
Nov. 15
Nov. 15
1 1-1/2% bond
^9-1/2%-D note
10/14/80
11/15/85
1,482
7,319
4,382
1996
May
15
15
15
15
15
July
1
Jan.
Feb.
Feb.
Apr.
Oct. 15
Nov. 15
9-1/4%-E note
^ 8-7/8%-A note
8-7/8%-B note
9-3/8%-F note
2 7-3/8%-C note
7-7/8%-G note
'
8%-H
^
note
7-1/4%-D note
01/17/89
45
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, 1990-Continued
[In
millions of dollars]
Amount
of maturities
Held by
Date
of final
maturity
U.S.
Description
Total
Govl
accounts and
Federal Reserve banks
All
olfier
investors
2001
Feb. 15
f^ay 15
Aug. 1 5. 96-01
Aug. 15
Nov. 15
l1-3'4% bond
13-1/8% bond
bond
13-3'8% bond
1 5-3/4% bond
8%
01/12/81
04/02/81
08/16/76
07/02/81
10/07/81
1,501
161
1,750
1,485
1,753
1,753
160
1.340
1,590
741
199
163
1.554
1,590
744
8.242
Total..
2002
Feb. 15
Nov. 15
.
.
14-1/4% bond
11-5/8% bond
01/06/82
09/29/82
Total..
2003
Feb. 15
May 15
Aug. 15
Nov. 15
W-3/i% bond
10-3/4% bond
11-1/8% bond
11-7/8% bond
01/04/83
1,759
2,753
96
173
1,663
2,580
46
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, 1990-Continued
[In
millions of dollars]
Amount
Date
2009
May
Nov.
15.
1
0409.
04-09
5.
2010
Feb. 15.05-10.
f^ay 15. 06-10.
Nov. 15,05-10.
2011
May 15,06-11
.
Nov. 15,06-11.
2012
Nov. 15,07-12.
2013
Aug. 15,08-13.
2014
l^ay 15.09-14.
Aug. 15.09-14.
Nov. 15.09-14.
2015
Feb. 15
Aug. 15
Nov. 15
.
.
.
2016
Feb. 15
15..
.
May
Nov. 15
.
of final
maturity
ol maturities
47
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, 1990-Continued
[In
Date
2017
May
15.
Aug. 15
.
.
of final maturity
millions of dollars]
48
PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferings of
[Dollar
amounts
in millions.
Description of
new
Source: Monthly Statement
of
Bills
the Public Debt of the United Stales and allotmems]
Amounts
issue
of bids
accepted
Amount
Maturity
Number
date
days
to
maturity
ot
Amount
of
bids
tendered
Total
On com-
On noncom-
amount
petitrve basis
petitive basis
49
PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferings of Bills-Continued
Regular weekly:
50
PUBLIC DEBT OPERATIONS
Table PD0-3.--Publlc Offerings of Marketable Securities Other than Regular Weekly Treasury
[Dollar
amounls
in millions.
Source: Bureau
of the Public
Debt]
Bills
51
PUBLIC DEBT OPERATIONS
Table PD0-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Con.
[Dollar
amounts
in
millions]
52
PUBLIC DEBT OPERATIONS
Table PD0-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Con.
^ Yields accepted
average
^'
at
8.26%
ranged from 8.24%
(price
99.976) up to 8.26% (price 99.893) with the
Yields accepted ranged from
8.37%
at 8.39% (price 99.973).
'^ Yields accepted ranged from 8.34%
(price 100.009) up to
8.40%
(price 99.955) with the
average
(price 99.699)
up to 8.35% (price 99.666) with the
at 8.35% (price 99.666).
^^ Yields accepted ranged from 8.07% (price 99.631) up to
at 8.08% (price 99.579).
^' Yields accepted ranged from
at
^^ Yields
7.74%
(price 99.827)
8.08%
(price 99.579) with the
up to 7.75% (price 99.772) wfth the
(price
7.93%
up to 7.94% (price 99.557) with the
average
(price
1
at
7.78%
7.87%
(price 102.876) with the
average
7.79%
(price 99.927) with the
average
02.875).
^* Yields accepted ranged from
average
7.76%
(price 99.982)
up
to
7.76%
(price 99.899)
up
to
at 7.77% (price 99.857).
^° Yields accepted ranged from 7.69% (price 99.882) up to
7.78%
(price 99.815) with the
^'
at
7.71%
at
7.65%
7.73%
(price 99.809) with the
7.64%
(price 99.949)
up
to
average
average
7.65%
(price 99.915) with the
(price 99.915).
average
at 8.02% (price 99.894).
^' Yields accepted ranged
from 8.19% (price 99.882) up to
8.21%
(price 99.846) with the
average
" Yields
average
8.21%
accepted ranged from 8.42%
at
8.59%
(price 100.000) with the
(price 99.805) with the
8.59%
(price 99.838) with the
8.62%
(price 99.379)
up
to
8.63%
(price 99.328) with the
(price 99.379).
accepted ranged from 8.88% (price 99.991) up to 8.91% (price 99.937) with the
at
8.90%
(price 99.955).
accepted ranged from 8.73% (price 99.728) up to 8.75%
at
8.88%
at
8.84%
up
8.52%
8.88%
(price 99.967) with the
(price 99.967).
ranged from 8.83% (price 99.162) up to 8.85% (price 98.954) with the
(price 99.058).
accepted ranged from 8.51% (price 99.982) up
at
to
(price 99.676) with the
to
8.53%
(price 99.946) with the
to
(price 99.964).
8.52%
(price 99.847)
up
8.56%
(price 99.681) with the
8.38%
(price 99.991)
up to 8.42%
at 8.4
1
(price 99.919) with the
% (price 99.937).
accepted ranged from 8.49% (price 100.033) up to 8.50% (price 100.000) with the
at
8.50%
(price 100.000).
(price 99.846).
(price
99.883) up to 8.44% (price 99.831) with the
average at 8.43% (price 99.857).
^^ Yields accepted ranged from 8.58% (price
99.470) up to
average
8.62%
Yields accepted ranged from
(price 99.894) with the
at
up to 8.50%
(price 99.838).
at 8.54% (price 99.764).
'° Yields accepted ranged from
8.02%
" Yields
(price 100.036)
average
'^ Yields accepted ranged from 8.00% (price 100.000) up to
average
8.48%
at 8.74% (price 99.702).
^' Yields accepted ranged from
8.87% (price 100.033)
^
(price 99.846).
Yields accepted ranged from
average
at
'^ Yields
average
average
8.59%
" Yields accepted
(price 99.945).
^' Yields accepted ranged from
(price 99.677) with the
(price 100.000).
accepted ranged from 8.52% (price 99.847) up to 8.53%
at
^ Yields
average
7.87%
8.50%
Yields accepted ranged from
average
at 7.94% (price 99.557).
^' Yields accepted ranged from 7.86% (price
102.992) up to
8.53%
to
™ The low. high, and average yield was 8.58% (price 99.734).
99.974) up to 7.78% (price 99.921) with the
(price 99.625)
up
at 8.53% (price 99.805).
^^ Yields accepted ranged from
8.58% (price 99.856) up to
'^ Yields
at 7.77% (price 99.947).
^^ Yields accepted ranged from
at
^ Yields
"
(price 99.791).
accepted ranged from 7.76%
average
average
at
(price 100.216)
(price 100.000).
Yields accepted ranged from
average
7.72%
8.50%
average
average
average
^
at
average
average
8.48%
Yields accepted ranged from
average
(price 99.893).
(price 99.404).
8.59%
(price 99.404) with the
Note. "All notes and bonds, except for foreign-targeted issues,
were sold
at auction
through competitive and noncompetitive bidding. Foreign-targeted issues were sold at
auction through competitive bidding only.
53
PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securities
Part
A-Otherthan
(In
millions of dollars]
Bills
54
PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securities-Con.
Part B--Bills Other than Regular Weekly Series
[Dollar
amounls
in
millions]
55
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 IVIar. 1, 1935, through Apr. 30, 1941.
Series E was on sale from tVlay 1, 1941, through Dec. 31, 1979
(through June 1980 to payroll savers only). Series F and G were sold
from l^ay 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 t^ay
1,
1952, through Apr. 30, 1957.
U.S. savings notes were on sale May 1 1967, through June 30,
1970. The notes were eligible for purchase by individuals with the
simultaneous purchase of series E savings bonds. The principal
terms and conditions for purchase and redemption and information
,
on investment yields of savings notes appear in the Treasury
Bulletins of fVlarch 1967 and June 1968; and the Annual Report of
the Secretary of the Treasury for fiscal year 1974.
Table SBN-1. "Sales and Redemptions by Series, Cumulative through June 30, 1990
[In
millions of dollars.
Source: Monthly Statement
of Ihe Public
Debt
of the
United Stales; Market Analysis Seclion. United Stales Savings Bonds Divisionl
Amount outstanding
Accrued
Series
Sales
discount
Sales plus
accrued
discount
Redemptions
Interest-
Matured
bearing debt
non-interest-
bearing debt
Savings bonds:
Series A-D^
S6riesE,EE, H, andHH.
Series F and G
Series J and K
Savings notes
Total
3,949
56
U.S.
SAVINGS BONDS AND NOTES
Table SBN-3.--Sales and Redemptions by Period, Series
[In millions of dollars. Source:
Monthly SlalemenI
of the Public
Debt
of the
Redemptions
Accrued
discount
Period
E,
EE, H, and
HH
United Stales; Market Analysis Section, United Stales Savings Bonds Dtvision]
Sales plus
accrued
Sales
Accrued
discount
price
discount
Exchange of
E bonds tor
H and HH bonds
Amount outstanding
Interest-
Matured
bearing debt
non-interest-
bearing debt
Series
Rscal years:
1941-87
1988
1989
241.724
7.264
7,923
Catendar years:
1941-87
1988
1989
1989
-
June
July
Aug
Sept
Oct
Nov
Dec
1990 -Jan
Feb
Mar
Apr
May
June
243.380
7,407
7.644
623
607
622
528
589
541
593
826
652
723
703
707
615
100,916
E and EE
57
OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION
Federal securities presented in these tables comprise public
debt securities issued lay the Treasury and debt issued by other
Federal agencies under special financing authorities. See the Federal debt (FD) series of tables for a more complete description of the
Federal debt.
Table OFS-1.--Distribution of Federal Securities by Class of Investors
and Type of Issues
Holdings of Treasury marketable and nonmarketable securities
and of debt issued by other Federal agencies are presented for Government accounts, the Federal Reserve banks, and private investors. Government account holdings largely reflect investment by the
social security and Federal retirement trust funds. The Federal Reserve banks acquire Treasury securities in the market as a means of
executing monetary policy.
Table OFS-2.--Estimated Ownership of Public Debt Securities Held by
Private Investors
Privately held Treasury securities are those held by investors
Government accounts and Federal Reserve banks.
Treasury obtains information on private holdings from a variety of
sources, such as data gathered by the Federal financial institution
regulatory agencies. State and local holdings and foreign holdings
include special issues of nonmarketable securities to municipal entities and foreign official accounts, as well as municipal and foreign
official and private holdings of marketable Treasury securities. Data
on foreign holdings of marketable Treasury securities are presented
in the capital movements tables in the Treasury Bulletin. See the
other than the
footnotes for descriptions of the investor categories.
58
OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1 .--Distribution of Federal Securities by Class of Investors and Type of Issues
[In
millions of dollars. Source: Financial
Management
Service]
Interest-bearing putjiic debt securities
Total
End
of
fiscal
or
year
month
Federal
Total
securrties
outstanding
Public
issues
Held by U.S. Government accounts
Nonmarl^etable
outstanding
hield
by
Federal
Reserve
banks
1985
1986
1987
1988
1989
1989- June.
July
.
Aug
.
Sept.
Oct..
Nov
Dec
.
.
1990- Jan..
Feb..
tular.
Apr.
May
.
June.
