SEPTEMBER 1998

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

Analysis.--Summary of economic indicators. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

FEDERAL FISCAL OPERATIONS

Introduction.--Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Analysis.--Budget results and financing of the U.S. Government and second-quarter receipts by source . . . . . . . . . . . . . . . . . . 9

FFO-A.--Chart: Monthly receipts and outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

FFO-4.--Summary of receipts by source and outlays by function of the U.S. Government, third-quarter fiscal year 1998 and

 other periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

ACCOUNT OF THE U.S. TREASURY

Introduction.--Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

FEDERAL DEBT

Introduction.--Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

FD-1.--Summary of Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

FD-3.--Government account series. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . 25

FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

FD-7.--Treasury holdings of securities issued by Government corporations and other agencies. . . . . . . . . . . . . . . . . . . . . . . . 26

FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

PUBLIC DEBT OPERATIONS

Introduction.--Public debt operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

PDO-1.--Maturity schedules of interest-bearing marketable public debt securities other than regular weekly 

 and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . 42

PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . 45

PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 47

U.S. SAVINGS BONDS AND NOTES

Introduction.--Savings bonds and notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

OWNERSHIP OF FEDERAL SECURITIES

Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MARKET YIELDS

Introduction.--Market yields. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.--U.S. Currency and coin outstanding and in circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals. . . . . . . . . . . . . . . . . . . . 60

Contents
INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction.--International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions

 and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

CAPITAL MOVEMENTS

Introduction.--Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

SECTION I.--LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

CM-A.--Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to

 selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

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

CM-II-1.--Total claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77

CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . 79

SECTION III.--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. . . . 80

SECTION IV.--LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS

 ENTERPRISES IN THE UNITED STATES

CM-IV-1.--Total liabilities and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries . . . . . . . . . . . . . . . . . . . . . . 90

SECTION V.--U.S. INTERNATIONAL TRANSACTIONS IN LONG-TERM SECURITIES

CM-V-1.--U.S. transactions with foreigners in long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

CM-V-2.--U.S. transactions with foreigners in long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

CM-V-3.--Net foreign transactions in long-term domestic securities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92

CM-V-4.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, 

 during (second quarter). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

CM-V-5.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country,

 during (calendar year). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

FOREIGN CURRENCY POSITIONS

Introduction.--Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

SECTION I.--CANADIAN DOLLAR POSITIONS

FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

SECTION II.--GERMAN MARK POSITIONS

FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

FCP-II-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

IV

Contents
SECTION III.--JAPANESE YEN POSITIONS

FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

SECTION IV.--SWISS FRANC POSITIONS

FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

SECTION V.--STERLING POSITIONS

FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

FCP-V-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

FCP-V-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

EXCHANGE STABILIZATION FUND

Introduction.--Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

SPECIAL REPORTS

TRUST FUNDS

Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TF-15a.--Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

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.

 V

Contents
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-5.--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 . . . . . . . . . . . . . 

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VI
Profile of the Economy

Real gross domestic product (GDP)

 According to the advance estimate, growth in real GDP

slowed in the second quarter to 1.4 percent at an annual rate.

This was the smallest increase in 3 years and the first time that

growth slipped below the 3 percent mark since the third quarter

of 1996. The second quarter increase followed an outsized gain

of 5.5 percent in the previous quarter and 3.8 percent over the

four quarters of 1997.

The slowdown reflected some transitory factors, such as the

strike against General Motors (GM) and a large inventory

correction following a sizable increase in stocks in the previous

quarter. Continued deterioration in the foreign trade balance

has widened for six successive quarters and sharply reduced

growth in the second quarter. This cut 2.5 percentage points

from the GDP growth rate. Exports fell in the quarter, particularly for capital goods. Growth in imports moderated slightly.

The negative factors offset very robust growth in domestic

final sales. Sales continued to surge by rising at a 6.3 percent

annual rate in the second quarter on top of a 6.6 percent

increase in the first. Consumer spending, business investment

in equipment, and residential construction led the gains in the

domestic sector. 

The national accounts measures of inflation were very low

in the last two quarters. They were held down in part by oil

price declines. The chain-weight GDP price index increased at

a 0.9-percent annual rate in the first half of the year, below the

1.7 percent pace during 1997. The gross domestic purchases

index subtracts exports and adds imports to get a measure of

prices paid by U.S. residents. It fell at a 0.2 percent pace in the

first quarter and edged up just 0.4 percent in the second. Core

price indexes, excluding energy and food, were also very low.

Inflation

Inflation continues to be moderate in 1998. Energy prices are

falling at a more rapid rate than in 1997 and food prices are

moving up at a modest pace. ‘‘Core’’ inflation, excluding the

volatile food and energy components, has picked up a bit but

still remains relatively well behaved. Wages are accelerating,

leading to a pickup in labor costs.

During the first seven months of the year, the consumer price

index (CPI) rose at a seasonally adjusted annual rate of 1.5

percent, off slightly from a gain of 1.7 percent in 1997 and well

below the 3.3 percent advance posted in 1996. Declining

energy prices continue to be a factor. They fell at an annual rate

of close to 10-1/2 percent this year on top of a near 3-1/2

percent drop last year. Food prices are up at an annual rate of

2.3 percent, compared with an increase of 1.5 percent in 1997.

The core CPI has advanced by 2.4 percent at an annual rate

through July. This is up slightly from the 2.2 percent increase

Growth of Real GDP

(Percent change, fourth quarter to fourth quarter)

3

[Source: Office of Economic Policy, Office of Financial Analysis]

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.
last year (the smallest increase since 1965) but off slightly from

the pace during the preceding few years.

Declining energy prices and little change in food prices have

resulted in lower producer prices for finished goods. Finished

goods prices are down at a 0.9 percent seasonally adjusted

annual rate so far this year after falling by 1.2 percent in 1997.

On a core basis, finished goods prices are rising at a 1.4 percent

pace following no change last year. Core prices for crude and

intermediate goods have fallen this year, indicating no imminent price pressures further back in the production chain.

Hourly compensation in

the nonfarm business sector

increased at a 4.2 percent annual rate during the first half

of the year, faster than the

1.5 percent increase in productivity. This pushed unit labor costs up at a 2.6 percent

annual rate from a 2.1 percent

increase last year. The employment cost index for total

compensation rose by 0.9

percent for the three months

ending in June, bringing the

increase over the last twelve

months to 3.5 percent. This

represented an acceleration

of 0.7 percentage point from

2.8 percent a year earlier and

was the biggest increase in

4-1/2 years.

Real disposable

personal income and

consumer spending

Real disposable (after-tax)

personal income rose at a 3.4

percent annual rate during the

first half of 1998, up a little

from a 2.9 percent increase

over the course of 1997.

Large advances in wages and

salaries have fueled recent

gains, as both employment

and wage rates have risen.

Real wages and salaries

surged at an annual rate of 7.4

percent in the first quarter,

followed by another strong

increase at a 4.5 percent pace

in the second. (Personal income also includes such items as

transfer payments, proprietors’ income, dividends, and interest, but does not include capital gains.)

Real consumer spending jumped at annual rates of 6.1 percent in the first quarter and 5.8 percent in the second. Strength

was widespread among discretionary items, such as motor

vehicles, furniture and appliances, and clothing.

Since the high rate of income growth was outpaced by

spending, the share of after-tax income devoted to personal

saving fell to an extremely low 0.6 percent in the second quarter

from 1.2 percent in the first quarter and 2.1 percent averaged

in 1997. These figures reflect a redefinition of income instituted in July to exclude capital gains distributions of mutual

funds, greatly reducing the calculated saving rates. Huge gains

in wealth associated with rising stock prices may have caused

households to feel less need to save out of current income in

recent years.

Industrial production and capacity utilization

Industrial production in manufacturing, mining and utilities

fell by 0.6 percent in July on top of a larger 1.1 percent decline

in June. A major factor in both declines was the GM strike

(beginning in early June and ending in late July). During the

second quarter, production grew at a 1.9 percent annual rate,

up from 1.2 percent in the first

quarter but much slower than

the 5 percent pace registered in

1997.

Manufacturing output accounts for about 86 percent of

total industrial production. It

was down by 0.7 percent in

July, depressed for the second

straight month by a strike-induced plunge in the production

of motor vehicles and parts.

Production in this sector has

slowed considerably from last

year’s 5.6 percent pace. In the

second quarter, factory output

rose at only a 1.1 percent annual rate following a modest

2.3 percent advance in the first.

Recent softness may relate not

only to the GM strike but also

to the strong dollar and weak

demand from Asia. Both factors have curbed exports of

U.S. goods this year. 

The industrial capacity utilization rate slipped to 80.5 percent in July from 81.2 percent

in June. Capacity utilization

has shifted downward since

January and currently stands at

the lowest point in almost 6

years. It is well below the expansion high of 84.6 percent

reached in early 1995 and also

below the long-term average of

82.1 percent.

Employment and

unemployment

The GM strike distorted recent employment results but,

adjusted for the strike, labor markets continue to expand at a

healthy pace. The strike and associated layoffs are estimated

to have reduced employment by about 150,000 in July. Adjusted for the strike, jobs expanded by 207,000, only slightly

less than the 240,000 averaged so far this year. Demand for

labor remains high in the service-producing sector (particularly in computer software, engineering, finance, insurance,

and real estate), as well as in construction. Manufacturing

employment, on the other hand, has begun to ease, reflecting

at least in part reduced demand for U.S. exports because of the

Asian crisis.

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
The unemployment rate edged up to 4.5 percent in June and

July from a 28-year low of 4.3 percent in both April and May.

Layoffs caused by the GM strike may have raised the unemployment rate by 0.1 percentage point in July, although the

effect on unemployment is hard to assess.

Average hourly earnings of production and other nonsupervisory workers rose to $12.74 in July, up 4.1 percent from a

year earlier. Slow growth in consumer prices has contributed

to a strong 2.5 percent gain in real earnings over the year ending

in July, a notable acceleration from the 1.6 percent increase

during the year ending in July 1997.

Nonfarm productivity and unit labor costs

Nonfarm business productivity (real output per hour worked)

declined at an annual rate of 0.2 percent in the second quarter

after rising at a 3.5 percent pace in the first. Over the first half

of the year, productivity grew at a 1.5 percent annual rate. This

increase was faster than both the 1.3 percent pace averaged

during the current business cycle and trend productivity

growth, estimated to be slightly higher than 1 percent annually.

Hourly compensation costs in the nonfarm business sector

grew at a 4.2 percent annual rate during the first two quarters

of 1998, in line with last year’s 4.3 percent increase but

considerably faster than annual increases recorded just a few

years ago. Labor costs per unit of output in this sector combine

the effects of both compensation and productivity and rose at

a 2.6 percent annual rate in the first half of the year. Unit labor

costs appear to be rising a bit more rapidly than in recent years

and may represent a potential source of inflationary pressure.

After a small 1.4 percent increase in the first three months of

the year, productivity in manufacturing jumped up at a 3.3

percent annual rate in the April to June period. Productivity in

this sector has grown by 2.3 percent so far in 1998, roughly

half as fast as 1997’s 4.5 percent increase. Unit labor costs in

manufacturing have risen by only 1 percent through the second

quarter, up from an even smaller 0.7 percent increase in 1997.

During the previous 3 years, these costs declined by about 1.8

percent annually on average.

Current account balance

The current account is a summary of U.S. international

transactions, measuring trade in goods and services as well as

the net flow of investment income and unilateral transfers. On

an annual basis, the current account has been in deficit since

the early 1980’s.

The current account deficit has widened substantially from

a recent low of $6 billion in 1991 to almost $189 billion at an

annual rate in the first quarter of 1998. Over the past several

years, U.S. economic growth has outpaced that of our major

trading partners. That caused imports to grow much more

rapidly than exports. The sharp appreciation of the dollar in

more recent years has widened the trade gap further. In addition, what had been a positive balance on investment income

shifted to a negative in 1997. The inflow of capital into the

United States boosted payments of earnings and interest to

foreigners. Deterioration in the most recent quarter reflected a

deepening of the deficit on trade in goods and services due to

the strength of the dollar as well as weaker demand for U.S.

goods exports in Asia.

Although the current account deficit now exceeds the previous record deficit in 1987 by about $20 billion, it represents

a smaller portion of the overall economy. Since 1987, the

deficit as a share of GDP has fallen from 3.6 percent to 2.3

percent in the first quarter of 1998.

The current account deficit is matched by offsetting transactions in the capital account. In the first quarter, capital flows

(both inflows and outflows) slowed considerably following

large increases in the final quarter of 1997 that were spurred

by the Asian financial crisis. As a result, the first-quarter net

capital inflow dropped to around $185 billion from 1997’s

record-setting $255 billion. The difference between the $185

billion reported capital inflow and the $189 billion current

account deficit (the statistical discrepancy) is usually taken to

consist largely of unrecorded capital flows.

Exchange rate of the dollar

Appreciation of the dollar against other industrial countries

has leveled off somewhat this year after accelerating in 1997.

The exchange rate of the dollar based on the Federal Reserve

Board’s trade-weighted index against the currencies of other

G-10 industrialized nations increased by 2.6 percent over the

first seven months of 1998 after rising by 11.4 percent over the

course of 1997. In 1996, by comparison, the dollar increased

by 4.3 percent.

Among the G-10 currencies, the dollar’s appreciation was

greatest against the yen and the deutschemark. Since the dollar’s recent low in April 1995, the dollar appreciated by a total

of 55 percent against the yen through the end of 1997 and by

an additional 8.5 percent through the first seven months of

1998. Against the deutschemark, the dollar rose by 29 percent

between April 1995 and the end of 1997. It has firmed so far

this year, edging up only a further 1 percent.

Financial crises in several newly-industrialized Asian countries in 1997 led in some cases to currency devaluation, raising

the dollar’s value against those currencies. One result was to

make imports from those countries cheaper in dollar terms,

contributing to the low U.S. inflation performance last year.

Another result was to raise the relative price of U.S. exports,

contributing to a decline in exports in the first half of 1998.

U.S. export growth may continue to be weak through the next

several quarters.

Interest rates

After starting the year at close to 5.3 percent, short-term

market interest rates have flattened out since February, holding

at or just below the 5 percent mark.

The Federal Reserve Board has not altered monetary policy

since raising the Federal funds rate target by one-quarter of a

point in March 1997 to 5.50 percent. The discount rate has

remained at 5 percent since January 1996. The Federal Reserve

Board has decided to leave monetary policy unchanged bePROFILE OF THE ECONOMY 5
cause of a dampening effect on U. S. economic growth from

the Asian financial crisis and because inflation remains so low.

Long-term interest rates have resumed a downward trend

since June after flattening out over the previous five months.

The yield on the 30-year Treasury bond held at about the 5.9

percent level from February through May. Then it dipped to an

average of 5.7 percent in both June and July, an all-time low

for this series. Mortgage rates

have followed suit, with the rate

on a conventional 30-year fixed

rate loan averaging below 7 percent in July. These low mortgage rates have spurred a new

wave of mortgage refinancing

and have helped keep housing

market activity at a very high

level.

Net national saving and

investment

Net national saving rose

steadily from a post-World War

II low of 3.4 percent of net national product (NNP) in 1992 to

7.9 percent in the first quarter of

1998. Net saving, excluding depreciation to replace worn-out

or obsolete equipment and

structures used in production,

still remains below the

12.1 percent of NNP averaged

in the 1950’s and 1960’s. 

Recent improvement is more

than accounted for by the swing

in the Federal budget from large

deficits to near balance. As a

result, the combined account of

Federal and State and local governments has improved from

dissaving equivalent to 4.7 percent of NNP in 1992 to saving

equivalent to 1.8 percent of

NNP in the first quarter of 1998.

Private saving (of households

and businesses) has declined

since 1992, as increased wealth

generated by a surging stock

market appears to have reduced

households’ desire to save.

Gains in corporate profits have

led to greater business saving.

Net domestic investment equaled 9.5 percent of NNP in the

first quarter. This was up from a low 4.9 percent for all of 1991

and was the highest reading in a decade. About one-quarter of

investment in 1997 was financed by foreign inflows. They were

equivalent to 2.3 percent of NNP. U.S. sources provided investment equal to 7.1 percent of NNP, only a little more than half

as much as averaged in the 1950’s and 1960’s.

Housing

The housing market continues to be one of the strongest

sectors of the economy. Activity surged in the first quarter of

1998, partly driven by unseasonably mild winter weather.

Home sales and new construction remained at very high levels

even through the second

quarter and on into the summer months. Underlying

fundamentals for the housing market were very favorable, including a strong

economy with a very low

level of unemployment, lean

inventories of new homes for

sale, and low mortgage interest rates combined with advantageous financing terms.

Starts of new homes totaled 1.57 million units at an

annual rate in the second

quarter, in line with the 1.58

million pace of the first quarter. Those were the highest

quarterly rates in about 10

years. Housing starts have

exceeded the 1.5 millionunit mark each month for almost a full year, a string not

seen since the last building

boom of the 1980’s.

Growth in single-family

home sales has outpaced

starts, leaving the inventory

of unsold homes very tight.

Sales of new single-family

homes reached 909,000

units at an annual rate in the

second quarter. That figure

was an all-time high for this

series which began in 1968

and far exceeded the

804,000 mark for new home

sales sold in 1997. Gains in

both the new and resale

housing markets have fueled

a large increase in spending

for new appliances and other

home furnishings.

The rapid growth in home sales pushed the home ownership

rate to the highest level since data were first collected in 1965.

It reached 66 percent in the second quarter.

Short-term Interest Rates

 

 *Average for week ending Friday; Federal funds ending Wednesday.

Long-term Interest Rates

6 PROFILE OF THE ECONOMY
Federal budget

The Federal budget is on track in fiscal 1998 to post a surplus,

the first Federal budget surplus since 1969 and only the ninth

since World War II. Surpluses are expected to occur in each

succeeding year through at least 2008, the last year for which

Administration projections are available.

Strong economic growth and passage of deficit reduction

programs have placed the deficit on a downward course since

1992. Since the all-time high of $290 billion in that year, the

deficit was reduced to just $22 billion in fiscal 1997, a 92

percent cut. Through 10 months of the current fiscal year, it

appears that the budget could show a surplus of more than $60

billion in fiscal 1998.

Growth in receipts was very strong over the past 5 years. So

far in fiscal 1998, this trend continues, boosted by expansion

in jobs and income, rising corporate profits, and stock market

gains. In fiscal 1997, receipts rose by 8.7 percent, with an

especially notable jump for nonwithheld individual income

taxes, up more than 16 percent over the year. So far through

fiscal 1998, total receipts are almost 10 percent higher than

during the comparable period of fiscal 1997.

Growth in Federal spending was held to a moderate 2.6

percent in fiscal 1997 and continued to rise slowly in fiscal

1998. Slow growth in outlays last year was aided by large

spectrum auction proceeds and asset sales in the deposit insurance account, both of which are treated as negative outlays in

budget accounting. Excluding these components, outlay

growth was about 4 percent in fiscal 1997 and only about 2.5

percent so far this year compared with the same period last

year.

PROFILE OF THE ECONOMY 7
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. Total Government receipts are compared with

total outlays in calculating the budget surplus or deficit.

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. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections

are netted against gross outlays in determining net outlays

from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust);

offsetting 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 three categories: (1) proprietary receipts, or collections from the public,

offset against outlays by agency and by function; (2) intragovernmental transactions, 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;

and (3) offsetting governmental receipts which include foreign

cash contributions.

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 set

forth in the ‘‘ Report of the President’s Commission on Budget

Concepts’’ 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 offbudget Federal entities consist of the two Social Security trust

funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service.

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 as amended by the Budget

Enforcement Act of 1990 (2 U.S.C. 900-922)] included offbudget 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

8 FEDERAL FISCAL OPERATIONS
‘‘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.

• 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 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., payments with delinquent

returns or on delinquent accounts). 

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.

Budget Results and Financing of the U.S. Government

 and Second-Quarter Receipts by Source

[Source: Office of Tax Analysis, Office of Tax Policy]

Second-Quarter Receipts

The following capsule analysis of budget receipts,

by source, for the second quarter of fiscal 1998 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 $177.7 billion for the second quarter of fiscal 1998. This

is an increase of $16.6 billion over the comparable prior year

quarter. Withheld receipts increased by $12.4 billion and nonwithheld receipts increased by $7.4 billion during this period.

Refunds increased by $3.2 billion over the comparable fiscal

1997 quarter. There was a decrease of $1.3 billion in accounting adjustments between individual income tax receipts and

the Social Security and Medicare trust funds over the comparable quarter in fiscal 1997.

Corporation income taxes----Corporate income tax receipts were $24.7 billion for the second quarter of fiscal 1998.

This was a decrease of $1.0 billion over the prior year second

quarter. The $1.0 billion figure consists of $2.3 billion in

higher estimated and final payments and $3.3 in higher refunds.

Employment taxes and contributions----Employment

taxes and contributions receipts for the second quarter of fiscal

1998 were $139.6 billion, an increase of $9.7 billion over the

comparable prior year quarter. Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance

trust funds increased $6.8 billion, $0.9 billion, and $2.1 billion, respectively. There were no adjusting transfers for prior

years’ employment tax liabilities made in the second quarter of

fiscal 1997, while there was a $1.3 billion adjusting increase

made in the second quarter of fiscal 1998. 

Unemployment insurance----Unemployment insurance

receipts for the second quarter of fiscal 1998 were $3.9 billion, which is a negligible increase over the comparable quarter of fiscal 1997. State taxes deposited in the U.S. Treasury

increased, Federal Unemployment Tax Act (FUTA) receipts

and Railroad Unemployment tax receipts increased negligibly

from the comparable quarter of fiscal 1997.

Contributions for other insurance and retirement----

Contributions for other retirement were $1.0 billion for the

second quarter of fiscal 1998. There was a negligible decrease

over receipts from the comparable quarter of fiscal 1997. 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).

Excise taxes----Net excise tax receipts for the second quarter of fiscal 1998 were $14.0 billion, an increase of $0.7

billion over the comparable prior year quarter. Total excise tax

refunds for the quarter were $0.4 billion, a decrease of $0.1

billion over the comparable prior year quarter.

Estate and gift taxes----Net estate and gift tax receipts

were $5.2 billion for the January through March quarter of

fiscal 1998. These receipts are a decrease of $0.1 billion from

the previous quarter and an increase of $0.9 billion over the

same quarter in fiscal 1997.

FEDERAL FISCAL OPERATIONS 9
Second-Quarter Net Budget Receipts by Source, Fiscal 1998

[In billions of dollars. Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’]

Source January February March

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.8 42.2 39.7

Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 0.8 19.5

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.4 41.8 47.4

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 2.6 0.3

Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.3 0.3

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 4.8 4.5

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.5 1.8

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 1.5 1.4

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2.8 2.4 3.0

Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

162.6 98.0 117.9

Customs duties----Customs receipts net of refunds were

$4.3 billion for the second quarter of fiscal 1998. This is an

increase of $0.1 billion over the comparable prior year quarter.

Miscellaneous receipts----Net miscellaneous receipts for

the second quarter of fiscal 1998 were $8.2 billion, an increase

of $2.4 billion over the comparable prior year quarter. Earnings by Federal Reserve Banks increased by $1.9 billion over

the comparable prior year quarter.

Budget Results and Financing of the U.S. Government

and Second-Quarter Receipts by Source, con.

 Note: Detail may not sum to totals due to independent rounding.

Total On-and Off-Budget Results and Financing of the U.S. Government

[In millions of dollars. Source: Financial Management Service]

 

 Third quarter April - June Actual fiscal year to date 

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544,140 1,309,011

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,751 988,931

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,390 320,080

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,211 1,241,943

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336,557 1,018,602

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,654 223,341

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,930 67,067

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,195 -29,672 

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,735 96,739 

Means of financing:

Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -81,802 -22,257 

Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -44,643 -28,653 

Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10,485 -16,157 

Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-136,930 -67,067 

10 FEDERAL FISCAL OPERATIONS
CHART FFO-B.--

Budget Receipts by

Source, Fiscal Year

 to Date, 1997-1998

(In billions of dollars)

Source for both charts: ‘‘Monthly

Treasury Statement of Receipts

and Outlays of the United States

Government’’

CHART FFO-A.--

Monthly Receipts and Outlays

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

FEDERAL FISCAL OPERATIONS 11
TABLE FFO-1.--Summary of Fiscal Operations

[In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"]

Means of financing

-net transactions

Borrowing from

Total on-budget and off-budget results the public--

Total On-budget Off-budget Federal

surplus surplus surplus securities

or or or Public

Total On-budget Off-budget Total On-budget Off-budget deficit deficit deficit debt

Fiscal year receipts receipts receipts outlays outlays outlays (-) (-) (-) securities

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

1993 1. . . . . . . . . . . 6,652 100,663 248,619 -6,283 -907 -1,429 2,333 -301 350 254,948

1994 1

. . . . . . . . . . . 3,665 107,655 184,998 -16,564 768 -992 -35 831 715 203,370

1995 1

. . . . . . . . . . . -1,224 106,024 171,288 2,007 -1,086 9,109 2,614 4,447 722 163,813

1996 1

. . . . . . . . . . . 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331

1997 1

. . . . . . . . . . . -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618

1998 - Est. . . . . . . . . -1,055 190,936 -32,589 - * * * -21,639 * -54,228

1997 - June . . . . . . . -617 42,278 -11,147 34,387 -26 67 -160 -9,260 40 -54,635

July . . . . . . . 99 -1,241 -1,408 -23,748 -213 1,040 -124 3,986 - 25,624

Aug. . . . . . . . -259 445 30,348 -15,435 175 -35 280 -10,181 7 35,189

Sept. . . . . . . -320 27,283 -18,318 31,545 12 -2,829 82 -2,473 315 -49,286

Oct. . . . . . . . -35 7,408 6,315 -23,360 135 4,644 204 11,276 - 35,968

Nov. . . . . . . . 171 6,412 29,108 -483 -12 429 325 -11,500 - 17,349

Dec. . . . . . . . 302 42,057 -1,771 12,106 -94 -1,129 3,499 2,516 - -13,639

1998 - Jan. . . . . . . . -3,181 8,919 -24,807 8,423 -29 -417 -31 7,374 - -25,379

Feb. . . . . . . . -73 423 30,565 -24,027 219 670 95 -11,938 80 41,750

Mar. . . . . . . . 145 2,188 20,137 11,351 -109 -388 -156 4,374 - 13,813

Apr. . . . . . . . -117 16,445 -60,587 60,399 80 -131 243 -3,431 6 -124,603

May . . . . . . . -102 14,725 -8,597 -51,900 108 715 738 -2,963 - 38,779

June . . . . . . . -372 53,981 -12,618 36,144 -296 381 -11 -2,327 57 -51,106

Fiscal 1998 to date. . -3,261 152,557 -22,257 28,653 3 4,777 4,906 -6,614 143 -67,067

Means of financing--net transactions, con.

Borrowing from the public-- Cash and monetary assets (deduct)

Federal securities, con. Reserve

Invest- position Transactions

ments of U.S. on the U.S. not applied

Agency Govern- Treasury Special quota in to year’s

securi- ment Total operating drawing the IMF surplus or Total

Fiscal year ties accounts 10+11-12 cash rights Other (deduct) Other deficit financing

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20)

* 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.

 Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the

fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998.

1993 1. . . . . . . . . . . 1,153,175 841,241 311,934 1,408,122 1,142,110 266,012 -254,948 -300,869 45,922 342,629

1994 1

. . . . . . . . . . . 1,257,187 922,161 335,026 1,460,557 1,181,185 279,372 -203,370 -259,024 55,654 288,987

1995 1

. . . . . . . . . . . 1,350,576 999,496 351,080 1,514,389 1,225,724 288,665 -163,813 -226,228 62,415 278,535

1996 1

. . . . . . . . . . . 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891

1997 1

. . . . . . . . . . . 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634

1998 - Est. . . . . . . . . 1,703,785 1,283,964 419,821 1,664,724 1,347,095 317,629 39,061 -63,131 102,192 136,563

1997 - June . . . . . . . 173,361 135,922 37,439 118,726 105,267 13,459 54,635 30,655 23,980 31,748

July . . . . . . . 109,178 79,600 29,578 134,802 107,050 27,752 -25,624 -27,450 1,826 -2,747

Aug. . . . . . . . 103,483 70,902 32,580 138,672 109,810 28,862 -35,189 -38,908 3,719 31,051

Sept. . . . . . . 174,770 138,847 35,923 125,484 91,678 33,806 49,286 47,169 2,118 9,285

Oct. . . . . . . . 114,898 87,082 27,816 150,866 123,866 27,000 -35,968 -36,784 816 13,757

Nov. . . . . . . . 103,481 73,689 29,792 120,830 91,326 29,504 -17,349 -17,637 287 35,349

Dec. . . . . . . . 168,000 135,343 32,657 154,361 146,649 7,711 13,639 -11,307 24,946 39,984

1998 - Jan. . . . . . . . 162,610 123,368 39,243 137,231 108,844 28,388 25,379 14,524 10,855 -12,708

Feb. . . . . . . . 97,952 65,051 32,900 139,701 109,393 30,308 -41,750 -44,342 2,592 31,061

Mar. . . . . . . . 117,930 80,647 37,283 131,743 101,967 29,775 -13,813 -21,320 7,508 22,180

Apr. . . . . . . . 261,002 216,988 44,014 136,400 108,570 27,830 124,603 108,419 16,184 -44,026

May . . . . . . . 95,278 61,791 33,488 134,057 102,382 31,675 -38,779 -40,591 1,812 6,230

June . . . . . . . 187,860 144,972 42,888 136,754 125,605 11,149 51,106 19,367 31,739 41,735

Fiscal 1998 to date. . 1,309,011 988,931 320,080 1,241,943 1,018,602 223,341 67,067 -29,672 96,739 133,562

12 FEDERAL FISCAL OPERATIONS
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"]

Social insurance

and retirement receipts 2

Employment and general retirement 

Income taxes Old-age, disability, and

Fiscal year Individual Corporation Net income hospital insurance

or month Withheld Other Refunds Net Gross Refunds Net taxes Gross Refunds Net

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1993 1. . . . . . . . . . . 3,793 11 3,781 396,939 26,680 124 26,556 4,709 96 4,805

1994 1

. . . . . . . . . . . 3,767 44 3,723 428,810 28,114 110 28,004 4,563 98 4,661

1995 1

. . . . . . . . . . . 3,972 30 3,942 451,046 28,985 107 28,878 4,461 89 4,550

1996 1

. . . . . . . . . . . 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469

1997 1

. . . . . . . . . . . 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418

1998 - Est. . . . . . . . . 4,104 - 4,104 543,081 27,941 - 27,941 4,251 77 4,328

1997 - June . . . . . . . 29 * 30 47,933 351 8 343 330 6 336

July . . . . . . . 411 1 411 38,066 2,099 18 2,081 418 7 425

Aug. . . . . . . . 349 4 346 41,861 4,013 11 4,002 331 7 338

Sept. . . . . . . 388 * 388 47,013 251 4 247 336 5 342

Oct. . . . . . . . 362 -1 364 36,928 1,448 5 1,443 408 5 414

Nov. . . . . . . . 317 - 317 39,629 2,526 - 2,526 328 6 334

Dec. . . . . . . . 311 1 310 44,297 432 7 425 420 7 427

1998 - Jan. . . . . . . . 378 * 378 50,395 1,040 4 1,036 326 7 333

Feb. . . . . . . . 439 5 434 41,825 2,589 1 2,589 329 6 335

Mar. . . . . . . . 494 8 486 47,389 315 13 301 331 6 337

Apr. . . . . . . . 380 * 379 56,544 4,620 31 4,589 326 6 332

May . . . . . . . 396 1 395 42,560 8,281 8 8,273 400 6 406

June . . . . . . . 81 5 76 54,807 300 8 292 362 7 369

Fiscal 1998 to date. . 3,159 20 3,139 414,373 21,551 77 21,474 3,231 55 3,286

 Social insurance and retirement receipts, con. 2 

 Employment and general retirement, con. 2

 Net for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement and general unemployment employees Other

or month Gross Refunds Net retirement Gross Refunds insurance retirement retirement Total

(12) (13) (14) (15) (16) (17) (18) (19) (20) (21)

See footnotes at end of table.

