Full text of Treasury Bulletin : September 1991
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SUMMER
ISSUE
September 1991
TREASURY
BULLETIN
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Contents
SUMMER ISSUE, SEPTEMBER 1991
TREASURY ISSUES
Page
ECONOMIC POLICY
Moderate Growth Projected
for U.S.
Economy
3
TAX POLICY
Abstracts of Recent Taxation Studies
8
TREASURY ISSUES INDEX
9
FINANCIAL OPERATIONS
ECONOMY
PROFILE OF THE
Growth
of real
;
gross national product
15
Federal deficit
15
Federal outlays and receipts as a share of gross national product
16
Personal saving
16
FEDERAL FISCAL OPERATIONS
Analysis. --Budget results for the third quarter, fiscal 1991
19
FFO-1— Summary of fiscal
21
operations
Chart.-Monthly receipts and outlays
22
FFO-2— On-budget and off-budget receipts
by source
23
by agency
26
Chart.-Budget receipts by source
FFO-3— On-budget and off-budget outlays
25
FEDERAL OBLIGATIONS
FO-1 -Gross obligations incurred within and outside the Federal Government by object class
28
FO-2. -Gross obligations incurred outside the Federal Government by department or agency
29
Chart— Gross Federal
31
ACCOUNT OF THE
obligations; gross Federal obligations incurred outside the Federal
U.S.
Government
TREASURY
UST-1 -Elements of changes
in
Federal Reserve and tax and loan note account balances
32
FEDERAL DEBT
FD-1. -Summary of Federal debt
35
FD-2. -Interest-bearing public debt
35
FD-3.-Government account series
36
FD-4.-lnterest-bearing securities issued by Government agencies
37
FD-5.-Maturity distribution and average length of marketable Interest-bearing public debt held by private investors
38
FD-6.-Debt subject
38
Chart— Average
to statutory limitation
length of the marketable debt
Chart-Private holdings
FD-7— Treasury
of
Treasury marketable debt by maturity
holdings of securities issued by Government corporations and other agencies
TREASURY FINANCING OPERATIONS
39
40
41
42
IV
Contents
Page
PUBLIC DEBT OPERATIONS
PDO-1 -Maturity schedule
Treasury
PDO-2. -Offerings
PDO-3. -Public
bills
marketable public debt securities other than regular weekly and 52-week
46
52
of bills
offerings of marketable securities other than regular
PDO-4— Allotments
U.S.
of interest-bearing
outstanding
by investor classes
for public
weekly Treasury
54
bills
57
marketable securities
SAVINGS BONDS AND NOTES
SBN-1 —Sales and redemptions by
SBN-2. -Sales and redemptions by
SBN-3 -Sales and redemptions by
59
series, cumulative
period,
all
bonds and notes combined
series of savings
period, series E. EE, H,
and
59
HH
60
OWNERSHIP OF FEDERAL SECURITIES
OFS-1
--Distribution of Federal securities by class of investors
OFS-2 --Estimated ownership
and type
62
of issues
63
of public debt securities by private investors
MARKET YIELDS
65
MY-1 -Treasury market bid yields at constant maturities: bills, notes, and bonds
Chart— Yields of Treasury securities
MY-2 -Average yields of long-term Treasury, corporate, and municipal bonds by period
Chart-Average yields of long-term Treasury, corporate, and municipal bonds
66
67
69
FEDERAL AGENCIES' FINANCIAL REPORTS
FA-1 -Direct and guaranteed loans
Chart— Direct and guaranteed loans
71
74
INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1
I
— US
77
reserve assets
FS-2 -Selected US,
liabilities to
78
foreigners
IFS-3— Nonmarketable U.S. Treasury bonds and notes issued
IFS-4— Trade-weighted index
to official institutions
of foreign currency value of the dollar
and other residents
of foreign countries
78
79
CAPITAL MOVEMENTS
LIABILITIES
TO FOREIGNERS REPORTED BY BANKS
CM-l-1 -Total
liabilities
IN
THE UNITED STATES
82
by type of holder
83
Chart. -Liabilities to foreigners
84
CM-l-2. -Total
liabilities
by type, payable
CM-l-3. -Total
liabilities
by country
85
CM-l-4. -Total
liabilities
by type and country
86
in
dollars
CLAIMS ON FOREIGNERS REPORTED BY BANKS
IN
THE UNITED STATES
CM-ll-1. -Total claims by type
87
Chart— Claims on foreigners
88
Contents
Page
89
CM-ll-2. -Total claims by country
CM-ll-3. --Total claims
SUPPLEMENTARY
on foreigners by type and country reported by banl<s
LIABILITIES
CM-lll-1 .-Dollar claims
in
the United States
AND CLAIMS DATA REPORTED BY BANKS
IN
90
THE UNITED STATES
on nonbank foreigners
91
AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
THE UNITED STATES
LIABILITIES TO,
IN
CM-IV- 1 -Total
liabilities
and claims by type
CM-IV-2.-Total
liabilities
by country
93
CM-IV-3. -Total
liabilities
by type and country
94
92
CM-IV-4.-Total claims by country
95
CM-IV-5.-Total claims by type and country
96
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 domestic securities by type
CM-V-2. -Foreign purchases and sales
of
long-term foreign securities by type
CM-V-3.-Net
foreign transactions
Chart-Net purchases
in
of long-term
IN
97
97
long-term domestic securities by type and country
98
99
domestic securities by selected countries
CM-V-4. -Foreign purchases and sales
of long-term securities,
by type and country
100
CM-V-5. -Foreign purchases and sales
of long-term securities,
by type and country
101
FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS
FCP-l-1 -Nonbanking firms' positions
1
FCP-l-2.-Weekly bank positions
103
03
CANADIAN DOLLAR POSITIONS
04
FCP-ll-1 .-Nonbanking firms' positions
1
FCP-ll-2.-Weekly bank positions
104
GERMAN MARK POSITIONS
FCP-lll-1. -Nonbanking firms' positions
FCP-lll-2 -Weekly
bank positions
105
105
JAPANESE YEN POSITIONS
FCP-IV-1 -Nonbanking
firms' positions
FCP-IV-2. -Weekly bank positions
106
106
SWISS FRANC POSITIONS
FCP-V-1 -Nonbanking
firms' positions
FCP-V-2.-Weekly bank positions
107
107
VI
Contents
Page
STERLING POSITIONS
FCP-VI-1 .--Nonbanking
firms' positions
1
U.S.
08
108
FCP-VI-2.-Weekly bank positions
DOLLAR POSITIONS ABROAD
FCP-VII-1. --Nonbanking firms' foreign subsidiaries' positions
109
FCP-VII-2. --Weekly bank foreign office positions
109
EXCHANGE STABILIZATION FUND
ESF-1. -Balance sheet
112
ESF-2— Income and expense
112
SPECIAL REPORTS
CONSOLIDATED FINANCIAL STATEMENTS OF THE UNITED STATES GOVERNMENT, FISCAL YEAR
U.S.
CURRENCY AND COIN OUTSTANDING AND
IN
CIRCULATION
1990 (EXTRACT) ....
116
1
25
1
Glossary
127
Votes
Details offigures
may
r represents Revised,
not add
to totals
p Preliminary,
because of rounding.
n.a.
Not available.
VII
Nonquarterly Tables and Reports
For the convenience of the Treasury
Bulletin user, nonquarterly tables
and
reports are listed below along
with the issues in which they appear.
Issues
Winter
Spring
Summer
Fall
Federal Fiscal Operations
FFO-4. --Summary of internal revenue collections by States and other areas
Capital
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
States
Trust
Liabilities
and Other Financial Commitments
Government
of the United
V
Fund Reports:
Airport
and airway
Asbestos
trust
V
V
V
trust fund
fund
Black lung disability trust fund
Civil
and
service retirement
disability
fund
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
V
Highway
"V
Inland
trust
fund
watenways
trust
fund
Leaking underground storage tank
National service
life
trust
fund
V
V
insurance fund
Nuclear waste fund
v
Railroad retirement account
Reforestation trust fund
V
V
Unemployment trust fund
Investments of specified trust accounts
V
TREASURY ISSUES
Moderate Growth Projected
for U.S.
Economy
Sidney L. Jones
1
he
economic
forecast
prepared
by
Bush
the
last
January projected a resumption of
moderate economic growth by mid-1991. (An updated
forecast to be released in mid-July will reflect only slight
revision.) Various reports of economic activity indicate that a
turnaround has begun as the U.S. economy gradually
recovers from its ninth postwar recession. The precise date
when the recession ended and growth resumed cannot be
determined until more information becomes available, but
improving consumption and investment statistics indicate
Current Outlook
administration
that the original forecast of
annual
real
growth
3-percent zone during the next 6 months
is
in
may
accelerate faster than
create sustained growth beyond the
activity,
but the most likely prospect
and lower
inflation
is
that
the
1990-91
economic
ended during the
the United States probably
Moderate growth at a 2- to
last 6 months of this year
and at a slightly faster pace in 1992 was projected in the
January Government forecast and repeated with minor revisions in July. More recent private forecasts show a comsecond quarter
of
1991.
3-percent annual rate during the
the 2- to
expected or
initial
is
in
a reasonable
estimate. Surprises are possible, of course, and the current
recovery
The consensus view
recession
surge
fail
of
to
new
a gradual recovery
extending into 1992.
The consensus view
is that the 1990-91
economic recession in the United States
probably ended during the second quarter
of 1991.
Background of the Current Economic Situation
parable path. Indeed, the Blue Chip consensus forecast of
The record peacetime expansion, which lasted from
November 1982 through July 1990, was based on a
combination of factors: 80 million "baby boomers"-children
born between 1946 and 1965-increased the labor force and
demand for housing and consumer goods
and services; increased government spending at all levels
and tax policy changes designed to encourage investment
and growth provided fiscal stimulus; monetary policies
became more accommodative as the double-digit inflation
rate of the late-1970s and early- 1980s was reduced; and
international economic growth created trade and investment
accelerated the
opportunities.
By the summer
of 1990, after
almost 8 years of growth,
unwanted shock. The
subsequent erosion of consumer, business, and government
spending caused a moderate decline in the real output of
goods and services, the gross national product, during the
last 3 months of 1990 and the first 3 months of this year.
(See chart 1. Shading indicates recession periods.) Much of
that decline was concentrated in consumer spending for
price increases provided the
durable goods, particularly
new
Consumer spending
opportunities
moderation of
inflation
power.
Purchases
personal
care,
has
has helped
of
begun
increased
services
transportation,
in
to
improve
May
and
as
the
to restore real purchasing
such as medical care,
household
operations,
even during the recession. Retail sales of durable and
nondurable goods, including new cars, have strengthened
following the disappointing results of last winter. Future gains
are
likely to
be
relatively
modest, however, because
of the
low personal saving rate, continued consumer reluctance to
add more debt, and the sluggish pace of prospective job and
income gains.
automobiles, residential con-
commercial and public construction projects, and in
a sharp reduction in business inventories and new orders.
Underlying the downturn in economic activity was a major
decline in consumer and business confidence.
struction,
•
employment
education, personal business, and recreation have held up
it
oil
released in early June is little different
1991 than the administration's January forecast. (See
chart 2, which also contains the Congressional Budget
Office's January forecast.) This cautious optimism about the
near-term outlook is based on several recent developments.
well
was apparent that the U.S. economy had slowed and had
become vulnerable to an external shock. The Gulf War and
related
some 50 economists
for
777/s article was prepared by the Assistant Secretary of the
Treasury for Economic Policy for a special July 4, 1991, edi-
tion of The
Japan Times.
ECONOMIC POLICY
New
•
housing starts and permits
improved in
demograpfiic trends
montfis
recent
fiave
for future
building
long-term
aithougfi
probably prevent any rapid recovery
will
of residential construction
back
to
loans,
particularly
officials
construction
for
have attempted
Government
projects.
to alleviate "credit
crunch" problems
by clarifying regulatory guidelines and encouraging lenders
"make good loans to good borrowers." In general, existing
Government policies are focused on encouraging economic
to
prerecession levels.
growth.
• Businesses plan to increase outlays
equipment
for the
results, following
remainder
plant
for
of this year, according to
a sharp drop
in
capital
spending
in
and
survey
the
first
Economic Policy Context
quarter.
• Net export gains are the most dynamic part of the U.S.
economy as exports have continued
grow while the recent
income inflows and
services surpluses now exceed the narrowing merchandise
recession
trade
reduced
imports.
to
Positive
deficit.
The imbalance of inadequate national
savings compared with the need for increased investment to improve productivity must be corrected.
Recent economic statistics have signaled the beginning
moderate cyclical expansion in the United States.
However, economic policies also must consider longer term
issues. The imbalance of inadequate national savings
compared with the need for increased investment to improve
productivity must be corrected. The financial system must be
upgraded and strengthened to meet the evolving needs of a
dynamic economy. Economic planning must emphasize
long-term priorities. Structural adjustments are needed
throughout the U.S. economy to prepare to compete in the
integrated world economy.
of
a
Government
policies have responded to these
emphasizing actions to stimulate
economic growth and reduce inflation.
U.S.
long-term
First,
issues
by
the bipartisan Budget
Summit agreement
of
1990
establishes goals and firm guidelines to reduce prospective
Federal budget
• Inventory-to-sales ratios remain
relatively
low for this
stage of the business cycle, suggesting that any recovery of
new orders
will
lead
Industrial production
improve during
April
to
increased production schedules.
and new orders
and May.
for
discipline
administration
Second, monetary
Government spending guidelines have apparently
new Federal spending, and recent operating
deficits in many State and local government budgets have
restricted new spending initiatives.
•
Inflation
pressures have declined since
February
last
energy prices has been reversed. The
Consumer Price Index has risen at only a 2,7-percent annual
rate during 1991, and near-term prospects for the Producer
Price Index are encouraging. Total crude materials prices
have actually declined in recent months. There has been a
leveling off of wage gains during the last year, and some
productivity gains should occur as the pace of economic
activity
of
inflation
riod
credit
to
committed
officials
and
to
new
Bush
the
fulfilling
the
have controlled the growth
of
prevent a return of the disruptive
pressures that occurred during the "stagflation" pelate-1970s and early-1980s. As the temporary
of the
distortions created by the
oil
summer
price increases last
have been reversed, various measures of inflation have
improved. This has enabled the Federal Reserve System to
support the resumption of economic growth by cutting
short-term interest rates and increasing the growth rate of
monetary aggregates to a level near the middle of their
target zones. (See chart 3.)
the
Third,
comprehensive
Government
U.S.
legislation to
is
currently
developing
reform the financial system,
while continuing to correct the problems created
widespread
by the
failure of financial institutions.
improves.
Future success
will
• Monetary officials have acted to cut short-term interest
rates
firmly
is
process,
durable goods did
constrained
as the sharp runup
budgeting
deficit-reduction targets.
money and
•
This program has introduced a
deficits.
the
in
and increase the pace
Nevertheless,
problems
of
there
is
of
money supply
considerable
prospective borrowers
in
growth.
concern
about
obtaining
new bank
the
in
achieving these three policy
contribute to the long-term goals of promoting
growth and avoiding the return
world's largest
prosperity
in
initiatives
economic
of destructive inflation in the
economy, thereby contributing
to
growth and
other nations as international trade and invest-
ment increase.
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Abstracts of Recent Taxation Studies
Property and Casualty Insurance
Treasury's "Report to the Congress on Property and
Casualty Insurance Company Taxation" was released on
April 30, 1991. The report studies the current tax treatment
of policyholder dividends paid by mutual property and
casualty insurance companies in order to determine the
appropriateness of limiting the deductibility of such dividends
and similar distributions. The report concludes that such
Company Taxation
dividends should be fully deductible in order to provide equal
corporate-level tax treatment of equitylike returns to mutual
and stock company investors. The report further concludes
that the imposition of a corporate-level proxy tax to offset the
disparity
in
treatment of policyholders and shareholders
at
the individual level would impose a significant compliance
burden but not
yield significant
revenues.
Depreciation of Business-Use Passenger Cars
On
April
1991, Treasury released
30,
its
"Report to
Congress on the Depreciation of Business-Use Passenger
Cars." The report responds to a congressional mandate in
the Omnibus Budget Reconciliation Act of 1989 (Public Law
101 -239). The report recommends that the class life for such
cars under the modified accelerated cost recovery system
(IVIACRS) be changed from 3 years to 3.5 years. While the
study found significant differences in the economic lives of
Effect of the Full
In
response
to
section 9301
of the
Congress on the
Effect of the Full
its
"Report to
Funding Limit on Pension
on May 31, 1991. The report studies the
effects of the new full funding limit imposed by the section
9301 amendments on benefit security under qualified
defined benefit pension plans. The report concludes that the
effects are likely to be small, but may have an uneven impact
Benefit Security"
limit
the
allowable
depreciation
deductions for business
passenger cars.
Funding Limit on Pension Benefit Security
Omnibus Budget
Reconciliation Act of 1987, Treasury released
passenger cars and nonfleet passenger cars, Treasury
does not recommend establishing separate MACRS asset
classes for business passenger cars based on their
ownership
or
use.
Treasury
further
makes
no
recommendations concerning current law provisions that
fleet
among employers. The
further consideration
report
includes three options for
and analysis:
maintain current law;
and reduce the
achieve revenue neutrality; and allow
election of projected liability limit with no reduction in the
current liability limit. The third option would require an
allow
election
current
of
liability limit
projected
liability
limit
to
appropriate revenue offset.
Copies of the preceding reports may be purchased (rem the National Technical Information Service, 5285 Port Royal Road, Springfield,
phone: (703) 487-4660.
VA
22161;
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
the Securities and Futures Markets." Glauber, Robert R. June 1990, pp. 3-6.
and related issues in the securities and futures markets, stressing
the importance of inlegrating the U.S. fragmented system so as to gain significant benefits in innovation,
enforcement, coordinated market mechanisms, and globalization.
"Issues
A
in
discussion on regulatory fragmenlation
Economic Policy
Revenue Effects
"Direct
of
Capital
Evidence, The." Darby, Michael
R.,
Gains Taxation: A Reconsideration of the Time-Series
Robert Giiiingham, 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 revenue 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.
"Need
for
Reform
Remarks by
and markets
the Financial Markets, The." Brady, Nicholas F. March 1991, pp. 3-6.
on the administration s plan for establishing strong financial services
a changeable technological environment through legislation, fundamental reforms, and
in
the Secretary of the Treasury
in
modernization.
"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
Reform, Recovery, and Enforcement Act of 1989.
"Role of Saving
A
in
a
Dynamic
U.S.
it
relates to provisions in the Financial Institutions
Economy, The." September 1990, pp.
report on the declining U.S. savings rate
and
its
3-6.
negative impact on investment and productivity growth in the
United States.
"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.
title,
10
TREASURY ISSUES INDEX
"Some Economic Aspects
December 1990,
of
the
U.S.
Health
Care
System."
Summary. Duggan, James
E.
pp. 3-5.
A report on evolving characteristics of health care and
governmeni regulation.
their
implications for public sector finance and
Fiscal Service
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.
'Status
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
in
the quality of
debtor countries.
Toward Direct Foreign Investment." Robson, John E. March 1990, pp. 4-7.
An exploration into the position that 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.
of research studies pertaining to importarU contemporary and anticipated tax policy issues, particularly
related to the 1986-7 tax reform effort.
A
listing
Tax Reform Act of 1986 on Commercial Banks, The." Excerpted. Neubig, Thomas
A. Sullivan. June 1988, pp. 3-7.
and
Martin
S.,
An analysis of the overall effect of tax reform on the banking industry, which, the study concludes, benefits from
"Effect of the
tax reform.
"Impact of the Tax Reform Act of 1986 on Trade and Capital Flows, The." Excerpted. Grubert,
and John Mutti. March 1988, pp. 5-8.
analysis of the international implications of tax reform, based on a general equilibrium model of the United
States and the rest of the world.
Harry,
An
11
TREASURY ISSUES INDEX
"New Estimates of
Data." Summary.
Capital Gains Realization Behavior: Evidence from Pooled Cross-Section
Gillingham, Robert, John S. Greenlees, and Kimberly D. Zieschang.