1 .827.470
2.129.522
2.354.286
2.614.581
2.881,112
1.821.010
2.122.684
2.347.750
2,599.877
2,836.309
316.545
382.859
457.167
550.448
676,705
6,134
20,844
2,823,965
2,824,487
2.860,454
2,881,112
2,924,765
2,946.111
2.975.537
2.996.900
3.025,827
3.081.893
3.093.076
3.127.229
3.175.461
2.797.407
2.798.019
2.834.002
2.836.309
2.898.834
2.921.176
2.931.786
2.971.841
2.991.017
3.029.537
3.058.404
3.092.558
3.121.498
657,801
662.265
662.719
676.705
683.662
685.217
707.823
713.345
722.717
722.694
739.822
750.563
774,982
13,520
13.339
17,481
14,835
12,896
13,041
12,896
12,978
12,775
12,695
12,614
19,091
18,053
17,880
17,897
16,638
310,411
362.015
439.686
535.613
663.809
169.702
190.751
211.941
229.181
220.551
644.281
648.926
649.678
663.809
670.684
672.442
695.128
700.831
703.626
704.641
721.942
732.666
768.344
231 .767
218.676
217.409
220.551
218.176
223.142
228.367
218.392
219.132
219.322
224.468
227.455
231 .383
59
OWNERSHIP OF FEDERAL SECURITIES
Table 0FS-2.--Estimated Ownership of Public Debt Securities by Private Investors
[Par values
| in billions ol
dollars.
Source: OHice
of
Market Finance]
Nonbank
End of
month
Total
Commer-
privately
cial
ings
CNher
secu-
held
banks
bonds
rities
Sav-
Investors
Insurance
Money
Corpora-
Stale
Foreign
conpanies
market
funds
tions
and
and
local
national
tors
June
Sept
Dec
1983-
l^a;
June
Sept
Dec
733.3
740.9
791.2
848.4
116.1
116.1
136.1
21.6
24.5
99.0
103.3
109.0
115.0
194.9
194.4
209.4
224.8
906.6
948.6
982.7
27.2
32.8
35.9
39.7
123.0
127.4
137.0
149.0
156.2
166.3
263.8
257.3
166.3
171.6
175,6
192.9
294.5
315.7
363,7
376.3
189.4
390,8
213.8
222,9
224.8
404 2
115.6
116.5
67.5
67.4
67.6
68.3
45.0
46.7
48.0
48.2
116.7
121.3
129.0
133.4
68.8
69.7
70.6
71.5
47.9
136.2
142.2
142,4
143,8
72.2
72.9
73,7
74.5
64.0
69.3
68.7
69,3
1,056.3
1,090.4
1,134.6
1.219.0
145.1
75.4
76.7
78,2
79.8
69.7
72.0
73.2
75.0
66,5
201.7
200.6
200.9
203,6
1.271.4
1.302.1
1.352.4
1.398,5
157.8
169,5
168.0
162.7
81.4
83,8
76.4
75,7
70.9
70,4
84.0
88,6
96,4
105,6
162,8
166.2
167.0
172.4
94,7
96,8
98,6
68.1
107.8
104.0
104,6
104.9
117.8
131.4
617.2
624.8
673.4
717.0
153.2
171.6
176.3
188.8
753.4
777.0
806.4
833.8
192.9
185.4
184.6
186.0
880.1
916,8
969.5
1,026.5
197.8
201.6
203.6
198.2
1,022.6
1984 -Mar
June
Sepi
1,073.0
1,102,2
1.154.1
Dec
1.212.5
1985-Maf
1,254.1
June
1,292.0
1,338.2
1,417.2
Sept
Dec
1986- Mar
June
1.473.1
Dec
1.502.7
1.553.3
1.602,0
1987-Maf
1.641.4
Sept
112.5
114.1
148.7
151.4
154.8
June
1.658.1
199.9
199.4
Sept
1.680.7
1,731.4
205.2
201.5
1.441,6
1.468.7
1.475.6
1.629.9
1.779.6
1.786.7
1,821.2
1,858.5
203,3
198.3
199.2
193.8
1.576,3
1,588,4
1,622,0
1.664.7
178,2
1.903.4
1.909.1
1.958.3
2.016.8
200,9
186.7
202.8
210.2
174,8
180,6
1.702.5
1.722.4
1.783,5
1.835,2
2.115.1
182.0
1.933.1
219.0
2.135.5
n.a.
n.a.
n.a.
Dec
1988- Mar
June
Sept
Dec
1989- Ma;
June
Sept
Dec
1990- Mar
June
U.S. savings bonds, series A-F and
J,
182.1
185,4
188,8
212.1
214.2
87.1
92.3
New
1970.
Exclusive
of
banks and insurance corrpanies.
51.6
58.4
61.9
16.9
17.6
49.6
54,0
58.5
65.3
44.8
28.3
66.1
19.4
64.2
56.5
64,5
14.9
13.6
42.6
45.3
47.7
25,9
50.1
155,0
162,9
170,0
173.0
26.7
24.8
22.7
25.1
50.8
54.9
59,0
59.0
177.0
190.3
203.0
226.7
29,9
22,8
24,9
28.6
69.6
61.2
66.7
68.8
225.6
251.2
262.8
18.8
73.5
79,7
81,8
84.6
264.6
268.7
273,0
284.6
11.1
86.3
87.6
85.9
22.1
22.8
69.1
71.4
78.5
227.1
104,0
106.2
107,8
109.6
74.2
75.9
77,6
79,2
103.8
105.1
107.3
11.8
87.1
291.4
297.2
305.7
313,6
112.2
114.0
115.7
117.7
90,6
96,2
96.4
96.5
107,4
106,3
106,8
107.9
13,0
11,3
12,9
14.4
90.6
320.4
92.1
327.1
93.6
93.8
332,2
119.9
121,6
99.1
108.0
31.3
95.0
338,0
n.a.
n.a.
n.a.
n.a.
n.a.
are included at current redemption value.
investment
35.8
38.6
44.1
101.1
companies majority owned by foreign banks, and Edge Act
corporations owned by domesticaiiy chartered and foreign banks.
Includes partnerships and personal trust accounts.
Includes U.S. savings notes. Sales began May 1, 1967. and were discontinued June 30.
York
25.7
22.4
38.6
42.6
32.1
68,4
68,5
71.3
Includes domestically chartered banks. U.S. branches and agencies of foreign banks.
inves®
govern-
ments
1982-Mar
Other
inter-
20.6
15,5
14.6
103.9
15.2
13.4
337,1
^
137.2
140.6
149.5
160.1
160.1
235.9
253.1
3888
450.1
232.6
250.9
265.5
263.4
481.9
492.0
272.8
281.1
541,2
539,4
279,6
299.7
554.1
569.1
332,5
345.4
345,9
362,2
568,8
558.9
582 9
593,9
376.4
368.7
394,6
393,4
p386,8
p392,7
490 7
506.6
591.9
606 7
632,4
674.3
754,9
n.a.
Includes State and local pension funds.
Consists
Slates.
of
the investment of foreign balances and international accounts
Estimates
reflect
in
the United
1978 benchmark through Decemtwr 1984 and 1984 benchmark
to date.
includes savings and loan associations, credit unions, nonprofit institutions, mutual
savings banks, corporate pension trust funds, dealers and brokers, certain Government
deposit accounts, and Government-sponsored agencies.
60
MARKET YIELDS
INTRODUCTION
The tables and charts in this section present yields on Treasury
marketable securities and compare long-term Treasury market yields
with yields on long-term corporate and municipal securities.
a consistent data series. Yields on Treasury
which are discount
bank discount rates at
which Treasury bills trade in the market. The Board of Governors of
the Federal Reserve System also publishes the Treasury constant
maturity data series in its weekly H.I 5 press release.
securities, are the
coupon equivalent
bills,
yields of
Table MY-1.--Treasury Market Bid Yields at Constant Maturities:
Bills,
Notes,
and Bonds
Table MY-2.--Averagc Yields of Long-Term Treasury, Corporate, and
presented in the chart that accompanies table MY-1, is based on current market bid quotations on the
most actively traded Treasury securities as of 3:30 p.m. each business day. The Treasury obtains quotations from the Federal Reserve
Bank of New York, which composites quotations provided by five
primary dealers. This yield curve reflects yields based on semiannual
interest payments and is read at constant maturity points to develop
The Treasury
yield curve,
Municipal Bonds
The long-term Treasury
rate is the 30-year constant maturity
MY-1. The corporate and municipal bond
series are developed by the Treasury, using reoffering yields on new
long-term securities rated Aa by Moody's Investors Service. See the
rate presented in table
footnotes for further explanation.
61
MARKET YIELDS
Treasury Market Bid Yields
at
Constant Maturities, 1983-89
Percent
62
MARKET YIELDS
Table MY-1. --Treasury Market Bid Yields
at
Constant Maturities:
Bills,
Notes, and Bonds*
[Source: OHice of Market Finance]
Date
1-yr.
Monthly average
1989 -July
8.17
Sept
Oct
8.01
Nov
Dec
1990- Jan
Feb
Mar
Apr
May
June
End
8.15%
Aug
of
7.89
7.94
7.88
7.90
8.00
8.17
8.04
8.00
7.98
month
1989- July
Apr
8.06
8.16
8.18
8.04
7.84
7.80
8.00
8.04
8.06
8.05
May
8.01
June
8.00
Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
8.02%
2-yr.
3-yr.
5-yr.
7-yr.
10-yr.
30-yr.
63
MARKET YIELDS
64
MARKET YIELDS
Table MY-2."Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Source: Office
Period
Treasury
New Aa
30-yr.
corporate
30-yr.
bonds
1
Markel Finance]
New Aa
Treasury
municipal
of
corporate
?
bonds
municipal
3
bonds
Treasury
65
MARKET YIELDS
AVERAGE YIELDS OF LONG-TERM TREASURY,
CORPORATE, AND MUNICIPAL BONDS
Monthly Averages
20
Treasury 30-Yr. Bonds
Aa Municipal Bonds
Aa Corporate Bonds
lllllllllll|lllllllllll|llll
lll
ll llll l|l
l
80
81
82
ll lll ll ll
ll
l
llllllll|lllll
l
lllll|lllllllllll|llllllllll
l|
lllll
|
|
83
84
85
86
CALENDAR YEARS
87
88
89
90
l
66
FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION
Section 114 of the Budget and Accounting Procedures Act of
(31 use. 3513a) requires tine Secretary of tfie Treasury to
prepare reports on tfie financial operations of tfie U.S. Government
and provides tfiat each executive agency must furnish the Secretary
of the Treasury such reports and information relating to the agency's
financial condition and operations as the Secretary may require. The
provisions do not apply to the legislative and judicial branches of the
Federal Government; however, these entities are encouraged to
submit the prescribed reports so the Secretary of the Treasury can
1950
prepare comprehensive reports on
all
the financial activities of the
U.S. Government.
The Treasury
Manual (I TFf^ 2-4100) sets the criteria
annual and quarterly financial reports in accordance with the Reporting Entities Listing (Bulletin No. 88-11). Reports are provided for six fund types: Revolving funds, trust revolving
funds, 15 major trust funds, all other trust funds, all other activity
combined, and consolidated reports of an organizational unit. The
financial transactions supporting the required reports are to be accounted for on the accrual basis. The Report on Operations can be
submitted on a cash basis under certain circumstances (see TFM
2-4180.20). Reports are to be prepared from a budgeting and accounting system which contains an integrated data base that is part
of the agency's integrated financial management system as required
by the Office of IVIanagement and Budget (0MB) Circular No. A-1 27.
for the
submission
Financial
of
I
tions conducted in the territories or overseas, and any monetary
assets or property received, spent, or otherwise accounted for by the
reporting entity. Amounts are reported to the dollar.
Requirements provide that Federal agencies submit to Treasury
reports supplemented by three supporting reports.
These reports are: Report on Financial Position (SF 220), Report on
Operations (SF 221), Report on Cash Flow (SF 222), and Report on
Reconciliation (SF 223). The three supporting reports are: Direct and
Guaranteed Loans Reported by Agency and Program Due from the
Public (SF 220-8), Report on Accounts and Loans Receivable Due
from the Public (SF 220-9), and Additional Financial Information (SF
220-1). The report on Direct and Guaranteed Loans is submitted to
four financial
Treasury quarterly, and annually for publication in the Treasury Bulletin. The Report on Accounts and Loans Receivable Due from the
Public is submitted quarterly on a selected basis, and by all entities
annually. Information captured in the SF 220-8 is shown in the following table:
Table FA-1.--Direct and Guaranteed Loans
This report reflects the direct loans and guaranteed loans to the
Program to support credit activities.
