Full text of Treasury Bulletin : September 1996
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Contents SEPTEMBER 1996 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Analysis.--Summary of budget results for the third quarter fiscal 1996; Second-quarter receipts . . . . . . . . . . . . . . . . . . . . . . . . 8 FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ACCOUNT OF THE U.S. TREASURY UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FEDERAL DEBT FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-7.--Treasury holdings of securities issued by Government corporations and other agencies . . . . . . . . . . . . . . . . . . . . . . . . FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-B.--Chart: Private holdings of Treasury marketable debt by maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PUBLIC DEBT OPERATIONS TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-1.--Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4A.--Allotments by investor classes for public marketable securities other than bills . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4B.--Allotments by investor classes for public marketable securities for bills other than regular weekly series . . . . . . . 18 19 20 21 22 22 23 25 26 27 31 38 40 43 45 U.S. SAVINGS BONDS AND NOTES SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 OWNERSHIP OF FEDERAL SECURITIES OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 MARKET YIELDS MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 52 53 56 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 58 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 CAPITAL MOVEMENTS LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-A.--Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 66 67 69 71 CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 77 CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 78 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CM-IV-1.--Total liabilities and claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . 79 80 82 84 86 88 TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS IN 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 in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (second quarter) . . . . . . . . . . . . . . . . . . . CM-V-5.--Foreign purchases and sales of long-term securities, by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 89 90 92 94 96 FOREIGN CURRENCY POSITIONS CANADIAN DOLLAR POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-II-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 FCP-II-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 V Contents SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 STERLING POSITIONS FCP-V-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 EXCHANGE STABILIZATION FUND ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 SPECIAL REPORTS TRUST FUNDS TF-15a.--Highway trust fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p= Preliminary; n.a.= Not available; r= Revised. VI 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 March June Sept. Dec. Federal Fiscal Operations FFO-4.--Summary of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . √ Special Reports Consolidated Financial Statements of the United States Government (CFS) excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Liabilities and Other Financial Commitments of the United States Government. . . . . . . . . . . . . . . . . . . . . . . Trust Fund Reports: Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . Black Lung Disability Trust Fund. . . . . . . . . . . . . . . . . . . . Civil Service Retirement and 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 . . . . . . . . . . . . . . . . . . . . . Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Investments of specified trust accounts . . . . . . . . . . . . . . . Leaking Underground Storage Tank Trust Fund . . . . . . . . National Recreational Trails Trust Fund . . . . . . . . . . . . . . . National Service Life Insurance Fund . . . . . . . . . . . . . . . . Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . Vaccine Injury Compensation Trust Fund. . . . . . . . . . . . . . (Published following the release of the CFS) √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy Real gross domestic product GROWTH IN REAL GROSS DOMESTIC PRODUCT (GDP) accelerated in the first half of 1996 from the sluggish pace at the end of 1995. After an anemic 0.3 percent annual rate gain in the fourth quarter of last year, GDP expanded at a 2 percent annual rate in the first quarter of 1996 and at a 4.2 percent rate in the second, averaging 3.1 percent so far this year. Consumer spending improved and rose from a 1.1 percent pace in the fourth quarter to an average of 3.6 percent in the first two quarters of 1996. Business investment accelerated to a 12 percent rate in the first quarter but dropped back in the second. There was also a rebound in Federal spending after the shutdown contributed to a sharp decline in the fourth quarter. Deterioration in the net export balance was a major negative element in the first half of 1996. Inflation, as measured by the chain-weighted price index for GDP, increased at a moderate 2.2 percent annual rate in the first half of 1996, in line with growth over the second half of last year. Prices paid by U.S. residents, excluding exports and including imports, also rose at a 2.2 percent rate. During the rest of 1996, GDP growth is projected to moderate to a steady pace that is consistent with low inflation. Private forecasters and the Administration expect growth of about 2-1/2 percent for the entire year. Consumer and producer prices Inflation has remained moderate in 1996 despite some acceleration in energy and food prices early in the year. In the spring and summer months energy prices receded, while underlying inflation, excluding food and energy, has stayed low throughout the year. The consumer price index (CPI) rose by an annual rate of 3.5 percent through the first 7 months of this year compared with an increase of 2.5 percent in 1995. Most of the pick up was due to higher energy and food prices. Excluding those items, the ‘‘core’’ rate of inflation was just 3 percent in the first 7 months, the same rate of increase as last year. Consumer Prices* (Percent change from a year earlier) *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) Growth of Real GDP, Chain Weights (Percent change, fourth quarter to fourth quarter) The producer price index (PPI) for finished goods has also registered some acceleration early in 1996, particularly for energy, but growth has dropped back. After rising by 2.3 percent in 1995, the PPI was up at a 1.9 percent annual pace in the first 7 months. Excluding food and energy, this year’s gain was just 0.7 percent at an annual rate, well below the 2.6 percent increase in 1995. Core prices at earlier stages of processing have also been very well behaved so far this year. The cost of compensating labor has shown little evidence of inflationary pressures. A more rapid growth in wages and salaries in the first 6 months of the year has been partly offset by slower growth in benefit costs. The employment cost index (ECI) rose by 2.9 percent over the 12 months ending in June, a shade above the 2.7 percent gain over 1995. Real disposable personal income and consumer spending Growth of disposable (after-tax) income adjusted for inflation slowed to a 1.8 percent annual rate over the first half of 1996, after gains averaging close to 3 percent annually during 1994 and 1995. The slowdown resulted mainly from higher tax payments, reflecting in part payments of the last installment of the 1993 tax hike on upper-bracket incomes. Wage and salary growth has been strong. Rising wages have helped spur consumer spending. Real personal consumption expenditures increased at a 3.6 percent annual rate over the first half of 1996, after rising by 1.9 percent during 1995. Nonautomotive discretionary goods, such as furniture and apparel, have led the gains this year. The share of after-tax income devoted to personal saving fell to 4.3 percent in the second quarter from 5.2 percent in the fourth quarter of last year. So far this year, the personal saving rate has averaged 4.6 percent, little different from the 4.7 percent for all of 1995. Industrial production and capacity utilization Growth of industrial production in manufacturing, mining, and utilities has picked up this year to a 4.8 percent annual rate through July from only 1.1 percent during 1995. A rebound from winter storms and the General Motors strike in the first quarter helped push output growth to a 6 percent annual rate in the second quarter. Production edged up by only 0.1 percent (not annualized) in July. That re- 4 PROFILE OF THE ECONOMY flected in part low output at utilities because of milder-thannormal summer weather. Output in manufacturing increased by a moderate 0.3 percent in July, on top of strong secondquarter gains. Faster growth of capacity over the past several years, combined with weak growth of production during 1995, has allowed the industrial capacity utilization rate to retreat from a 15-year high of 85.1 percent reached in January 1995. At 83.2 percent in July 1996, the utilization rate is still a little above the long-term average of 82.1 percent. Employment and unemployment Employment growth has accelerated since the middle of last year. Job gains averaged 230,000 a month through the first 7 months of this year, compared with an average increase of 159,000 per month in the final three quarters of 1995. Since the beginning of 1993, 10.2 million new jobs have been created. Civilian Unemployment Rate (In percentages) Establishment Employment (Monthly change in thousands) The private service-producing sector added most of the new jobs. Increases in this sector totaled 2.2 million in 1995, with an additional 1.3 million new jobs added through the first 7 months of 1996. In contrast, the manufacturing sector has been weak. Factory jobs fell by 282,000 between March 1995 and July 1996 after steady gains through 1994. The unemployment rate fell steadily during 1994, and since October of that year has hovered in a narrow range of 5.3 percent to 5.8 percent. By historical standards, this band is quite low. Nonfarm productivity and unit labor costs Nonfarm productivity, or output per hour worked, increased at a 1 percent annual rate through the first half of 1996, about in line with its trend rate of growth since the early 1970’s. This year’s performance is better than the sluggish productivity growth in the 3 previous years, when gains averaged less than 0.2 percent a year. Hourly compensation costs in the nonfarm business sector rose at a 3.5 percent annual rate in the first half, less than the 4.1 percent over the four quarters of 1995. Labor costs per unit of output, which combine the impact of growth of compensation with that of productivity, have risen at a 2.6 percent rate thus far though 1996, less than the 3.8 percent of 1995. The gain in 1995 was the fastest rise in unit labor costs in 5 years. Productivity in manufacturing, a component of the nonfarm sector, grew at a much more rapid pace than in the nonfarm business sector as a whole, rising by 3.4 percent in the first half of 1996. As a result of the faster gains in productivity, unit labor costs in manufacturing have also been more favorable, declining slightly in 1996. Current account balance The current account encompasses U.S. international trade in goods, services, and income payments. The current account deficit has widened sharply in recent years as the economic recovery here brought in imports at a faster pace than the rate of expansion in exports. The deficit grew from a recent low of $10 billion in 1991 to a high of $148 billion in 1994. Deterioration slowed in the second half of 1995 but resumed in 1996 as economic growth picked up. The merchandise trade component posted a $173 billion deficit in 1995, the largest on record. Most of the deterioration occurred in the first half of the year, but the deficit began to widen again in 1996. International trade in services showed a $68 billion surplus in 1995, a new record. In the first part of 1996, the surplus in services trade grew even further. The balance on income payments, which includes interest, dividends, and direct investment income, shifted from a surplus of $10 billion in 1993 to a deficit of $8 billion in 1995. The main contributor to that deficit was Federal Government interest payments to the rest of the world. In the first quarter of 1996, the deficit on income payments narrowed. Exchange rate of the dollar The dollar strengthened over the second half of 1995 and on into 1996 after steady deterioration beginning in early 1994. Based on the Federal Reserve Board’s trade-weighted index of the dollar against G-10 currencies, the dollar dropped close to an all-time low in April 1995. Through the rest of 1995 the dollar increased by 4 percent and rose a further 3.6 percent in the first half of 1996. There was some deterioration in July, with the value of the dollar dipping about 1 percent from its June level. Most of the dollar deterioration in 1994 was against the yen and the deutschemark, and the improvement was also greatest against these currencies. Since April 1995, the dollar has increased by more than 10 percent against the deutschemark and by 30 percent against the yen. Despite the improvement, the dollar remains about 12 percent below its recent high of January 1994. Many factors determine the level of exchange rates in international currency markets. The large U.S. current account deficit likely played a role in the earlier downward movement of the dollar. Underlying economic fundamentals in the United States remain sound, however. PROFILE OF THE ECONOMY Interest rates Long-term interest rates have moved higher in 1996 after declining over the second half of last year. The yield on the 30-year Treasury bond increased from a recent low of 6 percent in January to a rate of about 6.8 percent by early August. Stronger jobs and income growth contributed to the upward movement. Mortgage interest rates have also increased but remain extremely favorable. Earlier this year the rate for a 30-year fixed-rate conventional loan was 7 percent, close to the 25year lows reached in October 1993. Rates at the beginning of August were at about 8-1/4 percent, still quite low by historical standards. Short-term Interest Rates (In percentages; Weekly data*) *Average for week ending Friday; Federal funds ending Wednesday. Long-term Interest Rates (In percentages; Weekly data*) Short-term interest rates have remained fairly steady this year. The Federal Reserve Board eased monetary policy in January for the third time in the current cycle, but have kept rates stable since then as economic growth accelerated. Net national saving and investment In the first quarter of 1996, net national savings, excluding depreciation to replace obsolete capital, rose to 5.7 percent 5 of net national product (NNP) from 5.1 percent averaged in 1995 and as low as 2.8 percent in both 1992 and 1993. Despite the gains, net saving remains less than half as high as the 12 percent of NNP averaged in the 1960’s. Recent improvement is mainly the result of narrowing of the Federal deficit. That has reduced Government dissavings to 1 percent of NNP in the first quarter from 3.5 percent in 1992. Private saving, of households and businesses, was equivalent to 7.5 percent of NNP in the first quarter, up a little from a historical low of 6.4 percent in 1994. Even so, private saving is still well below the nearly 10 percent of NNP averaged in the 1960’s and 1970’s. Net domestic investment equaled 6.9 percent of NNP in the first quarter, up from a low of 4.1 percent in 1991. Foreign inflows accounted for 2 percent of NNP this year, or nearly one-third of domestic investment. U.S. sources provided investment equivalent to 5 percent of NNP, less than half the share of NNP averaged in the 1960’s and 1970’s. Housing Housing activity remained very strong over the first half of 1996 despite some upturn in mortgage interest rates. Housing starts averaged 1.47 million units at an annual rate in the first quarter and 1.48 million units in the second, a new expansion high. Both single- and multi-family housing starts were strong. Single-family home sales have been brisk, as improvements in employment growth and consumer confidence and a shift toward lower-cost adjustable rate loans kept housing demand high. In June, both new and existing home sales fell, which could suggest that the higher mortgage interest rates in recent months are beginning to have an effect. Although rates have risen from levels that were near 25year lows in January and February, they are still quite moderate by historical standards. Growing employment should continue to support the housing market, but it is unlikely that there will be additional large gains. The level of housing activity is fairly high for this stage of the business cycle, and further rapid expansion is doubtful. Federal budget deficit The Federal deficit is projected to fall to $116.8 billion in fiscal 1996. That figure would be the lowest in 15 years and about $47 billion below the level of the previous fiscal year. Three-quarters of the way through fiscal 1996, the deficit is well on track to meet that projection. In fiscal 1992, the deficit was at an all-time high of $290 billion. By fiscal 1995, it had fallen by a total of $126 billion to a level of $l64 billion. Strong economic growth and passage of the Omnibus Budget Reconciliation Act of 1993 set the deficit on its downward course. The 1996 deficit will represent less than half of the deficit of 1992. At an estimated 1.6 percent of the gross domestic product (GDP), the deficit will be the smallest share since 1974. The deficit is projected to fall further in succeeding fiscal years. It will reach balance by fiscal 2001 under the Administration’s economic assumptions. 6 FEDERAL FISCAL OPERATIONS INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash--outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in 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, whereas payments for earned-income tax credits in excess of tax liabilities are treated as outlays. 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 from budget authority provided for the year in which the money is spent. Total outlays include both budget and offbudget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, 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. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without appropriation act 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. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into two categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function, and (2) intra-governmental funds, or 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. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions--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-payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions--payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or 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., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) 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 Security trust funds, Federal old-age and survivors insurance, and Federal disability insurance. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 (commonly known as the Gramm-Rudman-Hollings Act) included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused on both on- and off-budget receipts, outlays, and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the Federal Reserve banks. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government.’’ • Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. FEDERAL FISCAL OPERATIONS • Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. • Table FFO-3 details on- and off-budget outlays by agency. • Table FFO-4 (revised from March issue) summarizes internal revenue collections by States and other areas and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (i.e., 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 (i.e., 7 payments with delinquent returns or on delinquent accounts). During the preparation of Table FFO-4, incorrect figures were inadvertently imported into the Unemployment Insurance and Estate and Gift columns. Revisions resulted in a change to the State distribution only. It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the State where such a corporation reported its taxes from a principal office rather than other States where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one State and work in another. CHART FFO-A.-Monthly Receipts and Outlays (In billions of dollars) On-budget receipts Off-budget receipts On-budget outlays Off-budget outlays CHART FFO-B.-- Budget Receipts by Source, through Third Quarter, Fiscal Years 1995-1996 (In billions of dollars) Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’ 8 FEDERAL FISCAL OPERATIONS Summary of Budget Results for the Third Quarter, Fiscal 1996 There was marked improveTotal On- and Off-Budget Results and Financing of the U.S. ment in the Federal budget balance in the third quarter, which was in Government surplus by $53.2 billion, more [In millions of dollars] than double the surplus registered Actual fiscal year to April-June date in the corresponding quarter of fiscal 1995. The favorable showing Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . 445,349 1,090,504 held the deficit for the first three On-budget receipts . . . . . . . . . . . . . . . . . . . 337,598 811,976 quarters of the current fiscal year Off-budget receipts . . . . . . . . . . . . . . . . . . . 107,752 278,528 to $75 billion, down from Total outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . 392,153 1,165,526 On-budget outlays . . . . . . . . . . . . . . . . . . . . 323,777 951,581 $123.7 billion a year earlier. For 68,376 213,945 Off-budget outlays . . . . . . . . . . . . . . . . . . . . the entire fiscal 1996, the deficit is Total surplus or deficit (-) . . . . . . . . . . . . . . . . . 53,196 -75,022 now projected to narrow to $116.8 On-budget surplus or deficit (-) . . . . . . . . . . 13,820 -139,605 billion from $163.9 billion in fisOff-budget surplus or deficit (-) . . . . . . . . . . 39,376 64,583 Means of financing: cal 1995, based on revised esti-23,452 90,347 Borrowing from the public . . . . . . . . . . . . . . mates contained in the Reduction of operating cash . . . . . . . . . . . . -16,159 -84 ‘‘Mid-Session Review of the Fis-13,586 -15,241 Other means . . . . . . . . . . . . . . . . . . . . . . . . cal 1997 Budget’’ released in July. -53,196 75,022 Total on- and off-budget financing . . . . . Budget results are typically favorable in the third fiscal quarter, from a year earlier, representing one of the few quarters rewhich contains both individual and corporate final settlements cently of rising rather than declining outlays. Defense outlays on tax liability for the prior calendar year and also quarterly are expected to tip downward again in coming quarters, but not payments on estimated liability for the current year. The surat the rapid pace of recent years, which witnessed a fall in plus in the third quarter of fiscal 1996 was the largest in dollar inflation-adjusted defense spending at a rate of better than terms for any quarter on record and reflected the combination 5 percent a year. The biggest part of that decline has been in of a sizable, 10.3 percent increase in revenues and a narrow the procurement account, which was accompanied by sharp rise in outlays of 3 percent, or only 2.1 percent if the deposit cutbacks in employment in industries producing defense insurance account is excluded. goods. The pattern of orders placed with producers of defense Leading the overall increase in revenues in the quarter was goods, as well as budget projections, suggests a bottoming out a rise of 21.5 percent in nonwithheld individual income and of procurement spending. employment taxes. This reflected the very large revenue flow The deficit of $75 billion for the first 9 months of this year around this year’s April 15 filing date and also strong quarterly represented an improvement of nearly $49 billion from a year payments in June on estimated tax liability for calendar 1996. earlier. The deficit for the period was artificially reduced by $7 At the same time, individual tax refunds (treated as negative to $8 billion by the unusual timing of some outlays. In terms revenues in budget accounting) were slightly lower than a year of comparisons with a year earlier, however, that was largely earlier when a large volume of refund payments had been offset by a swing in the deposit insurance account. Most delayed from the second to the third quarter by extra precauanalysts exclude that account in looking at underlying budget tions taken by the Internal Revenue Service to combat fraud. trends. Adjusting for the unusual timing of spending and Withheld income and employment taxes were up by a solid 7.1 excluding the deposit insurance account, the deficit was percent, which was about 1 percentage point faster than the roughly $90 billion in the 9-month period, also off by about increase in the wage and salary tax base, as carried in the $49 billion from a year earlier. national income and product accounts. That brings the ‘‘Mid-Session Review’’ projection of a Corporate income tax revenues were up much more mod$116.8 billion deficit in fiscal 1996 well within target. The estly. The increase from a year earlier of 4.7 percent lagged figure would represent a reduction of $47 billion from the well behind gains of recent quarters, perhaps indicating that deficit for all of fiscal 1995 and would represent 1.6 percent of the phase of rapid growth of corporate profits during the the Nation’s GDP, the smallest share since fiscal 1974. The current economic expansion is behind us. There were declines deficit is projected to widen slightly in dollar terms in fiscal in customs duty receipts and in Federal Reserve remittances to 1997, with much of that due to a return to normal timing of the Treasury, the latter reflecting among other things a slight outlays. (The unusual timing of outlays that affected the figures decline in the effective interest rate on Treasury securities, very for the first 9 months of the current fiscal year also artificially little change in Federal Reserve holdings of those securities, reduces outlays and the deficit for the entire fiscal year.) Based and the effect of currency realignments. on Administration budget initiatives and the assumption that The modest increase in total outlays in the third quarter from the economy remains at relatively full employment, the deficit the prior year reflected generally narrow increases in spending for basic Government functions and for most ‘‘safety-net’’ is projected to narrow steadily in the years that follow and to shift into surplus by fiscal 2001. programs. Net interest outlays were up by a moderate 1.5 [Note: Because of budget constraints, the article summarizpercent, as a decline in the effective interest rate on the publicly ing quarterly budget results will not appear in future issues of held debt offset a 3-3/4 percent increase in that debt. Running the ‘‘Treasury Bulletin’’.] counter to recent trends, defense spending rose by 2.6 percent FEDERAL FISCAL OPERATIONS 9 Second-Quarter Receipts The following capsule analysis of budget receipts, by source, for the second quarter of fiscal 1996 supplements fiscal data reported in the June issue of the ‘‘Treasury Bulletin.’’ At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Individual income taxes----Individual income tax receipts were $149.0 billion for the second quarter of fiscal 1996, an increase of $9.2 billion over the comparable quarter for fiscal 1995. Withheld receipts increased by $9.3 billion and nonwithheld receipts increased by $4.8 billion during this period. Refunds increased by $4.9 billion over the comparable fiscal 1995 quarter. There was an increase of $3.1 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 1995. Corporate income taxes----Net corporate receipts for the second quarter totaled $22.3 billion, $2.1 billion higher than those for the comparable quarter of fiscal 1995. The $2.1 billion figure consists of $1.8 billion in higher estimated and final payments plus $0.3 billion in lower refunds. The increase in net receipts mainly reflects higher corporate profits. Employment taxes and contributions----Employment taxes and contributions receipts for the second quarter were $117.8 billion, an increase of $4.5 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance trust funds increased by $3.0 billion, $0.6 billion, and $1.0 billion, respectively. There was a -$1 billion accounting adjustment for prior years’ employment tax liabilities made in the second quarter of fiscal 1995, while there was a -$4.1 billion adjustment made in the second quarter of fiscal 1996. Contributions for other insurance and retirement----Contributions for other retirement were $1.2 billion for the second quarter. There was a negligible increase over receipts from the second quarter of fiscal 1995. The growth in contributions will remain flat over the next few years as the number of employees covered by the Federal employees’ retirement system (FERS) grows slowly relative to those covered under the civil service retirement system (CSRS). Unemployment insurance----Unemployment insurance receipts for the second quarter were $3.9 billion, $0.1 billion less than for the comparable quarter of fiscal 1995. State taxes deposited in the U.S. Treasury increased by $0.04 billion, and Federal Unemployment Tax Act (FUTA) receipts decreased by $0.16 billion. Railroad unemployment tax receipts were unchanged from the comparable quarter of fiscal 1995. Excise taxes----Net excise tax receipts for the second quarter were $12.7 billion, a decrease of $0.5 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.2 billion, a decrease of $0.4 billion over the comparable prior year quarter. Estate and gift taxes----Estate and gift tax receipts were $3.6 billion for the second quarter. These receipts represent a decrease of $0.4 billion over the previous quarter, as well as an increase of $0.3 billion over the same quarter in 1995. Customs duties----Customs receipts net of refunds were $4.5 billion for the second quarter. This is approximately equal to the customs duties received in the Treasury from the comparable prior year quarter. Miscellaneous receipts----Net miscellaneous receipts for the second quarter were $6.3 billion, a decrease of $1.2 billion over the comparable prior year quarter. Deposits of earnings by Federal Reserve banks decreased by $1.3 billion over the comparable prior year quarter. Second Quarter Fiscal 1996 Net Budget Receipts, by Source [In billions of dollars] Source Individual income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . January February March 86.2 40.3 22.5 Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 1.7 15.5 Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.7 36.0 41.1 Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 2.5 0.3 Contibutions for other insurance and retirement. . . . . . . . . . . . . . . . . . . . . . 0.4 0.4 0.4 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 4.3 4.1 Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1.1 1.2 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5 2.1 1.5 2.5 1.5 1.6 Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142.7 90.3 88.2 10 FEDERAL FISCAL OPERATIONS TABLE FFO-1.--Summary of Fiscal Operations [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Total on-budget and off-budget results On-budget receipts (2) Off-budget receipts (3) 1,054,260 1,091,692 1,153,175 1,257,187 1,350,576 760,375 789,266 841,241 922,161 999,496 293,885 302,426 311,934 335,026 351,080 1996 - Est. . . . . . . . . . 1997 - Est. . . . . . . . . . 1,426,775 1,495,238 1,059,334 1,107,223 1995 - June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1996 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . 147,868 92,749 96,560 143,219 95,593 90,008 138,271 142,922 89,349 89,011 203,386 90,044 151,919 Fiscal 1996 to date . . 1,090,504 1991 1 1992 1 1993 11 1994 1995 1 Fiscal year or month Total receipts (1) ............ ............ ............ ............ ............ Total outlays (4) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) Means of financing -net transactions Borrowing from the public-Off-budget Federal surplus securities or Public deficit debt (-) securities (9) (10) On-budget outlays (5) Off-budget outlays (6) 1,322,989 1,381,895 1,408,122 1,460,557 1,514,389 1,081,302 1,129,336 1,142,110 1,181,185 1,225,724 241,687 252,559 266,012 279,372 288,665 -268,729 -290,204 -254,948 -203,370 -163,813 -320,926 -340,071 -300,869 -259,024 -226,228 52,198 49,867 45,922 55,654 62,415 407,664 403,396 342,629 288,987 278,535 367,441 388,015 1,572,411 1,635,329 1,270,292 1,317,655 302,119 317,674 -145,636 -140,091 -210,958 -210,432 65,322 70,341 278,133 293,300 115,998 65,788 69,264 112,510 72,200 63,651 110,322 110,615 60,913 56,677 160,774 60,106 116,718 31,870 26,961 27,296 30,710 23,393 26,357 27,949 32,307 28,437 32,334 42,613 29,938 35,201 135,054 106,328 130,411 135,933 118,352 128,458 132,984 123,647 133,644 136,286 130,993 143,342 117,818 120,236 80,931 104,134 105,098 92,151 101,767 121,753 98,056 105,711 108,365 105,131 114,485 104,161 14,818 25,397 26,277 30,836 26,201 26,691 11,231 25,591 27,933 27,921 25,863 28,856 13,657 12,814 -13,579 -33,851 7,286 -22,758 -38,450 5,286 19,274 -44,295 -47,275 72,393 -53,298 34,101 -4,237 -15,143 -34,870 7,412 -19,951 -38,116 -11,431 12,558 -44,799 -51,688 55,643 -54,380 12,557 17,051 1,564 1,019 -126 -2,807 -334 16,717 6,716 504 4,413 16,750 1,082 21,544 46,192 9,024 10,554 3,590 11,958 3,478 79 42 28,707 101,066 -15,665 26,689 32,460 811,976 278,528 1,165,526 951,581 213,945 -75,022 -139,605 64,583 188,815 Total financing (20) Means of financing--net transactions, con. Cash and monetary assets (deduct) Fiscal year or month Borrowing from the public-Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) ............ ............ ............ ............ ............ -15,018 500 6,652 3,665 -1,224 115,844 92,978 100,663 107,655 106,024 276,802 310,918 248,619 184,998 171,288 1,329 17,305 -6,283 -16,564 2,007 -1,444 1,389 -907 768 -1,086 -4,464 18,654 -1,429 -992 9,109 215 672 2,333 -35 2,614 -17,406 17,043 -301 831 4,447 4,969 263 350 715 722 268,729 290,204 254,948 203,370 163,813 1996 - Est. . . . . . . . . . 1997 - Est. . . . . . . . . . 