September 1989, pp. 4-5.
A paper developing and 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.
"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
revenue, incentives for noncorporate versus corporate investment, and individual marginal tax rates on different
types of income from noncorporate business.
Operation and Effect of the Domestic International Sales Corporation Legislation: July
June 30, 1983. June 1988, page 8.
An announcement of the Department
of the Treasury's release of the
1
1,
1981, to
on domestic
on part of their
1th report in a series
international sales corporations, special corporations eligible for deferral of Federal income tax
export profits.
Report on Tax Issues Relating to the 1988/89 Federal Savings and Loan Insurance Corporation
Assisted Transactions. June 1991, pp. 3-10.
An
analysis of tax issues posed by the financial assistance agreements of 1988/89 between the Federal
Government and 91 surviving
thrift institutions.
"Tax Expenditure Budget Before and After the Tax Reform Act of 1986, The." Excerpted. Neubig,
Thomas S., and David Joulfaian. 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
A
5.
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 tax 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.
Taxation Studies, Abstracts of Recent. June 1991, pp. 11-12.
Summaries of reports on tax benefits to persons associated with an international boycott, financial assistance
agreements of the Federal Government and surviving thrifts, transfers of income tax liabilities to Social Security
and retirement trust funds, minimum participation requirements on Government contractors, and classification of
workers
in technical fields for
Federal tax purposes.
12
TREASURY ISSUES INDEX
"Trends
in
Corporate Tax Receipts." Rosen, Harvey
S.
June 1990, pp.
7-8.
discussion of recent trends in corporate lax receipts, the importance of the corporate tax in foreign
countries, and the effect of the Tax Reform Act of 1986 on corporate tax receipts.
A
FINANCIAL OPERATIONS
15
Profile of the
Economy
GROWTH OF REAL GROSS NATIONAL PRODUCT
Percent
Change
4th Qtr. to 4th Qtr., Quarterly Annual Rate
m
!
-1
-^
'
'
16
Profile of the
June, the
$235
deficit totaled
1991, the deficit
was $177
Economy
$192 billion excluding outlays as part of tfie savings and loan
compared with about $163 billion a year earlier.
billion, or
billion,
situation.
For the
first
9 months
of fiscal
FEDERAL OUTLAYS AND RECEIPTS
AS A SHARE OF GROSS NATIONAL PRODUCT
Percent of
I
I
I
I
I
I
1956
1953
1950
I
GNP;
I
I
I
1959
FY 1992 Midsession Budget Review
Projections 1991-96 from
I
I
I
I
I
I
1965
1962
I
I
I
I
I
I
1971
1968
I
I
I
1974
I
I
I
I
I
I
1977 1980
I
I
I
1983
I
I
I
I
I
I
I
1989
1986
I
I
I
I
I
1995
1992
FISCAL YEARS
The
percent
in
Federal budget outlay share of
the 1980s
It
is
GNP
averaged approximately 19 percent during the
projected to reach a postwar high of 25 percent
in fiscal
postwar years, then rose
earlier
to
23
1992, including spending to deal with the savings and loan
situation The share declines to 20 2 percent by 1996, based on budget projections Receipts were equal
and are projected to stay at 19 percent in the current fiscal year and to rise to 19.4 percent by 1996
to
19
1
percent of
GNP
in fiscal
1990,
1
PERSONAL SAVING
Household Saving as a Percent
I
1950
1955
I
I
I
I
I
1960
I
1965
I
I
of After-Tax
I
I
I
Income, Tfirougfi
I
1970
I
1975
I
I
1980
I
1991
First Half
I
I
I
I
1985
I
1990
The personal saving rate rose from a post-Depression low of 2.9 percent in 1987 to 4 6 percent in both 1989 and 1990, but
remained well below the 6.7-percent long-term average Saving appeared to be rising in early 1990, averaging 4.9 percent in the first half of the
year. However, in the second half
dropped to only 4 2 percent as the slowing economy and increasing inflation reduced real incomes. The
rate dipped to 3 7 percent in the second quarter of 1991 allowing only a 4-percent average tor the first half of the year.
it
,
17
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.
following major categories: (1) budget receipts and (2) offsetting
collections. Budget receipts are collections from the public that result
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
from the exercise of the Government's sovereign or governmental
powers, excluding receipts offset against outlays. These collections,
also called governmental receipts, consist mainly of tax receipts
(including social insurance taxes), receipts from court fines, certain
licenses, and deposits of earnings by the Federal Reserve System.
Refunds of receipts are treated as deductions from gross receipts.
1950 (31
The
first
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
flece/pfs.-Receipts reported
in
the tables are classified into the
daily reports
States Government.
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 research,
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).
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 otheoA^ise lapse.
Ouf/ays.-Obligations generally are liquidated by the issuance of
checks or the disbursement 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, debentures, notes, monetary credits, or electronic payments. Refunds of
collections generally are treated as reductions of collections, rather
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
Offsetting collections are from other
Government accounts or
the public that are of a business-type or market-oriented nature.
They are
two major categories: (1) collections credited
fund accounts, and (2) offsetting receipts (i.e.,
amounts deposited in receipt accounts). Collections credited to
appropriation or fund accounts normally can be used without
appropriation action by Congress. These occur in two instances: (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.
classified into
to appropriations or
cannot be used without
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
Offsetting receipts
tieing appropriated.
in
receipt accounts
They are subdivided
into
totals.
transactions
are
subdivided
into
three
Intrabudgetary
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 agency. There are four
types of receipts, however, that are deducted from budget totals as
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
Offsetting receipts are generally
and outlays by
function, by subfunction, or
budget).
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
certain off-budget Federal entities onto the budget. Under current
law, the off-budget Federal entities consist of the two Social
Off-budget Federal
the
unified
18
FEDERAL FISCAL OPERATIONS
Security trust funds, Federal old-age
Federal disability insurance.
The off-budget Federal
entities
controlled, but their transactions are
under provisions of law.
outlays,
and surplus or
When an
deficit
and
survivors insurance
are
owned and
federally
excluded from the budget
entity is off-budget,
are not included
in
and
its
and net miscellaneous
receipts by source.
Table FFO-3."On-budget and Off-budget Outlays by Agency
totals
Congress
receipts,
budget receipts,
budget outlays, or the budget deficit; its budget authority is not
included in the totals of budget authority for the budget; and its
[usually]
provides
budget
authority
which
is
the form of appropriations, then Federal agencies
obligate the Government funds to make outlays. The amounts in this
table represent a breakdown of on-budget and off-budget outlays by
[generally]
in
receipts, outlays, and surplus or deficit ordinarily are not subject to
the targets set by the congressional budget resolution.
agency.
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."Summary of Internal Revenue Collections by States and
Government instead
of the
table
summarizes the amount
of
receipts,
total
outlays, total surplus or deficit, transactions in Federal securities
monetary
assets,
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.
on-budget amounts alone.
Table FFO-l.--Summary of Fiscal Operations
This
Other Areas
and transactions and balances
in
total
and
Treasury
Fiscal year collections span several tax liability years because
they consist of prepayments (e.g., estimated tax payments and taxes
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.
also important to note that these data do not necessarily
Federal tax burden of individual States. The amounts are
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
It
is
reflect the
Table FFO-2.--On-budget and Off-budget Receipts by Source
Budget receipts are taxes and other collections from the public
from the exercise of the Government's sovereign or
governmental powers. The amounts in this table represent income
that result
taxes, social insurance taxes, net contributions for other insurance
and retirement, excise taxes, estate and
gift
taxes,
customs
duties,
taxes from a principal office rather than other States where income
or where individual income and Social Security taxes
were withheld. In addition, an individual may reside in one State and
was earned
work
in
another State.
19
FEDERAL FISCAL OPERATIONS
Budget Results for the Third Quarter, Fiscal 1991
Summary
The Federal budget was in deficit by $25.7 billion in the
quarter of fiscal 1991, compared with a deficit of $11.8
third
billion in the corresponding quarter a year earlier. This
widening of the deficit came despite nearly $12 billion in
cash contributions to the Defense Cooperation Account
(designed to compensate for U.S. outlays incurred during the
effort in the Middle East this past winter) and also despite a
$14 billion reduction in deposit insurance outlays. The latter
was due entirely to reduced spending by the Resolution
Trust Corporation.
For the
first
three quarters of the current fiscal year, the
$177.5 billion, compared with $162.6 billion a
year earlier. Deposit insurance outlays were down from a
year earlier by $11 billion, and contributions to the
Middle-East effort of $38.9 billion were only partly offset
during the period by higher defense spending associated
with the effort. A significant portion of cash outlays resulting
from the Desert Storm operation will occur during coming
fiscal years when materials and supplies expended during
that effort are replaced. For the entire fiscal year, the deficit
is
now projected at $282.2 billion, according to the
midsession review of the budget, released in mid-July. A
major portion of the expected increase from the $177.5
billion so far in the year is predicated on sharply stepped-up
deficit totaled
outlays for deposit insurance.
Receipts in the third fiscal quarter fell by 3.8 percent from
corresponding quarter a year earlier. This primarily
reflected a drop in individual tax payments, net of refunds,
around the April 15 deadline as well as a drop in both
individual and corporate quarterly income tax payments for
June. Deposits of Federal Reserve bank earnings also fell,
reflecting the impact of exchange rate movements on the
value of their asset holdings. Withheld income and
employment taxes rose by only a narrow 1.7 percent from a
the
Pn
year earlier
in
response
impact of the
to the
wage and
salary income. For the
fiscal year, receipts increased by
and were projected
earlier
first
1
.6
the midsession review to rise
in
income
security
payments
(including
trend
family
that
support
predates
the
recession.
payments rose by 25.7 percent
millions]
$307,329
227.024
Oft-budget receipts
60.304
333.004
On-budget outlays
277.164
Ott-budget outlays
55,839
Total surplus (+) or deficit
On-budget surplus
Oft-budget surplus (*) or
Means
-25,675
(-)
(-)
-50,140
deficit (-)
4-24,465
(+) or deficit
of financing:
Borrowing from
Reduction
of
ttie
public
operating cash, increase
43,058
(-)
Other means
Total on-budget
-11,582
-5,801
and oH-budget financing
support
in
defense
outlays
Cooperation Account were up by 5.3 percent, while net
interest payments increased by 7.4 percent.
During the first 9 months of the fiscal year, total outlays
rose by 2.9 percent (8.6 percent excluding deposit insurance
and the Defense Cooperation Account). In the midsession
budget review, the rise in outlays for the entire fiscal year
was projected at 7.9 percent (10.2 percent excluding deposit
insurance and the Defense Cooperation Account).
earlier,
On-budget receipts
Total outlays
Agricultural
the quarter from a year
exclusive
of
the
Defense
Actual fiacal
Budget estimatea
year to date
(July 1991)
resutla:
Total receipts
unemployment
payments, food stamps, etc.)
increased 14.7 percent. Such increases can be attributed to
a combination of the lingering effects of the recession and a
trend toward increased reliance on "safety net" programs-a
insurance,
full fiscal
and off-budget
economy on
by 3.6 percent for the entire fiscal year.
Outlays rose by only 0.6 percent in the third fiscal quarter
from a year earlier. Major factors holding down the increase
were a decline in deposit insurance outlays and the inflow of
funds to the Defense Cooperation Account (treated as
negative defense outlays in budget accounting). Excluding
deposit insurance and the Defense Cooperation Account,
outlays were up by 9.2 percent from the third fiscal quarter of
1990.
Large increases were recorded for income support
areas-spending for the health function (including Medicaid)
jumped 23.4, Medicare payments rose 9.9 percent, and
April-June
Total on-budget
soft
three quarters of the
percent from a year
25.675
$789,896
1991
20
FEDERAL FISCAL OPERATIONS
Second-Quarter Receipts
budget receipts, by source, for the second quarter of fiscal 1991
the spring issue of the Treasury Bulletin. At the time of that Issue's
available to analyze adequately collections for the quarter.
The following capsule analysis
supplements fiscal data earlier reported
release, not
enough data was
Individual
were $90.1
of
in
income taxes.-lndividual income
billion for
tax receipts
the second quarter of fiscal 1991. This
no change from the second quarter of fiscal 1990.
Contributions are expected to remain flat over the next few
quarter for fiscal 1990. Withheld receipts were
years as the number of employees covered by the Federal
employees' retirement system grows slowly relative to those
covered under the civil service retirement system.
Corporate income taxes. --Net corporate receipts for the
second quarter of fiscal 1991 totaled $19.1 billion. This was
$2.1 billion higher than the second quarter of fiscal 1990.
The $2.1 billion was comprised of $1.5 billion more in
estimated and final payments and $0.6 billion less in refunds
Excise taxes.—Excise tax receipts for the January-March
1991 quarter were $9.7 billion, compared with $7.7 billion for
the comparable quarter of fiscal 1990. The increase of $2
billion over the prior year level resulted from the combination
of a significant (24.6 percent) increase in gross receipts and
a slight decline in refunds. The increase in gross receipts
primarily reflected increased excise tax rates and broadened
excise tax bases enacted as part of the Omnibus Budget
Reconciliation Act of 1990.
from the comparable
down $5.7
billion for this period. Nonwithheld receipts decreased $0.9
billion from the comparable quarter of fiscal 1990, while
refunds increased by $0.8 billion.
represented a decrease of $7.5
billion
paid to corporations.
Employment taxes and contributions.-Employment
taxes and contribution receipts for the January-March 1991
quarter were $98.7 billion, an increase of $8.1 billion over the
comparable prior year quarter. Receipts to the old-age and
survivors insurance, the disability insurance, and the hospital
insurance trust funds increased by $5.8 billion, $0.6 billion,
and $1.7 billion, respectively. Of the total increase from the
prior year, $6.2 billion was due to differences in accounting
adjustments for previous years, and $1.9 billion reflected the
estimated
difference
in
liability
for
the
January-March
in
the previous year.
Customs duties.-Customs
receipts
the second quarter of fiscal 1991. This
were $3.8
was a
billion for
decrease
a decrease in
slight
from the comparable prior year period due to
imports.
quarter.
Unemployment insurance.-Unemployment
insurance
quarter were $2.7
This represented a decline of $0.5 billion from the
receipts
billion.
Estate and gift taxes.-Estate and gift tax receipts were
$2.5 billion in the January-March quarter of fiscal 1991. This
represented a decline of $0.1 billion over the previous
quarter and an increase of $0.3 billion over the same quarter
for
comparable
the
January-March
1991
prior year period.
Miscellaneous receipts.-Miscellaneous receipts for the
second quarter of fiscal 1991 decreased by $0.7 iDillion from
the comparable prior year period to $5.4 billion. Deposits of
Federal Reserve earnings decreased by $0.8 billion, while
other miscellaneous receipts increased slightly.
Contributions
retirement. -Contributions for
billion for
insurance
and
other retirement were $1.1
other
for
the second quarter of fiscal 1991. This represented
Second-Ouarter Fiscal 1991 Net Budget Receipts, by Source
[In billions o! dollafs|
Source
Individual
income taxes
50.9
Corporate income taxes
Employment taxes and contributions
Unemployment insurance
Contributions lor other insurance and
Excise taxes
Estate and
Customs
gill
taxes
duties
Miscellaneous receipts
Total budget receipts
January
retirement
February
21
FEDERAL FISCAL OPERATIONS
Table FFO-1 .--Summary of Fiscal Operations
[In
millions of dollars. Source: Monthly Treasury
Statement of Receipis and Outlays
of Ihe
United States Government]
Means
of financing
-net transactions
Total on-budgel and off-budget results
Fiscal year
Total
On-budgel
Off-budget
Total
On-budget
Off-budget
Total
On-budgel
Off -budget
or montfi
receipts
receipts
receipts
outlays
outlays
outlays
surplus
or
surplus
or
surplus
or
deficit
deficit
deficit
(-)
(-)
(-)
Borrowing from
public-FederaJ
securities
Public
debt
securities
(1)
1986'
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
tfie
22
FEDERAL FISCAL OPERATIONS
MONTHLY RECEIPTS AND OUTLAYS
FISCAL YEAR 1991
On-budget Receipts
Off-budget' Receipts
bn-budget Outlays
bff-bu"dget~Outlays
23
FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source
[In
millions of dollars. Source: Monthly Treasury
Statement
of
Receipts and Oullays of the United Slates Government]
Income taxes
Social insurance
taxes and contributions
Corporation
Individual
Net
Fiscal year
or
income
month
Hefunds
Gross
Refunds
Net
Enployment taxes and
Old-age,
disability,
hosprtai insurance
Gross
1986'
19871
19881
19891
1990
314.803
322,463
341,435
361,387
390,480
1
1991 (Est.)
1992(Esl.)
1990 -June
n.a.
n.a.
31,469
July
32,211
Aug
34,610
30,806
37,777
27.505
44,560
29.390
32.737
Sept
Oct
Nov
Dec
1991 -Jan
Feb
Mar
Apr
May
June
Fiscal 1991 to date
X.47B
36.428
36.958
27.449
303.282
106.030
contributions
taxes
Refunds
and
24
FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source-Continued
[In
millions of dollars]
Social insurance
Excise taxes
laxes and
contfibutions--
Alrpon and ainvay
trust
lund
Continued
Fiscal year
or month
Net
Gross
Retunds
Net
Black luna
trust (una
Gross
Highway
disability
Gross
Refunds
social
insurance
laxes and
contri-
butions
19ae
1987
1988
1989
1990
1991
(Est.)
1992
(Est.)
1990
June
July
Aug
Sepi
Oct
Nov
Dec
1991 -Jan
Feb
Mar
Apr
May
June
Fiscal 1991 to date
8
6
6
283.901
303.319
334.335
359.416
380.048
2.743
3.066
3,195
4,117
3,718
401,955
429,363
n.a.
n.a.
n.a.
n.a.
34,326
29,610
32,047
31,010
26,598
33,723
25.480
39.604
29.872
33.046
42.478
34.646
34.758
206
320
448
3
193
8
368
376
401
625
2
185
282
354
347
382
481
363
376
401
623
300,105
3,619
10
3,609
282
354
347
384
481
452
18
-
•
2
-
6
-
2.736
3.060
3.189
3.664
3.700
547
572
594
663
665
4,964
6.585
203
320
448
56
52
49
68
63
51
52
67
51
52
54
59
56
547
tfusi
fund
Refunds
Miscellaneous
Net
Gross
Refunds
Net
25
FEDERAL FISCAL OPERATIONS
BUDGET RECEIPTS BY SOURCE THROUGH THIRD
QUARTER OF FISCAL YEARS 1990 AND 1991
Source: Monthly Treasury Statement of Receipts and Outlays
of the
United States Government
360
Individual
Income
Corp. Income
Social Insurance
Excise
Estate and Gift
Customs Duties
TAXES AND OTHER RECEIPTS
Misc. Receipts
28
FEDERAL OBLIGATIONS
are the basis on which the use of funds is
the Federal Government. They are recorded at the point
"Obligations"
controlled
in
order, but the order
private
itself
usually
causes immediate pressure on the
economy.
which the Government makes a
firm commitment to acquire goods
and are the first of the four key events-order, delivery,
payment, and consumption-which characterize the acquisition and
at
or services
use of resources In general, they consist of orders placed, contracts
awarded, services received, and similar transactions requiring the
disbursement of money.
Obligations are classified according to a uniform set of
categories based upon the nature of the transaction without regard to
ultimate purpose. All payments for salaries and wages, for
its
example, are reported as personnel compensation, whether the
personal services are used in current operations or in the construction of capital items.
The
point
in
obligational stage of
gauging the impact
Government transactions
of
a strategic
the Government's operations on the
is
frequently represents for business firms
economy, since
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
national
it
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
the Government. Table FO-2 shows only those incurred outside.
so, the "buying"
Table FO-1 .--Gross Obligations incurred Within and Outside the Federal Government
by Object Class, as of iVIar. 31, 1991
[In
millions of dollars. Source:
Slandard Form 225, Report on ObligaTions. Irom agencies]
Gross obligations Incurred
Obiect class
Outside
Within
Total
Personal servjcee and benents:
Personnel compensation
Personnel benelits
Benefits for former personnel
75.957
6,287
76,957
24.731
555
555
Contraclual aervicea and auppliea;
Travel and transponation of persons
Transportation of things
Rent, communications, and ulilities
Printing and reproduction
Other sen/ices
Supplies and materials
369
3,049
4,697
7,334
.