Actual control of credit program levels remains with authorizing legispublic through the Federal Credit
and appropriations acts. The report on Direct and Guaranteed
Loans also provides the Federal Reserve Board information to
monitor the flow of funds. An accompanying chart depicts direct
loans and guaranteed loans for the second quarter of fiscal 1990.
lation
The required
equities relating to
reports should include
all
programs and
all
assets,
activities
liabilities,
under control
and
of the
reporting entity, except for the assets of disbursing officers, which
are reported by the Treasury. Reports should include transfer appropriation accounts from other agencies, foreign currencies, opera-
67
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1,— Direct and Guaranteed Loans, March 31, 1990
[In
thousands of
dollars.
Source:
SF
220-8, compiled by Financial
Management
Direct loans or credit
Agency and program
I
Maximum
Amount
Maximum
outstanding
authority
outstanding
authority
U.S. dollar loans
to the President:
Guaranty reserve fund
1,728.322
Foreign military sales credit
Military sales credit to Israel
Emergency
security assistance to Israel
Housing and other
Alliance for
credit guaranty
programs
Progress loan fund
Other programs
Overseas Private Investment Corporation
Total
Department
Funds appropriated
to the President
of Agnculture:
Commodity loans
Rural electrification and telephone revolving fund
Bank
Rural Telephone
Rural communication development fund
Agricultural credit insurance loans
Rural development insurance loans
Rural housing insurance loans
development loans
Self-help housing
Rural development loans
Other Farmers
Total
Home
Deparlment
Administration loans
of Agriculture
of Commerce;
Economic development loans
Department
Coastal energy impact fund
Federal ship financing fund
Other loans
Total Department of
Department
of
Commerce
Defense:
Army loans
Total
Department
,
Department
of
Defense
,
of Education:
College housing loans
Higher education
,
facilities
loan and insurance fund
,
Other loans
Total Department of Education
Department
of
Energy:
Bonneville Power Administration loans
Other loans
Total Department of Energy
Department
of
Health and
Human
Services:
Health professions graduate student loan fund
Medical
facilities
guarantee and loan fund
Student loan program
Other Health Resources and Services Administration loans
Nurse
training fund
Health maintenance organization loan fund
Total
Department
of Health
and Human Services
.
Guarantees or insurance
Amount
— Wholly owned Government enterprises
Funds appropriated
Service]
68
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Direct and Guaranteed Loans, March 31, 1990— Con.
Direct loans or credit
Agency and program
Maximum
Amount
Maximum
outstanding
authority
outstanding
authonty
l_Wholly owned Government enterprises
U.S. dollar loans
Department
of
Housing and Urban Development;
5.509.713
Federal Housing Administration fund
Housing
the elderly or handicapped
for
Low-rent public housing programs
Other housing loans
Guarantees of mortgage-backed secuntJes
Rehabilitation loan fund
Urban renewal programs
Community disposal operations fund
Community planning and development loans
Nonprofit sponsor assistance
Flexible subsidy fund
Total Department of Housing
Department
and Urban Development
.
of the Interior:
Reclamation projects
Indian affairs revolving fund for loans
Indian loan guaranty
Guam Power
and insurance fund
Authority
Virgin Islands construction
Total
Department
Department
of the Interior
of Labor:
Pension Benefit Guaranty Corporation
Total
Department
of
Labor
Department of State:
Emergencies in diplomatic and consular service
Total
Department
of State
of Transportation:
Department
Federal Aviation Administration— purchase of aircraft
Federal Highway Administration— right-of-way revolving fund
Federal Railroad Administration loans
Urban Mass Transportation loans
Maritime Administration— Federal ship financing fund
Total Department of Transportation
Department
Loans
of the Treasury:
to foreign
Total
Department
of
governments
Department
Veterans
of the Treasury
Affairs:
Loan guaranty revolving fund
Direct loan revolving fund
Service-disabled veterans insurance fund
Veterans reopened insurance fund
Vocational rehabilitation revolving fund
Education loan fund
Other
trust
funds
National service
Veterans special
life
lite
insurance fund
insurance fund
Compensation and benefits
Other loans
Total Department of Veterans Affairs
Guarantees or insurance
Amount
.
.
69
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1,— Direct and Guaranteed Loans, March 31,
Direct loans or credit
Agency and program
Guarantees or insurance
Amount
Maximum
Amount
Maximum
outstanding
authority
outstanding
authority
I— Wholly owned Government enterprises
U.S. dollar loans
Environmental Protection Agency:
Loans
Total Environmental Protection
Agency
.
General Services Administration:
Federal buildings fund
Other funds
Total General Services Administration
.
23,095
Small Business Administration:
Business loans
Disaster loan fund
Other loans
Total Small Business Administration
Other independent agencies
Loans
to
DC
Government
Export-Import Bank of the United States
FSLIC Resolution Fund
National Credit Union Administration
Tennessee Valley
.
Authority
Total Other independent agencies
Total
Pan
II— Wholly
.
I
owned Government
Loans repayable
in
enterprises
foreign currencies
Loans repayable in foreign currencies.
Agency for International Development
United States Information Agency
Total Part
Ill— Privately
455.484
654.856
403
638
II
owned Government-sponsored
enterprises
Privately ow^ned
Government
-
sponsored enterprises;
Student Loan Marketing Association
Federal National Mortgage Association
Banks for cooperatives
Farm credit banks
Federal Housing Finance Board
Federal
Home Loan Mortgage
Total Part
III
Corporation
1990— Con.
9,042.495
9.042.495
112.353.000
112.353.000
11,821.304
11.821.304
39,546.721
39.546.721
132,852.987
132,852.987
19,320,584
19,320,584
324.937,091
70
FEDERAL AGENCIES' FINANCIAL REPORTS
DIRECT AND GUARANTEED LOANS
MAR. 31,1990
Wholly owned Government Enterprises--U.S. Dollar Loans
Agricultun
Direct
Loans
Educatlo
4%
Eximbank-
4%
Guaranteed Loans
INTERNATIONAL STATISTICS
'
73
INTERNATIONAL FINANCIAL STATISTICS
The
tables
in this
reserve assets and
balance
of
section are designed to provide data on U.S.
liabilities
payments and
and other
statistics related to the U.S.
are used
international financial position.
Table IFS-1 shows the reserve assets of the United States, inits gold stock, special drawing rights held in the Special
cluding
Drawing Account
in
the International Monetary Fund, holdings of
convertible foreign currencies,
tional IVIonetary
and reserve
position
in
Table IFS-2 brings together
and selected
cial institutions,
in
the
US
on
of
payments
liabilities to
foreign
offi-
other foreigners, which
statistics.
Table IFS-3 shows U.S. Treasury nonmarketable bonds and
official institutions and other residents of foreign
notes issued to
countries.
the Interna-
Table IFS-4 presents a measure of the general foreign ex-
Fund.
change value
of the U.S. dollar.
Table IFS-1 .-U.S. Reserve Assets
[In
millions ot dollars]
Special
End of calendar
year or month
balance
statistics
liabilities to all
Total
reserve
assets
Gold slock 2
drawing
rights
1
3
74
INTERNATIONAL FINANCIAL STATISTICS
Selected U.S. Liabilities to Foreigners, 1980-89
[In
millions of dollars]
Liabililies lo foreign
End
of
calendar
year
Tolal
Tolal
(1)
(2)
countries
75
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.--Selected U.S. Liabilities to Foreigners
[In
millions of dollars]
76
INTERNATIONAL FINANCIAL STATISTICS
These indices are presented to provide measures of the general
exchange value of the dollar that are broader than those
provided by single exchange rate levels. They do not purport to
represent a guide to measuring the impact of exchange rate levels
foreign
on U.S. international transactions. The indices are computed as
geometric averages of individual currency levels with vvreights
derived from the share of each country's trade with the United States
during 1982-83.
Table lFS-4.--Trade-Weighted Index of Foreign Currency Value of the Dollar
[Source: Office of Foreign Exchange Opefalions-lnternational Affairs]
Dale
Index of industrial
country currencies
Annual average
(1980= 100) 2
1980
100.0
1981
109.1
1982
1983
1984
1985
1986
1987
1988
1989
119.7
125.2
133.5
139.2
119.9
107.5
100.4
102.8
Ei^
of period
(Dec. 1980 = 100)
100.0
109.5
119.5
127.9
140.8
127.8
114.4
97.8
98.4
100.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989 -Aug
Sept
Oct
104.3
102.1
Nov
Dec
1990 -Jan
Feb
Mar
Apr
May
June
.
.
.
July
Each index covers (a) 22 currencies of countries represented in the Organization for
Economic Cooperation and Development (OECD): Australia. Austria, Belgium-Luxembourg.
Canada. Denrr^rk. Finland, France, Germany, Greece, Iceland, Ireland, Italy. Japan, the
Netherlands, New Zealand. Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and the
'
102.4
101.7
100.0
100.2
101.0
102.0
101.9
101.2
100.4
97.4
United Kingdom: and (b) currencies of 4 major trading economies outside the OECD; Hong
Kong, Korea, Singapore, and Taiwan. Exchange rates are drawn from the International
Monetary Fund's "Internationa] Financial Statistics" when available.
2 Index includes average annual rates as reported in "International Financial Statistics."
77
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, other depository 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 consolidated and are published In the
Treasury
Bulletin.
The
reporting forms
and
used in the Treasury
System have been revised a
number of times to meet changing conditions and to increase the
usefulness of the published statistics. The most recent, general
instructions'
International Capital (TIC) Reporting
forms became effective with the banking
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,
secunties firms, and nonbanking enterprises.
revision
of
the
report
reports as of April 30, 1978,
United States, including the branches, agencies, subsidiaries, and
other affiliates in the United States of foreign banking and nonbanking firms. Entities that have reportable liabilities, claims, or securities
transactions below specified exemption levels are exempt from
reporting.
Banks, other depository institutions, and some brokers and
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-vis foreigners. Effective January 31, 1984, the specified
exemption level applicable to the monthly and quarteriy banking
reports was raised from $10 million to $15 million. There is no
separate exemption level for the semiannual reports.
dealers
Banks, other depository
institutions, securities brokers and
and other enterprises report monthly their transactions in
long-term securities with foreigners. The applicable exemption level
is $500,000 with respect to the grand total of purchases and to the
grand total of sales during the month covered by the report.
dealers,
Basic Definitions
Quarteriy reports are
The term
institutions
"foreigner" as
and
individuals
used
in
the Treasury reports covers
domiciled outside the
all
United States,
and the foreign branches,
subsidiaries, and other affiliates 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"
including U.S. citizens domiciled abroad,
also includes persons
known by
in
the United States to the extent that they are
reporting institutions to
be acting on behalf
and commercial concerns,
other
depository
enterprises
if
to branches or agencies of foreign official
are reported opposite the country to which the official
institution belongs. Data pertaining to international and regional
organizations are reported opposite the appropriate international or
regional classification except for the Bank for International Settlements, which is included in the classification "Other Europe."
Data pertaining
institutions
Reporting Coverage
Reports are required from banks, other depository
and other nonbanking
claims on, unaffiliated foreigners at
brokers,
institutions,
their liabilities to, or
quarterend exceed specified exemption levels. Effective March 31,
1982, this exemption level was set at $10 million, up from $2 million.
Nonbanking enterprises also report for each monthend their U.S.
dollar-denominated deposit and certificates of deposit claims of $10
million or more on banks abroad.
Description of Statistics
Section
presents data on liabilities to foreigners reported by
banks, other depository institutions, brokers, and dealers in the
United States. Beginning April 1978, the following major changes
I
were made
foreign
in
offices
the reporting coverage: Amounts due to banks' own
are reported separately; a previous distinction
between short-term
separation
and long-term
was provided
of
the
liabilities
was
eliminated;
a
the respondents
to foreigners; and foreign
liabilities
of
themselves from their custody liabilities
currency liabilities are only available quarteriy. Also, beginning April
1978, the data on liabilities were made more complete by extending
to securities brokers and dealers the requirement to report certain of
their own liabilities and all of their custody liabilities to foreigners.
Effective as of January 31 1985, savings and loan associations and
other thrift institutions began to file the TIC banking forms. Previously
they had reported on TIC forms for nonbanking enterprises.