8,140 -1,748 121,002 127,226 165,272 164,326 2,051 - * * * * * * -17,585 -24,235 * * 145,636 140,091 1995 - June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1996 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . 198 -8 168 -60 210 970 104 -104 8,033 -666 154 -365 520 37,899 -1,611 -5,349 10,148 -1,185 -33,891 18,541 4,685 -10,282 62,211 19,955 5,691 41,599 8,491 10,627 16,071 -6,618 13,353 38,339 -18,358 -4,747 47,022 38,189 -35,466 20,633 -8,619 34,312 -11,635 -30,776 19,820 -16,755 4,912 -5,611 16,959 -6,297 -9,283 26,449 -43,809 33,519 -54 -2,882 -341 239 -86 85 2 -258 327 -57 -86 74 9 -3,725 4,895 819 -3,633 3,179 -3,548 459 1,073 -1,678 207 5,883 -856 346 -143 627 -290 211 17 -126 76 -340 503 434 -131 114 50 9,006 -6,087 -12,906 15,914 -4,240 1,434 7,998 2,907 -9,872 387 -4,812 -11,812 8,442 79 44 98 55 * * - -12,814 13,579 33,851 -7,286 22,758 38,450 -5,286 -19,274 44,295 47,275 -72,393 53,298 -34,101 Fiscal 1996 to date . . 8,856 107,324 90,347 84 11 5,064 599 -9,568 * 75,022 1991 1 1992 1 1993 1 1994 1 1995 1 U.S. Treasury operating cash (14) Special drawing rights (15) * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Other (16) Reserve position on the U.S. quota in the IMF (deduct) (17) Other (18) Transactions not applied to year’s surplus or deficit (19) Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 11 TABLE FFO-2.--On-budget and Off-budget Receipts by Source [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Income taxes Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) Social insurance taxes and contributions Employment taxes and contributions Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) ............... ............... ............... ............... ............... 404,152 408,352 430,427 459,699 499,898 142,725 149,372 154,800 160,117 175,884 79,050 81,259 75,546 77,077 85,624 467,827 476,465 509,680 542,738 590,157 113,599 117,951 131,548 154,205 174,422 15,513 17,680 14,027 13,820 17,334 98,086 100,270 117,520 140,385 157,088 565,913 576,735 627,200 683,123 747,245 367,558 382,339 393,688 425,985 447,104 831 804 531 898 - 366,727 381,535 393,158 425,087 447,104 1996 - Est. . . . . . . . . . . . . 1997 - Est. . . . . . . . . . . . . 534,281 549,952 186,071 187,818 89,479 92,668 630,873 645,102 185,127 203,488 18,019 18,510 167,108 184,978 797,981 830,080 469,289 496,785 - 469,289 496,785 1995 - June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . 40,901 41,532 41,631 36,295 46,918 39,945 50,597 55,351 46,722 41,834 38,930 45,399 35,941 23,061 3,100 4,147 27,165 5,899 1,992 3,227 31,160 3,170 5,806 89,405 6,364 26,936 2,505 1,812 1,657 2,551 978 2,414 646 319 9,565 25,118 20,822 21,850 2,061 61,457 42,819 44,122 60,909 51,840 39,524 53,179 86,192 40,327 22,523 107,513 29,914 60,816 36,645 4,476 3,284 33,719 4,813 3,056 38,954 6,381 3,797 17,793 26,912 3,647 37,950 768 1,079 782 730 2,633 1,362 932 1,223 2,105 2,332 1,975 1,077 992 35,876 3,397 2,501 32,989 2,180 1,694 38,021 5,158 1,692 15,460 24,937 2,570 36,957 97,333 46,216 46,623 93,898 54,020 41,218 91,200 91,350 42,019 37,983 132,450 32,484 97,773 40,623 34,104 34,564 39,000 30,954 34,652 36,870 40,361 35,681 40,674 56,224 37,707 44,930 750 - 40,623 34,104 34,564 39,000 30,205 34,652 36,870 40,361 35,681 40,674 56,224 37,707 44,930 Fiscal 1996 to date . . . . . 401,637 173,961 83,772 491,826 143,303 14,633 128,670 620,496 358,053 750 357,303 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Social insurance taxes and contributions, con. Employment taxes and contributions, con. Net Unemployment insurance employment Net Railroad retirement accounts taxes and unemployment Gross Refunds Net contributions Gross Refunds insurance (12) (13) (14) (15) (16) (17) (18) Net contributions for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) ............ ............ ............ ............ ............ 3,792 3,961 3,793 3,767 3,972 -8 5 11 44 30 3,801 3,956 3,781 3,723 3,942 370,526 385,491 396,939 428,810 451,046 21,068 23,557 26,680 28,114 28,985 146 147 124 110 107 20,922 23,410 26,556 28,004 28,878 4,454 4,683 4,709 4,563 4,461 108 105 96 98 89 4,563 4,788 4,805 4,661 4,550 1996 - Est. . . . . . . . . . 1997 - Est. . . . . . . . . . 3,897 3,959 - 3,897 3,959 473,186 500,744 29,810 30,841 - 29,810 30,841 4,449 4,500 90 90 4,539 4,590 1995 - June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1996 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . -18 413 351 315 344 267 290 428 379 367 389 401 -42 * 3 1 11 * 36 47 49 -45 -1 5 * -18 410 350 304 344 267 254 381 330 412 390 396 -42 40,605 34,514 34,914 39,304 30,549 34,919 37,123 40,742 36,011 41,086 56,615 38,104 44,888 327 1,651 4,467 238 1,216 2,940 228 1,090 2,559 259 3,650 10,165 400 7 15 13 3 3 5 10 13 1 23 10 - 320 1,636 4,454 235 1,214 2,940 223 1,081 2,546 258 3,628 10,155 400 408 344 431 355 336 332 411 368 391 401 354 411 289 8 5 6 9 6 8 5 6 12 18 -8 6 6 416 349 436 364 342 340 416 374 403 419 346 417 295 Fiscal 1996 to date . . 2,824 91 2,733 360,036 22,508 64 22,444 3,291 60 3,351 See footnotes at end of table. 12 FEDERAL FISCAL OPERATIONS TABLE FFO-2.--On-budget and Off-budget Receipts by Source, con. [In millions of dollars. Source: "Monthly Statement of Receipts and Outlays of the United States Government"] Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Social insurance taxes and contributions, con. Net social insurance taxes and Airport and Airway Trust Fund contributions Gross Refunds Net (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Gross Refunds Net Gross Refunds Net (26) (27) (28) (29) (30) (31) Gross (32) Miscellaneous Refunds Net (33) (34) ............... ............... ............... ............... ............... 396,011 413,689 428,300 461,475 484,474 4,919 4,660 3,276 5,217 5,406 10 15 15 28 39 4,910 4,645 3,262 5,189 5,367 652 626 634 567 608 - 652 626 634 567 608 17,331 17,287 18,321 17,426 23,358 352 574 283 758 913 16,979 16,713 18,039 16,668 22,445 20,472 24,562 26,718 33,573 29,926 582 977 595 772 861 19,890 23,585 26,123 32,801 29,065 1996 - Est. . . . . . . . . . . . . 1997 - Est. . . . . . . . . . . . . 507,535 536,175 2,281 6,251 - 2,281 6,251 620 633 - 620 633 24,554 24,904 - 24,554 24,904 26,431 27,840 - 26,431 27,840 1995 - June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . 41,341 36,499 39,804 39,902 32,104 38,199 37,762 42,197 38,960 41,763 60,588 48,676 45,583 593 467 502 325 467 449 447 502 -405 31 396 - 5 13 6 10 - 593 461 490 325 467 449 441 502 -405 21 396 - 50 53 52 41 52 52 52 41 53 44 52 51 51 - 50 53 52 41 52 52 52 41 53 44 52 51 51 1,628 2,565 1,875 2,095 1,748 1,737 1,802 2,282 1,951 1,836 2,171 2,006 2,099 -162 244 328 1 96 298 267 -542 1,789 2,320 1,546 2,095 1,747 1,737 1,706 2,282 1,951 1,538 1,904 2,006 2,642 2,716 2,023 2,718 3,271 2,229 3,173 2,613 1,456 2,766 2,341 2,413 1,887 2,242 252 -217 50 26 42 256 -58 39 58 -189 -209 226 624 2,464 2,239 2,668 3,245 2,187 2,917 2,672 1,417 2,708 2,530 2,621 1,660 1,618 Fiscal 1996 to date . . . . . 385,832 1,886 16 1,870 447 - 447 17,632 119 17,513 21,120 790 20,329 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Customs duties Gross Refunds (39) (40) Net miscellaneous receipts Deposits of earnings by Federal All Net Reserve banks other Total (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) ............. ............. ............. ............. ............. 42,430 45,570 48,057 55,225 57,485 11,473 11,479 12,891 15,607 15,144 335 336 314 382 380 11,138 11,143 12,577 15,225 14,764 16,738 18,135 19,613 20,973 21,067 817 775 811 874 1,767 15,921 17,359 18,802 20,099 19,300 19,158 22,908 14,908 18,023 23,378 3,689 4,292 3,331 4,018 3,928 22,847 27,195 18,239 22,041 27,306 760,375 789,266 841,241 922,161 999,496 293,885 302,426 311,934 335,026 351,080 1996 - Est. . . . . . . . . . . 1997 - Est. . . . . . . . . . . 53,886 59,628 15,924 17,077 - 15,924 17,077 19,313 20,454 - 19,313 20,454 23,752 22,580 8,384 9,244 32,136 1,059,334 31,824 1,107,223 367,441 388,015 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 4,897 5,074 4,757 5,706 4,453 5,154 4,870 4,241 4,308 4,133 4,577 4,113 4,310 1,071 1,063 1,538 1,314 1,207 1,375 1,411 1,321 1,120 1,170 2,746 1,445 1,177 31 26 38 25 46 26 29 33 31 34 42 31 36 1,040 1,037 1,500 1,289 1,160 1,349 1,383 1,288 1,090 1,137 2,704 1,415 1,141 1,752 1,759 1,993 1,728 1,883 1,709 1,532 1,574 1,525 1,608 1,498 1,549 1,548 169 156 199 93 97 116 94 92 68 80 110 122 99 1,583 1,603 1,794 1,634 1,786 1,593 1,439 1,482 1,456 1,528 1,388 1,427 1,450 1,426 2,049 1,743 411 1,756 2,117 1,388 2,159 872 2,051 1,421 1,707 1,456 247 271 338 378 314 379 230 206 644 416 259 222 207 1,674 2,320 2,081 789 2,070 2,496 1,618 2,364 1,517 2,467 1,680 1,929 1,663 115,998 65,788 69,264 112,510 72,200 63,651 110,322 110,615 60,913 56,677 160,774 60,106 116,718 31,870 26,961 27,296 30,710 23,393 26,357 27,949 32,307 28,437 32,334 42,613 29,938 35,201 Fiscal 1996 to date . . . 40,159 12,972 307 12,665 14,426 878 13,548 14,927 2,876 17,803 811,976 278,528 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. FEDERAL FISCAL OPERATIONS 13 TABLE FFO-3.--On-budget and Off-budget Outlays by Agency [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month Legislative branch (1) The judiciary (2) Executive Office of the President (3) ............. ............. ............. ............. ............. 2,295 2,677 2,406 2,561 2,621 1,989 2,299 2,579 2,659 2,903 193 190 194 229 213 11,724 11,109 11,527 10,511 11,163 54,119 56,436 63,143 60,812 56,667 2,585 2,567 2,798 2,915 3,403 261,925 286,632 278,576 268,635 259,565 26,538 28,265 29,262 30,402 31,664 25,339 26,047 30,414 24,699 31,321 12,459 15,439 16,801 17,840 17,618 1996 - Est. . . . . . . . . . . 1997 - Est. . . . . . . . . . . 2,695 2,752 3,297 3,561 206 215 10,445 10,337 54,840 55,942 3,789 3,993 254,325 247,463 32,255 33,292 30,404 29,639 14,678 14,569 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 185 225 178 199 175 173 158 262 199 162 172 205 167 336 198 339 221 197 196 226 320 212 215 329 385 206 14 22 15 17 14 14 14 18 15 25 19 19 14 670 40 1,485 843 722 1,203 193 1,073 2,340 825 827 592 437 3,493 3,478 2,579 3,779 5,810 6,540 4,240 4,250 3,682 3,916 3,265 3,757 3,558 286 356 253 224 353 280 250 363 307 287 322 335 239 25,792 17,127 22,900 25,041 17,270 20,262 23,988 19,371 20,478 21,556 21,787 25,658 18,776 2,639 2,616 2,780 2,759 2,660 2,707 2,593 2,718 2,853 2,664 2,683 2,774 2,635 2,630 1,286 3,862 2,956 2,056 2,336 1,891 3,624 2,568 2,620 2,356 1,906 2,194 1,580 1,366 1,334 1,870 1,495 1,383 1,498 1,139 1,285 1,222 1,136 1,200 1,422 Fiscal 1996 to date . . . 1,673 2,286 151 8,215 39,016 2,738 189,148 24,287 21,551 11,781 1991 1 1992 1 1993 1 1994 1 1995 1 Fiscal year or month 1991 1 1992 1 1993 1 1994 1 1995 1 Funds appropriated to the Department of Department of President Agriculture Commerce (4) (5) (6) Department of Defense Military Civil (7) (8) Department of Department Department the Treasury of Health of Housing and Department Interest and Human Urban De- Department of Department Department Department of Transpor- on the Services velopment the Interior of Justice of Labor of State tation public debt Other (11) (12) (13) (14) (15) (16) (17) (18) (19) Department of Department Education of Energy (9) (10) EnvironDepartment mental of Veterans Protection Affairs Agency (20) (21) ............. ............. ............. ............. ............. 217,969 257,961 282,774 310,837 303,074 22,751 24,470 25,185 25,774 29,045 6,094 6,555 6,728 6,910 7,415 8,244 9,826 10,197 10,005 10,781 34,048 47,164 44,738 36,919 32,170 4,252 5,007 5,384 5,718 5,347 30,504 32,561 34,457 37,278 38,776 286,022 292,330 292,502 296,278 332,414 -9,128 1,098 6,209 10,981 16,027 31,213 33,737 35,487 37,401 37,770 5,770 5,932 5,925 5,855 6,349 1996 - Est. . . . . . . . . . . 1997 - Est. . . . . . . . . . . 327,429 354,274 26,432 32,175 6,939 6,931 12,964 15,596 34,404 35,154 5,500 5,540 38,994 38,063 344,628 346,118 20,328 22,733 37,606 39,819 6,329 6,460 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 28,535 22,706 27,613 25,994 24,418 26,828 25,767 25,452 26,203 26,366 27,852 31,391 23,661 2,795 2,285 2,196 2,566 1,087 2,350 2,701 2,646 2,162 3,122 2,308 2,384 1,348 482 563 632 853 641 477 499 536 624 485 504 567 497 875 1,172 890 936 809 985 838 1,112 933 920 1,020 1,079 945 2,871 2,751 2,895 2,265 2,516 2,821 2,431 3,533 2,520 2,990 3,205 2,388 2,535 397 325 392 435 531 341 439 300 423 432 357 404 332 3,425 3,349 3,388 3,742 3,138 3,300 3,122 3,115 2,979 2,914 2,885 3,316 3,194 59,355 20,946 22,302 20,174 21,631 26,006 60,676 20,923 20,977 20,739 21,481 26,902 59,749 496 606 431 -307 -30 -1,053 1,146 406 6,870 7,171 2,939 1,686 1,753 4,540 1,584 3,262 4,509 1,619 3,262 4,416 2,152 2,884 3,288 2,950 5,235 1,566 542 493 615 559 484 538 435 595 526 481 494 471 478 Fiscal 1996 to date . . . 237,940 20,109 4,830 8,641 24,938 3,559 27,963 279,084 20,885 27,372 4,502 See footnotes at end of table. 14 FEDERAL FISCAL OPERATIONS TABLE FFO-3.--On-budget and Off-budget Outlays by Agency, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month National Aeronautics General and Office of Services Space Personnel Adminis- Adminis- Managetration tration ment (22) (23) (24) Undistributed offsetting receipts Small Business Administration (25) Social Security Administration (26) Rents and Other Employer Interest royalties indepenshare, received on the Outer dent employee by trust Continental agencies retirement funds Shelf lands (27) (28) (29) (30) Other (31) Allowances (32) Total outlays OnOffbudget budget (33) (34) 1991 1 . . . . . . . . . . . . 487 13,878 34,808 613 266,395 80,454 -36,206 -70,649 -3,150 -550 - 1,081,302 241,687 1992 1 . . . . . . . . . . . . 469 13,961 35,596 394 281,418 18,877 -36,782 -77,838 -2,498 * - 1,129,336 252,559 1993 1 . . . . . . . . . . . . 743 14,305 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * - 1,142,110 266,012 1994 1 . . . . . . . . . . . . 334 13,694 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * - 1,181,185 279,372 1995 1 . . . . . . . . . . . . 708 13,377 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 - 1,225,724 288,665 1996 - Est. . . . . . . . . . 469 14,190 42,374 957 377,255 9,192 -33,429 -97,598 -4,489 -4,350 -647 1,270,292 302,119 1997 - Est. . . . . . . . . . 695 13,699 44,618 423 398,085 21,176 -34,163 -102,078 -3,193 -3,600 -4,959 1,317,655 317,674 1995 - June . . . . . . . . 387 1,166 3,647 59 36,248 -5,315 -2,696 -39,948 -431 * - 120,236 14,818 July . . . . . . . . -684 1,032 3,557 14 28,313 895 -2,901 -129 -228 -7,034 - 80,931 25,397 Aug. . . . . . . . . 299 1,236 3,482 -6 30,054 -839 -2,750 -1,134 -272 * - 104,134 26,277 Sept. . . . . . . . 223 1,199 3,409 31 32,534 5,010 -5,760 -311 -36 * - 105,098 30,836 Oct. . . . . . . . . 339 1,128 3,576 16 28,234 642 -2,404 -415 -361 * - 92,151 26,201 Nov. . . . . . . . . 389 1,119 3,418 238 30,121 524 -2,365 -5,736 -200 * - 101,767 26,691 Dec. . . . . . . . . 477 973 3,576 76 32,778 730 -2,562 -40,465 -121 * - 121,753 11,231 1996 - Jan. . . . . . . . . -393 1,208 3,379 -9 28,961 -527 -2,491 -65 -322 * - 98,056 Feb. . . . . . . . . 382 1,073 3,252 23 31,206 552 -2,559 -1,028 -295 - - 105,711 27,933 Mar. . . . . . . . . 396 1,057 3,758 41 31,384 -117 -2,282 -143 -8 -200 - 108,365 27,921 Apr. . . . . . . . . -739 1,193 3,756 31 31,433 348 -2,428 -990 -499 -5 - 105,131 25,863 May . . . . . . . . -520 1,281 3,377 40 33,650 1,801 -2,583 -5,951 -408 * - 114,485 28,856 June . . . . . . . . 423 1,155 3,893 38 32,685 -2,313 -2,558 -41,133 -78 * - 104,161 13,657 Fiscal 1996 to date . . 755 10,187 31,984 495 280,451 1,644 -22,233 -95,926 -2,292 -205 - 951,581 213,945 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. r 25,591 Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996. ACCOUNT OF THE U.S. TREASURY 15 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Treasury’s operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include the Daily Balance Wire received from the FRBs and branches, and electronic transfers through the Letter of Credit Payment, Fedline Payment, and Fedwire Deposit Systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Note Option. The program permits 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 Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on Note Option financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury’s account at FRBs do so under the Remittance Option. Under authority of Public Law 95-147, Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations participate under the Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments, which the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1991 1992 1993 1994 1995 Received directly (1) Federal Reserve accounts Credits 1 Received through remittance option tax and loan depositaries (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) .............. .............. .............. .............. .............. 3,068,821 3,266,858 3,407,516 3,597,247 3,904,812 264,818 288,556 331,337 307,639 226,833 3,333,340 3,538,754 3,746,152 3,915,321 4,129,866 566,620 572,967 584,383 686,879 642,952 565,581 572,321 583,369 693,001 642,716 1995 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . 391,455 274,267 351,907 290,931 298,831 393,003 316,921 339,184 409,663 275,277 520,944 424,041 318,757 20,666 15,421 15,102 18,998 15,725 14,447 21,708 18,119 13,572 15,685 17,110 14,052 17,596 395,787 299,462 373,446 306,074 316,159 408,763 338,354 355,071 425,812 289,573 538,054 438,093 336,353 62,509 44,381 45,356 58,374 46,545 44,608 68,902 54,403 45,271 52,580 58,821 46,232 7,844 44,528 46,244 69,694 42,408 61,697 38,381 74,788 39,676 48,989 63,252 36,392 82,756 30,732 See footnotes at end of table. 16 ACCOUNT OF THE U.S. TREASURY TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances Fiscal year or month End of period Tax and Federal loan note Reserve accounts (6) (7) High Federal Reserve (8) Tax and loan note accounts (9) During period Low Tax and Federal loan note Reserve accounts (10) (11) Average Federal Reserve (12) Tax and loan note accounts (13) 1991 . . . . . . . . . . . . . . 7,928 33,556 27,810 36,577 2,427 422 6,646 19,202 1992 . . . . . . . . . . . . . . 24,586 34,203 24,586 37,028 1,852 2,752 6,513 19,756 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1,625 6,510 18,978 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 2,736 - 5,904 18,631 1995 . . . . . . . . . . . . . . 8,620 29,329 20,977 41,288 2,826 99 6,127 16,955 1995 - June . . . . . . . . . 20,977 39,563 20,977 39,870 2,826 775 7,530 19,928 July . . . . . . . . . . 11,206 37,700 20,977 39,563 4,860 21,161 6,984 28,380 Aug. . . . . . . . . . 4,767 13,363 7,418 36,873 4,048 5,167 5,257 14,366 Sept. . . . . . . . . . 8,620 29,329 17,499 41,288 4,001 1,430 6,850 17,754 Oct. . . . . . . . . . . 7,018 14,176 8,620 33,237 3,416 4,677 5,384 12,446 Nov. . . . . . . . . . 5,703 20,402 6,538 20,402 4,621 - 5,410 8,195 Dec. . . . . . . . . . 5,979 14,515 11,383 40,647 4,998 3,617 6,762 15,191 1996 - Jan. . . . . . . . . . 8,210 29,243 9,168 31,776 4,368 5,655 6,298 17,023 Feb.. . . . . . . . . . 5,632 25,525 6,294 31,102 2,490 1,878 4,953 14,227 Mar.. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367 Apr. . . . . . . . . . . 11,042 37,281 15,668 37,281 4,485 1,266 7,318 15,761 May . . . . . . . . . . 3,757 757 11,967 37,881 3,757 757 5,714 12,867 June . . . . . . . . . 7,701 30,332 9,206 31,670 3,272 757 6,162 14,821 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 2 as follows: Withheld income taxes beginning March 1948; taxes on employers 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 after Mar. 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and individual estimated income taxes beginning October 1988. FEDERAL DEBT 17 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the ‘‘Treasury Bulletin’’ reflect the total. Further detailed information is published in the ‘‘Monthly Statement of the Public Debt of the United States.’’ Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government.’’ • Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount are also listed by total Federal securities, securities held by Government accounts, and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) • Table FD-2 categorizes by type interest-bearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities--that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in market-based special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government.’’) • Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. Average maturity has increased gradually since it hit a low of 2 years, 5 months, in December 1975. In March 1971, Congress enacted a limited exception to the 4-1/4-percent interest rate ceiling on Treasury bonds. This permitted Treasury to offer securities maturing in more than 7 years at current market rates of interest for the first time since 1965. This exception has expanded since 1971 authorizing Treasury to continue to issue long-term securities, and the ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes, and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the Federal Reserve banks. • In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Changes in the non-interestbearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 18 FEDERAL DEBT TABLE FD-1.--Summary of Federal Debt [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Securities held by: Total (1) Amount outstanding Public debt securities (2) Agency securities (3) 1991. . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 3,683,054 4,082,871 4,436,171 4,721,293 5,000,945 3,665,303 4,064,621 4,411,489 4,692,750 4,973,983 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 4,978,233 4,987,006 4,997,778 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 4,951,372 4,960,152 4,970,756 4,973,983 4,985,262 4,989,330 4,988,665 4,987,436 5,017,041 5,117,786 5,102,049 5,128,509 5,161,076 End of fiscal year or month End of fiscal year or month Total (4) Government accounts Public debt securities (5) Total (7) The public Public debt securities (8) Agency securities (6) Agency securities (9) 17,751 18,250 24,682 28,543 26,962 919,713 1,016,453 1,116,713 1,213,115 1,320,800 919,573 1,016,330 1,116,693 1,213,098 1,320,784 139 123 21 17 16 2,763,341 3,066,418 3,319,458 3,508,178 3,680,145 2,745,729 3,048,291 3,294,796 3,479,652 3,653,199 17,612 18,127 24,661 28,526 26,946 26,861 26,854 27,022 26,962 27,171 28,142 28,245 28,141 36,174 35,508 35,663 35,298 35,817 1,316,581 1,315,204 1,310,019 1,320,800 1,319,624 1,285,894 1,304,472 1,309,154 1,299,079 1,361,632 1,382,132 1,388,225 1,430,049 1,316,564 1,315,187 1,310,003 1,320,784 1,319,607 1,285,878 1,304,456 1,309,154 1,291,214 1,353,767 1,374,268 1,380,619 1,422,443 17 17 16 16 16 16 16 7,865 7,865 7,865 7,606 7,606 3,661,652 3,671,802 3,687,759 3,680,145 3,692,809 3,731,578 3,712,438 3,706,423 3,754,136 3,791,662 3,755,580 3,775,582 3,766,844 3,634,808 3,644,965 3,660,753 3,653,199 3,665,655 3,703,452 3,684,209 3,678,282 3,725,827 3,764,019 3,727,781 3,747,890 3,738,633 26,844 26,837 27,006 26,946 27,155 28,126 28,229 28,141 28,309 27,643 27,798 27,692 28,211 Federal debt securities Securities held by Government accounts Securities held by the public Amount Net unamortized Amount Net unamortized Amount Net unamortized outstanding face premium and outstanding face premium and outstanding face premium and value discount Accrual amount value discount Accrual amount value discount Accrual amount (10) (11) (12) (13) (14) (15) (16) (17) (18) 1991. . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 3,683,054 4,082,871 4,436,171 4,721,293 5,000,945 84,137 80,058 85,022 77,297 79,995 3,598,919 4,002,815 4,351,149 4,643,996 4,920,950 919,713 1,016,453 1,116,713 1,213,115 1,320,800 7,962 12,415 12,776 1,472 3,188 911,751 1,004,039 1,103,938 1,211,644 1,317,612 2,763,341 3,066,418 3,319,458 3,508,178 3,680,145 76,175 67,643 72,246 75,826 76,807 2,687,168 2,998,776 3,247,211 3,432,352 3,603,338 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 4,978,233 4,987,006 4,997,778 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 80,551 80,307 80,358 79,995 79,315 79,905 79,161 77,889 78,787 78,466 78,395 78,166 78,272 4,897,682 4,906,699 4,917,420 4,920,950 4,933,118 4,937,567 4,937,750 4,937,688 4,974,428 5,074,828 5,059,317 5,085,641 5,118,621 1,316,581 1,315,204 1,310,019 1,320,800 1,319,624 1,285,894 1,304,472 1,309,154 1,299,079 1,361,632 1,382,132 1,388,225 1,430,049 2,324 2,558 2,722 3,188 3,197 3,358 3,395 3,392 3,598 3,940 4,485 4,888 5,113 1,314,257 1,312,646 1,307,297 1,317,612 1,316,427 1,282,537 1,301,077 1,305,762 1,295,481 1,357,692 1,377,647 1,383,337 1,424,936 3,661,652 3,671,802 3,687,759 3,680,145 3,692,809 3,731,578 3,712,438 3,706,423 3,754,136 3,791,662 3,755,580 3,775,582 3,766,844 78,227 77,749 77,636 76,807 76,118 76,547 75,766 74,497 75,189 74,526 73,910 73,278 73,159 3,583,425 3,594,053 3,610,123 3,603,338 3,616,691 3,655,031 3,636,672 3,631,926 3,678,947 3,717,136 3,681,670 3,702,304 3,693,685 FEDERAL DEBT 19 TABLE FD-2.--Interest-Bearing Public Debt [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] Marketable End of fiscal year or month Total interestbearing public debt (1) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Other securities: Federal Financing Bank (6) .......... .......... .......... .......... .......... 3,662,759 4,061,801 4,408,567 4,689,524 4,950,644 2,390,660 2,677,476 2,904,910 3,091,602 3,260,447 564,589 634,287 658,381 697,295 742,462 1,387,717 1,566,349 1,734,161 1,867,507 1,980,343 423,354 461,840 497,367 511,800 522,643 15,000 15,000 15,000 15,000 15,000 1,272,099 1,384,325 1,503,657 1,597,922 1,690,197 1995 - June . . . . . July . . . . . Aug. . . . . . Sept. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 1996 - Jan. . . . . . Feb. . . . . . Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . 4,947,814 4,956,625 4,967,192 4,950,644 4,981,739 4,985,790 4,964,371 4,983,247 5,012,872 5,082,952 5,097,989 5,124,422 5,126,748 3,252,620 3,270,977 3,286,057 3,260,447 3,293,172 3,351,483 3,307,179 3,331,836 3,387,122 3,375,055 3,367,197 3,387,187 3,348,433 748,302 759,354 750,167 742,462 738,605 785,682 760,680 756,723 795,328 811,919 769,061 782,756 773,612 1,974,663 1,981,968 1,998,247 1,980,343 2,016,925 2,029,642 2,010,340 2,038,955 2,042,732 2,014,074 2,049,074 2,055,370 2,025,761 514,654 514,654 522,643 522,643 522,642 521,159 521,158 521,158 534,062 534,062 534,062 534,061 534,061 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 1,695,194 1,685,648 1,681,135 1,690,197 1,688,567 1,634,308 1,657,191 1,651,411 1,625,750 1,707,897 1,730,792 1,737,235 1,778,315 1991 1992 1993 1994 1995 Nonmarketable Total (7) Nonmarketable, con. End of fiscal year or month State and local government series (11) Domestic series (12) Other (13) 908,406 1,011,020 1,114,289 1,211,689 1,324,270 158,117 157,570 149,449 137,386 113,368 29,995 29,995 29,995 29,995 29,995 429 435 442 445 432 1,322,041 1,320,685 1,314,973 1,324,270 1,325,155 1,273,059 1,299,585 1,299,967 1,274,699 1,357,647 1,380,433 1,387,235 1,428,508 121,145 112,750 113,688 113,368 110,367 107,819 104,458 99,104 97,577 96,476 96,095 97,982 97,832 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 434 434 434 432 432 432 431 429 428 426 425 424 427 U.S. savings bonds (8) Foreign series Government (9) Government account series (10) ....................... ....................... ....................... ....................... ....................... 133,512 148,266 167,024 176,413 181,181 41,639 37,039 42,459 41,996 40,950 1995 - June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . 180,136 180,547 180,785 181,181 181,819 182,203 181,918 182,238 182,691 182,992 183,481 183,594 183,770 41,442 41,237 41,261 40,950 40,800 40,800 40,805 39,678 40,361 40,361 40,362 38,004 37,781 1991 1992 1993 1994 1995 20 FEDERAL DEBT TABLE FD-3.--Government Account Series [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month 1991 1992 1993 1994 1995 Total (1) Airport and Airway Trust Fund (2) Bank Insurance Fund (3) Employees Life Insurance Fund (4) Exchange stabilization fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Federal Insurance Housing Trust Fund Administration (8) (9) Federal Old-age and Survivors Insurance Trust Fund (10) ............. ............. ............. ............. ............. 908,406 1,011,020 1,114,289 1,211,689 1,324,270 15,194 15,090 12,672 12,206 11,145 6,108 4,664 4,325 13,972 20,117 11,140 12,411 13,575 14,929 15,839 2,378 3,314 5,637 7,326 2,399 12,854 12,774 10,162 6,025 35,150 246,631 273,732 301,711 329,602 357,539 109,327 120,647 126,078 128,716 129,864 6,839 6,077 5,380 5,933 6,277 255,557 306,524 355,510 413,425 447,947 1995 - June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1996 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . 1,322,041 1,320,685 1,314,973 1,324,270 1,325,155 1,273,059 1,299,585 1,299,967 1,274,699 1,357,647 1,380,433 1,387,235 1,428,508 11,692 11,626 11,547 11,145 11,424 11,636 12,182 11,492 10,439 9,950 9,373 9,216 9,049 21,522 21,335 22,112 20,117 21,643 21,713 21,170 21,815 21,825 20,469 21,912 21,953 21,446 15,519 15,684 15,849 15,839 15,896 16,109 15,973 16,148 16,339 16,327 16,398 16,683 16,672 1,536 2,019 2,642 2,399 3,020 3,032 2,937 3,852 2,666 3,896 4,150 4,169 4,185 32,676 33,334 34,071 35,150 35,306 35,882 37,572 39,137 39,821 41,012 43,910 44,755 47,579 340,191 338,044 336,400 357,539 355,367 313,492 311,955 312,121 297,385 351,278 349,436 348,244 361,133 135,559 134,013 130,931 129,864 127,495 126,554 131,443 130,649 127,583 126,072 130,357 124,339 129,890 5,736 5,806 5,683 6,277 6,283 7,066 7,264 7,264 7,119 7,688 7,690 7,972 7,941 446,143 446,735 445,944 447,947 444,667 442,999 458,612 462,720 462,196 464,737 477,883 478,596 496,715 Highway Trust Fund (14) National Service Life Insurance fund (15) End of fiscal year or month 1991 1992 1993 1994 1995 Federal Federal SavSuppleings and Loan mentary Corporation, Medical resolution Insurance fund Trust Fund (11) (12) Government life insurance fund (13) Railroad Postal Retirement Service fund Account (16) (17) Treasury deposit funds (18) Unemployment Trust Fund (19) Other (20) ............ ............ ............ ............ ............ 966 1,346 828 1,649 528 16,241 18,534 23,269 21,489 13,513 148 134 125 114 106 10,146 11,167 11,475 7,751 8,954 11,150 11,310 11,666 11,852 11,954 3,339 4,679 3,826 1,270 1,249 9,097 10,081 10,457 10,596 12,129 151 212 147 130 130 47,228 34,898 36,563 39,745 47,098 143,912 163,426 180,883 184,959 202,332 1995 - June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . 945 1,014 497 528 112 199 270 276 302 335 342 460 475 20,900 21,755 17,673 13,513 14,197 13,529 13,035 13,328 14,345 22,718 23,258 22,577 24,898 109 109 107 106 105 104 103 103 103 102 101 100 100 9,631 9,815 9,373 8,954 7,982 8,022 8,561 9,608 10,169 9,832 10,718 10,760 10,961 12,176 12,114 12,028 11,954 11,880 11,821 12,240 12,194 12,099 12,011 11,906 11,825 12,232 3,871 5,024 6,048 1,249 2,961 980 1,411 1,206 1,772 2,595 1,539 1,837 11,253 11,498 11,720 12,129 12,193 12,545 12,443 12,540 12,768 13,012 13,597 13,967 14,208 135 139 118 130 156 161 189 72 72 68 68 63 68 46,663 45,991 48,617 47,098 46,862 48,112 47,995 46,013 46,168 44,080 44,249 53,324 53,598 205,784 204,630 203,613 202,332 210,567 197,122 204,661 199,224 192,094 212,288 212,490 216,693 215,521 FEDERAL DEBT 21 TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government" and Financial Management Service] End of fiscal year or month Total outstanding (1) Federal Deposit Department of Insurance Corporation Housing and Urban Federal Savings Development Bank and Loan InsurFederal Insurance ance Corporation, Housing Fund resolution fund Administration (2) (3) (4) Farm Cedit System Financial Assistance Corp. (5) Other independent Tennessee Valley Authority (6) Postal Service (7) Other (8) 1991 . . . . . . . . . . . . . . . . . . . . . . 17,751 95 6,124 336 - 10,503 - 694 1992 . . . . . . . . . . . . . . . . . . . . . . 18,250 93 1,137 301 - 16,015 - 705 1993 . . . . . . . . . . . . . . . . . . . . . . 24,682 93 943 213 1,261 21,675 - 498 1994 . . . . . . . . . . . . . . . . . . . . . . 28,543 - 538 112 1,261 26,121 - 509 1995 . . . . . . . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 1995 - June . . . . . . . . . . . . . . . . . 26,861 - 158 81 1,261 24,858 - 502 July . . . . . . . . . . . . . . . . . 26,854 - 158 84 1,261 24,846 - 503 Aug. . . . . . . . . . . . . . . . . . 27,022 - 158 83 1,261 25,025 - 495 Sept. . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 Oct. . . . . . . . . . . . . . . . . . 27,171 - 158 88 1,261 25,166 - 497 Nov. . . . . . . . . . . . . . . . . . 28,142 - 158 93 1,261 26,131 - 499 Dec. . . . . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500 1996 - Jan. . . . . . . . . . . . . . . . . . 28,141 - 126 31 1,261 26,221 - 501 Feb. . . . . . . . . . . . . . . . . . 36,174 - 126 35 1,261 29,595 4,665 492 Mar. . . . . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493 Apr. . . . . . . . . . . . . . . . . . 35,663 - 114 56 1,261 29,072 4,665 495 May . . . . . . . . . . . . . . . . . 35,298 - 126 56 1,261 28,952 4,406 496 June . . . . . . . . . . . . . . . . . 35,817 - 126 62 1,261 29,465 4,406 497 22 FEDERAL DEBT TABLE FD-5.--Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Market Finance] Amount outstanding privately held 1 (1) Within 1 year (2) ................... ................... ................... ................... ................... 2,113,799 2,363,802 2,562,336 2,719,861 2,870,781 713,778 808,705 858,135 877,932 1,002,875 1995 - June . . . . . . . . . . . . . . July . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . 2,847,129 2,878,926 2,896,671 2,870,781 2,901,629 2,954,168 2,901,387 2,937,115 2,994,090 2,980,688 2,968,878 2,983,624 2,943,097 980,975 1,007,159 999,545 1,002,875 1,007,132 1,065,179 1,049,518 1,050,406 1,078,387 1,097,120 1,055,822 1,061,225 1,052,190 End of fiscal year or month 1991 1992 1993 1994 1995 Maturity classes 5-10 years (4) 10-20 years (5) 20 years and over (6) Average length (7) 761,243 866,329 978,714 1,128,322 1,157,492 280,574 295,921 306,663 289,998 290,111 84,900 84,706 94,345 88,208 87,297 273,304 308,141 324,479 335,401 333,006 6 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 0 mos. 11 mos. 10 mos. 8 mos. 4 mos. 1,170,628 1,174,571 1,187,061 1,157,492 1,182,933 1,176,195 1,142,392 1,174,222 1,189,173 1,158,416 1,188,828 1,199,184 1,168,683 277,926 278,600 290,211 290,111 290,311 292,576 291,881 292,525 299,298 298,496 297,917 298,842 299,042 89,447 89,897 86,847 87,297 87,397 93,490 92,636 93,339 95,090 94,990 94,820 111,981 111,395 328,153 328,699 333,006 333,006 333,856 326,727 324,959 326,622 332,141 331,666 331,491 312,391 311,787 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 4 mos. 3 mos. 5 mos. 4 mos. 4 mos. 3 mos. 3 mos. 2 mos. 3 mos. 2 mos. 3 mos. 3 mos. 3 mos. 1-5 years (3) TABLE FD-6.