.
3,418
6,042
10,463
1,345
3.129
494
338
832
88.293
37.614
35,294
17,253
123,587
54,867
28,680
6,063
11,797
4,276
2,002
32,956
8,065
11.832
Acquiaition of capital aasets:
Equipment
Lands and structures
Investments and loans
Grants
ar>d fixed
35
charges:
Grants, subsidies, and contributions
Insurance clainns and indemnities
Interest and dividends
.
.
.
.
106,262
249.312
116.339
Refunds
18,556
124,818
249,332
164,265
20
47.926
•2,570
•2,570
Other:
Unvouchered
Undistributed U.S. obligations
Gross obligations incurred
529
629
8.905
11,297
151.379
'
For Federal budget presentation a concept of "net obligations Incurred" is generally used.
This concept eliminates transactions within the Government and revenue and reimburse^
ments 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,
Offsetting receipts
Net obligations incurred
etc.
•145,488
•139.126
29
FEDERAL OBLIGATIONS
Table FO-2.--Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of Mar. 31, 1991
[In
millions of dollars. Source:
Standard Form 225. Report on Obligations. Irom agencies]
Personal services and benefits
Classification
Contractual services and supplies
32
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 banl<s 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 Fedwire 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
to
financial Institutions throughout the country authorized
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
Under
authority of Public
a program on Nov.
manner
in
which they
will
participate
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
in
the Treasury's account at Federal Reserve banks participate under
the Remittance Option.
to tax
THE ACCOUNT OF THE
business under a
U.S.
TREASURY
procedure applicable
uniform
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
financial institution
On
occasion, to the extent authorized by
the Treasury, financial institutions are permitted to deposit in these
accounts proceeds from subscriptions to public debt securities
entered for their own account as well as for the accounts of their
customers. Also, Treasury can direct the Federal Reserve banks to
invest excess funds in these accounts directly from its account at the
Federal Reserve banks.
2,
financial institutions select the
Deposits
IN
TREASURY
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 ol dollars. Source: Financial
Managemenl
Service]
Credits and withdrawals
Tax and loan note accounts
Federal Reserve accounts
or
Proceeds Irom sales
Credits
Fiscal year
of securities
'
Withdrawals
Taxes
month
Received
Received
Marketable
Nonma/ketable
directly
through remittance option
issues
issues
tax
and loan
depositaries
2,174,675
2,187,404
2,232,635
2,317,060
2,676,047
1986
1987
1988
1989
1990
1990 -June
July
Aug
Sept
Oct
Nov
Dec
1991 -Jan
Feb
Mar
Apr
May
June
203,150
221,863
278,678
201,197
253,980
262,499
232,176
260,919
231,979
199,719
331,750
300,808
210.824
160,163
176,401
211.230
228.699
248.820
23,303
19.554
20.452
21 ,703
21 ,072
19,322
26,684
22,845
19,556
22,663
23,408
21,580
22,765
2.331.492
2.362.190
2,439.843
2.545.328
2.930.667
226.412
240.518
301.046
219.716
276,082
283,929
254,393
264,916
256,446
236,248
352,394
329,463
228,386
76,792
53,249
76,466
62,242
1,668
1,830
1,260
1,282
426,674
"
Total
(transfers to
credits
Federal Reserve
accounts)
33
ACCOUNT OF THE
Table UST-1 .--Elements of Changes
U.S.
TREASURY
Federal Reserve and Tax and Loan Note Account Balances-Con.
in
[In
millions ot dollars]
Balances
End
of period
Fiscal year
Federal
Tax and
monlh
Reserve
loan note
or
accounts
During period
Low
High
Federal
Reserve
Federal
Tax and
Federal
loan note
Reserve
loan note
Reserve
accounts
1986
1987
1988
1989
1990
1990- June.
July
.
Aug
.
Sept.
Oct..
Nov
Dec
.
.
1991 -Jan.
Feb..
Mar..
Apr.
.
May.
June.
7.514
9,120
13.023
13.452
7,638
23,870
27,316
31,375
19,087
29,688
27,521
32.517
25,444
16.758
5,470
6.369
4,453
7,638
7,607
5,495
8.960
27,810
23,898
10,922
13,682
6,619
11,822
29,148
18,387
17,869
32,517
27,828
17.406
23,228
35,006
36,577
21,078
34,533
21,234
6.626
6,937
7,222
16,758
8.407
7.555
11.375
27,810
23,898
10,922
13,682
8,826
31.761
1 1
37,436
30.940
20.695
32.818
35,284
36,577
31,809
34,533
1
.
1
989, public debt securities, including U.S. savings bonds,
and loan note accounts.
will
no longer be
183
2,722
6.792
15.129
4,028
10,685
3,781
10,787
32.551
15,868
3,001
7,391
3,713
2.427
3.835
3.847
35,161
34,081
,822
255
183
3.743
4.649
4,453
3,919
3,658
3,272
3,394
savings notes
12,208
18,435
19.718
19.030
16,529
5,078
5,408
5,415
6.358
5,544
5.543
5,809
8,702
15,245
11,352
19,534
25.475
17.254
14.702
17,224
23,984
35,011
22,840
14,512
15,854
18,377
11,221
6,406
422
4,931
5,276
1.949
3.800
first
offered for sale as of
loan note
4.546
6,584
5,028
7,328
5,424
6.428
Includes U.S. savings bonds, savings notes, retirement plan and tax
U.S.
Tax and
accounts
3.754
2.436
851
2,698
1,980
M,722
Less than $500,000.
Represents transfers from tax and loan note accounts, proceeds from sales ot securities
other than Government account series, and taxes.
Represents checks paid, wire transfer payments, drawdowns on letters of credit,
redemptions of securrties 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 to 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.
settled through the tax
1,518
32,719
29,148
^
Effective Oct.
accounts
25,139
28,553
32.188
32.214
37.436
19,101
Average
Tax and
May
1,
and
toss bonds.
1967, and were discontinued after
June 30, 1970. Retirement plan txnds first offered for sale as of Jan. 1,1963; tax and loss
bonds first issued in March 1 968.
Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan
depositaries, as follows: Wrthheld 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 1951; a number of excise taxes
beginning July 1953; estimated corporation income taxes beginning April 1967; all
corporation income taxes due on or afler Mar. 1 5, 1 968; FUTA taxes beginning April 970.
and individual estimated income taxes beginning October 1988.
1
36
FEDERAL DEBT
Table FD-3.--Government Account Series
[In
millions of dollars. Source: Monthly
Slalement
of the Public
Debl
ol
Ihe United Stales]
37
FEDERAL DEBT
Table FD-4.--lnterest-Bearing Securities issued by Government Agencies
[In
End
of
fiscal
or
year
month
millions ot dollars. Source:
Monthly Treasury Slalemeni
of
Receipts and Outlays of Ihe United States Government and Financial
Management
Service]
40
FEDERAL DEBT
^
t
lJ->-
^<
Ujh-
41
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 of the United Stales Government]
42
TREASURY FINANCING OPERATIONS, APRIL-JUNE
APRIL
Federal Reserve banks for their
The notes
Auction of
7- Year
On April 3 the Treasury announced that would auction
$8,500 million of 7-year notes to refund $5,162 million of
notes maturing April 15, 1991, and to raise about $3,350
million of new cash. The notes offered were Treasury notes
of Series F-1998, dated April 15, 1991, due April 15, 1998,
with interest payable on October 15 and April 15 until
it
maturity. An interest rate of 7-7/8 percent was set after the
determination as to which tenders were accepted on a yield
auction basis.
Tenders
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on April 10,
1991, and totaled
$17,230 million, of which $8,534 million was accepted at
yields ranging from 7.92 percent, price 99.762, up to 7.94
percent, price 99.656. Tenders at the high yield were allotted
96 percent. Noncompetitive tenders were accepted in full at
the average yield, 7.93 percent, price 99.709. These totaled
$291 million. Competitive lenders accepted from private
investors totaled $8,243 million.
EDST
In
for
addition to the $8,534 million of tenders accepted
the auction process,
$25
million
in
2- Year
account.
of
April 30, 1996, with interest
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on April 25, and totaled $32,496
million, of which $9,057 million was accepted at yields
ranging from 7.69 percent, price 99.734, up to 7.70 percent,
price 99.694. Tenders at the high yield were allotted 84
percent. Noncompetitive tenders were accepted in full at the
average yield, 7.70 percent, price 99.694. These totaled
$550 million. Competitive tenders accepted from private
Tenders
EDST
for
investors totaled $8,507 million.
In addition to the $9,057 million of tenders accepted in
the auction process, $215 million was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $200 million was accepted from
Federal Reserve banks for their own account.
52-Week
Bills
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $216 million was accepted from
Federal Reserve banks for their own account.
Auction of
own
Series N-1996 were dated April 30, 1991,
payable on October 31 and
April 30 until maturity. An interest rate of 7-5/8 percent was
set after the determination as to which tenders were
accepted on a yield auction basis.
due
Notes
1991
and 5-Year Notes
On March 28
tenders were invited for approximately
364-day Treasury bills to be dated April
11, 1991, and to mature April 9, 1992. The issue was to
refund $9,807 million of maturing 52-week bills and to raise
about $950 million of new cash. Tenders were opened on
April 4. They totaled $32,679 million, of which $10,811
$10,750
million of
including
million
accepted,
$887
of
was
noncompetitive tenders from the public and $3,010 million of
the bills issued to Federal Reserve banks for themselves and
as agents for foreign and international monetary authorities.
An additional $185 million was issued to Federal Reserve
banks as agents for foreign and international monetary
authorities for new cash. The average bank discount rate
was 5.88 percent.
million
On
17 the Treasury announced that it would auction
$12,000 million of 2-year notes of Series Z-1993 and $9,000
million of 5-year notes of Series N-1996 to refund $10,573
million of securities maturing April 30, 1991, and to raise
about $1 0,425 million of new cash.
April
The notes
of Series Z-1993 were dated April 30, 1991,
1993, with interest payable on October 31 and
April 30 until maturity. An interest rate of 7 percent was set
after the determination as to which tenders were accepted
on a yield auction basis.
due
April 30,
MAY
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on April 24, and totaled $44,117
million, of which $12,006 million was accepted at yields
ranging from 6.99 percent, price 1 00.01 8, up to 7.00 percent,
price 100.000. Tenders at the high yield were allotted 96
percent. Noncompetitive tenders were accepted in full at the
average yield, 7.00 percent, price 100.000. These totaled
$1,317 million. Competitive tenders accepted from private
May
investors totaled $10,689 million.
The notes of Series S-1994 were dated May 15, 1991,
due May 15, 1994, with interest payable on November 15
and May 15 until maturity. An interest rate of 7 percent was
set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders
EDST
Quarterly Financing
for
In addition to the $12,006 million of tenders accepted in
the auction process, $928 million was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $577 million was accepted from
On May
1
the Treasury
announced
that
it
would auction
$11,750
$11,750
$18,976
3-year notes of Series S-1994,
million of 10-year notes of Series B-2001, and
million of 30-year bonds of May 2021 to refund
million of Treasury securities maturing May 15 and
about $1 8,025 million of new cash.
$13,500
million of
to raise
43
TREASURY FINANCING OPERATIONS, APRIL-JUNE
Tenders
1991
was accepted from Federal
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on May 7, and totaled $33,801
million, of which $13,560 million was accepted at yields
ranging from 7.07 percent, price 99.814, up to 7.09 percent,
price 99.761. Tenders at the high yield were allotted 59
percent. Noncompetitive tenders were accepted in full at the
average yield, 7.09 percent, price 99.761. These totaled
$1,080 million. Competitive tenders accepted from private
the auction process, $200 million
investors totaled $12,480 million.
On May 15 the Treasury announced that would auction
$12,250 million of 2-year notes of Series AB-1993 and
$9,250 million of 5-year notes of Series P-1996 to refund
$9,994 million of securities maturing May 31, 1991, and to
raise about $1 1 ,500 million of new cash.
EDST
In
for
addition to the $13,560 million of tenders accepted
auction
in
process,
The notes of Series B-2001 were dated May 15, 1991,
due May 15, 2001, with interest payable on November 15
and May 15 until maturity. An interest rate of 8 percent was
set after the determination as to which tenders were
accepted on a yield auction basis.
own
account.
The bonds of May 2021 may be held in STRIPS form.
The minimum par amount required is $320,000.
Auction of 2-Year and 5-Year Notes
The notes of Series AB-1993 were dated May 31, 1991,
due May 31, 1993, with interest payable on November 30
and May 31 until maturity. An interest rate of 6-3/4 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on May 22, and totaled $40,525
million, of which $12,255 million was accepted at yields
ranging from 6.81 percent, price 99.890, up to 6.83 percent,
price 99.853. Tenders at the high yield were allotted 14
percent. Noncompetitive tenders were accepted in full at the
average yield, 6.81 percent, price 99.890. These totaled
$1,059 million. Competitive tenders accepted from private
Tenders
EDST
Tenders
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on May 8, and totaled $34,884
million, of which $11,956 million was accepted at yields
ranging from 8.06 percent, price 99.593, up to 8.07 percent,
price 99.526. Tenders at the high yield were allotted 49
percent. Noncompetitive tenders were accepted in full at the
average yield, 8.07 percent, price 99.526. These totaled
$530 million. Competitive tenders accepted from private
investors totaled $1 1 ,426 million.
EDST
for their
it
$1,453 million was accepted from
Federal Reserve banks as agents for foreign
and
International monetary authorities, and $3,062 million was
accepted from Federal Reserve banks for their own account.
the
Reserve banks
for
for
investors totaled $11,196 million.
In
addition to the
$12,255
million of
the auction process, $753 million
in
addition to the $11,956 million of tenders accepted
the auction process,
$17
million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $400 million was accepted from
Federal Reserve banks for their own account.
The notes of Series B-2001 may be held in STRIPS form.
The minimum par amount required is $25,000.
The bonds of May 2021 were dated May 15, 1991, due
May 15, 2021, with interest payable on November 15 and
May 15 until maturity. An interest rate of 8-1/8 percent was
set
after
the
accepted on a
determination
as
to
which
tenders
were
yield auction basis.
for the bonds were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on May 9, and totaled $17,350
million, of which $11,753 million was accepted at yields
ranging from 8.19 percent, price 99.278, up to 8.24 percent,
price 98.728. Tenders at the high yield were allotted 41
percent. Noncompetitive tenders were accepted in full at the
average yield, 8.21 percent, price 99.057. These totaled
$239 million. Competitive tenders accepted from private
investors totaled $1 1 ,51 4 million.
Tenders
EDST
in
for
addition to the $11,753 million of tenders accepted
in
tenders accepted
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $1,024 million was accepted from
Federal Reserve banks for their own account.
The notes of Series P-1996 were dated May 31, 1991,
due May 31, 1996, with interest payable oi; November 30
and May 31 until maturity. An interest rate of 7-5/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on May 23, and totaled $25,478
million, of which $9,259 million was accepted at yields
ranging from 7.66 percent, price 99.857, up to 7.70 percent,
price 99.694. Tenders at the high yield were allotted 79
percent. Noncompetitive tenders were accepted in full at the
average yield, 7.69 percent, price 99.734. These totaled
$597 million. Competitive tenders accepted from private
Tenders
EDST
for
investors totaled $8,662 million.
In
addition to the $9,259 million of tenders accepted
the auction process, $125 million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $200 million was accepted from
Federal Reserve banks for their own account.
44
TREASURY FINANCING OPERATIONS, APRIL-JUNE
52-Week
1991
after the determination as to
accepted on a yield auction basis.
Bills
set
which
tenders
were
On
April 26 tenders were invited for approximately
,750 million of 364-day Treasury bills to be dated May 9,
1991, and to mature May 7, 1992. The issue was to refund
$10,139 million of maturing 52-week bills and to raise about
$1,600 million of new cash. Tenders were opened on May 2.
$1
1
They
totaled $32,890 million, of which $11,811 million was
accepted, including $845 million of noncompetitive tenders
from the public and $3,200 million of the bills issued to
Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities.
$20
million
for foreign
cash.
was issued
and
An
additional
Reserve banks as agents
monetary authorities for new
to Federal
international
The average bank discount
rate
was
5.71 percent.
Tenders
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on June 25, and totaled $37,199
million, of which $12,529 million was accepted at yields
ranging from 7.03 percent, price 99.945, up to 7.06 percent,
price 99.890. Tenders at the high yield were allotted 64
percent. Noncompetitive tenders were accepted in full at the
average yield, 7.06 percent, price 99.890. These totaled
$1,080 million. Competitive tenders accepted from private
investors totaled $1 1 ,449 million.
EDST
In
for
addition to the
$12,529
million of
tenders accepted In
from
the auction process, $1,228 million was accepted
Federal
Reserve banks as agents for foreign
Cash Management
and
monetary authorities, and $1,514 million was
accepted from Federal Reserve banks for their own account.
international
Bills
On May 15 tenders were invited for approximately
$16,000 million of 335-day bills to be issued May 24, 1991,
and to mature April 23, 1992. The issue was to raise new
cash. Tenders were opened on May 21. They totaled
$49,632 million, of which $16,014 million was accepted. The
average bank discount rate was 5.89 percent.
On May 28
tenders were invited for approximately $7,000
17-day bills to be issued June 3, 1991,
representing an additional amount of bills dated December
20, 1990, maturing June 20, 1991. The issue was to raise
million
of
new cash. Tenders were opened on May 29. They totaled
$35,178 million, of which $7,068 million was accepted. The
average bank discount rate was 5.65 percent.
Treasury Changes Time for Announcement of Offerings
On May 6, 1991, the Department of the Treasury
announced a new standard release time of 2:30 p.m. Eastern time for all announcements of regularly scheduled bill,
note, and bond issues.
The notes of Series Q-1996 were dated July 1, 1991, due
June 30, 1996, with interest payable on December 31 and
June 30 until maturity. An interest rate of 7-7/8 percent was
set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders
for the notes were received prior to 12 noon
noncompetitive tenders and prior to 1 p.m. EDST
for competitive tenders on June 26, and totaled $25,907
million, of which $9,301
million was accepted at yields
ranging from 7.95 percent, price 99.696, up to 7.97 percent,
price 99.615. Tenders at the high yield were allotted 37
percent. Noncompetitive tenders were accepted in full at the
average yield, 7.96 percent, price 99.655. These totaled
$888 million. Competitive tenders accepted from private
investors totaled $8,413 million.
EDST
In
for
addition to the $9,301 million of tenders accepted
the auction process, $100 million
in
was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $300 million was accepted from
Federal Reserve banks for their own account.
JUNE
52-Week
Auction of
2- Year
and
5- Year
Bills
On May 24
Notes
On June 19 the Treasury announced that would auction
$12,500 million of 2-year notes of Series AC-1993 and
$9,250 million of 5-year notes of Series 0-1996 to refund
$17,291 million of Treasury notes maturing June 30 and to
raise about $4,450 million of new cash.
it
The notes of Series AC-1993 were dated July 1, 1991,
due June 30, 1993, with interest payable on December 31
and June 30 until maturity. An interest rate of 7 percent was
tenders
were
invited
for
approximately
$12,250 million of 364-day Treasury bills to be dated June 6,
1991, and to mature June 4, 1992. The issue was to refund
$10,668 million of maturing 52-week bills and to raise about
$1,575 million of new cash. Tenders were opened on May
30. They totaled $31,559 million, of which $12,271 million
was accepted, including $720 million of noncompetitive
tenders from the public and $3,395 million of the bills issued
to Federal Reserve banks for themselves and as agents for
and international monetary authorities. The average
bank discount rate was 5.73 percent.
foreign
45
PUBLIC DEBT OPERATIONS
INTRODUCTION
52-week bill is a reopening of the existing 52-week
low, and average yields on accepted tenders and the
Background
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
maturity,
securities.