,
Section II presents the claims on foreigners reported by banks,
other depository institutions, and brokers and dealers in the United
States. Beginning with data reported as of the end of April 1978, a
was made between banks' claims held for their own
account and claims held for their (domestic customers. The former
are available in a monthly series whereas the latter data are
collected on a quarterly basis only. Also, the distinction in reporting
institutions,
and short-term components of banks' claims was
data began to be collected quarterly on a time
remaining to maturity basis as opposed to the historic original
maturity classification. Foreign currency claims are also collected on
a quarteriy basis only. Beginning March 1981, this claims coverage
of
long-term
discontinued,
of
industrial
distinction
bank holding companies. International Banking Facilities (IBFs),
securities brokers and dealers, and nonbanking enterprises in the
^Copies
by exporters, importers,
financial institutions other than banks,
of foreigners.
In general, data are reported opposite the foreign country or
geographical area in which the foreigner is domiciled, as shown on
the records of reporting institutions. For a number of reasons, the
geographical breakdown of the reported data may not in all cases
reflect the ultimate ownership of the assets. Reporting institutions
are not expected to go beyond the addresses shown on their
records, and so may not be aware of the country of domicile of the
ultimate beneficiary.
Furthermore, U.S. liabilities arising from
deposits of dollars with foreign banks 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.
of the reporting
Data Management, Office
filed
of
lorms and instructions
may be obtained from
ttie
Of1ic« of
the Assistant Secretary for International Aflairs. Department
the Treasury. Washington. D.C. 20220. or from
district
Federal Reserve banks.
fvlaturity
78
CAPITAL MOVEMENTS
was extended
to certain
items
in
and dealers in
above concerning the
the hands of brokers
the United States. See notes to section
reporting of thrift institutions.
I
Another important change in the claims reporting, beginning
quarterly data as of June 30, 1978, was the adoption of a
broadened concept of "foreign public borrower," which replaced the
previous category of "foreign official institution" to produce more
meaningful information on lending to the public sector of foreign
countries. The term "foreign public borrower" encompasses central
governments and departments of central governments of foreign
countries and of their possessions; foreign central banks, stabiwith
new
lization
funds,
and exchange
authorities;
agencies of central governments,
corporations and other
development banks,
including
and other agencies which are majoritygovernment or its departments; State,
provincial, and local governments of foreign countries and their
departments and agencies; and any international or regional
organization or subordinate or affiliated agency thereof, created by
treaty or convention between sovereign states.
development
owned by
Section
institutions,
the
III
central
used previously.
Section V contains data on transactions in all types of long-term
domestic and foreign securities by foreigners as reported by banks,
brokers, and other entities in the United States (except nonmarketable U.S. Treasury notes, foreign series; and nonmarketable
U.S. Treasury bonds and notes, foreign currency series, which are
shown in the "International Financial Statistics" section, table IFS-3).
The data cover new issues of securities, transactions in outstanding
issues, and redemptions of securities. They include transactions
executed in the United States for the account of foreigners, and
transactions executed abroad for the account of reporting institutions
and their domestic customers. The data include some transactions
which
issues of the Treasury Bulletin.
Section IV shows the liabilities to, and claims on, unaffiliated
by exporters, importers, industrial and commercial
concerns; financial institutions other than banks, other depository
institutions, and brokers; and other nonbanking enterprises in the
United States. The data exclude the intercompany accounts of
nonbanking enterprises in the United States with their own branches
and subsidiaries abroad or with their foreign parent companies.
(Such transactions are reported by business enterprises to the
Department of Commerce on its direct investment forms.) The data
are
classified
as
direct
investments
in
the
balance
of
payments accounts.
The
includes supplementary statistics on U.S. banks'
and claims on, foreigners. The supplementary data on
banks' loans and credits to nonbank foreigners combine selected
Information from the TIC reports with data from the monthly Federal
Reserve 2502 reports submitted for major foreign branches of U.S.
banks. Other supplementary data on U.S. banks' dollar liabilities to,
and banks' own dollar claims on, countries not regularly reported
separately are available semiannually in the June and December
liabilities to,
foreigners
exclude claims held through banks in the United States.
Beginning with data reported as of December 31, 1978, financial
liabilities and claims of reporting enterprises are distinct from their
commercial liabilities and claims; and items are collected on a time
remaining to maturity basis instead of the original maturity basis
also
breakdown of the data on securities
shows the country of domicile of the foreign buyers and
geographical
transactions
sellers of the securities;
differ
from the country
some
in
the case of outstanding issues, this
of
the original issuer.
The gross
may
figures
between foreigners. The net
transactions represent transactions by foreigners
with U.S. residents; but the net figures for transactions of individual
countries and areas may include some transactions between
foreigners of different countries.
contain
offsetting transactions
figures for total
The data published in these sections do not cover all types of
reported capital movements between the United States and foreign
countries. The principal exclusions are the intercompany capital
transactions of nonbanking business enterprises in the United States
with their
own branches and
subsidiaries abroad or with their foreign
parent companies, and capital transactions of the U.S. Government.
Consolidated data on all types of international capital transactions
are published by the Department of Commerce In its regular reports
on the U.S. balance of payments.
79
CAPITAL
Section
I.
-
Liabilities to Foreigners
Table
CM-l-1. -
MOVEMENTS
Reported by Banks
Total Liabilities by
Type
[In millions of dollars]
In
the United States
of Holder
80
CAPITAL MOVEMENTS
TO FOREIGNERS
CALENDAR YEARS 1985-90
LIABILITIES
Reported by International Banking
Facilities
United States
850-
and by Banks
in
the
81
CAPITAL
Table
CM-l-2. -
MOVEMENTS
Total Liabilities by Type, Payable
Part A
—
Foreign Countries
[In millions of dollars]
in
Dollars
82
CAPITAL MOVEMENTS
Table
CM-l-3. -
Total Liabilities by Country
[Position at end of period in millions of dollars]
Calendar year
Europe:
Austria
Bel gium-Luxenibourg
Bui garia
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ire! and
Italy
fJetherl ands
Norway
Poland
Portugal
Romania
Spai
n
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugosl avia
Other Europe
Total
Europe
Canada
Latin Am erica and Caribbean:
Ar genti na
Bahamas
Bermuda
Brazi
British West Indies
Chile
Co1 ombi a
Cuba
1
Ecuador
Guatemala
Jamai ca
Mexi CO
Netherlands Ant i lies
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuel a
Other Latin Am erica
and Caribbean
Total Latin Amer ca
and Ca ri bbean
i
Asia:
China:
Mainland
Ta wan
Hong Kong
India
Indonesia
i
Israel
Japan
Korea
Lebanon
Mai ay si a
Pak 1 Stan
Philippines
Singapore
Syria
Thai and
1
Oil-exporting countries 1/
Other Asia
T.
Total
Asia
Africa
Egypt
Ghana
Li beria
Morocco
South Africa
:
Zai re
Oil-exporting countries 2J
Other Africa
Total Africa
Other countr es
Australia
All other
i
Total other countries....
Total
foreign countries..
International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total
int'l
Grand total
and regional.
982
83
MOVEMENTS
CAPITAL
Table CM-l-4. - Total Liabilities by Type and Country, as of June 30. 1990, Preliminary
[Posttfon In millions of dollars]
Total
liabilities
Liabilities payable in dollars
"
Total
To foreign official
institutions and
unaffiliated foreign banks
Totals
Payable
Payable
J ,,
dollars
Banks'
Custody
,.
,
,.
f
foreign
own lia- liabilcurren- bilities ities
.
Deposits
ciesW
(1)
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Gennan Democratic (Republic
Germany
1,761
11,653
75
Hungary
Ireland
Italy
Europe
Canada
1,363
8,726
454
3,602
74
16
46
46
4,562
1,797
37,338
1,650
109,949
4,427
1,769
35,281
1,596
98,274
US.S.R
Total
230
2,377
3,493
2,523
800
3,173
360
685
18,905
Nor^fay
Vugosl avia
Other Europe
1,531
9,277
75
33
Netherlands
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
(41
2.411
387
23,078
348
8,067
833
360
517
16,791
7,624
2,443
800
3,082
838
2^/
(3)
34
(Greece
Time
(2)
2,550
390
25,624
348
12,040
Demand
1
32
136
826
3
2,547
364
17,893
346
3.973
6,759
169
2,114
669
91
135
28
2,057
54
783
234
500
7.881
4,814
978
341
645
46
2.751
1,389
11,717
724
(51
50
126
16
8,910
2,810
1,466
459
2,437
1,676
380
23,564
872
8.680
89,593
IDS
1
1,059
11,275
1.109
27.883
171,222
61.411
19,939
572
15,314
8,003
99,119
3,111
6,095
136,650
3.470
4,507
60
7,602
79,073
2,693
4,983
104.805
3.035
3.337
260,516
232,633
20,511
8,064
100 ,670
3,235
6,112
141,304
3,529
4.516
(81
(91
(ID)
(ID
(12)
135
236
436
1.469
32
192
77
1.536
203
3,220
4.665
3,724
286
2,926
176
131
51
427
280
1
1.061
20
119
175
3
3
8,118
2,149
3,398
348
3.009
36
294
44
408
18
232
1,909
2,795
46
62
71
53
HI
72
171
1
77
540
457
2.422
1,075
1,603
253
185
114
23
1
40
329
1.964
604
7
286
563
165
2
4
1
105
2,169
11,312
(71
10
11,676
113
2,169
12,639
(6)
Liabilities to
MemoLiabilall other foreigners
randum
ities to
banks'
Deposits
ShortOther
NeqotiShortOther
own
term U S liabil-able
term U.S. liabil- foreign Demand Time 2/ Treasury
~ obliga- ities CDs
Treasury ities
offices
held
"5"'""
t'o"!
for all
tions
for-
524
2,575
263
22,616
1.572
370
18.792
842
6,111
55
481
1,105
144
7,351
333
411
50,304
38,732
81,246
3,869
1,295
7,412
154
104
79
155
6,242
21,622
69,024
504
77
408
35,637
491
710
489
86,629
1,275
635
3,103
127
822
129
940
37
44,396
453
948
30
670
451
62
8,817
780
39
3
17
3
466
1.662
3
279
23
277
',422
687
231
U
13
3,036
4,907
461
545
5,011
3
1
1.891
1,303
5.:
1
301
20
4,755
2,864
304
312
472
442
1,675
110
159
162
294
Latin America and Caribbean;
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
1.551
123
17
5.153
60
11
11
10
1,382
1,481
224
16,240
7,747
4,679
1,490
375
2,566
10,330
1,372
1.473
224
16.141
6.649
4.520
1.474
373
2.520
10.240
1.330
1.448
211
13,881
5,676
6,381
6.310
320,833
312,261
99
1,097
159
16
4,163
90
1,437
369
2,416
9,557
8,572
252,052
2.065
1.746
4.874
11.472
46
401
20,046
418
1.112
31.846
434
1.170
117
52
21
375
27
6.252
1,167
180
649
9,605
75
606
47
14
418
256
272
213
1
42
25
12
26
13
357
37
2
29
33
1,835
678
122
924
81
105
136
23
335
3,114
453
21
6
68
484
25
642
909
4
633
322
22
78
6
50
2.260
973
2,398
2.378
2.293
369
278
1.059
1.242
90
9.434
1.695
2,964
1,215
39
46
17
411
21D
110
581
702
248
33
155
5
1,212
7,037
6.025
Total
Latin America
and Caribbean
60,209
1.610
21,542
732
99
289
316
1.384
1.335
5,923
76
117
72
785
135
110
230
292
143
9,129
851
3.487
62,293 162,187
4.948
1.757
5.538
Asia:
China:
Mainland
Taiwan
Hongkong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Phi
1
ippi nes
Singapore
Syria
Thailand
Other Asi a
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
1,866
10,987
14,367
969
1,527
1,214
84,574
2 ,066
393
1,144
644
,341
13, 713
1
149
2.125
14,005
151.483
595
137
590
81
328
42
1,952
3,725
5,094
664
Total other countries....
5,777
Total foreign countries..