--Debt Subject to Statutory Limitation [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month Statutory debt limit (1) ........................ ........................ ........................ ........................ ........................ 1995 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 1991 1992 1993 1994 1995 1 Total (2) Debt outstanding subject to limitation Public debt (3) Other debt 2 (4) 4,145,000 4,145,000 4,900,000 4,900,000 4,900,000 3,569,300 3,972,578 4,315,571 4,605,338 4,884,605 3,568,964 3,972,276 4,315,358 4,605,226 4,884,518 336 302 213 112 87 3,567,793 3,970,891 4,313,976 4,603,700 4,863,076 336 302 213 112 87 1,171 1,385 1,382 1,526 21,442 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 4,900,000 5,500,000 5,500,000 5,500,000 5,500,000 4,861,342 4,870,313 4,881,088 4,884,605 4,896,552 4,899,975 4,899,975 4,899,974 4,899,975 5,029,951 5,014,329 5,041,009 5,073,418 4,861,261 4,870,229 4,881,005 4,884,518 4,896,464 4,899,882 4,899,878 4,899,943 4,899,940 5,029,899 5,014,274 5,040,953 5,073,357 81 84 83 87 89 93 97 32 35 52 56 56 62 4,859,554 4,868,559 4,879,298 4,863,076 4,894,826 4,898,227 4,877,515 4,897,685 4,897,702 4,997,030 5,012,215 5,038,901 5,041,023 81 84 83 87 89 93 97 32 35 52 56 56 62 1,707 1,670 1,707 21,442 1,638 1,655 22,363 2,258 2,238 32,869 2,059 2,052 32,334 Beginning September 1976 the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Published data was changed for the end Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interest-bearing public debt subject to limitation (7) of the fiscal years back through 1967. 2 Consists of guaranteed debt issued by the Federal Housing Administration. FEDERAL DEBT 23 TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Agriculture Rural Farmers Electrification Home Administration Administration (4) (5) Total (1) Commodity Credit Corporation (2) Rural Development Administration (3) .............. .............. .............. .............. .............. 251,996 206,410 183,196 163,642 134,892 21,794 17,282 24,745 16,909 - 1,685 2,112 - 8,649 8,693 8,926 8,855 - 17,837 9,060 8,682 8,529 - 8,596 12,161 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 143,212 142,009 139,549 134,892 140,031 132,466 133,609 135,302 125,140 123,972 123,691 123,708 119,917 - - - - 11,082 10,214 9,418 8,596 9,566 2,317 2,282 2,364 2,364 2,364 2,364 2,441 3,141 12,145 12,145 12,144 12,161 12,381 12,389 13,039 13,039 13,039 13,039 13,044 13,006 12,731 1991 1992 1993 1994 1995 End of fiscal year or month 1991 1992 1993 1994 1995 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) Department of Education (11) Department of Energy Bonneville Power Administration (12) FarmService Agency (6) Rural Utilities Service (7) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) .............. .............. .............. .............. .............. 5,354 91 563 731 2,770 2,673 2,612 6,745 1,672 1,906 2,332 2,617 2,563 7,323 783 1,647 7,458 8,774 8,959 8,484 7,714 1995 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 5,710 5,528 5,528 5,354 6,304 6,304 6,304 6,304 6,304 6,304 6,304 6,304 6,169 91 91 91 91 108 108 108 108 108 108 108 108 108 680 680 680 563 563 563 563 563 563 563 563 563 563 7,499 7,499 7,505 6,745 11,160 11,160 14,351 14,351 14,351 14,351 14,351 14,351 14,351 2,652 2,702 2,802 2,563 2,563 2,563 2,563 2,653 2,653 2,448 2,448 2,398 2,398 762 762 762 1,647 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 1,579 7,714 7,714 7,714 7,714 7,714 7,714 7,714 6,909 6,909 6,909 6,909 6,909 6,909 24 FEDERAL DEBT TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Treasury Federal Financing Bank (15) Department of Veterans Affairs Direct Loan loan guaranty fund fund (16) (17) Export-Import Bank of the United States (18) Railroad Retirement Board (19) Small Business Administration (20) Other (21) 1991 . . . . . . . . . . . . . . 179,234 1,730 - - 4,660 - 910 1992 . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957 1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599 1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445 1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 1995 - June . . . . . . . . . 75,638 1 2,011 2,662 4,189 7,289 3,090 July . . . . . . . . . 73,892 1 2,011 2,662 4,454 8,341 3,316 Aug. . . . . . . . . . 71,776 1 2,011 2,663 4,702 8,341 3,413 Sept. . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 Oct. . . . . . . . . . 67,622 1 1,272 2,665 4,955 8,341 3,238 Nov. . . . . . . . . . 66,693 1 1,272 2,723 5,459 8,341 3,280 Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370 1996 - Jan. . . . . . . . . . 63,515 1 1,994 2,723 5,974 8,341 4,883 Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941 Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032 Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111 May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126 June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126 FEDERAL DEBT 25 CHARTS FD-A.--Average Length of Privately Held Marketable Debt [Charts are plotted from figures in Table FD-5.] Years June 30, 1996 5 Years, 3 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months 26 Page Intentionally Left Blank PUBLIC DEBT OPERATIONS 27 INTRODUCTION: Public Debt Operations The Second Liberty Bond Act (31 U.S.C. 3101, et seq.) allows the Secretary of the Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each marketable security is listed in the ‘‘Monthly Statement of the Public Debt of the United States’’. The information in this section of the ‘‘Treasury Bulletin’’ pertains only to marketable Treasury securities, current bills, notes, and bonds. mature on the same Thursday as an existing 52-week bill is a reopening of the existing 52-week bill. New issues of cash management bills are also presented. High, low, and average yields on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis. Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities to encourage participation of individuals and smaller institutions. • Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular weekly and 52-week bills. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve banks, so that the ‘‘all other investors’’ category includes all private holdings. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Included are: notes and bonds from table PDO-1; 52-week bills from table PDO-2; and data for cash management bills. The maturities of cash management bills coincide with those of regular issues of Treasury bills. • Table PDO-2 presents the results of weekly auctions of 13- and 26-week bills, as well as auctions of 52-week bills, which are held every fourth week. Treasury bills mature each Thursday. New issues of 13-week bills are reopenings of 26week bills. The 26-week bill issued every fourth week to • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The Federal Reserve banks tally into investor classes the tenders in each auction of marketable securities other than weekly auctions of 13- and 26-week bills. TREASURY FINANCING: APRIL-JUNE APRIL Auction of 2-Year and 5-Year Notes March 28 Treasury announced the revised schedule and terms of the 2-year and 5-year note auctions originally announced on March 20, 1996. The announcement stated that Treasury would auction $18,250 million of 2-year notes of Series AD-1998 and $12,000 million of 5-year notes of Series G-2001 to refund approximately $30,000 million of 9-day cash management bills maturing April 10, 1996. The notes of Series AD-1998 were dated April 10, 1996, due March 31, 1998, with interest payable September 30 and March 31 until maturity. An interest rate of 6-1/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 11 a.m., e.d.t., for noncompetitive tenders and prior to 11:30 a.m., e.d.t., for competitive tenders on April 8, and totaled $35,300 million, of which $18,250 million was accepted. All competitive tenders at yields lower than 6.144 percent were accepted in full. Tenders at 6.144 percent were allotted 48 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.144 percent with an equivalent price of 99.965. The median yield was 6.102 percent, and the low yield was 6.070 percent. Noncompetitive tenders totaled $1,167 million. Competitive tenders accepted from private investors totaled $17,083 million. In addition to the $18,250 million of tenders accepted in the auction process, $1,818 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,598 million was accepted from Federal Reserve banks for their own account. The notes of Series G-2001 were dated April 10, 1996, due March 31, 2001, with interest payable September 30 and March 31 until maturity. An interest rate of 6-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on April 9, and totaled $31,190 million, of which $12,006 million was accepted. All competitive tenders at yields lower than 6.415 percent were accepted in full. Tenders at 6.415 were allotted 53 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.415 percent with an equivalent price of 99.832. The median yield was 6.397 percent, and the low yield was 6.350 percent. Noncompetitive tenders totaled $604. Competitive tenders accepted from private investors totaled $11,402 million. In addition to the $12,006 million of tenders accepted in the auction process, $650 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,500 million was accepted from Federal Reserve banks for their own account. 28 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. April 17 Treasury announced it would auction $18,750 million of 2-year notes of Series AE-1998 and $12,500 million of 5-year notes of Series H-2001 to refund $26,576 million of securities maturing April 30 and to raise about $4,675 million new cash. The notes of Series AE-1998 were dated April 30, 1996, due April 30, 1998, with interest payable October 31 and April 30 until maturity. An interest rate of 5-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on April 23, and totaled $47,604 million, of which $18,777 million was accepted. All competitive tenders at yields lower than 5.939 percent were accepted in full. Tenders at 5.939 percent were allotted 38 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.939 percent with an equivalent price of 99.881. The median yield was 5.922 percent; and the low yield was 5.890 percent. Noncompetitive tenders totaled $1,169 million. Competitive tenders accepted from private investors totaled $17,608 million. In addition to the $18,777 million of tenders accepted in the auction process, $1,650 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $926 million was accepted from Federal Reserve banks for their own account. The notes of Series H-2001 were dated April 30, 1996, due April 30, 2001, with interest payable October 31 and April 30 until maturity. An interest rate of 6-1/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on April 24, and totaled $29,679 million, of which $12,500 million was accepted. All competitive tenders at yields lower than 6.279 percent were accepted in full. Tenders at 6.279 were allotted 61 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.279 percent with an equivalent price of 99.877. The median yield was 6.250 percent, and the low yield was 6.200 percent. Noncompetitive tenders totaled $404 million. Competitive tenders accepted from private investors totaled $12,096 million. In addition to the $12,500 million of tenders accepted in the auction process, $450 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $800 million was accepted from Federal Reserve banks for their own account. 52-Week Bills March 28, 1996, Treasury announced the revised schedule and terms of the 52-week bill auction originally announced on March 22, 1996. Tenders were invited for approximately $18,750 million of 364-day Treasury bills to be dated April 4, 1996, and to mature April 3, 1997. The issue was to refund $17,574 million of maturing 52-week bills and to raise about $1,175 million new cash. The bills were auctioned on April 2. Tenders totaled $56,036 million, of which $18,937 million was accepted, including $1,142 million of noncompetitive tenders from the public and $6,036 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. The average bank discount rate was 5.17 percent. April 19, 1996, tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated May 2, 1996, and to mature May 1, 1997. The issue was to refund $17,953 million of maturing 52-week bills and to raise about $1,300 million new cash. The bills were auctioned on April 25. Tenders totaled $53,961 million, of which $19,435 million was accepted, including $999 million of noncompetitive tenders from the public and $5,090 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. The average bank discount rate was 5.30 percent. Cash Management Bills March 28 tenders were invited for approximately $30,000 million of 9-day bills to be dated April 1, 1996, and to mature April 10, 1996. The issue was to refinance securities maturing on March 31, 1996. Tenders were opened on April 1. They totaled $58,637 million, of which $30,013 million was accepted. In addition to the $30,013 million of tenders accepted in the auction process, $3,098 million was accepted from Federal Reserve banks for their own account. The average bank discount rate was 5.31 percent. April 1 tenders were invited for approximately $14,000 million of 15-day bills to be issued April 3, 1996, representing an additional amount of bills dated October 19, 1995, maturing April 18, 1996. The issue was to raise new cash. Tenders were opened on April 2. They totaled $41,567 million, of which $14,008 million was accepted. The average bank discount rate was 5.29 percent. In the same announcement on April 1, tenders were invited for approximately $11,000 million of 22-day bills to be issued April 3, 1996, representing an additional amount of bills dated October 26, 1995, maturing April 25, 1996. The issue was to raise new cash. Tenders were opened on April 2. They totaled $39,872 million, of which $11,062 million was accepted. The average bank discount rate was 5.25 percent. Treasury Calls 8 Percent Bonds of 1996-01 April 11, 1996, the Department of Treasury announced the call for redemption at par on August 15, 1996, of the 8 percent Treasury Bonds of 1996-01, dated August 16, 1976, due August 15, 2001. There were $1,485 million of these bonds outstanding, of which $728 million were held by private investors. PUBLIC DEBT OPERATIONS 29 TREASURY FINANCING: APRIL-JUNE, con. May Quarterly Financing of 5-year notes of Series J-2001 to refund $27,398 million of securities maturing May 31 and to raise about $3,850 million new cash. May 1 Treasury announced it would auction $19,000 million of 3-year notes of Series X-1999 and $14,000 million of 10-year notes of Series B-2006 to refund $35,048 million of Treasury securities maturing May 15 and to pay down about $2,050 million new cash. The notes of Series AF-1998 were dated May 31, 1996, due May 31, 1998, with interest payable November 30 and May 31 until maturity. An interest rate of 6 percent was set after the determination as to which tenders were accepted on a yield auction basis. The notes of Series X-1999 were dated May 15, 1996, due May 15, 1999, with interest payable November 15 and May 15 until maturity. An interest rate of 6-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on May 29, and totaled $44,267 million, of which $18,751 million was accepted. All competitive tenders at yields lower than 6.053 percent were accepted in full. Tenders at 6.053 percent were allotted 74 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.053 percent with an equivalent price of 99.902. The median yield was 6.035 percent, and the low yield was 5.990 percent. Noncompetitive tenders totaled $1,546 million. Competitive tenders accepted from private investors totaled $17,205 million. MAY Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on May 7, and totaled $38,625 million, of which $19,011 million was accepted at yields ranging from 6.350 percent, price 100.067 up to 6.400 percent, price 99.933. Tenders at the high yield were allotted 28 percent. Noncompetitive tenders were accepted in full at the average yield, 6.390 percent, price 99.960. These totaled $876 million. Competitive tenders accepted from private investors totaled $18,135 million. In addition to the $19,011 million of tenders accepted in the auction process, $1,695 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $2,602 million was accepted from Federal Reserve banks for their own account. The notes of Series B-2006 were dated May 15, 1996, due May 15, 2006, with interest payable November 15 and May 15 until maturity. An interest rate of 6-7/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on May 8, and totaled $33,530 million, of which $14,002 million was accepted at yields ranging from 6.890 percent, price 99.893, up to 6.906 percent, price 99.779. Tenders at the high yield were allotted 97 percent. Noncompetitive tenders were accepted in full at the average yield, 6.902 percent, price 99.807. These totaled $413 million. Competitive tenders accepted from private investors totaled $13,589 million. In addition to the $14,002 million of tenders accepted in the auction process, $300 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,700 million was accepted from Federal Reserve banks for their own account. The notes of Series B-2006 may be held in STRIPS form. The minimum par amount required is $320,000. Auction of 2-Year and 5-Year Notes May 22 Treasury announced it would auction $18,750 million of 2-year notes of Series AF-1998 and $12,500 million In addition to the $18,751 million of tenders accepted in the auction process, $1,720 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $596 million was accepted from Federal Reserve banks for their own account. The notes of Series J-2001 were dated May 31, 1996, due May 31, 2001, with interest payable November 30 and May 31 until maturity. An interest rate of 6-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on May 30, and totaled $32,527 million, of which $12,501 million was accepted. All competitive tenders at yields lower than 6.565 percent were accepted in full. Tenders at 6.565 percent were allotted 22 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.565 percent with an equivalent price of 99.727. The median yield was 6.540 percent, and the low yield was 6.500 percent. Noncompetitive tenders totaled $559 million. Competitive tenders accepted from private investors totaled $11,942 million. In addition to the $12,501 million of tenders accepted in the auction process, $650 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $550 million was accepted from Federal Reserve banks for their own account. 52-Week Bills May 17 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated May 30, 1996, and to mature May 29, 1997. The issue was to refund $18,580 million of maturing 52-week bills and to raise about $675 million new cash. The bills were auctioned on May 23. Tenders totaled $55,638 million, of which $19,301 million was ac- 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. cepted, including $1,020 million of noncompetitive tenders from the public and $5,430 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. The average bank discount rate was 5.32 percent. Cash Management Bills May 1 tenders were invited for approximately $13,000 million of 36-day bills to be issued May 15, 1996, representing an additional amount of bills dated December 21, 1995, maturing June 20, 1996. The issue was to raise new cash. Tenders were opened on May 9. They totaled $57,628 million, of which $13,045 million was accepted. The average bank discount rate was 5.05 percent. May 28 tenders were invited for approximately $7,000 million of 10-day bills to be issued June 3, 1996, representing an additional amount of bills dated December 14, 1995, maturing June 13, 1996. The issue was to raise new cash. Tenders were opened on May 30. They totaled $29,435 million, of which $7,011 million was accepted. The average bank discount rate was 5.17 percent. In the same announcement on May 28 tenders were invited for approximately $23,000 million of 15-day bills to be issued dated June 3, 1996, and to mature June 18, 1996. The issue was to raise new cash. Tenders were opened on May 30. They totaled $52,006 million, of which $23,086 million was accepted. The average bank discount rate was 5.20 percent. Treasury Announces Increase in Frequency of 10Year Note and 30-Year Bond Auctions May 1, 1996, Treasury announced that it was increasing the frequency of auctions of 10-year notes to six times per year and of 30-year bonds to three times per year, while decreasing the size of each auction somewhat. The six issues of 10-year notes each year will occur in the regular midquarter refunding operations and on July 15 and October 15; the three issues of 30-year bonds each year will occur in the February 15, August 15, and November 15 midquarter refunding operations. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on June 25, and totaled $48,032 million, of which $18,790 million was accepted. All competitive tenders at yields lower than 6.300 percent were accepted in full. Tenders at 6.300 percent were allotted 17 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.300 percent with an equivalent price of 99.908. The median yield was 6.280 percent; and the low yield was 6.240 percent. Noncompetitive tenders totaled $1,585 million. Competitive tenders accepted from private investors totaled $17,205 million. In addition to the $18,790 million of tenders accepted in the auction process, $2,018 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,177 million was accepted from Federal Reserve banks for their own account. The notes of Series K-2001 were dated July 1, 1996, due June 30, 2001, with interest payable December 31 and June 30 until maturity. An interest rate of 6-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive tenders on June 26, and totaled $29,390 million, of which $12,501 million was accepted. All competitive tenders at yields lower than 6.674 percent were accepted in full. Tenders at 6.674 percent were allotted 50 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 6.674 percent with an equivalent price of 99.795. The median yield was 6.660 percent; and the low yield was 6.620 percent. Noncompetitive tenders totaled $657 million. Competitive tenders accepted from private investors totaled $11,844 million. JUNE In addition to the $12,501 million of tenders accepted in the auction process, $750 million was accepted from Federal Reserve banks as agents for foreign and international monetary authorities, and $1,000 million was accepted from Federal Reserve banks for their own account. Auction of 2-Year and 5-Year Notes 52-Week Bills June 19 Treasury announced it would auction $18,750 million of 2-year notes of Series AG-1998 and $12,500 million of 5-year notes of Series K-2001 to refund $27,452 million of securities maturing June 30 and to raise about $3,800 million new cash. June 14 tenders were invited for approximately $19,250 million of 364-day Treasury bills to be dated June 27, 1996, and to mature June 26, 1997. The issue was to refund $19,322 million of maturing 52-week bills and to pay down about $75 million. The bills were auctioned on June 20. Tenders totaled $56,144 million, of which $19,413 million was accepted, including $980 million of noncompetitive tenders from the public and $6,328 million of the bills issued to Federal Reserve banks for themselves and as agents for foreign and international monetary authorities. The average bank discount rate was 5.56 percent. The notes of Series AG-1998 were dated July 1, 1996, due June 30, 1998, with interest payable December 31 and June 30 until maturity. An interest rate of 6-1/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. PUBLIC DEBT OPERATIONS 31 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996 [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 1996 July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 7-7/8%-G note 7-7/8%-R note 6-1/8%-AJ note 4-3/8%-Z note 7-1/4%-S note 6-1/4%-AK note 7%-T note 6-1/2%-AL note 8%-H note 6-7/8%-U note 1 7-1/4%-D note 4-3/8%-AB note 6-1/2%-V note 7-1/4%-AN note 6-1/8%-W note 7-1/2%-AP note Issue date (2) 07/17/89 07/31/91 08/01/94 08/16/93 09/03/91 08/31/94 09/30/91 09/30/94 10/16/89 10/31/91 11/15/86 11/15/93 12/02/91 11/30/94 12/31/91 01/03/95 Total. . . . . . . . . . . . . . . 1997 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 7-1/2%-Z note 6-1/4%-H note 4-3/4%-V note 6-7/8%-AB note 6-3/4%-J note 6-7/8%-K note 6-5/8%-AC note 8-1/2%-E note 6-7/8%-L note 6-1/2%-AD note 1 8-1/2%-A note 6-1/2%-W note 6-3/4%-M note 6-1/8%-AE note 6-3/8%-N note 5-5/8%-AF note 8-1/2%-F note 5-1/2%-P note 5-7/8%-AG note 1 8-5/8%-B note 6-1/2%-X note 5-5/8%-Q note 6%-AH note 5-1/2%-R note 5-3/4%-AJ note 8-3/4%-G note 01/16/90 01/31/95 01/31/92 02/15/94 02/28/95 03/02/92 03/31/92 03/31/95 04/16/90 04/30/92 05/01/95 05/15/87 05/16/94 06/01/92 05/31/95 06/30/92 06/30/95 07/16/90 07/31/92 07/31/95 08/15/87 08/15/94 08/31/92 08/31/95 09/30/92 10/02/95 10/15/90 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 7,725 9,869 19,416 20,670 9,825 19,292 10,088 19,639 7,989 28,331 20,259 22,065 9,871 18,940 9,635 19,608 253,222 721 270 1,247 3,132 499 810 481 1,225 375 1,395 1,129 4,528 210 265 200 1,325 17,812 7,004 9,599 18,169 17,538 9,326 18,482 9,607 18,414 7,614 26,936 19,130 17,537 9,661 18,675 9,435 18,283 235,410 7,852 19,002 9,464 19,832 18,816 9,948 11,302 19,354 7,860 11,441 18,708 9,921 21,750 11,049 18,937 11,054 19,260 8,385 12,104 18,952 9,363 20,250 11,109 19,383 12,139 19,117 8,860 607 400 150 1,700 747 482 534 1,050 662 965 735 564 3,465 553 796 430 792 998 400 473 497 2,283 574 720 541 625 731 7,246 18,602 9,314 18,133 18,069 9,466 10,768 18,304 7,198 10,476 17,973 9,357 18,285 10,496 18,141 10,624 18,467 7,388 11,704 18,479 8,866 17,968 10,535 18,663 11,598 18,490 8,129 32 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con. [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 1997, con. Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-3/4%-S note 5-5/8%-AK note 1 8-7/8%-C note 7-3/8%-Y note 6%-T note 5-3/8%-AL note 6%-U note 5-1/4%-AM note Issue date (2) 11/02/92 10/31/95 11/15/87 11/15/94 11/30/92 11/30/95 12/31/92 01/02/96 Total. . . . . . . . . . . . . . . 1998 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 5-5/8%-J note 5%-AB note 1 8-1/8%-A note 7-1/4%-W note 5-1/8%-K note 5-1/8%-L note 6-1/8%-AD note 7-7/8%-F note 5-1/8%-M note 5-7/8%-AE note 1 9%-B note 6-1/8%-X note 5-3/8%-N note 6%-AF note 5-1/8%-P note 8-1/4%-G note 5-1/4%-Q note 1 9-1/4%-C note 5-7/8%-Y note 4-3/4%-R note 4-3/4%-S note 7-1/8%-H note 4-3/4%-T note 1 8-7/8%-D note 3-1/2% bond 5-1/2%-Z note 5-1/8%-U note 5-1/8%-V note 01/15/91 02/01/93 01/31/96 02/15/88 02/15/95 03/01/93 03/31/93 04/10/96 04/15/91 04/30/93 04/30/96 05/15/88 05/15/95 06/01/93 05/31/96 06/30/93 07/15/91 08/02/93 08/15/88 08/15/95 08/31/93 09/30/93 10/15/91 11/01/93 11/15/88 10/03/60 11/24/95 11/30/93 12/31/93 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 5%-J note 1 8-7/8%-A note 01/15/92 01/31/94 02/15/89 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 11,383 18,840 9,808 20,861 11,526 18,688 12,163 19,164 507,645 355 602 600 3,010 276 796 501 980 29,594 11,028 18,238 9,208 17,851 11,250 17,892 11,662 18,184 478,052 9,126 12,339 19,087 9,159 21,080 30,870 13,149 21,720 8,788 12,225 21,406 9,165 21,226 12,358 21,110 12,596 9,694 11,689 11,343 22,418 13,019 12,576 10,268 13,023 9,903 230 20,598 12,115 12,444 414,724 878 646 857 415 3,266 1,507 1,295 1,598 585 495 926 528 3,452 805 596 1,471 1,275 472 984 4,255 591 900 969 858 535 162 2,870 929 1,580 35,700 8,248 11,693 18,230 8,744 17,814 29,363 11,854 20,121 8,204 11,730 20,480 8,637 17,774 11,553 20,514 11,125 8,419 11,217 10,359 18,163 12,428 11,676 9,300 12,165 9,368 70 17,729 11,186 10,865 379,029 10,559 12,901 9,720 892 377 845 9,667 12,524 8,875 PUBLIC DEBT OPERATIONS 33 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con. [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 1999, con. Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5%-W note 5-1/2%-K note 5-7/8%-L note 7%-F note 6-1/2%-M note 1 9-1/8%-B note 6-3/4%-N note 6-3/8%-X note 6-3/4%-P note 6-3/8%-G note 6-7/8%-Q note 1 8%-C note 6-7/8%-R note 7-1/8%-S note 6%-H note 7-1/2%-T note 1 7-7/8%-D note 7-3/4%-U note 7-3/4%-V note Issue date (2) 02/15/96 02/28/94 03/31/94 04/15/92 05/02/94 05/15/89 05/31/94 05/15/96 06/30/94 07/15/92 08/01/94 08/15/89 08/31/94 09/30/94 10/15/92 10/31/94 11/15/89 11/30/94 01/03/95 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 7-3/4%-G note 1 8-1/2%-A note 7-1/8%-H note 6-7/8%-J note 5-1/2%-F note 6-3/4%-K note 1 8-7/8%-B note 6-1/4%-L note 5-7/8%-M note 6-1/8%-N note 1 8-3/4%-C note 6-1/4%-P note 6-1/8%-Q note 5-3/4%-R note 1 8-1/2%-D note 5-5/8%-S note 5-1/2%-T note 01/15/93 01/31/95 02/15/90 02/28/95 03/31/95 04/15/93 05/01/95 05/15/90 05/31/95 06/30/95 07/31/95 08/15/90 08/31/95 10/02/95 10/31/95 11/15/90 11/30/95 01/02/96 Total. . . . . . . . . . . . . . . 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 5-5/8%-F note 01/31/96 01/12/81 02/15/91 02/29/96 Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 21,997 11,914 12,780 10,178 12,292 10,047 12,339 23,360 13,101 10,006 12,411 10,164 12,397 12,836 10,337 12,152 10,774 11,934 12,523 276,722 3,472 435 1,875 1,164 1,220 1,128 587 2,602 1,695 349 1,030 768 651 1,129 406 508 687 340 1,345 23,505 18,525 11,479 10,905 9,014 11,072 8,920 11,752 20,758 11,406 9,657 11,381 9,396 11,746 11,707 9,931 11,644 10,087 11,594 11,178 253,218 10,104 12,229 10,673 12,496 13,188 10,535 12,433 10,496 12,752 12,464 12,339 11,081 11,922 12,011 12,080 11,520 12,357 12,821 213,501 690 532 832 960 1,206 360 903 480 642 725 385 844 515 525 537 816 380 800 12,132 9,414 11,696 9,841 11,536 11,983 10,175 11,531 10,016 12,110 11,739 11,954 10,236 11,407 11,486 11,543 10,704 11,977 12,021 201,369 12,816 1,501 11,313 12,820 800 161 678 800 12,016 1,341 10,635 12,020 34 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con. [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 2001, con. Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 96-01 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6-3/8%-G note 6-1/4%-H note 13-1/8% bond 1 8%-B note 6-1/2%-J note 1 7-7/8%-C note 8% bond 13-3/8% bond 15-3/4% bond 1 7-1/2%-D note Issue date (2) 04/10/96 04/30/96 04/02/81 05/15/91 05/31/96 08/15/91 08/16/76 07/02/81 10/07/81 11/15/91 Total. . . . . . . . . . . . . . . 2002 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 7-1/2%-A note 1 6-3/8%-B note 11-5/8% bond 1 01/06/82 05/15/92 08/17/92 09/29/82 Total. . . . . . . . . . . . . . . 2003 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 6-1/4%-A note 10-3/4% bond 11-1/8% bond 1 5-3/4%-B note 11-7/8% bond 1 01/04/83 02/15/93 04/04/83 07/05/83 08/16/93 10/05/83 Total. . . . . . . . . . . . . . . 2004 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 5-7/8%-A note 12-3/8% bond 1 7-1/4%-B note 13-3/4% bond 1 7-1/4%-C note 1 11-5/8% bond 1 7-7/8%-D note 02/15/94 04/05/84 05/16/94 07/10/84 08/15/94 10/30/84 11/15/94 Total. . . . . . . . . . . . . . . 2005 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2%-A note 8-1/4% bond 1 12% bond 1 6-1/2%-B note 1 10-3/4% bond 1 6-1/2%-C note 1 5-7/8%-D note 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 11/24/95 Total. . . . . . . . . . . . . . . Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 14,181 13,780 1,750 12,398 13,722 12,339 1,485 1,753 1,753 24,226 135,837 1,500 800 166 892 550 1,115 758 256 173 1,378 10,027 12,681 12,980 1,584 11,506 13,172 11,224 727 1,497 1,580 22,848 125,811 1,759 11,714 23,859 2,753 40,085 160 981 2,190 348 3,679 1,599 10,733 21,669 2,405 36,406 3,007 23,563 3,249 3,501 28,011 7,260 68,591 729 2,095 256 433 3,620 495 7,628 2,277 21,468 2,993 3,069 24,391 6,764 60,962 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,172 550 750 1,881 367 810 519 1,713 6,590 12,405 3,005 12,560 3,633 12,536 7,783 12,661 64,583 13,835 4,224 4,261 14,740 9,270 15,003 15,210 76,543 1,150 2,177 214 2,000 625 1,800 1,700 9,666 12,685 2,047 4,046 12,740 8,645 13,203 13,510 66,876 PUBLIC DEBT OPERATIONS 35 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con. [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 2006 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 9-3/8% bond 5-5/8%-A note 1 6-7/8%-B note 1 Issue date (2) Total (3) 01/15/86 02/15/96 05/15/96 4,756 15,514 16,015 36,285 20 1,500 1,700 3,220 4,736 14,014 14,315 33,065 4,234 1,495 5,729 1,546 379 1,925 2,688 1,116 3,804 2,103 5,230 7,333 789 1,666 2,455 1,314 3,564 4,878 4,606 4,201 8,807 973 1,076 2,049 3,633 3,125 6,758 2,494 2,987 4,736 10,217 858 1,177 1,275 3,310 1,636 1,811 3,462 6,909 4,609 4,901 9,510 1,054 900 1,954 3,555 4,000 7,555 11,032 11,032 1,612 1,612 9,420 9,420 14,755 14,755 3,141 3,141 11,615 11,615 5,007 5,128 6,006 16,141 785 906 1,195 2,886 4,222 4,223 4,811 13,256 12,668 7,150 6,900 26,718 1,536 905 467 2,908 11,132 6,245 6,433 23,810 Total. . . . . . . . . . . . . . . 2007 Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 7-7/8% bond 02/15/77 11/15/77 Total. . . . . . . . . . . . . . . 2008 Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 8-3/4% bond 08/15/78 11/15/78 Total. . . . . . . . . . . . . . . 2009 May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 10-3/8% bond 05/15/79 11/15/79 Total. . . . . . . . . . . . . . . 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 Total. . . . . . . . . . . . . . . 2011 May 15, 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 11/15/82 Total. . . . . . . . . . . . . . . 2013 Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 Total. . . . . . . . . . . . . . . 2014 May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 12-1/2% bond 1 11-3/4% bond 05/15/84 08/15/84 11/15/84 Total. . . . . . . . . . . . . . . 2015 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 11-1/4% bond 10-5/8% bond 1 9-7/8% bond Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 02/15/85 08/15/85 11/15/85 Total. . . . . . . . . . . . . . . 36 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con. [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 2016 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) Issue date (2) 9-1/4% bond 7-1/4% bond 1 7-1/2% bond 02/15/86 05/15/86 11/15/86 1 1 Total. . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/15/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/15/88 11/15/88 Total. . . . . . . . . . . . . . . 2019 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total. . . . . . . . . . . . . . . 2020 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 1 02/15/90 05/15/90 08/15/90 Total. . . . . . . . . . . . . . . 2021 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 1 02/15/91 05/15/91 08/15/91 11/15/91 Total. . . . . . . . . . . . . . . 2022 Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total. . . . . . . . . . . . . . . 2023 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/15/93 08/15/93 Total. . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total. . . . . . . . . . . . . . . 2025 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total. . . . . . . . . . . . . . . Total (3) Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 7,267 18,824 18,864 44,955 880 1,820 1,505 4,205 6,387 17,004 17,359 40,750 18,194 14,017 32,211 844 970 1,814 17,350 13,047 30,397 8,709 9,033 17,742 297 356 653 8,412 8,677 17,089 19,251 20,214 39,465 583 2,330 2,913 18,668 17,884 36,552 10,229 10,159 21,419 41,807 591 490 985 2,066 9,638 9,669 20,434 39,741 11,113 11,959 12,163 32,798 68,033 510 515 360 855 2,240 10,603 11,444 11,803 31,943 65,793 10,353 10,700 21,053 400 520 920 9,953 10,180 20,133 18,374 22,909 41,283 1,082 1,030 2,112 17,292 21,879 39,171 11,470 11,470 450 450 11,020 11,020 11,725 12,602 24,327 700 1,100 1,800 11,025 11,502 22,527 PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1996, con. [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States,’’ and Office of Market Finance] Date of final maturity 2026 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 6% bond Issue date (2) 02/15/96 Total. . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public Debt of the United States.’’ Total (3) 12,905 12,905 Amount of maturities Held by U.S. Government accounts and Federal All other Reserve banks investors (4) (5) 900 900 12,005 12,005 38 PUBLIC DEBT OPERATIONS TABLE PDO-2.--Offerings of Bills [Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt] Issue date Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Regular weekly: (13 week and 26 week) 1996 - Mar. 7 . . . . . . 1996 - June Sept. 14 . . . . . June Sept. 21 . . . . . June Sept. 28 . . . . . June Sept. Apr. 4 . . . . . . July Oct. 11 . . . . . July Oct. 18 . . . . . July Oct. 25 . . . . . July Oct. May 2 . . . . . . Aug. Oct. 9 ...... Aug. Nov. 16 . . . . . Aug. Nov. 23 . . . . . Aug. Nov. 30 . . . . . Aug. Nov. June 6 . . . . . . Sept. Dec. 13 . . . . . Sept. Dec. 20 . . . . . Sept. Dec. 27 . . . . . Sept. Dec. 52 week: 1995 - June 1 . . . . . . 1996 - May June 29 . . . . . June July 27 . . . . . July Aug. 24 . . . . . Aug. Sept. 21 . . . . . Sept. Oct. 19 . . . . . Oct. Nov. 16 . . . . . Nov. Dec. 14 . . . . . Dec. 1996 - Jan. 11 . . . . . 1997 - Jan. Feb. 8 . . . . . . Feb. Mar. 7 . . . . . . Mar. Apr. 4 . . . . . . Apr. May 2 . . . . . . May May 30 . . . . . May June 27 . . . . . June Cash management: 1996 - Apr. 1 . . . . . . 1996 - Apr. 3 ...... Apr. Apr. May 15 . . . . . June June 3 . . . . . . June June See footnotes at end of table. Amounts of bids accepted On comOn noncomTotal amount petitive basis 2 petitive basis 3 (4) (5) (6) Amount maturing on issue date of new offering (7) Total unmatured issues outstanding after new issues (8) 6 5 13 12 20 19 27 26 5 3 11 10 18 17 25 24 1 31 8 7 15 14 22 21 29 29 5 5 12 12 19 19 26 26 91 182 91 182 91 182 92 182 92 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 183 91 182 91 182 91 182 91 182 57,344.3 62,962.0 41,366.7 48,671.9 44,401.4 39,750.3 42,496.2 50,939.5 56,393.3 42,072.3 51,249.4 50,373.0 50,849.4 44,705.5 53,564.5 50,943.3 49,940.5 49,896.0 62,006.4 50,009.4 57,016.1 59,104.3 54,848.3 63,926.7 60,417.6 54,695.4 55,231.2 59,844.3 53,826.3 57,861.5 66,899.8 54,676.5 58,302.2 50,788.2 15,258.9 15,392.3 12,745.3 12,746.6 13,532.0 13,550.1 13,627.5 13,544.8 13,681.5 13,589.0 13,613.5 13,585.3 10,156.5 10,568.2 11,564.0 11,774.0 13,560.0 13,637.6 13,697.1 13,553.7 13,628.4 13,709.3 13,715.4 13,638.7 14,126.2 14,092.2 14,582.4 14,715.0 15,755.7 15,596.8 13,559.0 13,559.5 13,110.2 13,154.1 13,683.4 14,214.7 11,276.5 11,648.1 12,029.4 12,320.9 12,206.1 12,261.3 12,200.3 12,354.4 12,096.3 12,334.8 8,621.4 9,339.6 10,230.4 10,708.2 12,117.1 12,391.0 12,063.9 12,183.2 12,154.0 12,433.7 12,272.9 12,407.3 12,762.6 12,956.4 13,088.2 13,419.5 14,303.9 14,361.8 12,064.6 12,340.7 11,687.8 12,016.5 1,575.5 1,177.6 1,468.8 1,098.5 1,502.6 1,229.2 1,421.4 1,283.5 1,481.2 1,234.6 1,517.2 1,250.5 1,535.1 1,228.6 1,333.6 1,065.8 1,442.9 1,246.6 1,633.2 1,370.5 1,474.4 1,275.6 1,442.5 1,231.4 1,363.6 1,135.8 1,494.2 1,295.5 1,451.8 1,235.0 1,494.4 1,218.8 1,422.4 1,137.6 14,052.5 12,375.1 14,079.9 13,560.1 14,091.5 11,436.2 13,024.0 11,690.6 14,103.9 12,835.3 14,089.4 13,234.5 12,568.3 13,060.7 11,575.3 13,041.9 14,103.8 12,796.8 16,227.7 14,694.7 13,836.4 14,816.8 13,334.1 12,646.6 12,426.5 14,081.1 15,258.9 14,036.8 12,745.3 14,115.5 13,532.0 14,075.0 13,627.6 13,071.5 178,234.4 350,844.1 176,899.8 350,030.6 176,340.3 352,144.5 176,943.8 353,998.7 176,521.4 354,752.4 176,045.5 355,103.2 173,633.7 352,610.7 173,622.4 351,342.8 173,078.6 352,183.6 170,548.0 351,042.6 170,340.0 349,935.1 170,721.3 350,927.2 172,421.0 350,938.3 171,744.5 351,616.5 174,754.9 353,097.8 174,781.9 352,582.3 174,264.5 352,664.9 30 27 25 22 19 17 14 12 9 6 6 3 1 29 26 364 364 364 364 364 364 364 364 364 364 364 364 364 364 364 42,862.6 42,836.3 43,775.8 51,493.8 58,636.5 57,318.5 49,174.6 49,995.6 57,799.9 58,950.5 39,126.6 56,041.7 53,986.3 55,662.8 56,160.4 18,579.6 19,322.4 18,359.0 18,464.3 19,275.4 18,482.5 18,869.7 18,792.2 18,910.5 18,899.7 18,795.1 18,944.6 19,461.4 19,326.3 19,595.3 17,517.4 18,413.9 17,519.3 17,591.9 18,427.7 17,730.1 18,083.1 18,006.7 17,953.2 17,841.6 17,820.2 17,953.2 17,841.6 17,820.2 17,820.2 1,062.2 908.5 839.7 872.4 847.7 752.4 786.6 785.5 957.3 1,058.1 974.9 1,148.6 1,024.3 1,045.4 996.4 16,912.9 16,756.5 16,963.4 16,837.2 16,805.1 17,276.1 17,480.2 17,078.4 17,351.2 17,455.2 17,352.4 17,574.2 17,953.4 18,579.6 19,322.4 225,558.5 228,124.4 229,520.0 231,147.1 233,617.4 234,823.8 236,213.3 237,927.1 239,486.4 240,930.9 242,373.6 243,744.0 245,252.0 244,490.7 245,524.9 10 18 25 20 13 18 9 15 22 36 10 15 61,735.2 41,567.2 39,871.5 57,628.0 29,435.0 52,006.0 33,111.2 14,008.0 11,062.2 13,045.4 7,010.5 23,086.2 - - - 33,111.2 47,119.2 58,181.4 13,045.4 20,055.9 43,142.1 PUBLIC DEBT OPERATIONS 39 TABLE PDO-2.--Offerings of Bills, con. [Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt] Issue date Regular weekly: 1996 - Mar. 7 . . . . . 14 . . . . 21 . . . . 28 . . . . Apr. 4 ..... 11 . . . . 18 . . . . 25 . . . . May 2 ..... 9 ..... 16 . . . . 23 . . . . 30 . . . . June 6 . . . . . 13 . . . . 20 . . . . 27 . . . . 52 week: 1995 - June June July Aug. Sept. Oct. Nov. Dec. 1996 - Jan. Feb. Mar. Apr. May May June 1 ..... 29 . . . . 27 . . . . 24 . . . . 21 . . . . 19 . . . . 16 . . . . 14 . . . . 11 . . . . 8 ..... 7 ..... 4 ..... 2 ..... 30 . . . . 27 . . . . Cash management: 1996 - Apr. 1 . . . . . 3 ..... May 15 . . . . June 3 . . . . . 1 Average price per hundred (9) On total bids accepted Average Average discount rate investment rate 4 (percent) (percent) (10) (11) Discount rate (percent) (12) Price per hundred (13) 98.764 97.573 98.749 97.472 98.731 97.442 98.739 97.487 98.704 97.442 98.729 97.376 98.769 97.457 98.744 97.462 98.736 97.432 98.731 97.401 98.731 97.401 98.729 97.417 98.729 97.387 98.713 97.366 98.696 97.300 98.716 97.336 98.711 97.356 4.89 4.80 4.95 5.00 5.02 5.06 4.99 4.97 5.07 5.06 5.03 5.19 4.87 5.03 4.97 5.02 5.00 5.08 5.02 5.14 5.02 5.14 5.03 5.11 5.03 5.14 5.09 5.21 5.16 5.34 5.08 5.27 5.10 5.23 5.02 4.99 5.08 5.20 5.16 5.26 5.12 5.17 5.21 5.26 5.16 5.40 5.00 5.23 5.10 5.22 5.13 5.29 5.16 5.35 5.16 5.35 5.16 5.32 5.16 5.35 5.23 5.43 5.30 5.57 5.22 5.49 5.24 5.45 4.90 4.81 4.95 5.00 5.02 5.06 4.99 4.97 5.07 5.06 5.03 5.19 4.87 5.03 4.97 5.03 5.00 5.08 5.03 5.14 5.02 5.14 5.03 5.12 5.03 5.14 5.09 5.21 5.16 5.35 5.09 5.27 5.10 5.23 98.761 97.568 98.749 97.472 98.731 97.442 98.739 97.487 98.704 97.442 98.729 97.376 98.769 97.457 98.744 97.457 98.736 97.432 98.729 97.401 98.731 97.401 98.729 97.412 98.729 97.387 98.713 97.366 98.696 97.295 98.713 97.336 98.711 97.356 94.398 94.722 94.560 94.388 94.732 94.641 94.793 94.884 95.056 95.308 94.965 94.773 94.641 94.621 94.378 5.54 5.22 5.38 5.55 5.21 5.30 5.15 5.06 4.89 4.64 4.98 5.17 5.30 5.32 5.56 5.88 5.53 5.70 5.89 5.52 5.62 5.45 5.35 5.16 4.89 5.25 5.46 5.60 5.62 5.89 5.56 5.23 5.38 5.55 5.21 5.30 5.15 5.06 4.89 4.64 4.99 5.17 5.31 5.32 5.57 94.378 94.712 94.560 94.388 94.732 94.641 94.793 94.884 95.056 95.308 94.955 94.773 94.631 94.621 94.368 99.867 99.780 99.679 99.495 99.856 99.783 5.31 5.29 5.25 5.05 5.17 5.20 5.40 5.37 5.34 5.15 5.26 5.29 5.34 5.31 5.25 5.05 5.20 5.23 99.867 99.779 99.679 99.495 99.856 99.782 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve banks. 3 For 13-week, 26-week, and 52-week bills, tenders $1,000,000 or less from any one bidder are accepted in full at average price or accepted competitive bids; for other issues, the corresponding amount is stipulated in each offering announcement. 4 Equivalent coupon-issue yield. 5 Except $1,500,000 at 98.764 percent. 6 Except $1,500,000 at 97.492 percent. 2 On competitive bids accepted High 7 8 9 10 11 12 13 14 15 Low Discount rate (percent) (14) 5 6 7 8 9 10 11 12 13 14 15 Price per hundred (15) 4.87 4.79 4.92 4.99 4.98 5.05 4.96 4.96 5.05 5.03 5.00 5.17 4.85 5.02 4.96 5.01 4.98 5.06 5.01 5.13 4.98 5.13 5.00 5.10 5.02 5.11 5.07 5.20 5.14 5.33 5.07 5.25 5.08 5.21 98.769 97.578 98.756 97.477 98.741 97.447 98.746 97.492 98.709 97.457 98.736 97.386 98.774 97.462 98.746 97.467 98.741 97.442 98.734 97.407 98.741 97.407 98.736 97.422 98.731 97.402 98.718 97.371 98.701 97.305 98.718 97.346 98.716 97.366 5.51 5.20 5.36 5.50 5.20 5.29 5.12 5.04 4.88 4.62 4.95 5.15 5.29 5.30 5.55 94.429 94.742 94.580 94.439 94.742 94.651 94.823 94.904 95.066 95.329 94.995 94.793 94.651 94.641 94.388 5.27 5.27 5.23 5.04 5.14 5.15 99.868 99.780 99.680 99.496 99.857 99.785 Except $1,533,000 at 97.457 percent. Except $30,000 at 97.487 percent. Except $1,900,000 at 97.543 percent and $2,000,000 at 97.482 percent. Except $10,000 at 97.447 percent. Except $10,000 at 98.746 percent and $2,500,000 at 98.736 percent. Except $1,200,000 at 97.386 percent. Except $100,000 at 98.736 percent. Except $5,100,000 at 98.749 percent. Except $1,600,000 at 94.762 percent. 40 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt] Auction date Issue date (1) 08/09/94 08/10/94 08/11/94 08/11/94 08/18/94 08/23/94 08/24/94 08/31/94 09/09/94 09/15/94 09/27/94 09/28/94 10/12/94 10/13/94 10/25/94 10/26/94 11/08/94 11/09/94 11/10/94 11/10/94 11/21/94 11/22/94 11/30/94 12/08/94 12/21/94 12/22/94 12/29/94 01/05/95 01/24/95 01/25/95 02/02/95 02/07/95 02/08/95 02/09/95 02/09/95 02/22/95 02/23/95 03/01/95 03/02/95 03/28/95 03/29/95 03/30/95 03/30/95 04/25/95 04/26/95 04/27/95 05/09/95 05/10/95 05/11/95 05/23/95 05/24/95 05/25/95 05/31/95 06/22/95 06/27/95 06/28/95 07/20/95 07/25/95 07/26/95 08/08/95 08/15/94 08/15/94 6 08/15/94 08/15/94 08/25/94 08/31/94 08/31/94 09/06/94 09/09/94 09/22/94 09/30/94 09/30/94 10/17/94 10/20/94 10/31/94 10/31/94 11/15/94 11/15/94 11/15/94 11/17/94 11/30/94 11/30/94 12/02/94 12/15/94 01/03/95 01/03/95 01/03/95 01/12/95 01/31/95 01/31/95 02/09/95 02/15/95 02/15/95 02/15/95 02/15/95 02/28/95 02/28/95 03/07/95 03/09/95 03/31/95 03/31/95 04/03/95 04/06/95 05/01/95 05/01/95 05/04/95 05/15/95 05/15/95 05/15/95 05/31/95 05/31/95 06/01/95 06/02/95 06/29/95 06/30/95 06/30/95 07/27/95 07/31/95 07/31/95 08/15/95 See footnotes at end of table. Description of securities 1 (2) 6-1/2% note--08/15/97-X 7-1/4% note--08/15/04-C 7-1/2% bond--11/15/24 4.37% bill--09/22/94 5.36% bill--08/24/95 6-1/4% note--08/31/96-AK 6-7/8% note--08/31/99-R 4.58% bill--09/22/94 4.65% bill--09/16/94 5.38% bill--09/21/95 6-1/2% note--09/30/96-AL 7-1/8% note--09/30/99-S 4.98% bill--02/22/94-reopening 5.72% bill--10/19/95 6-7/8% note--10/31/96-U-reopening 7-1/2% note--10/31/99-T 7-3/8% note--11/15/97-Y 7-7/8% note--11/15/04-D 5.11% bill--12/22/94-reopening 6.09% bill--11/16/95 7-1/4% note--11/30/96-AN 7-3/4% note--11/30/99-U 5.45% bill--12/22/94-reopening 6.75% bill--12/14/95 7-1/2% note--12/31/96-AP 7-3/4% note--12/31/99-V 5.59% bill--01/19/95-reopening 6.86% bill--01/11/96 7-1/2% note--01/31/97-Z 7-3/4% note--01/31/00-G 6.59% bill--02/08/96 7-1/4% note--02/15/98-W 7-1/2% note--02/15/05-A 7-5/8% bond--02/15/25 5.76% bill--04/20/95-reopening 6-7/8% note--02/28/97-AB 7-1/8% note--02/29/00-H 5.81% bill--03/16/95-reopening 6.16% bill--03/07/96 6-5/8% note--03/31/97-AC 6-7/8% note--03/31/00-J 5.97% bill--04/20/95-reopening 6.02% bill--04/04/96 6-1/2% note--04/30/97-AD 6-3/4% note--04/30/00-K 5.90% bill--05/02/96 6-1/8% note--05/15/98-X 6-1/2% note--05/15/05-B 5.81% bill--06/22/95-reopening 6-1/8% note--05/31/97-AE 6-1/4% note--05/31/00-L 5.54% bill--05/30/96 5.85% bill--06/15/95-reopening 5.22% bill--06/27/96 5-5/8% note--06/30/97-AF 5-7/8% note--06/30/00-M 5.38% bill--07/25/96 5-7/8% note--07/31/97-AG 6-1/8% note--07/31/00-N 5-7/8% note--08/15/98-Y Period to final maturity (years, months, days) 2 (3) 3y 10y 30y 3m 38d 364d 2y 5y 16d 7d 364d 2y 5y 66d 364d 2y 5y 3y 10y 37d 364d 2y 5y 20d 364d 2y 5y 16d 364d 2y 5y 364d 3y 10y 30y 64d 2y 5y 9d 364d 2y 5y 17d 364d 2y 5y 364d 3y 10y 38d 2y 5y 364d 13d 364d 2y 5y 364d 2y 5y 3y Amount tendered (4) 47,220 30,416 22,053 29,573 43,661 58,453 36,882 27,540 25,060 53,447 46,392 38,031 49,580 51,239 43,267 34,155 53,312 30,055 49,807 55,604 48,945 33,840 35,751 42,002 51,681 25,948 42,975 49,929 52,018 34,143 51,445 50,836 29,807 30,681 50,051 43,401 28,709 38,684 48,316 44,394 26,061 100,412 43,046 42,158 35,573 64,539 38,313 23,167 66,505 48,653 30,382 42,863 57,101 42,836 43,818 33,504 43,776 42,293 31,033 42,039 Amount issued 3,4 (5) 20,241 13,346 5 11,469 7,005 16,837 19,283 12,396 7,005 4,003 16,804 19,626 12,820 15,040 17,275 18,952 12,115 20,831 5 14,369 12,009 17,479 18,938 11,932 8,105 17,076 19,602 12,520 14,009 17,349 18,998 12,226 17,452 21,078 5 13,834 5 11,725 9,118 18,805 12,486 8,033 17,351 19,352 13,186 25,109 17,574 18,706 12,433 17,953 21,223 5 14,739 17,136 18,936 12,752 18,579 17,126 19,321 19,256 12,463 18,359 18,951 12,338 22,418 5 Range of accepted bids for notes and bonds (6) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 PUBLIC DEBT OPERATIONS 41 TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. [In millions of dollars. Source: Bureau of the Public Debt] Auction date Issue date (1) 08/09/95 08/10/95 08/17/95 08/22/95 08/23/95 08/31/95 09/06/95 09/14/95 09/26/95 09/27/95 10/12/95 10/24/95 10/25/95 11/02/95 11/02/95 11/14/95 11/14/95 11/15/95 11/20/95 11/21/95 11/28/95 11/29/95 11/30/95 11/30/95 12/07/95 12/20/95 12/21/95 01/04/96 01/23/96 01/24/96 02/01/96 02/06/96 02/07/96 02/08/96 02/08/96 02/22/96 02/27/96 02/28/96 02/28/96 02/29/96 03/13/96 04/01/96 04/02/96 04/02/96 04/02/96 04/08/96 04/09/96 04/23/96 04/24/96 04/25/96 05/07/96 05/08/96 05/09/96 05/23/96 05/29/96 05/30/96 05/30/96 05/30/96 06/20/96 08/15/95 08/15/95 08/24/95 08/31/95 08/31/95 09/01/95 09/07/95 09/21/95 10/02/95 10/02/95 10/19/95 10/31/95 10/31/95 11/03/95 11/03/95 11/15/95 11/15/95 11/16/95 11/24/95 6 11/24/95 11/30/95 11/30/95 12/01/95 12/01/95 12/14/95 01/02/96 01/02/96 01/11/96 01/31/96 01/31/96 02/08/96 02/15/96 02/15/96 02/15/96 02/15/96 02/23/96 02/29/96 02/29/96 03/01/96 03/07/96 03/14/96 04/01/96 04/03/96 04/03/96 04/04/96 04/10/96 04/10/96 04/30/96 04/30/96 05/02/96 05/15/96 05/15/96 05/15/96 05/30/96 05/31/96 05/31/96 06/03/96 06/03/96 06/27/96 See footnotes at end of table. Description of securities 1 (2) 6-1/2% note--08/15/05-C 6-7/8% bond--08/15/25 5.55% bill--08/22/96 6 % note--08/31/97-AH 6-1/4% note--08/31/00-P 5.58% bill--09/21/95-reopening 5.65% bill--09/15/95 5.21% bill--09/19/96 5-3/4% note--09/30/97-AJ 6-1/8% note--09/30/00-Q 5.30% bill--10/17/96 5-5/8% note--10/31/97-AK 5-3/4% note--10/31/00-R 5.37% bill--12/21/95-reopening 5.30% bill--01/25/96-reopening 5.77% bill--11/24/95-reopening 5.64% bill--12/21/95-reopening 5.15% bill--11/14/96 5-1/2% note--11/15/98-Z 5-7/8% note--11/15/05-D 5-3/8% note--11/30/97-AL 5-5/8% note--11/30/00-S 5.63% bill--12/14/95-reopening 5.39% bill--12/28/95-reopening 5.06% bill--12/12/96 5-1/4% note--12/31/97-AM 5-1/2% note--12/31/00-T 4.89% bill--01/09/97 5% note--01/31/98-AB 5-1/4% note--01/31/01-E 4.64% bill--02/06/97 5% note--02/15/99-W 5-5/8% note--02/15/06-A 6% bond--02/15/26 5.14% bill--02/22/96-reopening 5.02% bill--04/18/96-reopening 5-1/8% note--02/28/98-K-reopening 5-5/8% note--02/28/01-F 5.06% bill--03/14/96-reopening 4.98% bill--03/06/97 5.11% bill--04/25/96-reopening 5.31% bill--04/10/96 5.29% bill--04/18/96-reopening 5.25% bill--04/25/96-reopening 5.17% bill--04/03/97 6-1/8% note--03/31/98-AD 6-3/8% note--03/31/01-G 5-7/8% note--04/30/98-AE 6-1/4% note--04/30/01-H 5.30% bill--05/01/97 6-3/8% note--05/15/99-X 6-7/8% note--05/15/06-B 5.05% bill--06/20/96-reopening 5.32% bill--05/29/97 6% note--05/31/98-AF 6-1/2% note--05/31/01-J 5.17% bill--06/13/96-reopening 5.20% bill--06/18/96 5.56% bill--06/26/97 Period to final maturity (years, months, days) 2 (3) 10y 30y 364d 2y 5y 20d 8d 364d 2y 5y 364d 2y 5y 48d 83d 9d 36d 364d 3y 10y 2y 5y 13d 27d 364d 2y 5y 364d 2y 5y 364d 3y 10y 30y 7d 55d 2y 5y 13d 364d 42d 9d 15d 22d 364d 2y 5y 2y 5y 364d 3y 10y 36d 364d 2y 5y 10d 15d 364d Amount tendered (4) 34,029 28,442 51,494 50,282 28,072 65,751 30,076 58,636 37,619 27,544 57,319 48,533 32,407 29,372 33,200 56,685 55,750 49,175 55,665 31,730 55,484 31,773 35,646 35,232 49,996 40,661 31,507 57,800 45,650 27,500 58,951 52,932 29,711 25,590 41,694 85,706 43,564 26,829 32,082 39,127 47,387 61,735 41,567 39,872 56,042 38,769 33,365 50,232 30,958 53,986 42,974 35,543 57,628 55,663 46,623 33,746 29,435 52,006 56,325 Amount issued 3,4 (5) Range of accepted bids for notes and bonds (6) 5 42 5 43 15,003 12,602 18,464 19,383 11,922 18,031 5,000 19,275 19,116 12,011 18,482 18,840 12,081 6,008 8,061 35,706 26,053 18,872 20,598 5 15,210 18,687 12,357 10,017 10,007 18,792 19,165 12,821 18,910 19,087 12,816 18,900 21,997 5 15,514 5 12,905 8,055 29,192 19,184 12,820 6,003 18,795 9,060 33,111 14,008 11,062 18,943 21,719 14,181 21,405 13,779 19,461 23,360 5 16,015 13,045 19,326 21,107 13,720 7,011 23,086 19,595 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. 2 From date of additional issue in case of a reopening. 3 In reopenings the amount issued is in addition to the amount of original offerings. 4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. 5 Eligible for STRIPS. 6 Interest began to accrue before the issue date (settlement date) of this loan. 7 Yields accepted ranged from 6.59% (price 99.759) up to 6.62% (price 99.678) with the average at 6.61% (price 99.705). 8 Yields accepted ranged from 7.32% (price 99.510) up to 7.33% (price 99.440) with the average at 7.33% (price 99.440). 9 Yields accepted ranged from 7.55% (price 99.373) up to 7.59% (price 98.904) with the average at 7.56% (price 99.256). 10 Accepted yields ranged up to 6.27% (price 99.963) in this single-price auction. 11 Accepted yields ranged up to 6.91% (price 99.854) in this single-price auction. 12 Accepted yields ranged up to 6.55% (price 99.908) in this single-price auction. 13 Accepted yields ranged up to 7.18% (price 99.772) in this single-price auction. 14 Accepted yields ranged up to 6.88% (price 99.991) in this single-price auction. 15 Accepted yields ranged up to 7.55% (price 99.795) in this single-price auction. 16 Yields accepted ranged from 7.40% (price 99.934) up to 7.42% (price 99.881) with the average at 7.41% (price 99.907). 17 Yields accepted ranged from 7.95% (price 99.489) up to 7.97% (price 99.354) with the average at 7.96% (price 99.421). 18 Accepted yields ranged up to 7.30% (price 99.908) in this single-price auction. 19 Accepted yields ranged up to 7.81% (price 99.756) in this single-price auction. 20 Accepted yields ranged up to 7.57% (price 99.873) in this single-price auction. 21 Accepted yields ranged up to 7.85% (price 99.593) in this single-price auction. 22 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction. 23 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction. 24 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the average at 7.34% (price 99.762). 25 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the average at 7.54% (price 99.723). 26 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the average at 7.65% (price 99.708). 27 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction. 28 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction. 29 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction. 30 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction. 31 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction. 32 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction. 33 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the average at 6.165% (price 99.892). 34 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the average at 6.608% (price 99.219). 35 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 36 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 37 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction. Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction. 40 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction. 41 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the average at 5.997% (price 99.670). 42 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the average at 6.501% (price 99.993). 43 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the average at 6.906% (price 99.610). 44 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 45 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 46 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction. 47 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. 48 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction. 49 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction. 50 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the average at 5.549% (price 99.867). 51 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the average at 5.900% (price 99.810). 52 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 53 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction. 54 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction. 55 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction. 56 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction. 57 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 58 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the average at 5.043% (price 99.882). 59 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the average at 5.649% (price 99.819). 60 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the average at 6.119% (price 98.374). 61 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction. 62 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction. 63 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction. 64 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 65 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 66 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction. 67 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the average at 6.390% (price 99.960). 68 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the average at 6.902% (price 99.807). 69 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 70 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 38 39 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through competitive bidding only. PUBLIC DEBT OPERATIONS 43 TABLE PDO-4A.--Allotments by Investor Classes for Public Marketable Securities Other than Bills [In millions of dollars. Source: Office of Market Finance] Allotments by investor classes Issues Commercial banks 1 (3) State and local governments 4 Pension and reNonbank tirement Other dealers and funds funds brokers (9) (10) (11) Issue date Description of securities Total amount issued (1) 09/30/94 6-1/2% note--09/30/96-AL 19,639 1,125 694 1,532 261 5 1,507 22 1 7 13,018 1,467 09/30/94 12,836 1,079 433 753 46 26 1,475 5 1 90 8,028 902 10/31/94 7-1/8% note--09/30/99-S 6-7/8% note--10/31/99-U reopening 18,983 450 375 1,156 62 26 1,573 8 1 325 13,388 1,619 10/31/94 7-1/2% note--10/31/99-T 12,152 412 240 752 1 16 1,174 3 1 7 8,285 1,261 11/15/94 7-3/8% note--11/15/97-Y 20,861 2,800 231 897 21 5 1,246 11 1 52 14,593 1,004 11/15/94 7-7/8% note--11/15/04-D 14,374 1,603 197 565 7 5 518 27 2 12 10,778 660 11/30/94 7-1/4% note--11/15/96-AN 18,940 265 1,258 1,172 22 10 3,434 12 13 48 10,972 1,734 11/30/94 7-3/4% note--11/15/99-U 11,934 265 345 723 1 28 908 10 * 32 8,501 1,121 01/03/95 7-1/2% note--12/31/96-AP 19,608 1,250 967 2,286 6 14 2,197 12 1 7 11,463 1,405 01/03/95 7-3/4% note--12/31/99-V 12,523 1,180 749 889 16 2 569 4 2 4 8,700 408 01/31/95 7-1/2% note--01/31/97-Z 19,002 375 518 2,092 41 24 2,834 9 * 6 11,644 1,458 01/31/95 7-3/4% note--01/31/00-G 12,229 362 227 1,634 3 6 910 4 * 2 8,053 1,028 02/15/95 7-1/4% note--02/15/98-W 21,080 3,031 343 1,663 25 12 467 13 2 34 14,574 916 02/15/95 7-1/2% note--02/15/05-A 13,835 1,150 360 705 7 3 461 16 * 18 10,476 640 02/15/95 7-5/8% bond--02/15/25 11,725 700 126 454 40 25 1,341 12 - 5 8,962 61 02/28/95 6-7/8% note--02/28/97-AB 18,816 575 887 1,634 52 25 1,266 10 * 6 12,909 1,454 02/28/95 7-1/8% note--02/28/00-H 12,496 570 296 1,522 114 8 1,021 12 1 63 8,306 583 03/31/95 6-5/8% note--03/31/97-AC 19,354 1,050 418 1,138 93 7 1,572 6 1 9 14,072 987 03/31/95 6-7/8% note--03/31/00-J 13,188 1,046 299 525 54 1 827 4 * 28 9,120 1,285 05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215 05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666 05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427 05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318 05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267 05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985 06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871 06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615 07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249 07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017 08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715 08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235 See footnotes at end of table. Federal Reserve banks (2) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) Individuals 2 (4) All other 5 (12) 44 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Public Marketable Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance] Allotments by investor classes Issues State and local governments 4 Pension and reNonbank tirement Other dealers and funds funds brokers (9) (10) (11) Description of securities Total amount issued (1) Federal Reserve banks (2) 08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44 08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412 08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205 10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837 10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85 10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886 10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762 11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319 11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534 11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087 11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486 01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752 01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220 01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198 01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453 02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254 02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391 02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195 02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064 02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158 04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021 04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065 04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742 04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750 05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121 05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299 05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986 05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996 Issue date Commercial banks 1 (3) Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) * Less than $500,000. 1 Includes trust companies, bank dealers, and stock savings banks. 2 Includes partnerships and personal trust accounts. 3 Exclusive of banks and insurance companies. 4 Consists of trust, sinking, and investment funds of State and local governments and their agencies. Individuals 2 (4) 5 All other 5 (12) Includes savings and loan associations, nonprofit institutions, and foreign and international investments. Also included are certain Government deposit accounts and Government-sponsored agencies. Note.--For detail of offerings see table PDO-3. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4B.--Allotments by Investor Classes for Public Marketable Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of the Public Debt] Allotments by investor classes Total amount issued 52-week series (3) U.S. Gov’t. accounts and Federal Reserve banks 1 (4) Commercial banks (5) Corporations 2 (6) Dealers and brokers (7) All other 3 (8) Date of financing Date of maturity (1) Average rate (percent) (2) 06/02/94 06/01/95 5.01 16,913 4,050 862 369 10,137 1,495 06/30/94 06/29/95 5.04 16,756 4,350 449 253 10,301 1,403 07/28/94 07/27/95 5.20 16,963 4,250 378 106 10,784 1,445 08/25/94 08/24/95 5.36 16,837 4,200 808 47 10,571 1,211 09/22/94 09/21/95 5.38 16,805 4,300 326 89 7,186 4,904 10/20/94 10/19/95 5.72 17,276 4,100 372 98 11,645 1,061 11/17/94 11/16/95 6.09 17,480 4,150 323 3,504 8,143 1,360 12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629 01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640 02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108 03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736 04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664 05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769 06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786 06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500 07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,160 08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,337 09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,018 10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,026 11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691 12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 686 01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051 02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963 03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932 04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397 05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235 05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261 06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596 1 Includes trust funds and accounts that comprise Government accounts under the unified budget concept. 2 Exclusive of banks and insurance companies. 3 Included with ‘‘All other’’ investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts. 46 U.S. SAVINGS BONDS AND NOTES INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since January 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 March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 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 1974. TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through June 30, 1996 [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States’’; Bureau of the Public Debt] Series Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . Series E, EE, H, and HH. . . . . . . Series F and G . . . . . . . . . . . . . . Series J and K . . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . Sales 1 (1) Accrued discount (2) Sales plus accrued discount (3) 3,949 338,597 28,396 3,556 862 375,360 1,054 177,965 1,125 198 670 181,012 5,003 516,562 29,521 3,754 1,532 556,372 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and Redemptions 1 (4) 5,002 331,868 29,517 3,753 1,156 371,296 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 183,770 343 184,113 1 2,379 3 2,383 HH bonds. 2 Details by series on a cumulative basis and by period of series A-D combined can be found in the February 1952 and previous issues of the ‘‘Treasury Bulletin.’’ TABLE SBN-2.--Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States’’; Bureau of the Public Debt] Sales (1) Accrued discount (2) Fiscal years: 1935-90 . . . . . . . . . . 1991 . . . . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 313,968 9,154 13,591 17,262 9,485 7,222 126,664 9,852 8,739 9,292 9,437 9,481 440,632 19,006 22,330 26,554 18,922 16,703 316,706 7,510 7,384 7,790 9,390 11,805 252,569 4,499 4,415 4,965 5,813 7,268 64,137 3,010 2,970 2,825 3,517 4,537 122,470 133,844 148,604 167,373 176,766 181,529 1,440 1,525 1,720 1,716 1,857 1,997 Calendar years: 1935-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 325,486 17,659 13,370 8,999 6,794 138,643 8,816 9,453 9,446 9,584 464,130 26,475 22,822 18,445 16,378 325,994 7,361 8,146 9,896 11,866 258,166 4,445 5,106 6,178 7,317 68,826 2,917 3,040 3,717 4,549 136,258 155,297 169,775 178,138 182,266 1,864 1,969 2,145 2,335 2,724 1995 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 515 494 509 470 512 511 613 614 539 462 564 462 426 723 829 763 753 1,000 733 768 909 829 787 1,040 688 715 1,238 1,323 1,272 1,223 1,512 1,244 1,381 1,523 1,368 1,249 1,604 1,162 1,141 948 946 1,054 856 879 867 925 1,300 988 998 1,138 1,079 1,001 595 558 668 483 667 573 439 733 497 576 662 613 552 353 388 386 373 211 294 486 567 490 422 476 466 449 182,554 180,895 181,134 181,529 181,818 182,551 182,266 182,584 183,037 183,337 183,826 183,938 184,114 2,074 2,042 2,017 1,993 1,988 1,981 2,724 2,628 2,547 2,498 2,456 2,415 2,378 Period 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Redemptions Sales price 1 (5) Accrued discount 1 (6) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Sales plus accrued discount (3) U.S. SAVINGS BONDS AND NOTES 47 TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States’’; Bureau of the Public Debt] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price (5) Accrued discount (6) Amount outstanding Exchange of Matured E bonds for Interestnon-interestH and HH bonds bearing debt bearing debt (7) (8) (9) Series E and EE Fiscal years: 1941-90 . . . . . . . . . . 