Data
in
the "Public Debt Operations" section, which have been published in
the Treasury Bulletin in some form since its inception in 1 939, 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
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.
bonds mature
in
Table PDO-l.--Maturit; Schedule of Interest-Bearing Marketable
Public Debt Securities Other than Regular Week); and 52-Week
Treasury
All
Bills
unmatured Treasury notes and bonds are
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
order, beginning with the eariiest maturity.
includes
all
private holdings.
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
The
results of
high,
Table PDO-3."Public Offerings of Marketable Securities Other than
Regular Weekly Treasury
Bills
The results of auctions of mari<etable 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.--Allotnient5 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
tor class
auctions of 52-week
The
total 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 at the average yield on
accepted competitive bids.
Securities, Parts
Table PDO-Z.-OfTerings of Bills
bill.
dollar value of
classes descriljed
in
the footnotes to the table.
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, 1991
[In
millions ot dollars. Source: Monthly
Slalemenl
of the Public
Debt
ol Iha
United Slates, and Otiice ol Markel Finance]
Amount
Date
of final
maturity
Description
______^__
ol malurrties
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, 1991-Continued
millions of dollars]
[In
Amount
of maturities
Heldby
Date
of final maturity
U.S.
Deecriptian
Govl
All
Total
accounts and
Federal Reserve banks
8,393
6,757
1,814
1,768
6,593
7.370
15.499
8,745
7,013
12,478
7,518
1,509
422
7.971
258
6,499
other
investors
1993-Con.
8-1/8%-P note
7-1/4%-G note
June 30
July 15
Aug.
Aug.
Aug.
Aug.
Aug.
15,
88-93
15
15
15
15
Sept. 30
Oct. 15
Nov.
Nov.
Nov.
Nov.
Dec.
15
15
15
15
31
7-1/2%bond
8-5/8%bond
1-7/8%-C note
8-3/4%-L note
1
8%-U
note
8-1/4%-Q note
7-1/8%-H note
1 1-3/4%-D note
9%-!^ note
8-5/8%bond
7-3/4%-V note
7-5/8%-R note
06/30/89
07/07/86
08/1 5/73
07/11/78
08/1 5/83
06A31/88
08/15/90
10/02/89
1 1/03/86
11/15/83
09/01/88
10/10/78
11/15/90
01/02/90
Total..
B91
923
164
1.606
1,604
4.987
7,370
2,518
12,981
316
468
8.429
6,545
10.520
7,518
1,344
14,361
8,339
1,958
17,211
165
2,850
8,974
635
260,623
25.913
7,295
3,010
7,806
15,557
9,220
7,336
321
1994
15
15
15
15
31
Apr. 15
Jan.
Feb.
Feb.
Feb.
Mar.
May 15. 89-94
May 15
May 15
May 15
7%-D note
9%bond
8-7/8%-H note
6-7/8%-R note
8-1/2%-M note
7%-E note
4-1/8%bond
13-1/8%-A note
9-1/2%-J note
7"'/,^S
note
June 30
8-1/2%-N note
5
Aug. 15
Aug. 15
Aug. 15
8%-F note
July
1
Sept. 30
Oct 15
Nov.
Nov.
Nov.
Dec.
15
15
15
31
12-&'8%-B note
8-3/4%bond
8-5/8%-K note
8-1/2%-P note
9-1/2%-G note
2 1 1-5/8%-C note
10-1/8% bond
8-1/4%-L note
7-5/8%-Q note
01/05/87
01/11/79
l2A)1/88
02/15/91
04/02/90
04/01/87
04/18/63
05/15/84
03A)3/89
05/15/91
07/02/90
07/06/87
08/15/84
07/09/79
06AD2/89
10/01/90
10/15/87
11/15/84
10/18/79
09/01/89
12/31/90
420
100
ISO
1,744
896
375
330
6,974
2.910
7,656
13,813
8,324
6,961
90
5,669
8,532
751
4.918
8,532
18,141
3.062
9,209
500
265
827
52
15,079
8,709
6,956
5,473
7,221
6,300
1,506
7.842
8,914
7,074
6,659
1,502
8,272
9,681
532
95
1,075
71
468
M54
7,842
8.382
6,979
5,584
1,431
8.272
9.213
157.166
Total..
1995
Jan.
Feb.
Feb.
Feb.
Feb.
Apr.
May
May
May
May
July
Aug.
Aug.
Oct.
Nov.
Nov.
Nov.
15
15
15
15
15
15
15
15
15
15
1 5
15
15
15
15
15
15
8-5/8%-E note
3%bond
10-1/2% bond
2 11-1/4%-Anote
7-3/4%-J note
8-3/8°/rF note
12-&'8%bond
10-:y8%bond
2
1
1-1/4°/,rB note
8-1/2%-K note
8-7/8%-G note
2 10-1/2%-C note
8-1/2%-L note
8-5/8%-H note
11-1/2% bond
29-1/2%-D note
8-1/2%-M note
01/15/88
02/15/55
01/10/80
02/15/85
12A)l/89
04/1 5/88
04/08/80
07/09/80
05/15/85
03/01/90
07/15/88
08/1 5/85
06A)l/90
10/17/88
10/14/80
11/15/85
09/04/90
Total.,
7.343
126
1,502
6,934
8,344
7,018
1,503
1,504
7,127
8,293
6.805
7.956
8,877
7,195
1,482
7,319
9,023
238
57
46
1,283
254
372
57
780
50
87
7,105
69
1,456
S,6S1
8,344
6.764
1,131
257
32
273
35
1,447
6,347
8,243
6,718
6,909
8.877
6,938
1,450
7,046
8,988
98,351
4,868
93.48
7,421
412
200
509
7,009
9,238
7,906
300
300
9.055
9.322
8,781
7.672
1,047
1996
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Apr.
15
31
15
15
15
28
31
15
9-1/4%-E note
7-1/2%-K note
2 8-7/8%-A note
1 8-7/8%-B note
7-7/8%-J note
7-1/2%-L note
7-3/4%-M note
9-3/8%-F note
01/17/89
01/31/91
02/15/86
02/1 5/86
12/03/90
02/28/91
04/01/91
04/17/89
9,438
8,415
160
9.055
9.622
9,081
7,782
160
110
48
PUBLIC DEBT OPERATIONS
Table PDO-1 .--Maturity Schedule of Interest-Bearing iViarketable Public Debt Securities Other than
Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1991-Continued
^
millions of dollars]
[In
Amount
of maturities
Held by
Dale
d final
U.S.
maturity
Description
Govt
accounts and
Federal Reserve bani^
Issue date
All
other
investors
1996-Con.
7-5/8%-N note
2 7-3/8%-C note
7-5/8%-P note
7-7/8%-G note
30
Apr.
May 15
May 31
July 15
8%-H
15
Nov. 15
Oct.
2
note
7-1/4%-Dnote
04/30/91
05/15/86
05/31/91
07/17/89
10/16/89
11/15/86
9.496
20.086
9.617
7.725
7,989
20.259
200
9.296
1.775
18,311
200
286
9,417
7,439
7,863
19,544
126
715
131,013
Total..
1997
Jan. 16
Apr. 15
8%-D
May 15
2
note
1/2%-E note
8-1/2%-A note
8-1/2%-F note
28-5'8%-B note
8-3/4%-G note
8-
July 15
Aug. 15
OcL 15
Nov. 16
2B-7/8%-C note
01/16/90
04/16/90
05/15/87
07/16/90
08/15/87
10/15/90
11/15/87
9.921
116
223
344
8.385
9.363
8.860
9.808
402
213
360
8,961
397
162
216
400
230
500
400
162
8,729
8.997
8.572
8,765
7.852
7.860
271
7,736
7,637
9,577
8,114
8,647
9,448
Total..
1998
7-7/8%-E note
2 8-1/8%-A note
7-7/8%-F note
Jan. 15
Feb. 15
Apr. 15
May 15
May
15.
2
93-98
9%-B
note
7%bond
29-1/4%-C note
2 8-7/8%-D note
3-l/2%bond
Aug. 15
Nov. 15
Nov. 15
01/15/91
02/1 5/88
04/15/91
05/15/88
05/15/73
08/15/88
11/15/88
10/03/60
9.126
9.159
8,788
9,165
692
11,343
9,903
288
126
55,997
58,464
Total..
462
10,843
9,503
1999
Feb. 15
May 15
May
15.
94-99
Aug. 15
Nov. IS
28-7/8%-A note
29.1/8%-B note
8-l/2%bond
2
8%-C
2
7-7/8%-D note
note
02/15/89
05/15/89
05/15/74
08/15/89
11/15/89
9,720
10,047
2,378
10,164
10,774
Total..
200
200
400
400
9,520
9,847
961
9,764
10,374
2,617
40,466
450
10,223
2,068
10,246
1.417
2000
Feb. 15
Feb. 15. 95-00
May 15
Aug. 15
Aug. 15. 95-00
Nov. 15
2 8-1/2%-A note
7-7/8%bond
28-7/8%-B note
2 8-3/4%-C note
8-3/8%bond
2 8-1/2%-D note
02/15/90
02/18/75
05/15/90
08/15/90
08/15/75
11/15/90
10,673
2,749
10,496
11,081
4,612
11,520
691
250
350
2.078
400
10,731
2,534
11,120
Total..
2001
Feb. 15
Feb. 15
May 15
May 15
Aug. 15. 96-01
Aug. 15
Nov. 15
1-3'4% bond
7-a'4% A note
13-1/8% bond
1
2
2
8%-B
note
8%bond
13-3'8% bond
1 5-3/4% bond
01/12/81
02/15/91
04/02/81
05/15/91
08/16/76
07/02/81
10/07/81
1,501
161
11.313
1.750
12.398
1,485
1.753
1.753
200
160
438
1,340
11,113
1.590
11,960
741
744
199
163
1,554
1,590
29,S91
Total...
2002
Feb. 15.
Nov. 15.
14-1/4% bond
11-S8%bond
Total..
01/06/82
09/29/82
1.759
2,753
96
1,663
173
2.580
4.243
49
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, 1991"Continued
[In
millions of dollars]
Amount
of maturities
Held by
Date
of final maturity
U.S.
Descrlpllon
Issue date
Govt
All
Total
accounts and
Federal Reserve banks
other
Investors
3,007
3,249
147
38
185
147
2,860
2003
Feb. 15
May 15
Aug. 15
Nov. 15
10-:y4%bond
10-1^4% bond
11-1/8% bond
11 -7/8% bond
01/04/83
04/04/83
07/05/83
10/05/83
Total
3,501
7,260
17,017
3,211
3,316
7.113
16.500
2004
May
12-^8% bond
15
15
15
Aug.
Nov.
13-:V4%bond
11-5/8% bond
2
04/05/84
07/10/84
10/30/84
3,755
4,000
8,302
Total
183
11
109
3,572
3,989
8.193
303
2005
May
May
Aug.
15,
00-05
15
15
8- 1/4%
bond
2
12% bond
2
1
0-3/4% bond
05/15^5
04/02/85
07/02/85
4,224
4,261
9,270
Total
2,156
64
248
2.068
4.197
9,022
2,468
2006
Feb. 15
2 9-3^8%
bond
01/15/86
4.756
Total
4,756
2007
Feb. 15, 02-07
Nov. 15, 02-07
7-5/8% bond
7-7/8% bond
02/15/77
11/15/77
4.234
1,495
Total
1,539
265
2,695
1,230
1.804
2008
Aug.
Nov.
15,
15,
03-08
03-08
8-3/8% bond
8-3/4% bond
08/15/78
11/15/78
2,103
5,230
Total
754
1,656
1,349
3,574
2,410
4,923
788
2009
May 15,04-09
9-
Nov. 15. 04-09
10-^8% bond
1/8% bond
05/15/79
11/15/79
Total
4.606
4,201
1,026
3,818
3,175
8,807
1,814
6,993
2,494
2,987
4.736
804
1,165
1,690
1,822
3,763
2010
Feb. 15,05-10
May
15,
05-10
Nov. 15, 05-10
11-3'4%bond
10% bond
12-3*4% bond
02/15/80
05/15/80
11/17/80
10.217
TolaJ
2011
May 16,06-11
Nov. 15,06-11
13-7/8% bond
14% bond
05/15/81
11/16/81
Total
2012
Nov. 15, 07-12
10-3/8% bond
Total
11/15/82
973
50
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, 1991 -Continued
[In
millions ol dollars]
Amount
of malurilies
Held by
Date
U.S.Go\rt
accounts and
Federal Reserve banks
of final maturity
Description
Issue date
2013
Aug. 15,08-13
12% bond
Total...
2014
May
15.09-14.
Aug. 15.09-14.
Nov. 15,09-14.
13-1/4% bond
12-1/2% bond
bond
2 11-3/4%
14.755
All
other
Investors
51
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, l99l"Contlnued
[In
millions of dollars]
Amount
ot maturities
Held by
Date
d final
maturity
Description
Issue date
Total
U.S. Gov't
accounts and
Federal Reserve banks
All
other
Investors
2020-Con.
15
28-*4%bond
Aug.15
28-3f4%bond
May
05/15/90
08/15/90
Total
150
10.159
21.419
410
41.807
796
11.113
11.959
200
11,013
11,759
23.072
300
22,772
10,009
21,009
2021
27-7/8%bond
2B-1/8%bond
Feb. 15
l^ay 15
Total
This security
is
a foreign-targeted Treasury note.
2 This security
is
eligible for stripping.
1
Debt
of
the United Slates.
See
table VI of the Monthly Statement of the Public
02/15/91
05/15/91
100
52
PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferlngs of
[Dollar
amounts
In millions.
Source: Monthly Stalemenl
of Ihe Public
Debt
Bills
ol Ihe
United Stales and allotmentsl
53
PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferings of Bills-Continued
54
PUBLIC DEBT OPERATIONS
Table PD0-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury
Auction
Bills
55
PUBLIC DEBT OPERATIONS
Table PD0-3.-Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bllls--Con.
[Dollar
amounts
Period to
Auction
date
Issue
date
Description of securities
^
millions]
final
maturity
(years^ months,
2
days)
11/28/90
In
Amount
tendered
Amount
*
Issued ^
Range
of
accepted bids
for notes
and bonds
56
PUBLIC DEBT OPERATIONS
Table PD0-3.--Publlc Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Con.
at 8.10% (price 99.738).
'° Yields accepted ranged from 8.74% (price 100.066) up to
average
at
8.77%
average
at
average
at
" Yields
^'
8.87%
(pflce 99.411) with the
up to 8.88%
(price 98.644) wtth the
(price 98.851)
(price 98.747).
(price 99.900)
up
to
8.20%
(price 99.864) with the
(pries 99.882).
8.56%
to
8.58%
(price 99.603) with the
at 8.57% (price 99.644).
^^ Yields accepted ranged from 8.17% (price 99.919) up to
8.18%
(price 99.901) with the
Yields accepted ranged from
(price 99.685)
up
at
average
at
" Yields
8.18%
(price 99.901).
accepted ranged from 8.52% (price 99.933) up to 8.53% (price 99.900) with the
8.53%
(price 99.900).
" Yields accepted ranged
Irom 8.74% (price 100.052) up to 8.79% (price 99.794) with the
7.83%
(price 99.855)
up
to
7.84%
(price 99.836) with the
accepted ranged from 7.78%
(price 99.921)
up
to
7.79%
(price 99.895) with the
at
^ Yields
average
at
7.84%
7.78%
average
at
8.52%
8.50%
(price 100.0O0)
up to 8.52%
(price 99.867) with the
(price 99.867).
at 8.71% (price 100.376).
^' Yields accepted ranged from 7.47% (price 99.826) up to
100.270) with the
average
at
7.49%
*'
at
7.95%
" Yields
average
at
7.32%
(price 99.790) wfth the
7.93%
(price 99.710)
up
to
7.95%
(price 99.626) with the
(price 99.626).
Yields accepted ranged from
average
7.49%
(price 99.790).
^° Yields accepted ranged from
average
7.30%
(price 99.908)
up
to
7.33%
(price 99.854) with the
(price 99.872).
accepted ranged Irom 7.66% (price 99.881) up to 7.67% (price 99.847) with the
at
7.66%
(price 99.316) with the
7.98%
(price 98.810) with the
average
at
average
at
^ Yields
^ Yields
"
7.98%
(price 98.810).
accepted ranged from 6.85% (price 99.816) up to 6.87% (price 99.779) with the
6.87%
(price 99.779).
accepted ranged from 7.50% (price 100.000) up to 7.51% (price 99.959) with the
at
7.51%
(price 99.959).
Yields accepted ranged from
average
at 7.1
average
at
^ Yields
5%
7.13%
(price 99.991)
up to 7.15% (price 99.954) with the
(price 99.954).
accepted ranged from 7.80% (price 99.796) up to 7.81% (price 99,756) with the
7.81%
(price 99.756).
^ Yields accepted
ranged from 7.92% (price 99.762) up to 7.94% (price 99.656) with the
at 7.93% (price 99.709).
'* Yields accepted ranged Irom 6.99% (price 100.018)
from 7.94% (price 99.656) up to 7.95% (price 99.603) with the
up to 7.00%
(price 100.000) with the
accepted ranged from 7.69% (price 99.734) up to 7.70%
(price 99.694) with the
at
^ Yields
at
7.(30% (price 100.000).
7.70%
(price 99.694).
'^ Yields accepted ranged from
average
at
average
at
^ Yields
7.09%
(price 99.761
7.07%
(price 99.814)
accepted ranged from 8.06% (price 99.593) up to 8.07% (price 99.526) with the
8.07%
(price 99.526).
average
at
6.81%
(price 99.890).
average
at
7.69%
(price 99.734).
^ Yields accepted
°'
at
7.06%
8.24%
(pries 98.728) with the
up to 6.83%
(price 99.853) with the
to
7.70%
(price 99.694) with the
to
7.06%
(price 99.890) with the
up
ranged from 7.66% (price 99.857) up
Yields accepted ranged from
^ Yields
up to 7.09% (price 99.761) with the
).
™ Yields accepted ranged from 8.19% (price 99.278)
average at 821 % (price 99.057).
^ Yields accepted ranged from 6.81% (price 99.890)
average
(price 99.881).
" Yields accepted ranged
7.85%
to
average
(pries 99.921).
^ Yields accepted ranged from 8.69% (price 100.589) up to 8.72% (price
average
to
up
average
(price 99.836).
^' Yields accepted ranged from
up
(price 98.922)
average
at 8.76% (price 99.948).
^^ Yields accepted ranged from
average
average
(price 99.384)
7.97%
average
average
average
7.84%
at 7.85% (price 99.316).
*° Yields accepted ranged from
average
8.86%
accepted ranged from 8.18%
8.19%
8.84%
(price 99.869).
'^ Yields accepted ranged from
at 6.98% (price 99.720).
'' Yields accepted ranged Irom
average
average
7.03%
(price 99.945)
up
to
(price 99.890).
accepted ranged from 7.95% (price 99.696) up to 7.97% (price 99.615) with the
7.96%
average at 7.95% (price 99.603).
^' Yields accepted ranged from 7.08% (price 99.853) up to
7,09%
(price 99.835)
average at 7.09% (price 99.835).
°^ Yields accepted ranged from 7.60% (price 99.590) up to
7.63%
(price 99.468) with the
at 7.62% (price 99.509).
^^ Yields accepted ranged from 6.97% (price 99.747) up to
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
6.98%
(price 99.720) with the
auction through conpetitlve bidding only.
average
at
(price 99.655).
wKh the
average
57
PUBLIC DEBT OPERATIONS
Table PDO-4.-Allotments by Investor Classes for Public Marketable Securities
Part A-Other than Bills
[In
millions of dollars]
Issues
Allolmenls by Inveslor classes
State and k>ca!
Description of securities
data
6/02/89
Total
Federal
Commer-
Indi-
Insur-
Mutual
Corpo-
Private
amount
Reserve
banks
cial
vidit
-lie '
ance
rations 3
pension
compa-
savings
nies
banks
Issued
banks
and
governments
*
Nonbank
tire-
Pension
and re-
ment
tirement
funds
funds
re-
Other
funds
dealers
All
and
other
brokers
^
~
58
PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securltles-Con.