762,647
Grand total
62.317
2.063
392
1.116
641
1.332
12.882
149
Total Africa
Total international
and regional
1,201
2,128
14,399
Other countries;
Australia
All other
International and regional;
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
10.948
12,302
966
1,522
4,074
59
988
55
101
*
5,277
768,123
2
567
971
769
49,361
879
371
715
322
1,269
9,907
148
708
9,699
122
6,074
830
400
551
433
12,955
1,183
20
401
319
63
2,975
57
6.004
30
351
16
122
30
107
476
2
16
1,417
113
383
573
1,658
341
237
476
355
4,985
306
124
148
174
15
386
5.927
225
209
182
180
93
36,152
460
1.381
J/2.737
1,656
92
323
23
127
110
104
2.289
210
1.009
3.041
53
213
343
323
95
90
33
7
98
3.947
279
43
637
276
32
25
1
204
J/1S2
2,327
84
CAPITAL MOVEMENTS
Section
II.
-
Claims on Foreigners Reported by Banks
Table
CM-ll-1. -
in
the United States
Total Claims by Type
[Position at end of period in millions of dollars]
Type of claim
year
1987
Sept.
Sept.
636,744
Total claims
Payable in dollars
Dec.
658,480
563,317
548,536
662,381
590,251
605,303
64,605
477,909
65,612
491,165
62,658
505,867
63,991
492,296
64,158
501,416
62,568
533,763
59,877
489,951
53,920
60,687
66,922
224,727
42,936
61,126
63,466
246,142
41,563
65,898
63,527
257,436
41,646
67,135
62,992
272,945
38,805
68,572
59,667
259,259
40,640
72,737
58,620
266,917
40,673
78,005
56,843
295,948
43,090
69,977
53,027
274,861
38,167
37,758
3,692
35,781
5,391
47,524
3,289
57,450
12,046
56,240
13,230
60,965
14,559
56,488
12,834
53,163
16,788
26,696
7,370
20,896
9,494
25,700
13,535
29,269
16,134
26,648
16,362
29,796
16,609
29,063
14,591
22,020
14,354
51,822
51,271
63,825
63,490
69,347
68,983
73,426
73,050
62,957
62,234
72,886
70,328
68,229
65,127
62,189
60,999
Memoranda
Claims reported by IBFs
Payable in dollars
Payable in foreign currencies...
280,897
239,880
41,016
300,420
245,525
54,895
320,056
260,903
59,153
334,928
271,551
63,377
320,840
267,588
53,251
332,559
273,015
59,544
343,093
289,949
53,144
315,273
268,080
47,193
Customer liability on acceptances.
23,107
18,759
18,279
17,717
Claims with remaining
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners
25,889
own claims on foreigners.
Foreign public borrowers
Unaffiliated foreign banks;
Deposi t
Other
Own foreign offices
All other foreigners
Banks'
Claims of banks' domestic
customers
Depos its
Negotiable and readily
transferable instruments...
Collections and other
Payable in foreign currencies
Banks' own claims on foreigners.
Claims of banks' domestic
customers
:
Claims with remaining
maturity of more than 1 year:
On foreign public borrowers
On all other unaffiliated
foreigners
12,753
85
CAPITAL MOVEMENTS
CLAIMS ON FOREIGNERS
CALENDAR YEARS
Reported by International Banking
1985-90
Facilities
and by Banks
in
the
United States
1985
1986
1987
1988
END OF PERIOD
1989
1990, 1st Qtr.
86
CAPITAL
MOVEMENTS
Table CM-ll-2. - Total Claims by Country
[Position at end of period in minions of dollars]
Sept.
87
CAPITAL MOVEMENTS
Table CM-ll-3. - Total Claims on Foreigners
by Type and Country Reported by Banks in the United States, as of Mar. 31, 1990
[Position at end of period in millions of dollars]
Claims of b ank s
domestic cu stomer s
Reporting banks' own claims
foreign
public
borrowers
and
unaffiliated
foreigners
Memorandum
On
Total
Total
banks'
own
claims
claims
(2)
(3)
Payable
Onown
in
Customers'
liability
foreign
offices
foreign
currencies
ances
(41
(5)
onaccept{6)
88
CAPITAL MOVEMENTS
Section
III.
— Supplementary
Liabilities
Table CM-III— 1.
-
and Claims Data Reported by Banks
Dollar Claims
in
the United States
on Nonbank Foreigners
[Position at end of period in millions of dollars]
Dollar claims of U.S. offices
Total
End of cal endar
year or month
dollar
claims on nonbank foreigners
(1)
1985
1986
1987
1988
176,226
166,711
157,978
146,356
1989-Hay r.
June r.
July r
144,980
145,310
145,249
148,656
142,992
147,926
144,355
141,312
134,489
133,239
131,267
130,989
130,050
Aug.
Sept.
Oct.
Nov.
Dec.
1990-Jan.
Feb
.
r.
r
r.
r
r.
.
Mar. ...
Apr. p.
May p
.
.
:
::
89
CAPITAL
Section
IV.
-
Liabilities to,
MOVEMENTS
and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table
CM-IV-1. -
in
the United States
Total Liabilities and Claims by Type
[Position at end of period in millions of dollars]
Calendar year
1989
1990
Type of liability or claim
Total
liabilities
Payable in dollars
Financial
Commerc i a 1
Trade payables
Advance receipts and other
Payable in foreign currencies
Financial
Commerci al
Trade payables
Advance receipts and other
:
Total claims
Payable in dollars
Financial
Deposits
Other
Commerci al
Trade receivables
Advance payments and other
;
Payable in foreign currencies
Fi nanci a
1
Deposits
Other
Comnerci al
Trade receivables
Advance payments and other
1986
1987
25.587
28,302
21,749
9,609
1988
r
33,6 46
Mar.
r
37,3 84
June
r
36,9 98
Sept.
35,5 84
r
Dec.
37,4 06
Mar.
p
37,214
90
CAPITAL MOVEMENTS
Table
CM-IV-2. -
Total Liabilities by Country
[Position at end of period in millions of dollars]
CdT enddr yea
r
Country
Europe
Austria
Belgium-Lujcembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Pol and
Portugal
:
(Romania
58
26
411
370
21
42
236
1,309
224
1,013
18
19
5
983
1,083
1,450
70
19
192
9
7
1
n.a.
342
966
201
n.a.
384
1,289
136
2
36
2
1
1
2
e
58
41
25
9
10
39
181
137
1.1 17
38
5.281
6.481
7,155
136
157
151
989
1.031
4
6
2
30
22
145
46
105
Europe
Total
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi 1
British West Indies
Chile
Colombia
72
1,135
81
87
1,887
10
77
Cuba
*
Ecuador
Guatemala
Jamaica
4
9
3
Mex i CO
446
Netherlands Antilles
115
49
Panama
Peru
12
10
11
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Am erica
and Caribbean
216
50_
Total Latin America
and Caribbean
Asi
4.272
a
China:
Mainland
Taiwan
Hong Kong
232
140
175
India
39
Indonesia
130
198
2,997
631
Israel
Japan
Korea
Lebanon
Mai ay
s
i
1
42
a
Pakistan
Phil ippines
Singapore
Sy
r
1
14
22
184
a
2
Thailand
Oi -exporti ng countries
Other Asia
Total
\J
Asia
40
2.911
103_
7.861
Af ri ca
Egypt
Ghana
Liberia
Morocco
South Africa
156
•
2
3
141
Zai re
1
Oil-exporting countries^/
Other Africa
Total
238
59
Af ri ca
Other countries:
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
int'l
Gran'i
total
and regional
283
808
n.a.
352
1,224
220
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
42
2
*
443
18
1
-_
462
27,825
.
91
CAPITAL
Table CM-IV-3.
Total Liabilities by
-
MOVEMENTS
Type and Country, as
of Mar.
31,
1990, Prel iminary
[Position at end of period in millions of dollars]
Financial
Country
Total
liabilities
Total
liabilities
Payable
in dollars
Payable
in foreign
currenci es
Commerci a
iabil ities
1
1
(2)
Europe
Austria
Belgium-Luxemhourg
Bulgaria
Czechoslovakia
Denmark
Finland
:
333
25
306
27
9
7
5
2
77
77
199
173
113
222
1,082
German Democratic Republic
Germany
Greece
Hungary
''eland
Italy
Netherlands
Norway
Poland
Portugal
26
113
145
833
90
1,143
7
7
155
2
n.a.
591
552
'301
4g
n,a
102
n.a.
865
646
59
17
59
20
2
18
595
213
383
6,777
6,604
173
20
20
,6qs
431
408
14
274
517
117
237
237
063
1,046
1
64
n.a.
38
219
5
493
345
179
I
"212
683
9
*
30
35
2
44
310
Europe
489
688
242
31
30
35
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
474
346
583
212
2,906
2
44
289
18,909
Canada
1
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Col ombi a
Cuba
1
'
37
516
117
1,019
18
34
42
34
42
Ecuador
5
4
a
Jamaica
Mexico
Netherlands Antilles
Panama
Per":
1
342
'l55
1
rtomania
Gua temal
39
1
'''ance
Total
53
566
3
213
493
3
5
1
475
475
208
19
19
19
'.'.'.'.v.'.'/.
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean
Total Latin America and Caribbean
8
9
8
9
j
.'
1
36
128
.'
3,028
86
127
1,764
Asia:
China:
Mainland
356
Taiwan
Kong
453
916
622
73
1
iiong
India
Indonesia
6.069
'^orea
1,078
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
«
5
345
463
295
72
48
144
48
144
Israel
Japan
'Ota'
21
617
i
3,445
333
1,450
333
1,995
2,624
745
1
1
78
96
20
23
3
294
33
202
1,402
3
96
20
23
372
33
202
1,404
3
3
1
11,313
1
Africa
Egypt
6,809
:
246
Ghana
•
Liberia
Morocco
South Africa
2ai re
j
"
2
Total other countries
foreign countries
International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total
International and regional
Grand total
*
345
Africa
Other countries;
Australia
All other
Total
26
121
,'
Other Africa
Total
1
26
122
Less than S500.000.
742
228
1
'
5j
1,278
35,874
298
42
340
37 214
3,218
92
CAPITAL MOVEMENTS
Table
CM-IV-4. -
Total Claims by Country
[Position at end of period in millions of dollars]
Calendar year
Country
ne
r
.
93
CAPITAL MOVEMENTS
Table CM-IV-5. - Total Claims by Type and
Country, as of Mar. 31, 1990, Preliminary
[Position at end of period in millions of dollars]
Financial claims
Country
Total
laims
c
Denomi na ted
Total
in
dollars
Denomi na ted
in foreign
currenci es
Commerc
claims
(2)
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
3
22
7
German Democratic Republic
Germany
Greece
Hungary
''eland
't^ly
Netherlands
Norway
Poland
Portugal
Romani 3
Spain
Sweden
Switzerland
Turkey
United Kingdom
7
5
i_i46
195
129
17
8
7
19Q
501
397
1
*
27
219
10
41
52
951
10
1
44
20
n_a_
1,051
754
163
1
20
7
Iq
42
59
"
'''ance
103
1
n.a
509
305
41
690
43
1
.
508
297
37
20
n.a
543
3
449
122
3
12
12
43
27
141
27
241
9
1
2
6
124
58
65
950
.262
"lOi
109
75
25
6
Yugoslavia
Other Europe
Europe
7
7
394
95
220
US.S.R
Total
31
241
1
232
213
270
1
94
422
1,689
101
84
67
25
5
142
13
6.
f^anada
018
2,696
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
167
27
27
1
^12
1,590
1,583
4
2
4
246
305
794
92
137
,
'
Colombia
Cuba
a
"eoco
'.'.'.'.'.'.'.
;='"
Trinidad and Tobago
75
4,698
242
227
59
38
37
104
5
94
55
55
3g
II
42
II
12
12
6 74
152
31
47
43
56
34
12
150
34
522
.'
Netherlands Antilles
Panama
141
22
2
4
32
.
Ecuador
Guatemal
Jamaica
2
39
25
12
32
33
15
10
Uruguay
Venezuela
Other Latin America and Caribbean
Total Latin America and Caribbean
210
305
16
10
21
29
20
27
27
132
22
26
126
6
232
16
6
144
132
78
94
189
276
8,888
Asia:
China:
Mainland
'a '"an
"ong 'dng
121
414
166
I44
79
112
.'.'.'.'!