1991 . . . . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 264,485 9,154 13,591 17,262 9,485 7,222 124,265 9,852 8,739 9,292 9,437 9,464 388,750 19,006 22,330 26,554 18,922 16,686 261,370 6,952 6,909 7,335 8,836 11,069 199,638 3,942 3,939 4,509 5,259 6,532 61,731 3,010 2,970 2,825 3,577 4,537 12,960 857 1,038 1,226 844 874 112,975 124,095 138,286 156,286 165,387 170,005 1,425 1,509 1,701 1,694 1,835 1,977 Calendar years: 1941-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 276,010 17,659 13,370 8,999 6,789 136,175 8,816 9,453 9,446 9,576 412,184 26,475 22,822 18,455 16,365 269,969 6,909 7,664 9,304 11,124 204,551 3,992 4,624 5,587 6,575 65,419 2,917 3,040 3,717 4,549 14,024 1,170 1,070 855 898 126,099 144,724 158,633 166,731 170,690 1,836 1,939 2,119 2,307 2,700 1995 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 515 494 509 470 509 514 608 598 534 465 547 475 430 723 828 761 752 999 731 767 909 829 787 1,040 688 715 1,238 1,322 1,270 1,222 1,508 1,245 1,375 1,507 1,366 1,252 1,587 1,163 1,145 885 880 991 801 823 811 873 1,235 923 932 1,070 1,010 949 532 491 605 427 611 517 387 668 435 511 595 544 500 353 388 386 373 211 294 486 567 490 422 475 466 450 85 64 87 63 69 79 70 87 110 114 117 126 92 168,997 169,403 169,622 170,005 170,278 170,998 170,690 170,969 171,380 171,633 172,074 172,142 172,280 2,051 2,025 2,001 1,977 1,972 1,958 2,700 2,606 2,526 2,478 2,438 2,397 2,361 Series H and HH Fiscal years: 1952-90 . . . . . . . . . . 1991 . . . . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 13,573 -37 9 3 8 - 13,573 -37 9 3 8 17,028 557 476 455 555 737 17,028 557 476 455 555 737 - 12,960 857 1,038 1,226 844 874 9,495 9,749 10,319 11,087 11,379 11,524 11 13 15 17 17 16 Calendar years: 1952-91 . . . . . . . . . . 1992 . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 13,542 -31 -18 1 43 - 13,542 -31 -18 1 43 17,703 453 482 592 742 17,703 453 482 592 742 - 14,024 1,170 1,070 855 898 9,825 10,573 11,143 11,407 11,576 25 25 25 24 24 1995 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . -6 6 -4 5 3 -3 5 16 5 -3 17 -13 -4 - -6 6 -4 5 3 -3 5 16 5 -3 17 -13 4 63 67 63 56 56 56 52 65 64 66 67 70 52 63 67 63 56 56 56 52 65 64 66 67 70 52 - 85 64 87 63 69 79 70 87 110 114 117 126 92 11,489 11,492 11,512 11,524 11,541 11,553 11,576 11,615 11,657 11,704 11,752 11,797 11,851 17 17 17 16 16 23 24 22 20 20 19 18 18 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. 48 OWNERSHIP OF FEDERAL SECURITIES INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, and notes that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. (See the Federal debt (FD) tables for a more complete description of the Federal debt.) • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the Federal Reserve banks, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The Federal Reserve banks acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 49 TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service, Financial Reports Branch] Total Federal securities outstanding (1) Total outstanding (2) ........................ ........................ ........................ ........................ ........................ 3,683,054 4,082,871 4,436,171 4,721,293 5,000,945 3,662,759 4,061,801 4,408,567 4,689,524 4,950,644 919,573 1,016,330 1,116,713 1,213,115 1,320,800 11,318 5,522 3,225 1,426 1,519 908,255 1,010,808 1,113,488 1,211,689 1,319,281 264,708 296,397 325,653 355,150 374,114 1995 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 4,978,233 4,987,006 4,997,778 5,000,945 5,012,433 5,017,472 5,016,910 5,015,577 5,053,215 5,153,294 5,137,712 5,163,807 5,196,893 4,947,814 4,956,625 4,967,192 4,950,644 4,981,739 4,985,790 4,964,371 4,983,247 5,012,872 5,082,952 5,097,989 5,124,422 5,126,748 1,316,581 1,315,204 1,310,019 1,320,800 1,319,624 1,285,894 1,304,456 1,309,154 1,291,214 1,353,767 1,374,268 1,380,619 1,422,443 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,519 1,506 1,506 1,506 1,506 1,506 1,315,062 1,313,685 1,308,500 1,319,281 1,318,105 1,284,375 1,302,937 1,307,635 1,289,708 1,352,261 1,372,762 1,379,113 1,420,937 388,965 375,524 372,873 374,114 373,517 380,802 390,959 378,208 376,519 380,952 381,806 387,050 391,000 End of fiscal year or month 1991 1992 1993 1994 1995 End of fiscal year or month 1991 1992 1993 1994 1995 Interest-bearing public debt securities Total (3) Interest-bearing public debt securities, con. Held by private investors Total Marketable Nonmarketable (7) (8) (9) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Public issues held by Federal Reserve banks (6) Matured public debt and debt bearing no interest (10) Total outstanding (11) Agency securities Held by U.S. Government accounts and Federal Reserve banks (12) Held by private investors (13) ........................ ........................ ........................ ........................ ........................ 2,478,478 2,749,074 2,966,201 3,121,259 3,255,730 2,114,634 2,375,557 2,576,032 2,735,026 2,884,814 363,844 373,517 390,169 386,233 370,916 2,544 2,819 2,922 3,226 23,339 17,751 18,250 24,682 28,543 26,962 176 123 21 17 16 17,575 18,127 24,661 28,526 26,946 1995 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1996 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 3,242,268 3,265,897 3,284,300 3,255,730 3,288,598 3,319,094 3,268,956 3,295,885 3,345,139 3,348,233 3,341,915 3,356,753 3,313,305 2,862,136 2,893,934 2,911,665 2,884,814 2,918,136 2,969,162 2,914,701 2,952,109 3,009,097 2,992,597 2,983,885 2,998,631 2,955,927 380,132 371,963 372,635 370,916 370,462 349,933 354,254 343,776 336,042 355,636 358,030 358,122 357,378 3,558 3,527 3,564 23,339 3,523 3,540 24,294 4,188 4,168 34,834 4,060 4,087 34,327 26,861 26,854 27,022 26,962 27,171 28,142 28,245 28,141 36,174 35,508 35,663 35,298 35,817 17 17 16 16 16 16 16 7,865 7,865 7,865 7,606 7,606 26,844 26,837 27,006 26,946 27,155 28,126 28,229 28,141 28,309 27,643 27,798 27,692 28,211 50 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors [Par values 1 in billions of dollars. Source: Office of Market Finance] End of month Nonbank investors Money Individuals 3 Savings Other Insurance market bonds 4 securities companies funds (5) (6) (7) (8) State and Foreign Corpo- local govern- and interrations 5 ments 6 national 7 (9) (10) (11) Total privately held (1) Commercial banks 2 (2) Total (3) Total (4) 1986 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,473.1 1,502.7 1,553.3 1,602.0 194.3 194.4 194.8 197.7 1,278.8 1,308.3 1,358.5 1,404.3 157.8 159.5 158.0 162.7 81.4 83.8 87.1 92.3 76.4 75.7 70.9 70.4 85.8 87.9 93.8 101.6 29.9 22.8 24.9 28.6 59.6 61.2 65.7 68.8 374.9 405.7 411.6 446.6 232.6 250.9 265.5 263.4 338.2 320.2 339.0 332.6 1987 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 1,641.4 1,658.1 1,680.7 1,731.4 193.6 192.5 198.4 194.4 1,447.8 1,465.6 1,482.3 1,537.0 163.0 165.6 167.7 172.4 94.7 96.8 98.5 101.1 68.3 68.8 69.2 71.3 106.3 104.7 106.2 108.1 18.8 20.6 15.5 14.6 73.5 79.7 81.8 84.6 481.7 492.7 499.0 500.3 272.8 281.1 279.5 299.7 331.8 321.2 332.6 357.3 1988 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,779.6 1,786.7 1,821.2 1,858.5 195.6 190.8 191.5 185.3 1,584.0 1,595.9 1,629.7 1,673.2 178.1 182.0 186.8 190.4 104.0 106.2 107.8 109.6 74.1 75.8 79.0 80.8 110.2 113.5 115.9 118.6 15.2 13.4 11.1 11.8 86.3 87.6 85.9 86.0 509.2 506.0 500.4 509.1 332.5 345.4 345.9 362.2 1989 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 1,903.4 1,909.1 1,958.3 2,015.8 192.4 178.4 166.9 165.3 1,711.0 1,730.7 1,791.4 1,850.5 204.2 211.7 213.5 216.4 112.2 114.0 115.7 117.7 92.0 97.7 97.8 98.7 119.7 120.6 121.2 123.9 13.0 11.3 12.9 14.9 89.4 91.0 90.9 93.4 489.1 481.9 482.4 489.5 376.6 369.1 394.9 429.6 419.0 445.1 475.5 482.8 1990 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,115.1 2,141.8 2,207.3 2,288.3 178.8 177.3 180.0 172.1 1,936.3 1,964.5 2,027.3 2,116.2 222.8 229.6 232.5 233.8 119.9 121.9 123.9 126.2 102.9 107.7 108.6 107.6 132.3 133.7 136.4 138.2 31.3 28.0 34.0 45.5 94.9 96.9 102.0 108.9 528.8 538.7 543.2 542.5 421.8 427.3 440.3 458.4 504.4 510.3 538.9 588.9 1991 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,360.6 2,397.9 2,489.4 2,563.2 187.5 196.2 217.5 232.5 2,173.1 2,201.7 2,271.9 2,330.7 238.3 243.5 257.5 263.9 129.7 133.2 135.4 138.1 108.6 110.3 122.1 125.8 147.2 156.8 171.4 181.8 65.4 55.4 64.5 80.0 114.9 130.8 142.0 150.8 559.7 561.8 572.0 579.2 464.3 473.6 477.3 491.7 583.3 579.8 587.3 583.3 1992 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,664.0 2,712.4 2,765.5 2,839.9 255.9 267.0 287.5 294.4 2,408.1 2,445.4 2,478.0 2,545.5 268.1 275.1 281.2 289.2 142.0 145.4 150.3 157.3 126.1 129.7 130.9 131.9 188.4 192.8 194.8 197.5 84.8 79.4 79.4 79.7 166.0 175.0 180.8 192.5 594.8 587.8 578.9 563.3 507.9 529.6 535.2 549.7 598.1 605.8 627.7 673.5 1993 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 2,895.0 2,938.4 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,584.8 2,631.2 2,669.1 2,725.2 297.7 303.0 305.8 309.9 163.6 166.5 169.1 171.9 134.1 136.4 136.7 137.9 208.0 217.8 229.4 234.5 77.9 76.2 74.8 80.8 199.3 206.1 215.6 213.0 578.9 599.9 603.5 605.9 564.2 567.7 591.3 622.9 658.9 660.5 648.6 658.3 1994 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,094.6 3,088.2 3,127.8 3,168.0 344.4 330.1 313.2 290.1 2,750.2 2,758.1 2,814.6 2,877.9 315.1 321.1 327.2 331.2 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 226.5 600.9 584.1 534.8 483.4 1995 - Mar. . . . . June . . . . Sept. . . . Dec. . . . . 3,239.2 3,245.0 3,279.5 3,294.9 307.7 298.0 289.0 r 278.3 2,931.5 2,947.0 2,990.5 r 3,016.8 342.8 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 245.7 248.3 249.8 r 250.8 67.7 58.7 64.2 71.3 230.3 227.7 224.1 228.8 467.1 433.9 r 389.8 r 352.2 1996 - Mar. . . . . June . . . . 3,382.8 3,347.3 r r 347.2 347.6 185.8 186.5 161.4 161.1 1 p 283.8 285.0 3,099.0 3,062.3 U.S. savings bonds, series A-F and J, are included at current redemption value. Includes domestically-chartered banks, U.S. branches and agencies of foreign banks, New York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks. 3 Includes partnerships and personal trust accounts. 4 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970. 5 Exclusive of banks and insurance companies. 6 State and local government have been redefined to include their fully defeased debt that is 2 r p 256.0 258.0 p 87.3 82.2 p 229.0 230.9 r p 336.8 340.0 633.3 633.2 r 655.8 r 688.7 Other investors 8 (12) r 681.9 695.5 r 763.9 840.5 r r r r r r 729.1 784.2 r 848.4 r 862.1 r p 930.2 958.6 352.5 348.0 383.7 395.1 848.7 850.0 r 868.3 r 903.7 r p 912.5 845.0 backed by nonmarketable Federal securities. Includes State and local pension funds. 7 Consists of the investments of foreign and international accounts (both official and private) in the United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the 1984 benchmark to December 1989; and the 1989 benchmark to date. 8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain Government deposit accounts, and Government-sponsored enterprises. MARKET YIELDS 51 INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. • Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. The Treasury yield curve in the accompanying chart is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. Treasury obtains quotations from the Federal Reserve Bank of New York, which compiles quotations provided by five primary dealers. Treasury uses these composite quotations to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. Yields on Treasury bills are coupon equivalent yields of bank discount rates at which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury constant maturity data series in its weekly H.15 press release. • Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate bond average yield is developed by Treasury by calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors Service. The municipal bond average yield prior to 1991 was compiled by Treasury. Beginning with January 1991, the average yield is the ‘‘Municipal Bond Yield Average,’’ published by Moody’s Investors Service for 20-year reoffering yields on selected Aa-rated general obligations. See the footnotes for further explanation. TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Market Finance] Date 3-mo. (1) 6-mo. (2) 1-yr. (3) 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) 5.59 5.57 5.43 5.44 5.52 5.29 5.15 4.96 5.10 5.09 5.15 5.23 5.62 5.65 5.54 5.56 5.51 5.35 5.13 4.97 5.16 5.27 5.33 5.46 5.59 5.75 5.62 5.59 5.43 5.31 5.09 4.94 5.34 5.54 5.64 5.81 5.78 5.98 5.81 5.70 5.48 5.32 5.11 5.03 5.66 5.96 6.10 6.30 5.89 6.10 5.89 5.77 5.57 5.39 5.20 5.14 5.79 6.11 6.27 6.49 6.01 6.24 6.00 5.86 5.69 5.51 5.36 5.38 5.97 6.30 6.48 6.69 6.20 6.41 6.13 5.97 5.83 5.63 5.54 5.64 6.19 6.48 6.66 6.83 6.28 6.49 6.20 6.04 5.93 5.71 5.65 5.81 6.27 6.51 6.74 6.91 6.72 6.86 6.55 6.37 6.26 6.06 6.05 6.24 6.60 6.79 6.93 7.06 5.60 5.45 5.40 5.48 5.48 5.10 5.05 5.02 5.13 5.14 5.18 5.18 5.63 5.53 5.57 5.55 5.46 5.17 4.97 5.05 5.20 5.30 5.36 5.37 5.67 5.65 5.65 5.55 5.36 5.18 4.90 5.23 5.41 5.62 5.77 5.70 5.88 5.85 5.83 5.61 5.36 5.18 4.93 5.44 5.79 6.03 6.27 6.11 6.02 5.95 5.91 5.70 5.41 5.25 5.06 5.56 5.91 6.19 6.44 6.30 6.16 6.07 6.01 5.81 5.53 5.38 5.25 5.73 6.10 6.40 6.64 6.47 6.35 6.21 6.11 5.92 5.68 5.49 5.46 5.99 6.30 6.58 6.78 6.61 6.45 6.28 6.17 6.03 5.76 5.58 5.60 6.13 6.34 6.66 6.85 6.73 6.86 6.65 6.49 6.34 6.14 5.96 6.03 6.48 6.67 6.89 7.00 6.90 Monthly average 1995 - July. . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . End of month 1995 - July. . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1996 - Jan. . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . * Rates are from the Treasury yields curve. 52 MARKET YIELDS CHART MY-A.--Yields of Treasury Securities, June 30, 1996 * Based on closing bid quotations (in percentages) Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded. (Year tick marks correspond with June data.) Years * Source: Department of the Treasury, Office of Market Finance MARKET YIELDS 53 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1985 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 11.47 11.81 11.47 11.05 10.45 10.50 10.56 10.61 10.50 10.06 9.54 12.46 12.39 12.85 12.45 11.85 11.33 11.28 11.61 11.66 11.51 11.19 10.42 9.11 9.26 9.52 9.16 8.79 8.46 8.73 8.96 9.04 9.00 8.45 8.44 1986 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 8.93 7.96 7.39 7.52 7.57 7.27 7.33 7.62 7.70 7.52 7.37 10.33 9.76 8.95 8.71 9.09 9.39 9.11 9.03 9.28 9.29 8.99 8.87 8.02 6.93 6.93 7.14 7.50 7.75 7.34 7.66 6.94 6.59 6.72 6.70 1987 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.54 7.55 8.25 8.78 8.57 8.64 8.97 9.59 9.61 8.95 9.12 8.59 8.58 8.68 9.36 9.95 9.64 9.70 10.09 10.63 10.80 10.09 10.22 6.18 6.34 6.47 7.43 7.71 7.69 7.48 7.59 7.90 8.33 7.76 7.83 1988 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 8.43 8.63 8.95 9.23 9.00 9.14 9.32 9.06 8.89 9.02 9.01 9.81 9.43 9.68 9.92 10.25 10.08 10.12 10.27 10.03 9.86 9.98 10.05 7.46 7.34 7.55 7.69 7.63 7.67 7.63 7.62 7.30 7.27 7.39 7.40 See footnotes at end of table. 54 MARKET YIELDS TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance] New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) 8.93 9.01 9.17 9.03 8.83 8.27 8.08 8.12 8.15 8.00 7.90 7.90 9.92 10.11 10.33 10.11 9.82 9.24 9.20 9.09 9.29 9.04 9.20 9.23 7.18 7.31 7.42 7.30 7.05 6.94 6.89 6.73 7.10 7.13 6.95 6.76 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 Treasury 30-yr. bonds (1) Period MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1991 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. MARKET YIELDS 55 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1994 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1995 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1996 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 2 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 6.05 6.24 6.60 6.79 6.93 7.06 7.00 7.14 7.58 7.81 7.87 8.00 5.41 5.41 5.57 5.72 5.73 5.82 r Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 56 MARKET YIELDS CHART MY-B.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds Monthly averages (in percentages) (Year tick marks correspond with June data.) Calendar Years U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation, and includes some old and current rare issues that do not circulate, or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the ‘‘Treasury Bulletin.’’ The USCC comes from monthly reports compiled by Treasury offices, various U.S. Mint offices, the Federal Reserve banks, and the Federal Reserve Board. TABLE USCC-1.--Amounts Outstanding and in Circulation, June 30, 1996 [Source: Financial Management Service’s General Ledger Branch] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $543,753,958,670 $519,812,763,772 $519,234,448,480 $320,214,716 $258,100,576 The Treasury . . . . . . . . . . . . . . . . 262,783,512 48,489,185 4,756,770 43,527,339 205,076 The Federal Reserve banks. . . . . 118,685,194,983 118,133,100,891 118,133,095,381 - 5,510 $424,805,980,175 $401,631,173,696 $401,096,596,329 $276,687,377 $257,889,990 Less amounts held by: Amounts in circulation . . . . . . . . . . . Dollars 3 (2) Fractional coins (3) $23,941,194,898 $2,024,703,898 $21,916,491,000 The Treasury . . . . . . . . . . . . . . . . 214,294,327 148,966,711 65,327,616 The Federal Reserve banks. . . . . 552,094,092 56,689,302 495,404,790 Amounts in circulation . . . . . . . . . . . $23,174,806,479 $1,819,047,885 $21,355,758,594 Coins 2 Amounts outstanding. . . . . . . . . . . . Total (1) Less amounts held by: See footnotes following table USCC-2. 58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION TABLE USCC-2.--Amounts Outstanding and in Circulation, June 30, 1996 [Source: Financial Management Service’s General Ledger Branch] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,173,009,718 $6,024,810,441 $143,481 $148,055,796 $2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,061,503,468 928,880,728 132,610,166 12,574 $5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,280,471,150 7,137,013,390 110,668,510 32,789,250 $10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,526,269,470 13,503,350,340 5,950 22,913,180 $20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,898,807,340 81,878,705,480 3,380 20,098,480 $50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,967,601,350 47,956,114,650 - 11,486,700 $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,405,286,600 243,350,045,300 33,255,800 21,985,500 $500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,876,000 144,688,000 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,128,000 167,923,000 - 205,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485 115 - 90 25 $401,631,173,696 $401,096,596,329 $276,687,377 $257,889,990 Comparative totals of currency and coins in circulation-selected dates Amount (in millions) (1) Per capita 5 (2) June 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,849 1,601.63 May 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 422,430 1,593.94 Apr. 30, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 419,855 1,585.42 Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 30,229 182.90 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 3 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. 4 5 Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. 59 Page Intentionally Left Blank 60 Page Intentionally Left Blank INTERNATIONAL FINANCIAL STATISTICS 61 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including gold stock and special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF). The table also shows U.S. reserve holdings and holdings of convertible foreign currencies in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that Treasury issues to official institutions and other residents of foreign countries. • Table IFS-4, which presented a trade-weighted index of the foreign currency value of the dollar, has been discontinued. The ‘‘Treasury Bulletin’’ first published an index of effective exchange rate changes for the dollar, as Table IFS-7, in June 1974. In the intervening time, many other indices have been developed that are widely accepted indicators of general movement of the dollar. The index presented in IFS-4 used a simple functional form and publicly available information so that the index can be easily replicated by those who find it useful. TABLE IFS-1.--U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Total reserve assets 1 (1) 1991. . . . . . . . . . . . . . . . . . . . . . . . Reserve position in International Monetary Fund 1, 5 (5) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) 77,721 11,059 11,240 45,934 9,488 1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759 1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818 1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030 1995 - July. . . . . . . . . . . . . . . . . . . 91,534 11,053 11,487 54,233 14,761 Aug.. . . . . . . . . . . . . . . . . . . 86,648 11,053 11,146 49,979 14,470 Sept. . . . . . . . . . . . . . . . . . . 87,152 11,051 11,035 50,385 14,681 Oct. . . . . . . . . . . . . . . . . . . . 86,224 11,051 10,949 49,524 14,700 Nov.. . . . . . . . . . . . . . . . . . . 85,755 11,050 11,034 49,099 14,572 Dec.. . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312 Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813 Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249 Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117 May . . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227 June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282 July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted-average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF are also valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 62 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS-2.--Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Office of International Financial Analysis] Liabilities to foreign countries End of calendar year or month Official institutions 1 MarketNonmarketable U.S. able U.S. Liabilities Treasury Treasury reported by bonds bonds banks in and and notes 3 United States notes 2 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities to other foreigners LiabiliLiabiliMarketties ties able U.S. to nonreported Treasury monetary by bonds international banks in and and regional United States notes 2, 6 organizations 7 (9) (10) (11) Total (1) Total (2) 1991 . . . . . . . . . . 1,215,772 349,905 131,088 204,096 4,858 9,863 597,123 250,754 93,732 157,022 17,990 1992 . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944 1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597 1994 . . . . . . . . . . 1,647,000 498,468 212,957 254,100 6,109 25,302 767,115 361,836 114,878 246,958 19,581 1995 - June . . . . . 1,790,315 554,485 246,383 274,383 6,245 27,474 795,163 418,998 116,163 302,835 21,669 July . . . . . . 1,824,587 578,639 253,622 291,173 6,287 27,557 775,486 446,085 128,658 317,427 24,377 Aug. . . . . . 1,867,632 587,242 262,561 290,809 6,329 27,543 794,470 463,769 119,536 344,233 22,151 Sept. . . . . . 1,850,170 594,147 273,622 286,284 6,366 27,875 775,764 455,116 117,360 337,756 25,143 Oct. . . . . . . 1,879,368 592,325 265,512 291,989 6,408 28,416 803,990 460,458 123,757 336,701 22,595 Nov. . . . . . 1,901,375 607,361 281,012 291,074 6,449 28,826 792,382 479,166 126,614 352,552 22,466 Dec. . . . . . 1,893,456 605,264 275,792 293,725 6,492 29,255 803,070 462,164 121,279 340,885 22,958 1996 - Jan. . . . . . 1,905,921 619,427 277,868 306,340 6,120 29,099 798,695 464,953 122,970 341,983 22,846 Feb.. . . . . . 1,925,017 645,043 294,430 315,021 6,158 29,434 782,242 475,140 125,646 349,494 22,592 Mar.. . . . . . 1,927,540 657,642 302,376 319,769 6,199 29,298 774,850 472,995 121,835 351,160 22,053 Apr. . . . . . . 1,944,064 661,771 297,655 328,022 6,238 29,856 773,601 486,224 126,191 360,033 22,468 May . . . . . . 1,954,098 664,050 293,247 334,504 5,903 30,396 770,444 496,210 128,529 367,681 23,394 June . . . . . 1,965,684 670,190 305,006 327,856 5,941 31,387 762,613 510,159 126,371 383,788 22,722 1 6 2 7 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to ‘‘other foreigners.’’ 3 Includes marketable U.S. Government bonds and notes held by foreign banks. Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Asian Development Bank. Note.--Table is based on Department of Treasury data and on data reported to the Department of Treasury by banks, other depository institutions, and brokers in the United States. Data correspond generally to statistics following in this section and in the ‘‘Capital Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by other international and regional organizations. INTERNATIONAL FINANCIAL STATISTICS 63 TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Payable in dollars Mexico 2 (4) Grand total (1) Total (2) Argentina 1 (3) 1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759 1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817 1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885 1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959 1995 - June . . . . . . . . . . . . . . . . . 6,245 6,245 911 4,343 991 July . . . . . . . . . . . . . . . . . . 6,287 6,287 917 4,372 998 Aug. . . . . . . . . . . . . . . . . . 6,329 6,329 922 4,402 1,005 Sept. . . . . . . . . . . . . . . . . . 6,366 6,366 928 4,427 1,011 Oct. . . . . . . . . . . . . . . . . . . 6,408 6,408 933 4,457 1,018 Nov. . . . . . . . . . . . . . . . . . 6,449 6,449 939 4,485 1,025 Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039 Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045 Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052 Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059 May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067 June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074 End of calendar year or month 1 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon, 30-year maturity Treasury bond issue to the government of Argentina. Face value of issue is $6,685 million. 2 Includes current value of zero-coupon Treasury bond issues to the government of Mexico as follows: beginning March 1988, 20-year maturity issue with remaining face value of $1,058 million; beginning March 1980, 30-year maturity issue with remaining face value of $21,652 Venezuela 3 (5) million. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is $7,162 million. 64 CAPITAL MOVEMENTS INTRODUCTION: Capital Movements Treasury collects information about the transference of financial assets and other portfolio capital movements between the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking enterprises in the United States file capital movement reports with district Federal Reserve banks. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System, and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Copies of the reporting forms and instructions may be obtained from the Office of International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. However, information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records, and so may not be aware of the actual country of domicile of the ultimate beneficiary. United States liabilities arising from the deposits of dollars with foreign banks appear as liabilities to foreign banks, although the liability of the foreign bank receiving the deposit may be to foreign official institutions or to residents of another country. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite ‘Other Europe.’ Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United States must file reports. These enterprises include the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting. Banks and 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, June 30 and December 31, they also report the same liabilities and claims items to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies in relation to foreigners. The exemption level applicable to these banking reports is $15 million. Banks and other depository institutions, securities brokers and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report securities transactions with foreigners if their aggregate purchases or their aggregate sales amount to at least $2 million during the covered month. Exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository insti- tutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more during the covered quarter. Nonbanking enterprises also report each month their U.S. dollar denominated deposit and certificates of deposit claims of $10 million or more on banks abroad. The data in these tables do not cover all types of reported capital movements between the United States and other countries. The principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad (own foreign offices) 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 United States balance of payments. • Section I presents liabilities to foreigners reported by U.S. banks and other depository institutions, as well as brokers and dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. • Section II presents claims on foreigners also reported by U.S. banks and other depository institutions, brokers, and dealers. Data on bank claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as foreign currency claims, is collected on a quarterly basis only. Maturity data are reported according to time remaining to maturity. Reporting also covers certain items held by brokers and dealers in the United States. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. (Note: Beginning with the September 1994 issue of the ‘‘Treasury Bulletin,’’ former table CM-III-1, Dollar Claims on Nonbank Foreigners, will no longer appear. Former table CM-III-2, Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately, has been redesignated as table CM-III-1. This semiannual data series will now appear in each issue of the ‘‘Treasury Bulletin.’’) • Section IV shows the liabilities to, and claims on, unaffiliated foreigners 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. Information does not include accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment forms. Data exclude claims on foreigners held through banks in the United States. • Section V contains information on transactions in all types of long-term domestic and foreign securities with foreigners reported by banks, brokers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners, and transactions executed abroad for the accounts of reporting institutions and their CAPITAL MOVEMENTS domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, outstanding issues. Also, some transactions classified as direct investments in the balance of payments accounts may be included. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. In the case of outstanding securities, the geographical breakdown of the transactions data does not necessarily reflect the ultimate owners of or the original issuers of the securities. 65 This is because the path of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a TIC reportable transaction. That is, before it enters and after it departs the reporting system, ownership of a security may be transferred between foreigners of different countries. Such transfers may occur any number of times and are concealed among the net figures for U.S. transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of the foreign buyers and sellers of securities in a particular round of transactions. SECTION I.--Liabilities to Foreigners Reported by Banks in the United States TABLE CM-I-1.--Total Liabilities by Type of Holder [In millions of dollars. Source: Office of International Financial Analysis] Foreign countries End of calendar year or month Official institutions 1 Payable in Payable foreign in currenTotal dollars cies 3 (2) (3) (4) Total liabilities (1) Banks and other foreigners Payable in Payable foreign in currenTotal dollars cies 3 (5) (6) (7) Total (8) International and regional 2 Payable in Payable foreign in currendollars cies 3 (9) (10) Memoranda Total liabilities to all foreigners reported by IBFs Payable in Payable foreign in currendollars cies 3 (11) (12) 1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129 1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394 1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669 1994 r . . . . . . . . . . . . . 1,104,092 212,957 212,957 - 881,993 793,245 88,748 9,142 8,606 536 358,076 67,447 1995 - June r . . . . . . . . 1,168,661 246,383 246,383 - 911,326 805,691 105,635 10,952 9,966 986 356,670 85,057 July r . . . . . . . . 1,170,937 253,622 253,622 - 904,144 798,509 105,635 13,171 12,185 986 353,980 85,057 Aug. r . . . . . . . . 1,187,872 262,561 262,561 - 914,006 808,371 105,635 11,305 10,319 986 367,995 85,057 Sept. r . . . . . . . 1,181,113 273,622 273,622 - 893,124 792,333 100,791 14,367 13,011 1,356 359,638 79,003 Oct. r . . . . . . . . 1,204,909 265,512 265,512 - 927,747 826,956 100,791 11,650 10,294 1,356 372,690 79,003 Nov. r . . . . . . . . 1,211,158 281,012 281,012 - 918,996 818,205 100,791 11,150 9,794 1,356 364,603 79,003 Dec. r . . . . . . . . 1,212,221 275,792 275,792 - 924,349 812,834 111,515 12,080 11,039 1,041 369,589 85,708 1996 - Jan. r . . . . . . . . 1,211,196 277,868 277,868 - 921,665 810,150 111,515 11,663 10,622 1,041 368,710 85,708 Feb. . . . . . . . . . 1,214,468 294,430 294,430 - 907,888 796,373 111,515 12,150 11,109 1,041 369,645 85,708 Mar. . . . . . . . . . 1,210,061 302,376 302,376 - 896,685 788,574 108,111 11,000 9,476 1,524 363,039 82,156 Apr. . . . . . . . . . 1,210,237 297,655 297,655 - 899,792 791,681 108,111 12,790 11,266 1,524 358,723 82,156 May p . . . . . . . . 1,205,698 293,247 293,247 - 898,973 790,862 108,111 13,478 11,954 1,524 355,687 82,156 June p . . . . . . . 1,207,607 305,006 305,006 - 888,984 780,873 108,111 13,617 12,093 1,524 354,277 82,156 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 66 CAPITAL MOVEMENTS TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars Part A.--Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Official institutions 1 U.S. Treasury bills and Deposits certifDemand Time 2 icates (2) (3) (4) Other liabilities 2 (5) Deposits Demand Time 2 (6) (7) 1991 . . . . . . . . . . . . . . . 747,085 1992 . . . . . . . . . . . . . . . 800,909 1993 . . . . . . . . . . . . . . . 915,736 1994 r . . . . . . . . . . . . . . 1,006,202 2,626 1,302 1,600 1,564 16,504 92,692 17,939 104,596 21,653 151,100 23,511 139,571 19,266 35,726 46,468 48,311 8,648 82,857 10,170 90,296 9,718 105,262 10,633 111,171 1995 - June r . . . . . . . . . 1,052,074 July r . . . . . . . . . 