1993 1. . . . . . . . . . . . . . . 430,427 154,800 75,546 509,680 131,548 14,027 117,520 627,200 393,688 531 393,158

1994 1

. . . . . . . . . . . . . . . 459,699 160,117 77,077 542,738 154,205 13,820 140,385 683,123 425,985 898 425,087

1995 1

. . . . . . . . . . . . . . . 499,898 175,884 85,624 590,157 174,422 17,334 157,088 747,245 447,104 - 447,104

1996 1

. . . . . . . . . . . . . . . 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490

1997 1

. . . . . . . . . . . . . . . 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698

1998 - Est. . . . . . . . . . . . . 810,516 - - 810,516 187,712 - 187,712 998,228 538,977 - 538,977

1997 - June . . . . . . . . . . . 44,802 31,404 1,825 74,381 40,541 1,169 39,373 113,754 47,904 - 47,904

July . . . . . . . . . . . 51,812 4,007 1,950 53,868 5,442 1,739 3,703 57,571 37,656 - 37,656

Aug. . . . . . . . . . . . 43,156 4,245 1,732 45,669 3,854 1,575 2,279 47,948 41,516 - 41,516

Sept. . . . . . . . . . . 44,442 36,231 2,474 78,199 39,133 1,795 37,338 115,537 47,676 1,051 46,625

Oct. . . . . . . . . . . . 55,270 6,299 889 60,680 6,357 3,103 3,254 63,934 36,564 - 36,564

Nov. . . . . . . . . . . . 47,581 2,054 3,040 46,596 4,900 987 3,913 50,509 39,312 - 39,312

Dec. . . . . . . . . . . . 64,604 5,240 784 69,060 44,973 936 44,037 113,097 43,987 - 43,987

1998 - Jan. . . . . . . . . . . . 56,628 40,040 870 95,798 6,888 2,481 4,407 100,205 50,017 - 50,017

Feb. . . . . . . . . . . . 54,225 2,925 14,941 42,209 3,598 2,769 829 43,038 41,391 - 41,391

Mar. . . . . . . . . . . . 55,290 7,345 22,973 39,662 23,153 3,661 19,491 59,153 46,903 - 46,903

Apr. . . . . . . . . . . . 51,811 129,533 23,059 158,284 29,910 2,549 27,361 185,645 56,164 * 56,165

May . . . . . . . . . . . 49,854 4,206 24,086 29,974 4,706 1,447 3,259 33,233 42,165 - 42,165

June . . . . . . . . . . . 48,501 35,146 2,060 81,587 41,098 1,313 39,785 121,372 54,731 - 54,731

Fiscal 1998 to date . . . . . 483,763 232,789 92,702 623,849 165,582 19,246 146,336 770,185 411,234 * 411,233

FEDERAL FISCAL OPERATIONS 13
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"]

Social insurance

 and retirement 

receipts,

con. 2

Net social insur- Excise taxes

Fiscal year Airport and Airway Trust Fund ance and Black Lung Disability Trust Fund Highway Trust Fund Miscellaneous

or month retirement receipts 2 Gross Refunds Net Gross Refunds Net Gross Refunds Net Gross Refunds Net

(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34)

Excise taxes, Net miscellaneous receipts

con. Deposits

Net of earnings Total receipts 

Fiscal year excise Estate and gift taxes Customs duties by Federal All On- Offor month taxes Gross Refunds Net Gross Refunds Net Reserve Banks other Total budget budget

(35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46)

1993 1. . . . . . . . . . . . . 48,057 12,891 314 12,577 19,613 811 18,802 14,908 3,331 18,239 841,241 311,934

1994 1

. . . . . . . . . . . . . 55,225 15,607 382 15,225 20,973 874 20,099 18,023 4,018 22,041 922,161 335,026

1995 1

. . . . . . . . . . . . . 57,485 15,144 380 14,764 21,067 1,767 19,300 23,378 3,928 27,306 999,496 351,080

1996 1

. . . . . . . . . . . . . 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492

1997 1

. . . . . . . . . . . . . 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989

1998 - Est. . . . . . . . . . . 55,642 23,091 - 23,091 17,879 - 17,879 25,051 8,544 33,595 1,283,964 419,821

1997 - June . . . . . . . . . 5,185 1,530 35 1,494 1,633 111 1,522 2,421 372 2,793 135,922 37,439

July . . . . . . . . . 5,369 1,609 57 1,552 1,900 101 1,799 1,902 413 2,315 79,600 29,578

Aug. . . . . . . . . . 4,593 1,699 44 1,655 1,819 70 1,749 925 413 1,338 70,902 32,580

Sept. . . . . . . . . 5,719 1,897 49 1,849 1,730 139 1,590 1,868 607 2,474 138,847 35,923

Oct. . . . . . . . . . 5,090 2,240 41 2,198 1,904 102 1,802 2,661 428 3,089 87,082 27,816

Nov. . . . . . . . . . 5,204 1,562 52 1,510 1,507 184 1,323 2,173 275 2,447 73,689 29,792

Dec. . . . . . . . . . 5,176 1,539 41 1,498 1,585 169 1,416 1,267 396 1,663 135,343 32,657

1998 - Jan. . . . . . . . . . 4,683 1,827 19 1,808 1,496 109 1,387 2,128 636 2,764 123,368 39,243

Feb. . . . . . . . . . 4,796 1,551 51 1,500 1,529 75 1,454 1,832 583 2,414 65,051 32,900

Mar. . . . . . . . . . 4,499 1,892 47 1,845 1,540 129 1,412 2,066 928 2,994 80,647 37,283

Apr. . . . . . . . . . 5,742 4,279 81 4,198 1,533 105 1,428 1,863 662 2,525 216,988 44,014

May . . . . . . . . . 4,841 1,887 41 1,845 1,379 81 1,297 2,216 608 2,823 61,791 33,488

June . . . . . . . . . 5,370 1,822 47 1,775 1,705 137 1,568 1,580 727 2,307 144,972 42,888

Fiscal 1998 to date . . . 45,400 18,598 421 18,177 14,177 1,090 13,087 17,785 5,242 23,028 988,931 320,080

1993 1

. . . . . . . . . . . . . . . 428,300 3,276 15 3,262 634 - 634 18,321 283 18,039 26,718 595 26,123

1994 1

. . . . . . . . . . . . . . . 461,475 5,217 28 5,189 567 - 567 17,426 758 16,668 33,573 772 32,801

1995 1

. . . . . . . . . . . . . . . 484,474 5,406 39 5,367 608 - 608 23,358 913 22,445 29,926 861 29,065

1996 1

. . . . . . . . . . . . . . . 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036

1997 1

. . . . . . . . . . . . . . . 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437

1998 - Est. . . . . . . . . . . . . 575,350 7,975 - 7,975 640 - 640 26,063 - 26,063 20,964 - 20,964

1997 - June . . . . . . . . . . . 48,612 564 - 564 47 - 47 2,174 - 2,174 2,441 41 2,400

July . . . . . . . . . . . 40,572 264 - 264 57 - 57 2,348 - 2,348 2,758 56 2,701

Aug. . . . . . . . . . . . 46,201 547 - 547 49 - 49 2,200 - 2,200 2,161 365 1,797

Sept. . . . . . . . . . . 47,601 152 8 144 72 - 72 1,832 90 1,742 4,000 239 3,762

Oct. . . . . . . . . . . . 38,784 1,443 4 1,439 32 - 32 2,716 209 2,507 938 -174 1,112

Nov. . . . . . . . . . . . 42,488 666 - 666 58 - 58 2,457 - 2,457 2,087 64 2,023

Dec. . . . . . . . . . . . 45,149 835 - 835 58 - 58 2,338 1 2,337 1,996 50 1,946

1998 - Jan. . . . . . . . . . . . 51,765 589 - 589 51 - 51 2,645 - 2,645 1,431 34 1,398

Feb. . . . . . . . . . . . 44,749 613 - 613 59 - 59 2,455 - 2,455 1,720 51 1,669

Mar. . . . . . . . . . . . 48,027 557 - 557 48 - 48 1,907 - 1,907 2,326 339 1,987

Apr. . . . . . . . . . . . 61,465 711 18 693 51 - 51 2,780 308 2,472 2,254 -273 2,527

May . . . . . . . . . . . 51,239 716 - 716 58 - 58 2,640 - 2,640 1,488 61 1,427

June . . . . . . . . . . . 55,468 632 - 632 45 - 45 3,125 - 3,125 1,629 61 1,569

Fiscal 1998 to date . . . . . 439,133 6,763 22 6,740 458 - 458 23,062 518 22,544 15,870 213 15,657

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.

2

 Column title changes are in accordance with the fiscal 1999 budget realignment.

 Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the

fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998.

14 FEDERAL FISCAL OPERATIONS
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"]

Depart- Department Department

Legis- Depart- Depart- ment of Depart- Depart- of Health of Housing Depart- Depart- Depart-

 Fiscal year lative Judicial ment of ment of Defense, ment of ment of and Human and Urban ment of ment of ment of

or month branch branch Agriculture Commerce military Education Energy Services Development the Interior Justice Labor

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1993 1

. . . . . . . . . . . . . 2,406 2,579 63,143 2,798 278,576 30,414 16,801 282,774 25,185 6,728 10,197 44,738

1994 1

. . . . . . . . . . . . . 2,561 2,659 60,812 2,915 268,635 24,699 17,840 310,837 25,774 6,910 10,005 36,919

1995 1

. . . . . . . . . . . . . 2,621 2,903 56,667 3,403 259,565 31,321 17,618 303,074 29,045 7,415 10,781 32,170

1996 1

. . . . . . . . . . . . . 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496

1997 1

. . . . . . . . . . . . . 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461

1998 - Est. . . . . . . . . . . 2,879 3,719 54,836 4,065 253,360 30,747 14,574 357,531 30,177 7,969 15,474 30,562

1997 - June . . . . . . . . . 221 221 3,045 394 19,766 1,981 1,341 25,990 1,878 406 1,360 2,463

July . . . . . . . . . 200 350 3,300 295 21,956 1,526 1,253 28,883 2,852 677 1,260 2,833

Aug. . . . . . . . . . 170 222 3,202 288 23,306 2,257 1,197 30,014 3,102 398 1,102 2,351

Sept. . . . . . . . . 176 252 6,242 345 20,179 3,862 1,316 26,520 422 720 970 2,081

Oct. . . . . . . . . . 373 299 6,277 294 25,302 2,369 1,249 32,733 3,535 625 1,110 2,404

Nov. . . . . . . . . . 213 363 4,568 324 16,729 2,933 1,113 24,621 1,707 465 1,220 2,015

Dec. . . . . . . . . . 210 185 6,010 419 25,787 2,752 1,399 33,051 2,116 952 1,543 2,100

1998 - Jan. . . . . . . . . . 191 223 5,755 224 19,842 3,142 1,155 29,286 3,205 535 1,263 2,858

Feb. . . . . . . . . . 188 372 3,460 319 19,459 4,799 997 27,890 1,904 591 1,423 2,413

Mar. . . . . . . . . . 179 240 3,815 281 19,310 1,183 1,070 27,589 1,926 544 1,320 2,713

Apr. . . . . . . . . . 194 230 3,278 296 20,832 2,403 1,283 30,761 2,702 527 1,245 2,835

May . . . . . . . . . 172 283 2,706 291 22,189 1,197 1,144 27,727 2,242 399 1,263 2,391

June . . . . . . . . . 215 239 3,962 439 21,140 2,281 1,257 30,015 2,599 531 1,664 2,585

Fiscal 1998 to date . . . 1,936 2,434 39,831 2,887 190,590 23,059 10,668 263,672 21,937 5,168 12,051 22,314

1993 1

. . . . . . . . . . . . . 5,384 34,457 292,502 6,209 35,487 - 29,262 5,925 194 - 743 11,527

1994 1

. . . . . . . . . . . . . 5,718 37,278 296,278 10,981 37,401 - 30,402 5,855 229 - 334 10,511

1995 1

. . . . . . . . . . . . . 5,347 38,776 332,414 16,027 37,770 - 31,664 6,349 213 - 708 11,163

1996 1

. . . . . . . . . . . . . 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716

1997 1

. . . . . . . . . . . . . 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191

1998 - Est. . . . . . . . . . . 5,261 40,419 362,409 26,352 43,074 4,168 31,494 6,440 240 3,246 944 9,619

1997 - June . . . . . . . . . 368 3,218 64,374 992 1,586 - 2,672 543 19 - 557 130

July . . . . . . . . . 406 3,688 21,398 1,187 3,408 - 2,841 514 17 - -593 919

Aug. . . . . . . . . . 364 3,743 23,570 76 4,809 - 2,789 501 14 - 443 154

Sept. . . . . . . . . 409 3,840 20,874 -2,859 1,826 - 2,921 645 16 - 304 888

Oct. . . . . . . . . . 457 3,914 21,771 933 5,259 273 2,532 493 18 228 486 424

Nov. . . . . . . . . . 206 3,013 26,407 631 1,848 339 2,568 413 16 106 -775 710

Dec. . . . . . . . . . 879 3,703 67,795 1,496 4,920 427 2,569 612 17 195 533 3,853

1998 - Jan. . . . . . . . . . 332 2,783 21,176 748 3,323 266 2,617 446 14 146 404 397

Feb. . . . . . . . . . 368 2,744 21,609 10,591 3,376 310 2,616 479 20 122 -487 -135

Mar. . . . . . . . . . 370 2,948 21,781 6,857 1,869 242 2,628 535 17 225 461 698

Apr. . . . . . . . . . 391 2,719 21,212 3,118 4,042 215 2,627 527 31 224 603 1,134

May . . . . . . . . . 308 2,968 27,448 1,166 3,596 300 2,627 509 19 210 589 548

June . . . . . . . . . 229 3,395 68,937 1,255 3,354 314 2,608 593 9 177 511 120

Fiscal 1998 to date . . . 3,540 28,188 298,136 26,795 31,587 2,686 23,392 4,607 163 1,634 2,325 7,747

 Department of 

 Depart- the Treasury, Depart- Depart- 

 Other Environ- Federal General Interment of interest ment of the ment of Corps Defense, mental Executive Emergency Services national

Fiscal year Department Transpor- on the Treasury, Veterans of civil Protection Office of the Management Admin- Assistance

or month of State tation Public Debt other Affairs Engineers 2 programs 3 Agency President Agency 4

istration Program 5

(13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)

See footnotes at end of table.

FEDERAL FISCAL OPERATIONS 15
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"]

National Undistributed offsetting receipts 

Aeronautics Rents and

and National Office of Small Social Other Employer Interest royalties

Space Science Personnel Business Security indepen- share, received on the Outer Total outlays

Fiscal year Adminis- Foun- Manage- Adminis- Admin- dent employee by trust Continental On- Offor month tration dation 6 ment tration istration agencies retirement funds Shelf lands Other budget budget

(25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36)

1993 1. . . . . . . . . . . . . 14,305 - 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * 1,142,110 266,012

1994 1

. . . . . . . . . . . . . 13,694 - 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * 1,181,185 279,372

1995 1

. . . . . . . . . . . . . . 13,377 - 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 1,225,724 288,665

1996 1

. . . . . . . . . . . . . . 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455

1997 1

. . . . . . . . . . . . . . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

1998 - Est. . . . . . . . . . . 13,723 3,165 46,418 -62 408,172 14,395 -34,961 -112,696 -4,987 -8,002 1,347,095 317,629

1997 - June . . . . . . . . . 1,211 - 3,928 -17 34,206 -1,279 -2,491 -44,290 -842 -5,224 105,267 13,459

July. . . . . . . . . . 1,367 - 3,881 85 33,076 1,203 -3,006 -383 -589 -1 107,050 27,752

Aug. . . . . . . . . . 1,215 - 3,903 23 34,991 -464 -2,511 -1,811 -10 -742 109,810 28,862

Sept.. . . . . . . . . 1,168 - 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806

Oct. . . . . . . . . . 1,254 228 3,744 -6 35,130 586 -2,579 -359 -482 -6 123,866 27,000

Nov. . . . . . . . . . 1,209 230 3,746 50 30,692 1,401 -2,413 -5,635 -48 -152 91,326 29,504

Dec. . . . . . . . . . 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711

1998 - Jan.. . . . . . . . . . 1,025 275 3,834 148 33,569 716 -2,499 -167 -5 * 108,844 28,388

Feb. . . . . . . . . . 1,001 254 3,493 14 33,633 760 -2,575 -1,487 -247 -572 109,393 30,308

Mar. . . . . . . . . . 1,196 242 4,060 20 31,559 -716 -2,582 -358 -482 - 101,967 29,775

Apr. . . . . . . . . . 1,177 259 3,922 20 33,760 166 -2,562 -279 -306 -3,185 108,570 27,830

May . . . . . . . . . 1,149 231 3,655 10 33,905 1,813 -2,728 -6,080 -118 -70 102,382 31,675

June . . . . . . . . . 1,170 285 3,995 39 37,939 -2,583 -2,622 -49,113 -786 -1 125,605 11,149

Fiscal 1998 to date . . . 10,604 2,266 34,370 318 305,806 2,372 -23,195 -110,488 -3,468 -3,988 1,018,602 223,341

* 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.

2

 Beginning in fiscal 1998, amounts previously posted under "Department of Defense-Civil" are

now divided among "Other Defense, civil programs" and "Corps of Engineers," in accordance

with the fiscal 1999 budget realignment.

3

 Beginning in fiscal 1998, "Other Defense, civil programs," include amounts previously posted

under "Independent agencies," including activities of the American Battle Monument and the

Selective Service in accordance with the fiscal 1999 budget realignment.

4

 Beginning in fiscal 1998, "Federal Emergency Management Agency" includes activity

previously posted under "Independent agencies" in accordance with the fiscal 1999 budget

realignment.

5

 The column formerly entitled "Funds Appropriated to the President" is labeled "International

Assistance Program," in accordance with the fiscal 1999 budget realignment.

6

 Beginning in fiscal 1998, activity that was previously included in "Independent agencies" is

now reported separately for the "National Science Foundation" in accordance with the fiscal

1999 budget realignment. 

 Note.--On-budget and off-budget estimates are based on the "Mid-session Review" of the

fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998.

16 FEDERAL FISCAL OPERATIONS
Receipts:

Individual income taxes . . . . . . . . . . . . 269,811 34 - 269,844 623,789 60 - 623,849

Corporation income taxes . . . . . . . . . . 70,326 - 79 70,405 146,257 - 79 146,336

Social insurance and retirement

 receipts:

Employment and general retirement. - - 153,911 153,911 - - 414,373 414,373

Unemployment insurance . . . . . . . . . - - 13,154 13,154 - - 21,474 21,474

Other retirement . . . . . . . . . . . . . . . . - - 1,106 1,106 - - 3,286 3,286

Excise taxes . . . . . . . . . . . . . . . . . . . . 5,265 107 10,581 15,953 14,783 372 30,245 45,400

Estate and gift taxes . . . . . . . . . . . . . . 7,818 - - 7,818 18,177 - - 18,177

Customs duties . . . . . . . . . . . . . . . . . . 2,796 1,348 150 4,294 8,431 4,116 540 13,087

Miscellaneous receipts . . . . . . . . . . . . 6,270 1,312 73 7,655 19,489 3,257 282 23,028

Total . . . . . . . . . . . . . . . . . . . . . . . . 

362,286 2,801 1 179,054 544,141 830,927 7,804 2 470,279 1,309,011

Net outlays:

National defense . . . . . . . . . . . . . . . . . 66,806 738 63 67,607 215,037 1,299 -15,043 201,293

International affairs . . . . . . . . . . . . . . . 3,652 -1,057 -68 2,527 13,974 -2,906 -304 10,764

General science, space, 

 and technology . . . . . . . . . . . . . . . . 4,901 - 6 4,907 14,484 - 32 14,517 

Energy . . . . . . . . . . . . . . . . . . . . . . . . . 794 -125 ** 669 2,898 -2,441 1 458

Natural resources and environment . . 4,743 -142 513 5,114 14,731 -340 1,319 15,710

Agriculture . . . . . . . . . . . . . . . . . . . . . . 1,112 -1,307 4 -191 3,189 6,504 2 9,695

Commerce and housing credit . . . . . . 990 -1,122 89 -43 2,990 -7,649 65 -4,594

Transportation . . . . . . . . . . . . . . . . . . . 1,985 -117 6,516 8,384 5,259 -169 20,978 26,068

Community and regional 

 development . . . . . . . . . . . . . . . . . . 2,810 77 21 2,907 7,967 -434 103 7,636

Educatiion, training, employment 

 and social services. . . . . . . . . . . . . . 11,420 -28 71 11,463 39,386 -70 89 39,406 

Health . . . . . . . . . . . . . . . . . . . . . . . . . 33,061 10 208 33,279 97,420 28 538 97,985

Medicare . . . . . . . . . . . . . . . . . . . . . . . 17,730 - 30,766 48,496 49,552 - 95,305 144,857

Income security . . . . . . . . . . . . . . . . . . 31,057 481 22,477 54,016 104,952 314 74,896 180,161

Social security . . . . . . . . . . . . . . . . . . . 2,128 - 96,127 98,254 7,020 - 277,265 284,285

Veterans benefits and services . . . . . . 11,208 -421 228 11,015 31,158 -252 737 31,643

Administration of justice . . . . . . . . . . . 4,559 174 1,046 5,779 14,013 86 2,570 16,669

General government . . . . . . . . . . . . . . 2,496 1,670 17 4,183 8,294 2,585 -61 10,818

Net interest . . . . . . . . . . . . . . . . . . . . . 117,002 -281 -55,499 61,223 296,477 -683 -110,573 185,221

Undistributed offsetting receipts . . . . . -4,167 -298 -7,912 -12,377 -7,094 -359 -23,195 -30,648

Total . . . . . . . . . . . . . . . . . . . . . . . . 

314,288 -1,750 194,674 407,211 921,707 -4,487 2 324,723 1,241,943

 Surplus (+) or Deficit (-) . . . . . . . 

47,998 4,551 84,380 136,929 -90,780 12,292 145,556 67,067

- No transactions.

(**) Less than $500,000.

Note: Details may not add to totals due to rounding.

1

 Trust fund proprietary receipts of $9,086 have been offset against outlays, rather than included in trust fund receipts.

2

 Trust fund proprietary receipts of $27,258 have been offset against outlays, rather than included in trust fund receipts.

TABLE FFO-4.--Summary of Receipts by Source and Outlays by Function of the U.S. Government, Third-Quarter Fiscal Year 1998 and Other Periods

[In millions of dollars, Source: Financial Management Service]

 

 This quarter Fiscal year to date

 Federal funds Federal funds 

 Management, Management,

 revolving revolving 

 General and special Trust General and special Trust

 Funds funds funds Total Funds funds funds Total

 Classification (1) (2) (3) (4) (5) (6) (7) (8)

17 FEDERAL FISCAL OPERATIONS
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.

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

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.

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

Federal Reserve accounts

 Credits 1

Received through Tax and loan note accounts 

Remittance Option Withdrawals

Fiscal year Received tax and loan (transfers to Federal

or month directly depositaries Withdrawals 2 Taxes 3

Reserve accounts)

(1) (2) (3) (4) (5)

1993 . . . . . . . . . . . . . . 3,407,516 331,337 3,746,152 584,383 583,369

1994 . . . . . . . . . . . . . . 3,597,247 307,639 3,915,321 686,879 693,001

1995 . . . . . . . . . . . . . . 3,904,812 226,833 4,129,866 642,952 642,716

1996 . . . . . . . . . . . . . . 4,366,413 194,156 4,561,495 629,083 621,887

1997 . . . . . . . . . . . . . . 4,263,210 191,134 4,454,345 775,799 776,394

1997 - June . . . . . . . . . 391,682 18,361 398,846 83,568 60,376

July. . . . . . . . . . 310,189 15,184 336,725 66,583 78,977

Aug. . . . . . . . . . 303,302 14,953 318,568 62,642 77,763

Sept.. . . . . . . . . 393,353 20,742 411,105 90,484 61,930

Oct.. . . . . . . . . . 316,403 19,041 338,521 69,379 89,663

Nov. . . . . . . . . . 280,717 18,383 298,590 65,276 66,270

Dec. . . . . . . . . . 401,757 28,440 429,879 106,946 95,157

1998 - Jan . . . . . . . . . . 329,140 21,239 350,270 77,218 68,903

Feb. . . . . . . . . . 359,589 18,336 378,440 71,071 94,585

Mar. . . . . . . . . . 351,851 22,149 373,547 88,946 78,048

Apr.. . . . . . . . . . 528,038 23,630 529,144 89,829 51,954

May. . . . . . . . . . 300,446 18,883 341,650 68,155 97,734

June . . . . . . . . . 379,424 24,580 391,558 98,766 75,069

See footnotes at end of table.

18 ACCOUNT OF THE U.S. TREASURY
1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other

than Government account series, and taxes.

2

 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 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 March 15, 1968; Federal Unemployment Tax Act taxes beginning

April 1970, and individual estimated income taxes beginning October 1988.

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

 During period

 End of period High Low Average

Tax and Tax and Tax and Tax and

Fiscal year Federal loan note Federal loan note Federal loan note Federal loan note

or month Reserve accounts Reserve accounts Reserve accounts Reserve accounts

(6) (7) (8) (9) (10) (11) (12) (13)

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

1996 . . . . . . . . . . . . . . 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194

1997 . . . . . . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386

1997 - June . . . . . . . . . 16,368 34,891 19,285 37,501 4,280 4,694 8,848 21,786

July . . . . . . . . . . 5,014 22,496 6,562 34,000 3,544 9,919 4,750 18,768

Aug . . . . . . . . . . 4,700 7,376 5,947 17,638 3,876 6,214 4,855 11,751

Sept. . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386

Oct. . . . . . . . . . . 4,616 15,645 6,359 30,666 3,703 6,023 5,387 15,914

Nov . . . . . . . . . . 5,127 14,651 6,802 15,645 3,950 4,909 5,126 11,198

Dec . . . . . . . . . . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922

1998 - Jan . . . . . . . . . . 5,552 34,756 15,430 42,708 4,379 4,090 6,507 22,257

Feb.. . . . . . . . . . 5,037 11,243 6,671 34,756 4,087 3,335 4,969 14,489

Mar.. . . . . . . . . . 5,490 22,141 9,478 35,005 4,556 2,537 5,455 17,531

Apr. . . . . . . . . . . 28,014 60,016 41,801 60,016 3,534 2,346 9,708 24,012

May . . . . . . . . . . 5,693 30,438 7,732 57,854 4,107 30,438 5,474 43,312

June . . . . . . . . . 18,140 54,135 27,085 61,150 4,613 3,130 10,401 32,678

ACCOUNT OF THE U.S. TREASURY 19
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. The average length has

increased gradually since it hit a low of 2 years, 5 months in

December 1975. It had reached a high of 6 years, 4 months in

May 1991. The average length has decreased over time so that

during most of 1996 the average length has been at 5 years, 3

months. In March 1971, Congress enacted a limited exception

to the amount of bonds with rates greater than 4-1/4 percent

which could be held by the public. This permitted Treasury to

offer securities maturing in more than 7 years at current market

rates of interest for the first time since 1965. In March 1976

the definition of a bond was changed to include those securities

longer than 10 years to maturity. 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.