India
Indonesia
Israel
]]]
Japan
"orsa
Lebanon
Malaysia
Pakistan
Phi
1
i
1
*
4
3
1
3
2
3O9
24
11
46
36
43
23
236
14
54
8
54
99
455
49
034
113
Other Africa
]]]
Total Africa
Other countries:
Australia
All other
95
ig
232
16
13
42
9
13
32
16
36
190
^94
282
I]
Total other countries
262
73
73
355
foreign countries
International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total International and regional
16
9
\\]
1,058
357
6
*
,
1
114
7
124
'.'.'.'.\'.'.'.\\\[[
,'_'_'
Less than $500,000.
302
20
52
39
51
II3
509
*
.'
Zai re
Grand total
1
17
5,
Total Asia
Total
473
H
Singapore
Syria
Thailand
Other Asia
12
2
386
ppi nes
Africa:
Egypt
Ghana
^'O'ria
Morocco
South Africa
12
18
94
29,609
10
16
•
*
.'.'.'.**.'."
I
26
29 836
14,540
1
a
1
94
MOVEMENTS
CAPITAL
Section
V.
-
Transactions
Table
In
Long-Term Securities by Foreigners Reported by Banks and Brokers
CM-V-1. -
Foreign Purchases and Sales of Long-Term Domestic
negative figures indicate net sales by foreigners or
[In millions of dollars;
a
in
from the United StatesJl
net outflow of capital
Marketable Treasury bonds and notes
U.S. Gov't corporations
and federally sponsored
Met foreign purchases
agencies
the United States
Securities by Type
Corporate and other securities
Bonds
Stock
1/
s
Foreign countries
InternaOther
tional
forand reinstitutions eigners gional
Official
year
or month
Total
(1)
19,388
25,587
48,832
r
54,607
1990-Jan-Junep -2,552
1986
1987
1988
1989
19B9-June
July
.
1990-Jan.
Feb.
Mar.
-5,304
-1,312
22,028
4,612
-2,507
8,154
r
Aug.
Sept.
Oct.
Nov.
Dec
r
r
r
\J
(3)
14,214 6,278
-176
31,064
26,624 21,546
27,028 25,677
-698
-769
46
1
-5 ,884
2,90 7 -3 ,663
9,91
8
77 3
-97 9
12 ,540
4 ,921
-2 ,782
6 ,664
1,68 6
1,054
1,30 5 -1 ,767
763
819
32 a
1,454 -1,42 5
3 ,220
-8,793 -3,85 6 -4 ,741
3,081
5,56 4 -1 ,493
-58
-2,505 -2,85 7
3,394
1,54
1 ,540
r
r
r
.
..
Apr
May p.
June p
.
(2)
.
Gross
foreign Gross
foreign
purchases
sales
(5)
(4)
Net
foreign
purchases
(7)
(6)
(8)
1,103 1,084,326 1,064,938
5,302 1,337,447 1,311,861
6,976
5,047
6,740
661 1,560,376 1,511,544
1,902 2,104,174 2,049,568 15,094
1,084
980,652
983,204 3.657
221,419
205,335
224,582
151,213
204,753
187,127
134,684
181,977
174,665
151,832
162,250
163,045
146,883
119
-557
-431
1,082
1
,254
-196
1,516
-272
-341
-196
-991
410
305
226,723
206,647
202,554
146,601
207,259
178.972
133,630
181,159
173,211
160,626
159,169
165,550
143,489
561
338
1
,506
1,143
2,852
1,768
1
Gross
foreign Gross
purforeign
chases
sales
,635
539
1,382
271
-386
1,010
840
(9)
Net
foreign
purchases
Gross
foreign Gross
purforeign
chases
sales
(10)
(11)
(12)
(13)
37,105
42,827
31,412
51,452
29,155
30,130
37,780
24,672
36,358
25,499
43,672
22,497
21,224
18,937
8,950
86,063
63,029
54,969
69,088
29,246
42,391
40,633
33,745
50,151
20,295
18,719
16.272
-2,000
9,623
-6,828
.643
3,082
3,141
4.033
2,431
3,237
3,230
4,375
4,819
4,314
4,191
4,994
3,363
3,817
1,022
2,158
7,230
6,572
5,405
5,030
4,843
6,136
7,693
4,106
4,600
4.785
3,746
4,094
7,914
,208
,414
,479
,540
.574
,089
,998
,010
,358
,697
,462
,609
.372
,657
77
602
1,276
2,708
2,737
1,115
1,135
915
1,242
1,110
3,434
,567
3,700
2,027
1,165
2,546
1,365
,428
-1,1 18
,956
-1,457
-383
-229
-2,687
-899
-2,486
-144
,328
,428
,990
,465
,870
,505
,985
,480
Gross
foreign Gross
purforeign
chases
sales
Net
foreign
purchases
(14)
(15)
148,1 14 129,395
249.122 232,849
181,185 183,185
213,160 203,537
88,481
95,310
24,369
17,134
22,115
19,607
22,354
13,833
15,413
13,747
13,463
16,430
11,457
15,231
18.153
,669
,107
,950
,061
,989
,951
,870
,130
,692
,117
.356
,717
.297
Data include transactions in directly placed issues abroad
U.S. corporations and issues of States and municipalities.
by
Table
[In millions of dollars;
CM-V-2. -
Foreign Purchases and Sales of Long-Term Foreign Securities by Type
negative figures indicate net sales by foreigners or
Calendar year
or month
foreign
purchases
of foreign
securi ties
Net
foreign
purchases
(1)
1986
1987
1988
1989
r
1990-Jan-June
1989-June
July
Aug.
Sept.
Oct.
Nov.
Dec.
r
r
r
r
r
r
r
1990-Jan. r
Feb
Mar
Apr
May p
June p
p
a
net outflow of capital
-5,538
-6,865
-9,393
-18,881
-20,967
-4,012
-1,885
-628
-2,193
-2,230
-106
-2,492
1,328
-1,113
-9,695
-2,702
-4,259
-4,499
-3
from the United States]
Foreign stock
Foreign bonds
Net
Gross
foreign
purchases
Gross
foreign
sales
(3)
(4)
Net
Gross
foreign
purchases
f
orei gn
purchases
(6)
s
Gross
f
orei gn
sales
(7)
95
CAPITAL MOVEMENTS
Table
minions
[In
CM-V— 3. -
of dollars;
Net Foreign Transactions
Long-Term Domestic Securities by Type and Country
in
negative figures indicate net sales by foreigners or
Ha rketabl e Trea s
bonds a nd notes
a
corporati ons
Federal agency bonds
Gov
'
net outflow of capital
from
ttie
United States]
t
Corporate bonds
Corporate
s
tocks
Country
Calendar Jan.
Apr.
Calendar Jan.
Apr.
year
through through year
through through
June p
1989
June p
'
Europe
Austria
Bel gi um-Luxembourg
:
Bui gari
J31
I
a
Czechoslovakia
Denmark
Finland
France
German Oemocrati
Germany
-1
1
c
Republic...
7
Greece
Hunga ry
Irel and
Italy
Netherlands
Norway
Poland
Portugal
Roman) a
Spai
-1
1
n
2
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
To tal
I
20
Europe
Canada
An erica and Caribbean:
Argentina
Bahamas
Bermuda
La tin
-I
Brazil
British West Indies
Chile
Col ombi a
Cuba
Ecuador
Guatemal a
Jama ca
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Amer ca
and Caribbean
i
i
Total Latin America
and Caribbean
Asia:
China:
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Phil ippines
Singapore
Syria
Thai 1 and
Oil -exporting countries
Other Asia
Z
3
1/...
U
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa
To tal
8
Z_/
.
.
.
Af ri ca
Other countries:
Austral ia
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
nternat ional
and regional
i
Grand total
52
I
Calendar Jan.
Apr.
Calendar Jan.
Apr.
year
through through year
through through
---1939
"ne
Junep 1989
June
Junep
96
CAPITAL MOVEMENTS
NET PURCHASES OF LONG-TERM DOMESTIC
SECURITIES BY SELECTED COUNTRIES
Calendar Years 1986 through 1990, Second Quarter
45
.
40
-
I
n
B
I
o
n
35 -
30
-
25
-
20
-
s
15 -
f
10
-
D
o
5 -
I
I
a
r
s
-5 -
-10
..
97
CAPITAL MOVEMENTS
CM-V-4.
Table
-
Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Second Quarter 1990, Preliminary
[In tnillions of dollarsj
Gross purchases by foreigners
Gross sales by foreigners
Domestic securities
Domestic secu
Marketable
Bonds
Treas- of U.S.
ury «
Gov't
Federal corp.
Financ- and fed-
Country
Marketable
Bonds
Treas- of U.S.
ury S
Gov't
Federal Corp.
Financ- and f ed-
i ng
eral y
Corporate
Bank
sponand other
bonds
sored
* notes agencies Bonds
Stocks
1
Total
purchases
II)
(3)
12)
Europe:
Austria
937
Bel9ium-lu«
5.101
Bulgaria
19
*
Czechoslovakia.
Denmark
3, 129
Finland
1.799
France
8, 744
German Dem. Rep.
4
Germany
15,440
Greece
271
Hungary
9
Ireland
1.168
Italy
2.231
Netherlands
9.318
Norway
1,690
*
Poland
Portugal
355
Romania
1
Spain
6.292
Sweden
14.032
Switzerland
11,389
Turkey
453
United Kingdom.
176,978
•
U.S.S.R
•
Yugosl avi a
Other Europe.
555
.219
(41
(51
16
Foreign
securities
Bonds
161
166
671
251
i ng
era! ly
Corporate
Bank
sponand other
bonds
sored
8 notes agencies Bonds
Stocks
Total
Stocks
(7)
sales
(81
65
393
(II)
(10)
(9)
(12)
917
5,413
197
1.954
Forei gn
securi ties
Bonds
(13)
Stocks
(14)
115
912
I
.
.
Total
Europe
Canada
Amer, A Caribbea
Argenti na
180
Bahamas
1 ,300
Bermuda
6,152
Brazil
277
Brit. Nest Ind.
5,265
Chile
472
Lat.
.
Col ombi
6 7
*
a
Cuba
Ecuador
Guatemal
Jamaica
18
17
a
4
Mexico
1
,026
Neth. Antilles..
Panama
Peru
Tri n. S Tobago
9.053
640
Uruguay
Venezuela
Other Lat. Amer.
i Caribbean...
60
311
32
3
.
496
Tot. Lat. Amer.
S
Caribbean..
25,383
Asia;
China:
Mainland
1,567
3,309
9,619
Taiwan
Hong Kong
India
287
42
1,578
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
249,159
542
34
1,219
Paki Stan
4
Philippines
Singapore
Syria
Thailand
Other Asia
140
11,907
Total Asia
288,302
196
8,695
4
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
36
*
193
4
37
3
222
Total Africa...
496
Other countries:
Austral ia
All other
Total other..
foreign
countries.
Total
.
and reg.:
International...
European reg.
Lat. Amer. reg.
Asian regional
African reg
Mid. East. reg..
Int'l
.
25,541
112
159
334
362
.
.
.
'
.
263_
Total int'l
and reg
26,770
Grand total
647,285
Less than $500,000.