1,052,131 Aug. r . . . . . . . . . 1,070,932 Sept. r . . . . . . . . 1,065,955 Oct. r . . . . . . . . . 1,092,468 Nov. r . . . . . . . . . 1,099,217 Dec. r . . . . . . . . . 1,088,626 1996 - Jan. r . . . . . . . . . 1,088,018 Feb. . . . . . . . . . . 1,090,803 Mar. . . . . . . . . . . 1,090,950 Apr. . . . . . . . . . . 1,089,336 May p. . . . . . . . . 1,084,109 June p . . . . . . . . 1,085,879 1,398 1,429 1,547 1,362 1,646 1,690 2,098 1,522 1,655 1,423 1,679 1,504 2,216 27,494 29,478 31,754 32,262 30,676 30,597 30,716 28,069 29,904 32,404 36,637 32,656 38,567 62,974 63,061 71,744 76,905 75,913 77,359 74,444 74,328 71,683 70,167 72,701 70,766 77,052 10,554 12,121 10,061 11,818 11,341 11,232 11,756 10,247 10,948 10,971 11,453 10,660 12,389 End of calendar year or month Total foreign countries (1) 154,517 159,654 157,516 163,093 157,277 171,366 168,534 173,949 191,188 198,382 186,638 188,321 187,171 111,068 104,253 108,587 98,519 114,238 105,266 103,554 110,436 104,230 101,013 96,222 89,075 90,901 Banks U.S. Treasury Other bills and liacertifbiliicates ties 2 (8) (9) Other foreigners U.S. Treasury bills and Deposits cerDemand Time 2 tificates (11) (12) (13) Other liabilities 2 (14) 7,471 94,190 329,099 11,087 104,773 330,994 10,712 148,206 318,273 11,251 149,754 395,558 9,004 10,310 10,236 11,160 57,574 48,936 45,411 48,532 8,841 10,053 10,652 11,805 18,313 24,727 36,445 43,381 15,085 15,535 15,489 16,383 16,429 16,687 15,869 15,992 17,947 15,967 16,801 17,584 18,241 10,186 10,511 10,131 10,500 10,097 10,159 10,585 10,383 10,861 10,961 10,798 11,139 12,758 51,836 52,751 52,004 52,929 53,596 54,225 53,774 55,544 54,503 56,605 55,173 55,898 56,216 12,388 12,881 13,487 13,486 13,527 12,830 12,588 12,773 13,705 13,792 13,241 14,542 12,318 41,753 52,515 43,914 40,445 46,537 49,400 44,332 44,270 46,577 40,477 46,979 46,950 45,079 154,014 160,258 162,409 157,191 166,367 170,124 163,771 165,623 169,312 164,214 167,810 169,867 168,067 To own foreign offices (10) 398,807 377,684 392,289 391,062 394,824 388,282 396,605 384,882 368,290 374,574 373,204 375,147 364,904 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month U.S. Treasury bills and certificates (4) Total (1) Demand deposits (2) Time deposits 2 (3) ........................ ........................ ........................ ........................ 8,981 9,350 10,936 8,606 43 46 15 29 2,714 3,214 2,780 3,298 1,730 1,908 4,275 281 4,494 4,182 3,866 4,998 1995 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. r . . . . . . . . . . . . . . . . . . 1996 - Jan. r . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May p . . . . . . . . . . . . . . . . . . June p . . . . . . . . . . . . . . . . . 9,966 12,185 10,319 13,011 10,294 9,794 11,039 10,622 11,109 9,476 11,266 11,954 12,093 114 43 40 24 77 33 21 30 43 16 28 34 123 4,579 5,057 4,642 4,315 3,901 3,631 4,656 4,385 3,479 3,527 3,979 3,402 3,987 312 551 826 354 1,342 962 350 764 555 564 426 376 874 4,961 6,534 4,811 8,318 4,974 5,168 6,012 5,443 7,032 5,369 6,833 8,142 7,109 1991 1992 1993 1994 1 Includes Bank for International Settlements. 2 Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." Other liabilities 2 (5) Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. CAPITAL MOVEMENTS 67 TABLE CM-I-3.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1 . . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1996 Apr. May p June p 3,503 31,520 309 966 3,273 1,963 51,919 32,198 2,010 521 2,502 15,715 14,445 1,075 7,755 3,185 302 21,808 2,556 41,608 4,367 168,136 9,443 144 11,813 433,036 4,132 33,508 365 1,020 3,184 2,398 51,891 31,823 1,758 661 3,051 14,418 14,003 956 6,825 2,871 150 22,380 4,243 39,330 4,717 170,612 8,920 146 14,618 437,980 4,279 31,891 362 799 3,042 2,383 50,227 30,919 1,709 1,258 2,526 15,285 14,184 869 5,548 2,200 423 21,842 2,710 39,624 4,933 170,335 7,382 147 15,339 430,216 3,889 26,767 320 873 3,193 1,940 51,031 32,832 1,734 589 2,683 16,349 13,767 1,429 5,965 1,743 567 23,144 2,993 41,533 5,190 167,770 7,047 218 12,679 426,245 33,565 33,446 33,231 35,124 35,335 12,357 96,525 4,956 24,317 249,273 2,890 3,754 8 1,324 1,288 498 24,606 5,184 4,413 987 453 1,868 12,119 11,885 92,658 4,761 22,281 237,628 2,837 3,770 7 1,210 1,088 512 23,950 4,973 4,314 1,105 415 1,759 12,920 12,204 89,354 5,176 21,939 247,985 2,878 3,691 7 1,283 1,070 520 24,631 4,895 4,304 974 441 1,931 13,561 14,336 87,136 4,403 20,678 246,503 2,945 3,844 13 1,274 1,095 533 23,384 5,765 4,165 1,093 447 1,771 14,550 11,869 87,670 5,139 20,561 250,519 2,930 3,484 8 1,293 1,083 567 23,268 5,215 4,124 1,076 435 1,780 14,978 13,799 86,624 4,313 28,586 239,322 3,000 3,734 10 1,311 1,083 551 24,831 5,655 4,156 1,023 545 1,792 15,231 6,115 7,244 7,725 8,061 8,304 8,382 8,306 434,837 454,064 435,798 444,905 442,239 444,381 443,872 1993 1994 r 1995 r Feb. Mar. 2,203 31,609 99 817 4,650 2,569 48,658 33,433 1,527 1,491 2,323 14,546 17,788 3,071 2,292 3,488 125 21,365 2,813 45,746 3,584 150,912 2,532 373 26,524 424,538 4,109 26,475 611 953 3,137 1,569 52,811 32,355 1,402 1,095 1,987 13,418 17,259 2,339 2,316 2,997 529 15,612 3,157 41,917 3,378 187,133 2,726 245 20,965 440,495 4,269 31,348 752 1,667 3,517 3,035 49,233 31,661 2,036 2,055 2,615 16,325 14,972 1,424 5,690 2,951 246 12,029 3,375 46,211 4,311 161,044 7,950 177 14,255 423,148 3,728 33,688 400 928 4,457 2,613 51,128 32,321 2,088 1,183 1,786 17,918 13,421 1,276 7,121 3,121 142 13,606 2,943 44,594 4,746 168,902 9,180 163 12,957 434,410 21,577 26,522 32,004 14,591 74,844 8,372 5,384 199,955 3,314 3,220 33 899 1,224 425 28,374 5,277 3,887 966 398 1,664 13,334 17,273 104,922 8,631 9,290 237,571 3,174 4,674 13 886 1,136 541 12,386 5,748 4,775 913 637 1,649 14,503 6,084 372,245 68 CAPITAL MOVEMENTS TABLE CM-I-3.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1996 Apr. May p June p 24,430 15,539 21,309 3,995 2,191 5,382 146,784 5,985 654 2,071 1,607 2,341 11,471 824 12,166 14,340 3,054 274,143 25,861 14,979 19,501 3,757 2,649 5,488 141,094 5,970 682 2,416 1,462 2,472 11,054 939 12,913 15,494 3,159 269,890 24,857 14,624 19,727 3,943 2,396 5,161 140,957 5,774 678 2,285 1,264 2,902 11,607 991 13,395 14,833 2,697 268,091 25,485 16,663 19,379 4,017 2,339 5,237 143,261 6,679 506 2,292 2,263 2,975 9,995 1,173 12,270 13,978 2,905 271,417 2,376 234 338 52 736 8 2,008 2,191 7,943 2,058 238 307 65 481 9 1,747 2,307 7,212 2,003 259 289 114 1,069 8 1,945 2,268 7,955 1,874 249 267 113 813 16 1,928 2,267 7,527 1,832 211 305 115 734 6 2,054 2,373 7,630 5,749 1,233 6,982 4,608 1,110 5,718 5,315 1,004 6,319 4,972 1,180 6,152 5,833 1,048 6,881 8,057 1,434 9,491 1,094,950 1,200,141 1,202,318 1,199,061 1,197,447 1,192,220 1,193,990 7,888 53 798 194 170 39 10,082 119 1,152 194 496 37 10,857 55 551 474 178 35 9,202 59 1,018 455 231 35 11,246 67 682 460 300 35 11,851 73 854 437 228 35 12,099 66 711 405 301 35 1993 1994 r 1995 r Feb. Mar. 4,011 10,684 17,724 1,123 2,001 4,453 79,241 4,963 469 1,833 1,216 2,041 8,746 365 6,155 15,943 2,783 163,751 10,066 9,971 17,956 2,340 1,610 5,160 87,304 5,226 503 1,704 1,309 2,722 8,537 608 6,475 15,535 3,315 180,341 33,765 11,743 23,373 3,413 2,743 4,096 140,161 5,847 631 2,426 1,703 3,097 11,564 858 12,290 16,057 2,410 276,177 32,215 12,984 25,356 3,567 2,384 5,803 144,329 5,705 775 2,008 1,336 2,374 14,512 902 13,400 13,966 3,268 284,884 2,218 153 816 100 451 12 1,308 1,612 6,670 1,885 233 323 97 440 9 1,381 2,223 6,591 2,137 229 368 104 810 10 1,837 2,271 7,766 3,919 909 4,828 5,249 915 6,164 993,609 7,179 51 3,276 274 503 39 11,322 9,142 12,080 12,150 11,000 12,790 13,478 13,617 1,004,931 1,104,092 1,212,221 1,214,468 1,210,061 1,210,237 1,205,698 1,207,607 1 3 2 4 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under "Other Europe." Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 69 TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1996, Preliminary [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars To foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury liaheld for in curren- own lialiabilDeposits obliga- liabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Europe: Austria . . . . . . . . . . . . . . 3,889 3,234 Belgium-Luxembourg. . . 26,767 20,831 320 320 Bulgaria . . . . . . . . . . . . . Czechoslovakia . . . . . . . 873 871 Denmark. . . . . . . . . . . . . 3,193 2,796 1,940 1,745 Finland . . . . . . . . . . . . . . France . . . . . . . . . . . . . . 51,031 40,444 Germany . . . . . . . . . . . . 32,832 25,863 Greece . . . . . . . . . . . . . . 1,734 1,690 Hungary . . . . . . . . . . . . . 589 587 Ireland . . . . . . . . . . . . . . 2,683 2,135 Italy. . . . . . . . . . . . . . . . . 16,349 12,109 Netherlands . . . . . . . . . . 13,767 12,161 Norway. . . . . . . . . . . . . . 1,429 1,388 Poland . . . . . . . . . . . . . . 5,965 5,479 Portugal . . . . . . . . . . . . . 1,743 1,401 Romania. . . . . . . . . . . . . 567 567 7,047 6,925 Russia 4 . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . 23,144 20,312 Sweden . . . . . . . . . . . . . 2,993 2,693 Switzerland. . . . . . . . . . . 41,533 39,008 Turkey . . . . . . . . . . . . . . 5,190 4,926 United Kingdom . . . . . . . 167,770 143,770 218 217 Yugoslavia 5 . . . . . . . . . . Other Europe . . . . . . . . . 12,679 12,318 Total Europe . . . . . . . . 426,245 363,790 Canada . . . . . . . . . . . . . . . 35,335 33,389 Latin America and Caribbean: Argentina . . . . . . . . . . . . 13,799 13,580 Bahamas . . . . . . . . . . . . 86,624 85,257 Bermuda. . . . . . . . . . . . . 4,313 4,172 Brazil . . . . . . . . . . . . . . . 28,586 28,130 British West Indies . . . . . 239,322 231,948 Chile. . . . . . . . . . . . . . . . 3,000 2,937 Colombia . . . . . . . . . . . . 3,734 3,680 Cuba. . . . . . . . . . . . . . . . 10 10 Ecuador . . . . . . . . . . . . . 1,311 1,302 Guatemala . . . . . . . . . . . 1,083 1,073 Jamaica . . . . . . . . . . . . . 551 534 Mexico . . . . . . . . . . . . . . 24,831 24,777 Netherlands Antilles . . . . 5,655 5,162 Panama . . . . . . . . . . . . . 4,156 3,878 1,023 1,011 Peru . . . . . . . . . . . . . . . . Trinidad and Tobago . . . 545 545 Uruguay . . . . . . . . . . . . . 1,792 1,769 Venezuela . . . . . . . . . . . 15,231 14,925 Other Latin America 8,306 7,876 and Caribbean . . . . . . Total Latin America 443,872 432,566 and Caribbean. . . . . See footnotes at end of table. 655 1,923 1,311 5,936 17,983 2,848 140 180 2 321 550 397 2,104 692 195 1,512 233 10,587 28,875 11,569 6,969 17,964 7,899 44 922 768 2 157 430 548 1,785 350 4,240 11,433 676 1,606 7,675 4,486 41 861 527 486 3,728 1,751 342 784 617 467 100 122 1,621 5,304 2,832 6,109 14,203 300 2,165 528 2,525 11,201 27,807 264 2,218 2,708 24,000 129,797 13,973 1 217 361 10,095 2,223 62,455 262,057 101,733 1,946 88 429 13 47 82 42 597 434 70 32 86 342 119 37 36 64 15 171 267 175 579 103 927 11 213 4,979 809 8,816 9 14 303 326 11,127 3,896 95 5 251 4,561 2,574 51 72 416 45 83 1,954 923 1,466 909 26,246 85 5,834 70,870 1,250 739 180 550 155 202 9,054 7,279 725 279 128 326 2,465 135 1,743 580 100 5,000 12,908 100 24,790 2,591 6,434 1,971 79,684 27,837 5,552 279 4,087 2,816 219 11,599 1,367 70,720 141 2,136 456 27,214 7,374 146,700 63 2,787 54 3,605 10 9 1,130 10 1,002 17 501 54 15,040 493 4,325 278 3,459 12 991 430 23 1,646 306 12,100 1,981 14,537 2,036 916 85,248 150 75 172 71 33 9,737 837 419 20 115 123 2,825 271 50 39 241 139 166 60 1 141 48 48 292 96 46 62 19 65 129 4,714 5,020 300 16,588 7,663 377 1,269 1 102 73 124 1,050 114 269 66 45 125 1,734 1,401 233 311 169 51 26 29 8,096 37 2 5 661 1,127 239 1,354 11,306 312,144 120,422 430 6,749 2,152 40,988 861 669 204 4,145 4,412 113 216 27 2,029 188 277 819 4,731 12,458 8,328 4,429 368 99 255 9 221 171 5,138 841 2,703 3,671 995 110 3,355 257 152 33 372 33 1,578 12 3,273 930 278 685 5,218 4,797 917 222 20,578 76,454 105 3,718 343 69,732 111,204 24 261 2 2 7 8 179 251 48 4 93 327 123 15 8 20 1 19 88 16 170 17 805 3 24 2,515 163 329 3 15 9 25 402 525 239 3 252 283 82 28 8 85 1 56 793 36 604 150 1,970 13 148 6,222 19 183 28 78 352 13 64 12 261 4 6 1 51 328 994 13 2,089 38 4,534 8 1,517 23 18 1,818 369 33 869 279 163 13 45 5 48 152 390 4 8,267 29 14,050 39 801 654 176 14 9 118 33 1 11 303 17 16 1,219 2,198 1 5,610 16,836 753 1,530 754 2,207 39 1,405 854 14,807 61,123 1,071 145 3,616 3,689 87,278 114,458 413 156 499 34 3 229 97 19 166 50 4,627 1,312 289 830 199 1,118 87 42 183 21 225 510 3,627 229 515 209 108 532 1,138 262 225 150 107 40 1,038 49 150 95 18 72 1,140 4,098 1,637 403 3,011 3,756 1,400 1,502 4 487 746 70 7,137 861 1,681 645 197 647 7,087 163 1,121 476 51 2,359 38 15 8 17 2 446 605 120 4 9 55 116 159 1,057 1,319 402 14,988 125 76 1 37 37 5 779 2,281 293 10 53 65 202 218 592 207 227 285 95 47 19 24 2 478 55 103 9 3 43 329 4,127 404 614 3,194 78 317 77 11,882 119,558 185,072 815 6,462 38,563 5,683 22,206 2,813 70 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1996, Preliminary, con. [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars To foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury liaheld for in curren- own lia- liabilDeposits obligaliabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Asia: China: Mainland . . . . . . . . Taiwan . . . . . . . . . Hong Kong . . . . . . . . India . . . . . . . . . . . . . Indonesia . . . . . . . . . Israel . . . . . . . . . . . . Japan . . . . . . . . . . . . Korea . . . . . . . . . . . . Lebanon . . . . . . . . . . Malaysia. . . . . . . . . . Pakistan . . . . . . . . . . Philippines . . . . . . . . Singapore. . . . . . . . . Syria. . . . . . . . . . . . . Thailand . . . . . . . . . . Other Asia . . . . . . . . Total Asia . . . . . . . 25,485 16,663 19,379 4,017 2,339 5,237 143,261 6,679 506 2,292 2,263 2,975 9,995 1,173 12,270 16,883 271,417 25,485 16,637 18,257 4,012 2,317 5,199 113,802 6,569 506 2,070 2,254 2,970 9,437 1,173 12,262 16,282 239,232 Africa: Egypt . . . . . . . . . . . . Ghana . . . . . . . . . . . Liberia . . . . . . . . . . . Morocco . . . . . . . . . . South Africa . . . . . . . Zaire. . . . . . . . . . . . . Other Africa . . . . . . . Total Africa . . . . . . 1,832 211 305 115 734 6 4,427 7,630 1,831 211 297 115 666 6 4,381 7,507 - 4,859 20,626 26 10,149 6,488 1,122 16,094 2,163 5 1,375 2,637 22 1,438 879 38 1,450 3,749 29,459 36,306 77,496 110 5,526 1,043 490 16 222 1,627 443 9 1,312 942 5 1,408 1,562 558 8,590 847 - 1,169 4 8 888 11,374 601 13,682 2,600 32,185 106,363 132,869 1 8 68 46 123 856 170 223 115 507 5 4,013 5,889 975 41 74 159 1 368 1,618 Other countries: 8,057 7,981 76 4,859 3,122 Australia . . . . . . . . . . 1,434 1,414 20 1,353 61 All other . . . . . . . . . . Total other 9,491 9,395 96 6,212 3,183 countries . . . . . . Total foreign countries . . . . 1,193,990 1,085,879 108,111 720,502 365,377 International and regional: International . . . . . . . 12,099 10,835 1,264 10,116 719 European regional . . 66 66 45 21 Latin American regional . . . . . . . . . 711 451 260 448 3 Asian regional . . . . . 405 405 69 336 African regional . . . . 301 301 136 165 Middle Eastern 35 35 35 regional . . . . . . . . . Total international 13,617 12,093 1,524 10,849 1,244 and regional. . . . Grand total. . . . . 1,207,607 1,097,972 109,635 731,351 366,621 1 These data as of Mar. 31, 1996. 2 243 316 519 248 277 93 1,034 844 38 191 66 188 296 290 162 501 5,306 1,093 5,579 2,115 6,062 1,007 272 11 2,316 64 676 128 3,510 3,768 72,268 678 546 82 360 420 98 917 27 739 919 419 203 54 11,202 1,836 1,799 12,443 106,725 16,272 5,661 2,965 506 463 425 10,413 1,081 283 484 367 1,307 1,013 649 369 4,200 46,458 1,714 407 9,901 634 250 382 20,880 2,167 10 277 722 67 5,701 376 6,448 49,936 26 184 324 39 36 48 359 37 21 26 43 108 505 7 35 255 2,053 520 1,602 2,549 148 365 468 568 1,195 62 310 34 496 189 20 63 557 9,146 16 55 80 11 168 103 262 8 9 1 2 230 3 292 1,240 22 235 640 99 18 42 4,250 13 1 1 7 36 165 1 1 394 5,925 10 200 153 7 5 60 220 13 1 1 35 9 1 141 204 1,060 75 24 25 172 3 850 1,149 197 32 10 3 741 983 958 40 151 319 1,468 435 70 59 275 1,689 2,528 67 23 11 1 1 305 408 19 7 62 6 14 1 137 246 74 13 150 4 41 177 459 29 3 1 7 40 6 2 56 6 156 226 8 25 2 19 54 653 87 75 22 2,791 46 2,394 322 1,096 352 557 172 70 226 54 13 291 174 3 1 740 97 2,837 2,716 1,448 729 296 67 465 4 14,605 129,468 205,412 245,119 364,904 12,758 56,216 12,318 45,079 9,580 105 5 3,819 - 719 21 6,192 40 - - - - - - 10 1 2 129 4 3 116 15 309 288 280 - - - - - - - 35 - - - - - - - 123 3,987 874 7,109 - - - - - - 14,728 133,455 206,286 252,228 364,904 12,758 56,216 12,318 45,079 9,580 Excludes negotiable time certificates of deposit, which are included in ‘‘Other liabilities.’’ 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in ‘‘Other Asia’’ and ‘‘Other Africa’’ amount to $838 million. 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 5 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 71 CHART CM-A.--U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1992 125,388 221,194 260,020 77,735 87,870 772,207 110,848 883,055 1993 150,912 273,626 292,335 79,241 84,510 880,624 124,307 1,004,931 1994 187,133 253,362 361,647 87,304 93,037 982,483 121,609 1,104,092 1995 161,044 262,104 360,351 140,161 136,016 1,059,676 152,545 1,212,221 June 1996 167,770 258,475 340,070 143,261 128,156 1,037,732 169,875 1,207,607 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking liabilities to foreigners, excluding liabilities represented by long-term securities, are highly concentrated in international financial centers. The chart and table show that about two-thirds of U.S. liabilities are reported opposite the United Kingdom, the rest of Europe and, most notably, the offshore banking centers in the Caribbean. Also significant are the U.S. liabilities to foreigners reported against Japan and the rest of Asia. Total U.S. banking liabilities to foreigners, which expanded $108.1 billion in 1995, fell $4.6 billion through the first half of 1996. This marginal net decline is the result of offsetting changes in liabilities to different regions. U.S. liabilities to foreigners in the United Kingdom, Japan, and ‘‘all other countries’’ increased $27.3 billion as of the end of June 1996, with liabilities opposite Japan continuing a longterm rise. Meanwhile, liabilities to other Europe, the Caribbean banking centers, and other Asia declined by $31.7 billion. By region, the direction and magnitude of changes in U.S. banking liabilities in the first half were varied. The largest change was the $20.3 billion decrease, or -5.6 percent, in liabilities to the Caribbean banking centers, which resulted in the lowest level since 1993. 72 CAPITAL MOVEMENTS SECTION II.--Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.--Total Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Type of claim Calendar year 1993 r 1994 Sept. 1995 Dec. Mar. r June r Sept. r Dec. 1996 Mar. p Total claims . . . . . . . . . . . . . . . . . . . . . . . . 650,689 658,919 671,088 697,505 741,640 725,728 733,690 732,817 Payable in dollars. . . . . . . . . . . . . . . . . . 575,818 580,241 599,521 615,989 654,354 649,623 652,715 657,231 Banks’ own claims on foreigners . . . . 488,497 480,962 483,242 493,477 525,743 520,003 529,948 531,340 Foreign public borrowers. . . . . . . . . 29,228 25,159 23,416 23,809 23,815 22,454 22,522 27,759 Deposits . . . . . . . . . . . . . . . . . . . . 49,892 52,026 59,250 53,611 58,852 50,767 37,343 41,914 Other . . . . . . . . . . . . . . . . . . . . . . 50,973 49,031 49,978 52,814 53,974 56,763 61,359 61,595 Own foreign offices . . . . . . . . . . . . . 285,510 284,588 283,183 292,367 305,180 302,661 307,509 297,601 All other foreigners . . . . . . . . . . . . . 72,894 70,158 67,415 70,876 83,922 87,358 101,215 102,471 Claims of banks’ domestic customers . . . . . . . . . . . . . . . . . . . . 87,321 99,279 116,279 122,512 128,611 129,620 122,767 125,891 Deposits . . . . . . . . . . . . . . . . . . . . . 41,734 51,906 64,829 67,152 69,579 66,810 58,519 68,800 Negotiable and readily transferable instruments. . . . . . . . 31,186 31,831 36,008 38,305 39,237 44,223 44,161 39,274 Collections and other. . . . . . . . . . . . 14,401 15,542 15,442 17,055 19,795 18,587 20,087 17,817 Payable in foreign currencies. . . . . . . . . 74,871 78,678 71,567 81,516 87,286 76,105 80,975 75,586 Banks’ own claims on foreigners . . . . 62,017 64,491 60,689 72,637 77,042 69,481 74,830 69,522 Claims of banks’ domestic customers . . . . . . . . . . . . . . . . . . . . 12,854 14,187 10,878 8,879 10,244 6,624 6,145 6,064 Claims reported by IBFs. . . . . . . . . . . . . 236,968 243,334 253,009 256,547 265,792 254,556 254,938 245,736 Payable in dollars . . . . . . . . . . . . . . . . 194,699 197,652 212,096 206,695 211,033 206,127 202,338 199,046 Payable in foreign currencies . . . . . . . 42,269 45,682 40,913 49,852 54,759 48,429 52,600 46,690 Customer liability on acceptances . . . . . 7,920 7,574 8,427 8,439 8,792 8,821 8,410 9,026 On foreign public borrowers. . . . . . . . . . 17,828 16,981 15,435 15,482 15,822 14,192 15,015 19,569 On all other unaffiliated foreigners . . . . . 154,834 147,446 152,896 150,409 170,561 164,494 161,157 174,234 On foreign public borrowers. . . . . . . . . . 10,874 7,928 7,838 8,150 7,892 8,220 7,506 8,110 On all other unaffiliated foreigners . . . . . 19,030 23,965 23,873 26,823 26,085 30,080 38,660 31,678 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: CAPITAL MOVEMENTS 73 TABLE CM-II-2.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1993 r 1995 1994 Sept. Dec. Mar. r June r 1996 Sept. r Dec. Mar. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 950 8,944 68 135 1,236 933 19,175 15,947 1,621 46 366 13,951 4,894 517 454 1,093 117 6,977 6,799 12,520 3,280 86,628 2,453 491 847 1,399 9,442 63 196 1,233 893 23,929 17,871 1,152 31 526 9,771 5,298 769 1,159 1,410 105 5,398 7,009 10,988 2,796 88,932 1,723 280 1,243 1,889 10,166 7 84 1,562 813 21,492 18,424 1,105 41 513 10,550 5,354 544 413 1,177 238 5,583 8,930 12,955 3,032 96,791 1,395 275 720 1,760 10,742 7 68 1,578 787 24,385 20,601 1,118 143 411 10,767 6,781 1,569 383 1,225 222 6,639 7,191 16,188 2,495 101,315 1,001 253 778 1,831 8,187 6 41 1,872 1,028 23,715 21,613 905 13 499 11,153 8,669 1,260 473 2,149 210 6,407 7,532 18,885 2,810 99,600 926 235 416 2,098 10,714 83 69 1,727 1,470 24,750 18,859 792 9 621 9,462 8,773 1,719 1,152 1,204 199 4,841 7,512 19,991 2,892 88,782 793 240 497 1,961 12,099 7 166 2,028 1,569 23,815 20,509 903 24 1,159 8,829 8,905 735 1,474 1,075 179 3,845 9,352 18,193 2,816 103,287 1,069 150 3,880 2,345 10,044 4 153 2,249 2,148 26,807 18,506 885 31 1,393 9,995 9,895 1,323 2,875 995 192 6,680 6,318 13,299 2,852 109,197 1,132 121 3,037 190,442 193,616 204,053 218,407 220,435 209,249 228,029 232,476 Canada . . . . . . . . . . . . . . . . . . . . . . 35,576 34,976 33,067 41,828 41,687 38,694 35,319 31,476 4,631 65,745 9,101 12,739 116,444 3,876 3,566 750 309 205 24,365 2,770 2,964 686 497 1,010 4,069 5,851 65,210 6,305 11,445 124,835 3,829 3,876 692 328 213 24,053 1,651 2,511 1,037 481 791 3,052 6,075 69,894 8,666 10,572 125,436 4,376 4,369 717 385 262 23,399 1,426 2,293 1,072 473 554 2,803 6,461 67,510 8,928 12,090 121,106 4,812 4,310 593 391 291 22,345 1,236 2,593 1,142 516 406 2,500 6,786 69,340 8,619 12,866 137,754 4,707 4,355 778 356 404 23,196 3,183 2,647 1,406 484 438 2,525 6,392 65,830 6,185 14,860 147,188 4,728 4,705 1 830 378 292 21,208 6,273 2,909 1,513 487 453 2,318 6,759 61,474 6,202 14,826 148,479 5,344 4,892 846 472 329 21,382 9,850 3,357 1,880 485 534 2,536 6,560 68,250 6,144 15,653 143,634 4,843 4,878 1,001 482 338 20,382 11,547 2,957 1,979 478 693 2,293 3,218 3,461 3,504 3,293 3,291 3,505 2,969 3,179 256,945 259,621 266,276 260,523 283,135 290,055 292,616 295,291 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 74 CAPITAL MOVEMENTS TABLE CM-II-2.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1993 r 1995 1994 Sept. Dec. 2,371 2,670 13,571 665 1,856 5,944 90,387 7,714 53 739 858 1,513 7,280 45 2,451 15,948 650 1,270 1,413 15,477 1,049 1,609 5,720 91,318 9,306 51 738 1,319 665 7,379 44 3,030 16,012 589 888 1,548 11,541 1,069 1,717 5,533 93,196 10,508 57 758 641 757 5,376 73 3,094 14,450 523 154,715 156,989 207 22 996 752 662 4 1,184 606 Mar. r 1996 June r Sept. r Dec. Mar. p 962 1,639 17,113 1,149 1,770 5,987 96,776 12,466 57 1,010 846 646 5,277 74 2,970 13,688 567 1,423 1,906 18,801 1,335 2,755 6,018 107,328 13,650 63 1,347 1,005 1,008 9,206 65 3,171 13,521 439 1,481 1,685 19,524 2,052 3,958 5,431 100,023 13,182 62 1,294 1,140 811 6,914 75 2,807 12,804 347 1,176 1,836 16,843 1,946 1,998 5,345 98,585 14,438 44 1,225 571 1,490 6,392 94 2,792 10,562 484 2,699 1,896 18,223 2,161 1,803 5,254 87,619 17,671 38 786 997 1,362 6,701 63 3,234 8,302 381 151,729 162,997 183,041 173,590 165,821 159,190 275 13 828 895 667 4 1,304 444 248 6 598 876 768 3 1,003 506 223 8 558 620 751 2 848 542 224 9 520 845 677 3 761 527 222 8 559 823 546 2 717 766 233 18 559 720 606 1 654 658 268 6 608 882 654 1 615 557 4,433 4,430 4,008 3,552 3,566 3,643 3,449 3,591 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 5,063 1,046 4,364 1,644 5,440 1,599 4,153 2,063 5,001 2,075 5,927 1,671 4,935 1,590 5,222 1,757 6,109 6,008 7,039 6,216 7,076 7,598 6,525 6,979 Total foreign countries. . . . . . 648,220 655,640 666,172 693,523 738,940 722,829 731,759 729,003 2,393 2 69 5 3,175 104 - 4,783 40 93 - 3,887 15 80 - 2,536 96 68 - 2,811 88 - 1,837 94 - 3,726 3 85 - 2,469 3,279 4,916 3,982 2,700 2,899 1,931 3,814 650,689 658,919 671,088 697,505 741,640 725,728 733,690 732,817 Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 CAPITAL MOVEMENTS 75 TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1996 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in dollars (8) Payable in foreign currencies (9) 2,345 10,044 4 153 2,249 2,148 26,807 18,506 885 31 1,393 9,995 9,895 1,323 2,875 995 192 1,132 6,680 6,318 13,299 2,852 109,197 121 3,037 232,476 1,083 7,988 4 141 753 1,952 16,423 12,089 546 21 1,261 8,240 6,039 1,044 2,610 959 86 975 5,823 2,323 9,216 831 84,102 121 1,037 165,667 742 4,500 3 27 641 314 7,789 4,650 482 8 1,025 3,319 3,127 408 2,447 227 64 838 4,478 1,092 1,831 777 25,173 120 765 64,847 150 1,503 113 57 1,468 5,951 4,610 25 13 90 2,546 2,458 608 47 546 22 30 942 1,114 3,010 33 48,568 69 73,973 191 1,985 1 1 55 170 2,683 2,829 39 146 2,375 454 28 116 186 107 403 117 4,375 21 10,361 1 203 26,847 4 19 2 3 15 4 13 3 13 8 93 261 3 441 1,262 2,056 12 1,496 196 10,384 6,417 339 10 132 1,755 3,856 279 265 36 106 157 857 3,995 4,083 2,021 25,095 2,000 66,809 1,228 2,048 1,439 187 10,042 6,013 338 125 1,216 3,803 277 216 34 106 10 773 3,846 4,036 2,004 24,750 1,875 64,366 34 8 12 57 9 342 404 1 10 7 539 53 2 49 2 147 84 149 47 17 345 125 2,443 31,476 20,002 8,027 10,013 1,962 8 11,474 11,144 330 6,560 68,250 6,144 15,653 143,634 4,843 4,878 1,001 482 338 20,382 11,547 2,957 1,979 478 693 2,293 6,334 66,492 5,714 13,865 124,626 4,742 4,551 983 465 332 17,513 11,507 2,902 1,943 475 629 1,712 5,148 8,491 4,829 10,650 29,069 4,383 4,460 869 465 332 16,821 10,786 1,422 1,683 454 412 1,548 1,068 57,137 3,163 84,170 176 87 108 132 116 1,190 253 211 11 118 864 885 52 11,387 183 4 6 560 605 290 7 21 6 153 69 51 11 1,015 119 43 59 79 42 1 828 2 96 65 4 3 2 226 1,758 430 1,788 19,008 101 327 18 17 6 2,869 40 55 36 3 64 581 218 1,758 430 1,711 18,991 98 317 18 17 6 1,116 40 55 29 3 64 579 8 77 17 3 10 1,753 7 2 3,179 3,101 2,131 952 18 84 78 76 2 295,291 267,886 103,953 148,774 15,159 2,573 27,405 25,526 1,879 76 CAPITAL MOVEMENTS TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1996, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in foreign currencies (9) Payable in dollars (8) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 2,699 1,896 18,223 2,161 1,803 5,254 87,619 17,671 38 786 997 1,362 6,701 63 3,234 8,683 159,190 2,467 1,729 16,598 1,883 1,689 666 74,967 17,363 21 607 922 1,234 5,050 61 3,093 7,971 136,321 2,317 529 6,563 1,578 1,380 446 17,544 10,628 19 136 493 854 2,287 61 1,056 2,916 48,807 122 1,200 8,982 291 224 219 35,232 6,734 2 405 418 348 1,935 2,004 4,467 62,583 28 1,053 14 85 1 22,191 1 66 11 32 828 33 588 24,931 44 114 103 218 214 26 1,357 3,307 11 2 21 52 32 248 102 5,851 232 167 1,625 278 114 4,588 12,652 308 17 179 75 128 1,651 2 141 712 22,869 232 105 1,514 236 25 4,584 12,034 257 17 144 70 123 1,611 2 92 709 21,755 62 111 42 89 4 618 51 35 5 5 40 49 3 1,114 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 268 6 608 882 654 1 1,172 3,591 255 6 608 597 581 1 871 2,919 196 6 608 583 529 1 853 2,776 51 2 38 17 108 8 12 14 1 35 18 12 5 27 62 13 285 73 301 672 12 285 35 280 612 1 38 21 60 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 5,222 1,757 6,979 2,833 1,420 4,253 1,223 292 1,515 1,422 728 2,150 188 400 588 64 27 91 2,389 337 2,726 2,253 235 2,488 136 102 238 Total foreign countries. . . . . . 729,003 597,048 229,925 297,601 69,522 9,026 131,955 125,891 6,064 3,726 3 85 - 3,726 3 85 - 3,726 3 85 - - - - - - - International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3,814 3,814 3,814 - - - - - - 732,817 600,862 233,739 297,601 69,522 9,026 131,955 125,891 6,064 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 77 SECTION III.--Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Total liabilities Calendar year Country Calendar year Dec. 11 14 64 27 12 n.a. n.a. 9 n.a. 196 795 72 652 1,030 11 1,134 826 13 n.a. n.a. 207 404 n.a. 254 330 n.a. n.a. 9 248 317 n.a. 305 438 9 n.a. 21 253 292 n.a. 364 591 47 363 666 201 567 76 35 318 667 201 554 94 1 7 151 10 138 n.a. n.a. 11 141 10 177 n.a. 2 17 174 11 151 n.a. 71 n.a. 51 16 60 13 n.a. - n.a. - n.a. n.a. n.a. 192 32 n.a. 229 555 161 n.a. 243 n.a. n.a. 156 381 113 n.a. 244 61 147 n.a. 527 92 71 n.a. n.a. 189 n.a. n.a. 62 n.a. n.a. n.a. n.a. n.a. 89 24 n.a. n.a. n.a. Other Africa: Angola . . . . . . . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . . . . . . . Djibouti . . . . . . . . . . . . . . . . . . . . . Ethiopia, including Eritrea . . . . . . Guinea . . . . . . . . . . . . . . . . . . . . . Ivory Coast. . . . . . . . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . . . . . . . Mauritius. . . . . . . . . . . . . . . . . . . . Mozambique. . . . . . . . . . . . . . . . . Niger. . . . . . . . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . . . . . . . Sudan. . . . . . . . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . . . . . . . Uganda. . . . . . . . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . . . . . . . Zimbabwe. . . . . . . . . . . . . . . . . . . 72 6 n.a. 337 14 40 224 14 48 88 3 n.a. n.a. 21 38 191 53 200 72 143 90 5 n.a. 274 19 47 125 11 n.a. 74 3 16 11 15 32 198 30 n.a. 43 324 145 14 72 n.a. 19 47 114 21 98 119 2 37 n.a. 14 31 288 32 n.a. 36 138 n.a. 2 n.a. 15 1 15 19 n.a. n.a. n.a. 6 n.a. 4 77 8 n.a. 25 n.a. 2 12 n.a. 19 7 n.a. n.a. n.a. n.a. 5 n.a. n.a. 94 7 n.a. 25 n.a. 1 * 10 n.a. n.a. 2 n.a. 4 * n.a. 3 n.a. n.a. 92 8 n.a. 46 All other: New Zealand . . . . . . . . . . . . . . . . Papua New Guinea . . . . . . . . . . . n.a. n.a. 437 13 758 n.a. 900 2 1,310 n.a. n.a. n.a. Other Latin America and Caribbean: Aruba . . . . . . . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . . . . . . . Belize . . . . . . . . . . . . . . . . . . . . . . Bolivia. . . . . . . . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . . . . . . . Dominica . . . . . . . . . . . . . . . . . . . Dominican Republic . . . . . . . . . . . El Salvador. . . . . . . . . . . . . . . . . . French West Indies and French Guiana . . . . . . . . . . . . . Haiti . . . . . . . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . . . . . . . Suriname . . . . . . . . . . . . . . . . . . . Other Asia: Afghanistan . . . . . . . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . . . . . . . Cambodia (formerly Kampuchea) . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . . . . . . . Nepal . . . . . . . . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . . . . . . . Vietnam . . . . . . . . . . . . . . . . . . . . Yemen (Sanaa) . . . . . . . . . . . . . . June Dec. 183 36 777 252 n.a. 932 266 41 768 152 545 71 438 1,014 28 879 762 159 558 76 493 1,009 17 1,039 859 n.a. 241 633 191 592 61 * Less than $500,000. Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates for the ‘‘other’’ geographical categories in the regular monthly series in the ‘‘Treasury Bulletin.’’ 1994 1995 June Other Europe: Cyprus . . . . . . . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . . . . . . . 1994 Total banks’ own claims 1995 78 CAPITAL MOVEMENTS CHART CM-B.--U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 1992 1993 1994 1995 90,388 86,628 96,791 103,287 March 1996 109,197 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 103,814 107,262 124,742 123,279 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 192,681 197,024 207,715 229,362 232,532 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,387 93,196 98,585 87,619 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,328 58,533 67,236 71,571 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 542,181 563,497 623,212 624,198 All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 626,726 108,508 650,689 107,591 671,088 110,478 733,690 108,619 732,817 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. U.S. banking claims on foreigners, excluding claims represented by long-term securities, are highly concentrated in international financial centers. The chart and table show that nearly two-thirds of U.S. claims are reported opposite the United Kingdom, Japan, and, most notably, offshore banking centers in the Caribbean. Also significant are claims on foreigners reported against Europe excluding the United Kingdom, and Asia excluding Japan. Total U.S. banking claims on foreigners declined marginally in the first quarter of 1996, falling about $900 million. Claims had risen steadily since 1992, including an expansion against all areas shown at the end of 1995. Activity through March 1996 was varied. The largest change in U.S. claims in the first quarter was a contraction of $11 billion, or 11.2 percent, opposite Japan. Increases in claims against other areas, notably the United Kingdom, the Caribbean banking centers, and other Asia, which together expanded $13.4 billion, helped to offset the overall decline. CAPITAL MOVEMENTS 79 SECTION IV.--Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.--Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Type of liability or claim 1995 1996 Mar. p 1992 1993 1994 Mar. June Sept. Dec. Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 50,187 49,973 47,673 46,448 49,608 Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 38,298 35,903 34,281 33,908 33,903 36,314 Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 17,259 18,818 16,704 15,028 13,872 12,903 13,826 Trade payables . . . . . . . . . . . . . . . . 