20 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:

Amount outstanding Government accounts The public

End of Public Public Public

fiscal year debt Agency debt Agency debt Agency

or month Total securities securities Total securities securities Total securities securities

(1) (2) (3) (4) (5) (6) (7) (8) (9)

1993. . . . . . . . . . . . . . . 4,436,171 4,411,489 24,682 1,116,713 1,116,693 21 3,319,458 3,294,796 24,661

1994. . . . . . . . . . . . . . . 4,721,293 4,692,750 28,543 1,213,115 1,213,098 17 3,508,178 3,479,652 28,526

1995. . . . . . . . . . . . . . . 5,000,945 4,973,983 26,962 1,320,800 1,320,784 16 3,680,145 3,653,199 26,946

1996. . . . . . . . . . . . . . . 5,259,854 5,224,811 35,043 1,454,608 1,447,001 7,606 3,805,246 3,777,810 27,437

1997. . . . . . . . . . . . . . . 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

1997 - June . . . . . . . . . 5,409,818 5,376,151 33,667 1,578,930 1,571,583 7,348 3,830,888 3,804,568 26,319

July . . . . . . . . . 5,406,995 5,373,229 33,766 1,577,530 1,570,183 7,348 3,829,465 3,803,046 26,418

Aug. . . . . . . . . . 5,437,927 5,404,420 33,507 1,578,406 1,571,058 7,348 3,859,521 3,833,362 26,159

Sept. . . . . . . . . 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

Oct. . . . . . . . . . 5,460,376 5,427,225 33,151 1,613,510 1,606,412 7,098 3,846,866 3,820,813 26,053

Nov. . . . . . . . . . 5,495,944 5,462,622 33,322 1,620,346 1,613,248 7,098 3,875,598 3,849,374 26,224

Dec. . . . . . . . . . 5,536,012 5,502,388 33,624 1,662,780 1,655,682 7,098 3,873,232 3,846,706 26,526

1998 - Jan.. . . . . . . . . . 5,520,507 5,490,064 30,443 1,672,306 1,667,708 4,598 3,848,201 3,822,356 25,845

Feb. . . . . . . . . . 5,551,039 5,520,668 30,371 1,672,707 1,668,108 4,598 3,878,332 3,852,560 25,773

Mar. . . . . . . . . . 5,572,942 5,542,426 30,516 1,674,976 1,670,378 4,598 3,897,966 3,872,048 25,918

Apr. . . . . . . . . . 5,530,294 5,499,895 30,399 1,692,190 1,687,592 4,598 3,838,104 3,812,303 25,801

May . . . . . . . . . 5,536,653 5,506,356 30,297 1,707,689 1,703,090 4,598 3,828,964 3,803,266 25,699

June . . . . . . . . . 5,577,860 5,547,935 29,925 1,761,923 1,757,556 4,367 3,815,937 3,790,379 25,558

1993. . . . . . . . . . . . . . . 4,436,171 85,022 4,351,149 1,116,713 12,776 1,103,938 3,319,458 72,246 3,247,211

1994. . . . . . . . . . . . . . . 4,721,293 77,297 4,643,996 1,213,115 1,472 1,211,644 3,508,178 75,826 3,432,352

1995. . . . . . . . . . . . . . . 5,000,945 79,995 4,920,950 1,320,800 3,188 1,317,612 3,680,145 76,807 3,603,338

1996. . . . . . . . . . . . . . . 5,259,854 77,931 5,181,923 1,454,608 5,698 1,448,910 3,805,246 72,233 3,733,013

1997. . . . . . . . . . . . . . . 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

1997 - June . . . . . . . . . 5,409,818 77,227 5,332,592 1,578,930 6,844 1,572,087 3,830,888 70,383 3,760,505

July . . . . . . . . . 5,406,995 77,053 5,329,943 1,577,530 6,685 1,570,846 3,829,465 70,368 3,759,097

Aug. . . . . . . . . . 5,437,927 77,192 5,360,736 1,578,406 7,116 1,571,290 3,859,521 70,076 3,789,445

Sept. . . . . . . . . 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

Oct. . . . . . . . . . 5,460,376 76,954 5,383,423 1,613,510 7,544 1,605,967 3,846,866 69,410 3,777,456

Nov. . . . . . . . . . 5,495,944 77,001 5,418,943 1,620,346 7,967 1,612,379 3,875,598 69,034 3,806,564

Dec. . . . . . . . . . 5,536,012 76,784 5,459,228 1,662,780 8,344 1,654,436 3,873,232 68,440 3,804,792

1998 - Jan.. . . . . . . . . . 5,520,507 77,168 5,443,339 1,672,306 8,952 1,663,354 3,848,201 68,216 3,779,985

Feb. . . . . . . . . . 5,551,039 76,712 5,474,327 1,672,707 8,929 1,663,778 3,878,332 67,783 3,810,549

Mar. . . . . . . . . . 5,572,942 76,290 5,496,652 1,674,976 9,010 1,665,966 3,897,966 67,280 3,830,686

Apr. . . . . . . . . . 5,530,294 77,784 5,452,510 1,692,190 9,780 1,682,411 3,838,104 68,004 3,770,099

May . . . . . . . . . 5,536,653 78,016 5,458,638 1,707,689 10,554 1,697,135 3,828,964 67,462 3,761,503

June . . . . . . . . . 5,577,860 77,861 5,500,001 1,761,923 10,807 1,751,116 3,815,937 67,054 3,748,885

Federal debt securities Securities held by Government accounts Securities held by the public

End of Amount Net unamortized Amount Net unamortized Amount Net unamortized

fiscal year outstanding face premium and outstanding face premium and outstanding face premium and

or month value discount Accrual amount value discount Accrual amount value discount Accrual amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)

FEDERAL DEBT 21
TABLE FD-2.--Interest-Bearing Public Debt

[In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"]

Total interest- Marketable

End of bearing Treasury inflation- Federal

fiscal year public Treasury Treasury Treasury indexed Financing Nonmarketable

or month debt Total bills notes bonds notes Bank Total

(1) (2) (3) (4) (5) (6) (7) (8)

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings account government Domestic

or month securities Foreign series series series series Other

(9) (10) (11) (12) (13) (14)

1993 . . . . . . . . . . 4,408,567 2,904,910 658,381 1,734,161 497,367 - 15,000 1,503,657

1994 . . . . . . . . . . 4,689,524 3,091,602 697,295 1,867,507 511,800 - 15,000 1,597,922

1995 . . . . . . . . . . 4,950,644 3,260,447 742,462 1,980,343 522,643 - 15,000 1,690,197

1996 . . . . . . . . . . 5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419

1997 . . . . . . . . . . 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

1997 - June . . . . . 5,370,459 3,433,058 704,135 2,132,574 565,416 15,933 15,000 1,937,401

July . . . . . 5,367,593 3,433,094 706,149 2,122,205 565,415 24,325 15,000 1,934,499

Aug. . . . . . 5,367,587 3,430,768 722,074 2,093,189 576,151 24,354 15,000 1,936,819

Sept. . . . . 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

Oct. . . . . . 5,421,664 3,438,686 703,011 2,111,648 576,151 32,876 15,000 1,982,978

Nov. . . . . . 5,426,155 3,433,599 718,906 2,079,406 587,335 32,952 15,000 1,992,556

Dec. . . . . . 5,494,913 3,456,817 715,394 2,106,049 587,335 33,039 15,000 2,038,096

1998 - Jan. . . . . . 5,450,015 3,398,110 688,846 2,065,496 587,335 41,432 15,000 2,051,905

Feb. . . . . . 5,482,059 3,424,126 705,129 2,063,935 598,669 41,392 15,000 2,057,933

Mar. . . . . . 5,535,273 3,467,093 720,077 2,091,895 598,669 41,452 15,000 2,068,180

Apr. . . . . . 5,492,802 3,399,175 657,883 2,077,683 598,668 49,941 15,000 2,093,627

May . . . . . 5,464,507 3,352,962 647,786 2,041,474 598,668 50,033 15,000 2,111,545

June . . . . . 5,540,243 3,369,510 641,114 2,064,602 598,668 50,126 15,000 2,170,733

1993 . . . . . . . . . . . . . . . . . . . . . . . 167,024 42,459 1,114,289 149,449 29,995 442

1994 . . . . . . . . . . . . . . . . . . . . . . . 176,413 41,996 1,211,689 137,386 29,995 445

1995 . . . . . . . . . . . . . . . . . . . . . . . 181,181 40,950 1,324,270 113,368 29,995 432

1996 . . . . . . . . . . . . . . . . . . . . . . . 184,147 37,488 1,454,690 95,674 29,995 424

1997 . . . . . . . . . . . . . . . . . . . . . . . 182,665 34,909 1,608,478 111,863 29,995 1

1997 - June . . . . . . . . . . . . . . . . . . 182,664 35,359 1,581,467 107,915 29,995 1

July . . . . . . . . . . . . . . . . . . 182,683 35,209 1,580,082 106,528 29,995 1

Aug. . . . . . . . . . . . . . . . . . . 182,641 35,059 1,580,074 109,048 29,995 1

Sept. . . . . . . . . . . . . . . . . . 182,665 34,909 1,608,478 111,863 29,995 1

Oct. . . . . . . . . . . . . . . . . . . 182,853 34,609 1,616,693 118,826 29,995 1

Nov. . . . . . . . . . . . . . . . . . . 183,055 34,459 1,622,966 122,080 29,995 1

Dec. . . . . . . . . . . . . . . . . . . 181,209 36,159 1,666,650 124,081 29,995 1

1998 - Jan. . . . . . . . . . . . . . . . . . . 181,118 36,059 1,677,313 127,419 29,995 1

Feb. . . . . . . . . . . . . . . . . . . 181,281 35,859 1,678,618 132,179 29,995 1

Mar. . . . . . . . . . . . . . . . . . . 181,215 36,359 1,681,468 139,142 29,995 1

Apr. . . . . . . . . . . . . . . . . . . 181,296 36,159 1,698,799 147,376 29,995 1

May . . . . . . . . . . . . . . . . . . 180,670 36,229 1,713,647 151,003 29,995 1

June . . . . . . . . . . . . . . . . . . 180,653 36,029 1,769,085 154,969 29,995 1

22 FEDERAL DEBT
TABLE FD-3.--Government Account Series

[In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"]

Airport Federal

and Employees Federal Federal Federal Old-age and

End of Airway Bank Life Exchange Disability employees Hospital Federal Survivors

fiscal year Trust Insurance Insurance stabilization Insurance retirement Insurance Housing Insurance

or month Total Fund Fund Fund fund Trust Fund funds Trust Fund Administration Trust Fund

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Federal

Federal Sav- Suppleings and Loan mentary National

End of Corporation, Medical Government Service Life Railroad Treasury Unemployfiscal year resolution Insurance life insur- Highway Insurance Postal Retirement deposit ment Trust

or month fund Trust Fund ance fund Trust Fund fund Service fund Account funds Fund Other

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20)

1993 . . . . . . . . . . . . . 1,114,289 12,672 4,325 13,575 5,637 10,162 301,711 126,078 5,380 355,510

1994 . . . . . . . . . . . . . 1,211,689 12,206 13,972 14,929 7,326 6,025 329,602 128,716 5,933 413,425

1995 . . . . . . . . . . . . . 1,324,270 11,145 20,117 15,839 2,399 35,150 357,539 129,864 6,277 447,947

1996 . . . . . . . . . . . . . 1,454,690 7,682 22,186 16,962 11,853 50,051 377,677 125,805 7,894 499,403

1997 . . . . . . . . . . . . . 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

1997 - June . . . . . . . . 1,581,467 7,107 25,933 17,773 15,460 61,359 388,702 123,001 11,338 556,344

July . . . . . . . . 1,580,082 7,149 25,935 17,811 15,425 61,828 386,674 118,801 11,773 560,560

Aug. . . . . . . . . 1,580,074 6,942 25,801 17,884 15,386 62,450 384,586 115,352 11,975 562,551

Sept. . . . . . . . 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

Oct. . . . . . . . . 1,616,693 7,657 26,406 18,124 15,532 63,638 405,111 112,707 13,671 567,914

Nov. . . . . . . . . 1,622,966 8,062 26,204 18,205 15,482 63,861 402,873 113,798 13,671 567,453

Dec. . . . . . . . . 1,666,650 8,202 26,624 18,227 15,561 66,318 417,503 116,441 13,671 589,082

1998 - Jan. . . . . . . . . 1,677,313 8,375 26,267 18,070 15,632 67,964 416,963 118,056 13,475 598,426

Feb. . . . . . . . . 1,678,618 8,485 26,436 18,672 15,698 68,558 414,579 116,518 14,327 600,256

Mar. . . . . . . . . 1,681,468 8,570 27,097 18,715 15,627 69,601 412,213 116,904 14,173 605,741

Apr. . . . . . . . . 1,698,799 8,824 27,200 19,753 15,698 71,766 409,892 120,451 13,730 618,967

May . . . . . . . . 1,713,647 9,090 27,021 19,960 15,766 72,269 407,833 115,663 15,028 621,248

June . . . . . . . . 1,769,085 9,534 27,470 19,084 15,691 76,019 421,687 122,736 15,213 648,883

1993 . . . . . . . . . . . . 828 23,269 125 11,475 11,666 3,826 10,457 147 36,563 180,883

1994 . . . . . . . . . . . . 1,649 21,489 114 7,751 11,852 1,270 10,596 130 39,745 184,959

1995 . . . . . . . . . . . . 528 13,513 106 8,954 11,954 1,249 12,129 130 47,098 202,332

1996 . . . . . . . . . . . . 694 27,175 99 11,660 12,007 860 14,763 77 53,849 213,993

1997 . . . . . . . . . . . . 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

1997 - June . . . . . . . 1,623 33,412 - 22,836 12,279 1,599 17,123 73 60,847 224,658

July . . . . . . . 1,655 33,411 - 23,478 12,199 2,033 17,240 73 60,511 223,526

Aug. . . . . . . . 1,727 33,101 - 22,860 12,117 2,662 17,480 74 63,293 223,833

Sept. . . . . . . 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

Oct. . . . . . . . 1,834 33,596 - 22,223 11,952 14 17,412 74 61,253 237,575

Nov. . . . . . . . 1,862 35,177 - 23,105 11,880 14 17,371 75 62,743 241,130

Dec. . . . . . . . 1,873 35,053 - 24,137 12,291 14 17,316 75 63,324 240,938

1998 - Jan. . . . . . . . 1,985 35,555 - 25,442 12,206 15 17,336 76 61,661 239,809

Feb. . . . . . . . 1,996 35,100 - 24,946 12,122 - 17,476 77 62,411 240,961

Mar. . . . . . . . 2,018 35,120 - 25,508 12,025 - 17,612 74 60,362 240,108

Apr. . . . . . . . 2,037 34,318 - 26,425 11,935 728 18,201 71 60,650 238,153

May . . . . . . . 2,055 37,430 - 27,610 11,864 31 19,199 72 69,425 242,083

June . . . . . . . 2,073 37,899 - 29,430 12,265 - 19,276 72 70,152 241,601

FEDERAL DEBT 23
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]

 Federal Deposit Department of

 Insurance Corporation Housing and Urban Farm Credit Other

Federal Savings Development System independent

End of Bank and Loan Insur- Federal Financial Tennessee

fiscal year Total Insurance ance Corporation, Housing Assistance Valley

or month outstanding Fund resolution fund Administration Corp. Authority Postal Service Other

(1) (2) (3) (4) (5) (6) (7) (8)

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

1996 . . . . . . . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485

1997 . . . . . . . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478

1997 - June . . . . . . . . . . . . . . . . . 33,667 - 95 37 1,261 27,640 4,148 485

July . . . . . . . . . . . . . . . . . 33,766 - 95 43 1,261 27,732 4,148 486

Aug. . . . . . . . . . . . . . . . . . 33,507 - 95 46 1,261 27,478 4,148 479

Sept. . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478

Oct. . . . . . . . . . . . . . . . . . 33,151 - 95 68 1,261 27,350 3,898 479

Nov. . . . . . . . . . . . . . . . . . 33,322 - 95 93 1,261 27,494 3,898 481

Dec. . . . . . . . . . . . . . . . . . 33,624 - 95 102 1,261 27,786 3,898 482

1998 - Jan. . . . . . . . . . . . . . . . . . 30,443 - 63 133 1,261 27,104 1,398 483

Feb. . . . . . . . . . . . . . . . . . 30,371 - 63 79 1,261 27,095 1,398 474

Mar. . . . . . . . . . . . . . . . . . 30,516 - 63 97 1,261 27,221 1,398 475

Apr. . . . . . . . . . . . . . . . . . 30,399 - 63 102 1,261 27,098 1,398 476

May . . . . . . . . . . . . . . . . . 30,297 - 63 108 1,261 26,989 1,398 478

June . . . . . . . . . . . . . . . . . 29,925 - 63 144 1,261 26,811 1,167 479

24 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, Office of the Under Secretary for Domestic Finance]

Amount

End of outstanding Maturity classes

fiscal year privately Within 1-5 5-10 10-20 20 years

or month held 1 year years years years and more Average length 1 

(1) (2) (3) (4) (5) (6) (7)

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 Statutory Debt outstanding Interest-bearing debt Non-interest-bearing

fiscal year debt subject to limitation subject to limitation public debt subject

or month limit Total Public debt Other debt 2

Public debt Other debt to limitation

(1) (2) (3) (4) (5) (6) (7)

1 Beginning September 1976, the maturity distribution and average length was calculated on

the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in

1997) are excluded from the average length calculation. Published data was changed for the

end of the fiscal years back through 1967.

2

 Consists of guaranteed debt issued by the Federal Housing Administration.

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,346 324,479 5 yrs. 10 mos.

1994 . . . . . . . . . . . . . . . . . . . 2,719,861 877,932 1,128,322 289,998 88,208 335,401 5 yrs. 8 mos.

1995 . . . . . . . . . . . . . . . . . . . 2,870,781 1,002,875 1,157,492 290,111 87,297 333,006 5 yrs. 4 mos.

1996 . . . . . . . . . . . . . . . . . . . 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos.

1997. . . . . . . . . . . . . . . . . . . . 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

1997 - June . . . . . . . . . . . . . . 2,989,260 1,007,563 1,206,304 330,005 141,299 304,090 5 yrs. 4 mos.

July. . . . . . . . . . . . . . . 3,002,678 1,016,588 1,208,014 331,086 142,476 304,514 5 yrs. 4 mos.

Aug. . . . . . . . . . . . . . . 2,995,863 1,033,763 1,184,038 321,471 155,967 300,624 5 yrs. 5 mos.

Sept.. . . . . . . . . . . . . . 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

Oct. . . . . . . . . . . . . . . 2,998,692 1,020,602 1,200,942 320,882 154,778 301,488 5 yrs. 4 mos.

Nov. . . . . . . . . . . . . . . 2,988,004 1,039,059 1,155,293 330,129 153,997 309,526 5 yrs. 5 mos.

Dec. . . . . . . . . . . . . . . 2,988,654 1,027,280 1,170,833 328,855 153,224 308,462 5 yrs. 5 mos.

1998 - Jan . . . . . . . . . . . . . . . 2,954,877 1,011,181 1,139,318 338,503 155,193 310,681 5 yrs. 5 mos.

Feb. . . . . . . . . . . . . . . 2,978,212 1,029,311 1,147,184 326,495 154,836 320,386 5 yrs. 6 mos.

Mar. . . . . . . . . . . . . . . 3,010,826 1,040,573 1,173,036 326,381 152,471 318,365 5 yrs. 5 mos.

Apr. . . . . . . . . . . . . . . 2,925,886 970,975 1,153,410 324,973 151,116 325,411 5 yrs. 6 mos.

May . . . . . . . . . . . . . . 2,995,190 964,171 1,113,080 335,515 162,395 312,001 5 yrs. 8 mos.

June . . . . . . . . . . . . . . 2,894,829 952,967 1,132,460 333,666 159,368 316,369 5 yrs. 7 mos.

1993 . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,315,571 4,315,358 213 4,313,976 213 1,382

1994 . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,605,338 4,605,226 112 4,603,700 112 1,526

1995 . . . . . . . . . . . . . . . . . . . . . . . . 4,900,000 4,884,605 4,884,518 87 4,863,076 87 21,442

1996 . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956

1997 . . . . . . . . . . . . . . . . . . . . . . . . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

1997 - June . . . . . . . . . . . . . . . . . . . 5,500,000 5,289,840 5,289,803 37 5,285,185 37 4,618

July . . . . . . . . . . . . . . . . . . . 5,500,000 5,287,052 5,287,010 43 5,282,448 43 4,562

Aug. . . . . . . . . . . . . . . . . . . . 5,950,000 5,318,320 5,318,275 46 5,282,514 46 35,761

Sept. . . . . . . . . . . . . . . . . . . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

Oct. . . . . . . . . . . . . . . . . . . . 5,950,000 5,341,344 5,341,263 81 5,336,771 81 4,492

Nov. . . . . . . . . . . . . . . . . . . . 5,950,000 5,376,574 5,376,481 93 5,341,084 93 35,397

Dec. . . . . . . . . . . . . . . . . . . . 5,950,000 5,416,458 5,416,357 101 5,409,952 101 6,405

1998 - Jan. . . . . . . . . . . . . . . . . . . . 5,950,000 5,403,697 5,403,621 76 5,364,640 76 38,981

Feb. . . . . . . . . . . . . . . . . . . . 5,950,000 5,434,237 5,434,158 79 5,396,617 79 37,541

Mar. . . . . . . . . . . . . . . . . . . . 5,950,000 5,456,497 5,456,401 96 5,450,316 96 6,085

Apr. . . . . . . . . . . . . . . . . . . . 5,950,000 5,412,540 5,412,438 102 5,406,412 102 6,026

May . . . . . . . . . . . . . . . . . . . 5,950,000 5,418,731 5,418,627 104 5,377,845 104 40,782

June . . . . . . . . . . . . . . . . . . . 5,950,000 5,460,389 5,460,247 142 5,453,621 142 6,626

FEDERAL DEBT 25
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"]

 Department of Agriculture

End of Commodity Rural Rural Farmers Farm- Rural

fiscal year Credit Development Electrification Home Service Utilities

or month Total Corporation Administration Administration Administration Agency Service

(1) (2) (3) (4) (5) (6) (7)

Department of Agriculture, con. Department of Department of Housing

Rural Housing Rural Business Energy and Urban Development

End of and Community and Cooperative Foreign Bonneville Federal

fiscal year Development Development Agricultural Department of Power Housing Other housing

or month Service Service Service Education Administration Administration programs

(8) (9) (10) (11) (12) (13) (14)

1993 . . . . . . . . . . . . . . - - - 2,673 2,332 - 8,959

1994 . . . . . . . . . . . . . . - - - 2,612 2,617 783 8,484

1995 . . . . . . . . . . . . . . 5,354 91 563 6,745 2,563 1,647 7,714

1996 . . . . . . . . . . . . . . 6,430 113 647 13,398 2,456 3,123 6,909

1997 . . . . . . . . . . . . . . 6,676 157 670 23,532 2,499 3,639 6,174

1997 - June . . . . . . . . . 6,620 145 647 24,527 2,618 3,123 6,174

July . . . . . . . . . 6,620 146 647 24,527 2,491 3,123 6,174

Aug. . . . . . . . . . 6,620 146 647 24,527 2,499 3,123 6,174

Sept. . . . . . . . . 6,676 157 670 23,532 2,499 3,639 6,174

Oct. . . . . . . . . . 7,764 189 670 33,987 2,499 3,639 6,174

Nov. . . . . . . . . . 7,764 189 670 33,987 2,449 3,639 6,174

Dec. . . . . . . . . . 7,764 189 670 33,987 2,449 3,639 6,174

1998 - Jan. . . . . . . . . . 7,764 189 670 33,987 2,509 4,139 6,174

Feb. . . . . . . . . . 8,055 189 670 33,987 2,509 4,139 6,211

Mar. . . . . . . . . . 8,055 189 670 33,987 2,509 4,139 6,211

Apr. . . . . . . . . . 8,055 189 670 33,987 2,589 4,139 5,330

May . . . . . . . . . 8,055 189 670 33,987 2,441 5,114 5,330

June . . . . . . . . . 8,055 189 670 37,201 2,441 5,114 5,330

1993 . . . . . . . . . . . . . . 183,196 24,745 1,685 8,926 8,682 - -

1994 . . . . . . . . . . . . . . 163,642 16,909 2,112 8,855 8,529 - -

1995 . . . . . . . . . . . . . . 134,892 - - - - 8,596 12,161

1996 . . . . . . . . . . . . . . 117,290 - - - - 3,273 12,042

1997 . . . . . . . . . . . . . . 133,301 - - - - 9,818 12,925

1997 - June . . . . . . . . . 134,336 - - - - 8,505 13,204

July . . . . . . . . . 132,215 - - - - 8,181 13,279

Aug. . . . . . . . . . 130,245 - - - - 7,939 13,279

Sept. . . . . . . . . 133,301 - - - - 9,818 12,925

Oct. . . . . . . . . . 147,133 - - - - 13,416 14,157

Nov. . . . . . . . . . 147,170 - - - - 14,969 14,141

Dec. . . . . . . . . . 150,798 - - - - 14,880 14,134

1998 - Jan. . . . . . . . . . 153,892 - - - - 17,896 14,134

Feb. . . . . . . . . . 153,855 - - - - 17,762 13,848

Mar. . . . . . . . . . 152,979 - - - - 17,957 13,858

Apr. . . . . . . . . . 151,412 - - - - 17,996 13,858

May . . . . . . . . . 151,107 - - - - 17,157 13,967

June . . . . . . . . . 150,445 - - - - 17,079 13,615

26 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"]

 Department of

Department of Veterans Affairs 

End of Treasury Direct Loan Export-Import Railroad Small

fiscal year Federal Financing loan guaranty Bank of the Retirement Business

or month Bank fund fund United States Board Administration Other

(15) (16) (17) (18) (19) (20) (21)

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

1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

1997 - June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439

July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270

Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324

Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651

Oct. . . . . . . . . . 33,698 * 1,411 3,140 5,312 9,302 11,772

Nov. . . . . . . . . . 32,437 * 1,411 3,140 5,566 8,932 11,699

Dec. . . . . . . . . . 34,090 * 1,411 3,140 5,842 8,932 13,492

1998 - Jan. . . . . . . . . . 33,321 * 1,411 3,140 6,113 8,932 13,508

Feb. . . . . . . . . . 32,340 * 1,411 3,421 6,368 8,932 14,008

Mar. . . . . . . . . . 30,487 * 1,411 3,421 6,626 9,559 13,896

Apr. . . . . . . . . . 29,892 * 1,411 3,421 6,884 9,559 13,428

May . . . . . . . . . 29,222 * 1,411 3,443 7,128 9,559 13,434

June . . . . . . . . . 28,158 * 1,411 3,943 4,204 9,559 13,476

* Less than $500,000. 

FEDERAL DEBT 27
CHARTS FD-A.--Average Length of Privately Held

Marketable Debt

[Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.]

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

June 30, 1998

5 Years, 7 Months

Years

28 FEDERAL DEBT
INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code 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.

• 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-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 4 weeks. Treasury bills mature each

Thursday. New issues of 13-week bills are reopenings of

26-week bills. The 26-week bill issued every fourth week to

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-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.

• 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 30-Year Inflation-Indexed Bonds

April 1, 1998, Treasury announced it would auction

$8,000 million of 30-year inflation-indexed bonds to raise

cash. The bonds offered were Treasury Bonds of April 2028,

issued April 15, 1998, due April 15, 2028, with interest payable

October 15 and April 15 until maturity. An interest rate of 3-5/8

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders for the bonds 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 8, and totaled $20,614 million, of

which $8,002 million was accepted. All competitive tenders at

yields lower than 3.740 percent were accepted in full. Tenders

at 3.740 percent were allotted 92 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 3.740 percent with an equivalent adjusted

price of 97.937. The median yield was 3.700 percent and the

low yield was 3.600 percent. Noncompetitive tenders totaled

$46 million. Competitive tenders accepted from private investors totaled $7,956 million.

In addition to the $8,002 million of tenders accepted in

the auction process, $400 million was accepted from Federal

Reserve Banks for their own account.

The minimum par amount required for STRIPS of bonds

of April 2028 is $1,600,000.

Auction of 2-Year and 5-Year Notes

April 22 Treasury announced it would auction $13,000

million of 2-year notes of Series AC-2000 and $11,000 million

of 5-year notes of Series F-2003 to refund $31,430 million of

securities maturing April 30 and to pay down about $7,425

million.

The notes of Series AC-2000 were dated April 30, 1998,

due April 30, 2000, with interest payable October 31 and April

30 until maturity. An interest rate of 5-5/8 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 April 28, and totaled $34,569 million, of which

$13,003 million was accepted. All competitive tenders at

yields lower than 5.677 percent were accepted in full. Tenders

at 5.677 percent were allotted 80 percent. All noncompetitive

[Source: Bureau of the Public Debt, Office of Financing]

PUBLIC DEBT OPERATIONS 29
TREASURY FINANCING: APRIL-JUNE, con.

and successful competitive bidders were allotted securities at

the high yield of 5.677 percent with an equivalent price of

99.903. The median yield was 5.669 percent and the low yield

was 5.610 percent. Noncompetitive tenders totaled $1,283

million. Competitive tenders accepted from private investors

totaled $11,720 million.

In addition to the $13,003 million of tenders accepted in

the auction process, $1,400 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,191 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series AC-2000 is

$320,000.

The notes of Series F-2003 were dated April 30, 1998, due

April 30, 2003, with interest payable October 31 and April 30

until maturity. An interest rate of 5-3/4 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 29, and totaled $26,184 million, of which

$11,001 million was accepted. All competitive tenders at

yields lower than 5.795 percent were accepted in full. Tenders

at 5.795 percent were allotted 17 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.795 percent with an equivalent price of

99.807. The median yield was 5.770 percent and the low yield

was 5.710 percent. Noncompetitive tenders totaled $314 million. Competitive tenders accepted from private investors totaled $10,687 million.

In addition to the $11,001 million of tenders accepted in

the auction process, $550 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,010 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series F-2003 is

$800,000.

52-Week Bills

April 17, 1998, tenders were invited for approximately

$10,000 million of 364-day Treasury bills to be dated April 30,

1998, and to mature April 29, 1999. The issue was to refund

$15,479 million of maturing 52-week bills and to pay down

about $5,475 million. The bills were auctioned on April 23.

Tenders totaled $42,470 million, of which $10,110 million was

accepted, including $1,061 million of noncompetitive tenders

from the public and $1,255 million of the bills issued to Federal

Reserve Banks as agents for foreign and international monetary authorities. In addition, $5,210 million of the bills were

issued to Federal Reserve Banks for their own account. The

average bank discount rate was 5.125 percent. 

Cash Management Bills

March 31 tenders were invited for approximately $19,000

million of 13-day bills to be issued April 3, 1998, representing

an additional amount of bills dated October 16, 1997, maturing

April 16, 1998. The issue was to raise new cash. Tenders were

opened on April 1. They totaled $70,638 million, of which

$19,125 million was accepted. The average bank discount rate

was 5.45 percent.

MAY

May Quarterly Financing

May 6 Treasury announced it would auction $10,000

million of 3-year notes of Series T-2001, and $12,000 million

of 10-year notes of Series C-2008 to refund $25,401 million

of Treasury securities maturing May 15 to pay down about

$3,400 million.