2,185
1,574
1,905
200
30
247
517
3.110
1.677
9.283
140
3,207
4
8,050
172
35
51
6
2
2,856
895
3
28
103
24
108
345
174
6
2
5,264
1,432
136
590
645
166
2.088
1.316
2,713
146
33
3
2
,513
15.754
8,171
3
217
103
597
•
334
1,008
,664
,739
,785
339
4,465
1,429
100
3
228
210
715
159
840
4,362
13.925
11.006
2,732
9,806
4,025
2
121
77
10,127
176.434
120,995
12
585
235
2,685
242
1,739
61
9
23
92
114
43
127
84
1
I
307
I
1
403
121,574
18
39
66
760
3,201
7,353
510
3,763
1,564
11,628
23,095
2
8
21
213
273
1,341
4,239
3
117
3,308
2,139
98
CAPITAL MOVEMENTS
Table
CM-V-5. -
Foreign Purchases and Sales of
Long-Term
Securltle
by Type and Country, During Calendar Year 1989
[In mill ions of
Gross purchases by foreigners
<jol
lars]
Gross sales by foreigner
99
FOREIGN CURRENCY POSITIONS
INTRODUCTION
Background
Data have been collected since 1974 on the foreign currency
banks and nonbanking firms in the United States, and on
those of foreign branches, majority-owned foreign partnerships, and
majority-owned foreign subsidiaries of US. banks and nonbanking
firms. Reports cover five major foreign exchange market currencies
and U.S. dollars held abroad. Reporting has been required pursuant
of Public Law 93-110, an amendment to the Par Value
to title
Modification Act of September 21, 1973, and implementing Treasury
regulations. Statistics on the positions have been published since
tVlarch 1977 beginning with data for December 1975.
positions of
II
"Majority-owned foreign partnerships" are those organized under the laws of a foreign country in which one or more nonbanking
concerns or nonprofit institutions in the United States, directly or
indirectly, own more than 50 percent profit interest. "Majority-owned
foreign subsidiaries" are foreign corporations in which one or more
nonbanking business concerns or nonprofit institutions located in the
United States, directly or indirectly, own stock with more than 50
percent of the total combined voting power of all classes of stock
entitled to vote, or more than 50 percent of the total value of all
classes of stock.
Reporting Threshold
The report forms and instructions used in the collection of bank
data were revised effective with reports as of IVlarch 16, 1983, for the
weekly reports. The most recent revision of the nonbank foreign
currency forms (see below)
day of lylarch 1983.
became
effective as of the last business
The exemption level applicable to banks and banking instituwas $10 million equivalent through January 1982, when was
raised to $100 million. The exemption level applicable to nonbanking
business concerns and nonprofit institutions was $1 million equivalent on all nonbank forms from March 1975 through November 1976.
tions
It
Common
Definitions
and Concepts
The term "United States" means the States
Commonwealth
of
the
United
of Puerto Rico,
Island, the Virgin Islands, and Wake IsThe term "foreign" means locations other than the "United
States." The term Worldwide" is used to describe the sum of "United
States" and "foreign" data.
American Samoa, Midway
land.
United States include amounts reported by sole
proprietorships, partnerships, and corporations in the United States
for the
including the U.S. branches
raised to $2 million equivalent on the monthly reports of posi-
November 1976 through September 1978. The exemption level was raised to $3 million on foreign
subsidiary positions on June 30, 1977, and for positions held in the
United States on September 30, 1978. The exemption level for nonbanking firms was raised to $100 million on positions in the United
States in January 1982 and on foreign branch and subsidiaries positions in March 1982.
tions held in the United States from
States, the District of Columbia, the
Data
was
it
and subsidiaries
of foreign
nonbanking
concerns, in the case of "nonbanking firms' positions," and the
agencies, branches, and subsidianes located in the United States of
foreign banks and banking institutions, in the case of the weekly
"bank positions."
Data tor "foreign branches" and "abroad" include amounts reported by the branches, majority-owned partnerships, and majorityowned 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 except through
inter-
Firms must report their entire foreign currency position in a
if a specified U.S. dollar equivalent value
is reached in any category of assets, liabilities, exchange contracts
bought and sold, or the net position in the currency. In general, exemption levels are applied to the entire firm. In reports on their foreign branches, majority-owned foreign partnerships, and majorityowned foreign subsidianes, U.S. banks and nonbanks are required
to report the U.S. dollar-denominated assets, liabilities, exchange
contracts bought and sold, and net positions of those branches,
specified foreign currency
partnerships,
and subsidiaries with reportable positions
in
the speci-
fied foreign currencies.
Description of Statistics
company accounts. The data
include the foreign subsidiaries of a
few foreign-owned U.S. -based corporations.
Data collected on the Treasury foreign currency forms are pubin the Treasury Bulletin in seven sections. The first section
presents a summary of worldwide net positions in all of the currencies reported. Sections
through VI each present data on a
lished
Assets, liabilities, and foreign exchange contract data are reported on the basis of time remaining to maturity as of the date of the
report, regardless of the original maturity of the instrument involved.
"Spot" means due for receipt or delivery within 2 business days from
the date of the report. "Short-term"
from the date of the report.
means maturing
In
1
year or less
II
US
specified foreign currency. Section VII presents the
dollar positions of the foreign branches and subsidiaries of U.S. firms which are
required to report in one or more of the specified foreign currencies.
100
FOREIGN CURRENCY POSITIONS
Section l.--Summary Positions
Table FCP-l-1."Nonbanklng Firms' Positions
[In
Report
date
millions of foreign currency units, except yen,
which
^
is in billions]
Canadian
German
Japanese
Swiss
British
U.S.
dollars
marks
yen
francs
pounds
dollars 4
101
FOREIGN CURRENCY POSITIONS
Section ll.-Canadlan Dollar Positions
Table FCP-ll-1.--Nonbanking Firms' Positions
[In
Report
dale
millions of dollars]
102
FOREIGN CURRENCY POSITIONS
Section lll.--German Mark Positions
Table FCP-lll-1.--Nonbanking Firms' Positions
[In
Report
dale
millions of marks]
103
FOREIGN CURRENCY POSITIONS
Section IV.--Japanese Yen Positions
Table FCP-IV-l.--Nonbanking Firms' Positions
104
FOREIGN CURRENCY POSITIONS
Section V.--Swiss Franc Positions
Table FCP-V-1.--Nonbanking Firms' Positions
[In
Report
dale
millions of francs]
i
105
FOREIGN CURRENCY POSITIONS
Section Vl.--Sterllng Positions
Table FCP-VI-1.--Nonbanklng Firms' Positions
[In millions of
Report
date
pounds]
i
106
FOREIGN CURRENCY POSITIONS
Section VII.--U.S. Dollar Positions Abroad
Table FCP-Vil-l.--Nonbanking Firms' Foreign Subsidiaries' Positions
[In
millions ot dollars]
107
FOREIGN CURRENCY POSITIONS
Footnotes to Tables FCP-I through FCP-VII
SECTION
Excludes receivables and installment paper sold or discounted before maturity, fixed
I
Worldwide net positions on the
business concerns
in
lasl
business day
of line
calendar quarter
of
nonbanking
the United States and their foreign branches and major rty -owned
partnerships and subsidiaries. Excludes receivables and installment paper which have been
sold
or
discounted
before
maturity.
U.S.
parent
corrpanies'
investment
in
assets
and
(plant
equipment),
and parents'
investment
in
majority-owned
foreign
subsidiaries.
3
their
and equipment leases are excluded.
Capitalized plant
Includes both spot and forward
exchange
rates.
majority-owned foreign subsidiaries, fixed assets (plant and equipment), and capitalized
Columns
leases lor plant and equipment.
1
and 3
are expressed
and
their foreign
and
liabilities.
of
banks and banking
institutions
in
columns 2 and
4.
Representative rates on the report date. Canadian dollar and United Kingdom pound rates
Foreign branches and majority -owned partnerships and subsidiaries only.
Weekly worldwide net positions
less
the United States,
dollar.
U.S. dollars per unit of foreign currency,
in
The source
of the
all
others
in
automated representative rates changed as
foreign units per U.S.
of
June 30,
1
988.
branches and majority-owned foreign subsidiaries. Excludes capital assets
Banks and banking
majority -owned
Foreign branches and majority-owned subsidiaries only.
SECTIONS II THROUGH
institutions
subsidiaries. In
in
the United Slates and their foreign branches and
section
VII.
foreign
subsidiaries only.
Excludes
capital assets.
Excludes
capital liabilities.
Q
VII
10
Positions of nonbanking business concerns
in
the United
branches and majority-owned partnerships and subsidiaries.
foreign branches and majority -owned partnerships
Includes both spot and forward exchange contracts.
States and their foreign
In
and subsidiaries
Columns 3 and 9
section VII positions of
only.
"
See footnote
6.
less
columns 6 and
12.
branches
and
majority -owned
108
EXCHANGE STABILIZATION FUND
INTRODUCTION
ments as liabilities, they must be redeemed by the ESF only in the
event of liquidation of, or U.S. withdrawal from, the SDR Department
Background
The Exchange
Fund (ESF) was established under
1934(31 U.S.C 822a). This act
the Department of the Treasury of a
Stabilization
of the
IMF
or cancellation of
SDRs.
the Gold Reserve Act of January 30,
authonzed the establishment in
stabilization fund to be operated under the exclusive control
of the
Secretary of the Treasury, with the approval of the President, for the
purpose of stabilizing the exchange value of the dollar. Subsequent
amendment of the Gold Reserve Act modified the original purpose
somewhat to reflect termination of the fixed exchange rate system.
SDR cert/Y/cates— Issued to the Federal Reserve System
against SDRs when SDRs are "monetized" and the proceeds of the
monetization are deposited in an ESF account at the Federal Reserve Bank of New York.
Description of Tables
The resources of the fund consist of
invested in U.S. Government securities,
(SDRs), and balances of foreign currencies.
dollar balances,
partly
drawing
rights
special
sources of income or losses for the
losses on holdings of and transactions in
foreign exchange, and the interest earned on assets.
The
been
principal
profits or
ESF have
SDRs and
Table ESF-1 presents the assets, liabilities, and capital of the
ESF. Data are presented in U.S. dollars or U.S. dollar equivalents
based on current exchange rates computed according to the accrual
method of accounting. The capital account represents the original
capital appropriated to the ESF by Congress of $2 billion, less a
subsequent transfer of $1.8 billion to pay for the initial U.S. quota
subscription to the IMF. Subsequent gains and losses since incepare reflected in the cumulative net income (loss) account.
tion
Definitions
Special drawing
assets created by the
International Monetary Fund (IMF). They serve to increase international liquidity and provide additional international reserves, and may
be purchased and sold among eligible holders through the IMF.
r/g/ifs.
--International
Table ESF-2 presents the results of operations by quarter. Data
are presented in US. dollars or U.S. dollar equivalents computed
according to the accrual method of accounting. The "Profit (loss) on
foreign exchange" includes realized profits (losses) on sales of foreign currencies as well as revaluation gains (losses) on currencies
held.
SDR
allocations.-Jhe counterpart of SDRs issued by the IMF
based on members' quota in the IMF. Although shown in ESF state-
"Adjustment
for
change
in
valuation of
locations" reflects the net gain (loss)
and allocations
for the quarter.
SDR
on revaluation
holdings and alof SDR holdings
1
109
EXCHANGE STABILIZATION FUND
Table ESF-1 .--Balances as of Dec. 31, 1989, and Mar. 31, 1990
[In
Assets,
liabilities,
and
thousands
of dollars]
Dec. 31. 1989.
through
Mar. 31. 1990
capital
Mar. 31. 1990
Assets
U.S. dollars:
Held at Federal Reserve Bank ol
Held with Treasury;
U.S. Government securities
New York
Other
Special drawing rights i
Foreign exchange and securities
454.336
406,71
1.067.000
9.950.788
(401,765)
5.541.720
7.201.976
(1,683,039)
2;
German marks
Japanese yen
Pounds sterling
19.841
25.464
341,809
75,000
86,000
Swiss Irancs
Mexican pesos
Bolivian bolivianos
Polish ziotys
Venezuelan bolivars
Accounts receivable
LJabilities
3.858.681
8.045.766
1,109
1,205
258,191
20.950
26.669
600.000
(75,000)
(86,000)
24,960
7,160
and
24.960
227.092
25,389,577
(507,956)
24.881.621
96,212
(963)
95.249
capital
liabilities:
Accounts payable
Advance from U.S. Treasury (U.S. drawing
on IMF) 3
Total current
Other
843,790
219,932
Total assets
Current
3,946
1,067,000
10,091,999
141,211
liabilities
1
.067.000
1
.067.000
1.163.212
(963)
1.162.249
8.518.000
6.438.744
(65,305)
8.518.000
6.373.439
14,956,744
(65,305)
liabilities:
Special drawing rights certificates
Special drawing rights allocations
Total other
liabilities
Capital:
Total capital
Total
See
liabilities
and
200.000
8.627.933
200,000
Capital account
Net inoonne (loss) (see table ESF-2)
capital
9,069,621
(441,688)
9,269,621
(441,688)
25,389,577
(507,956)
24.881.621
footnotes at end of table ESF-2.
Table ESF-2.-lncome and Expense
[In
thousands
of dollars]
Current quarter
Jan. 1. 1990.