8,679 7,869 8,860 8,773 9,248 8,749 9,996 9,934 Advance receipts and other. . . . . . . 11,817 12,314 10,620 10,426 10,005 11,287 11,004 12,554 Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 14,284 15,692 13,765 12,545 13,294 Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 13,071 14,254 12,365 11,338 12,399 Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,071 1,279 1,312 1,017 881 Advance receipts and other. . . . . . . 287 255 730 142 159 88 190 14 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 52,218 58,051 53,424 52,509 55,398 Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 48,425 54,138 49,696 48,711 50,999 Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 16,458 21,351 17,393 14,654 17,044 Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 11,275 11,370 10,689 10,976 11,328 Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 18,567 19,360 19,530 20,993 20,149 Advance payments and other . . . . . 2,330 2,455 2,157 2,125 2,057 2,084 2,088 2,478 Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,793 3,913 3,728 3,798 4,399 Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 657 695 581 479 551 Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,216 1,158 1,228 1,289 1,887 Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 1,848 1,966 1,879 2,005 1,928 Advance payments and other . . . . . 227 508 676 72 94 40 25 33 Commercial: Commercial: Financial: Commercial: Financial: Commercial: 80 CAPITAL MOVEMENTS TABLE CM-IV-2.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1995 1996 1991 1992 1993 1994 Mar. June Sept. Dec. Mar. p 130 464 9 4 63 449 3,145 1,734 178 26 702 606 1,766 527 32 55 40 412 355 983 65 8,825 59 39 36 20,704 107 712 13 14 38 387 2,323 1,618 201 67 614 430 1,141 283 31 16 33 161 322 919 116 11,115 62 10 52 20,785 58 414 3 8 49 362 3,194 1,659 252 3 485 485 1,222 359 15 24 6 164 286 1,009 104 15,335 60 9 36 25,601 70 736 5 6 277 236 2,455 2,565 196 6 449 359 1,274 176 17 35 8 127 242 1,015 109 17,987 84 12 30 28,476 49 883 4 5 446 220 2,688 2,237 108 5 403 313 1,169 232 20 38 5 125 208 1,210 69 13,612 76 9 49 24,183 49 1,089 7 7 598 210 1,605 2,145 21 4 417 347 978 333 12 38 5 147 212 1,488 54 15,040 119 5 69 24,999 56 696 3 21 619 192 1,893 2,330 68 7 401 291 1,040 276 7 43 4 170 243 1,203 63 13,869 96 6 67 23,664 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 171 233 1,308 118 13,706 177 6 188 23,322 30 853 2 21 143 277 2,327 3,031 44 8 399 461 1,138 389 13 20 6 120 214 1,389 96 13,766 143 6 153 25,049 1,306 1,546 1,738 1,666 3,052 2,039 2,016 1,672 2,126 22 540 424 225 3,631 41 16 15 6 6 314 642 6 10 17 1 98 86 382 421 228 2,883 51 19 13 9 9 469 626 36 10 17 3 148 36 137 350 232 1,387 89 34 18 6 6 498 633 8 13 18 1 128 88 120 425 368 1,021 44 19 33 8 14 574 645 50 30 25 1 281 57 143 409 154 1,097 37 28 2 24 11 11 366 630 25 24 13 1 278 92 84 535 165 1,042 46 56 1 18 9 15 423 657 16 43 12 3 208 91 80 363 254 935 61 41 1 45 5 16 360 624 6 55 13 3 178 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 121 106 696 186 956 100 44 28 5 14 486 628 4 21 26 4 245 125 176 218 145 123 361 380 364 320 6,139 5,586 3,812 3,891 3,433 3,786 3,511 3,523 3,990 CAPITAL MOVEMENTS 81 TABLE CM-IV-2.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1991 1992 1995 1993 1994 Mar. June 1996 Sept. Dec. Mar. p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . 621 773 566 810 723 579 597 853 644 408 605 420 543 559 579 451 483 427 Hong Kong . . . . . . . . . . . . . . . . . . 801 61 884 164 785 91 805 59 705 98 682 127 686 212 646 196 733 222 India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . 176 207 363 296 284 317 330 350 263 Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . 124 7,837 181 8,362 229 9,201 141 11,869 160 11,292 77 10,672 118 9,783 99 8,751 132 9,706 Korea . . . . . . . . . . . . . . . . . . . . . . 1,549 3 1,722 16 1,701 22 1,736 14 1,640 16 1,756 20 1,490 47 1,433 61 1,305 36 Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . 304 613 475 178 214 234 309 297 298 Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . 25 25 21 53 26 57 27 50 26 75 39 70 98 62 80 60 39 52 Singapore. . . . . . . . . . . . . . . . . . . 578 2 590 50 733 11 622 24 586 21 703 23 739 29 819 50 742 22 Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . 255 179 259 194 243 312 403 392 421 Total Asia . . . . . . . . . . . . . . . . . 1,511 70 14,715 1,908 86 16,412 1,557 79 16,891 1,611 68 19,144 1,814 81 18,307 1,815 129 18,001 1,672 142 17,222 1,939 206 16,409 1,773 232 16,886 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . 158 89 111 48 62 56 115 157 163 Ghana . . . . . . . . . . . . . . . . . . . . . - - 1 - 3 6 7 16 17 Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . 36 2 28 1 41 29 22 15 37 16 22 24 4 23 South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . 79 3 59 5 55 1 32 1 42 - 41 1 63 - 42 - 104 - Oil-exporting countries 4. . . . . . . . 331 114 721 309 82 574 290 86 586 379 74 563 370 120 619 374 102 632 363 152 738 376 154 769 376 152 839 Total other countries . . . . . . . . 974 108 1,082 503 88 591 517 148 665 372 153 525 414 144 558 331 152 483 348 129 477 461 230 691 517 139 656 Total foreign countries. . . . . . 44,667 45,494 49,293 54,265 50,152 49,940 47,628 46,386 49,546 International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . 40 17 18 44 35 33 45 2 60 2 60 Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . - - - - - - - - - African regional . . . . . . . . . . . . . . 1 - - - - - - - - 41 17 18 44 35 33 45 62 62 44,708 45,511 49,311 54,309 50,187 49,973 47,673 46,448 49,608 Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . International and regional: Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3 2 4 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 82 CAPITAL MOVEMENTS TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1996, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 30 853 2 21 143 277 2,327 3,031 44 8 399 461 1,138 389 13 20 6 143 120 214 1,389 96 13,766 6 153 25,049 10 483 13 51 3 1,679 2,161 2 327 79 479 31 5 4 43 2 957 18 10,241 17 16,605 9 252 2 732 1,204 2 285 35 416 11 5 4 5 2 425 18 5,412 2 8,821 1 231 13 51 1 947 957 42 44 63 20 38 532 4,829 15 7,784 20 370 2 8 92 274 648 870 44 6 72 382 659 358 13 15 6 139 77 212 432 78 3,525 6 136 8,444 Canada . . . . . . . . . . . . . . . . . . . . . . 2,126 1,166 742 424 960 121 106 696 186 956 100 44 28 5 14 486 628 4 21 26 4 245 16 78 126 57 946 25 2 16 600 2 2 16 78 126 57 824 25 2 13 600 2 2 122 3 - 105 28 570 129 10 75 44 26 5 14 470 28 4 21 24 4 243 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 320 6 6 - 314 3,990 1,876 1,751 125 2,114 CAPITAL MOVEMENTS 83 TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1996, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commecial liabilities (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 483 427 733 222 263 132 9,706 1,305 36 298 39 52 742 22 421 2,005 16,886 23 21 188 3 32 26 5,980 11 1 14 53 1 37 6,390 20 1 178 1 32 9 2,036 11 1 2 50 37 2,378 3 20 10 2 17 3,944 12 3 1 4,012 460 406 545 219 231 106 3,726 1,294 35 284 39 52 689 22 420 1,968 10,496 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 163 17 4 23 104 528 839 1 130 131 130 130 1 1 163 17 4 23 103 398 708 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 517 139 656 53 4 57 4 4 53 53 464 135 599 Total foreign countries. . . . . . 49,546 26,225 13,826 12,399 23,321 2 60 - - - - 2 60 - 62 - - - 62 49,608 26,225 13,826 12,399 23,383 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 84 CAPITAL MOVEMENTS TABLE CM-IV-4.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1995 1996 1991 1992 1993 1994 Mar. June Sept. Dec. Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 84 207 2 18 97 160 1,854 1,238 52 21 91 853 979 121 43 141 4 335 217 876 101 13,620 274 113 133 21,634 71 197 13 46 154 169 2,301 1,259 114 30 419 1,041 1,067 196 74 176 12 332 282 852 257 8,346 232 52 90 17,782 88 318 32 48 103 171 2,773 1,544 149 6 416 883 925 132 116 191 5 459 460 962 246 5,962 228 55 132 16,404 123 299 37 52 81 173 2,681 1,567 136 72 315 812 740 242 122 217 17 484 352 1,080 216 7,205 254 39 160 17,476 121 345 34 34 51 136 2,598 1,504 151 47 319 852 930 216 121 182 24 454 401 1,046 246 6,428 234 11 92 16,577 99 373 25 52 76 113 2,399 1,379 139 43 142 1,009 942 253 99 157 20 558 248 1,126 243 7,259 241 10 122 17,127 91 384 35 33 71 116 2,459 1,298 193 38 140 894 860 191 88 62 13 454 243 968 225 7,403 296 9 138 16,702 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 537 288 1,018 256 6,959 300 13 153 17,433 118 406 17 34 95 116 2,818 1,727 185 34 296 1,011 928 171 107 48 6 473 296 1,045 217 8,175 182 7 174 18,686 Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 5,858 5,708 5,497 4,802 7,313 214 840 272 778 9,097 84 118 2 95 14 25 1,054 38 38 91 20 7 243 242 806 295 1,043 11,787 129 129 2 40 23 30 1,369 26 66 115 9 8 374 299 1,347 307 1,114 12,770 221 120 2 81 32 27 1,862 37 90 148 26 8 454 347 2,433 261 1,132 15,311 229 396 1 112 46 42 1,966 65 102 175 27 25 383 346 957 245 1,223 13,586 265 417 2 76 66 29 1,689 66 95 107 18 21 322 377 2,376 295 1,279 17,096 276 450 1 108 54 37 1,744 60 150 139 27 27 346 381 1,578 280 1,596 11,882 276 414 1 147 47 42 1,513 33 134 222 34 29 375 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 387 1,618 350 2,751 9,270 224 394 1 105 58 51 1,329 53 204 227 34 28 348 342 443 553 600 719 687 720 705 580 13,372 16,936 19,498 23,653 20,249 25,529 19,704 18,864 18,012 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . . See footnotes at end of table. Mar. p CAPITAL MOVEMENTS 85 TABLE CM-IV-4.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . Total foreign countries. . . . . . International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1991 1992 1995 1993 1994 Mar. June 1996 Sept. Dec. Mar. p 212 368 267 105 159 174 2,249 423 11 55 50 79 248 5 118 625 83 5,231 282 307 267 135 138 168 2,571 361 50 90 53 105 291 8 127 696 81 5,730 378 411 298 147 354 218 3,167 549 65 477 32 111 390 5 174 707 188 7,671 526 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 124 8,853 467 522 409 187 396 240 2,532 710 64 464 31 144 548 12 187 693 98 7,704 444 502 479 264 361 257 2,482 832 80 455 33 137 402 9 223 710 81 7,751 504 533 451 293 367 276 3,402 915 66 457 30 130 436 14 235 779 98 8,986 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 108 8,891 610 446 505 288 383 271 3,180 767 61 451 41 96 541 14 176 1,037 101 8,968 92 1 38 23 108 6 96 123 487 177 5 34 37 81 29 87 187 637 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 74 6 8 12 158 21 80 250 609 93 6 8 16 140 9 69 275 616 88 13 8 102 173 10 80 258 732 160 16 13 57 321 11 92 260 930 207 7 11 41 319 10 112 237 944 570 180 750 702 152 854 945 208 1,153 1,218 269 1,487 923 267 1,190 1,039 264 1,303 1,497 272 1,769 1,310 270 1,580 1,220 236 1,456 45,237 45,058 49,131 57,865 52,187 58,034 53,390 52,500 55,379 22 2 1 - 13 2 - 28 - 19 4 - 30 1 - 17 - 34 - 8 1 - 17 2 - 25 15 28 23 31 17 34 9 19 45,262 45,073 49,159 57,888 52,218 58,051 53,424 52,509 55,398 1 3 2 4 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 86 CAPITAL MOVEMENTS TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1996, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 118 406 17 34 95 116 2,818 1,727 185 34 296 1,011 928 171 107 48 6 182 473 296 1,045 217 8,175 7 174 18,686 37 159 11 5 46 3 1,015 320 80 26 198 167 486 23 39 2 62 23 119 470 55 5,568 15 8,929 19 152 9 4 17 965 281 79 26 197 155 475 39 1 56 7 77 462 55 4,939 14 8,029 18 7 2 1 29 3 50 39 1 1 12 11 23 1 6 16 42 8 629 1 900 81 247 6 29 49 113 1,803 1,407 105 8 98 844 442 148 68 46 6 120 450 177 575 162 2,607 7 159 9,757 Canada . . . . . . . . . . . . . . . . . . . . . . 7,313 5,269 4,721 548 2,044 387 1,618 350 2,751 9,270 224 394 1 105 58 51 1,329 53 204 227 34 28 348 43 1,588 77 1,943 9,164 8 161 35 14 461 21 105 85 4 40 41 1,578 75 1,385 9,118 3 159 35 13 297 21 105 82 4 28 2 10 2 558 46 5 2 1 164 3 12 344 30 273 808 106 216 233 1 70 44 51 868 32 99 142 30 28 308 580 116 112 4 464 18,012 13,865 13,056 809 4,147 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 87 TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1996, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 610 446 505 288 383 271 3,180 767 61 451 41 96 541 14 176 1,138 8,968 27 15 42 7 196 3 1,171 16 295 3 14 37 11 53 1,890 26 3 37 1 194 2 1,045 15 294 12 37 10 47 1,723 1 12 5 6 2 1 126 1 1 3 2 1 6 167 583 431 463 281 187 268 2,009 751 61 156 38 82 504 14 165 1,085 7,078 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 207 7 11 41 319 10 349 944 3 7 7 161 99 277 3 7 7 161 99 277 - 204 7 4 34 158 10 250 667 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 1,220 236 1,456 498 82 580 489 77 566 9 5 14 722 154 876 Total foreign countries. . . . . . 55,379 30,810 28,372 2,438 24,569 17 2 - - - - 17 2 - 19 - - - 19 55,398 30,810 28,372 2,438 24,588 International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 88 CAPITAL MOVEMENTS CHART CM-C.--Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars] Country United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . Caribbean banking centers 1 . . . . . . . . . . . . . . . . Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1993 1994 1995 Jan. - Jun. 1996 30,442 430 12,345 32,464 20,089 95,770 15,360 111,130 55,847 26,474 -3,581 36,441 21,424 136,605 3,994 140,599 100,435 24,795 48,344 16,388 25,625 215,587 16,226 231,813 43,724 37,693 4,873 20,995 28,521 135,806 7,438 143,244 Apr. - Jun. 1996 24,383 13,864 12,854 12,731 13,051 76,883 -6,485 70,398 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. As reported by U.S. banks, brokers, and other persons, foreigners’ transactions in long-term domestic securities (i.e., U.S. Treasury and Government agency bonds and notes, and U.S. corporate bonds and stocks) are conducted largely through international financial centers. The table presents aggregate net purchases on an annual basis for 1993 through 1995, and on a year-to-date and most recent quarter basis for 1996. The figures show that there has been overall a steady increase in foreigners’ net purchases, or gross purchases minus gross sales, of U.S. securities. On an annualized basis, net purchases by foreigners in other Europe, Japan, and other Asia accelerated heavily in the first half of 1996; net purchases vis-a-vis the United Kingdom slackened, while slowing abruptly opposite the Caribbean banking centers. Net purchases for all areas shown were vigorous in the second quarter, except for ‘‘all other countries,’’ which generated a large sell-off, or negative net purchases, of U.S. securities. Overall, based on first-half activity, foreigners’ net purchases of U.S. securities in 1996 are poised to exceed 1995 levels. CAPITAL MOVEMENTS 89 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 a net outflow of capital from the United States. Source: Office of International Financial Analysis] Calendar year or month Marketable Treasury bonds and notes Net foreign purchases Foreign countries OffiInternaGross cial Other tional foreign instifor- and repurTotal tutions eigners gional chases (1) (2) (3) (4) (5) 1992. . . . . . . . . . . . . . . . . 39,288 1993. . . . . . . . . . . . . . . . . 23,552 1994. . . . . . . . . . . . . . . . . 78,801 1995. . . . . . . . . . . . . . . . . 133,991 1996 - Jan. - June p. . . . . 75,261 6,876 1,306 41,822 39,625 34,131 31,059 1,353 22,062 184 36,815 164 93,927 439 42,903 -1,773 2,241,537 2,609,055 2,711,142 2,981,096 1,577,517 1995 - June . . . . . . . . . . . 22,631 July . . . . . . . . . . . 31,871 Aug. . . . . . . . . . . . 26,082 Sept. . . . . . . . . . . -11,072 Oct. . . . . . . . . . . . 4,819 Nov. . . . . . . . . . . . 15,307 Dec. . . . . . . . . . . . -9,454 1996 - Jan. r . . . . . . . . . . 14,018 Feb. . . . . . . . . . . . 15,451 Mar. . . . . . . . . . . . 7,025 Apr. . . . . . . . . . . . 15,751 May p . . . . . . . . . . 14,368 June p . . . . . . . . . 8,648 10,871 16,790 -364 -4,525 5,705 -915 2,651 12,615 8,681 4,748 8,253 6,482 -6,648 11,561 199 14,592 489 26,806 -360 -6,477 -70 -1,055 169 15,851 371 -11,667 -438 1,098 305 7,511 -741 1,666 611 8,873 -1,375 7,648 238 16,107 -811 294,719 239,382 274,042 235,538 256,062 252,075 196,646 280,627 321,158 259,427 224,652 268,477 223,176 Gross foreign sales (6) 2,202,249 2,585,503 2,632,341 2,847,105 1,502,256 U.S. Government corpoCorporate and other securities rations and federally Stocks sponsored agencies Bonds 1 Net Gross Net Gross Net Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross purpur- foreign purpurforeign purpur- foreign chases chases sales chases chases sales chases chases sales (7) (8) (9) (10) (11) (12) (13) (14) (15) 18,291 35,428 21,680 28,729 21,288 111,186 149,097 159,270 125,453 74,307 92,895 113,669 137,590 96,724 53,019 20,789 30,572 38,241 57,853 36,188 103,736 82,947 -5,136 134,727 104,155 21,578 130,316 92,075 1,877 168,080 110,227 11,240 118,078 81,890 10,507 272,088 2,607 11,448 8,841 6,497 16,491 207,511 2,717 10,970 8,253 6,245 12,941 247,960 4,444 11,885 7,441 3,605 12,905 246,610 5,085 12,474 7,389 5,343 15,713 251,243 1,350 10,818 9,468 5,924 15,655 236,768 3,990 12,130 8,140 6,911 19,512 206,100 -1,743 9,401 11,144 2,646 12,619 266,609 4,178 10,715 6,537 4,694 15,883 305,707 3,369 13,222 9,853 5,782 19,537 252,402 6,902 15,890 8,988 7,793 23,918 208,901 329 8,579 8,250 5,094 15,537 254,109 2,730 12,598 9,868 7,997 22,155 214,528 3,780 13,303 9,523 4,828 21,048 9,994 6,696 9,300 10,370 9,731 12,601 9,973 11,189 13,755 16,125 10,443 14,158 16,220 2,226 2,435 2,542 232 -1,368 2,932 2,107 1,626 1,177 831 4,273 1,587 1,013 221,367 319,664 350,593 462,950 305,207 226,503 298,086 348,716 451,710 294,700 45,445 42,444 41,908 44,450 41,492 42,003 46,479 43,574 52,260 55,281 53,047 57,671 43,374 43,219 40,009 39,366 44,218 42,860 39,071 44,372 41,948 51,083 54,450 48,774 56,084 42,361 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Net foreign purchases of foreign securities (1) Net foreign purchases (2) Foreign bonds Gross foreign purchases (3) 1992 . . . . . . . . . . . . . . . . . . . . . . . . 1993 . . . . . . . . . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . . . . . . . . . 1995 r . . . . . . . . . . . . . . . . . . . . . . . 1996 - Jan. - June p . . . . . . . . . . . . -47,864 -143,068 -57,295 -98,836 -54,368 -15,605 -80,377 -9,224 -48,545 -14,648 513,589 745,952 848,368 889,471 519,705 1995 - June r . . . . . . . . . . . . . . . . . . July r . . . . . . . . . . . . . . . . . . Aug. r . . . . . . . . . . . . . . . . . . Sept. r . . . . . . . . . . . . . . . . . Oct. r . . . . . . . . . . . . . . . . . . Nov. r . . . . . . . . . . . . . . . . . . Dec. r . . . . . . . . . . . . . . . . . . 1996 - Jan. r . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May p . . . . . . . . . . . . . . . . . . June p . . . . . . . . . . . . . . . . . -11,842 -12,338 -9,867 -13,471 -13,583 -8,237 -10,652 -11,018 -7,108 -16,383 -6,859 -3,582 -9,418 -7,426 -4,149 -3,911 -5,511 -8,097 -6,519 -4,050 -4,584 -1,404 -6,038 -153 -527 -1,942 96,268 67,194 71,373 81,036 76,903 78,647 80,328 84,638 95,201 93,345 81,256 82,414 82,851 Calendar year or month Net foreign purchases (5) Foreign stocks Gross foreign purchases (6) Gross foreign sales (7) 529,194 826,329 857,592 938,016 534,353 -32,259 -62,691 -48,071 -50,291 -39,720 150,051 245,490 386,106 345,540 224,817 182,310 308,181 434,177 395,831 264,537 103,694 71,343 75,284 86,547 85,000 85,166 84,378 89,222 96,605 99,383 81,409 82,941 84,793 -4,416 -8,189 -5,956 -7,960 -5,486 -1,718 -6,602 -6,434 -5,704 -10,345 -6,706 -3,055 -7,476 29,131 28,586 30,871 28,715 29,382 30,317 32,369 33,481 37,464 36,115 37,764 43,515 36,478 33,547 36,775 36,827 36,675 34,868 32,035 38,971 39,915 43,168 46,460 44,470 46,570 43,954 Gross foreign sales (4) 90 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 a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1996 Corporate bonds 1996 Corporate stocks 1996 1996 Calendar year 1995 Jan. through June Apr. through June p Calendar year 1995 Jan. through June Apr. through June p Calendar year 1995 r Jan. through June Apr. through June p Calendar year 1995 r Jan. through June Apr. through June p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czechoslovakia . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 2,454 591 -6 -36 974 -56 482 6,136 667 2,429 -1,277 603 1,891 -97 1,271 255 2 1,372 -3,881 358 -472 144 34,778 1 1,417 50,000 3,450 579 41 -122 -310 2,058 8,875 247 111 -236 1,024 -2,263 547 2,096 -103 1 -27 423 1,729 1,395 99 19,715 2,729 42,058 1,493 469 -3 -429 -291 68 4,703 21 9 98 372 -1,827 96 878 66 26 579 599 1,170 34 14,624 -533 22,222 -46 1,469 126 93 230 1,073 10 199 100 360 25 17 10 -10 28 -39 170 145 3 17,126 120 21,209 19 2,539 5 86 -86 1,558 1 -75 93 -172 223 132 -3 8 48 136 6,285 -142 10,655 19 1,330 33 32 -112 802 -28 105 27 -70 130 -4 35 66 3,001 -203 5,163 -29 -298 68 74 21 913 4,865 96 75 918 -302 1,438 87 2 8 -5 80 190 349 11 40,465 -4 87 49,109 40 185 -157 30 3,133 2,355 2 -5 1,197 -235 611 -91 27 45 -1 311 -13 63 33 18,007 46 25,583 5 90 -136 13 1,336 811 2 -5 679 -108 442 -1 -7 23 -1 193 -13 201 29 6,412 35 10,000 -89 -1,616 -6 2 4 2 -1,099 -1,837 -14 2 266 -636 3,507 10 -22 -8 3 45 -123 667 -2,283 24 8,066 3 44 4,912 154 121 -11 100 -317 650 90 55 183 -677 1,187 79 -1 -8 -3 11 9 421 1,320 -6 -283 47 3,121 24 221 -9 1 57 -6 -981 362 -3 62 80 -457 299 15 2 5 -3 28 251 556 346 12 862 Canada . . . . . . . . . . . . . . . . . . . . . . 252 4,723 958 1,006 53 89 1,563 2,060 1,536 -1,517 781 -292 2,706 2,643 -6,017 3,607 17,365 257 1,220 757 18 -70 2,511 23,459 6 2 -10 262 -2 -22 682 629 -460 -536 452 150 64 22 -29 427 -9,479 113 -1 -1 52 -301 -10 -184 -341 -6,535 4,544 98 -185 49 3 -18 -198 5,136 55 29 -22 28 549 1,144 21 -380 3 8 -73 4 -5 209 31 201 1 -3 -21 91 -9 163 129 5,686 14 11 15 3 33 203 270 118 1 -8 16 36 23 -8 20 64 -1,309 9 4 15 2 8 119 238 225 1 -2 13 24 81 550 1,887 -12 1,290 14 11 -6 -1 1 131 -197 85 2 30 25 90 99 550 305 -61 1,956 114 -19 5 -1 -36 757 57 10 10 34 26 73 689 366 -86 1,288 12 1 -18 -48 352 11 6 6 27 21 65 -48 585 -105 1,077 24 -18 -11 -6 2 85 3,989 125 -6 11 -9 34 135 -140 -542 7 1,607 -30 16 -56 5 1 107 2,448 238 -2 90 37 65 63 3 -372 27 858 7 8 3 2 1 34 1,118 165 -2 87 27 40 Country Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. -105 24 -71 168 75 -7 275 18 9 20 -2 26 48,609 -8,214 2,350 1,885 6,847 -561 4,256 3,824 2,709 5,814 3,984 2,095 CAPITAL MOVEMENTS 91 TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1996 Corporate bonds 1996 Corporate stocks 1996 1996 Calendar year 1995 Jan. through June Apr. through June p Calendar year 1995 Jan. through June Apr. through June p Calendar year 1995 r Jan. through June Apr. through June p Calendar year 1995 r Jan. through June Apr. through June p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 703 -3,405 4,887 -160 -388 1,601 16,863 2,259 6 -839 -48 -117 8,875 -546 3,075 -447 32,319 11,819 -2,966 2,101 167 829 -2,134 15,957 1,948 4 -1,384 3 287 4,665 3,008 4,409 -637 38,076 3,474 1,192 114 119 270 -1,509 7,826 1,549 3 25 -75 -656 -242 3,818 -309 15,599 855 -495 -58 2 8 91 1,069 1,800 -1 4 90 268 1,453 -152 4,934 743 -603 737 1 -3 168 896 136 4 1 178 1,069 1 139 159 3,626 598 -79 -6 1 94 424 76 169 221 1 423 75 1,997 14 -63 956 -5 -7 204 1,181 40 -3 -12 3 -11 -258 1 416 138 2,594 64 27 1,623 -2 3 103 2,607 28 -1 7 -8 769 52 -194 18 5,096 33 16 872 -2 54 2,160 26 -2 -2 1 -12 746 37 49 3,976 -11 -177 226 -15 -11 -205 -2,725 -23 15 -70 5 13 5,579 2 21 -337 -121 2,166 62 -268 -3 -48 -165 1,535 -37 21 20 6 -28 2,996 6 4 -1,206 -177 2,718 -1 62 136 -8 -52 -111 2,321 -22 5 -5 4 -26 2,279 4 5 -381 4,210 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,031 255 70 2 106 1,464 1,065 -40 -37 1 -39 950 303 -72 -50 43 224 244 -271 -1 1 -30 -57 217 26 4 4 251 140 55 4 8 207 82 91 125 1 -8 291 -13 -36 -15 -64 -17 3 1 12 -1 -5 -1 -32 4 3 4 29 2 -7 -42 5 45 7 -75 -67 -10 -2 2 30 6 7 33 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . -411 1,319 908 668 -1,227 -559 216 -854 -638 205 -135 70 -1 -191 -192 4 -121 -117 182 -6 176 -223 -142 -365 -212 -79 -291 389 -321 68 -387 380 -7 -178 -6 -184 Total foreign countries. . . . . . 133,552 77,034 40,715 29,047 21,240 6,778 57,989 36,134 17,929 11,445 10,530 6,724 9 -45 261 93 83 38 -621 29 -1,279 -36 -23 157 -1,170 11 -992 -4 21 186 -399 72 48 -19 -20 - 32 37 -61 34 6 - 4 26 31 - -148 -11 -6 34 -5 32 11 1 10 - -15 1 4 - 10 -211 -3 -1 - -124 94 7 - 12 133 4 - 439 -1,773 -1,948 -318 48 61 -136 54 -10 -205 -23 149 133,991 75,261 38,767 28,729 21,288 6,839 57,853 36,188 17,919 11,240 10,507 6,873 Country International and regional: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 3 2 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 92 CAPITAL MOVEMENTS TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Second Quarter 1996, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign pur- bonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Foreign securities Bonds Stocks (13) (14) Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . 5,742 4,971 14,354 4,752 117 399 377 3,463 1,299 2,762 2,243 32,699 20,845 30,734 18,438 863 589 1,313 1,092 8,848 4,851 10,041 3,983 17,744 7,282 2,520 1,140 1,316 1,209 584 438 1 693 569 13,060 9,841 5,894 2,496 23,189 7,761 848 463 537,391 286,793 68 5,268 4,403 719,911 385,835 21 1,500 954 89 119 868 50 280 41 120 130 9 52 127 10,984 59 15,403 17 954 27 19 2,190 1,704 9 15 975 639 722 27 3 32 372 7 1,733 31 28,642 62 38,180 Canada . . . . . . . . . . . . . . 117,124 65,725 837 3,341 13,577 26,960 6,684 114,922 7,689 145 16,862 5,984 52,533 14,735 20,658 9,809 61,673 28,058 1,263 154 1,064 921 632 300 84 46 28 7 9,209 3,552 49,780 25,423 2,189 122 163 1 148 761 35 1,460 37 29 305 2,963 74 5,197 9 32 24 2 8 193 547 572 1 14 49 130 1,506 2,518 46 3,337 26 4 16 2 289 2,199 109 7 13 66 40 229 3,668 12,055 170 13,260 179 46 17 14 7 331 14,724 909 32 112 157 216 6,507 4,852 18,279 8,831 8,413 833 42 275 15 2,350 3,062 374 31 23 343 1,038 649 547 1,983 1,728 3,408 62 19 5 6 2,494 3,825 103 91 146 80 7,369 16,737 53,608 27,842 57,362 889 1,695 555 71 32 9,132 42,126 1,701 154 37 627 1,529 69 2,779 262 136 62 186 2,023 110 15,215 224,245 87,170 10,709 7,670 44,243 58,089 16,364 Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean . . . . . Total Latin America and Caribbean. . . . See footnotes at end of table. 2,296 413 131 3,315 1,640 88 1 250 732 9 189 4,333 2,825 3,592 2,798 192 21 69 67 614 1,176 2,806 1,555 4,469 1,400 253 263 7 69 52 6 1 21 71 435 1,703 1,329 379 9,998 1,408 43 181 41,017 125,247 31 387 102 73,606 142,082 191 129 71 212 1,624 228,492 89,520 10,148 10,379 46,338 56,892 189 4,163 3,478 2,193 11,048 4,283 29 174 21 416 380 201 3,632 1,728 213 3,226 2,534 2,387 35,566 20,777 3,334 25,979 13,735 52 878 568 20 1,202 1,083 952 8,468 4,753 1,017 10,855 3,611 3,751 19,757 9,109 707 2,569 1,044 28 501 331 56 558 372 8 32 727 543 700 12,005 9,262 1,631 4,985 1,897 2,162 22,107 6,591 130 842 429 44,708 514,680 272,169 37 78 255 6,059 4,936 64,805 690,483 363,613 2 170 921 57 231 66 78 175 14 190 4 9 17 61 7,983 262 10,240 12 864 163 6 854 893 7 20 296 747 280 28 10 9 1 179 20 1,532 2 22,230 27 28,180 389 113 3,094 1,614 9 144 5 193 303 15 252 5,314 3,839 3,230 3,895 195 30 7 5 534 1,384 3,263 1,541 4,170 3,028 238 644 5 62 47 22 4 21 75 407 1,465 1,078 505 9,442 1,332 43 172 40,671 120,334 6 375 113 72,744 140,883 169 1,023 21 31 324 362 4,551 4,160 78 9 1,326 1,679 2,980 615 93 108 4 83 683 1,468 3,149 196 51,293 72 346 74,823 64,767 748 1,805 13,869 25,573 8,160 155 6,168 15,076 16,344 23,514 56 1,106 251 43 25 3,750 20,287 67 1 6 59 6 313 2,943 10 6,506 28 9 74 309 347 2 1 25 57 817 2,152 132 2,049 14 3 34 2 337 1,847 98 1 7 39 19 166 3,665 12,427 143 12,402 172 38 14 12 6 297 13,606 744 34 25 130 176 6,076 5,240 18,167 8,668 9,558 543 434 245 8 2,345 2,863 342 9 2 349 1,217 909 534 2,843 2,545 3,333 104 86 2 6 1 2,329 3,214 103 109 1 102 33 CAPITAL MOVEMENTS 93 TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Second Quarter 1996, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign pur- bonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) Foreign securities Bonds Stocks (13) (14) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries . . . . . . . . International and regional: International . . . . . . . . . European regional . . . . Latin American regional . . . . . . . . . . . Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . 10,015 8,889 3,408 2,385 31,438 18,043 568 419 1,106 622 2,794 2,122 117,850 78,384 3,825 2,470 98 4 2,100 1,457 57 2 747 62 38,344 28,041 11 3,790 3,282 15,840 10,266 231,991 156,448 818 137 575 1 121 3,062 199 6 171 599 20 1,756 7,465 74 25 1,206 70 3,075 69 1 2 1 12 897 1,063 6,495 35 537 1,908 46 51 245 9,217 24 72 58 22 62 4,047 10 25 2,404 18,763 162 74 4,014 9 110 74 6,639 452 19 22 2 228 2,738 87 159 14,789 37 250 5,692 93 323 162 17,473 611 2 555 30 212 2,022 1 376 192 28,031 5,775 5,415 2,309 1,193 31,802 17,929 568 300 1,051 352 4,532 3,631 108,292 70,558 3,751 921 78 1 2,375 1,432 54 2 1,055 137 35,472 28,697 7 4,162 3,524 12,695 6,757 213,978 140,849 220 216 581 27 2,638 123 6 2 378 19 1,258 5,468 41 9 334 2 16 915 43 3 4 24 151 977 2,519 36 475 1,772 54 103 356 6,896 46 67 63 18 88 1,768 6 20 2,785 14,553 38 87 5,386 5 244 192 7,195 1,279 7 153 496 2,588 297 549 18,516 25 329 5,800 207 352 310 20,090 1,339 717 34 308 1,890 1 302 369 32,073 548 533 6 219 542 1,848 303 10 3 215 531 140 236 4 8 388 15 32 1 13 61 84 132 5 42 134 397 2 111 37 66 216 4 12 1 132 106 255 180 10 551 9 417 386 1,553 82 53 172 307 181 181 32 29 1 62 94 134 3 12 121 364 4 1 113 58 12 188 50 9 12 6 294 80 451 13,631 1,889 5,607 563 112 62 209 45 664 253 4,575 871 2,464 95 14,040 3,159 5,391 1,417 108 183 421 124 842 259 4,739 839 2,539 337 15,520 6,170 174 254 917 5,446 2,559 17,199 6,808 291 545 1,101 5,578 2,876 1,314,886 704,229 34,415 58,710 153,598 246,385 117,549 1,262,380 663,514 27,637 40,781 146,874 248,827 134,747 11,842 78 11,539 69 6 - 3 - 31 - 98 9 165 - 13,077 73 12,709 58 2 - 18 - 19 - 113 15 216 - 588 222 40 65 124 40 27 32 - 14 13 - 454 9 - 28 1 - 43 - 1,577 177 19 1,057 128 19 1 1 - 13 9 - 321 5 - 185 3 - 31 - 239 239 - - - - - 53 53 - - - - - 13,009 12,076 65 30 494 136 208 14,976 14,024 4 40 345 316 247 1,327,895 716,305 34,480 58,740 154,092 246,521 117,757 1,277,356 677,538 27,641 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 40,821 147,219 249,143 134,994 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 94 CAPITAL MOVEMENTS TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1995 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czechoslovakia . . . . . . Denmark. . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom. . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . Canada . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean . . . . . Total Latin America and Caribbean. . . . See footnotes at end of table. Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate purbonds sponsored and other chases & notes agencies Bonds Stocks (1) (2) (3) (4) (5) 16,908 14,662 41,402 16,138 272 43 3,487 3,379 20,408 11,853 16,920 15,332 128,790 84,323 103,199 67,988 6,335 4,994 4,522 4,010 24,637 14,572 35,717 16,281 67,914 35,131 11,455 7,398 4,600 4,358 2,493 2,101 5 2 14,506 14,150 31,560 23,113 18,127 6,154 67,740 22,703 2,600 1,901 1,968,652 1,156,450 27 1 21,596 19,095 2,613,872 1,546,132 Foreign securities Bonds Stocks (6) (7) Total sales (8) 7 123 1,321 395 400 14,906 3,678 3,983 9,175 6,367 2,061 43,210 16 213 347 76 2 21 9 3,491 4,021 185 936 2,548 865 20,213 118 26 68 493 883 17,875 871 3,469 10,367 19,679 10,081 128,696 1,533 7,635 9,595 5,816 10,632 93,862 17 129 549 497 149 5,425 219 190 19 50 34 1,761 914 2,543 1,595 3,103 1,910 24,541 724 620 9,745 4,757 3,590 38,122 1,281 2,264 17,435 3,004 8,799 65,096 26 101 657 2,237 1,036 12,397 10 3 5 205 19 3,399 8 61 81 38 204 2,445 3 35 13 174 104 30 13,369 45 618 1,232 3,364 3,188 38,141 199 321 3,233 4,188 4,032 18,998 492 4,304 29,490 4,191 6,560 71,359 27 28 213 217 214 2,404 38,295 93,921 126,800 421,054 132,132 1,896,901 22 4 23 295 196 1,395 480 135 19,786 52,815 120,809 224,128 483,021 186,967 2,536,767 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate bonds sponsored and other & notes agencies Bonds Stocks (9) (10) (11) (12) 12,208 15,547 49 3,415 10,879 15,388 83,841 61,852 4,327 1,581 15,849 15,678 33,240 7,495 3,087 1,846 12,778 26,994 5,796 23,175 1,757 1,121,672 17,678 1,496,132 53 2,209 3,895 25 641 460 7 20 814 364 1,256 9 18 7 84 29 347 24 21,169 175 31,606 Foreign securities Bonds Stocks (13) (14) 152 1,410 499 584 4,281 10,791 8,519 1,863 22 273 3 8 33 35 111 932 3,218 1,178 5 66 1,217 1,174 2,556 11,466 18,698 11,494 2,770 11,432 6,334 11,014 33 563 268 227 115 17 28 1,625 1,329 2,683 2,241 922 10,381 5,639 5,138 826 13,928 6,153 9,693 14 647 2,456 1,776 1 27 200 84 53 89 36 403 18 129 360 77 538 1,355 4,711 4,459 131 2,566 3,613 6,863 3,955 31,773 4,752 7,357 17 189 73 344 53,456 118,734 440,053 141,817 4 19 109 1,351 344 129 71,700 219,216 510,132 207,981 477,897 217,755 2,249 7,310 47,195 181,345 22,043 484,545 217,503 1,243 5,747 48,712 189,525 21,815 16,176 51,384 194,738 30,287 199,234 3,952 4,441 2,041 305 196 23,323 184,553 5,613 504 174 2,380 5,856 4,195 22,863 82,441 9,094 114,832 1,864 3,982 1,521 194 90 8,100 114,484 399 3 7 456 2,801 103 3,308 10,634 175 20,577 37 87 77 5 8 385 1,663 1,014 1 5 22 121 262 2,964 7,585 101 5,952 116 40 14 6 4 416 5,062 397 10 35 115 133 599 10,787 39,442 402 34,934 414 168 53 70 86 1,402 41,414 2,583 71 38 241 692 9,646 10,373 46,173 17,163 16,498 1,025 65 373 21 8 5,292 8,913 907 54 89 1,385 2,001 1,371 1,089 8,463 3,352 6,441 496 99 3 9 7,728 13,017 313 365 161 108 14,181 48,658 199,123 29,423 180,122 3,588 3,574 2,513 284 273 21,477 156,057 5,129 640 99 2,031 5,370 1,489 20,220 88,458 5,487 97,467 1,607 2,762 764 176 160 5,589 91,025 393 1 17 194 2,803 75 2,759 9,490 154 20,957 34 79 150 1 13 176 1,632 813 8 22 142 181 2,414 5,698 113 4,662 102 29 20 7 3 285 5,259 312 8 5 90 43 534 10,835 38,857 507 33,857 390 186 64 76 84 1,317 37,425 2,458 77 27 250 658 10,133 11,206 48,978 18,408 16,529 857 299 1,505 12 13 6,223 7,505 885 102 42 1,333 1,657 1,769 1,224 7,642 4,754 6,650 598 219 10 12 7,887 13,211 268 452 142 67 6,750 877 647 550 809 3,771 96 6,435 982 479 275 789 3,822 88 731,907 368,203 38,869 23,762 134,205 123,757 43,111 678,977 319,594 36,984 19,506 128,391 129,509 44,993 CAPITAL MOVEMENTS 95 TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 1995, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 25,920 8,367 116,552 492 4,619 15,435 616,554 11,085 176 6,218 215 2,235 135,131 35 9,142 66,271 1,018,447 23,465 5,061 77,871 131 3,582 13,630 464,283 5,965 20 2,980 62 1,215 108,087 7,493 46,238 760,083 1,182 383 1,874 2 11 243 16,676 2,110 36 4 118 1,468 5,253 29,360 130 54 1,713 9 1 276 6,945 171 1 20 7 13 1,965 6 3,553 14,864 148 1,548 6,599 150 153 642 20,997 125 120 247 76 264 10,947 25 90 9,483 51,614 930 941 9,991 16 115 184 55,579 922 27 375 252 8,635 203 733 78,903 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 2,001 16 1,844 28 1,029 1,458 6,376 1,303 490 204 606 2,603 269 413 50 732 143 182 130 24 479 157 382 10 30 478 1,057 78 342 16 235 74 745 51 16 35 2 430 226 760 48,013 12,670 20,393 7,666 296 530 631 89 3,951 624 15,180 2,609 60,683 28,059 826 720 4,575 17,789 Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional: International . . . . . . . . . European regional . . . . Latin American regional . . . . . . . . . . . Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . Total sales (8) 65 24,794 380 12,065 18,504 112,112 184 1,104 757 5,777 460 14,784 52,074 625,238 1,792 8,875 8 147 2,560 8,970 66 262 373 3,129 4,029 120,651 10 29 1,350 9,977 1,011 62,576 83,623 1,010,490 Gross sales by foreigners Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign bonds sponsored and other securities & notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) 22,762 8,466 72,984 291 3,970 12,029 447,420 3,706 14 3,819 110 1,332 99,212 8,039 43,610 727,764 327 878 1,932 3 152 15,607 310 37 28 1,200 3,952 24,426 116 117 757 14 8 72 5,764 131 4 32 4 24 2,223 5 2,999 12,270 159 1,725 6,373 165 164 847 23,722 148 105 317 71 251 5,368 23 69 9,941 49,448 1,205 225 344 535 9,383 20,683 107 527 188 1,444 678 1,006 61,179 71,546 1,151 3,429 21 3 2,350 2,415 1 76 630 864 7,765 4,883 1 5 524 1,340 991 1,083 86,518 110,064 651 23 1,815 28 1,169 1,317 5,003 272 235 134 498 1,139 25 684 1 79 789 61 91 5 31 188 162 1 414 6 27 445 1,055 36 356 20 199 101 712 95 22 35 1 804 163 1,120 7,562 1,152 47,659 11,739 20,804 6,347 91 665 449 95 3,562 945 14,232 2,628 8,521 1,059 8,714 59,398 27,151 756 544 4,507 16,860 9,580 4,909,182 2,922,835 124,851 167,944 462,774 885,560 345,218 4,775,180 2,789,283 95,804 109,955 451,329 933,256 395,553 50,454 523 46,656 349 317 72 17 - 84 - 3,083 102 297 - 51,352 411 46,647 394 716 - 165 - 74 - 3,483 17 267 - 9,561 1,572 412 8,941 1,116 313 130 24 59 44 35 40 76 16 - 370 356 - 25 - 9,971 1,146 699 8,680 1,023 230 82 43 79 55 41 6 287 19 1 867 10 383 10 - 886 886 - - - - - 854 848 - 5 - - 1 63,408 58,261 602 136 176 3,911 322 64,433 57,822 920 272 381 4,760 278 4,972,590 2,981,096 125,453 168,080 462,950 889,471 345,540 4,839,613 2,847,105 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 96,724 110,227 451,710 938,016 395,831 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia, and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 96 CAPITAL MOVEMENTS CHART CM-D.--Net Purchases of Long-Term Foreign Securities by U.S. Investors * (In billions of dollars) (Note: To facilitate comparison of net purchases during 1996 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars] Type Foreign bonds . . . . . . . . . . . . . . . Foreign stocks . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . 1980-89 1 4,883 2,834 7,717 1993 80,377 62,691 143,068 1994 9,224 48,071 57,295 1995 48,545 50,291 98,836 Jan. - Jun. 1996 Apr. - Jun. 1996 14,648 2,622 39,720 17,237 54,368 19,859 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 1 Annual average. U.S. net purchases of foreign bonds and stocks in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity throughout the 1980’s. The robust growth in U.S. net purchases of foreign securities is due largely to a trend toward international diversification among U.S. institutional investors. The table presents aggregate net purchases on an annual average basis for 1980 through 1989, on an annual basis for 1993 through 1995, and on a year-to-date and most recent quarter basis for 1996. Although total purchases remain strong, net purchases of foreign bonds have proved relatively weak through the first half of 1996. Second quarter activity was especially sluggish. U.S. net purchases of foreign stocks, however, accelerated rapidly through the first half of the year. On an annualized basis, net purchases of foreign stocks in each of the first two quarters of 1996 have surpassed the record pace of net purchases in 1993. FOREIGN CURRENCY POSITIONS 97 INTRODUCTION: Foreign Currency Positions The ‘‘Treasury Bulletin’’ publishes series on foreign currency holdings of large foreign exchange market participants. The series provide information on positions in derivative instruments, such as foreign exchange futures and options, that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, German mark, Japanese yen, Swiss franc, and pound sterling). U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (‘‘Monthly Consolidated Foreign Currency Report’’). A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $1 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). Exemptions from filing the quarterly report are given to major nonbank market participants that file weekly and monthly reports, and banking institutions that file FFIEC 035 reports. This information is published in five sections corresponding to each of the major currencies covered by the reports. Tables I-1 through V-1 present the foreign currency data reported weekly by major market participants. Tables I-2 through V-2 present more detailed currency data of major market participants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. Principal exchanged under cross currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal is also separately noted on monthly and quarterly reports. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. 98 FOREIGN CURRENCY POSITIONS SECTION I.--Canadian Dollar Positions TABLE FCP-I-1.--Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 218,659 218,787 215,273 214,039 212,196 207,811 207,113 208,210 209,205 203,264 209,028 196,542 196,466 191,324 187,728 200,767 200,766 187,478 192,508 192,613 187,792 195,223 187,547 195,292 184,008 182,008 Exchange rate (Canadian dollars per U.S. dollar) (4) 1.3537 1.3657 1.3646 1.3711 1.3741 1.3672 1.3803 1.3777 1.3775 1.3695 1.3686 1.3601 1.3634 1.3579 1.3575 1.3570 1.3656 1.3614 1.3670 1.3773 1.3728 1.3762 1.3658 1.3671 1.3685 1.3605 Net options positions (3) -2,478 -2,714 -2,678 -2,469 -2,726 -2,468 -2,280 -2,376 -2,256 -2,832 -3,114 -3,148 -2,891 -3,007 -2,888 -3,462 -3,208 -3,232 -3,216 -2,797 -3,116 -3,006 -2,852 -2,904 -2,457 -2,332 Sold (2) 211,215 213,539 209,358 209,011 206,225 201,977 201,204 202,124 207,822 197,449 202,710 189,886 189,207 184,537 180,672 194,468 193,273 181,611 185,438 187,832 183,352 190,927 183,933 191,488 181,032 178,127 TABLE FCP-I-2.--Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 170,552 197,500 210,101 222,737 278,621 266,541 220,483 219,594 211,560 191,613 192,615 193,386 182,857 168,063 194,495 205,626 219,004 275,970 263,402 218,270 216,495 207,231 190,724 192,439 195,060 185,075 42,517 46,280 45,864 46,366 53,312 44,019 46,532 52,386 48,854 52,846 59,506 51,873 54,681 44,077 45,288 43,755 44,822 51,338 42,400 44,497 50,272 45,320 50,254 55,815 48,878 50,748 11,489 13,665 15,941 15,618 19,904 16,917 12,594 13,755 13,736 14,142 14,116 15,150 16,874 11,681 15,386 17,658 17,683 21,528 19,332 14,271 15,438 15,589 15,017 15,529 15,980 14,668 11,521 13,480 14,606 15,526 21,595 21,441 17,244 17,691 18,412 16,819 18,102 18,125 15,284 9,574 11,516 13,132 13,698 18,806 17,800 14,008 14,165 13,646 13,350 14,864 15,408 12,584 -1,354 -2,033 -2,140 -2,849 -2,874 -2,912 -2,395 -2,678 -2,630 -2,621 -3,256 -2,453 n.a. 71,264 71,184 71,654 74,738 74,791 77,606 77,764 80,188 81,498 78,026 77,427 78,349 80,771 1.4030 1.3641 1.3441 1.3426 1.3452 1.3610 1.3646 1.3741 1.3708 1.3595 1.3621 1.3690 1.3639 Exchange rate (Canadian dollars per U.S. dollar) (11) 1.3835 1.3435 1.4030 1.3996 1.3727 1.3426 1.3646 1.3595 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - July. . . . . . . . Aug. . . . . . . . Sept.. . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) TABLE FCP-I-3.--Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 39,719 42,737 38,697 39,610 37,915 45,225 40,940 37,455 38,881 40,219 37,175 37,364 34,162 37,086 37,896 33,031 59,441 57,946 48,219 48,269 54,224 58,059 56,387 46,802 56,447 50,298 43,109 43,919 49,566 53,278 53,606 42,513 5,191 5,600 3,501 3,333 3,326 3,944 3,712 6,581 4,156 4,487 2,873 2,651 3,219 3,490 3,638 6,865 2,983 3,217 3,632 2,872 2,886 4,055 4,931 7,882 3,068 3,228 3,054 2,432 2,285 2,436 3,440 5,169 193 691 -298 310 575 608 98 -293 13,784 14,209 14,637 15,770 15,363 15,816 14,974 11,179 Spot, forward, and future contracts Report date 1994 - June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . Non-capital items Calls Puts FOREIGN CURRENCY POSITIONS 99 SECTION II.--German Mark Positions TABLE FCP-II-1.--Weekly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 1,514,848 1,559,063 1,669,637 1,614,816 1,600,559 1,612,725 1,634,955 1,724,407 1,672,048 1,612,279 1,659,551 1,625,733 1,571,098 1,526,295 1,635,757 1,565,073 1,641,587 1,782,484 1,659,348 1,644,314 1,707,227 1,669,846 1,702,746 1,635,476 1,675,169 1,653,353 Exchange rate (Deutsche marks per U.S. dollar) (4) 1.4463 1.4367 1.4720 1.4848 1.4900 1.4778 1.4648 1.4499 1.4667 1.4771 1.4708 1.4740 1.4860 1.4830 1.4978 1.5064 1.5206 1.5366 1.5175 1.5334 1.5435 1.5482 1.5309 1.5335 1.5219 1.5270 Net options positions (3) 5,979 9,208 7,434 6,572 7,060 9,702 10,333 10,501 9,296 7,238 7,652 9,179 10,803 9,379 7,317 6,244 10,567 12,048 14,957 14,386 13,645 12,749 11,438 9,910 8,747 8,000 Sold (2) 1,505,574 1,559,332 1,669,954 1,611,581 1,598,753 1,606,496 1,643,101 1,731,267 1,682,528 1,625,530 1,663,699 1,634,622 1,583,192 1,534,854 1,647,952 1,574,905 1,659,365 1,799,252 1,677,988 1,669,332 1,732,081 1,689,980 1,712,967 1,654,128 1,684,892 1,664,444 TABLE FCP-II-2.--Monthly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . Purchased (1) 1,652,725 1,639,921 1,799,378 1,739,516 1,661,290 1,720,784 1,401,280 1,643,837 1,676,011 1,577,310 1,709,850 1,773,912 1,659,045 Sold (2) 1,656,590 1,622,436 1,787,245 1,718,769 1,647,435 1,704,012 1,389,800 1,640,570 1,684,827 1,591,989 1,727,707 1,797,102 1,671,359 Non-capital items Assets (3) 171,778 191,039 203,692 202,909 204,462 195,514 194,640 244,345 250,008 239,743 255,201 222,262 223,021 Liabilities (4) 173,397 202,785 217,513 214,645 210,599 204,369 205,836 251,491 253,568 243,594 259,203 229,276 229,763 Calls Puts Bought (5) Written (6) Bought (7) Written (8) 186,072 215,241 244,280 232,296 240,801 242,923 200,726 242,954 240,993 232,172 249,552 292,005 359,485 172,292 205,812 230,577 222,975 234,777 240,411 199,284 228,308 232,415 227,185 239,877 273,891 283,513 214,518 246,303 285,745 269,409 274,263 278,358 239,785 276,165 276,208 263,391 294,513 338,745 396,679 256,228 274,214 310,152 282,682 289,897 293,319 258,091 292,536 287,101 274,710 308,450 335,329 332,681 Net delta equivalent (9) 14,686 10,592 10,776 6,928 4,356 4,384 4,088 6,695 8,357 9,907 11,260 11,753 7,270 Cross currency interest rate swaps (10) 195,003 207,797 211,486 208,361 213,583 221,223 220,050 250,805 257,499 258,772 260,277 274,582 281,078 Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5495 1.3869 1.4680 1.4280 1.4090 1.4466 1.4385 1.4900 1.4735 1.4769 1.5314 1.5238 1.5250 TABLE FCP-II-3.--Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . Purchased (1) Sold (2) 372,839 347,408 304,637 301,610 275,411 291,202 232,935 239,454 354,105 332,738 287,651 273,531 273,485 309,101 242,840 248,946 Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 89,100 90,389 104,055 105,483 103,983 106,063 110,323 105,293 44,654 33,661 29,435 30,803 21,738 19,385 13,902 15,590 44,964 32,350 35,758 32,772 23,370 21,080 13,509 12,791 44,280 34,487 40,778 41,500 39,604 29,982 23,934 28,335 44,355 36,306 37,624 31,069 32,021 26,246 17,298 17,958 1,505 772 -2,952 -5,248 -4,392 -2,916 -2,533 -3,755 15,328 16,932 20,179 21,213 22,187 25,280 27,119 18,634 Non-capital items Assets (3) 92,839 93,524 103,734 107,995 109,893 110,314 116,608 107,580 Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 1.5874 1.5520 1.5495 1.3746 1.3828 1.4280 1.4385 1.4769 100 FOREIGN CURRENCY POSITIONS SECTION III.--Japanese Yen Positions TABLE FCP-III-1.--Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 128,314 130,257 130,955 128,567 129,718 131,352 136,973 138,867 146,336 133,355 139,945 137,257 136,040 130,180 132,575 130,516 131,348 131,632 129,984 133,231 128,545 136,752 134,912 135,024 136,854 138,245 Exchange rate (Yen per U.S. dollar) (4) 104.9500 104.9000 105.7000 106.9800 107.1300 106.1100 106.3500 104.9900 104.5800 105.4500 105.1500 106.4000 106.6000 107.0600 108.4200 108.2800 106.5600 105.3800 105.2500 106.9800 107.2000 108.7000 109.0700 109.1200 107.9900 109.5500 Net options positions (3) 1,195 1,159 1,223 1,159 1,128 1,016 971 1,067 819 854 1,050 873 1,004 900 823 837 871 797 767 629 919 869 688 912 887 824 Sold (2) 131,654 133,354 133,878 131,689 131,823 133,796 139,283 141,062 148,232 135,424 142,091 139,554 138,332 132,628 134,607 132,215 133,359 133,419 131,673 135,263 130,366 138,927 137,260 137,496 139,386 140,831 TABLE FCP-III-2.--Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 121,520 114,240 130,612 132,427 133,583 132,164 119,445 130,916 133,890 131,118 137,749 134,984 138,772 123,174 116,304 132,908 134,518 136,121 134,987 122,102 133,396 136,010 133,435 139,788 136,765 141,404 16,336 19,748 20,527 21,585 21,641 21,389 21,177 20,208 20,571 19,877 20,951 19,746 22,592 15,781 19,137 19,819 20,576 20,373 19,804 20,459 19,525 19,829 19,362 19,785 18,772 21,841 11,361 12,361 15,356 15,241 14,515 14,378 13,939 14,836 15,895 14,464 16,428 17,084 16,512 10,530 11,555 14,535 15,569 14,019 13,801 13,161 14,090 15,176 14,137 16,056 16,506 16,394 13,131 26,973 21,821 22,163 21,534 20,026 19,205 20,311 21,300 19,810 21,436 22,829 20,925 14,793 29,540 23,245 24,163 22,867 21,301 20,603 21,572 22,277 20,839 22,288 23,592 21,920 1,234 1,014 1,242 1,101 985 1,188 1,256 1,082 755 904 825 626 829 30,578 31,866 34,247 34,732 34,322 35,616 35,992 39,220 39,615 38,733 40,472 42,524 43,446 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - July. . . . . . . . Aug. . . . . . . . Sept.. . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 99.6000 88.4000 97.4500 99.6500 102.1200 102.1000 103.4200 107.1300 105.3000 107.3100 105.1900 108.1500 109.7500 TABLE FCP-III-3.--Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 16,180 15,318 16,042 19,372 17,163 18,902 16,673 15,106 17,300 16,817 18,154 19,898 17,847 20,715 17,835 17,365 6,259 6,337 5,932 4,451 4,583 5,286 5,822 7,085 4,810 5,253 5,547 4,473 4,374 4,681 5,102 6,472 2,473 2,054 2,533 1,531 1,353 1,539 1,026 948 2,580 2,645 3,045 1,514 1,417 1,679 1,100 952 3,169 3,517 3,524 3,404 3,016 3,312 2,946 2,081 3,198 2,697 2,736 2,206 1,878 2,258 1,509 1,131 -68 -352 -302 24 -137 -563 -1,014 -481 3,239 3,529 3,758 4,404 4,409 5,032 5,379 3,286 Spot, forward, and future contracts Report date 1994 - June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 98.6000 99.2000 99.6000 86.6000 84.7300 99.6500 103.4200 107.3100 FOREIGN CURRENCY POSITIONS 101 SECTION IV.--Swiss Franc Positions TABLE FCP-IV-1.--Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) 315,444 320,911 347,001 330,397 362,656 368,708 360,213 369,619 377,628 358,677 378,598 343,226 331,362 318,505 348,719 351,009 349,332 377,276 374,651 374,141 414,790 401,268 398,446 417,549 405,399 417,093 Exchange rate (Francs per U.S. dollar) (4) 1.1658 1.1610 1.1900 1.1930 1.2140 1.2075 1.1965 1.1840 1.1956 1.2017 1.1882 1.1932 1.1979 1.1971 1.2149 1.2274 1.2309 1.2514 1.2346 1.2539 1.2690 1.2740 1.2580 1.2639 1.2530 1.2577 Net options positions (3) n.a. n.a. n.a. n.a. 6,030 5,938 5,147 5,768 6,335 6,349 6,372 6,745 7,137 7,165 5,769 7,110 7,512 8,357 9,500 8,957 9,248 10,429 10,627 10,102 10,337 9,755 Sold (2) 319,271 325,836 351,098 334,910 368,716 376,732 365,911 375,474 384,404 364,986 384,405 349,033 338,627 324,873 357,620 359,925 359,007 386,501 384,102 384,486 426,621 412,565 404,381 427,656 415,354 430,121 TABLE FCP-IV-2.--Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . Non-capital items Calls Puts Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 322,798 317,312 350,391 362,668 330,737 364,568 303,365 371,472 388,650 328,706 372,832 423,618 422,205 328,968 320,646 356,093 369,289 338,283 371,464 309,490 376,416 395,181 334,043 379,661 432,475 433,067 24,890 25,149 24,542 26,589 27,040 25,007 25,274 24,750 23,408 21,963 24,094 22,465 22,627 26,361 27,941 28,966 30,097 30,295 28,322 30,477 29,111 27,313 25,509 25,843 26,981 27,125 35,863 30,912 34,268 34,828 40,185 41,473 33,752 36,115 44,698 36,757 43,190 51,448 52,771 31,307 25,430 30,652 31,043 34,178 37,558 31,297 34,881 41,405 33,561 37,853 46,168 46,853 30,497 30,247 35,851 34,186 39,858 41,056 27,594 38,215 41,263 37,726 45,228 53,405 53,823 30,940 32,576 35,259 40,204 44,878 48,378 31,562 42,034 42,147 40,183 48,781 59,700 60,985 4,223 6,135 5,629 6,942 6,343 5,907 n.a. 5,624 6,399 7,145 7,755 10,511 11,183 Cross currency interest rate swaps (10) 132,369 121,742 122,940 118,553 117,606 114,942 112,346 113,743 113,268 100,122 100,058 100,602 98,403 Exchange rate (Francs per U.S. dollar) (11) 1.3100 1.1530 1.2025 1.1550 1.1370 1.1775 1.1545 1.2140 1.2019 1.1910 1.2445 1.2500 1.2545 TABLE FCP-IV-3.--Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date 1994 - June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . Purchased (1) 53,943 44,637 38,500 44,619 33,662 44,152 32,493 34,563 Sold (2) 47,367 37,273 32,752 34,524 24,077 34,781 23,675 29,557 Non-capital items Assets (3) 13,404 13,511 14,611 14,014 14,736 14,252 13,572 14,414 Liabilities (4) 13,548 13,861 14,809 14,218 15,134 15,075 14,755 17,517 Calls Bought (5) 4,690 3,476 2,413 1,535 1,531 2,338 1,217 582 Written (6) 3,937 2,807 2,473 1,872 1,931 2,395 1,264 717 Puts Bought (7) 4,896 3,542 2,766 2,882 2,528 3,195 2,070 2,558 Written (8) 5,120 3,217 2,089 1,542 1,969 2,663 1,559 1,193 Net delta equivalent (9) 512 386 -132 155 136 -162 -74 -126 Cross currency interest rate swaps (10) 15,624 17,418 19,497 20,160 20,203 21,170 20,652 17,109 Exchange rate (Francs per U.S. dollar) (11) 1.3335 1.2880 1.3100 1.1325 1.1500 1.1550 1.1545 1.1910 102 FOREIGN CURRENCY POSITIONS SECTION V.--Sterling Positions TABLE FCP-V-1.--Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date 01/03/96. . . . . . . . . . . . . . . . . . . . . . . 01/10/96. . . . . . . . . . . . . . . . . . . . . . . 01/17/96. . . . . . . . . . . . . . . . . . . . . . . 01/24/96. . . . . . . . . . . . . . . . . . . . . . . 01/31/96. . . . . . . . . . . . . . . . . . . . . . . 02/07/96. . . . . . . . . . . . . . . . . . . . . . . 02/14/96. . . . . . . . . . . . . . . . . . . . . . . 02/21/96. . . . . . . . . . . . . . . . . . . . . . . 02/28/96. . . . . . . . . . . . . . . . . . . . . . . 03/06/96. . . . . . . . . . . . . . . . . . . . . . . 03/13/96. . . . . . . . . . . . . . . . . . . . . . . 03/20/96. . . . . . . . . . . . . . . . . . . . . . . 03/27/96. . . . . . . . . . . . . . . . . . . . . . . 04/03/96. . . . . . . . . . . . . . . . . . . . . . . 04/10/96. . . . . . . . . . . . . . . . . . . . . . . 04/17/96. . . . . . . . . . . . . . . . . . . . . . . 04/24/96. . . . . . . . . . . . . . . . . . . . . . . 05/01/96. . . . . . . . . . . . . . . . . . . . . . . 05/08/96. . . . . . . . . . . . . . . . . . . . . . . 05/15/96. . . . . . . . . . . . . . . . . . . . . . . 05/22/96. . . . . . . . . . . . . . . . . . . . . . . 05/29/96. . . . . . . . . . . . . . . . . . . . . . . 06/05/96. . . . . . . . . . . . . . . . . . . . . . . 06/12/96. . . . . . . . . . . . . . . . . . . . . . . 06/19/96. . . . . . . . . . . . . . . . . . . . . . . 06/26/96. . . . . . . . . . . . . . . . . . . . . . . Purchased (1) Sold (2) Net options positions (3) 284,771 292,006 294,510 301,705 304,126 310,019 316,073 320,418 318,814 316,508 320,193 305,397 322,523 299,727 278,709 281,604 277,962 295,547 289,335 281,665 281,293 287,205 289,546 304,766 275,486 285,908 281,719 287,758 291,603 300,502 303,287 309,178 314,462 317,684 317,123 314,401 318,112 302,951 317,784 296,451 276,829 279,864 277,323 294,502 287,854 279,895 279,907 284,470 287,139 300,115 275,007 285,141 1,359 1,173 1,305 1,046 1,206 1,478 1,259 1,529 1,790 1,439 1,679 1,615 1,035 1,522 706 1,223 1,569 1,606 1,951 1,691 1,735 2,109 1,580 1,315 1,402 1,974 Exchange rate (U.S. dollars per pound) (4) 1.5512 1.5465 1.5210 1.5110 1.5120 1.5367 1.5418 1.5438 1.5326 1.5294 1.5235 1.5388 1.5185 1.5247 1.5126 1.5095 1.5150 1.4922 1.5235 1.5125 1.5085 1.5124 1.5480 1.5353 1.5440 1.5401 TABLE FCP-V-2.--Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 266,836 334,628 334,022 305,414 288,201 332,306 285,039 311,283 322,318 301,321 290,220 299,506 289,658 264,375 332,054 329,891 302,914 285,928 327,875 280,494 309,276 318,942 297,302 287,636 297,708 289,140 48,055 52,807 49,796 51,154 53,700 54,224 53,633 63,042 60,063 62,670 67,772 60,105 64,406 51,191 52,156 52,763 53,547 55,422 60,089 58,713 65,948 63,872 65,079 71,375 66,019 68,953 19,335 22,602 27,200 22,906 22,414 26,188 20,451 24,996 29,083 27,505 36,198 43,912 47,078 19,627 22,857 26,593 22,641 22,027 25,546 20,231 25,775 27,607 26,304 35,442 42,422 49,810 16,695 20,675 22,410 19,316 20,285 24,548 21,389 27,246 25,010 24,926 28,445 34,609 39,878 18,416 22,412 24,009 20,857 22,748 27,259 23,368 29,764 29,011 27,827 32,834 39,439 44,732 663 645 -31 552 1,393 1,315 1,976 1,299 1,905 1,231 1,653 2,054 2,330 48,456 51,535 51,969 51,500 50,923 51,212 50,681 51,969 51,699 51,741 53,187 53,757 55,190 1.5665 1.5960 1.5496 1.5825 1.5805 1.5320 1.5500 1.5120 1.5305 1.5261 1.5069 1.5510 1.5518 Exchange rate (U.S. dollars per pound) (11) 1.5435 1.5760 1.5665 1.6215 1.5945 1.5825 1.5500 1.5261 Spot, forward, and future contracts Report date 1994 - Dec. . . . . . . . 1995 - July . . . . . . . . Aug. . . . . . . . Sept. . . . . . . . Oct.. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1996 - Jan.. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr.. . . . . . . . May. . . . . . . . June . . . . . . . Non-capital items Calls Puts Exchange rate (U.S. dollars per pound) (11) TABLE FCP-V-3.--Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 45,478 47,811 43,912 36,795 38,179 33,854 32,742 33,512 46,147 47,759 42,884 36,084 39,074 36,205 39,024 37,914 33,981 34,595 36,089 35,549 37,724 38,420 39,447 37,611 29,757 30,518 31,884 30,824 31,873 32,227 32,647 30,769 3,505 3,725 3,369 3,328 3,168 2,207 2,043 2,047 3,581 3,937 3,317 3,712 3,623 2,064 2,353 2,332 4,671 5,338 3,846 4,469 3,976 2,947 2,804 3,337 3,841 4,308 2,765 2,736 2,611 1,947 1,820 1,892 -366 -585 -495 -239 -327 -309 -240 -593 4,798 4,934 6,530 6,389 6,468 6,911 7,233 5,198 Spot, forward, and future contracts Report date 1994 - June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1995 - Mar. . . . . . . . June . . . . . . . Sept. . . . . . . . Dec. . . . . . . . 1996 - Mar. . . . . . . . Non-capital items Calls Puts EXCHANGE STABILIZATION FUND 103 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 822a), which authorized establishment of a Treasury Department fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (losses) for the fund are profits (losses) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the IMF. Gains and losses are reflected in the cumulative net income (loss) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents computed according to the accrual method. ‘‘Profit (loss) on foreign exchange’’ includes realized profits or losses. ‘‘Adjustment for change in valuation of SDR holdings and allocations’’ reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. TABLE ESF-1.--Balances as of Dec. 31, 1995, and Mar. 31, 1996 [In thousands of dollars. Source: Office of the Secretary of the Treasury] Assets, liabilities, and capital Dec. 31, 1995 Dec. 31, 1995, through Mar. 31, 1996 Mar. 31, 1996 Assets U.S. dollars: Held at Federal Reserve Bank of New York . . Held with Treasury: 566,069 -565,643 426 U.S. Government securities . . . . . . . . . . . . . 2,371,146 1,523,940 3,895,086 Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . Foreign exchange and securities: 2 11,036,802 12,325 11,049,127 German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,838,420 -122,917 6,715,503 Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 10,075,433 -337,598 9,737,835 Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 11,500,000 393,866 -1,000,000 -48,406 10,500,000 345,460 42,781,736 -538,299 42,243,437 51,884 164,350 216,234 51,884 164,350 216,234 10,168,000 7,283,077 -123,842 10,168,000 7,159,235 17,451,077 -123,842 17,327,235 200,000 24,728,775 -228,807 200,000 24,499,968 24,928,775 -228,807 24,699,968 42,431,736 -188,299 42,243,437 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . Total assets . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities and capital Current liabilities: Accounts payable. . . . . . . . . . . . . . . . . . . . . . . Total current liabilities . . . . . . . . . . . . . . . . . . Other 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 liabilities and capital . . . . . . . . . . . . . See footnotes on the following page. 104 EXCHANGE STABILIZATION FUND TABLE ESF-2.--Income and Expense [In thousands of dollars. Source: Office of the Secretary of the Treasury] Current quarter Jan. 1, 1996, through Mar. 31, 1996 Fiscal year to date Oct. 1, 1995, through Mar. 31, 1996 Income and expense Profit (loss) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -547,013 -996,366 Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -63,318 -112,543 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,778 77,618 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,601 83,493 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,145 635,633 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -228,807 -312,165 Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -228,807 -312,165 Interest (net charges) on: 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing rights (SDRs) based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. 2 Excludes foreign exchange transactions for future and spot delivery. Note.--Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 ‘‘Annual Report of the Secretary of the Treasury’’ and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with Dec. 31, 1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to Sept. 30, 1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’ 105 Page Intentionally Left Blank 106 Page Intentionally Left Blank TRUST FUNDS 107 TABLE TF-15A.--Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment to the Intermodal Surface Transportation Efficiency Act of 1991 and represents data concerning the Highway Trust Fund. The figure described as ‘‘unfunded authorizations’’ is the latest estimate received from the Department of Transportation for fiscal 1995. The 24-and 12-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal 1995. Highway Account [In millions of dollars. Source: Financial Management Service] Commitments (unobligated balances plus unpaid obligations, EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,199 less: Cash balance (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,421 Unfunded authorizations (EOY fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,777 24-month income estimate (fiscal 1996 and 1997) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,817 Mass Transit Account [In millions of dollars. Source: Financial Management Service] Commitments (unobligated balances plus unpaid obligations, EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,284 less: Cash balance (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,579 Unfunded authorizations (EOY fiscal 1995) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -4,294 12-month income estimate (fiscal 1996) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,640 108 TECHNICAL PAPERS Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9001. ‘‘Some Economic Aspects of the U.S. Health Care System.’’ James E. Duggan. August 1990. 9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990. 9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and John S. Greenlees. December 1990. 9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly D. Zieschang. August 1990. 9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert Gillingham, and John S. Greenlees. February 1991. 9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991. 9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992. 9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992. 9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992. 9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’ Michael Cayton. February 1993. 9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. April 1993. 9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. Revised April 1995. 9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. November 1995. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4422 Washington, D.C. 20220 Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633. 109 Glossary With References to Applicable Sections and Tables Accrued discount (SBN-1, -2, -3)----Interest that accumulates on savings bonds from the date of purchase until 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---meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. Amounts outstanding and in circulation (USCC)----Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Average discount rate (PDO-2, -3)----In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (‘‘Federal Fiscal Operations’’)----Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, and contract authority. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority may also be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit----The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Capital (‘‘Federal Obligations’’)----Assets, such as land, equipment, and financial reserves. Cash management bills (PDO-2)----Marketable Treasury bills of irregular maturity lengths, sold periodically to fund shortterm cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (‘‘Treasury Financing Operations’’)----A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Coupon issue----The issue of bonds or notes (public debt). Currency no longer issued (USCC)----Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (‘‘U.S. Savings Bonds and Notes’’)---Bonds paying semiannual interest to holders. Interest is not included in accrued discount. Debt outstanding subject to limitation (FD-6)----The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. As of September 1995, the debt limit was $4,900,000 million; the limit may change from year to year. The debt subject to limitation includes most of Treasury’s public debt except 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----The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)----The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)----Include standard silver and nonsilver coins. Domestic series (FD-2)----Nonmarketable, interest and non-interest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 U.S.C. 1441b). Federal intrafund transactions (‘‘Federal Fiscal Operations’’)----Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)----Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. 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. Foreign (‘‘Foreign Currency Positions,’’ IFS-2, -3)----(international) Locations other than those included under the definition of the United States. (See United States.) Foreigner (‘‘Capital Movements,’’ IFS-2)----All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (‘‘Capital Movements’’)----Includes central governments of foreign countries, including all departments and agencies of national governments; central 110 Glossary banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)----Foreign-targeted issues were notes 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 in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Fractional coins (USCC)----Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Government account series (FD-2)----Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by Treasury to a specific Government agency, trust fund, or account. Their rate is 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 these are issued to five holders: the Federal Old-age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (‘‘Federal Fiscal Operations’’)----Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund (‘‘Exchange Stabilization Fund,’’ IFS-1)----(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (‘‘Federal Fiscal Operations’’)---These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Matured non-interest-bearing debt (SBN-1, -2, -3)----The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (‘‘Treasury Financing Operations’’)----Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. Obligation (‘‘Federal Obligations’’)----An unpaid commitment to acquire goods or services. Off-budget Federal entities (‘‘Federal Fiscal Operations’’)---Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (‘‘Federal Fiscal Operations’’)----(expenditures, net disbursements) Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Own foreign offices (‘‘Capital Movements’’)----Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. Par value----The face value of bonds or notes, including interest. Quarterly financing (‘‘Treasury Financing Operations’’)---Treasury has historically offered packages of several ‘‘coupon’’ security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Receipts (‘‘Federal Fiscal Operations’’)----Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-3, -4)----The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (‘‘Exchange Stabilization Fund,’’ IFS1)----International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (‘‘Foreign Currency Positions’’)----Due for receipt or delivery within 2 workdays. 111 Glossary State and local government series (FD-2)----(SLUGs) Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)----By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See Debt outstanding subject to limitation.) STRIPS (PDO-1, -3)----Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills----The shortest term Federal security (maturity dates normally varying from 3 to 12 months), they are sold at a discount. Trust fund transaction (‘‘Federal Fiscal Operations’’)----An intra-budgetary transaction in which both payments and receipts occur within the same trust fund group. United States----Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)----Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
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