Part B-Bllls Other than Regular Weekly Series
[Dollar
amounts
In millions]
59
U.S.
SAVINGS BONDS AND NOTES
Series EE bonds, on sale since Jan. 1, 1980, are the only
savings bonds currently sold. Series HH bonds are issued in
exchange for series E and EE savings bonds and savings notes.
Series A-D were sold from Mar. 1, 1935, through Apr. 30, 1941.
Series E was on sale from May 1, 1941, through Dec. 31, 1979
(through June 1980 to payroll savers only). Series F and G were sold
from May 1, 1941, through Apr. 30, 1952 Series H was sold from
June 1, 1952, through Dec. 31, 1979. Series HH bonds were sold for
cash from Jan. 1, 1980, through Oct. 31, 1982. Series J and K were
sold from
May
1
,
1952, through Apr. 30, 1957
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 March 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, 1991
[In
millions of dollars. Source:
Series
Savings bonds:
Series A-D^
SeriesE. EE. H.
Series F and
Series J and
Savings notes
TolaJ
G
K
andHH.
Monthly Siaemenl
ol Ihe Public
Debt
ol Iha
United Stales; Markel Analysis Section. United Stales Savings Bonds Dlvislonl
60
U.S.
SAVINGS BONDS AND NOTES
Table SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and
[In
minions ot dollars. Source: Monthly Slaternent of the Public
DeW
ot Ihe
Redemptions
Sales
Accrued
discount
Period
Sales plus
accrued
HH
Unllad Stales; Market Analysis Section, Unlled Stales Savings Bonds Dlvlslonl
Total
discount
Sales
Accrued
price
discount
Exchange of
E bonds tor
H and HH bonds
Amount outstanding
Interest-
Matured
bearing debt
non-lnterest-
bearlng debt
Series E and
Fiscal years:
1941-88
1989
1990
248.988
7.723
7,774
Calendar years:
1941-88
1989
1990
250.787
7.644
8.085
Apr
615
629
653
544
670
629
735
953
804
815
864
May
841
June
694
1990- June
July
Aug
Sept
Oct
Nov
Dec
1991 -Jan
Feb
Mar
108.850
EE
61
OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION
Federal securities presented in these tables comprise public
debt securities issued by 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-l.-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 tfie
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-l.-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
foobiotes for descriptions of the investor categories.
62
OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1 .--Distribution of Federal Securities by Class of investors and Type of Issues
fin
millions of dollars.
Source: Financial Management Service]
63
OWNERSHIP OF FEDERAL SECURITIES
Table 0FS-2.--Estlmatecl Ownership of Public Debt Securities by Private Investors
[Par values
'
In billions ol dollars.
Source: Office
of
Market Finance]
64
MARKET YIELDS
INTRODUCTION
The
and charts in this section present yields on Treasury
and compare long-term Treasury marl<et yields
on long-term corporate and municipal securities.
tables
marl<etable securities
with yields
Table
Bills,
MY- 1.
Notes,
-Treasury Market Bid Yields at Constant Maturities:
and Bonds
The Treasury yield curve, 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
a consistent data series. Yields on Treasury bills, which are discount
securities, are the coupon equivalent yields of 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.15 press release.
Table MY-2."Avcragc Yields of Long-Term Treasury, Corporate, and
Municipal Bonds
The long-term Treasury rate is the 30-year constant maturity
presented in table f^Y-1 The corporate bond series is developed by the Treasury, using reoffenng yields on new long-term
securities rated Aa by Moody's Investors Service.
The municipal
bond series prior to 1991 was compiled by the Treasury. Beginning
with January 1991, the series is the "Municipal Bond Yield
Averages," published by Moody's Investors Service for 20-year reoffering yields on selected Aa-rated general obligations. See the footnotes for further explanation.
rate
65
MARKET YIELDS
Table MY-1 .--Treasury Market Bid Yields
at
Constant Maturities:
Bills,
Notes, and Bonds*
[Source: Office of Markel Finance]
Dale
1-yr.
2-yr.
3-yr.
5-yr.
7-yf.
10-yr.
8.16
8.06
8.08
7.88
7.60
8.26
8.22
8.27
8.07
7.74
7.47
7.38
7.08
7.35
7.23
7.12
7.39
8.33
8.44
8.51
8.46
8.64
8.79
8.58
8.28
8.00
7.97
7.73
8.00
7.82
7.94
8.17
8.47
8.75
8.89
8.72
8.39
8.08
8.09
7.85
8.04
8.07
8.28
8.21
8.04
8.26
8.19
7.97
7.67
7.40
7.30
7.26
7.30
7.15
7.10
7.33
8.13
8.50
8.47
8.24
8.28
8.77
8.73
8.50
8.18
8.00
7.89
7.88
7.96
7.88
7.92
8.14
8.36
8.86
8.82
8.65
8.26
8.08
8.03
8.02
8.05
8.02
8.06
8.24
8.42
8.99
8.96
8.78
8.40
8.26
30-yT.
Monthly average
1990- July
Nov
Dec
7.87
7.69
7.60
7.40
7.29
6.95
1991 -Jan
6.41
Feb
Mar
6.12
6.09
5.83
5.63
5.75
Aug
Sept
Oct
Apr
May
June
End
of
7,92
7.77
7.70
7.53
7.39
7.03
6.5S
6.19
6.20
5.98
5.87
6.02
7.94
7.78
7.76
7.55
7.31
7.05
6.64
6.27
6.40
6.24
6.13
6.36
7.31
7.13
6.87
7.10
6.95
6.78
6.96
8.33
8.02
7.73
7.70
7.47
7.77
7.70
7.70
7.94
8.11
8.50
8.86
9.03
8.86
8.54
8.24
8.27
8.03
8.29
8.27
8.47
month
1990 -July
Aug
Sept
Oct
Nov
Dec
1991 -Jan
Feb
Mar
Apr
May
June
Rates are from the Treasury
7.74
7.63
7.37
7.34
7.24
6.63
6.37
6.22
5.92
5.68
5.71
5.71
yield curve.
7.72
7.74
7.54
7.46
7.36
6.73
6.49
6.32
6.05
5.83
5.94
5.95
7.72
7.76
7.69
7.43
7.31
6.82
6.51
6.41
6.28
6.06
6.16
6.32
7.91
8.07
8.02
7.77
7.53
7.15
7.05
7.04
7.02
6.80
6.68
6.90
7.91
7.68
7.62
7.66
7.73
7.63
7.69
7.90
8.21
8.19
8.24
8.20
8.26
8.42
66
MARKET YIELDS
o
lU
CD
05
00
LU
=)
in
00
o
00
O
in
q
in
o
in
in
67
MARKET YIELDS
Table MY-2.-- Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Source: Oflice ol Market Finance]
Treasury
Period
68
Treasury
69
MARKET YIELDS
AVERAGE YIELDS OF LONG-TERM TREASURY,
CORPORATE, AND MUNICIPAL BONDS
Monthly Averages
M II
I|III IIIIIIII|IIIIIIIIIII|I
I I I
IIIIIII
IIIIIIIIIII|IIIIIIIIIII IIII
|
81
82
83
84
I I I I I
II|IIIIIIIIIII|IIII 1III III|III MIII
I I
I|IIIIII
I I
III |IIIIII'
|
85
86
87
CALENDAR YEARS
88
89
90
Treasury 30- Yr. Bonds
Aa Municipal Bonds
Aa Corporate Bonds
91
70
FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION
Section 114 of the Budget and Accounting Procedures Act of
(31 use. 3513a) requires the Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government
and provides that 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.
Manual (I TFM 2-4100) sets the criteria
annual and quarterly financial reports in accordance with the Reporting Entities Listing (Bulletin No. 90-05). 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 Management and Budget (OMB) Circular No. A-1 27.
The Treasury
for the
submission
Financial
of
I
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-
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.
tions
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.--Dlrect and Guaranteed Loans
and guaranteed loans to the
Program to support credit activities.
This report reflects the direct loans
public through the Federal Credit
Actual control of credit program levels remains with authorizing legislation and appropriations acts. The report on Direct and Guaranteed
Loans also provides the Federal Reserve Board information to
monitor the flow of funds.
loans and guaranteed loans
An accompanying
for the
chart depicts direct
of fiscal 1991.
second quarter
71
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA- 1.— Direct and Guaranteed Loans, March 31, 1991
[In
thousands
of dollars
Source:
SF
220-8. compiled by Financial
Management
Direct loans or credit
Agency and program
Maximum
Amount
Maximum
authority
outstanding
authority
to the President:
576,143
Foreign military sales credit
Military sales credit to Israel
Emergency security assistance to Israel
Housing and other credit guaranty programs
Alliance for Progress loan fund
Other programs
Overseas Private Investment Corporation
Total
Department
Funds appropriated
to the President
of Agriculture:
Commodity loans
Rural electrification and telephone revolving fund
Rural economic development
Rural Telephone
Bank
Rural communication development fund
Agricultural credit insurance loans
Rural development insurance loans
Rural housing insurance loans
Self-help housing development loans
Rural development loans
Other Farmers
Home
Administration loans
Total Deparlment of Agriculture
of Commerce:
Economic development loans
Department
Coastal energy impact fund
Federal ship financing fund
Other loans
Total Department of
Department
Commerce
of Defense:
Army loans
Total Department of
Department
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 Sen/ices:
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
.
or insurance
outstanding
U.S. dollar loans
Guaranty reserve fund
Guarantees
Amount
I— Wholly owned Government enterprises
Funds appropriated
Service)
72
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Direct and Guaranteed Loans, March 31, 1991— Con.
Direct loans or credit
Agency and program
Amount
Maximum
outstanding
authonty
outstanding
authority
U.S. dollar loans
ot
Housing and Urban Development:
6,228.832
Federal Housing Administration fund
Housing
handicapped
for the elderly or
Low-rent public housing programs
Other housing loans
Guarantees ot mortgage-backed securities
Rehabilitation loan fund
Urban renewal programs
Community disposal operations fund
Community planning and development loans
Nonprofit sponsor assistance
Flexible subsidy fund
Total
Department
Department
of
Housing 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 of the Interior
of Labor
Pension Benefit Guaranty Corporation
Department
Total Department of Labor
Department
of State
Emergencies
in
diplomatic and consular sen/ice
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
Mantime Administration— Federal ship financing fund
Total Department of Transportation
Department
Loans
of the Treasury
to foreign
governments
Total Department of the Treasury
Department
of
Veterans Affairs
Loan guaranty revolving fund
Direct loan revolving fund
Sen/ice-disabled veterans insurance fund
Veterans reopened insurance fund
Vocational rehabilitation revolving fund
Education loan fund
Other
trust
funds
National service
Veterans special
life
life
insurance fund
insurance fund
Compensation and benefits
Other loans
Total Department of Veterans Affairs
,
or insurance
Amount
l—Wholly owned Government enterprises
Department
Guarantees
Maximum
73
FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-1.— Direct and Guaranteed Loans, March 31, 1991— Con.
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
Agency
Total Environmental Protection
.
General Sen/ices Administration:
Federal buildings fund
Other funds
25.446
Total General Services Administration
25.448
.
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
Federal Emergency
Management Agency
National Credit Union Administration
Tennessee
Valley Authority
Total Other independent agencies
Total Part
II— Wholly
owned Government
Loans repayable
Loans repayable
Agency
in
.
.
I
in
enterprises
foreign currencies
foreign currencies
for International
Development
United States Information Agency
Total Part
III— Privately
518,258
518.258
340
638
II
owned Government-sponsored
enterprises
Pnvately
owned Government-sponsored
enterprises
Student Loan Marketing Association
Federal National Mortgage Association
Banks for cooperatives
Farm credit banks
Federal Housing Finance Board
Federal
Home Loan
Total Part
Grand
Mortgage Corporation
8,603.161
8,603.161
119.196.000
119.196,000
11.512.332
11.512,332
38.989,043
38.989.043
107,004,061
107.004.061
22,769,307
22.789.307
308.093.904
III
total, all
:
parts
505.302.542
74
FEDERAL AGENCIES' FINANCIAL REPORTS
DIRECT AND GUARANTEED LOANS
MAR. 31,1991
Wholly owned Government Enterprlses--U.S. Dollar Loans
Agriculture
56'%^
Direct
Loans
Educatio
Eximbank-
14%
Guaranteed Loans
INTERNATIONAL STATISTICS
77
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
Drawing Account in the International Monetary Fund, holdings of
cluding
convertible foreign currencies,
tional
and reserve
position
in
Table IFS-2 brings together
cial institutions,
in
and selected
statistics
on
liabilities to all
liabilities to
foreign
offi-
other foreigners, which
the U.S. balance of payments statistics.
Table IFS-3 shows U.S. Treasury nonmarketable bonds and
notes issued to
official
institutions
and other residents
of foreign
countries.
the Interna-
Table IFS-4 presents a measure of the general foreign ex-
Monetary Fund.
change value
of the U.S. dollar.
Table IFS-1 .-U.S. Reserve Assets
[In
millions ol dollarB]
78
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.--Selected U.S.
pn millions
Liabilities to
ol dollars]
Liabilities to foreign
Official Institutions
End
of
calendar
year or
month
Total
Total
(1)
(2)
countries
Foreigners
79
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 weights
derived from the share of each country's trade with the United States
during 1982-83.
Table IFS-4.--Trade-Welghted Index of Foreign Currency Value of the Dollar
[Source: Office of Foreign Exchange Operations-International Affairs]
Date
Index of industrial
country currencies
Annual average
(1980= 100)2
1981
109.1
1982
1983
1984
1985
1986
1987
1988
1989
1990
119.7
125.2
133.5
139.2
119.9
107.5
100.4
102.8
98.8
Er^
of period
(Dec. 1980 = 100)
109.5
119.5
127.9
140.8
127.8
114.4
97.8
98.4
100.0
94.4
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
96.4
95.7
93.8
94.3
94.4
93.5
1990- Aug
Sept
Oct
Nov
Dec
1991 -Jan
Feb
Mar ...
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, Denmarit, Finland. France, Germany. Greece. Iceland. Ireland, Italy, Japan, the
Netherlands, New Zealand, Nonvay, Portugal, Spain, Sweden, Switzerland, Turkey, and the
'
94.1
99.7
rgg.4
Apr
99.2
101.0
99.8
United Kingdom; and (b) currencies of 4 major trading economies outside the OECD: Hong
Kong, Korea, Singapore, and Taiwan. Exchange rales are drawn Irom the InternationaJ
Monetary Fund's Internationa) Financial Statistics" when available.
^ Index Includes average annual rales as reported in "Iniernational Financial Statistics."
80
CAPITAL MOVEMENTS
INTRODUCTION
Background
opposite the country to which the official
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."
institutions are reported
institution
movements between the United States
have been collected in some form since 1 935.
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
Data
and
relating to capital
foreign countries
Treasury
The
Reports are required from banks, other depository
Bulletin.
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
reporting forms
instructions'
International Capital (TIC) Reporting
of the report forms became effective with the banking
reports as of April 30, 1978, and with the nonbanking reports as of
December 31, 1978. Revised forms and instructions are developed
revision
Government agencies and the Federal
Reserve System and in consultations with representatives of banks,
securities firms, and nonbanking enterprises.
with the cooperation of other
The term "foreigner" as used In the Treasury reports covers all
and Individuals domiciled outside the United States,
including U.S. citizens domiciled abroad, 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"
institutions
also Includes persons
In
in
the United States to the extent that they are
reporting institutions to
be acting on behalf
of foreigners.
banks' claims reporting, the term "foreign public borrower"
encompasses
governments and departments of central
and of their possessions; foreign
central
banks, stabilization funds, and exchange authorities:
corporations and other agencies of central governments. Including
development banks, development Institutions, and other agencies
which are majority-owned by the central government or its departments; State, provincial, and local governments of foreign countries
and their departments and agencies; and any International or
regional organization or subordinate or affiliated agency thereof,
created by treaty or convention between sovereign states.
governments
reporting.
Banks, other depository institutions, and some brokers and
dealers file monthly reports covering their dollar liabilities to, and
dollar claims on, foreigners in a number of countries. Twice a year,
ws-a-ws foreigners. The specified exemption level applicable
monthly and quarterly banking reports Is $15 million. There
separate exemption level for the semiannual reports.
Banks, other depository
dealers,
securities
Institutions,
and other enterprises
to the
is
no
brokers and
report monthly their transactions
In
long-term securities with foreigners. The applicable exemption level
is $2 million with respect to the grand total of purchases and to the
grand total of sales during the month covered by the report. This
reporting threshold was raised from $500,000 effective January 31,
1991.
central
Quarterly reports are
of foreign countries
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.
Data pertaining
'Copies
institutions,
bank holding companies. International Banking Facilities (IBFs),
securities brokers and dealers, and nonbanking enterprises in the
United States, including the branches, agencies, subsidiaries, and
other affiliates In the United States of foreign banking and nonbanking firms. Entitles that have reportable liabilities, claims, or securities
transactions below specified exemption levels are exempt from
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
Basic Definitions
known by
Reporting Coverage
to
branches or agencies
of the reporting lorrre
Data Management, Office
of
and
Instructions
may bo
of
foreign
official
obtained Irom the Office of
\he Assistant Secretary for Economic Policy, Oepa/lment of
the Treasury, Washington, D.C. 20220, or from
district
Federal Reserve banlu.
and commercial concerns,
other depository
enterprises If their
filed
by exporters, importers,
industrial
financial institutions other than banks,
Institutions,
liabilities to,
brokers,
and
other
nonbanking
or claims on, unaffiliated foreigners at
quarterend amount
to $10 million or more. Nonbanking enterprises
each monthend their U.S. dollar-denominated deposit
and certificates of deposit claims of $10 million or more on banks
also report for
abroad.
Description of Statistics
Section
presents data on liabilities to foreigners reported by
banks, other depository institutions, brokers, and dealers in the
United States. Liabilities denominated in dollars are reported
monthly; those denominated in foreign currencies are reported
I
quarterly.
Respondents report
certain of their
own
liabilities
and
all
of
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 enterphses.
their
Section II presents the claims on foreigners reported by banks,
other depository institutions, and brokers and dealers In the United
States. Banks' claims held for their own account are available In a
monthly series. Data on claims held for their domestic customers are
collected on a quarterly basis only. Maturity data are on a time
remaining to maturity basis. Foreign currency claims are also
collected
on a quarterly basis
only. This claims
coverage also ex-
81
CAPITAL MOVEMENTS
tends to certain items in the hands of brokers and dealers in the
United States. See notes to section above concerning the reporting
I
of
thrift institutions.
Section
III
Includes supplementary statistics on U.S. banks'
and claims on, foreigners. The supplementary data on
banks' loans and credits to nonbank foreigners combine selected
liabilities to,
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
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
also exclude claims held through banks In the United States.
foreigners
and nonmarketable U.S. Treasury bonds and notes,
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 are classified as direct
investments in the balance of payments accounts.
foreign series;
foreign
currency
The geographical breakdown of the data on securities
transactions shows the country of domicile of the foreign buyers and
sellers of the securities; In the case of outstanding issues, this may
differ from the country of the original Issuer. The gross figures
contain some offsetting transactions between foreigners. The net
figures for total transactions represent transactions by foreigners
with U.S. residents; but the net figures for transactions of Individual
countries and areas may include
foreigners of different countries.
transactions
between
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
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.
with their
V contains
data on transactions in all types of long-term
(original maturity of 1 year or more) domestic and foreign securities
with foreigners as reported by banks, brokers, and other entitles In
the United States (except nonmarketable U.S. Treasury notes.