The notes of Series T-2001 were dated May 15, 1998, due

May 15, 2001, with interest payable November 15 and May

15 until maturity. An interest rate of 5-5/8 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 May 12, and totaled $31,769 million, of which $10,006

million was accepted at yields ranging from 5.620 percent,

price 100.014, up to 5.639 percent, price 99.962. Tenders at

the high yield were allotted 41 percent. Noncompetitive tenders were accepted in full at the average yield, 5.633 percent,

price 99.978. These totaled $591 million. Competitive tenders

accepted from private investors totaled $9,415 million.

In addition to the $10,006 million of tenders accepted in

the auction process, $580 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $2,270 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series T-2001 is

$320,000. 

The notes of Series C-2008 were dated May 15, 1998, due

May 15, 2008, with interest payable November 15 and May

15 until maturity. An interest rate of 5-5/8 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 May 13, and totaled $28,674 million, of which

$12,002 million was accepted at yields ranging from 5.638

percent, price 99.902, up to 5.653 percent, price 99.788. Tenders at the high yield were allotted 66 percent. Noncompetitive

tenders were accepted in full at the average yield, 5.646 percent, price 99.841. These totaled $115 million. Competitive

tenders accepted from private investors totaled $11,888 million.

In addition to the $12,002 million of tenders accepted in

the auction process, $50 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $2,720 million was accepted from Federal

30 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: APRIL-JUNE, con.

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series C-2008 is

$320,000.

Auction of 2-Year and 5-Year Notes

May 20 Treasury announced it would auction $13,000

million of 2-year notes of Series AD-2000 and $11,000 million

of 5-year notes of Series G-2003 to refund $31,032 million of

securities maturing May 31 and to pay down about $7,025

million.

The notes of Series AD-2000 were dated May 31, 1998,

issued June 1, 1998, due May 31, 2000, with interest payable

November 30 and May 31 until maturity. An interest rate of

5-1/2 percent was set after the determination as to which

tenders were accepted on a yield auction basis. Accrued interest of $0.15027 per $1,000, covering the period from May 31

to June 1, 1998, was payable with each accepted tender.

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 27, and totaled $31,152 million, of which $13,005

million was accepted. All competitive tenders at yields lower

than 5.530 percent were accepted in full. Tenders at 5.530

percent were allotted 49 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.530 percent with an equivalent price of 99.944. The

median yield was 5.519 percent and the low yield was 5.460

percent. Noncompetitive tenders totaled $1,261 million. Competitive tenders accepted from private investors totaled

$11,743 million.

In addition to the $13,005 million of tenders accepted in

the auction process, $2,200 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,321 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series AD-2000 is

$400,000.

The notes of Series G-2003 were dated May 31, 1998,

issued June 1, 1998, due May 31, 2003, with interest payable

November 30 and May 31 until maturity. An interest rate of

5-1/2 percent was set after the determination as to which

tenders were accepted on a yield auction basis. Accrued interest of $0.15027 per $1,000, covering the period from May 31

to June 1, 1998, was payable with each accepted tender.

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 28, and totaled $29,141 million, of which $11,000

million was accepted. All competitive tenders at yields lower

than 5.575 percent were accepted in full. Tenders at 5.575

percent were allotted 79 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.575 percent with an equivalent price of 99.676. The

median yield was 5.562 percent and the low yield was 5.500

percent. Noncompetitive tenders totaled $311 million. Competitive tenders accepted from private investors totaled

$10,689 million.

In addition to the $11,000 million of tenders accepted in

the auction process, $1,000 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,115 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series G-2003 is

$400,000.

52-Week Bills

May 15 tenders were invited for approximately $10,000

million of 364-day Treasury bills to be dated May 28, 1998,

and to mature May 27, 1999. The issue was to refund $15,343

million of maturing 52-week bills and to pay down about

$5,350 million. The bills were auctioned on May 21. Tenders

totaled $41,653 million, of which $10,025 million was accepted, including $1,016 million of noncompetitive tenders

from the public and $1,266 million issued to Federal Reserve

Banks as agents for foreign and international monetary

authorities. In addition, $5,490 million was awarded to Federal

Reserve Banks for their own accounts. The average bank

discount rate was 5.150 percent.

Cash Management Bills

May 28 tenders were invited for approximately $15,000

million of 12-day bills to be issued June 3, 1998, maturing June

15, 1998. The issue was to raise new cash. Tenders were

opened on June 2. They totaled $48,059 million, of which

$15,004 million was accepted. The average bank discount rate

was 5.30 percent.

JUNE

Auction of 2-Year and 5-Year Notes

June 17 Treasury announced it would auction $12,000

million of 2-year notes of Series AE-2000 and $11,000 million

of 5-year notes of Series H-2003 to refund $32,002 million of

securities maturing June 30 and to pay down about $9,000

million.

The notes of Series AE-2000 were dated June 30, 1998,

due June 30, 2000, with interest payable December 31 and

June 30 until maturity. An interest rate of 5-3/8 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 June 23, and totaled $38,111 million, of which

$12,021 million was accepted. All competitive tenders at

yields lower than 5.495 percent were accepted in full. Tenders

at 5.495 percent were allotted 40 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.495 percent with an equivalent price of

99.776. The median yield was 5.490 percent and the low yield

was 5.400 percent. Noncompetitive tenders totaled $1,307

million. Competitive tenders accepted from private investors

totaled $10,714 million.

PUBLIC DEBT OPERATIONS 31
In addition to the $12,021 million of tenders accepted in

the auction process, $1,500 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,383 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series AE-2000 is

$1,600,000.

The notes of Series H-2003 were dated June 30, 1998, due

June 30, 2003, with interest payable December 31 and June 30

until maturity. An interest rate of 5-3/8 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 June 24, and totaled $26,302 million, of which $11,001

million was accepted. All competitive tenders at yields lower

than 5.454 percent were accepted in full. Tenders at 5.454

percent were allotted 91 percent. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 5.454 percent with an equivalent price of 99.658. The

median yield was 5.438 percent and the low yield was 5.400

percent. Noncompetitive tenders totaled $272 million. Competitive tenders accepted from private investors totaled

$10,730 million.

In addition to the $11,001 million of tenders accepted in

the auction process, $850 million was accepted from Federal

Reserve Banks as agents for foreign and international monetary authorities, and $1,265 million was accepted from Federal

Reserve Banks for their own account. The minimum par

amount required for STRIPS of notes of Series H-2003 is

$1,600,000.

52-Week Bills

June 12 tenders were invited for approximately $10,000

million of 364-day Treasury bills to be dated June 25, 1998,

and to mature June 24, 1999. The issue was to refund $14,515

million of maturing 52-week bills and to pay down about

$4,525 million. The bills were auctioned on June 18. Tenders

totaled $43,128 million, of which $10,158 million was accepted, including $982 million of noncompetitive tenders from

the public and $1,302 million issued to Federal Reserve Banks

as agents for foreign and international monetary authorities. In

addition, $4,915 million was issued to Federal Reserve Banks

for their own accounts. The average bank discount rate was

5.130 percent.

TREASURY FINANCING: APRIL-JUNE, con.

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, 1998

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

1998

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,711 7,983

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 735 10,954

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,157 20,406

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,480 9,863

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,490 17,928

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 683 12,336

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ note 09/03/96 21,949 2,346 19,603

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 973 11,603

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK note 09/30/96 21,486 1,244 20,242

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 1,017 9,252

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 999 12,024

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AL note 10/31/96 21,221 995 20,226

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 546 9,357

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 3,142 17,457

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 225 162 63

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 954 11,161

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 1,379 19,153

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,780 10,665

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 1,000 19,615

Total. . . . . . . . . . . . . . . 286,682 26,792 259,890

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 892 9,667

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 885 12,016

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AB note 01/31/97 19,468 1,682 17,786

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 1,199 8,521

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,644 18,353

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 765 11,149

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AC note 02/28/97 19,916 1,745 18,171

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AD note 03/31/97 19,798 1,420 18,378

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,074 9,104

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-AE note 04/30/97 19,353 1,225 18,128

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,638 8,410

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 3,205 20,155

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 802 11,537

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AF note 06/02/97 18,575 938 17,637

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,670 11,431

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-%-AG note 06/30/97 17,862 904 16,958

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 07/15/92 10,006 349 9,657

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-Q note 08/01/94 12,411 1,706 10,704

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AH note 07/31/97 16,839 1,547 15,293

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-C note 08/15/89 10,164 944 9,220

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y note 08/15/96 22,708 2,810 19,898

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 33
1999, con.

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 1,046 11,351

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 09/02/97 17,215 1,349 15,866

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,189 11,647

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-K note 09/30/97 17,487 742 16,745

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 506 9,831

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 718 11,434

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AL note 10/31/97 16,824 502 16,322

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/89 10,774 814 9,960

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 3,057 19,813

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 1,208 10,726

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AM note 12/01/97 17,051 1,362 15,689

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,505 11,018

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AL note 12/31/97 16,747 1,096 15,651

Total. . . . . . . . . . . . . . . 539,435 49,232 490,202

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 690 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/8%-Y note 02/02/98 17,502 1,266 16,236

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 1,124 11,104

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 1,096 9,577

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-U note 02/18/97 20,421 1,044 19,377

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 1,322 11,174

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-Z note 03/02/98 17,776 1,507 16,269

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,342 11,847

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-AB note 03/31/98 17,206 1,858 15,348

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 360 10,175

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-AC note 04/30/98 15,634 1,191 14,443

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 1,139 11,294

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-B note 05/15/90 10,496 480 10,016

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-V note 05/15/97 20,763 2,807 17,956

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 843 11,909

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-AD note 06/01/98 16,580 1,321 15,259

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 810 11,654

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/8%-AE note 06/30/98 14,939 1,383 13,556

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 654 11,685

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,212 9,868

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-W note 08/15/97 18,053 1,970 16,083

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 833 11,089

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 1,029 10,982

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 537 11,543

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 881 10,639

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-X note 11/17/97 16,036 1,761 14,275

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 646 11,711

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 911 11,910

Total. . . . . . . . . . . . . . . 388,412 32,019 356,393

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

See footnotes at end of table.

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, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 1,010 11,806

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 01/12/81 1,501 161 1,341

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-3/4%-A note 02/15/91 11,313 983 10,330

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/8%-S note 02/17/98 15,367 1,533 13,835

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 1,061 11,759

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,750 12,431

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 1,091 12,690

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 1,198 11,200

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-T note 05/15/98 12,874 2,270 10,604

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 1,197 12,525

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-K note 07/01/96 14,282 1,195 13,087

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L note 07/31/96 14,137 897 13,240

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,375 10,964

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 1,171 12,829

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 09/30/96 14,519 1,120 13,398

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 10/31/96 14,640 1,036 13,604

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15-3/4% bond 10/07/81 1,753 173 1,580

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-D note 11/15/91 24,226 2,666 21,560

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q note 12/02/96 14,031 622 13,409

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R note 12/31/96 13,971 710 13,261

Total. . . . . . . . . . . . . . . 262,174 23,640 238,534

2002

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 01/31/97 13,453 1,030 12,423

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-D note 02/28/97 13,800 1,131 12,669

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-E note 03/31/97 14,301 1,411 12,890

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-F note 04/30/97 14,475 1,423 13,052

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 1,116 10,598

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-G note 06/02/97 13,504 1,242 12,262

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 06/30/97 13,059 892 12,167

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-5/8%-J note 07/15/97 17,063 1,620 15,443

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-K note 07/31/97 12,231 445 11,786

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,416 21,443

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 09/02/97 12,732 842 11,890

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-M note 09/30/97 12,807 560 12,247

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-N note 10/31/97 11,737 590 11,147

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 377 2,376

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-P note 12/01/97 12,121 450 11,671

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-Q note 12/31/97 12,052 585 11,467

Total. . . . . . . . . . . . . . . 213,419 16,290 197,130

2003

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-C note 02/02/98 13,101 785 12,316

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 739 2,267

See footnotes at end of table.

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, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

See footnotes at end of table.

2003, con.

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/16/93 23,563 2,277 21,286

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-D note 03/02/98 13,670 1,095 12,575

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-E note 03/31/98 14,173 1,385 12,788

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-F note 04/30/98 12,573 1,010 11,563

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 346 2,903

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-G note 06/01/98 13,132 1,115 12,017

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/8%-H note 06/30/98 13,127 1,265 11,862

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 689 2,812

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,790 24,221

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 764 6,495

Total. . . . . . . . . . . . . . . 148,367 15,261 133,106

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 650 12,305

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,906 12,535

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 528 3,472

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 910 12,436

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 997 7,305

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,813 12,561

Total. . . . . . . . . . . . . . . 71,173 7,574 63,599

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,282 12,553

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,191 2,033

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 728 3,532

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-B note 05/15/95 14,740 2,000 12,740

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-3/4% bond 07/02/85 9,270 1,387 7,883

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-C note 08/15/95 15,003 1,890 13,113

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/24/95 15,210 1,710 13,500

Total. . . . . . . . . . . . . . . 76,541 11,188 65,353

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-3/8% bond 01/15/86 4,756 58 4,698

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-A note 02/15/96 15,514 1,708 13,806

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8%-B note 05/15/96 16,015 2,225 13,790

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7%-C note 07/15/96 22,740 2,476 20,265

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-D note 10/15/96 22,460 2,483 19,977

Total. . . . . . . . . . . . . . . 81,485 8,950 72,536

2007

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-3/8%-A note 02/06/97 16,161 1,091 15,070

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,613 2,621

Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-B note 02/18/97 13,104 725 12,379

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8%-C note 05/15/97 13,958 1,750 12,208

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, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

2007, con.

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8%-D note 08/15/97 25,637 2,175 23,462

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 389 1,106

Total. . . . . . . . . . . . . . . 74,589 7,742 66,847

2008

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-1/2%-A note 01/15/98 8,459 875 7,584

Feb. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-1/2%-B note 02/17/98 13,583 1,420 12,163

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-5/8%-C note 05/15/98 14,775 2,720 12,055

Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/8% bond 08/15/78 2,103 789 1,314

Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4% bond 11/15/78 5,230 1,816 3,414

Total. . . . . . . . . . . . . . . 44,151 7,620 36,531

2009

May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 1,013 3,593

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,101 3,100

Total. . . . . . . . . . . . . . . 8,807 2,114 6,693

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 1,008 1,486

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,177 1,811

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,661 3,076

Total. . . . . . . . . . . . . . . 10,218 3,845 6,373

2011

May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 05/15/81 4,609 1,124 3,485

Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14% bond 11/16/81 4,901 1,025 3,875

Total. . . . . . . . . . . . . . . 9,509 2,149 7,360

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,928 9,104

Total. . . . . . . . . . . . . . . 11,032 1,928 9,104

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,591 11,165

Total. . . . . . . . . . . . . . . 14,755 3,591 11,165

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 1,060 3,947

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 3,161 12,980

2015

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,336 11,332

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 1,211 5,939

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-7/8% bond 11/15/85 6,900 1,002 5,898

Total. . . . . . . . . . . . . . . 26,718 3,549 23,169

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 1,076 6,191

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,372 17,452

See footnotes at end of table.

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, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

2016, con.

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,653 17,211

Total. . . . . . . . . . . . . . . 44,955 4,101 40,854

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 2,025 16,169

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 1,354 12,663

Total. . . . . . . . . . . . . . . 32,211 3,379 28,832

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 598 8,111

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 256 8,777

Total. . . . . . . . . . . . . . . 17,742 854 16,887

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 1,108 18,143

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 1,951 18,263

Total. . . . . . . . . . . . . . . 39,465 3,059 36,406

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 1,175 9,054

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 1,267 8,892

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 08/15/90 21,419 1,655 19,764

Total. . . . . . . . . . . . . . . 41,806 4,096 37,710

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 876 10,238

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 938 11,021

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 698 11,466

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8% bond 11/15/91 32,798 1,560 31,238

Total. . . . . . . . . . . . . . . 68,034 4,071 63,963

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 840 9,513

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 835 9,865

Total. . . . . . . . . . . . . . . 21,052 1,675 19,377

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/16/93 18,374 1,581 16,793

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4% bond 08/16/93 22,909 1,168 21,741

Total. . . . . . . . . . . . . . . 41,283 2,749 38,534

2024

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 505 10,965

Total. . . . . . . . . . . . . . . 11,470 505 10,965

2025

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 885 10,840

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-7/8% bond 08/15/95 12,602 1,295 11,307

Total. . . . . . . . . . . . . . . 24,327 2,180 22,147

See footnotes at end of table.

38 PUBLIC DEBT OPERATIONS
2026

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6% bond 02/15/96 12,905 1,268 11,637

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/4% bond 08/15/96 10,894 1,309 9,585

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2% bond 11/15/96 11,493 1,879 9,614

Total. . . . . . . . . . . . . . . 35,292 4,456 30,836

2027

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-5/8% bond 02/18/97 10,456 480 9,976

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8% bond 08/15/97 10,736 730 10,006

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/8% bond 11/17/97 22,519 2,505 20,014

Total. . . . . . . . . . . . . . . 43,710 3,715 39,995

2028

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 3-5/8% bond 04/15/98 8,443 785 7,658

Total. . . . . . . . . . . . . . . 8,443 785 7,658

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con.

[In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance]

Amount of maturities

 Held by

U.S. Government

accounts and Federal All other

Date of final maturity Description Issue date Total Reserve banks investors

(1) (2) (3) (4) (5)

 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public

Debt of the United States.’’

PUBLIC DEBT OPERATIONS 39
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, Office of Public Debt Accounting]

Description of new issue Amount Total unmatured

Number of Amounts of bids accepted maturing on issues outdays to Amount of On com- On noncom- issue date of standing after

Issue date Maturity date maturity 1

bids tendered Total amount petitive basis 2petitive basis 3new offering new issues

(1) (2) (3) (4) (5) (6) (7) (8)

See footnotes at end of table.

Regular weekly:

(13-week and 26-week)

1998 - Mar. 5 . . . . . . June 4 91 50,185.5 11,627.4 10,237.8 1,389.6 10,852.1 143,646.7

Sept. 3 182 38,374.9 10,842.7 9,712.6 1,130.2 12,899.5 303,264.6

12 . . . . . . June 11 91 39,648.9 10,203.3 8,939.6 1,263.7 11,354.9 142,495.1

Sept. 10 182 38,665.5 11,376.7 11,376.7 1,138.9 11,840.8 302,800.6

19 . . . . . . June 18 91 43,372.2 9,460.5 8,092.5 1,368.0 10,834.7 141,120.9

Sept. 17 182 40,463.7 10,976.7 9,804.3 1,172.4 10,999.0 302,778.3

26 . . . . . . June 25 91 44,764.6 9,298.3 8,065.0 1,233.3 10,448.8 139,970.4

Sept. 24 182 34,735.3 10,382.8 9,233.6 1,149.2 10,499.8 302,661.3

Apr. 2 . . . . . . July 2 92 35,999.8 9,896.3 8,621.4 1,274.9 11,104.6 138,762.0

Oct. 1 182 31,695.3 10,904.3 9,783.5 1,120.9 11,033.0 302,532.7

9 . . . . . . July 9 91 39,490.5 9,380.5 8,031.6 1,348.9 11,460.8 136,681.7

Oct. 8 182 32,035.8 10,788.8 9,632.9 1,155.9 10,759.7 302,561.8

16 . . . . . . July 16 91 29,545.0 9,151.5 7,834.5 1,317.0 11,278.7 134,554.5

Oct. 15 182 33,105.2 11,439.4 10,315.1 1,124.2 11,162.2 302,839.0

23 . . . . . . July 23 91 41,854.9 9,051.2 7,850.8 1,200.4 10,868.0 132,737.7

Oct. 22 182 35,307.0 10,764.6 9,738.8 1,025.8 10,692.3 302,911.2

30 . . . . . . July 30 91 32,219.3 9,543.1 8,207.4 1,335.6 10,810.3 131,470.4

Oct. 29 182 31,939.7 11,067.9 9,905.1 1,162.8 11,580.5 302,398.6

May 7 . . . . . . Aug. 6 91 43,603.1 9,505.9 8,061.2 1,444.7 11,550.4 129,426.0

Nov. 5 182 35,257.6 11,838.1 10,597.5 1,240.7 10,978.5 303,258.2

14 . . . . . . Aug. 13 91 46,961.9 8,923.7 7,584.1 1,339.6 11,142.8 127,206.9

Nov. 12 182 39,091.6 11,885.2 10,711.0 1,174.2 10,882.8 304,260.7

21 . . . . . . Aug. 20 91 36,991.4 9,034.9 7,705.1 1,329.8 10,928.4 125,313.4

Nov. 19 182 37,099.9 11,367.1 10,187.1 1,180.0 10,844.0 304,783.8

28 . . . . . . Aug. 27 91 34,924.1 9,767.7 8,413.6 1,354.1 10,794.7 124,286.5

Nov. 27 183 40,009.4 11,319.4 10,214.2 1,105.3 11,327.3 304,775.9

June 4 . . . . . . Sept. 3 91 36,531.7 9,301.7 7,971.6 1,330.1 11,627.4 121,960.7

Dec. 3 182 38,382.1 11,185.4 9,993.7 1,191.7 10,978.8 304,982.6

11 . . . . . . Sept. 10 91 37,044.5 9,271.4 8,008.6 1,262.8 10,203.3 121,028.8

Dec. 10 182 34,110.7 11,570.8 10,405.0 1,165.9 11,321.1 305,232.4

18 . . . . . . Sept. 17 91 30,912.9 8,720.7 7,423.3 1,297.4 9,460.5 120,289.0

Dec. 17 182 32,417.4 11,246.9 10,114.8 1,132.1 11,323.9 305,155.3

25 . . . . . . Sept. 24 91 36,821.8 9,191.3 7,936.5 1,254.8 9,298.3 120,182.0

Dec. 24 182 32,980.4 11,885.5 10,783.8 1,101.6 10,494.9 306,546.0

52-week:

1997 - June 26 . . . . . . June 25 364 67,729.9 19,430.4 18,436.3 994.1 19,596.1 264,125.5

July 24 . . . . . . July 23 364 65,035.2 18,829.8 17,860.5 969.4 20,184.9 262,769.8

Aug. 21 . . . . . . Aug. 20 364 62,453.8 18,783.2 17,842.4 940.8 20,571.4 260,981.7

Sept. 18 . . . . . . Sept. 17 364 80,766.5 18,301.9 17,461.0 840.9 19,906.7 259,376.6

Oct. 16 . . . . . . Oct. 15 364 60,298.6 18,774.1 17,981.5 792.6 18,482.5 259,668.1

Nov. 13 . . . . . . Nov. 12 364 85,598.2 18,451.4 17,713.2 738.2 20,141.9 257,978.8

Dec. 11 . . . . . . Dec. 10 364 46,305.7 18,011.0 17,162.4 848.6 20,542.5 255,448.9

1998 - Jan. 8 . . . . . . 1999- Jan. 7 364 48,378.5 17,836.8 16,755.3 1,081.5 20,609.8 255,205.8

Feb. 5 . . . . . . Feb. 4 364 48,414.5 19,190.2 18,071.8 1,118.3 20,983.2 253,412.7

Mar. 5 . . . . . . Mar. 4 364 53,056.7 17,973.1 16,895.7 1,077.4 20,840.5 250,545.2

Apr. 2 . . . . . . Apr. 1 364 43,079.6 16,752.5 15,635.1 1,117.4 16,751.0 250,546.7

Apr. 30 . . . . . . Apr. 29 364 47,705.2 15,345.2 14,258.9 1,086.2 15,344.5 250,547.4

May 28 . . . . . . May 27 364 47,167.7 15,539.7 14,498.7 1,041.0 15,540.1 250,547.0

June 25 . . . . . . June 24 364 48,063.8 15,093.4 14,091.0 1,002.4 15,093.2 250,547.3

Cash management:

1998 - Apr. 3 . . . . . . 1998 - Apr. 16 13 70,638.0 19,124.5 - - - 19,124.5

June 3 . . . . . . June 16 12 48,058.9 15,003.9 - - - 34,128.4

40 PUBLIC DEBT OPERATIONS
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, Office of Public Debt Accounting]

On total bids accepted On competitive bids accepted

Average Average High Low

Average price discount rate investment rate 4 Discount rate Price per Discount rate Price per

Issue date per hundred (percent) (percent) (percent) hundred (percent) hundred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52

weeks. 

2

 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 million 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

 $1,026,000 was accepted at rates below the competitive range. 

6

 $10,258,000 was accepted at rates below the competitive range.

7

 $1,225,000 was accepted at rates below the competitive range.

Regular weekly:

1998 - Mar. 5. . . . . . 98.706 5.12 5.26 5.12 98.706 5.12 98.706

97.409 5.13 5.33 5.13 97.409 5.11 97.417

12. . . . . . 98.744 4.97 5.10 4.98 98.742 4.97 98.745

97.467 5.01 5.21 5.01 97.467 5.00 97.472

19. . . . . . 98.740 4.99 5.12 4.99 98.740 4.97 98.744

97.460 5.03 5.23 5.03 97.460 5.01 97.467

26. . . . . . 98.729 5.03 5.16 5.03 98.729 5.02 98.731

97.477 4.99 5.19 5.00 97.475 4.97 97.487

Apr. 2. . . . . . 98.723 5.05 5.19 5.06 98.722 5.04 98.726

97.434 5.08 5.28 5.08 97.432 5.06 97.442

9. . . . . . 98.746 4.96 5.09 4.97 98.745 4.94 98.753

97.472 5.00 5.20 5.01 97.470 4.97 97.487

16. . . . . . 98.727 5.04 5.17 5.05 98.723 4.97 98.744

97.407 5.13 5.34 5.14 97.404 5

5.11 97.417

23. . . . . . 98.740 4.99 5.12 4.99 98.740 4.98 98.741

97.442 5.06 5.27 5.06 97.442 5.05 97.447

30. . . . . . 98.751 4.94 5.07 4.94 98.751 4.93 98.754

97.414 5.12 5.32 5.12 97.412 5.09 97.427

May 7. . . . . . 98.739 4.99 5.12 5.00 98.737 4.98 98.741

97.417 5.11 5.32 5.11 97.417 5.10 97.422

14. . . . . . 98.734 5.01 5.14 5.01 98.734 5.00 98.736

97.386 5.17 5.38 5.18 97.384 5.16 97.391

21. . . . . . 98.716 5.08 5.22 5.08 98.716 5.05 98.723

97.391 5.16 5.37 5.16 97.391 5.14 97.401

28. . . . . . 98.731 5.02 5.16 5.03 98.730 6

5.01 98.734

97.374 5.17 5.38 5.17 97.374 5.16 97.377

June 4. . . . . . 98.750 4.95 5.08 4.95 98.749 4.93 98.754

97.417 5.11 5.32 5.12 97.414 5.10 97.422

11. . . . . . 98.737 5.00 5.13 5.00 98.736 4.98 98.741

97.394 5.16 5.37 5.16 97.394 5.14 97.401

18. . . . . . 98.734 5.01 5.14 5.02 98.732 5.00 98.736

97.439 5.07 5.27 5.07 97.439 7

5.06 97.442

25. . . . . . 98.739 4.99 5.12 5.00 98.737 4.97 98.744

97.412 5.12 5.33 5.12 97.412 5.11 97.419

52-week:

1997 - June 26. . . . . . 94.591 5.35 5.65 5.35 94.591 5.34 94.601

July 24. . . . . . 94.682 5.26 5.56 5.26 94.682 5.25 94.692

Aug. 21. . . . . . 94.661 5.28 5.58 5.28 94.661 5.27 94.671

Sept. 18. . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

Oct. 16. . . . . . 94.742 5.20 5.49 5.20 97.742 5.19 97.752

Nov. 13. . . . . . 94.803 5.14 5.42 5.15 94.793 5.14 94.803

Dec. 11. . . . . . 94.762 5.18 5.47 5.18 94.762 5.17 94.778

1998 - Jan. 8. . . . . . 94.879 5.07 5.34 5.07 94.879 5.06 94.889

Feb. 5. . . . . . 94.980 4.97 5.23 4.97 94.980 4.95 94.995

Mar. 5. . . . . . 94.818 5.13 5.41 5.13 94.818 5.12 94.823

Apr. 2. . . . . . 94.833 5.11 5.39 5.11 94.833 5.10 94.843

Apr. 30. . . . . . 94.818 5.13 5.41 5.13 94.813 5.12 94.823

May 28. . . . . . 94.793 5.15 5.43 5.15 94.793 5.15 94.798

June 25. . . . . . 94.813 5.13 5.41 5.13 94.813 5.12 94.823

Cash management:

1998 - Apr. 3. . . . . . 99.803 5.45 5.54 5.45 99.803 5.45 99.803

June 3. . . . . . 99.823 5.30 5.39 5.31 99.823 5.30 99.823

PUBLIC DEBT OPERATIONS 41
See footnotes at end of table.