Year
through
Mar. 31. 1990
through
Mar. 31,1990
(722.204)
(395,451)
Oct.
to date
1.
1989,
Income and expense:
on:
Foreign exchange
Prolit (loss)
Adjustment
tor
change
and allocations
in
valuation of
SDR
holdings
i
Interest (net charges) on:
Special drawing rights
(40.177)
82.960
Government securities
Foreign exchange
222.322
157,910
33,419
420,547
Income from operations
(441,688)
269,431
U.S.
Net income
1
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
tor the currencies of selected member countries. The U.S. SDR holdings and allocations
are valued on this basis beginning July 1974.
2 Excludes foreign exchange transactions for future and spot delivery.
3 A non-interest-bearing liabilrty to the U.S. Treasury resulting Irom the transfer to the
Exchange Stabilization Fund of foreign currencies drawn from the IMF by the United States.
15.411
(441,688)
Note. "Annual balance sheets for fiscal years 1934 through 1940 appear in the 1940
Annual Report of the Secretary of the Treasury and those for succeeding years appear in
subsequent repons 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.
SPECIAL REPORTS
CONSOLIDATED FINANCIAL STATEMENTS
OF THE UNITED STATES GOVERNMENT
FISCAL YEAR I989/PROTOTYPE
114
INTRODUCTION
The fiscal year 1989 edition of thie Consolidated Financial Statements of the United States
Government was recently released. The statements and accompanying information, prepared
and published annually by Treasury's Financial Management Service, are unique since they are
developed on the accrual basis of accounting and modeled after corporate-type reports.
instance, a snapshot of what the Federal
information on its financial condition and
operations. Data originate in program agency accounting systems Governmentwide and are
captured in the five consolidated statements of: Financial position, operations, changes in
financial position, receipts and outlays, and reconciliation of accrual operating results to the cash
basis budget. The customary notes to financial statements and several broad supplemental
tables, ranging from accounts and loans receivable due from the public to Federal obligations,
complete the publication's content.
This
general
purpose
provides,
presenting
report
Government owns and owes
in
for
summary
published in this issue of the Treasury Bulletin. The
of the most noteworthy information in the statements.
The entire 40-page document is for sale through the Superintendent of Documents, U.S.
Government Printing Office. An order form is printed at the end of the Bulletin.
An
extract of the
excerpts
will
1989 statements
give readers a view of
is
some
.
115
CONSOLIDATED FINANCIAL STATEMENTS
United States Government Consolidated Statement
of Financial Position
as of September 30, 1989 and 1988
($ billions)
1989
1988
Total assets
1,210.0
1,176,4
Total liabilities
3,777.3
3,586.2
-2,567.3
-2,4098
1989
1988
1,087.8
1,039.2
1,237.3
1,171.8
-149.5
-132.6
Accumulated position
.
United States Government Consolidated Statement
of Operations for the Years
Ended September
30,
1989 and 1988
($ billions)
Total revenues
Total
.
expenses
Excess of expenses over revenues
.
INVENTORIES BY MAJOR AGENCY
$
BILLIONS
200
Defense
Energy
Agriculture
Other
116
FINANCIAL HIGHLIGHTS
Revenues and expenses
The
following graphs
show revenues and expenses
for fiscal
years 1987 through 1989, and the major
categories of revenues by source and expenses by agency for fiscal 1989. Certain revenue amounts have been
reported on the accrual basis and differ from those reported on the cash basis.
expenses by agency are also reported on the accrual basis and
differ
The data supporting the graph
from those reported on the cash basis.
TOTAL REVENUES AND TOTAL EXPENSES
FISCAL YEARS 1987-89
1250-1
1200'
$
B
1150'
I
L
L
1100'
I
O
N
S
1050'
1000'
950.
I
1987
1988
1
Revenues
1989
Expenses
of
117
Revenues and expenses
FISCAL YEAR 1989
MAJOR SOURCES OF REVENUES
Business-Type
Operations
Social Insurance Taxes
and Contributions
33%
Corporate Income Taxes
9%
Individual
Income Taxes
41%
MAJOR CATEGORIES OF EXPENSES
Healtli
and Human Services
Social Security Administration
17%
Health and Human Services
Except Social Security
11%
Other
19%
Independent
Agencies
12%
\
118
SUPPLEMENTAL TABLES
SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE DUE
FROM THE PUBLIC
amounted to $98.5 billion in FY 1989, an increase ot $0.4 billion over FY 1988.
amounted to $211,8 billion in FY 1989, a decrease ot $2.3 billion from FY 1988. Graphidepicted below are summaries by selected agencies of accounts and loans receivable data.
Total accounts receivable
Total loans receivable
cally
ACCOUNTS RECEIVABLE
$98.5 billion
Treasury
Agriculture
Energy
Health and
Services
Human
Other
40
30
Percent
LOANS RECEIVABLE
$211 .8 billion
53%
Agriculture
Funds Appropriated
to the President
Housing and
Urban Development
Treasury
Other
5
10
15
20
25
30
Percent
35
40
45
50
55
119
FEDERAL DEBT
lion
Total Federal debt held by the public amounted to $2,188.8 billion in FY 1989, an increase of $138.8 bilfrom FY 1988. These charts have been presented to graphically show the increase in Federal debt and the
interest
expense.
FEDERAL DEBT HELD BY THE PUBLIC
INTEREST EXPENSE
FY 1985-89
FY 1985-89
2500
B
2000
L
L
1500
-l
•
1000I
O
N
S
SCO-
1985
The
1986
distribution of
1987
1988
1989
1985
1989 and 1988 net debt from the public by major type
depicted.
NET DEBT BY TYPE OF SECURITIES
1989
1986
1988
1987
of securities
1988
is
1989
graphically
120
COMMITMENTS AND CONTINGENCIES
Commitments are long-term
contracts for which appropriations have not
and undelivered orders which represent
A
solved
the
contingency
when one
or
is
more
a
liability
obligations.
involving uncertainty as to a possible loss to the
future events occur or
amounts can be reasonably estimated, the
"Other
liabilities."
been provided by the Congress
fail
to occur.
liabilities
If
Government
that will
be
re-
the future event or events are likely to occur and
are reported
in
the Statement of Financial Position under
Contingencies within the Federal Government result from a number
of
sources including loan
and credit guarantees, insurance programs, and unadjudicated claims.
In
billion.
FY 1989,
total
commitments amounted
Total contingencies represent the
and without deduction
charts below
for existing
show the percentage
to
maximum
$536.1
risk of
billion and total contingencies amounted to $5,306.7
exposure without regard to probability of occurrence
and contingent assets which would be available to offset potential losses. The
distribution of 1989 commitments and contingencies by source category.
COMMITMENTS
$536.1
billion
97%
Undelivered Orders
Long-Term Contracts
/
/
20
'
r
i{
40
r
^
/
60
C
'
^
^
100
80
Percent
CONTINGENCIES
(Maximum Risk)
$5,306.7 billion
Insurance in Force
IF
Gov't Loan and
11%
Credit Guarantees
Unadjudicated Claims
and OtherContingencies
78%
^
/
11%
/
20
/
/
40
Percent
/
/
60
/
'=^
80
U.S.
CURRENCY AND COIN OUTSTANDING
AND IN CIRCULATION
122
U.S.
CURRENCY AND COIN OUTSTANDING AND
IN
CIRCULATION
INTRODUCTION
Definition of Terms
Purpose and Scope
The U.S. Currency and Coin Outstanding and
in
Circulation
prepared to inform the public of the face value of currency and coin which are used as a medium of exchange and the
total thereof, as of the end of a given accounting month.
Statement
is
The statement defines
the total
amount
of currency
and coin
outstanding and the portion of which is deemed to be in circulation.
Although it still includes some old and current rare issues of coin and
currency which do not circulate or may do so to a limited extent,
Treasury policy is to continue their inclusion in the statement since
such issues were originally intended for general circulation. The
statement also provides a brief description of the various issues of
U.S. paper money and further presents a comparative amount of
money
circulated
in
The
"Amounts outstanding and in circulation"
issues by the Bureau of the Mint which are purposely
intended as a medium of exchange. Therefore, coins sold by the
Bureau of the Mint at premium prices are excluded. However, uncirculated coin sets, sold by the Mint at face value plus a handling
charge, are included.
includes
classification
all
The term "Federal Reserve notes" refers to issues by the U.S.
Government to the public through the Federal Reserve banks and
their member banks. These notes represent U.S. Government
obligations. Currently, the item "Federal Reserve notes-amounts
outstanding" consists of new series issues. The Federal Reserve
note
is
the only class of currency currently issued.
relation to population.
and were
lssue-1862 ($5 to
$1,000 notes), (b) Second lssue-1862 ($1 to $2 notes), (c) Third
lssue-1863 ($5 to $1,000 notes), (d) Fourth lssue-1863 ($1 to
$10,000 notes), and (e) Fifth lssue-1901 ($10 notes).
"U.S. notes" are also
issued
History
Statements of currency and coin outstanding and in circulation
have been published by the Department of the Treasury since 1888.
These statements were originally prepared monthly by the Division
of Loans and Currency, which was then under the Office of the Secretary of the Treasury but later became part of the Public Debt Service (currently known as the Bureau of the Public Debt) in 1929. The
statement was published with the title "Circulation Statement of
United States Money" from 1923 through December 31, 1965. Concurrently, from December 31, 1919, to September 30, 1951, the
Office of the U.S. Treasurer published a statement entitled "(Monthly
Statement-Paper Currency of Each Denomination Outstanding."
Two months after the Office of the US. Treasurer assumed publication of the "Circulation Statement of United States Money," a revision
was made
statement to include denomination detail of the
Publication of the "Monthly Statement-Paper
Currency of Each Denomination Outstanding" was discontinued, and
the revised version which combines information from both statements became known as the United States Currency and Coin Outstanding and in Circulation Statement. The statement in 1983
ceased to be published as a separate, monthly release and instead
was incorporated into the quarterly Treasury Bulletin as a special
currency
report.
in five
known as
different issues;
legal tender notes
namely,
(a) First
The column for "Currency no longer issued" consists of gold
and new series), silver certificates (old and new
series). Federal Reserve notes (old and new series), national bank
notes (old and new series), and Treasury notes (1890 series).
certificates (old
"Dollar coins" include standard silver coins
and nonsilver coins.
"Fractional coins" include subsidiary coins in denominations of
50 cents, 25 cents, and 10 cents and minor coins (5 cents and 1
cent).
to the
in circulation.
Reporting Sources
Data used in the preparation of the U.S. Currency and Coin
Outstanding and in Circulation Statement is derived from monthly
reports required from Treasury offices, various US. Mint offices, the
Federal Reserve banks, and the Federal Reserve Board. Such reports convey information alx)ut the amount, class, and denomination
of new issues of currency and/or coin, of destroyed and replaced
currency, and of currency and coins withdrawn from circulation. Estimates of population from the Bureau of the Census are used in the
calculation of money circulated per capita.
'
123
U.S. Currency and Coin Outstanding and
[Source: Financial
Managemenl
in Circulation
Service]
AMOUNTS OUTSTANDING AND IN CIRCULATION
June 30. 1990
Currency
Total
currency and
Total
coin
Amounts outstanding
Less amounts held by:
The Treasury
The Federal Reserve banks
Amounts
..
.
in circulation
U.S. notes
Federal Reserve notes
Currency no
Total
Dollars
'
longer issued
Fractional
coin
$308,553,044,616
$289,078,358,718
$288,486,780,614
$325,538,916
$266,039,188
$19,474,685,898
$2,024,703,898
$17,449,982,000
578.514.789
41,072.162.029
37.511.969
40.504.261.358
4.545.756
40.504.238.908
32.773,239
213
192.974
22.237
541.002.820
567.900.671
321.060.315
105.494.856
219.942.505
462.405.815
266.902.367.798
248,536,585,391
247,977,995,950
292.765,464
265,823.977
18.365.782,407
1,598,148,727
16,767,633,680
CURRENCY
IN
COMPARATIVE TOTALS OF CURRENCY AND COIN
IN CIRCULATION-SELECTED DATES
CIRCULATION BY DENOMINATION
June 30, 1990
Dale
Denomination
Total
Federal
Reserve
notes
U.S.
notes
Currency
no longer
issued
Amount
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