Section
some
82
CAPITAL MOVEMENTS
Section l.»Liabilities to Foreigners Reported by Banks
Table CM-i-1
.--Total Liabilities
[In
in
the United States
by Type of Holder
millions of dollara]
International
Forei gn countries
and regi ona
1
2/
Total
to all
Official
institutions
Payabl
End of
c
al
yea
r
enda
i
r
r
month
Payable
Total
liabilities
in
Total
Banks and
1/
e
n
foreign
curren-
dollars
cies3/
(3}
(4)
liabilities
forei gner
83
CAPITAL MOVEMENTS
TO FOREIGNERS
CALENDAR YEARS 1986-91
LIABILITIES
Reported by International Banking
Facilities
and by Banks
in
the
United States
850
n
800
-:
750
-i
700
-i
650
-i
International
Banking
Facilities
m
r
Banks
600
550
500
n
-.
450 ^
n
s
400
-.
350
H
I
f
300 4
D
I
250
200
I
a
•
150-^
100 ^
s
50 ^
1986
1987
1988
1989
END OF PERIOD
1990
1991,2dQtr.
84
CAPITAL MOVEMENTS
Table CM-l-2.--Total
Liabilities
by Type, Payable
Part A--Foreign Countries
[In millions of dollars]
in Dollars
85
CAPITAL MOVEMENTS
Table CM-l-3.-Total Liabilities by Country
[Position at end of period 1n mintons of dollars]
Calendar year
Country
1989
Europe
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovaltia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
June
p
:
Turltey
1,358
12,926
1,404
15,476
1,697
15,636
144
52
1.751
15.151
1,404
15,323
67
83
1,266
14,607
62
68
53
62
140
2,364
83
113
1,589
292
574
27.318
1.136
716
31,719
1,097
778
29,680
1,563
661
34,595
66
128
1,141
507
30,478
29,779
126
113
8, 5 00
11,947
12,100
676
157
974
1,031
227
1,070
1,462
338
1,000
15,924
5,671
18,748
7,302
2,401
21,337
6,767
2,362
1,018
3,007
1,5 71
73
907
110
5,556
1,308
36,284
1,0 78
United Kingdom
U.S.S.R
Yugoslavia
Otiier Europe
Total
1,259
11,467
120,902
59
2,462
Europe
.
31,540
n. a
.
14,425
1,325
417
896
21,106
7,789
2,082
1,949
2,733
n. a
n. a
14,356
1,211
262
1,181
19,831
7,248
2,135
2,223
2,866
76
60
39
74
4,490
7,772
8,301
,498
1.841
762
36,226
1,858
112,387
40,068
1,265
124,938
119,288
10,023
1,255
41,179
1,613
113,658
138
529
Canada
n .a
155
1,177
549
477
119
8 ,640
1,474
13,516
928
12,238
252,219
263,638
292,448
21,789
40,362
1,291
88
959
13.458
.
13,809
1,273
193
907
17,509
7,817
1,112
2.211
2,716
178
10,245
816
39,343
1
,622
112,169
n. a
1,327
14,781
76
157
1,523
687
29,790
n.a
.
13,861
1,249
13,191
1,254
272
1,221
16,811
7.144
1,941
2,332
2,479
212
947
17,188
7,731
1,181
2,227
2,498
126
127
10,335
37,512
1,668
110,340
9,628
841
40,029
1,963
108,983
621
106
139
848
10,836
1,034
10,906
251
953
13,337
938
10,290
281,581
273,275
269,731
268.166
24,759
179
23,527
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
7,951
87,948
2, 686
5,363
116,795
2,973
4,383
Brazil
British Hest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
"exico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean
Asia:
China
Total
7.729
98.355
3.251
5.832
156,547
3,345
4,429
7,655
97,719
3.112
5.826
156.012
3.338
4.487
10
11
8
9
11
13
1,408
1,320
209
15,497
7,615
4,541
2,006
388
2,316
9,582
9
1,392
1,556
1,337
1,634
269
17.854
7,704
4,539
1,393
430
2,557
12,942
1,278
1,588
1,311
1,613
17,005
8.675
4,647
1,311
393
2.573
12.526
1,345
1,596
256
17,524
6.264
4,422
1,339
339
2.692
12.403
234
17,957
8,002
4,378
1,457
350
2,511
12.509
19,105
7,090
4,637
1.442
308
2.523
13,342
1.306
1.681
273
20,001
7,062
4,761
1,371
339
2,621
13,261
5,602
5,890
6.453
6.784
6,907
6.829
6,727
257
237
334.830
U
Asia
Africa
foreign countries
International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
int'l
and regional
Grand total
Less than S500.000.
Includes Bahrain, Iran,
1,796
19,625
14.503
703
781
1,183
1,480
118,272
2,548
1.285
1.247
111,724
3,226
489
1,749
1,169
1,775
13,041
6,731
337,565
2,435
11,292
15.012
1.237
1.245
2.771
83,757
2,292
402
1,445
746
1,591
2.734
11.189
17.106
1.632
1,7 26
2,512
77,775
2,198
384
1,219
782
1,660
13,806
3,030
11,346
17,857
1.180
1.947
2,971
75,624
2,216
2,415
11,052
18,218
991
1,316
2,854
71,976
2.890
426
1.347
653
2,446
10,700
17.119
2,375
9,904
16,684
1,964
1,618
2,361
70.335
2,105
396
1,099
993
1,591
12,141
771
1,310
2,615
70,835
2.196
471
1,199
69
120
152
146
1,240
12,172
1,318
2,096
13,589
1,266
1,445
16.913
1.435
2,151
14,777
1,497
395
1.254
666
1.613
14.619
130
2,405
16,298
1,400
195,104
169,504
157,696
153,294
155,004
148,759
143,642
141.880
914
688
1,442
1.452
1,001
120
518
144
471
90
318
148
461
148
53
50
313
52
52
147
409
122
241
45
1,159
1,024
1,125
1,111
1,543
1,157
1.367
1,091
929
145
506
89
221
50
1,451
1,192
1,367
125
431
68
449
85
1,054
934
1,451
128
492
105
228
1,157
1,310
1.122
1.167
4,060
3,896
4,693
5,216
4,995
4,583
4,782
4.254
5,372
983
3,906
3,868
642
3.494
.168
980
3.156
846
3.270
3.135
784
6,354
4.613
10,588
Total other countries
1/
7,842
97,177
2,947
5,880
155,864
3.213
4,368
10
331
778
852
1,172
Other countries:
Australia
All other
*
6.006
97.158
3,033
6,548
155,605
3,101
3,605
1,386
1,201
269
15,316
7,485
4,570
1,688
297
1,915
9,631
1,895
26,087
14,417
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries 2/
Other Africa
T
Total
7.811
103,169
3,262
6,364
160,739
3.144
4,325
:
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oi -exporting countries
Other Asia
Total
7,498
108,311
3,063
5,907
147,165
3,226
4,509
277,470
Mainland
Taiwan
Total
7,410
100,576
2,979
6,373
142,499
3,299
4,670
78
217
92
707
756,995
2.547
13,530
794
1,525
12,656
206
2,504
14,746
1,532
2,388
13,982
1,755
1
,686
187
448
97
203
732
4.002
817,079
4,072
91
811
13,532
204
2,574
15,311
1,315
4.512
804,797
5.001
5,794
783,520
780.422
5,582
4.711
151
61
U2
5,319
58
105
121
641
703
48
1.122
1,308
966
132
262
161
167
1,225
240
136
857
213
294
1.465
206
18
59
1
62
10
3,323
6,113
215
7,006
828,192
Saudi
90
5
760,319
Iraq, Kuwait, Oman, Qatar,
75
231
106
ij
796.067
Arabia, and the United Arab Emirates (Trucial
Includes Algeria, Gabon, Libya, and Nigeria.
States)
86
CAPITAL MOVEMENTS
Table CM-l-4.-Total Liabilities by Type and Country, as of June 30, 1991, Preliminary
[Position In milMons of dollars]
869
87
CAPITAL MOVEMENTS
Section ll.-Claims on Foreigners Reported by Banks
in
the United States
Table CM-ll-1 .-Total Claims by Type
[Position at end of period in millions of dollars]
Type of claim
Total
claims
Calendar
year
1988
608,036
Payable in dollars
1989
Sept.
638,245
538,689
own claims on foreigners.
Foreign public borrowers
Unaffiliated foreign banks;
Deposi ts
Banks'
Dec.
Sept.
Mar.
p
661,721
603,1 10
619,645
629,621
653,942
633,142
593,087
540,379
550,253
558,103
576,790
558,185
491,165
62.658
501,767
63,050
534,492
60,511
487,056
52,266
488,246
49,477
492,303
43,247
510,078
41,797
495,614
43,855
65,898
63,527
257,436
41,646
72,532
58,521
266,991
40,673
78,185
56,700
296,011
43,065
70,181
51,696
274,986
37,927
68,150
52,403
280,1 13
38,103
71,376
52,731
278,980
40,970
65,211
52,588
303.054
47,428
63,021
47,476
296,895
44,368
Deposi ts
47,524
8,289
63,106
14,740
58,594
13,019
53,323
18,770
62,007
22,751
65,801
17,259
66,712
14,375
62,571
17,044
Negotiable and readily
transferable instruments...
Collections and other
25,700
13,535
31,756
16,610
30,983
14,592
23,958
10,594
28,638
10,618
37,853
10,688
42,030
10,308
34,533
10,994
69,347
68,983
73,372
70,328
68,634
65,127
62,731
61,082
69,392
66,780
71,518
68,675
77,151
66,558
74,957
67,599
10,594
7,357
Other
Own foreign offices
other foreigners
All
Claims of banks'
customers
domestic
Payable in foreign currencies
Banks' own claims on foreigners.
Claims of banks' domestic
customers
Memoranda
Claims reported by IBFs
Payable in dollars
Payable in foreign currencies...
364
2,612
:
320,056
260,903
59,153
Customer liability on acceptances.
alms with rema1 n1 ng
maturity of 1 year or less:
On foreign public borrowers
On al 1 other unaf f
1ated
1
Claims with remaining
maturity of more than 1 year:
On foreign public borrowers
On all other unaffiliated
foreigners
343,205
290,061
53,144
12,899
CI
foreigners
332,577
273,033
59,544
26,562
313,270
266,056
47,214
322,186
267,798
54.388
316,541
261,610
54,931
303,453
251,480
51,973
280,805
228,521
52,284
12,909
12,860
13,659
11,766
88
CAPITAL MOVEMENTS
CLAIMS ON FOREIGNERS
CALENDAR YEARS
Reported by International Banking
Facilities
United States
700
-
1986-91
and by Banks
in
the
89
CAPITAL MOVEMENTS
Table CM-ll-2.»Total Claims by Country
[Position at end of period in millions of dollars]
Cal endar
year
1988
Eu rope
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
,
,
,
Greece
Hungary
Irel and
Italy
Netherl ands
Norway
Poland
Portugal
Romani a
Spai
,
n
Sweden
Swl tzerl and
Turkey
i ted
Ki ngdom
U.S.S.R
Yugosl avi a
Other Europe
Un
Total
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
1
British West Indies
Chile
Col ombi
a
Cuba
Ec uador
Guatemal a
Jama i ca
Mexico
Netherlands Antilles
Panama
Pe ru
Trinidad and Tobago
Uruguay
Venezuel a
Other Latin America
and Cari bbean
Total Latin America
and Caribbean
Asia;
China:
Mai nl and
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Mai aysi
a
Pakistan
Phi 1 ippines
Si ngapore
Syria
Thai
1
and
-exporti ng countries 1/
Other Asia
T.
Total Asia
01
Africa:
Egypt
Ghana
Liberia
Morocco
South Af r1 ca
Zaire
Oil-exporting countries 2/
Other Africa
T.
Total Africa
Other countries:
Austral ia
Al
other
1
Total
other countries....
Total
foreign countries...
International and regional:
International
European regional
Latin American regional...
Asian regional
Af ri can regi onal
Middle Eastern regional....
Total
Int'l
Grand tota
1
and regional.
Sept.
Sept.
90
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, 1991
[Position at end of period in millions of dollars]
Claims of banlts'
domestic customers
Reporting banks' own claims
Country
Total
Total
banks'
own
claims
claims
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
443
6,716
115
46
114
45
783
1,261
945
1,507
17,961
6.596
1,196
199
783
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
454
6,816
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
10,747
3,072
2,007
321
670
16,859
6,004
717
198
749
10,070
2,595
921
319
665
17
16
3,772
4,316
4,649
3,731
87,009
988
3,582
2,979
4,338
1,700
61,912
831
1,000
1.001
1,771
567_
160,690
125,382
21,694
17,730
7,075
76,191
3.886
19,008
120,191
3,446
2,558
6,952
74,189
3.882
18,699
107,664
3,390
2.470
1.427
241
230
15.709
1.383
1,698
730
228
600
2,443
1.414
224
224
15.584
1.365
1,663
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
711
223
590
2.380
Total Latin America
and Caribbean
Asia:
China
:
Mainland
Taiwan
Hong Kong
744
1,358
12,285
India
615
1,161
6,351
122,309
6,348
88
327
1,159
1,447
10,329
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
Total
Asia
Africa
Egypt
730
1,271
12,246
568
1.146
952
114,818
6,274
87
303
525
1,445
10,270
31
25
1,811
13,612
1,786
13,280
179,974
165,727
315
306
:
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
*
*
968
704
1.642
968
538
1,632
18
17
2.160
2.101
2,842
2,842
Total Africa
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
tnt'l
Grand total
and regional
31
50
14
U
-
1
50
14
11
-_
2.947
2,918
633,142
563,214
Memorandu
Payable
and
On
unaffiliated
foreigners
foreign
offices
(3)
(2)
Europe:
Austria
On foreign
public
borrowers
177
own
(4)
in
foreign
currencies
151
Customers'
liability
on acceptances
(6)
Payable
Total
(7)
Payable
in
in
foreign
currencies
dollars
(8)
(91
91
CAPITAL MOVEMENTS
Section lll.--Supplementary Liabilities and Claims Data Reported by Banks
in
the United States
Table CM-lll-1. -Dollar Claims on Nonbank Foreigners
[Position at end of period in millions of dollars]
Dollar claims of U.S. offices
dollar
claims on nonbank foreigners
To ta
End of cal endar
year or month
(1)
1986
1987
1988
1989
166,711
157,978
146,356
141 ,941
1990-May r.
June r.
July r
Aug. r.
Sept. r
Oct.
Nov.
Dec.
r.
127,930
127,025
124,901
123,511
129,419
130,044
133,822
r.
131 ,938
r.
1991-Jan
Feb
Mar.
Apr.
May
1/
.
125,489
132,556
133,081
136,157
130,154
.
p
p
Federal
.
Reserve Board data.
U.S. agencies
and branches of
1
-based banks
(2)
foreign banks
(3)
Dollar claims of
U.S -based bank s
major foreign
branches \J
(4)
68,630
66,443
65,376
65,590
41,636
41,098
38,928
38,005
56,445
50,437
42,052
38,345
54,712
54,228
51,794
50,871
57,123
56.614
59,442
56,413
47,893
54,522
55,398
59,624
54,257
33,240
33.352
32,916
32,447
32,093
32,437
32,942
32,812
32,815
32,686
32,824
31,791
32,147
39,978
39.446
40,191
40,193
40,203
40,993
41,438
42,713
44,781
45,348
44,858
44,742
43,750
92
CAPITAL MOVEMENTS
Section IV.-Liabilities
to,
and Claims on, Foreigners Reported by Nonbanking
Business Enterprises
Table CM-IV-1 .-Total
In
the United States
Liabilities
and Claims by Type
[Position at end of period in millions of dollars]
Ca
enda
r
yea
r
Type of liability or claim
Sept.
Total
liabilities
Payable in dollars
Financial
Commerc a
Trade payables
Advance receipts and other
i
1
Payable in foreign currencies
Financial
Commerci al
Trade payables
Advance receipts and other
Total
claims
Payable in dollars
Financial:
Deposits
Other
Commerc 1 al
Trade receivables
Advance payments and other
:
Payable in foreign currencies
Financial
Deposits
Other
Commerc al
Trade receivables
Advance payments and other
:
i
28.302
22,785
8,643
32,952
38.017
38,076
39.092
43,885
r
Dec
.
41,7 88
Mar
.
p
39.2 54
93
CAPITAL MOVEMENTS
Table CM-IV-2.-Total
Liabilities
by Country
[Position at end of period in mllHons of dollars]
Cal endar year
Country
Sept.
Europe:
Austri
26
a
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Pol and
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
Mar.
19
370
*
*
42
224
1,013
19
1.083
19
7
n.a.
342
966
201
1
8
41
157
151
1,031
9
6,481
6
_
22
145
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British West Indies
Chile
1
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Latin America
and Caribbean
29
646
160
93
1,196
34
21
•
12
5
13
239
86
25
22
8
5
216
60
To tal
2,868
2,053
3.119
4,838
Asia:
China:
Mainland
264
113
112
Taiwan
Hong Kong
India
25
79
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries 1/
Other Asia
T
Total
Asia
*
13
14
17
215
2
101
1,686
34_
6,885
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
01 -exporti ng countries 2/
Other Africa
T
Total
198
3,440
572
209
1
*
5
165
1
198
42
Africa
Other countries:
Austral i a
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
Grand total
and regional
547
42
589^
25,587
9.017
11,111
p
94
CAPITAL MOVEMENTS
Table CM-IV-3.-Total Liabilities by Type and Country, as of Mar. 31, 1991, Preliminary
[Position at end of period in millions of dollars]
Financial
liabilities
Payabl
Country
Total
liabilities
Europe
Austria
Belgium-Luxenibourg
Bulgaria
Czechoslovakia
Oenmark
Finland
France
Germany
Greece
Hungary
Ireland
Total
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.P
Yugoslavia
Other Europe
Total
e
foreign
currencies
in
Commercial
liabilities
7-2
(11
(2)
52
533
14
2
12
38
285
271
14
248
7
-
-
-
3
-
-
-
65
489
-
107
102
1.209
1.375
:
Italy
Payable
in dollars
9
3
107
168
13)
141
1.787
1.945
65
578
570
528
89
42
173
*
-
»
7
-
-
-
n.a.
531
1.662
524
n.a.
39
948
251
17
n.a.
-
*
36
41
34
(5)
173
7
n.a.
492
715
273
732
n.a.
36
216
251
•
17
-
-
-
*
19
41
34
12
536
4
550
371
13
*
-
«
371
1,232
577
184
393
655
76
*
*
-
76
8,279
5,547
5,344
203
2,733
8
*
-
*
8
2
65
451
Europe
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British Uest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean
28
-
-
-
362
494
208
2,461
342
341
•
-
*
•
-
-
-
2,426
2,426
-
36
16
-
-
-
28
21
494
208
35
36
16
.
.
-
«
19
-
-
19
5
-
-
5
2
4
296
25
»
2
-
-
302
583
6
1
559
559
-
5
-
\
-
5
15
12
-
-
-
15
12
7
-
-
-
7
112
198
4
4
-
1
1
-
108
197
-
95
CAPITAL MOVEMENTS
Table CM-IV.4.--Total Claims by Country
[Position at end of period In millions of dollars]
Cal
endar year
Country
1989
Europe:
Austria
Belgium- Luxembourg
Bulgaria
24
174
7
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
1
62
83
568
22
560
77
9
n.a.
458
315
123
7
9
22
205
141
402
52
10,854
64
159
70
Europe
14,469
Canada
5.742
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
127
2,656
198
320
6.118
1
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
63
193
1
72
36
47
587
65
33
75
28
10
258
261
Total latin America
and Caribbean
11.148
Asia:
China:
Mai nland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Mai ay si
131
121
217
HO
91
186
1.881
248
9
a
55
Pakistan
Philippines
Singapore
Syria
Thailand
01 -export! ng countries
Other Asia
44
40
210
4
1/
Total Asia
4,072
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries 2/
Other Africa
Total
54
570
100
Africa.
196
1
4
16
62
3
166
136
.'.
Other countries:
Austral a
Al
other
i
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
Grand total
and regional
2
18
*
*
-
20
36.265
33
r
Mar.
r
June
r
Sept.
r
Dec.