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 * and bonds

(1) (2) (3) (4) (5) (6)

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5

 11,536 7

07/18/96 07/25/96 5.49% bill--07/24/97 364d 49,394 20,184

07/23/96 07/31/96 6-1/4% note--07/31/98-AH 2y 43,537 21,562 8

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 9

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 10

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 11

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5

 10,899 12

08/15/96 08/22/96 5.36% bill--08/21/97 364d 49,973 20,572

08/27/96 09/03/96 6-1/8% note--08/31/98-AJ 2y 44,932 21,948 13

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 14

08/29/96 09/03/96 5.24% bill--09/17/96 14d 60,065 30,010

09/12/96 09/19/96 5.57% bill--09/18/97 364d 52,210 19,907

09/25/96 09/30/96 6% note--09/30/98-AK 2y 51,401 21,485 15

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 16

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5 10,985 17

10/10/96 10/17/96 5.34% bill--10/16/97 364d 49,841 20,190

10/22/96 10/31/96 5-7/8% note--10/31/98-AL 2y 50,828 21,220 18

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 19

10/31/96 11/01/96 5.17% bill--12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note--11/15/99-Z 3y 46,564 22,870 20

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 21

11/07/96 11/14/96 5.20% bill--11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond--11/15/26 30y 28,334 5

 11,493 22

11/13/96 11/15/96 5.20% bill--12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note--11/30/98-AM 2y 40,718 20,532 23

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 24

12/02/96 12/03/96 5.18% bill--12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill--12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note--12/31/98-AN 2y 42,998 20,615 25

12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 26

01/02/97 01/09/97 5.31% bill--01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note--01/31/99-AB 2y 44,655 19,466 27

01/23/97 01/31/97 6-1/4% note--01/31/02-C 5y 31,255 13,453 28

01/29/97 6 02/06/97 3-3/8% ii note--01/15/07-A 10y 37,919 5 7,703 29

01/30/97 02/06/97 5.34% bill--02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note--02/15/00-U 3y 42,085 20,421 30

02/12/97 6 02/18/97 6-1/4% note--02/15/07-B 10y 23,863 5 13,103 31

02/13/97 02/18/97 6-5/8% bond--02/15/27 30y 24,664 5 10,456 32

02/25/97 02/28/97 5-7/8% note--02/28/99-AC 2y 41,106 19,915 33

02/26/97 02/28/97 6-1/4% note--02/28/02-D 5y 27,662 13,798 34

02/27/97 03/03/97 5.16% bill--04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill--03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note--03/31/99-AD 2y 40,532 19,797 35

03/26/97 03/31/97 6-5/8% note--03/31/02-E 5y 33,522 14,301 36

03/26/97 04/03/97 5.66% bill--04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill--04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill--04/22/97 19d 51,886 17,066

04/08/97 6

 04/15/97 3-3/8% ii note--01/15/07-A-reopening 9y 9m 18,464 5 8,405 37

04/22/97 04/30/97 6-3/8% note--04/30/99-AE 2y 43,708 19,351 38

04/23/97 04/30/97 6-5/8% note--04/30/02-F 5y 34,266 14,475 39

04/24/97 05/01/97 5.72% bill--04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note--05/15/00-V 3y 39,125 20,763 40

05/07/97 05/15/97 6-5/8% note--05/15/07-C 10y 24,266 5 13,958 41

05/22/97 05/29/97 5.55% bill--05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note--05/31/99-AF 2y 42,092 18,567 42

05/29/97 06/02/97 6-1/2% note--05/31/02-G 5y 34,876 13,492 43

06/02/97 06/03/97 5.25% bill--06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill--06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note--06/30/99-AG 2y 40,541 17,861 44

06/25/97 06/30/97 6-1/4% note--06/30/02-H 5y 38,218 13,058 45

07/09/97 07/15/97 3-5/8% ii note--07/15/02-J 5y 26,858 5 8,404 46

42 PUBLIC DEBT OPERATIONS
07/17/97 07/24/97 5.26% bill--07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note--07/31/99-AH 2y 40,533 16,840 47

07/23/97 07/31/97 6% note--07/31/02-K 5y 33,845 12,231 48

07/31/97 08/01/97 5.35% bill--09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note--08/15/00-W 3y 41,313 18,053 49

08/06/97 08/15/97 6-1/8% note--08/15/07-D 10y 27,869 5 13,036 50

08/07/97 08/15/97 6-3/8% bond--08/15/27 30y 27,355 5 10,736 51

08/14/97 08/21/97 5.28% bill--08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note--08/31/99-AJ 2y 40,541 17,214 52

08/27/97 09/02/97 6-1/4% note--08/31/02-L 5y 27,996 12,732 53

08/28/97 09/02/97 5.47% bill--09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill--09/17/98 364d 80,767 18,302

09/23/97 09/30/97 5-3/4% note--09/30/99-AK 2y 39,868 5

 17,486 54

09/24/97 09/30/97 5-7/8% note--09/30/02-M 5y 35,396 5 12,806 55

10/08/97 6 10/15/97 3-5/8% ii note--07/15/02-J-reopening 4y 9m 28,953 5 8,413 56

10/09/97 10/16/97 5.20% bill--10/15/98 364d 60,299 18,774

10/28/97 10/31/97 5-5/8% note--10/31/99-AL 2y 36,128 5

 16,822 57

10/29/97 10/31/97 5-3/4% note--10/31/02-N 5y 25,473 5 11,736 58

10/30/97 11/03/97 5.18% bill--01/22/98-reopening 80d 66,320 21,139

11/04/97 11/17/97 5-3/4% note--11/15/00-X 3y 36,663 5

 16,036 59

11/05/97 6 11/17/97 6-1/8% note--08/15/07-D-reopening 9y 9m 28,400 5 12,599 60

11/06/97 11/17/97 6-1/8% bond--11/15/27 30y 29,354 5 11,185 61

11/06/97 11/13/97 5.14% bill--11/12/98 364d 85,598 18,453

11/24/97 12/01/97 5-5/8% note--11/30/99-AM 2y 41,982 5

 17,055 62

11/25/97 12/01/97 5-3/4% note--11/30/02-P 5y 33,892 5 12,120 63

11/25/97 12/01/97 5.56% bill--12/16/97 15d 89,907 35,209

12/04/97 12/11/97 5.180% bill--12/10/98 364d 46,306 18,013

12/22/97 12/31/97 5-5/8% note--12/31/99-AN 2y 35,878 5

 16,748 64

12/23/97 12/31/97 5-5/8% note--12/31/02-Q 5y 29,949 5 12,053 65

01/06/98 01/08/98 5.341% bill--01/07/99 364d 48,379 17,837

01/08/98 01/15/98 3-5/8% ii note--01/05/08-A 10y 23,958 8,410 66

01/27/98 02/02/98 5-3/8% note--01/31/00-Y 2y 36,269 17,500 67

01/28/98 02/02/98 5-1/2% note--01/31/03-C 5y 24,911 13,099 68

01/29/98 02/05/98 4.965% bill--02/04/99 364d 48,415 19,191

02/10/98 02/17/98 5-3/8% note--02/15/01-S 3y 35,326 15,362 69

02/11/98 02/17/98 5-1/2% note--02/15/08-B 10y 31,416 13,584 70

02/12/98 6

 02/17/98 6-1/8% bond--11/15/27-reopening 29y 9m 22,536 11,334 71

02/12/98 02/17/98 5.29% bill--04/23/98 65d 85,000 22,389

02/24/98 03/02/98 5-1/2% note--02/29/00-Z 2y 36,313 17,770 72

02/25/98 03/02/98 5-1/2% note--02/28/03-D 5y 32,617 13,670 73

02/26/98 03/05/98 5.125% bill--03/04/99 364d 53,057 17,973

02/26/98 03/03/98 5.37% bill--04/16/98 44d 95,905 23,376

03/24/98 03/31/98 5-1/2% note--03/31/00-AB 2y 39,671 17,205 74

03/25/98 03/31/98 5-1/2% note--03/31/03-E 5y 25,782 14,173 75

03/26/98 04/02/98 5.110% bill--04/01/99 364d 43,080 16,752

04/01/98 04/03/98 5.45% bill--04/16/98 13d 70,638 19,125

04/08/98 04/15/98 3-5/8% bond--04/15/28 30y 21,016 8,404 76

04/23/98 04/30/98 5.125% bill--04/29/99 364d 47,705 15,345

04/28/98 04/30/98 5-5/8% note--04/30/00 2y 37,199 15,633 77

04/29/98 04/30/98 5-3/4% note--04/30/03 5y 27,756 12,573 78

05/12/98 05/15/98 5-5/8% note--05/15/01 3y 34,636 12,874 79

05/13/98 05/15/98 5-5/8% note--05/15/08 10y 31,447 14,775 80

05/21/98 05/28/98 5.150% bill--05/27/99 364d 47,168 15,540

05/27/98 06/01/98 5-1/2% note--05/31/00 2y 34,727 16,580 81

05/28/98 06/01/98 5-1/2% note--05/31/03 5y 31,273 13,132 82

06/02/98 06/03/98 5.30% bill--06/15/98 12d 48,059 15,004

06/18/98 06/25/98 5.130% bill--06/24/99 364d 48,064 15,093

06/23/98 06/30/98 5-3/8% note--06/30/00 2y 41,029 14,939 83

06/24/98 06/30/98 5-3/8% note--06/30/03 5y 28,428 13,127 84

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, Office of Financing]

Range of

accepted bids

Period to final maturity Amount Amount for notes

Auction date Issue date Description of securities 1

(years, months, days) 2tendered issued 3,4 * and bonds

(1) (2) (3) (4) (5) (6)

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 43
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

 All notes and bonds are eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan.

7

 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the

average at 7.016% (price 99.886).

8

 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

9

 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

10 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the

average at 6.118% (price 99.681).

11 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the

average at 6.535% (price 103.339).

12 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the

average at 6.768% (price 99.770).

13 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

14 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction.

15 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

16 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

17 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the

average at 6.502% (price 99.985).

18 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

19 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

20 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

average at 5.879% (price 99.989).

21 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

average at 6.273% (price 101.643).

22 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the

average at 6.619% (price 98.457).

23 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

24 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction.

25 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

26 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction.

27 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction.

28 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

29 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of

an inflation-indexed note.

30 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the

average at 5.997% (price 99.670).

31 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the

average at 6.374% (price 99.092).

32 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the

average at 6.640% (price 99.804).

33 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction.

34 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction.

35 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction.

36 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction.

37 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of

an inflation-indexed note.

38 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction.

39 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction.

40 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the

average at 6.438% (price 99.831).

41 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the

average at 6.740% (price 99.173).

42 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction.

43 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction.

44 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction.

45 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction.

46 Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of

an inflation-indexed note.

47 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

48 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction.

49 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the

average at 6.041% (price 99.889).

50 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the

average at 6.205% (price 99.411).

51 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the

average at 6.445% (price 99.076).

52 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction.

53 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction.

54 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction.

55 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction.

56 Accepted yields ranged up to 3.600% (adjusted price 100.400) in this single-price auction

of an inflation-indexed note.

57 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction.

58 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction.

59 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the

average at 5.762% (price 99.967).

60 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

average at 5.955% (price 101.221).

61 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the

average at 6.201% (price 98.970).

62 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction.

63 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction.

64 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

65 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction.

66 Accepted yields ranged up to 3.730% (adjusted price 99.130) in this single-price auction of

an inflation-indexed note.

67 Accepted yields ranged up to 5.440% ( price 99.878) in this single-price auction.

68 Accepted yields ranged up to 5.558% ( price 99.749) in this single-price auction.

69 Yields accepted ranged from 5.404% ( price 99.920) up to 5.420% (price 99.876) with the

average at 5.414% (price 99.893).

70 Yields accepted ranged from 5.550% ( price 99.620) up to 5.564% (price 99.514) with the

average at 5.558% (price 99.559).

71 Yields accepted ranged from 5.800% ( price 104.558) up to 5.830% (price 104.122) with

the average at 5.822% (price 104.238).

72 Accepted yields ranged up to 5.537% ( price 99.930) in this single-price auction.

73 Accepted yields ranged up to 5.605% ( price 99.547) in this single-price auction.

74 Accepted yields ranged up to 5.500% ( price 100.000) in this single-price auction.

75 Accepted yields ranged up to 5.620% ( price 99.483) in this single-price auction.

76 Accepted yields ranged up to 3.740% (adjusted price 97.937) in this single-price auction of

an inflation-indexed bond.

77 Accepted yields ranged up to 5.677% (price 99.903) in this single-price auction.

78 Accepted yields ranged up to 5.795% (price 99.807) in this single-price auction.

79 Yields accepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the

average at 5.633% (price 99.978).

80 Yields accepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the

average at 5.646% (price 99.841).

81 Accepted yields ranged up to 5.530% (price 99.944) in this single-price auction.

82 Accepted yields ranged up to 5.575% (price 99.676) in this single-price auction.

83 Accepted yields ranged up to 5.495% (price 99.776) in this single-price auction.

84 Accepted yields ranged up to 5.454% (price 99.658) in this single-price auction.

 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. 

*As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS.

44 PUBLIC DEBT OPERATIONS
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued Banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See footnotes at end of table.

10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 - * 894 * * - 8,363 838

10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 904 1 1 1,088 6 - 8 15,076 2,883

10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 273 40 * 560 1 1 1 10,046 2,447

11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 119 406 * * 297 2 * 1 17,235 2,094

11/15/96 6-1/2% note--10/15/06-D 11,475 1,470 135 218 51 * 1,920 1 - * 7,517 163

-reopening

11/15/96 6-1/2% bond--11/15/26 11,493 1,470 87 194 - - 5,353 11 * - 4,378 1

12/02/96 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 1 629 12 * 5 15,638 2,741

12/02/96 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 76 1,164 1 * 27 9,948 1,868

12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 5 1,262 8 * 6 14,952 1,698

12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 2 * 1,383 9 * * 10,529 1,046

01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% inflation-indexed note 7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

--01/15/07-A 

02/18/97 5-7/8% note--01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

04/15/97 3-3/8% inflation-indexed note 8,405 400 664 43 10 - 817 52 455 - 5,327 637

--01/15/07-A-reopening

04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

07/15/97 3-5/8% note--07/15/02-J 8,410 400 2,055 31 17 * 859 1 - 85 4,745 218

07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082

07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444

08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957

08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164

08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105

09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272

PUBLIC DEBT OPERATIONS 45
TABLE PDO-4A.--Allotments by Investor Classes

for Marketable Public Debt Securities Other than Bills, con.

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Allotments by investor classes

 State and local

Private governments 4

Issues Insur- pension Pension

Total Federal Com- ance Mutual and re- and re- Nonbank

amount Reserve mercial Indi- com- savings Corpo- tirement tirement Other dealers and All

issued Banks banks 1 viduals 2 panies banks rations 3 funds funds funds brokers other 5

Issue date Description of securities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

09/02/97 6-1/4% note--08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786

09/30/97 5-3/4% note--09/31/99-AK 17,488 617 183 757 1 3 837 13 * 4 13,278 1,795

09/30/97 5-7/8% note--09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845

10/15/97 3-5/8% note--10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209

10/31/97 5-5/8% note--10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322

10/31/97 5-3/4% note--10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383

11/15/97 5-3/4% note--11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385

11/15/97 6-1/8% note--08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301

11/15/97 6-1/8% bond--11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5

12/01/97 5-5/8% note--11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813

12/01/97 5-3/4% note--11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799

12/31/97 5-5/8% note--12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071

12/31/97 5-5/8% note--12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627

01/15/98 3-5/8% note--01/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093

01/31/98 5-3/8% note--01/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463

01/31/98 5-1/2% note--01/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340

02/15/98 5-3/8% note--02/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789

02/15/98 5-1/2% note--02/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181

02/15/98 6-1/8% note--02/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71

03/02/98 5-1/2% note--02/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469

03/02/98 5-1/2% note--02/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644

03/31/98 5-1/2% note--03/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399

03/31/98 5-1/2% note--03/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788

04/15/98 3-5/8% note--04/15/28 8,404 400 1,438 35 - * 2,132 346 - - 3,542 511

04/30/98 5-5/8% note--04/30/00-AC 15,634 1,191 268 1,099 1 2 1,810 2 - 4 9,591 1,666

04/30/98 5-3/4% note--04/30/03-F 12,573 1,010 346 258 * 3 319 7 - 2 9,720 908

05/15/98 5-5/8% note--05/15/01-T 12,874 2,270 181 513 1 1 982 5 - 7 8,295 619

05/15/98 5-5/8% note--05/15/08-C 14,775 2,720 2,651 87 - * 3,567 * * * 5,697 53

06/01/98 5-1/2% note--05/31/00-AD 16,580 1,321 644 1,163 3 1 546 14 2 5 10,599 2,282

06/01/98 5-1/2% note--05/31/03-G 13,132 1,115 78 250 2 3 1,153 3 * * 9,504 1,024

06/30/98 5-3/8% note--06/30/00-AE 14,939 1,383 411 1,140 1 2 1,166 7 * 10 9,275 1,544

06/30/98 5-3/8% note--06/30/03-H 13,127 1,265 157 220 1 4 1,987 3 * 2 8,336 1,152

* 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.

5

 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.

46 PUBLIC DEBT OPERATIONS
TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities

for Bills Other than Regular Weekly Series

[Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting]

Allotments by investor classes

Total amount

Date of Average rate issued Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve Banks banks Corporations 1

brokers All other 2 

financing (1) (2) (3) (4) (5) (6) (7) (8)

1

 Exclusive of banks and insurance companies.

2 Included with ‘‘All other’’ investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

07/25/96 07/24/97 5.49 20,185 4,850 264 134 11,900 3,037

08/22/96 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065

11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122

12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498

01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992

02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616

03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463

04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509

04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273

05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300

06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387

PUBLIC DEBT OPERATIONS 47
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through June 30, 1998

[In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Matured

Accrued accrued Interest- non-interestSeries Sales 1

discount discount Redemptions 1bearing debt bearing debt

(1) (2) (3) (4) (5) (6)

Savings bonds:

Series A-D 2

. . . . . . . . . . . . . . . . . 3,949 1,054 5,003 5,002 - 1

Series E, EE, H, and HH. . . . . . . 348,941 195,460 544,401 360,930 180,580 5,330

Series F and G . . . . . . . . . . . . . . 28,396 1,125 29,521 29,517 - 3

Series J and K. . . . . . . . . . . . . . . 3,556 198 3,754 3,753 - -

Savings notes . . . . . . . . . . . . . . . . . 

862 692 1,554 1,202 234 -

Total . . . . . . . . . . . . . . . . . . . . . . . 

385,704 198,529 584,233 400,404 180,814 5,334

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

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.’’

Fiscal years:

1935-93 . . . . . . . . . . 353,975 154,547 508,522 339,390 266,448 72,942 167,373 1,716

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 9,390 5,813 3,517 176,766 1,857

1995 . . . . . . . . . . . . . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 . . . . . . . . . . . . . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 . . . . . . . . . . . . . 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

Calendar years:

1935-94 . . . . . . . . . . 365,514 166,358 531,872 351,397 273,895 77,502 178,138 2,335

1995 . . . . . . . . . . . . . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 . . . . . . . . . . . . . 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222

1997 . . . . . . . . . . . . . 6,994 12,029 19,023 19,605 10,940 8,665 182,547 3,807

1997 - June . . . . . . . . . 426 719 1,145 1,162 649 513 182,587 3,746

July. . . . . . . . . . 415 843 1,258 1,294 741 552 182,607 3,692

Aug. . . . . . . . . . 383 760 1,143 1,241 697 544 182,565 3,637

Sept.. . . . . . . . . 376 697 1,073 1,087 646 441 182,589 3,601

Oct. . . . . . . . . . 389 872 1,256 1,121 590 532 182,777 3,547

Nov. . . . . . . . . . 396 676 1,072 912 480 432 182,980 3,506

Dec. . . . . . . . . . 525 705 1,231 1,225 669 556 181,133 5,359

1998 - Jan . . . . . . . . . . 520 854 1,384 1,583 942 641 181,043 5,249

Feb. . . . . . . . . . 389 756 1,145 1,133 523 610 181,206 5,098

Mar. . . . . . . . . . 402 720 1,121 1,277 705 571 181,141 5,007

Apr. . . . . . . . . . 394 883 1,277 1,314 606 707 181,222 4,885

May . . . . . . . . . 367 679 1,046 1,118 581 537 180,597 5,434

June . . . . . . . . . 364 708 1,123 1,208 637 571 180,580 5,330

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, Office of Public Debt Accounting]

 Amount outstanding

Sales plus Redemptions Matured

Accrued accrued Sales Accrued Interest- non-interestPeriod Sales discount discount Total price 1

discount 1bearing debt bearing debt

(1) (2) (3) (4) (5) (6) (7) (8)

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions

 between sales price and accrued discount has been estimated.

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.

48 U.S. SAVINGS BONDS AND NOTES
 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.

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, Office of Public Debt Accounting]

Amount outstanding 

Sales plus Redemptions Exchange of Matured

Accrued accrued Sales Accrued E bonds for Interest- non-interestPeriod Sales discount discount Total price discount H and HH bonds bearing debt bearing debt

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Series E and EE

Series H and HH

Fiscal years:

1952-92 . . . . . . . . . . 13,545 - 13,545 17,980 17,980 - 15,036 10,319 15

1993 . . . . . . . . . . . . . - - - 455 455 - 1,226 11,087 17

1994 . . . . . . . . . . . . . 3 - 3 555 555 - 844 11,379 17

1995 . . . . . . . . . . . . . 8 - 8 737 737 - 874 11,524 16

1996 . . . . . . . . . . . . . 16 - 16 744 744 - 1,173 11,940 16

1997 . . . . . . . . . . . . . 10 - 10 893 893 - 1,254 12,294 17

Calendar years:

1952-93 . . . . . . . . . . 13,493 - 13,493 18,338 18,638 - 16,264 11,143 25

1994 . . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . . 17 - 17 789 789 - 1,266 12,038 23

1997 . . . . . . . . . . . . . 35 - 35 1,182 1,182 - 1,547 12,200 19

1997 - June . . . . . . . . . -4 - -4 88 88 - 106 12,230 18

July. . . . . . . . . . 8 - 8 80 80 - 99 12,257 18

Aug. . . . . . . . . . -8 - -8 74 74 - 101 12,276 18

Sept.. . . . . . . . . -1 - -1 67 67 - 87 12,294 17

Oct. . . . . . . . . . -6 - -6 74 74 - 91 12,305 17

Nov. . . . . . . . . . - - - 58 58 - 77 12,324 16

Dec. . . . . . . . . . - - - 70 70 - 84 12,331 23

1998 - Jan . . . . . . . . . . 9 - 9 85 85 - 95 12,352 22

Feb. . . . . . . . . . 1 - 1 78 78 - 99 12,374 21

Mar. . . . . . . . . . -1 - -1 85 85 - 107 12,397 20

Apr. . . . . . . . . . -4 - -4 80 80 - 100 12,414 20

May . . . . . . . . . -5 - -5 71 71 - 93 12,428 23

June . . . . . . . . . 15 - 15 85 85 - 93 12,475 22

Fiscal years:

1941-93 . . . . . . . . . . 312,414 151,035 463,449 282,523 212,025 74,073 16,262 156,286 1,694

1994 . . . . . . . . . . . . . 9,485 9,437 18,922 8,836 5,259 3,577 844 165,387 1,835

1995 . . . . . . . . . . . . . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 . . . . . . . . . . . . . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 . . . . . . . . . . . . . 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

Calendar years:

1941-94 . . . . . . . . . . 316,038 163,890 479,928 286,937 218,754 75,093 17,119 166,731 2,307

1995 . . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 . . . . . . . . . . . . . 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198

1997 . . . . . . . . . . . . . 6,408 11,221 17,629 17,247 9,071 8,028 1,547 170,348 3,807

1997 - June . . . . . . . . . 423 719 1,142 1,090 576 513 106 170,357 3,746

July. . . . . . . . . . 415 844 1,259 1,214 661 552 99 170,350 3,692

Aug. . . . . . . . . . 383 762 1,145 1,167 622 544 101 170,289 3,637

Sept.. . . . . . . . . 377 698 1,075 1,018 577 441 87 170,295 3,601

Oct. . . . . . . . . . 389 873 1,262 1,048 516 532 91 170,472 3,547

Nov. . . . . . . . . . 396 677 1,073 854 422 432 77 170,656 3,506

Dec. . . . . . . . . . 525 705 1,231 1,225 599 556 84 168,802 5,359

1998 - Jan . . . . . . . . . . 520 854 1,384 1,583 857 641 96 181,043 5,249

Feb. . . . . . . . . . 389 756 1,145 1,133 445 610 99 181,206 5,098

Mar. . . . . . . . . . 402 720 1,120 1,277 620 705 107 181,141 5,007

Apr. . . . . . . . . . 394 883 1,273 1,314 527 606 181 181,222 4,885

May . . . . . . . . . 367 679 1,041 1,118 510 581 93 180,597 5,434

June . . . . . . . . . 364 708 1,088 1,208 553 637 93 180,580 5,330

U.S. SAVINGS BONDS AND NOTES 49
INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are

public debt securities such as savings bonds, bills, notes, and

bonds 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.)

50 OWNERSHIP OF FEDERAL SECURITIES
TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues

[In millions of dollars. Source: Financial Management Service ]

Total Interest-bearing public debt securities

End of Federal Public issues

fiscal year securities Total Held by U.S. Government accounts held by Federal

or month outstanding outstanding Total Marketable Nonmarketable Reserve Banks

(1) (2) (3) (4) (5) (6)

1993 . . . . . . . . . . . . . . . . . . . . . . . . 4,436,171 4,408,567 1,116,713 3,225 1,113,488 325,653

1994 . . . . . . . . . . . . . . . . . . . . . . . . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 . . . . . . . . . . . . . . . . . . . . . . . . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 . . . . . . . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997 . . . . . . . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1997 - June . . . . . . . . . . . . . . . . . . . 5,409,818 5,370,459 1,571,583 1,254 1,570,329 426,362

July . . . . . . . . . . . . . . . . . . . 5,406,995 5,367,593 1,570,183 1,254 1,568,929 414,157

Aug. . . . . . . . . . . . . . . . . . . . 5,437,927 5,367,587 1,571,058 1,254 1,569,804 419,947

Sept. . . . . . . . . . . . . . . . . . . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

Oct. . . . . . . . . . . . . . . . . . . . 5,460,376 5,421,664 1,606,412 1,254 1,605,158 420,613

Nov. . . . . . . . . . . . . . . . . . . . 5,495,944 5,426,155 1,613,248 1,254 1,611,994 430,280

Dec. . . . . . . . . . . . . . . . . . . . 5,536,012 5,494,913 1,655,682 1,254 1,654,428 451,901

1998 - Jan. . . . . . . . . . . . . . . . . . . . 5,520,507 5,450,015 1,667,708 1,254 1,666,454 428,821

Feb. . . . . . . . . . . . . . . . . . . . 5,551,039 5,482,059 1,668,108 1,254 1,666,854 432,245

Mar. . . . . . . . . . . . . . . . . . . . 5,572,942 5,535,273 1,670,378 1,254 1,669,124 400,005

Apr. . . . . . . . . . . . . . . . . . . . 5,530,294 5,492,802 1,687,592 1,254 1,686,338 457,026

May . . . . . . . . . . . . . . . . . . . 5,536,653 5,464,507 1,703,090 1,254 1,701,836 443,945

June . . . . . . . . . . . . . . . . . . . 5,577,860 5,540,243 1,757,556 1,254 1,756,302 458,417

Matured Agency securities

public Held by

debt U.S. Government

End of Interest-bearing public debt securities, con. and debt accounts and Held by

fiscal year Held by private investors bearing no Total Federal Reserve private

or month Total Marketable Nonmarketable interest outstanding Banks investors

(7) (8) (9) (10) (11) (12) (13)

1993 . . . . . . . . . . . . . . . . . . . . . . . . 2,966,201 2,576,032 390,169 2,922 24,682 21 24,661

1994 . . . . . . . . . . . . . . . . . . . . . . . . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 . . . . . . . . . . . . . . . . . . . . . . . . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996 . . . . . . . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997 . . . . . . . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1997 - June . . . . . . . . . . . . . . . . . . . 3,372,514 3,005,442 367,072 5,692 33,667 7,348 26,319

July . . . . . . . . . . . . . . . . . . . 3,383,253 3,017,683 365,570 5,635 33,766 7,348 26,418

Aug. . . . . . . . . . . . . . . . . . . . 3,376,582 3,009,567 367,015 36,834 33,507 7,348 26,159

Sept. . . . . . . . . . . . . . . . . . . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

Oct. . . . . . . . . . . . . . . . . . . . 3,394,639 3,016,819 377,820 5,562 33,151 7,098 26,053

Nov. . . . . . . . . . . . . . . . . . . . 3,382,627 3,002,065 380,562 36,467 33,322 7,098 26,224

Dec. . . . . . . . . . . . . . . . . . . . 3,387,330 3,003,662 383,668 7,475 33,624 7,098 26,526

1998 - Jan. . . . . . . . . . . . . . . . . . . . 3,353,486 2,968,035 385,451 40,049 30,443 4,598 25,845

Feb. . . . . . . . . . . . . . . . . . . . 3,381,706 2,990,627 391,079 38,609 30,371 4,598 25,773

Mar. . . . . . . . . . . . . . . . . . . . 3,464,890 3,065,834 399,056 7,153 30,516 4,598 25,918

Apr. . . . . . . . . . . . . . . . . . . . 3,348,184 2,940,895 407,289 7,092 30,399 4,598 25,801

May . . . . . . . . . . . . . . . . . . . 3,317,472 2,907,763 409,709 41,848 30,297 4,598 25,699

June . . . . . . . . . . . . . . . . . . . 3,324,270 2,909,839 414,431 7,692 29,925 4,367 25,558

OWNERSHIP OF FEDERAL SECURITIES 51
1

 U.S. savings bonds, series A-F and J, are included at current redemption value.

2

 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 This category includes nonmarketable State and local government series (SLGS) Treasury

securities and holdings of State and local pension and other funds.

7

 Consists of the investments of foreign and international accounts (official and private) in U.S.

public debt issues. Estimates reflect the 1984 benchmark to December 1989, the 1989

benchmark to December 1994 and the 1994 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.

TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors

[Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

 Nonbank investors

Individuals 3 Money State and Foreign

End of Total pri- Commer- Savings Other Insurance market Corpo- local govern- and inter- Other

month vately held cial banks 2 Total Total bonds 4

securities companies funds rations 5 ments 6national 7investors 8

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1988 - Mar. . . . . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June . . . . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. . . . . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. . . . . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. . . . . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June . . . . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. . . . . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. . . . . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. . . . . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. . . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. . . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. . . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 566.0 549.7 670.9

1993 - Mar. . . . . 2,895.2 310.2 2,585.0 297.7 163.6 134.1 208.0 77.9 199.3 582.6 564.2 655.3

June . . . . 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 594.7 567.7 663.6

Sept. . . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 598.6 591.3 653.6

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 610.8 622.9 653.4

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. . . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 567.7 655.8 731.0

Dec. . . . . 3,168.0 290.4 2,877.6 331.1 180.5 150.7 240.1 67.6 224.5 541.0 r

 640.7 r 832.6

1995 - Mar. . . . . 3,239.2 308.1 2,931.1 342.7 181.4 161.4 244.2 67.7 230.3 531.7 r

 681.2 r 833.2

June . . . . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 488.6 r

 736.3 r 846.1

Sept. . . . . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 480.2 r

 800.4 r 830.1

Dec. . . . . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 r

 465.6 r 814.2 r 846.9

1996 - Mar. . . . . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 r

 464.8 r 888.7 r 844.0

June . . . . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 229.5 82.4 230.9 r

 474.3 r 912.3 r 790.1

Sept. . . . . 3,386.2 275.0 3,111.2 353.7 186.8 167.0 226.8 85.2 249.1 r

 453.2 r 978.1 r 765.1

Dec. . . . . 3,411.2 261.8 3,149.4 356.6 187.0 169.6 214.1 91.6 258.5 r

 447.5 r 1,087.6 r 693.5

1997 - Mar. . . . . 3,451.7 282.3 3,169.4 355.4 186.5 168.9 214.3 84.2 262.5 r

 443.1 r 1,144.2 r 665.7

June . . . . 3,361.7 265.9 3,095.8 355.4 186.3 169.1 217.7 77.4 261.0 r

 441.3 r 1,172.9 r 570.1

Sept. . . . . 3,388.9 261.8 3,127.1 354.8 186.2 168.6 222.7 75.8 266.5 r

 446.8 r 1,218.2 r 542.3

Dec. . . . . 3,393.4 r

 270.3 r 3,123.1 354.9 186.5 168.4 224.9 88.9 265.0 r 444.1 r 1,230.6 r 514.7

1998 - Mar. . . . . 3,430.7 r

 279.2 r 3,151.5 352.1 186.3 165.8 225.5 84.8 268.1 r 442.4 r 1,240.2 r 538.4

June . . . . 3,330.6 p

 275.0 3,055.6 p 351.1 p 186.0 p 165.0 p 228.0 p 82.9 p 267.2 p 441.0 p 1,247.4 p 438.0

52 OWNERSHIP OF FEDERAL SECURITIES
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. 

The Treasury uses quotations obtained by the Federal

Reserve Bank of New York 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.