96
CAPITAL MOVEMENTS
Table CM-IV-5.--Total Claims by Type and Country, as of Mar. 31, 1991, Preliminary
[Position at end of period in millions of dollars]
Financial claims
127
212
97
CAPITAL MOVEMENTS
Section V.--Transactions
in
Long-Term Securities by Foreigners Reported by Banks
and Brokers
in
the United States
Table CM- V-1. --Foreign Purchases and Sales of Long-Term Domestic Securities by Type
[In millions of dollars;
negative figures indicate net sales by foreigners or
net outflow of capital
Marketable Treasury bonds and notes
U.S. Gov't corporations
and federally sponsored
Net foreign purchases
agencies
Foreign countries
Ca
a
from the United States]
Corporate and other securities
Bonds
1/
Stocks
98
CAPITAL MOVEMENTS
Table CM-V-3.--Net Foreign Transactions
in
Long-Term Domestic Securities
by Type and Country
[In millions of dollars;
negative figures indicate net sales by foreigners or
Marketabl e Treasu
bonds and notes
a
Gov't corporations
and Federal agency bonds
net outflow of capital
from the United States]
U.S.
Corporate bonds
Corpora te
s
tocks
Country
Apr.
Apr.
Calendar Jan.
Apr.
Calendar Jan.
Apr.
Calendar Jan.
Calendar Jan.
through through year
through through year
through through year
through through
year
1990
June p
1990
June
June p
1990
June
June p
June
June p
1990
June
Europe:
Austria
Belgium- Luxembourg
Bui gari
37
10
a
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
2,2 40
1,205
80
5.829
238
2
465
Italy
365
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total
1.077
-104
*
713
6,862
1.152
112
501
-1,338
II
1
-399
Europe
19.065
Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other La ti n Ameri ca
and Caribbean
-32
613
1.724
-93
768
442
64
•
4
6
1
760
10,757
159
-1
1
10
33
-2 36
Total Latin America
and Caribbean
Asi
a
14.980
:
China:
Mainland
345
Taiwan
Hong Kong
4.392
46
-210
India
Indonesia
1
-145
Israel
-14.895
Japan
Korea
221
-3
Lebanon
-36
Malaysia
Pakistan
4
-40
Philippines
-576
Singapore
*
Syria
101
Thailand
-387
Oil-exporting countries 1/...
T
120
Other Asia
-11,062
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
10
*
298
*
-4
Oil-exporting countr es
Other Africa
i
To tal
_2_/
.
.
*
.
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
Int'l
Grand total
19,524
287
-60
-2
243
-229
and regional
19,687
119
99
CAPITAL MOVEMENTS
NET PURCHASES OF LONG-TERM DOMESTIC
SECURITIES BY SELECTED COUNTRIES
Calendar Years 1987 through 1991, Second Quarter
45
40
35
30
25
20
15
10
5
-5
-10
-15
-20
-
100
CAPITAL MOVEMENTS
Table CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Second Quarter 1991, Preliminary
[In millions of dollars]
Gross purchases by foreigners
Domestic securities
MarketBonds
able
Treas- of U.S.
ury i
Gov't
Federal Corp.
Financ- and fed-
Gross sales by foreigners
Domestic securities
Marketable
Bonds
Treasof U.S.
Gov't
ury i
Federal Corp.
Financ- and fed-
101
CAPITAL MOVEMENTS
Table CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Calendar Year 1990
[In millions of dpi lars]
Gross purchases by foreigners
Domestic securities
Gross sales by foreigners
Domestic securities
Market-
Marketable
Bonds
Treas- of U.S.
J"'^
'""f.K
?f
^S.
Gov *
COrp.
Ffnanc- and fed-
'^"l"
ury «
Federal
Country
T . ,
Tot_al
l"'c
Bank^
cbases
.
Corporate
and otber
f'-l'ly
spon-
notes agencies Bonds
ury X
Ferfpral
Federal
deral
nanci„g
Bank^
Foreign
securities
Gov
rnrn
cor
corp
and federally
spon-
^^^^^
Stocks
Bonds
Stocks
934
4.062
062
374
1.131
sal es
.
^.J,,,^^^^^
Corporate
notes agencies Bonds
Foreion
Stocks
Bonds
Stocks
urope:
24.533
4.533
'23
3. '18
10.711
27
912
1.516
618
6,202
6.202
13
-
-
2
9
5.
Belgiui11-Lu«
Bulgaria
Czechoslovakia
'Well
'kVsl
G;rrie.;-.ep:
''-"el
'''T,
III
'l\
"!
''^?
''''H
'''"I
'H
«.860
13.748
43.880
8,943
3.475
1,395
28,065
6,817
227
412
84
r":."?:! :;;;;:;
'-"'l
^''l"
Sweden.
-itzerland....
H''?'
43,32
4 ,76
'•"!
",534
''I
1,887
= !a'"<
"fly-....
Netherlands,...
S°,3
1,1J4
'"'^'^^J'
769.962
229
179
"ugoslavia
Other Europe,,,
8
1
22,348
21,450
Europe, 1.152,295
.
'^^"""
128,072
Amer.
5
'
5.446
27
797
27,797
3.681
10 700
10,700
3
130
fi9^
696
4
.«
4,356
695
.
L,
6,941
, l^l
3,805
'2
-
6
18
16
1
^fi
ii\
2
'II
''H
^Ul
"•";
m
-;-?
'-r,
'^-^s
''^'j!
"'"'
4,310
12 487
3.010
394
665
52
2,163
2,859
1030
26988
904
3,234
3,507
488
45786
61
6,065
8,273
588
9,142
6,921
'I
'I
"
'j
'^"^
'"
130
215
195
1,073
12,463
3.030
8,725
5,553
2,013
654
4,641
25,890
42,432
42,393
31235
34
24
31
622
525
44.994 114.487
45.706
765.035
525,069
1
242
169
19-30
63
-
1
3
4
•
24
489
262
59
750,033 16,706 40,023
84,791 186,098
322
592
75
l
']
968
42
547
266
257
215
2
731
9323
2,259
15,329
5,f84
il
?5
1
9.099 21.243
3257
5 007
lo'240
877
77?
2
Izll
''gt
866
^^
901
sll
2
4,"
ii
a a
47.985 114.7 27
46 912
i
542
'
15
*; i
730.969 13,357 32,976
117
982
3
'
'f
Z
i
'^.
i
159
69
93,290 189,958
78,783
61,192
1,889
3,759
19,447
36,970
4,815
137,391
65,806
1,175
120
27
205
106
509
231
1,714
190
24
39
878
2,124
5,502
209
865
152
1,587
16
924
2,557
503
5,423
27993
106
108
123
73
1.315
17504
1288
108
306
25
359
1,949
18
52
84
6;604
269
1.104
661
845
5,594
88
111
ue
37
24
28
77
88
7
12
7
12
7
21
8
8
4
4
1
16
26
34
ID
201
146
1009
5,987
"
3,353
222
784
49
147
70
11
93
70
56
11
13
12
19
I
2
1
5
1
9
«
•
4,804
49,032
75
56
40
2,516
28,037
177
10
40
217
34
36
li
8
8.475
1,843
38 100
2-"^
282
152
271
439
1.650
1,559
547
1,104
p''""'
Peru......
Tnn. S Tobago.
908
7,924
1.131
199
4,168
100
1,756
280
224
3
13
15
47
10
12
101
4
16
2
3
7
2
*
Ilrtiguay.
259
'•'^'
43
5
"°
"
?.t"4
495
''"
^'"fdor
^""^"ala
Ia"4fca
Mexico.........
Neth. Antilles.
nther"[l't;'im::
Caribbean..
Lat.
2,568
18,555
44,341
4,946
1
584
16;784
1,255
283
1
11,909
177
97
21
013
1
145
5616
1
700
212
918
95
2
40
1,67
9
1
a
67
gloOO
185
63
204
1228
2246
9
45
23
7
1612
12-41.
17
8
6,987
77
8
1,
28
*"
106
71
7
""
5
12
gg
"*
35
'^
^•"
33
'^''
'«
^s
ug
2.210
376
202
586
358
56
2.839
731
487
439
760
273
63,215 12,495
7,437
24,755
11,659
3,977
114,524
48.235 10,073
5,534
26,087
18,370
98
20
494
52
4,684
683
445
5,487
313
203
'
1
83
'lag
12
19
3'
49
1
Am..
Caribbean. _ 123.538
"
Asia:
China:
'
6,681
<^'l"^'"''
/a'""
lt."9
36,412
1,'0'
"""S
'•""'
"<l"nesia
218
"^=1
6,698
843,332
i'<""
f""-i^,""*"""
Philippines....
3
6
8,887
109
24
48,431
Africa:
=
124
]:"'=^'''a
951
"•"•occo
16
6
159
51
851
15
265
4,369
953
5,833
3,850
25
45
303
3
200
27,481
171
48
98
6,183
9.574
36,109
1,935
307
155
54,368
30,416
211
107
253
6,917
863,372
2,949
5
8
142
8
8
6126**
***56*
**51-*
•267**
119
~~
Africa..
150
5,886
41
701,794 20,386
5
Asia. ... j_J02, 888
South Africa...
2a""e
Other Africa...
1
487
6'1
9'f'
Ghana
7
88
154
7
12
« = 'a
1,166
7
l'"3
605
35,052
?'"?ai'°''S
133
297
146
15
;'';?
"a"l';
T'' =
5,669
12.983
20,898
1,368
^''^
'Pakistan
Total
'''^t
2
1
15
58
'•
567
I
1,698
'«"
Total
416
135
72
39
"" =
200
.
"1
=
[
21,849
HI
152
west ind.
r„ '^;;:
^;^°"">'a
;'>"5
"''"^
4
"'3
S'-a^ll
'
''-'
22.705
74,644 1,139,332
'""
''"'^
96
4
uign
37^
-•"'
'-
18,672
2,200
19,228
1,195
7,372
'«™"?a
'
1
^-3
'•''»
"'l
«98
5.761
31,154
1,623
20,509
Tot.
l^Jr.
299
,
1
Caribbean:
i
*''9*"""a
Jalaias
Brit
15J
581
'•"'
''•'"?
''"'s
''"I
-^
|i°j
'''li
269
665
764
32,387
77
15,029
187
2,904
1,026
1
20
523.7 3111.066 29.9 78
UnUed Kingdom.
"^'^•"
Lat.
*
"'1
SE:;:::;::
Total
'
10
pi:l::::::::
;:
54
15
380
9
11
105
57
42
727
30,809
455
235
1,217
1,328
1,009
35,673
"42
38,525
13
124
1
6
1,233
999
5,888
1,388
825,442 23,068 11,842
39,874
66,230
86
399
6
615
52,255
36,382 1,0 22,543
11
2
1
84
9
18
151
365
50
86
343
65
42
588
4
16
6.225
"
5.324
8,592
20,852
1,578
100
188
149
10
16
252
2
3
6.032
22
716,689 19,998
1,732
633
39
26
55
177
8,528
30,372
26
10
•
21
50
103
420
31,385
6
56
131
699
152
1172
341
•
18
14
38.791
1,425
1,174
836,503 23,110 10,657
1
16
165
405
4
2
in
ii
536
56 753
431
111
31032
5
3
50
730
1534
23181*
-..ti'.
'
76
63
8,604
114
1,873
388
45,786
68.276
38,210
127
-*31*357**
~"
*
3
12
83
13
40
67
9
36
406
24
46
106
*
•
*
5
1
.
5
•
]2
_
.
,
286
5
40
12
j2
•
-
2
•
132
6
1,339
102
886
21
1,489
278
2
22
105
1,052
2g
2,601
663
60
140
563
962
212
2,391
350
17
36
626
1,089
222
14
28,853
5,298
16,316
2,663
44
150
406
3,016
257
6,836
1,854
2,234
226
4
21
133
9
Other countries
5" = '''f''a
*"
""'«'"
Total
other...
28,942
5,230
17,067
2,754
73
106
2,782
193
7,230
1,838
1,777
212
34,172
19,821
226
179
2,975
9,068
1,903
112,056
106.203
338
826
3,430
666
126
148
34,151
18.979
194
554
3,273
8.690
2.460
foreign
countries.. 2^443, 565 1,720,365 54,444 63,380 172,405 311,036 121,934 2,450,332 1,700,342 47,926 52,375 187,618 330,724
130,846
Int'l and reg.:
International..
106,426
101,582
809
54
399
2,953
623
108,449
101,295
99l
289
365
676
4,833
European reg...
335
.
335
653
60
598
Lat. Amer. reg.
710
654
16
5
1
33
690
657
31
3
Asian regional.
1,855
1,727
10
5
106
6
1,854
1,484
17
14
335
3
African reg....
2.205
1,721
3
31
418
1
31
2,715
1,950
52
4
381
298
29
Mid. East. reg.
525
2
2
2
600
594
3
3
51J
~~
Total
.
~
Total int'l
and regional
Srand tota
1
.
.
.2
,
555 ,62
1
93
114,966
106,040
1,091
310
755
6,064
705
1,826,568 55,232 63,473 173,231 314,466 122,600 2,565,297 1,806,882 49.018 52,685 138,373 336,788 131.552
102
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
positions of
those of foreign branches, majority-owned foreign partnerships, and
majority-owned foreign subsidiaries of U.S. banks and nonbanking
firms. Reports cover five major foreign exchange market currencies
and U.S. dollars held abroad. Reporting has been required pursuant
to title II of Public Law 93-110, an amendment to the Par Value
Modification Act of September 21, 1973, and implementing Treasury
regulations. Statistics on the positions have been published since
March 1977 beginning with data for December 1975.
"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 March 16, 1983, for the
weekly reports. The most recent revision of the nonbank foreign
currency forms (see below) became effective as of the last business
day of March 1983.
Common
Definitions
and Concepts
The term "United States" means the States of the United
Commonwealth of Puerto Rico,
American Samoa, Midway Island, the Virgin Islands, and Wake Island. The term "foreign" means locations other than the "United
States." The term "worldwide" is used to describe the sum of "United
States" and "foreign" data.
States, the District of Columbia, the
United States include amounts reported by sole
proprietorships, partnerships, and corporations in the United States
Data
for the
including the U.S. branches
and subsidiaries
of foreign
nonbanking
concerns, in the case of "nonbanking firms' positions," and the
agencies, branches, and subsidiaries located in the United States of
foreign banks and banking institutions, in the case of the weekly
"bank positions,"
Data for "foreign branches" and "abroad" include amounts reported by the branches, majority-owned partnerships, and 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 intercompany accounts. The data include the foreign subsidiaries of a
few foreign-owned U.S. -based corporations.
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.
It was raised to $2 million equivalent on the monthly reports of positions held in the United States from 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
it
Firms must report their entire foreign currency position in a
if a specified U.S. dollar equivalent value
reached in any category of assets, liabilities, exchange contracts
specified foreign currency
is
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 subsidiaries, U.S. banks and nonbanks are required
to report the U.S. dollar-denominated assets, liabilities, exchange
contracts bought and sold, and net positions of those branches,
partnerships,
and subsidiaries with reportable positions
in
the speci-
fied foreign currencies.
Description of Statistics
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 curthrough VI each present data on a
rencies reported. Sections
specified foreign currency. Section VII presents the U.S. dollar positions of the foreign branches and subsidiaries of U.S. firms which are
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" means maturing in 1 year or less
from the date of the report.
II
required to report
in
one
or
more
of the specified foreign currencies.
103
FOREIGN CURRENCY POSITIONS
Section l.-Summary Positions
Table FCP-l-l.--Nonbanking Firms' Positions
(In
Report
date
millions o( foreign currency units, except yen,
Is In billions]
German
Japanese
Swiss
British
U.S.
dollars
marks
yen
francs
pounds
dollars *
(1)
(2)
12/31/90.
r5,302
-3.430
3/29/91
7,882
-136.922
.
which
Canadian
W
(3)
r-
1.740
4.095
1.978
-6.242
Table FCP-l-2.--Weel<iy Banl< Positions
[In
Report
dale
10/03«0.
11/07/90.
11/14/90.
11/21/90.
1 1/28/90
12/05/90.
12/12«0.
12/19/90.
12/26«0.
1/02/91
1/09/91
1/16/91
1/23/91
1/M/91
2/06/91
2/13/91
2/20/91
2/27/91
3/06/91
3/13/91
3/20/91
3/27/91
.
.
.
.
.
.
.
.
.
.
.
.
.
which
Is In
r
(6)
12,232
r6,106
-4,334
106,066
3
billions]
Canadian
German
Japanese
Swiss
British
U.S.
dolors
marte
yen
francs
pounds
dollars <
(1)
10/10/90.
10/17/90.
10/24/90.
10/31/90.
millions of foreign currency units, except yen,
(5)
408
(2)
(3)
(4)
(5)
(6)
104
FOREIGN CURRENCY POSITIONS
Section ll.--Canadlan Dollar Positions
Table FCP-ll-1.--Nonbanking Firms' Positions
[In
Report
date
millions ol dollars]
105
FOREIGN CURRENCY POSITIONS
Section lll.--German Mark Positions
Table FCP-lll-1.--Nonbanking Firms' Positions
[In
Report
dale
millions of marks]
106
Section IV.--Japanese Yen Positions
Table FCP-IV-l.-Nonbanking Firms' Positions
107
FOREIGN CURRENCY POSITIONS
Section V.~Swiss Franc Positions
Table FCP-V-1.--Nonbanklng Firms' Positions
[In
Report
date
mlHtons of francs]
i
108
FOREIGN CURRENCY POSITIONS
Section Vl.-Steriing Positions
Table FCP-VI-1.-Nonbanklng Firms' Positions
[In
Report
date
millions o1
pounds]
109
FOREIGN CURRENCY POSITIONS
Section VII.-U.S. Dollar Positions Abroad
Table FCP-Vll-i.--Nonbanklng Firms' Foreign Subsidiaries' Positions
[In
millions of dollars]
110
FOREIGN CURRENCY POSITIONS
FCP-VO
Footnotes to Tables FCP-I through
SECTION
^ Excludes receivables and installment paper sokl or discounted before
I
Worldwide net positions on the
business concerns
In
last
business day of the calendar quarter
of
nonbanKJng
the United States and their foreign branches and majority -owned
partnerships and subsidiaries. Excludes receivables and Installment paper which have been
sold
or
discounted
before
maturity,
U.S.
parent
con^anies'
Investment
In
3
Includes both spot and forward
banks and banking
Institutions In the
United Stales,
dollar.
and
their foreign
and
liabilities.
maturity, fixed
majority-owned
foreign
1
and 3
less
exchange
columns 2 and
rales.
4.
in
U.S. dollars per unit of foreign currency,
The source
of the
all
others
In
automated representative rates changed as
foreign units per U.S.
of
June 30, 1988.
branches and majority- owned foreign subsidiaries. Excludes capital eissets
Banks and banking
majority -owned
Foreign branches and majority-owned subskjiarles only.
SECTIONS
in
c
are expressed
positions of
investment
Representative rates on the report date. Canadian dollar and United Kingdom pound rates
Foreign branches and majority-owned partnersh^s and subsidiaries only.
Weekly worldwide net
and parents'
and equipment leases are excluded.
CapllaJIzed plant
Columns
and equipment.
and equipment),
(plant
subsidiaries.
their
majority-owned foreign subsidiaries, fixed assets (plant and equipment), and capitalized
leases lor plant
assets
II
Institutions
subsidiaries. In
In
the United States and their foreign branches and
section
Vii.
foreign
subsidiaries only.
° Excludes capital assets.
Q
Excludes capital liabilities.
THROUGH VII
^ includes both spot and forward exchange contracts.
Positions of nonbanking business concerns
in
the United Stales and their foreign
branches and majority-owned partnerships and subsidiaries.
foreign branches and majority-owned partnerships
In
and subsidiaries
section Vil positions of
only.
Columns 3 and 9
^ See footnote
6.
less
columns 6 and
1
2.
branches
and
majority-owned
111
EXCHANGE STABILIZATION FUND
INTRODUCTION
Background
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
The Exchange Stabilization Fund (ESF) was established under
the Gold Reserve Act of January 30, 1934 (31 U.S.C. 822a). This act
authorized the establishment in the Department of the Treasury of a
of the
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.
stabilization
IMF or cancellation
of
SDRs.