Monthly average:

1997 - July. . . . . . . . . . 5.19 5.33 5.54 5.89 6.00 6.12 6.20 6.22 6.51

Aug . . . . . . . . . . 5.28 5.40 5.56 5.94 6.06 6.16 6.29 6.30 6.58

Sept. . . . . . . . . . 5.08 5.30 5.52 5.88 5.98 6.11 6.20 6.21 6.50

Oct. . . . . . . . . . . 5.11 5.30 5.46 5.77 5.84 5.93 6.05 6.03 6.33

Nov . . . . . . . . . . 5.28 5.38 5.46 5.71 5.76 5.80 5.90 5.88 6.11

Dec . . . . . . . . . . 5.30 5.45 5.53 5.72 5.74 5.77 5.83 5.81 5.99

1998 - Jan . . . . . . . . . . 5.18 5.23 5.24 5.36 5.38 5.42 5.53 5.54 5.81

Feb . . . . . . . . . . 5.23 5.27 5.31 5.42 5.43 5.49 5.60 5.57 5.89

Mar.. . . . . . . . . . 5.16 5.25 5.39 5.56 5.57 5.61 5.71 5.65 5.95

Apr. . . . . . . . . . . 5.08 5.26 5.38 5.56 5.58 5.61 5.70 5.64 5.92

May . . . . . . . . . . 5.14 5.36 5.44 5.59 5.61 5.63 5.72 5.65 5.93

June . . . . . . . . . 5.12 5.32 5.41 5.52 5.52 5.52 5.56 5.50 5.70

End of month: 

1997 - July. . . . . . . . . . 5.25 5.33 5.45 5.74 5.81 5.90 5.99 6.02 6.30

Aug . . . . . . . . . . 5.24 5.39 5.59 5.97 6.10 6.22 6.33 6.34 6.61

Sept. . . . . . . . . . 5.06 5.28 5.47 5.80 5.88 6.00 6.11 6.12 6.41

Oct. . . . . . . . . . . 5.21 5.32 5.36 5.63 5.70 5.72 5.87 5.84 6.15

Nov . . . . . . . . . . 5.22 5.43 5.52 5.76 5.80 5.83 5.89 5.86 6.04

Dec . . . . . . . . . . 5.36 5.45 5.51 5.66 5.68 5.71 5.77 5.75 5.93

1998 - Jan . . . . . . . . . . 5.19 5.24 5.24 5.32 5.35 5.39 5.51 5.53 5.82

Feb.. . . . . . . . . . 5.32 5.33 5.41 5.55 5.55 5.59 5.67 5.62 5.92

Mar.. . . . . . . . . . 5.16 5.27 5.41 5.60 5.61 5.64 5.74 5.67 5.94

Apr. . . . . . . . . . . 5.00 5.24 5.40 5.59 5.62 5.65 5.74 5.68 5.95

May . . . . . . . . . . 5.03 5.33 5.42 5.53 5.54 5.56 5.63 5.56 5.81

June . . . . . . . . . 5.10 5.24 5.38 5.49 5.49 5.47 5.52 5.44 5.62

TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

(1) (2) (3) (4) (5) (6) (7) (8) (9)

* Rates are from the Treasury yields curve.

MARKET YIELDS 53
Years to Maturity

* Source: Office of Market Finance

CHART MY-A.--Yields of Treasury Securities,

June 30, 1998 *

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.

54 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

 Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

1987

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.59 6.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.54 8.58 6.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55 8.68 6.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25 9.36 7.43

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.78 9.95 7.71

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.57 9.64 7.69

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.64 9.70 7.48

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.97 10.09 7.59

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.59 10.63 7.90

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.61 10.80 8.33

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 10.09 7.76

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.12 10.22 7.83

1988

Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.81 7.46

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.43 9.43 7.34

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.63 9.68 7.55

Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.95 9.92 7.69

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.23 10.25 7.63

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.00 10.08 7.67

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.14 10.12 7.63

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.32 10.27 7.62

Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.06 10.03 7.30

Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.89 9.86 7.27

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02 9.98 7.39

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.05 7.40

1989

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.92 7.18

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.01 10.11 7.31

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.17 10.33 7.42

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.11 7.30

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 9.82 7.05

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.24 6.94

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 9.20 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.12 9.09 6.73

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.15 9.29 7.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00 9.04 7.13

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.20 6.95

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.90 9.23 6.76

1990

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 9.56 6.95

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.68 7.03

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.56 9.79 7.09

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.76 10.02 7.26

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.73 9.97 7.14

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.46 9.69 6.98

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50 9.72 7.03

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.05 7.13

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.03 10.17 7.15

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.86 10.09 7.24

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.54 9.79 6.87

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.24 9.55 6.85

MARKET YIELDS 55
1991

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.60 7.00

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.03 9.14 6.61

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.29 9.14 6.88

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.21 9.07 6.81

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.27 9.13 6.78

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.47 9.37 6.90

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.45 9.38 6.89

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.14 8.88 6.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.95 8.79 6.58

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.93 8.81 6.44

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.92 8.72 6.37

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 8.55 6.43

1992

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.36 6.29

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.63 6.42

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.97 8.62 6.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.59 6.54

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.89 8.57 6.39

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.84 8.45 6.32

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.60 8.19 5.90

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.96 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.99 6.05

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.53 8.17 6.18

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.25 6.22

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.44 8.12 6.02

1993

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.34 7.91 6.05

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 7.73 5.74

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.82 7.39 5.54

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.48 5.64

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.92 7.52 5.61

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.48 5.54

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.63 7.35 5.40

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.32 7.04 5.50

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.00 6.88 5.44

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.94 6.88 5.23

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.21 7.17 5.19

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.25 7.22 5.27

1994

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.29 7.16 5.19

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.49 7.27 5.16

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.91 7.64 5.47

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 7.95 5.59

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.41 8.17 5.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.40 8.16 5.96

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.58 8.30 6.11

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.49 8.25 6.07

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.71 8.48 6.10

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.94 8.76 6.31

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.08 8.89 6.79

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.87 8.66 6.63

TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

See footnotes at end of table.

56 MARKET YIELDS
TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.

[In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance]

New Aa New Aa

Treasury corporate municipal

 Period 30-yr. bonds bonds 1

bonds 2

(1) (2) (3) 

MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES

1995

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.85 8.59 6.48

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.61 8.39 6.09

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.45 8.23 5.91

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.36 8.10 5.80

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.95 7.68 5.75

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.57 7.42 5.61

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.72 7.54 5.69

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.86 7.75 5.81

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.42 5.75

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.37 7.29 5.80

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.26 7.20 5.56

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.06 7.02 5.46

1996

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.05 7.00 5.41

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.24 7.14 5.41

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.60 7.58 5.57

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.79 7.81 5.72

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.87 5.73

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.06 8.00 5.82

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.97 5.82

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84 7.68 5.69

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.03 7.84 5.62

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.81 7.69 5.53

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.48 7.43 5.47

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.55 7.45 5.47

1997

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.83 7.62 5.53

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.69 7.54 5.40

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.93 7.85 5.59

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.09 8.04 5.73

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.94 7.90 5.53

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.77 7.71 5.39

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.51 7.44 5.27

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.58 7.30 5.27

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.50 7.04 5.25

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.33 6.90 5.26

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.11 6.79 5.23

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.99 6.68 5.07

1998

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.81 6.62 4.93

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.89 6.66 4.96

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.95 6.63 5.10

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.92 6.59 5.10

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.93 6.63 5.17

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.70 6.43 5.01

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

 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.

MARKET YIELDS 57
CHART MY-B.--Average Yields of Long-Term

Treasury, Corporate, and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

* Source: Office of Market Finance

Aa Corporate Bonds

Treasury 30-yr. Bonds

Aa Municipal Bonds

58 MARKET YIELDS
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, 1998

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1

notes longer issued

Currency (1) (2) (3) (4) (5)

Amounts outstanding. . . . . . . . . . . . $592,940,786,008 $567,680,471,110 $567,154,705,534 $270,241,716 $255,523,860

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 167,518,011 9,455,792 9,255,324 20,739 179,729

Federal Reserve Banks . . . . . . . . 

108,936,471,886 108,544,517,049 108,544,513,502 - 3,547

Amounts in circulation . . . . . . . . . . . 

$483,836,796,111 $459,126,498,269 $458,600,936,708 $270,220,977 $255,340,584

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $25,260,314,898 $2,024,703,898 $23,235,611,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 158,062,219 45,219,253 112,842,966

Federal Reserve Banks . . . . . . . . 

391,954,837 43,449,716 348,505,121

Amounts in circulation . . . . . . . . . . . 

$24,710,297,842 $1,936,034,929 $22,774,262,913

See footnotes following table USCC-2.

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59
1 Issued on or after July 1, 1929.

2

 Excludes coins sold to collectors at premium prices.

3 Includes $481,781,898 in standard silver dollars.

4 Represents value of certain partial denominations not presented for redemption.

5 Based on Bureau of the Census estimates of population.

$1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,581,059,983 $6,433,914,144 $143,481 $147,002,358

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,142,057,766 1,009,561,824 132,483,366 12,576

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,540,869,430 7,398,873,070 110,320,110 31,676,250

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,421,048,600 13,398,537,550 5,950 22,505,100

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,376,713,040 84,356,605,720 3,380 20,103,940

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,388,748,450 47,377,250,000 - 11,498,450

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,359,410,900 298,310,153,900 27,264,600 21,992,400

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,077,500 143,889,500 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,307,000 167,101,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 

$459,126,498,269 $458,600,936,708 $270,220,977 $255,340,584

June 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . $483,837 $1,791.46

May 31, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,673 1,781.08

Apr. 30, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,713 1,767.61

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

June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90

TABLE USCC-2.--Amounts Outstanding and in Circulation, June 30, 1998

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1

notes issued

by denomination (1) (2) (3) (4)

Comparative totals of 

currency and coins Amount Per

in circulation-- (in millions) capita 5

selected dates (1) (2)

60 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
TABLE IFS-1.--U.S. Reserve Assets

[In millions of dollars. Source: Office of International Financial Analysis] 

Reserve position

Total Special in International

End of calendar reserve Gold drawing Foreign Monetary

year or month assets 1

stock 2rights 1, 3 currencies 4 Fund 1, 5

(1) (2) (3) (4) (5)

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996. . . . . . . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677

Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959

Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042

Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243

Nov. . . . . . . . . . . . . . . . . . . 67,112 11,050 10,120 31,371 14,571

Dec. . . . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071

1998 - Jan.. . . . . . . . . . . . . . . . . . . 70,003 11,046 9,998 30,920 18,039

Feb. . . . . . . . . . . . . . . . . . . 70,632 11,050 10,217 31,230 18,135

Mar. . . . . . . . . . . . . . . . . . . 69,353 11,049 10,108 30,220 17,976

Apr.. . . . . . . . . . . . . . . . . . . 70,328 11,048 10,188 30,874 18,218

May. . . . . . . . . . . . . . . . . . . 70,723 11,049 10,296 30,421 18,957

June . . . . . . . . . . . . . . . . . . 71,161 11,047 10,001 31,168 18,945

July. . . . . . . . . . . . . . . . . . . 72,264 11,046 9,586 30,852 6

 20,780

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 also are 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.

6

 This amount includes $483 million of loans to the IMF under the General Arrangements to

Borrow (GAB).

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 its gold stock, special drawing rights held in the

Special Drawing Account in the International Monetary Fund

(IMF), holdings of convertible foreign currencies, and reserve

position 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

the Treasury issues to official institutions and other residents

of foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 63
TABLE IFS-2.--Selected U.S. Liabilities to Foreigners

[In millions of dollars. Source: Office of International Financial Analysis]

 Liabilities to foreign countries 

Liabilities to

Official institutions 1 other foreigners LiabiliMarket- Nonmarket- Other Liabili- Market- ties

able U.S. able U.S. readily ties able U.S. to nonLiabilities Treasury Treasury market- reported Treasury monetary

End of reported by bonds bonds able Liabili- by bonds international 

calendar banks in and and liabili- ties to banks in and and regional

year Total Total United States notes 2 notes 3 ties 4 banks 5 Total United States notes 2, 6

 organizations 7 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

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 8

. . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

Series break . . . . 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321

1995 r . . . . . . . . . 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 r . . . . . . . . . 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 - June r . . . . 2,275,780 752,592 289,787 429,251 5,767 27,787 836,874 669,150 153,175 515,975 17,164

July r. . . . . 2,295,808 753,342 291,167 427,144 5,805 29,226 843,571 683,600 162,810 520,790 15,295

Aug. r . . . . 2,313,068 765,802 294,481 435,685 5,843 29,793 839,132 694,250 157,335 536,915 13,884

Sept. r. . . . 2,348,079 776,426 300,186 439,082 5,879 31,279 843,742 712,625 164,015 548,610 15,286

Oct. r. . . . . 2,391,465 771,782 307,387 426,540 5,918 31,937 851,982 750,524 171,973 578,551 17,177

Nov. r . . . . 2,424,229 764,418 298,198 428,371 5,955 31,894 884,588 759,071 166,862 592,209 16,152

Dec. r . . . . 2,452,429 749,237 283,627 428,004 5,994 31,612 932,291 757,056 172,268 584,788 13,845

1998 - Jan. r . . . . 2,443,280 752,379 286,540 426,815 6,033 32,991 910,976 765,708 174,741 590,967 14,217

Feb. . . . . . 2,470,660 752,120 284,063 428,057 6,069 33,931 916,244 783,269 183,453 599,816 19,027

Mar. . . . . . 2,420,987 762,673 288,054 434,190 6,110 34,319 861,062 776,822 188,426 588,396 20,430

Apr.. . . . . . 2,442,269 758,882 283,347 435,352 6,149 34,034 873,982 790,119 196,116 594,003 19,286

May p . . . . 2,453,127 756,573 280,345 436,250 6,189 33,789 880,554 797,170 182,949 614,221 18,830

June p. . . . 2,482,656 752,582 278,213 432,765 6,229 35,375 905,437 806,483 186,785 619,698 18,154 

1 Includes Bank for International Settlements.

2

 Derived by applying reported transactions to benchmark data.

3

 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.’’

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the Inter-American

Development Bank, and the Asian Development Bank.

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’

holdings of selected U.S. long-term securities. Figures on the first line are comparable to those

for earlier dates; figures on the second line are based in part on a benchmark survey as of

end-year 1994 and are comparable to those shown for following dates.

 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. 

64 INTERNATIONAL FINANCIAL STATISTICS
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

End of calendar Grand total Total Argentina 1 Mexico 2 Venezuela 3

year or month (1) (2) (3) (4) (5)

1993. . . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994. . . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995. . . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996. . . . . . . . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1997 - June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163

July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171

Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179

Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186

Oct.. . . . . . . . . . . . . . . . . . 5,918 5,918 1,078 3,646 1,194

Nov. . . . . . . . . . . . . . . . . . 5,955 5,955 1,084 3,669 1,202

Dec. . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211

1998 - Jan. . . . . . . . . . . . . . . . . . 6,033 6,033 1,097 3,717 1,219

Feb. . . . . . . . . . . . . . . . . . 6,069 6,069 1,103 3,740 1,226

Mar. . . . . . . . . . . . . . . . . . 6,110 6,110 1,110 3,765 1,235

Apr.. . . . . . . . . . . . . . . . . . 6,149 6,149 1,117 3,789 1,243

May. . . . . . . . . . . . . . . . . . 6,189 6,189 1,124 3,814 1,251

June . . . . . . . . . . . . . . . . . 6,229 6,229 1,130 3,839 1,260

1

 Beginning April 1993, includes current value (principal and accrued interest) of zero-coupon,

30-year maturity Teasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Includes the current value of the following zero-coupon, Treasury bond issues to the

government of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value

of $1,058 million that was retired in full in April 1997; and beginning March 1990, 30 year maturity

issue with remaining face value of $20,412 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 the issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 65
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.

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 attributed to foreigners in

countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in

foreign currencies. 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 institutions, and brokers), and other nonbanking enterprises must

file reports quarterly if liabilities to, or claims on, unaffiliated

foreigners amount to $10 million or more at the end of the

covered quarter.

Nonbanking enterprises also report each month their aggregate 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 or with

their foreign parent companies (own foreign offices), 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 reported by U.S.

banks and other depository institutions, brokers, and dealers.

Data on banks’ claims held for their own account are collected

monthly. Information on claims held for their domestic customers as well as on 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. 

• Section IV shows the liabilities to, and claims on, unaffiliated foreigners of 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.

66 CAPITAL MOVEMENTS
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]

 Memoranda

Foreign countries Total liabilities

 International to all foreigners 

Official institutions 1 Banks and other foreigners and regional 2

 reported by IBFs

Payable Payable Payable Payable

in in in in

End of Total Payable foreign Payable foreign Payable foreign Payable foreign

calendar liabil- in curren- in curren- in curren- in currenyear or month ities Total dollars cies 3 Total dollars cies 3 Total dollars cies 3 dollars cies 3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1993 . . . . . . . . . . . . . . 

1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 . . . . . . . . . . . . . . 

1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 . . . . . . . . . . . . . . 

1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 . . . . . . . . . . . . . . 

1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 - June r . . . . . . . . 

1,294,845 289,787 289,787 - 990,049 880,882 109,167 15,009 13,952 1,057 359,080 74,532

July r. . . . . . . . . 

1,310,401 291,167 291,167 - 1,006,381 897,214 109,167 12,853 11,796 1,057 362,084 74,532

Aug. r . . . . . . . . 

1,302,574 294,481 294,481 - 996,467 887,300 109,167 11,626 10,569 1,057 366,084 74,532

Sept. r. . . . . . . . 

1,320,563 300,186 300,186 - 1,007,757 888,466 119,291 12,620 11,806 814 359,893 85,285

Oct. r. . . . . . . . . 

1,346,070 307,387 307,387 - 1,023,955 904,664 119,291 14,728 13,914 814 379,345 85,285

Nov. r . . . . . . . . 

1,362,931 298,198 298,198 - 1,051,450 932,159 119,291 13,283 12,469 814 388,989 85,285

Dec. r . . . . . . . . 

1,400,772 283,627 283,627 - 1,104,559 988,231 116,328 12,586 11,390 1,196 407,336 86,220

1998 - Jan. r . . . . . . . . 

1,384,693 286,540 286,540 - 1,085,717 969,389 116,328 12,436 11,240 1,196 386,535 86,220

Feb. . . . . . . . . . 

1,401,140 284,063 284,063 - 1,099,697 983,369 116,328 17,380 16,184 1,196 390,834 86,220

Mar. . . . . . . . . . 

1,355,129 288,054 288,054 - 1,049,488 951,775 97,713 17,587 15,246 2,341 373,476 72,928

Apr.. . . . . . . . . . 

1,370,579 283,347 283,347 - 1,070,098 972,385 97,713 17,134 14,793 2,341 372,107 72,928

May p . . . . . . . . 

1,360,375 280,345 280,345 - 1,063,503 965,790 97,713 16,527 14,186 2,341 373,732 72,928

June p. . . . . . . . 

1,386,590 278,213 278,213 - 1,092,222 994,509 97,713 16,155 13,814 2,341 362,181 72,928

 1 Includes Bank for International Settlements.

 2 Principally the International Bank for Reconstruction and Development and the InterAmerican Development Bank.3 Data as of preceding quarter for non-quarter-end months.

• Section V contains information on transactions with

foreigners in long-term domestic and foreign securities as

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

domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,

outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3.

The geographical breakdown of the transactions data does

not necessarily reflect the domicile of the ultimate owners of,

or the original issuers of, the securities. 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 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.

CAPITAL MOVEMENTS 67
PART B.--Nonmonetary International and Regional Organizations

[In millions of dollars. Source: Office of International Financial Analysis]

End of U.S. Treasury

calendar Demand Time bills and Other

year or month Total deposits deposits 2

certificates liabilities 2

(1) (2) (3) (4) (5)

1993 . . . . . . . . . . . . . . . . . . . . . . . . 

10,936 15 2,780 4,275 3,866

1994 . . . . . . . . . . . . . . . . . . . . . . . . 

8,606 29 3,298 281 4,998

1995 . . . . . . . . . . . . . . . . . . . . . . . . 

11,039 21 4,656 350 6,012

1996 . . . . . . . . . . . . . . . . . . . . . . . . 

13,972 29 5,784 352 7,807

1997 - June . . . . . . . . . . . . . . . . . . . 

13,952 775 6,669 65 6,443

July . . . . . . . . . . . . . . . . . . . 

11,796 86 4,726 47 6,937

Aug. . . . . . . . . . . . . . . . . . . . 

10,569 217 4,879 166 5,307

Sept. . . . . . . . . . . . . . . . . . . 

11,806 771 5,967 53 5,015

Oct. . . . . . . . . . . . . . . . . . . . 

13,914 36 5,161 148 8,569

Nov. . . . . . . . . . . . . . . . . . . . 

12,469 43 6,310 46 6,070

Dec. . . . . . . . . . . . . . . . . . . . 

11,390 16 5,466 69 5,839

1998 - Jan. . . . . . . . . . . . . . . . . . . . 

11,240 175 5,023 85 5,957

Feb. . . . . . . . . . . . . . . . . . . . 

16,184 74 5,316 149 10,645

Mar. . . . . . . . . . . . . . . . . . . . 

15,246 98 5,957 247 8,944

Apr. . . . . . . . . . . . . . . . . . . . 

14,793 365 6,646 344 7,438

May . . . . . . . . . . . . . . . . . . . 

14,186 229 7,029 359 6,569

June . . . . . . . . . . . . . . . . . . . 

13,814 226 6,684 338 6,566

1

 Includes Bank for International Settlements. 

2

 Time deposits exclude negotiable time certificates of deposit, which are included in "Other

liabilities." 

 Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. 

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 Banks Other foreigners

U.S. U.S. U.S.

Total Treasury Other Treasury Other Treasury Other

End of foreign bills and lia- bills and lia- To own bills and liacalendar coun- Deposits certif- bili- Deposits certif- bili- foreign Deposits cer- biliyear or month tries Demand Time 2

icates ties 2 Demand Time 2 icates ties 2 offices Demand Time 2 tificates ties 2 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

1993 . . . . . . . . . . . . . . . 

915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 . . . . . . . . . . . . . . . 

1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 . . . . . . . . . . . . . . . 

1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 . . . . . . . . . . . . . . . 

1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 - June r . . . . . . . . . 

1,170,669 1,482 39,901 163,950 84,454 14,800 78,986 27,115 188,065 418,741 12,488 61,141 14,402 65,144

July r . . . . . . . . . 

1,188,381 1,711 42,245 161,270 85,941 13,700 79,735 28,642 199,454 412,873 12,158 62,364 12,466 75,822

Aug. r. . . . . . . . . 

1,181,781 2,181 40,718 165,453 86,129 13,323 81,190 30,629 195,758 409,065 11,369 63,409 12,723 69,834

Sept. r . . . . . . . . 

1,188,652 1,745 40,284 161,610 96,547 13,852 76,164 30,012 192,406 412,017 11,964 65,361 14,137 72,553

Oct. r . . . . . . . . . 

1,212,051 2,034 42,070 153,283 110,000 18,354 82,636 33,085 195,115 403,501 13,079 63,658 13,603 81,633

Nov. r. . . . . . . . . 

1,230,357 1,891 40,016 150,102 106,189 21,316 84,121 32,995 201,190 425,675 12,440 63,726 13,245 77,451

Dec. r. . . . . . . . . 

1,271,858 2,314 41,420 148,301 91,592 17,527 83,433 31,915 198,137 484,951 12,247 68,151 12,954 78,916

1998 - Jan. r . . . . . . . . . 

1,255,929 1,682 38,726 145,609 100,523 15,974 79,051 27,607 207,258 464,758 11,885 64,817 11,580 86,459

Feb. . . . . . . . . . . 

1,267,432 1,910 37,242 144,324 100,587 16,084 75,255 30,620 200,801 477,156 11,623 65,472 11,471 94,887

Mar. . . . . . . . . . . 

1,239,829 2,051 40,265 153,335 92,403 18,350 70,060 28,499 206,656 439,784 12,089 66,827 9,490 100,020

Apr. . . . . . . . . . . 

1,255,732 2,532 38,865 138,418 103,532 17,152 72,703 26,650 220,386 439,378 12,058 67,734 8,844 107,480

May p. . . . . . . . . 

1,246,135 2,052 36,060 137,652 104,581 16,111 74,018 26,920 223,219 442,573 12,809 68,053 8,942 93,145

June p . . . . . . . . 

1,272,722 2,590 36,110 134,324 105,189 20,763 75,253 24,114 211,240 476,354 13,240 68,518 9,235 95,792

68 CAPITAL MOVEMENTS
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 1998

 Country 1995 1996 r 1997 r Feb. Mar. Apr. May June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 

4,269 5,688 3,388 3,445 3,474 4,056 4,111 3,367

Belgium-Luxembourg. . . . . . . . . . 

31,298 31,085 46,246 43,417 38,262 43,548 40,536 40,081

Bulgaria . . . . . . . . . . . . . . . . . . . . 

752 418 729 696 756 805 1,109 1,145

Czech Republic . . . . . . . . . . . . . . 

1,667 653 1,324 663 632 633 669 282

Denmark. . . . . . . . . . . . . . . . . . . . 

3,517 2,905 1,903 1,604 1,318 2,812 1,667 2,213

Finland . . . . . . . . . . . . . . . . . . . . . 

3,035 2,031 2,869 2,759 2,238 2,457 2,054 2,127

France . . . . . . . . . . . . . . . . . . . . . 

49,220 42,540 52,148 50,531 48,745 53,186 52,587 50,879

Germany . . . . . . . . . . . . . . . . . . . 

31,065 31,778 30,589 30,142 27,807 31,731 33,288 32,306

Greece . . . . . . . . . . . . . . . . . . . . . 

2,039 1,845 1,521 1,669 2,026 2,389 2,616 2,435

Hungary . . . . . . . . . . . . . . . . . . . . 

2,055 1,142 1,064 810 843 961 931 1,186

Ireland . . . . . . . . . . . . . . . . . . . . . 

2,615 2,021 4,376 4,842 5,714 4,926 4,660 6,330

Italy. . . . . . . . . . . . . . . . . . . . . . . . 

16,045 15,690 15,498 13,924 12,951 13,920 14,447 14,830

Netherlands . . . . . . . . . . . . . . . . . 

14,993 12,258 8,359 8,017 9,431 9,274 8,488 8,068

Norway. . . . . . . . . . . . . . . . . . . . . 

1,424 1,464 341 869 378 546 806 639

Poland . . . . . . . . . . . . . . . . . . . . . 

5,690 5,546 5,112 6,086 6,156 7,078 6,520 6,331

Portugal . . . . . . . . . . . . . . . . . . . . 

2,916 3,664 3,736 2,911 2,560 3,413 3,294 3,468

Romania. . . . . . . . . . . . . . . . . . . . 

246 275 734 781 804 831 1,089 1,080

Russia 1

. . . . . . . . . . . . . . . . . . . . 

7,948 7,625 7,979 6,129 6,472 5,387 3,958 4,660

Spain . . . . . . . . . . . . . . . . . . . . . . 

11,960 20,526 19,878 21,026 17,308 19,064 16,513 12,643

Sweden . . . . . . . . . . . . . . . . . . . . 

3,376 2,168 2,834 3,261 2,545 2,363 2,775 3,726

Switzerland. . . . . . . . . . . . . . . . . . 

46,210 47,402 46,214 44,199 38,983 35,861 37,413 41,374

Turkey . . . . . . . . . . . . . . . . . . . . . 

4,311 6,813 4,068 4,061 4,257 4,443 4,570 4,978

United Kingdom . . . . . . . . . . . . . . 

161,112 182,035 212,790 222,067 195,990 194,621 199,977 199,218

Yugoslavia 2

. . . . . . . . . . . . . . . . . 

177 295 239 244 241 251 275 239

Other Europe . . . . . . . . . . . . . . . . 14,255 13,331 14,251 13,622 13,759 14,735 13,895 10,620

Total Europe . . . . . . . . . . . . . . . 

422,195 441,198 488,190 487,775 443,650 459,291 458,248 454,225

Canada . . . . . . . . . . . . . . . . . . . . . . 

32,002 41,438 33,185 34,314 31,415 31,692 30,315 33,156

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 

12,356 13,971 20,279 18,358 18,904 17,835 17,007 18,573

Bahamas . . . . . . . . . . . . . . . . . . . 

96,525 90,244 114,319 112,984 112,179 115,648 117,360 119,548

Bermuda. . . . . . . . . . . . . . . . . . . . 

4,956 5,813 7,138 8,510 8,551 6,935 7,420 8,049

Brazil . . . . . . . . . . . . . . . . . . . . . . 

24,317 27,749 31,407 33,396 34,499 37,259 38,945 35,726

British West Indies . . . . . . . . . . . . 

249,273 259,860 283,441 280,516 270,048 282,071 286,433 303,600

Chile. . . . . . . . . . . . . . . . . . . . . . . 

2,891 3,050 4,126 4,504 4,022 4,377 4,277 4,396

Colombia . . . . . . . . . . . . . . . . . . . 

3,747 3,279 3,668 3,920 4,221 4,233 4,404 4,820

Cuba. . . . . . . . . . . . . . . . . . . . . . . 

8 21 66 58 55 57 59 63

Ecuador . . . . . . . . . . . . . . . . . . . . 

1,323 1,779 2,084 2,003 1,821 1,744 1,790 1,613

Guatemala . . . . . . . . . . . . . . . . . . 

1,289 1,287 1,497 1,385 1,440 1,480 1,355 1,365

Jamaica . . . . . . . . . . . . . . . . . . . . 

498 652 475 462 457 475 464 538

Mexico . . . . . . . . . . . . . . . . . . . . . 

24,611 32,396 35,295 34,934 37,026 38,941 39,000 39,376

Netherlands Antilles . . . . . . . . . . . 

5,185 6,388 5,446 5,778 11,563 17,781 7,659 7,073

Panama . . . . . . . . . . . . . . . . . . . . 

4,412 4,198 4,269 4,115 4,026 4,279 4,174 3,791

Peru . . . . . . . . . . . . . . . . . . . . . . . 

987 847 901 920 894 894 980 941

Trinidad and Tobago . . . . . . . . . . 

456 601 597 531 468 438 404 455

Uruguay . . . . . . . . . . . . . . . . . . . . 

1,869 1,907 2,403 2,268 2,260 2,129 2,023 2,014

Venezuela . . . . . . . . . . . . . . . . . . 

12,117 17,566 21,771 22,057 21,962 21,184 22,088 20,740

Other Latin America

 and Caribbean . . . . . . . . . . . . . 7,241 8,176 9,068 9,066 9,803 9,889 9,625 9,864

Total Latin America

and Caribbean. . . . . . . . . . . . 

454,061 479,784 548,250 545,765 544,199 567,649 565,467 582,545

See footnotes at end of table.

CAPITAL MOVEMENTS 69
Calendar year 1998

 Country 1995 1996 r 1997 r Feb. Mar. Apr. May June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 

33,765 30,438 18,252 18,575 20,701 20,122 20,209 21,558

Taiwan . . . . . . . . . . . . . . . . . . . 

11,743 16,018 11,779 12,961 13,638 13,795 12,667 11,638

Hong Kong . . . . . . . . . . . . . . . . . . 

22,588 19,443 19,216 19,291 19,680 21,617 19,961 21,575

India . . . . . . . . . . . . . . . . . . . . . . . 

3,378 3,932 4,574 5,272 5,589 4,816 4,885 4,824

Indonesia . . . . . . . . . . . . . . . . . . . 

2,743 2,307 3,616 3,051 4,059 4,310 3,241 3,904

Israel . . . . . . . . . . . . . . . . . . . . . . 

4,064 6,062 6,282 7,198 7,590 7,349 6,252 6,096

Japan . . . . . . . . . . . . . . . . . . . . . . 

139,056 138,148 172,352 169,377 159,170 134,753 133,093 140,145

Korea . . . . . . . . . . . . . . . . . . . . . . 

5,797 6,009 13,006 12,577 11,280 13,758 14,105 13,306

Lebanon . . . . . . . . . . . . . . . . . . . . 

631 1,180 1,102 1,020 850 1,142 1,638 1,282

Malaysia. . . . . . . . . . . . . . . . . . . . 

2,415 2,048 1,737 1,703 2,080 1,876 1,967 2,030

Pakistan . . . . . . . . . . . . . . . . . . . . 

1,703 996 1,335 1,193 1,310 1,268 1,073 1,316

Philippines . . . . . . . . . . . . . . . . . . 

3,100 3,383 3,255 2,877 3,386 3,247 3,179 3,795

Singapore. . . . . . . . . . . . . . . . . . . 

11,564 10,794 18,412 18,895 21,289 18,764 18,850 22,393

Syria. . . . . . . . . . . . . . . . . . . . . . . 

858 53 35 35 38 42 51 43

Thailand . . . . . . . . . . . . . . . . . . . . 

12,291 10,921 6,505 4,680 9,077 7,932 8,880 7,152

Oil-exporting countries 3

. . . . . . . . 

16,057 16,784 15,490 16,483 16,684 17,562 15,763 14,301

Other Asia . . . . . . . . . . . . . . . . . . 2,413 2,804 3,873 4,392 4,031 4,349 4,292 4,342

Total Asia . . . . . . . . . . . . . . . . . 

274,166 271,320 300,821 299,580 300,452 276,702 270,106 279,700

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 

2,137 2,013 1,667 1,674 1,450 1,237 1,461 1,524

Ghana . . . . . . . . . . . . . . . . . . . . . 

229 251 302 183 338 303 263 278

Liberia . . . . . . . . . . . . . . . . . . . . . 

368 351 257 313 281 270 316 303

Morocco . . . . . . . . . . . . . . . . . . . . 

104 112 138 73 88 131 115 84

South Africa . . . . . . . . . . . . . . . . . 

810 517 2,163 1,830 2,547 2,556 2,465 2,642

Zaire. . . . . . . . . . . . . . . . . . . . . . . 

10 10 10 4 10 3 5 5

Oil-exporting countries 4

. . . . . . . . 

1,837 2,630 3,143 3,562 4,551 4,608 4,355 3,828

Other Africa . . . . . . . . . . . . . . . . . 2,271 2,306 2,766 2,130 2,459 2,391 2,324 2,409

Total Africa . . . . . . . . . . . . . . . . 

7,766 8,190 10,446 9,769 11,724 11,499 11,304 11,073

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 

5,732 6,511 6,377 5,539 5,040 5,501 7,467 8,560

All other . . . . . . . . . . . . . . . . . . . . 1,163 1,478 917 1,018 1,062 1,111 941 1,176

Total other countries . . . . . . . . . 

6,895 7,989 7,294 6,557 6,102 6,612 8,408 9,736

Total foreign countries. . . . . . 

1,197,085 1,249,919 1,388,186 1,383,760 1,337,542 1,353,445 1,343,848 1,370,435

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 

10,179 13,459 11,292 15,666 16,385 15,384 14,563 14,337

European regional . . . . . . . . . . . . 

119 60 111 135 145 275 306 237

Latin American regional . . . . . . . . 

1,152 1,643 493 1,286 823 1,049 1,117 957

Asian regional . . . . . . . . . . . . . . . 

194 157 562 255 179 347 390 495

African regional . . . . . . . . . . . . . . 

496 281 123 38 45 79 151 129

Middle Eastern regional . . . . . . . . 37 36 5 - 10 - - -

Total international

and regional. . . . . . . . . . . . . . 

12,177 15,636 12,586 17,380 17,587 17,134 16,527 16,155

Grand total. . . . . . . . . . . . . . . 

1,209,262 1,265,555 1,400,772 1,401,140 1,355,129 1,370,579 1,360,375 1,386,590

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.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria. 

TABLE CM-I-3.--Total Liabilities by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

70 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 

3,367 2,268 1,099 1,488 780 137 614 263 961 86 15 150 26 16 16

Belgium-Luxembourg. . . 

40,081 35,063 5,018 15,341 19,722 1,103 3,312 5,221 13,753 7,384 147 655 217 3,271 409

Bulgaria . . . . . . . . . . . . . 

1,145 1,145 - 228 917 13 22 917 185 4 - 4 - - -

Czech Republic . . . . . . . 

282 270 12 260 10 46 58 5 59 26 2 69 5 - -

Denmark . . . . . . . . . . . . 

2,213 1,989 224 1,433 556 143 122 62 777 800 15 15 2 53 150

Finland . . . . . . . . . . . . . . 

2,127 1,438 689 341 1,097 23 23 919 127 100 7 14 1 224 20

France . . . . . . . . . . . . . . 

50,879 46,161 4,718 29,935 16,226 429 4,806 13,204 4,972 19,357 308 362 38 2,685 683

Germany . . . . . . . . . . . . 

32,306 25,470 6,836 20,643 4,827 691 2,694 2,497 12,107 2,732 199 756 39 3,755 1,897

Greece . . . . . . . . . . . . . . 

2,435 2,429 6 1,112 1,317 119 115 1,205 396 124 53 305 13 99 61

Hungary . . . . . . . . . . . . . 

1,186 1,183 3 284 899 34 - 4 1,105 30 2 8 - - -

Ireland . . . . . . . . . . . . . . 

6,330 5,729 601 2,590 3,139 139 779 401 2,074 117 92 303 290 1,534 221

Italy. . . . . . . . . . . . . . . . . 

14,830 11,510 3,320 10,159 1,351 467 2,146 161 6,883 926 126 355 37 409 82

Netherlands . . . . . . . . . . 

8,068 6,845 1,223 4,151 2,694 402 1,713 384 2,347 981 196 109 44 669 319

Norway. . . . . . . . . . . . . . 

639 607 32 496 111 38 13 43 185 183 33 25 13 74 1

Poland . . . . . . . . . . . . . . 

6,331 6,305 26 4,509 1,796 35 96 1,770 3,963 279 2 7 1 152 -

Portugal . . . . . . . . . . . . . 

3,468 2,334 1,134 842 1,492 56 333 1,314 135 203 13 113 2 165 4

Romania. . . . . . . . . . . . . 

1,080 1,078 2 250 828 13 10 826 185 37 4 3 - - -

Russia 4

. . . . . . . . . . . . . 

4,660 4,654 6 1,720 2,934 92 6 2,418 1,934 39 15 141 - 9 5

Spain . . . . . . . . . . . . . . . 

12,643 11,650 993 6,350 5,300 482 587 2,033 6,428 1,081 103 802 50 84 79

Sweden . . . . . . . . . . . . . 

3,726 3,148 578 2,347 801 50 529 384 432 131 18 86 125 1,393 26

Switzerland. . . . . . . . . . . 

41,374 37,854 3,520 23,388 14,466 548 989 4,769 10,856 18,163 196 661 938 734 4,453

Turkey . . . . . . . . . . . . . . 

4,978 4,875 103 1,871 3,004 151 247 2,966 781 287 16 421 1 5 18

United Kingdom . . . . . . . 

199,218 177,426 21,792 164,877 12,549 4,697 28,745 2,521 21,294 98,041 2,280 2,238 1,100 16,510 4,385

Yugoslavia 5

. . . . . . . . . . 

239 234 5 233 1 6 9 - 149 - 2 8 - 60 1

Other Europe . . . . . . . . . 10,620 9,660 960 6,857 2,803 182 2,972 1,072 4,820 295 33 204 40 42 864

Total Europe . . . . . . . . 

454,225 401,325 52,900 301,705 99,620 10,096 50,940 45,359 96,908 151,406 3,877 7,814 2,982 31,943 13,694

Canada . . . . . . . . . . . . . . . 

33,156 28,862 4,294 19,590 9,272 374 2,654 2,437 4,144 10,726 709 1,960 246 5,612 216

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 

18,573 18,504 69 15,076 3,428 225 7,349 2,551 2,330 389 612 4,535 148 365 200

Bahamas . . . . . . . . . . . . 

119,548 116,410 3,138 92,117 24,293 65 2,934 224 23,848 81,948 279 1,716 491 4,905 1,244

Bermuda. . . . . . . . . . . . . 

8,049 7,771 278 3,641 4,130 149 375 386 2,357 21 86 246 464 3,687 82

Brazil . . . . . . . . . . . . . . . 

35,726 35,244 482 24,897 10,347 664 13,330 6,722 9,780 654 608 3,096 78 312 172

British West Indies . . . . . 

303,600 295,094 8,506 189,846 105,248 105 3,888 97 97,204 147,638 565 7,671 1,863 36,063 1,203

Chile. . . . . . . . . . . . . . . . 

4,396 4,349 47 3,823 526 125 340 103 1,067 375 273 1,720 34 312 104

Colombia . . . . . . . . . . . . 

4,820 4,799 21 4,515 284 147 452 1 1,228 151 293 2,385 9 133 160

Cuba. . . . . . . . . . . . . . . . 

63 63 - 63 - 1 - - 7 - - 43 - 12 -

Ecuador . . . . . . . . . . . . . 

1,613 1,606 7 1,247 359 122 55 - 545 49 139 652 11 33 19

Guatemala . . . . . . . . . . . 

1,365 1,363 2 1,284 79 58 189 1 152 45 113 749 5 51 45

Jamaica . . . . . . . . . . . . . 

538 512 26 506 6 27 89 3 208 25 31 127 - 2 1

Mexico . . . . . . . . . . . . . . 

39,376 38,058 1,318 21,966 16,092 155 4,605 10,493 8,220 1,902 1,225 9,654 356 1,448 543

Netherlands Antilles . . . . 

7,073 6,861 212 5,260 1,601 36 321 25 234 330 118 637 866 4,294 94

Panama . . . . . . . . . . . . . 

3,791 3,723 68 3,289 434 62 363 4 335 531 215 1,734 131 348 77

Peru . . . . . . . . . . . . . . . . 

941 925 16 883 42 59 5 - 57 62 78 623 12 29 22

Trinidad and Tobago . . . 

455 453 2 422 31 17 75 9 132 29 23 152 - 16 5

Uruguay . . . . . . . . . . . . . 

2,014 1,982 32 1,832 150 104 7 5 198 768 55 722 22 101 67

Venezuela . . . . . . . . . . . 

20,740 20,252 488 14,448 5,804 240 2,286 3,455 4,028 186 1,201 8,459 84 313 305

Other Latin America

and Caribbean . . . . . . 9,864 9,823 41 8,528 1,295 303 2,178 653 1,792 351 614 3,479 34 419 233

Total Latin America

and Caribbean. . . . . 

582,545 567,792 14,753 393,643 174,149 2,664 38,841 24,732 153,722 235,454 6,528 48,400 4,608 52,843 4,576

TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1998, Preliminary

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negotiin Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1

bilities ities Demand Time 2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 71
Asia:

China:

Mainland . . . . . . 21,558 21,558 - 4,509 17,049 234 1,175 5,327 12,882 918 53 300 15 654 45

Taiwan . . . . . . . 11,638 11,619 19 8,490 3,129 276 1,852 2,765 3,670 728 219 1,854 40 215 160

Hong Kong . . . . . . 21,575 19,720 1,855 17,042 2,678 1,613 2,100 273 4,365 5,910 314 3,399 412 1,334 62

India . . . . . . . . . . . 

4,824 4,821 3 2,591 2,230 310 33 1,618 960 1,355 49 204 - 292 21

Indonesia . . . . . . . 3,904 3,860 44 3,120 740 252 15 668 1,989 650 45 235 1 5 5

Israel . . . . . . . . . . 6,096 6,095 1 2,349 3,746 102 152 3,560 552 735 64 830 24 76 82

Japan . . . . . . . . . . 

140,145 118,675 21,470 56,517 62,158 1,244 3,453 57,521 7,948 45,464 417 762 612 1,254 1,711

Korea . . . . . . . . . . 13,306 13,259 47 6,817 6,442 386 606 818 6,320 4,731 23 232 33 110 69

Lebanon . . . . . . . . 1,282 1,282 - 1,163 119 52 597 - 465 46 12 83 13 14 1

Malaysia. . . . . . . . 

2,030 1,988 42 1,555 433 167 100 410 699 306 15 290 1 - -

Pakistan . . . . . . . . 1,316 1,310 6 1,078 232 50 54 180 313 646 21 41 - 5 2

Philippines . . . . . . 3,795 3,418 377 2,554 864 546 164 110 1,660 246 84 508 2 98 27

Singapore. . . . . . . 

22,393 21,450 943 19,032 2,418 1,075 4,682 867 3,334 10,659 253 186 79 315 2

Syria. . . . . . . . . . . 43 43 - 40 3 5 2 - 5 - 5 23 2 1 1

Thailand . . . . . . . . 7,152 7,148 4 1,576 5,572 304 155 5,314 618 625 24 105 1 2 2

Other Asia . . . . . . 18,643 18,175 468 13,454 4,721 708 2,514 2,896 6,038 4,929 154 452 49 435 233

Total Asia . . . . . 279,700 254,421 25,279 141,887 112,534 7,324 17,654 82,327 51,818 77,948 1,752 9,504 1,284 4,810 2,423

Africa

Egypt . . . . . . . . . . 1,524 1,523 1 902 621 66 149 564 513 56 6 161 5 3 9

Ghana . . . . . . . . . 278 225 53 197 28 31 16 25 118 3 7 6 - 19 3

Liberia . . . . . . . . . 303 299 4 164 135 1 - - 2 - 17 144 63 72 29

Morocco . . . . . . . . 84 84 - 78 6 13 3 - 47 10 1 10 - - -

South Africa . . . . . 2,642 2,642 - 1,142 1,500 240 66 1,475 663 61 20 55 6 56 17

Zaire. . . . . . . . . . . 5 5 - 5 - 2 - - - 1 2 - - - -

Other Africa . . . . . 6,237 5,956 281 5,138 818 1,704 686 782 1,901 399 128 237 1 118 28

Total Africa . . . . 11,073 10,734 339 7,626 3,108 2,057 920 2,846 3,244 530 181 613 75 268 86

Other countries:

Australia . . . . . . . . 8,560 8,509 51 6,121 2,388 725 350 625 6,147 174 118 88 13 269 233

All other . . . . . . . . 1,176 1,079 97 890 189 113 4 112 446 116 75 139 27 47 1

Total other

countries . . . . 

9,736 9,588 148 7,011 2,577 838 354 737 6,593 290 193 227 40 316 234

Total foreign

countries. . . 

1,370,435 1,272,722 97,713 871,462 401,260 23,353 111,363 158,438 316,429 476,354 13,240 68,518 9,235 95,792 21,229

International and

regional orgs.:

International . . . . . 14,337 12,283 2,054 12,074 209 170 6,179 162 5,772 - - - - - -

European regional 237 237 - 61 176 3 25 176 33 - - - - - -

Latin American

regional . . . . . . . 

957 670 287 668 2 51 471 - 148 - - - - - -

Asian regional . . . 

495 495 - 310 185 1 1 - 493 - - - - - -

African regional . . 129 129 - 63 66 1 8 - 120 - - - - - -

Middle Eastern

regional . . . . . . . 

- - - - - - - - - - - - - - -

Total international

and regional. . 

16,155 13,814 2,341 13,176 638 226 6,684 338 6,566 - - - - - -

Grand total. . . 1,386,590 1,286,536 100,054 884,638 401,898 23,579 118,047 158,776 322,995 476,354 13,240 68,518 9,235 95,792 21,229

1

 These data as of Mar. 31, 1998. 

2

 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 $1,683 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.

TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1998, Preliminary, con.

[Position in millions of dollars. Source: Office of International Financial Analysis]

 Liabilities payable in dollars 

 Liabilities to foreign official

 institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabil- all other foreigners randum

Payable Short- ities to Short- Negotiin Totals term U.S. banks’ term U.S. Other able CDs

Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for

in curren- own lia- liabil- Deposits obliga- liabil- foreign Deposits obliga- bil- all forCountry Total dollars cies 1

bilities ities Demand Time 2tions 3 ities offices Demand Time 2tions 3ities eigners

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

72 CAPITAL MOVEMENTS
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. Source: Office of International Financial Analysis]

Country 1994 1995 1996 1997 June 1998

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 

187,081 161,112 182,035 212,790 199,218

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 

253,586 261,083 259,163 275,400 255,007

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 

361,659 360,351 366,503 414,613 442,061

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

87,304 139,056 138,148 172,352 140,145

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,999 135,110 133,172 128,469 139,555

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

982,629 1,056,712 1,079,021 1,203,624 1,175,986

All other countries. . . . . . . . . . . . . . . . . . . . . . . . . 

121,625 152,550 186,534 197,148 210,604

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,104,254 1,209,262 1,265,555 1,400,772 1,386,590

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 73
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]

Calendar year 1996 1997 1998

Type of claim 1995 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 735,372 763,085 820,915 881,465 909,296 926,692 944,089 932,508

Payable in dollars. . . . . . . . . . . . . . . . . . 655,211 687,575 743,919 798,546 813,740 825,444 852,860 842,463

Banks’ own claims on foreigners . . . . 532,444 543,982 599,925 636,574 651,483 655,451 708,233 687,650

Foreign public borrowers. . . . . . . . . 22,518 23,075 22,216 28,838 29,400 28,875 20,660 28,226

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . . . . . . 37,771 35,376 33,826 39,273 37,646 31,178 31,042 25,657

Other . . . . . . . . . . . . . . . . . . . . . . 63,824 74,180 79,856 79,175 81,899 73,566 78,182 82,145

Own foreign offices. . . . . . . . . . . . . . . 307,427 310,708 341,574 360,341 379,426 374,452 431,685 402,387

All other foreigners . . . . . . . . . . . . . . . 100,904 100,643 122,453 128,947 123,112 147,380 146,664 149,235

Claims of banks’

domestic customers . . . . . . . . . . . . 122,767 143,593 143,994 161,972 162,257 169,993 144,627 154,813

Deposits . . . . . . . . . . . . . . . . . . . . . 58,519 80,695 77,657 95,147 94,591 100,460 73,110 85,406

Negotiable and readily

transferable instruments . . . . . . . 44,161 46,491 51,207 49,518 50,301 51,514 53,967 51,594

Collections and other. . . . . . . . . . . . 20,087 16,407 15,130 17,307 17,365 18,019 17,550 17,813

Payable in foreign currencies. . . . . . . . . 80,161 75,510 76,996 82,919 95,556 101,248 91,229 90,045

Banks’ own claims on foreigners . . . . 74,016 68,120 66,018 72,731 85,305 91,158 83,038 82,119

Claims of banks

domestic customers . . . . . . . . . . . . 6,145 7,390 10,978 10,188 10,251 10,090 8,191 7,926

Memoranda:

Claims reported by IBFs . . . . . . . . . . . . 255,035 239,052 261,076 274,005 276,151 276,511 303,139 278,001

Payable in dollars . . . . . . . . . . . . . . . . 202,411 195,850 219,600 229,961 232,366 229,642 256,668 232,123

Payable in foreign currencies . . . . . . . 52,624 43,202 41,476 44,044 43,785 46,869 46,471 45,878

Customer liability on acceptances . . . . . 8,410 9,362 10,388 11,212 11,452 10,881 9,624 7,496

Claims with remaining

 maturity of 1 year or less:

On foreign public borrowers. . . . . . . . . . 14,995 15,983 15,411 19,935 17,979 20,123 12,134 16,944

On all other unaffiliated foreigners . . . . . 163,862 173,012 196,448 203,911 192,918 197,858 193,725 197,888

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . . . . . . 7,522 6,897 6,790 8,903 11,406 8,752 8,525 11,312

On all other unaffiliated foreigners . . . . . 38,553 37,115 39,457 43,478 49,726 54,267 62,174 59,376

74 CAPITAL MOVEMENTS
TABLE CM-II-2.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1996 1997 1998

Country 1995 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . . 1,961 2,000 3,611 5,081 5,558 4,659 4,731 4,728

Belgium-Luxembourg. . . . . . . . . . . 12,124 11,177 11,264 12,920 13,268 14,404 10,850 10,474

Bulgaria . . . . . . . . . . . . . . . . . . . . . 7 2 66 3 2 1 1 2

Czech Republic . . . . . . . . . . . . . . . 166 247 172 621 192 263 867 247

Denmark . . . . . . . . . . . . . . . . . . . . 2,027 2,939 3,125 2,574 3,808 3,433 2,713 3,110

Finland . . . . . . . . . . . . . . . . . . . . . . 1,569 1,677 1,143 1,797 1,617 2,163 1,477 2,066

France . . . . . . . . . . . . . . . . . . . . . . 24,031 26,712 29,148 39,307 30,172 32,612 28,903 34,230

Germany . . . . . . . . . . . . . . . . . . . . 20,814 23,569 21,535 25,654 30,705 30,367 31,030 38,904

Greece . . . . . . . . . . . . . . . . . . . . . . 923 835 948 1,142 1,189 856 696 927

Hungary . . . . . . . . . . . . . . . . . . . . . 24 72 61 95 53 62 87 60

Ireland . . . . . . . . . . . . . . . . . . . . . . 1,143 1,277 1,824 2,461 2,150 2,695 3,168 5,021

Italy . . . . . . . . . . . . . . . . . . . . . . . . 8,789 9,235 9,868 10,429 12,578 11,476 10,108 12,555

Netherlands . . . . . . . . . . . . . . . . . . 9,200 11,180 10,600 13,939 17,716 18,651 13,883 13,748

Norway. . . . . . . . . . . . . . . . . . . . . . 735 1,709 1,020 1,865 1,203 2,233 826 1,500

Poland . . . . . . . . . . . . . . . . . . . . . . 1,474 1,047 1,142 2,561 883 2,030 1,438 1,981

Portugal . . . . . . . . . . . . . . . . . . . . . 1,042 732 553 645 727 1,214 929 745

Romania . . . . . . . . . . . . . . . . . . . . 179 172 175 164 167 237 145 146

Russia 1

. . . . . . . . . . . . . . . . . . . . . 1,069 1,791 2,725 3,530 3,680 3,922 1,319 1,192

Spain . . . . . . . . . . . . . . . . . . . . . . . 3,842 5,449 4,503 8,311 8,011 7,082 6,513 9,017

Sweden . . . . . . . . . . . . . . . . . . . . . 9,367 6,927 6,738 8,842 8,366 8,276 8,123 9,213

Switzerland . . . . . . . . . . . . . . . . . . 18,568 19,062 26,692 30,241 31,116 37,402 39,351 39,422

Turkey . . . . . . . . . . . . . . . . . . . . . . 2,834 3,112 3,053 3,199 2,974 3,683 4,381 3,841

United Kingdom. . . . . . . . . . . . . . . 103,375 128,441 129,301 147,623 142,428 141,063 151,645 141,477

Yugoslavia 2

. . . . . . . . . . . . . . . . . . 150 87 115 87 75 78 52 61

Other Europe . . . . . . . . . . . . . . . . . 3,901 3,398 4,378 4,336 4,389 5,747 5,400 4,816

Total Europe. . . . . . . . . . . . . . . . 229,314 262,849 273,760 327,427 323,027 334,609 328,636 339,483

Canada . . . . . . . . . . . . . . . . . . . . . . . 35,840 43,576 43,948 59,386 60,857 48,167 51,058 52,266

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . . 6,759 7,426 7,779 7,321 7,982 8,087 9,800 9,586

Bahamas . . . . . . . . . . . . . . . . . . . . 61,477 65,691 74,332 70,187 70,214 71,267 94,458 84,880

Bermuda . . . . . . . . . . . . . . . . . . . . 6,226 5,171 5,172 7,105 8,390 9,919 9,355 9,822

Brazil . . . . . . . . . . . . . . . . . . . . . . . 14,826 17,199 21,714 19,818 21,569 21,518 23,825 27,513

British West Indies. . . . . . . . . . . . . 148,626 131,856 135,411 135,247 158,780 179,534 171,475 182,933

Chile. . . . . . . . . . . . . . . . . . . . . . . . 5,184 4,648 5,356 6,123 5,941 6,596 8,284 8,399

Colombia . . . . . . . . . . . . . . . . . . . . 4,892 5,060 7,345 6,383 6,580 6,793 7,147 6,969

Cuba . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . . 846 991 1,056 1,174 1,159 1,241 1,332 1,499

Guatemala . . . . . . . . . . . . . . . . . . . 472 525 632 660 691 808 930 944

Jamaica . . . . . . . . . . . . . . . . . . . . . 329 346 352 838 343 380 430 372

Mexico . . . . . . . . . . . . . . . . . . . . . . 21,375 20,247 22,042 22,524 22,850 22,305 21,861 23,068

Netherlands Antilles. . . . . . . . . . . . 9,850 11,703 25,774 19,031 14,518 20,552 18,071 17,790

Panama . . . . . . . . . . . . . . . . . . . . . 3,347 2,444 2,886 3,322 3,469 3,793 4,636 4,317

Peru . . . . . . . . . . . . . . . . . . . . . . . . 1,880 2,576 2,764 2,535 2,620 3,085 3,520 3,643

Trinidad and Tobago . . . . . . . . . . . 485 491 531 608 687 824 854 498

Uruguay . . . . . . . . . . . . . . . . . . . . . 534 568 654 786 754 781 670 958

Venezuela . . . . . . . . . . . . . . . . . . . 2,536 2,156 2,358 2,227 2,428 2,361 2,715 2,685

Other Latin America

and Caribbean . . . . . . . . . . . . . . 2,982 3,576 2,745 2,942 3,135 2,663 3,380 3,264

Total Latin America

and Caribbean. . . . . . . . . . . . . 