SDR cerf/7/cafes.-lssued 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.
The
dollar balances, partly
special
drawing rights
sources of income or losses for the
losses on holdings of and transactions in
foreign exchange, and the interest earned on assets.
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 inception are reflected in the cumulative net income (loss) account.
Definitions
Special drawing nghfs.-lnternational 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,
Table ESF-2 presents the results of operations by quarter. Data
are presented in U.S. dollars or U.S. dollar equivalents computed
according to the accrual method of accounting. The "Profit (loss) on
exchange" includes realized profits (losses) on sales of foreign currencies as well as revaluation gains (losses) on currencies
foreign
held. "Adjustment for
SDR
allocations.-The counterpart of SDRs issued by the IMF
based on members' quota in the IMF. Although shown in ESF state-
change
in
valuation of
locations" reflects the net gain (loss)
and
allocations for the quarter.
SDR
on revaluation
holdings and alof SDR holdings
112
EXCHANGE STABILIZATION FUND
Table ESF-1. --Balances as of Dec. 31, 1990, and Mar. 31, 1991
[In
Assets,
liabilities,
and
capital
Dec. 31,1990
thousands
ol dollars]
Dec. 31, 1990,
through
Mar. 31, 1991
Mar. 31, 1991
629,227
1.215,895
7,727
345,363
1,067,000
10,368,412
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
Japanese yen
Pounds sterling
Swiss francs
Accounts receivable
Total assets
Liabililjes
and
(620,654)
9,009,778
9,907,341
27,102
33,398
289,773
(1,308,497)
(160,887)
(1.807)
(3,025)
(23,821)
7,701,281
9,746.454
32,247,762
(1,481,737)
30,766,025
25,295
30,373
265,952
capital
liabilities:
Accounts payable
Advance Irom U.S. Treasury (U.S. drawing
on IMF) 3
Total current
Other
337,636
1,067,000
10,989,066
2:
German marks
Current
586,668
liabilities
liabilities:
Special drawing rights certificates
Special drawing rights allocations
Total other
liabilities
Capital:
Capital account
Net income
(loss)
(see table ESF-2)
Total capital
Total
liabilrties
and
capital
105,399
1,067,000
1,172.399
87,732
(17,667)
1
,067,000
SPECIAL REPORTS
Consolidated Financial Statements
of the United States Government
Fiscal Year 1990/Prototype
116
INTRODUCTION
States
The fiscal year 1990 edition of the Consolidated Financial Statements of the United
Government was recently released and an extract follows. The statements and
and published annually by Treasury's Financial
because they are modeled after corporate-type reports and are
developed on the accrual basis of accounting. The following excerpts present some of the most
accompanying
Management
information,
noteworthy information
Data
prepared
Service, are unique
for the
in
the statements.
Consolidated Financial Statements
accounting systems Governmentwide and captured
in five
is
compiled from program agency
consolidated statements: Financial
cash flows, receipts and outlays, and reconciliation of accrual operating
cash basis budget. This general purpose report, for example, provides a snapshot
of what the Federal Government owns and owes by presenting summary information on its
financial condition and operations. Customary notes to the financial statements as well as several
broad supplemental tables--from accounts and loans receivable due from the public to Federal
position, operations,
results to the
obligations--complete the publication.
The entire 44-page document is for sale through the Superintendent of Documents, U.S.
Government Printing Office. An order form is provided at the end of the Treasury Bulletin.
117
CONSOLIDATED FINANCIAL STATEMENTS
United States Government Consolidated Statement
of Financial Position
as of September 30, 1990 and 1989
($ billions)
1990
1989
Total assets
1,383.2
1,21 4 2
Total liabilities
4,253.1
3,814.7
2,869.9
-2,600.5
1990
1989
Accumulated position
United States Government Consolidated Statement
of Operations for the Years
Ended September
30,
1990 and 1989
($ billions)
,087 7
Total revenues
1,131.2
1
expenses
1,410.4
1,274 7
•279.2
-187.0
Total
Excess
of
expenses over revenues
118
FINANCIAL HIGHLIGHTS
Revenues and expenses
The
following graphs
show revenues and expenses
for fiscal
years 1988 through 1990, and the major
categories of revenues by source and expenses by agency for fiscal years 1990 and 1989.
Revenues
levied un-
der the Government's sovereign power are reported on the cash basis. Amounts earned through Government
business-type operations are reported on the accrual basis. The data supporting the graph of expenses by
agency are reported on the accrual
basis.
TOTAL REVENUES AND TOTAL EXPENSES
FISCAL YEARS 1988-90
1450
_
1989
1988
H
Revenues
1990
D
Expenses
119
Revenues and expenses
FISCAL YEARS 1990
AND
1989
MAJOR SOURCES OF REVENUES
120
SUPPLEMENTAL TABLES
SUMMARY OF ACCOUNTS AND LOANS RECEIVABLE DUE
FROM THE PUBLIC
The Federal Government
rate that
exceeds the growth
The Debt
of the
the Nation's largest source of credit
and the Comptroller General
of the
Total accounts receivable
amounted
to
of risk. Its financial
$214.0
commitments are increasing
at
a
these reports
in
to
Management and Budget (OMB)
consult
United States to establish regulations for agencies with outstanding
Each agency prepares and transmits a report summarizing the status
Treasury. The Federal Government uses the data
able
and underwriter
economy
Collection Act of 1982 (31 U.S.C. 3719) requires that the Director of the Office of
with the Secretary of the Treasury
debts.
is
US
of
accounts and loans receivable
improve the quality
of collection
it
manages
to
OMB and
methods.
amounted to $105.9 billion in fiscal 1990, an increase of $7.4 billion over fiscal 1989. Total loans receiv1990, an increase of $2.2 billion from fiscal 1989. Graphically depicted below are summaries by se-
billion in fiscal
and loans receivable data.
The credit reform provisions of the Omnibus Budget Reconciliation Act of 1990 (OBRA) recognized the implicit cost of Federal credit
programs. OBFIA seeks reform in several major credit and insurance programs and establishes a policy of risk assessment and program
lected agencies of accounts
review.
The
fiscal
1992 budget requested,
for the first time, funding to
extended The administration and the Congress
will
handle the cost of direct loans and loan guarantees at the time credit
allocate budgetary resources by
comparing
credit
program costs and
their
is
accompanying
an equal basis with the costs and benefits of other programs.
The fiscal 1992 budget also recognized the need for additional reforms to reduce the underwriting risk inherent in federally sponsored
programs The budget also proposed reforms in deposit insurance, financial services regulation, Veterans Affairs (VA) mortgage guarantees,
and the guaranteed student loan (GSL) program. The reforms in GSLs would reduce defaults and costs to the Government while increasing the
program's effectiveness in helping students A program recommended for review is the Federal Housing Administration (FHA) multifamily loan
benefits on
program.
GROSS ACCOUNTS RECEIVABLE
$105.9
'r^
Treasury
Agriculture
Labor
Health and
Services
Human
Other
billion
121
FEDERAL DEBT
Total Federal debt held by the public
following charts
show
the increase
in
amounted
to
$2,4 10.4
billion in fiscal
1990, an increase of $220.1
billion
from
fiscal
1989.
FEDERAL DEBT HELD BY THE PUBLIC
INTEREST EXPENSE
FY 1986-90
FY 1986-90
$
2500
B
2000
The
Federal debt and the interest expense.
I
L
L
I
1500
1000
O
N
S
500
1986
The two debt
1987
1988
1989
1990
1986
tables which follow reflect information on the borrowing of the Federal
1987
1988
Government needed
1989
to finance the
1990
Govern-
ment's operations. These tables support the Statement of Financial Position caption, "Debt issued under financing authority." shown net of intragovernmental holdings and unamortized premium or discount. Intragovernmental holdings represent that portion of the total Federal debt
held by Federal entities, including the major trust funds.
The
distribution of
1990 and 1989 net debt from the public by major type of securities
is
graphically depicted.
NET DEBT BY TYPE OF SECURITIES
1200
1000
B
800
I
600
L
L
400
O
200
N
S
I
1990
1989
122
COMMITMENTS AND CONTINGENCIES
Commitments are long-term
contracts for which appropriations have not
been provided by the Congress and undelivered orders
which represent obligations
A
contingency
events occur or
reported
in
is
a
liability
occur
to
fail
If
involving uncertainty as to a possible loss to the
the future event or events are
likely to
the Statement of Financial Position under "Financial
result from a number
In fiscal
of sources including loan
1990.
assets which would be
risk of
liabilities"
or "Other
$539 7
to
exposure without regard
available to offset potential losses
The
that will
be resolved when one or more
billion
and
total
future
are
Contingencies within the Federal Government
contingencies amounted
to probability of
charts below
liabilities."
liabilities
programs, and unadjudicated claims
credit guarantees, insurance
commitments amounted
total
maximum
gencies represent the
and
Government
occur and the amounts can be reasonably estimated, the
to
$5,800 3
occurrence and without deduction
show
billion
Total contin-
for existing
and contingent
the percentage distribution of 1990 commitments
and
contin-
gencies by source category.
Federal and federally sponsored credit and insurance have grown faster than the gross national product over the past 20 years The
loans and securitization provided by Government-sponsored enterprises is the fastest growing category The largest commitment is to Federal
deposit insurance at commercial banks,
thrifts,
Programs with high default costs are
business
credit,
and Rural
and
credit unions; but Federal loan
and operating
rapidly, too
loans. Export-Import
Bank
lending, small
Loan guarantees with high default rates include guaranteed stu(VA) guaranteed and Federal Housing Administration (FHA) insured mortgages with high loan-to-value ratios.
Electrification Administration
dent loans and Veterans Affairs
guarantees have grown
multifamily housing, farm ownership
power supply
loans.
COMMITMENTS
$539.7
billion
Undelivered Orders
Long-Term Contracts
40
80
60
100
Percent
CONTINGENCIES
(Maximum Risk)
$5,800.3
Insurance
in
Force
Gov't Loan
Credit
billion
and
Guarantees
^Hg%
Unadjudicated Claims
11%
and Other Contingencies
/
/
10 20
/
/
/
^
<'
50 60
Percent
30 40
70
80 90
U.S. Currency and Coin Outstanding
and in Circulation
124
U.S.
CURRENCY AND COIN OUTSTANDING AND
IN
CIRCULATION
INTRODUCTION
Dennltion 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
circulated in relation to population.
amount
of
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.
money
"U.S. notes" are also known as legal tender notes and were
in five different issues; namely, (a) First lssue-1862 ($5 to
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 l^oney" 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 U.S. Treasurer assumed publication of the "Circulation Statement of United States Money," a revision
was made
the 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 Out-
currency
in
Circulation Statement. The statement in 1983
be published as a separate, monthly release and instead
was incorporated into the quarterly Treasury Bulletin as a special
report.
to
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
in circulation.
standing
ceased
$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).
and
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 U.S. Mint offices, the
Federal Reserve banks, and the Federal Reserve Board. Such reports convey information about 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.
125
U.S. Currency
and Coin Outstanding and
[Source: Financial
Management
AMOUNTS OUTSTANDING AND
IN
in Circulation
Service)
CIRCULATION
June
30, 1991
Currency
Coin''
Total
currency and
Total
coin
Amounts outstanding
Less amounts held by:
The Treasury
The Federal Reserve banks
Amounts
...
In circulation
.
$347,047,481,956
$326,886,158,058
655,468.305
54,898,798,958
37,396,109
54,324,046,936
291.493.214,693
272.524.715,013
CURRENCY
IN
Federal Reserve notes
$326,298,676,571
3,506.141
54,324,034,189
271,971,136,241
U.S. notes
Currency no
Total
Dollars
'
longer Issued
$322,539,016
$264,942,471
$20,161,323,898
$2,024,703,898
$18,136,620,000
218
193,829
12,529
618.072,196
574,752.022
311.882.148
99.954,959
306,190,048
474.797,063
288,842,659
264.736.113
18.968.499.680
33.696.139
CIRCULATION BY DENOMINATION
1,612,866,791
June 30. 1991
Date
Reserve
notes
1
17,355.632,889
COMPARATIVE TOTALS OF CURRENCY AND COIN
IN CIRCULATION-SELECTED DATES
Denomination
Federal
Fractional
coin
U.S.
notes
Currency
no longer
Issued
Amount
127
Glossary
With References
to
Applicable Sections and Tables
Accrued discount (SBN-1,
-2, -3)-This is the interest that has accumulated from the sale of savings bonds and notes
issued at a discount to the date of redemption or final maturity, whichever comes first. Series A, B,
C, D, E, EE, F, and J are discount or accrual type bonds. Principal and accrued interest are paid
when bonds are presented for redemption. Series G, H, HH, and K are current-income bonds, and
interest paid semiannually is not included in accrued discount.
Average discount
rate (PD0-3)--ln Treasury
bill
auctions, purchasers tender competitive bids on a discount rate
of all discount rates accepted in the
The average discount rate represents the weighted average
auction. (Same as average discount rate in table PDO-2.)
basis.
Cash management
bills {PD0-2)--Cash management bills are marketable Treasury bills of irregular maturity lengths
sold periodically for the general purpose of funding short-term cash needs. Cash management bills
usually are restricted to competitive bidders, with higher minimum and multiple purchase requirements
than regular
bills.
Competitive tenders ("Treasury Financing Operations")--A tender
is an application by a prospective investor to buy
Treasury securities. With a competitive tender, the investor offers to purchase a stated amount of an issue
a specified discount rate for bills or a specified yield for notes and bonds. If the bid is within the range
accepted in the auction, the purchaser will pay the price equivalent of the bid.
at
Debt outstanding subject to limitation (FD-6)--This is the debt incurred by the Treasury that is subject to the statutory
debt limit set by Congress. Until World War
Congress authorized a specific amount of debt that could be
raised by each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of
the limitation was modified until
developed by 1941 into an overall limit on the outstanding Federal debt.
I,
it
The debt subject to limitation includes almost all Treasury public debt except for securities issued to
the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of
older debt (totaling approximately
$595
million
as
of
February 1991).
Discount rate (PD0-2)--The rate for Treasury bills is on the basis of a discount rate, which is the rate of return based on
the difference between par and the actual purchase price paid (i.e., discount). The discount rate is
annualized over a 360-day year. This rate understates the real rate of return; accordingly, the yield
(coupon-equivalent rate) is a better measure of return and should be used in any comparison with
coupon-issue (note or bond) securities.
Domestic series (FD-2)--This
composed
nonmarketable, interest and non-interest-bearing securities issued
Funding Corporation (RFC) for RFC's investment of funds
authorized under section 21 B of the Federal Home Loan Bank Act (12 U.S.C. 1441b).
is
of
periodically by the Treasury to the Resolution
Foreign-targeted issue (PDO-1, -3)--Foreign-targeted notes were sold between October 1984 and February 1986
to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary
authorities, or to international organizations of which the United States was a member. They were sold
as companion issues to domestic (normal) Treasury notes, having the same maturity and interest rate,
and could be converted into domestic notes of their companion issues. They paid interest annually
rather than semiannually.
128
Glossary
Government account series (FD-2)--The
statutes of certain trust funds require the Secretary of the Treasury to apply
the monies held by these funds toward the Issuance of nonmarketable special securities. These
Government agency, trust fund, or account.
based on an average of market yields on outstanding Treasury obligations, and
they may be redeemed at the option of the holder. Roughly 80 percent of the Government account
series securities are issued to five holders: the Federal old-age and survivors insurance trust fund (Social
Security), the civil service retirement and disability fund, the Federal hospital insurance trust fund, the
military retirement fund, and the unemployment trust fund.
securities are sold directly by the Treasury to the specific
Their rate
is
usually
Matured non-interest-bearing debt (SBN-1, -2, -3)~This is the value of outstanding savings bonds and notes that have
reached final maturity and no longer earn interest. Series A-D, F, G, J, and K bonds have reached
final maturity. Series E bonds issued between May 1 941 and November 1 965 have a final maturity of
40 years from their issue dales; E bonds issued between December 1 965 and June 1 980 have a final
maturity of 30 years. Series EE bonds issued since January 1980 mature 30 years from their issue
dates. Series H bonds issued from June 1 952 through December 1 979 mature in 30 years. Series
HH bonds issued since January 1980 mature in 20 years. Savings notes issued between May 1967
and October 1 970 mature 30 years from their issue dates.
Noncompetitive tenders ("Treasury Financing Operations")"A tender is an application by a prospective investor to
buy Treasury securities. With a noncompetitive tender, the investor offers to purchase the securities at the
price equivalent to the weighted average discount rate (for bills) or yield (for notes and bonds) of accepted
competitive tenders
in
the auction. Noncompetitive tenders are always accepted
in full.
Quarterly financing ("Treasury Financing Operations")--The Treasury has historically offered packages of several
"coupon" (note or bond) security issues on the four quarterly financing dates, which are the 15th of February,
May, August, and November. these dates fall on nonbusiness days, the securities are issued on the next
business day. Since the late 1970s, the standard quarterly financing has consisted of a 3-year note, a
10-year note, and a 30-year bond, although the package may vary. Sometimes, the Treasury offers
additional amounts of outstanding long-term notes or bonds, rather than selling new issues.
If
Reopening (PDO-3, -4)-A reopening
issue, rather than
an
is
when the Treasury
new issue.
offers for sale
an additional amount
of
an outstanding
entirely
52-week and three-quarters of the 26-week bills are new issues (i.e., are the first issue of a
CUSIP-number-identified security that will mature on a specific date). All 1 3-week bills, all cash
management bills, and one-quarter of 26-week bills are reopenings of previously issued 26-week or 52-week
bills, with the additional issues maturing on the same date as the original issue.
All
Some
the
note and bond issues are also reopened. A reopened issue will always have the same maturity date,
and, if a note or bond, the same interest rate as the original issue.
same CUSIP number,
State and local government series (FD-2)--The Treasury offers special nonmarketable certificates, notes, and bonds to
State and local governments as a means to invest proceeds from their own tax-exempt financing.
The
and maturities on these securities are set to ensure compliance with IRS arbitrage
These securities, commonly nicknamed "SLUGs," are offered in both time deposit and demand
deposit forms. Time deposit securities have maturities of up to
year for certificates, 1 to 10 years for notes,
and over 1 years for bonds. Demand deposit securities are 1 -day certificates rolled over with a rate
interest rates
provisions.
1
adjustment
daily.
is a limit, set by Act of Congress, on the amount of public debt that may
be outstanding. This limit may be permanent or may be temporary through a fixed date. When the
limit is reached, the Treasury may not sell any new marketable or nonmarketable debt issues until the
limit is increased or extended. A detailed listing of the changes in the limit since 1 941 may be found in
a table attached to the Budget of the United States Government.
Statutory debt limit (FD-6)"At any time, there
it
129
Glossary
STRIPS (PDO-1,
-3)--Under the Treasury's STRIPS (Separate Trading of Registered Interest and
Principal of Securities)
program, long-term notes and bonds may be divided into their principal and interest
payment components.
The STRIPS components may then be transferred and sold in amounts as small as
$1 ,000. When the
strippable notes or bonds are auctioned, STRIPS are sold at a minimum par
amount. This par amount
varies for each issue and is an arithmetic function of the issue's interest
(coupon) rate.
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SEND YOUR MAILING LABEL,
MaU List Branch,
inquire about your subscription service
the Superintendent of
will
Mail Stop:
.
.
.
please
SSOM,
DC
reinstated.
along with your
Washington,
DC
new
SEND YOUR MAILING LABEL,
Documents, Attn: Chief, Mail List Branch, Mail Stop:
address, to the Superintendent of
20402-9373.
SSOM,
along with your correspondence,
Washington,
DC
to
20402-9375.
New Subscribers
To order
a
new
subscription
.
.
.
please use the order form provided below.
Superintendent of Documents Subscriptions Order
PfocessinQ Code
Ofrtpf
I
6735
YES,
I
Form
Charge your order,
it's
please send
me
the following indicated subscriptions:
To
easy!
^^
fax your orders and inquiries— (202) 275-0019
—
i -i
j. Ji
i/j
@FedFRASER