292,626 282,674 318,903 308,831 332,110 362,507 382,743 389,140

CAPITAL MOVEMENTS 75
TABLE CM-II-2.--Total Claims by Country, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

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.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

(Trucial States).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

Calendar year 1996 1997 1998

Country 1995 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,176 1,905 1,601 1,638 2,280 3,059 1,775 2,971

Taiwan . . . . . . . . . . . . . . . . . . . 1,836 1,821 2,068 1,843 2,021 1,373 1,061 892

Hong Kong . . . . . . . . . . . . . . . . . . 16,770 16,425 16,261 17,901 20,848 19,013 17,850 15,546

India . . . . . . . . . . . . . . . . . . . . . . . 1,946 2,125 2,140 2,433 2,532 2,336 2,507 2,169

Indonesia . . . . . . . . . . . . . . . . . . . 2,016 2,002 2,213 2,549 3,014 3,248 3,102 2,700

Israel . . . . . . . . . . . . . . . . . . . . . . 5,345 5,008 4,935 4,886 4,757 5,022 4,753 4,761

Japan . . . . . . . . . . . . . . . . . . . . . . 98,745 84,914 92,172 89,812 91,083 83,158 86,750 71,277

Korea . . . . . . . . . . . . . . . . . . . . . . 14,324 18,114 19,425 20,444 21,409 20,517 18,736 11,801

Lebanon . . . . . . . . . . . . . . . . . . . . 44 43 50 54 49 52 62 60

Malaysia. . . . . . . . . . . . . . . . . . . . 1,170 1,172 1,162 1,307 1,481 1,099 899 985

Pakistan . . . . . . . . . . . . . . . . . . . . 571 1,502 941 1,120 1,529 1,682 708 754

Philippines . . . . . . . . . . . . . . . . . . 1,449 1,464 1,848 1,726 2,272 1,723 1,877 1,912

Singapore. . . . . . . . . . . . . . . . . . . 6,383 7,953 9,061 10,537 9,773 12,587 11,308 8,770

Syria. . . . . . . . . . . . . . . . . . . . . . . 94 3 1 2 - 74 3 3

Thailand . . . . . . . . . . . . . . . . . . . . 2,806 2,852 2,964 3,704 3,688 2,781 2,523 2,264

Oil-exporting countries 3

. . . . . . . . 10,562 11,179 11,375 10,892 9,824 8,485 11,502 9,544

Other Asia . . . . . . . . . . . . . . . . . . 484 368 368 460 487 341 576 251

Total Asia . . . . . . . . . . . . . . . . . 165,721 158,850 168,585 171,308 177,047 166,550 165,992 136,660

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 233 263 265 272 359 284 281 314

Ghana . . . . . . . . . . . . . . . . . . . . . 18 13 24 18 22 47 25 31

Liberia . . . . . . . . . . . . . . . . . . . . . 550 474 574 534 446 579 521 536

Morocco . . . . . . . . . . . . . . . . . . . . 720 842 777 700 839 747 709 699

South Africa . . . . . . . . . . . . . . . . . 606 656 744 600 723 834 960 719

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 26 1 - - - -

Oil-exporting countries 4

. . . . . . . . 654 473 476 641 1,177 1,155 1,271 1,398

Other Africa . . . . . . . . . . . . . . . . . 682 687 587 624 518 467 436 485

Total Africa . . . . . . . . . . . . . . . . 3,464 3,409 3,473 3,390 4,084 4,113 4,203 4,182

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 4,919 7,708 7,799 6,757 8,011 7,351 7,554 7,006

All other . . . . . . . . . . . . . . . . . . . . 1,557 2,294 1,821 2,831 2,225 1,349 1,414 675

Total other

countries . . . . . . . . . . . . . . . . 

6,476 10,002 9,620 9,588 10,236 8,700 8,968 7,681

Total foreign

countries. . . . . . . . . . . . . . . 

733,441 761,360 818,289 879,930 907,361 924,646 941,600 929,412

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 1,837 1,575 2,416 1,351 1,768 1,875 2,233 2,883

European regional . . . . . . . . . . . . - 8 1 10 - 2 - 4

Latin American regional . . . . . . . . 94 142 209 174 167 169 255 203

Asian regional . . . . . . . . . . . . . . . - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - -

Middle Eastern regional . . . . . . . . 

- - - - - - 1 6

Total international

and regional. . . . . . . . . . . . . . 

1,931 1,725 2,626 1,535 1,935 2,046 2,489 3,096

Grand total. . . . . . . . . . . . . . . 735,372 763,085 820,915 881,465 909,296 926,692 944,089 932,508

76 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 4,728 1,873 1,256 310 307 24 2,855 2,848 7

Belgium-Luxembourg . . . . . . . . . . 10,474 8,328 5,047 1,101 2,180 - 2,146 2,049 97

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 2 2 - - - - - -

Czech Republic . . . . . . . . . . . . . . 247 236 157 64 15 - 11 1 10

Denmark. . . . . . . . . . . . . . . . . . . . 3,110 993 558 337 98 - 2,117 2,095 22

Finland . . . . . . . . . . . . . . . . . . . . . 2,066 1,994 49 1,637 308 - 72 45 27

France . . . . . . . . . . . . . . . . . . . . . 34,230 20,820 8,656 9,550 2,614 45 13,410 13,145 265

Germany. . . . . . . . . . . . . . . . . . . . 38,904 20,475 5,388 7,659 7,428 1 18,429 17,443 986

Greece . . . . . . . . . . . . . . . . . . . . . 927 618 449 54 115 1 309 288 21

Hungary . . . . . . . . . . . . . . . . . . . . 60 52 42 - 10 - 8 - 8

Ireland. . . . . . . . . . . . . . . . . . . . . . 5,021 4,641 2,791 457 1,393 2 380 375 5

Italy. . . . . . . . . . . . . . . . . . . . . . . . 12,555 9,981 3,454 3,147 3,380 3 2,574 2,311 263

Netherlands . . . . . . . . . . . . . . . . . 13,748 7,350 4,400 2,218 732 24 6,398 6,337 61

Norway . . . . . . . . . . . . . . . . . . . . . 1,500 940 850 - 90 - 560 542 18

Poland . . . . . . . . . . . . . . . . . . . . . 1,981 1,701 1,648 51 2 - 280 202 78

Portugal . . . . . . . . . . . . . . . . . . . . 745 700 414 175 111 10 45 31 14

Romania . . . . . . . . . . . . . . . . . . . . 146 57 56 1 - - 89 89 -

Russia 1

. . . . . . . . . . . . . . . . . . . . 1,192 1,177 932 183 62 12 15 - 15

Spain . . . . . . . . . . . . . . . . . . . . . . 9,017 7,152 3,733 2,045 1,374 3 1,865 1,831 34

Sweden. . . . . . . . . . . . . . . . . . . . . 9,213 3,082 1,799 999 284 1 6,131 5,995 136

Switzerland. . . . . . . . . . . . . . . . . . 39,422 34,949 1,538 29,768 3,643 26 4,473 4,374 99

Turkey. . . . . . . . . . . . . . . . . . . . . . 3,841 1,980 1,739 175 66 213 1,861 1,654 207

United Kingdom . . . . . . . . . . . . . . 141,477 113,389 36,307 61,281 15,801 150 28,088 26,370 1,718

Yugoslavia 2

. . . . . . . . . . . . . . . . . 61 61 60 1 - - - - -

Other Europe . . . . . . . . . . . . . . . . 4,816 3,134 2,921 69 144 10 1,682 1,679 3

Total Europe . . . . . . . . . . . . . . . 

339,483 245,685 84,246 121,282 40,157 525 93,798 89,704 4,094

Canada . . . . . . . . . . . . . . . . . . . . . . 

52,266 35,121 11,988 17,839 5,294 - 17,145 16,126 1,019

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 9,586 9,249 7,645 1,081 523 87 337 274 63

Bahamas . . . . . . . . . . . . . . . . . . . 84,880 81,729 11,362 66,223 4,144 116 3,151 3,145 6

Bermuda. . . . . . . . . . . . . . . . . . . . 9,822 9,331 8,996 1 334 10 491 450 41

Brazil. . . . . . . . . . . . . . . . . . . . . . . 27,513 25,835 19,508 5,775 552 930 1,678 1,504 174

British West Indies . . . . . . . . . . . . 182,933 159,578 31,051 116,859 11,668 158 23,355 23,308 47

Chile . . . . . . . . . . . . . . . . . . . . . . . 8,399 8,305 7,929 242 134 6 94 74 20

Colombia . . . . . . . . . . . . . . . . . . . 6,969 6,807 6,580 203 24 104 162 161 1

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 1,499 1,484 1,356 120 8 50 15 15 -

Guatemala . . . . . . . . . . . . . . . . . . 944 931 791 113 27 34 13 13 -

Jamaica . . . . . . . . . . . . . . . . . . . . 372 364 332 32 - - 8 8 -

Mexico . . . . . . . . . . . . . . . . . . . . . 23,068 21,096 20,317 363 416 480 1,972 685 1,287

Netherlands Antilles . . . . . . . . . . . 17,790 17,691 13,083 4,535 73 4 99 99 -

Panama . . . . . . . . . . . . . . . . . . . . 4,317 4,215 2,068 2,040 107 32 102 102 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 3,643 3,628 3,190 348 90 46 15 14 1

Trinidad and Tobago . . . . . . . . . . 498 496 480 9 7 9 2 2 -

Uruguay . . . . . . . . . . . . . . . . . . . . 958 936 603 317 16 5 22 22 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,685 2,315 2,098 71 146 18 370 369 1

Other Latin America

and Caribbean. . . . . . . . . . . . . . 3,264 3,222 2,980 208 34 114 42 41 1

Total Latin America

and Caribbean . . . . . . . . . . . . 

389,140 357,212 140,369 198,540 18,303 2,203 31,928 30,286 1,642

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1998

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

(1) (2) (3) (4) (5) (6) (7) (8) (9)

See footnotes at end of table.

CAPITAL MOVEMENTS 77
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1998, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Reporting banks’ own claims

On foreign Claims of banks’

public Memorandum domestic customers

Total borrowers Payable Customers’ Payable

banks’ and On own in liability Payable in

Total own unaffiliated foreign foreign on accept- in foreign

 Country claims claims foreigners offices currencies ances Total dollars currencies

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 2,971 2,763 2,435 327 1 119 208 207 1

Taiwan . . . . . . . . . . . . . . . . . . . 892 765 446 294 25 15 127 42 85

Hong Kong . . . . . . . . . . . . . . . . . . 15,546 14,225 4,257 8,371 1,597 82 1,321 1,257 64

India . . . . . . . . . . . . . . . . . . . . . . . 2,169 1,957 1,708 219 30 386 212 163 49

Indonesia . . . . . . . . . . . . . . . . . . . 2,700 2,400 2,176 117 107 181 300 267 33

Israel . . . . . . . . . . . . . . . . . . . . . . 4,761 817 335 477 5 1 3,944 3,938 6

Japan . . . . . . . . . . . . . . . . . . . . . . 71,277 61,768 8,947 37,713 15,108 473 9,509 8,895 614

Korea . . . . . . . . . . . . . . . . . . . . . . 11,801 11,626 8,919 2,601 106 2,721 175 121 54

Lebanon . . . . . . . . . . . . . . . . . . . . 60 32 30 2 - 14 28 28 -

Malaysia. . . . . . . . . . . . . . . . . . . . 985 956 753 167 36 17 29 16 13

Pakistan . . . . . . . . . . . . . . . . . . . . 754 745 449 289 7 17 9 3 6

Philippines . . . . . . . . . . . . . . . . . . 1,912 1,821 1,312 501 8 174 91 76 15

Singapore. . . . . . . . . . . . . . . . . . . 8,770 7,374 2,896 4,299 179 27 1,396 1,376 20

Syria. . . . . . . . . . . . . . . . . . . . . . . 3 - - - - - 3 3 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,264 2,172 819 1,325 28 246 92 60 32

Other Asia . . . . . . . . . . . . . . . . . . 9,795 9,713 3,911 5,260 542 123 82 82 -

Total Asia . . . . . . . . . . . . . . . . . 136,660 119,134 39,393 61,962 17,779 4,596 17,526 16,534 992

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 314 294 250 39 5 34 20 15 5

Ghana . . . . . . . . . . . . . . . . . . . . . 31 29 21 - 8 - 2 2 -

Liberia . . . . . . . . . . . . . . . . . . . . . 536 536 526 - 10 - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 699 529 515 3 11 15 170 169 1

South Africa . . . . . . . . . . . . . . . . . 719 637 551 8 78 35 82 35 47

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,883 1,658 1,616 38 4 4 225 224 1

Total Africa . . . . . . . . . . . . . . . . 4,182 3,683 3,479 88 116 88 499 445 54

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 7,006 5,289 2,585 2,426 278 78 1,717 1,654 63

All other . . . . . . . . . . . . . . . . . . . . 675 555 255 250 50 5 120 58 62

Total other

countries . . . . . . . . . . . . . . . . 

7,681 5,844 2,840 2,676 328 83 1,837 1,712 125

Total foreign

countries. . . . . . . . . . . . . . . 

929,412 766,679 282,315 402,387 81,977 7,495 162,733 154,807 7,926

International and regional orgs:

International . . . . . . . . . . . . . . . . . 2,883 2,877 2,735 - 142 1 6 6 -

European regional . . . . . . . . . . . . 4 4 4 - - - - - -

Latin American regional . . . . . . . . 203 203 203 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - - - - - -

African regional . . . . . . . . . . . . . . - - - - - - - - -

Middle Eastern regional . . . . . . . . 6 6 6 - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

3,096 3,090 2,948 - 142 1 6 6 -

Grand total. . . . . . . . . . . . . . . 932,508 769,769 285,263 402,387 82,119 7,496 162,739 154,813 7,926

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.

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. Source: Office of International Financial Analysis]

Country 1994 1995 1996 1997 March 1998

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 96,820 103,375 129,301 151,645 141,477

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 107,991 125,939 144,459 176,991 198,006

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 208,408 229,526 243,575 297,995 299,742

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,647 98,745 92,172 86,750 71,277

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,836 66,976 76,413 79,242 65,383

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

565,702 624,561 685,920 792,623 775,885

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

107,701 110,811 134,995 151,466 156,623

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,403 735,372 820,915 944,089 932,508

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 79
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]

* 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.’’

Total liabilities Total banks’ own claims

Calendar year 1997 Calendar year 1997 

Country 1996 June Dec. 1996 June Dec. 

Other Europe:

Cyprus . . . . . . . . . . . . . . . 170 242 155 54 59 58

Iceland . . . . . . . . . . . . . . . n.a. 67 83 n.a. 4 n.a.

Monaco . . . . . . . . . . . . . . 607 1,182 471 n.a. n.a. n.a.

Other Latin America and

Caribbean:

Aruba . . . . . . . . . . . . . . . . 145 184 177 7 n.a. 18

Barbados . . . . . . . . . . . . . 1,033 684 1,079 65 n.a. 119

Belize . . . . . . . . . . . . . . . . 94 108 195 52 10 14

Bolivia. . . . . . . . . . . . . . . . 779 1,197 833 371 374 426

Costa Rica . . . . . . . . . . . . 990 1,208 1,340 233 260 365

Dominica . . . . . . . . . . . . . 8 13 16 37 5 n.a.

Dominican Republic . . . . . 1,130 1,156 1,297 454 510 513

El Salvador. . . . . . . . . . . . 1,159 1,019 1,169 621 683 845

French West Indies and

French Guiana . . . . . . . 27 21 33 n.a. n.a. n.a.

Haiti . . . . . . . . . . . . . . . . . 441 375 360 30 33 29

Honduras . . . . . . . . . . . . . 748 1,060 1,019 230 256 334

Nicaragua. . . . . . . . . . . . . 101 146 118 14 13 47

Paraguay . . . . . . . . . . . . . 681 705 698 182 144 183

Suriname . . . . . . . . . . . . . 101 123 121 n.a. n.a. 51

Other Asia:

Afghanistan . . . . . . . . . . . 45 44 56 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . 3 4 10 n.a. - -

Jordan . . . . . . . . . . . . . . . 243 277 290 80 92 95

Macau . . . . . . . . . . . . . . . n.a. 101 114 n.a. n.a. -

Sri Lanka . . . . . . . . . . . . . 210 129 257 94 67 52

Yemen . . . . . . . . . . . . . . . 155 100 128 n.a. 2 7

Other Africa:

Angola . . . . . . . . . . . . . . . 197 162 282 15 n.a. n.a.

Cameroon . . . . . . . . . . . . 16 20 20 n.a. n.a. n.a.

Ethiopia . . . . . . . . . . . . . . 185 297 183 n.a. n.a. 2

Guinea . . . . . . . . . . . . . . . 7 11 n.a. n.a. n.a. n.a.

Ivory Coast. . . . . . . . . . . . 50 n.a. 59 19 n.a. n.a.

Kenya. . . . . . . . . . . . . . . . 118 146 179 45 46 24

Madagascar . . . . . . . . . . . n.a. 42 n.a. n.a. n.a. -

Mauritius. . . . . . . . . . . . . . 52 59 55 9 5 n.a.

Mozambique. . . . . . . . . . . . 91 129 129 n.a. n.a. n.a.

Niger. . . . . . . . . . . . . . . . . 6 4 5 - n.a. n.a.

Rwanda . . . . . . . . . . . . . . n.a. n.a. 34 n.a. n.a. n.a.

Senegal . . . . . . . . . . . . . . n.a. 14 23 n.a. n.a. n.a.

Somalia . . . . . . . . . . . . . . 25 18 17 - - -

Sudan. . . . . . . . . . . . . . . . 28 38 33 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . 244 267 379 3 n.a. 9

Tunisia . . . . . . . . . . . . . . . 73 85 n.a. 144 152 129

Uganda. . . . . . . . . . . . . . . n.a. n.a. 196 9 6 5

Zambia . . . . . . . . . . . . . . . 30 37 41 * 1 5

Zimbabwe. . . . . . . . . . . . . . 163 162 159 15 12 2

All other:

New Zealand . . . . . . . . . . 796 611 400 n.a. n.a. n.a.

Papua New Guinea . . . . . 88 n.a. n.a. n.a. n.a. 1

80 CAPITAL MOVEMENTS
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 1997 1998

Type of liability or claim 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 54,309 46,448 54,798 58,667 55,341 55,639 58,295 55,260

Payable in dollars. . . . . . . . . . . . . . . . . . 38,298 33,903 38,956 39,861 38,651 39,746 41,888 40,919

Financial . . . . . . . . . . . . . . . . . . . . . . . 18,818 12,903 11,327 11,847 11,442 11,487 12,975 12,135

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,860 9,996 11,683 10,517 10,121 9,944 9,599 9,167

Advance receipts and other. . . . . . . 10,620 11,004 15,946 17,497 17,088 18,315 19,314 19,617

Payable in foreign currencies. . . . . . . . . 16,011 12,545 15,842 18,806 16,690 15,893 16,407 14,341

Financial . . . . . . . . . . . . . . . . . . . . . . . 14,136 11,338 14,738 17,786 15,661 14,722 14,815 13,037

Commercial:

Trade payables . . . . . . . . . . . . . . . . 1,145 1,017 1,037 915 919 941 1,305 1,037

Advance receipts and other. . . . . . . 730 190 67 105 110 230 287 267

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 57,888 52,509 63,642 68,102 68,266 70,760 70,077 73,473

Payable in dollars. . . . . . . . . . . . . . . . . . 53,805 48,711 58,630 62,126 62,082 64,144 62,173 66,010

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 18,026 14,654 20,631 20,499 22,615 22,392 21,290 19,322

Other . . . . . . . . . . . . . . . . . . . . . . . . 14,306 10,976 12,069 15,381 13,354 14,795 11,576 16,814

Commercial:

Trade receivables . . . . . . . . . . . . . . 19,316 20,993 23,495 23,684 23,671 23,730 26,157 26,289

Advance payments and other . . . . . 2,157 2,088 2,435 2,562 2,442 3,227 3,150 3,585

Payable in foreign currencies. . . . . . . . . 4,083 3,798 5,012 5,976 6,184 6,616 7,904 7,463

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 481 479 773 1,651 1,491 1,559 1,849 1,697

Other . . . . . . . . . . . . . . . . . . . . . . . . 1,084 1,289 1,795 3,016 3,257 3,313 4,193 4,290

Commercial:

Trade receivables . . . . . . . . . . . . . . 1,842 2,005 2,256 1,117 1,187 1,380 1,379 1,246

Advance payments and other . . . . . 676 25 188 192 249 364 483 230

CAPITAL MOVEMENTS 81
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 1997 1998

Country 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 58 70 44 67 82 97 160 112 126

Belgium-Luxembourg. . . . . . . . . . 414 736 700 1,111 1,408 974 792 852 692

Bulgaria . . . . . . . . . . . . . . . . . . . . 3 5 1 2 14 2 6 5 6

Czech Republic . . . . . . . . . . . . . . 8 6 26 22 22 24 96 38 40

Denmar . . . . . . . . . . . . . . . . . . . . 49 277 138 93 121 133 138 170 116

Finland . . . . . . . . . . . . . . . . . . . . . 362 236 179 161 173 202 171 281 177

France . . . . . . . . . . . . . . . . . . . . . 3,194 2,455 1,480 1,771 1,884 1,988 2,116 2,448 2,165

Germany . . . . . . . . . . . . . . . . . . . 1,659 2,565 2,741 2,836 2,632 2,610 2,675 3,292 2,705

Greece . . . . . . . . . . . . . . . . . . . . . 252 196 89 72 55 75 40 89 157

Hungary . . . . . . . . . . . . . . . . . . . . 3 6 9 12 10 13 12 13 17

Ireland . . . . . . . . . . . . . . . . . . . . . 485 449 414 449 611 626 884 1,133 1,215

Italy. . . . . . . . . . . . . . . . . . . . . . . . 485 359 374 911 1,057 827 878 923 1,012

Netherlands . . . . . . . . . . . . . . . . . 1,222 1,274 966 1,322 1,058 754 959 933 916

Norway. . . . . . . . . . . . . . . . . . . . . 359 176 209 424 420 312 264 271 285

Poland . . . . . . . . . . . . . . . . . . . . . 15 17 7 30 42 55 46 7 14

Portugal . . . . . . . . . . . . . . . . . . . . 24 35 35 33 31 40 36 36 29

Romania. . . . . . . . . . . . . . . . . . . . 6 8 3 9 7 14 113 165 203

Spain . . . . . . . . . . . . . . . . . . . . . . 164 127 171 222 236 218 310 334 389

Sweden . . . . . . . . . . . . . . . . . . . . 286 242 233 204 196 182 238 244 190

Switzerland. . . . . . . . . . . . . . . . . . . 1,009 1,015 1,308 1,323 1,174 1,020 1,045 1,151 753

Turkey . . . . . . . . . . . . . . . . . . . . . 104 109 118 129 137 81 158 285 182

United Kingdom . . . . . . . . . . . . . . 15,335 17,987 13,706 14,480 18,021 16,786 15,994 16,287 15,889

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 60 84 177 105 111 53 99 115 184

Yugoslavia 2

. . . . . . . . . . . . . . . . . 9 12 6 9 5 9 7 6 5

Other Europe . . . . . . . . . . . . . . . . 36 30 188 165 98 118 125 159 86

Total Europe . . . . . . . . . . . . . . . 

25,601 28,476 23,322 25,962 29,605 27,213 27,362 29,349 27,553

Canada . . . . . . . . . . . . . . . . . . . . . . 

1,738 1,666 1,672 2,491 1,670 1,592 1,549 2,361 2,226

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 36 88 136 272 220 224 201 219 206

Bahamas . . . . . . . . . . . . . . . . . . . 137 120 60 299 336 157 48 157 44

Bermuda . . . . . . . . . . . . . . . . . . . 350 425 352 347 506 452 244 432 260

Brazil . . . . . . . . . . . . . . . . . . . . . . 232 368 155 274 275 322 285 363 340

British West Indies . . . . . . . . . . . . 1,387 1,021 922 1,044 979 801 692 616 522

Chile. . . . . . . . . . . . . . . . . . . . . . . 89 44 76 160 115 121 117 150 167

Colombia . . . . . . . . . . . . . . . . . . . 34 19 63 123 112 143 101 120 266

Cuba. . . . . . . . . . . . . . . . . . . . . . . . - - 1 5 4 2 2 - 3

Ecuador . . . . . . . . . . . . . . . . . . . . 18 33 26 27 30 44 26 22 19

Guatemala . . . . . . . . . . . . . . . . . . 6 8 4 12 12 15 23 30 28

Jamaica . . . . . . . . . . . . . . . . . . . . 6 14 18 16 13 13 17 18 14

Mexico . . . . . . . . . . . . . . . . . . . . . 498 574 428 682 649 609 638 591 541

Netherlands Antilles . . . . . . . . . . . 633 645 635 53 251 8 17 23 11

Panama . . . . . . . . . . . . . . . . . . . . 8 50 23 12 18 15 18 16 13

Peru . . . . . . . . . . . . . . . . . . . . . . . 13 30 21 44 34 34 23 30 33

Trinidad and Tobago . . . . . . . . . . 18 25 13 144 125 86 72 75 69

Uruguay . . . . . . . . . . . . . . . . . . . . 1 1 3 6 10 20 22 20 12

Venezuela . . . . . . . . . . . . . . . . . . 128 281 223 329 319 305 323 262 220

Other Latin America

and Caribbean . . . . . . . . . . . . . 218 145 364 393 430 414 422 418 333

Total Latin America

and Caribbean. . . . . . . . . . . . 

3,812 3,891 3,523 4,242 4,438 3,785 3,291 3,562 3,101

See footnotes at end of table.

82 CAPITAL MOVEMENTS
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 1997 1998

Country 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 723 597 579 990 1,233 1,122 1,280 1,250 1,196

Taiwan . . . . . . . . . . . . . . . . . . . 579 853 451 697 771 978 1,051 936 892

Hong Kong . . . . . . . . . . . . . . . . . . 785 805 646 610 625 721 712 760 863

India . . . . . . . . . . . . . . . . . . . . . . . 91 59 196 181 220 223 202 170 302

Indonesia . . . . . . . . . . . . . . . . . . . 363 296 350 314 288 253 239 213 140

Israel . . . . . . . . . . . . . . . . . . . . . . 229 141 99 205 206 205 207 185 174

Japan . . . . . . . . . . . . . . . . . . . . . . 9,201 11,869 8,751 10,483 10,259 10,098 10,278 9,585 9,141

Korea . . . . . . . . . . . . . . . . . . . . . . 1,701 1,736 1,433 1,558 1,362 1,243 1,138 1,150 1,019

Lebanon . . . . . . . . . . . . . . . . . . . . 22 14 61 72 82 92 23 29 84

Malaysia. . . . . . . . . . . . . . . . . . . . 475 178 297 586 708 843 764 766 444

Pakistan . . . . . . . . . . . . . . . . . . . . 26 27 80 77 80 98 49 60 59

Philippines . . . . . . . . . . . . . . . . . . 57 50 60 110 158 183 223 222 271

Singapore. . . . . . . . . . . . . . . . . . . 733 622 819 908 898 974 1,014 1,252 1,422

Syria. . . . . . . . . . . . . . . . . . . . . . . 11 24 50 61 23 7 6 23 10

Thailand . . . . . . . . . . . . . . . . . . . . 259 194 392 473 364 359 479 405 345

Oil-exporting countries 3

. . . . . . . . 1,557 1,611 1,939 2,193 2,567 2,459 3,007 3,143 3,161

Other Asia . . . . . . . . . . . . . . . . . . 79 68 206 327 441 265 195 211 179

Total Asia . . . . . . . . . . . . . . . . . 

16,891 19,144 16,409 19,845 20,285 20,123 20,867 20,360 19,702

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 111 48 157 198 226 163 74 90 54

Ghana . . . . . . . . . . . . . . . . . . . . . 1 - 16 29 48 48 47 28 14

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1 1 1 1 2

Morocco . . . . . . . . . . . . . . . . . . . . 41 29 24 21 19 23 46 49 56

South Africa . . . . . . . . . . . . . . . . . 55 32 42 154 161 204 221 255 220

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 - - - 5 1 - -

Oil-exporting countries 4

. . . . . . . . 290 379 376 532 479 423 504 408 376

Other Africa . . . . . . . . . . . . . . . . . 86 74 154 144 132 103 68 103 144

Total Africa . . . . . . . . . . . . . . . . 

586 563 769 1,078 1,066 970 962 934 866

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 517 372 461 945 990 909 857 911 869

All other . . . . . . . . . . . . . . . . . . . . 148 153 230 125 502 646 639 810 932

Total other

countries . . . . . . . . . . . . . . . . 

665 525 691 1,070 1,492 1,555 1,496 1,721 1,801

Total foreign

countries. . . . . . . . . . . . . . . 

49,293 54,265 46,386 54,688 58,556 55,238 55,527 58,287 55,249

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - 2 55 55 55 55 - -

European regional . . . . . . . . . . . . 18 44 60 55 42 43 46 8 11

Latin American regional . . . . . . . . - - - - - 2 - - -

Asian regional . . . . . . . . . . . . . . . - - - - 12 3 10 - -

African regional . . . . . . . . . . . . . . - - - - 2 - 1 - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

18 44 62 110 111 103 112 8 11

Grand total. . . . . . . . . . . . . . . 49,311 54,309 46,448 54,798 58,667 55,341 55,639 58,295 55,260

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).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 83
TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commercial

Country liabilities Total in dollars currencies liabilities

(1) (2) (3) (4) (5)

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 126 2 1 1 124

Belgium-Luxembourg. . . . . . . . . . 692 127 53 74 565

Bulgaria . . . . . . . . . . . . . . . . . . . . 6 - - - 6

Czech Republic . . . . . . . . . . . . . . 40 - - - 40

Denmark . . . . . . . . . . . . . . . . . . . 116 17 10 7 99

Finland . . . . . . . . . . . . . . . . . . . . . 177 72 24 48 105

France . . . . . . . . . . . . . . . . . . . . . 2,165 1,325 862 463 840

Germany . . . . . . . . . . . . . . . . . . . 2,705 1,636 1,155 481 1,069

Greece . . . . . . . . . . . . . . . . . . . . . 157 - - - 157

Hungary . . . . . . . . . . . . . . . . . . . . 17 6 6 - 11

Ireland . . . . . . . . . . . . . . . . . . . . . 1,215 1,017 351 666 198

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,012 426 75 351 586

Netherlands . . . . . . . . . . . . . . . . . 916 472 341 131 444

Norway. . . . . . . . . . . . . . . . . . . . . 285 59 13 46 226

Poland . . . . . . . . . . . . . . . . . . . . . 14 1 - 1 13

Portugal . . . . . . . . . . . . . . . . . . . . 29 22 17 5 7

Romania. . . . . . . . . . . . . . . . . . . . 203 - - - 203

Russia 1

. . . . . . . . . . . . . . . . . . . . 184 15 10 5 169

Spain . . . . . . . . . . . . . . . . . . . . . . 389 149 34 115 240

Sweden . . . . . . . . . . . . . . . . . . . . 190 35 1 34 155

Switzerland. . . . . . . . . . . . . . . . . . . 753 345 286 59 408

Turkey . . . . . . . . . . . . . . . . . . . . . 182 20 19 1 162

United Kingdom . . . . . . . . . . . . . . 15,889 11,846 5,571 6,275 4,043

Yugoslavia 2

. . . . . . . . . . . . . . . . . 5 - - - 5

Other Europe . . . . . . . . . . . . . . . . 86 4 3 1 82

Total Europe . . . . . . . . . . . . . . . 27,553 17,596 8,832 8,764 9,957

Canada . . . . . . . . . . . . . . . . . . . . . . 2,226 878 516 362 1,348

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 206 94 15 79 112

Bahamas . . . . . . . . . . . . . . . . . . . 44 17 17 - 27

Bermuda. . . . . . . . . . . . . . . . . . . . . 260 86 85 1 174

Brazil . . . . . . . . . . . . . . . . . . . . . . 340 91 15 76 249

British West Indies . . . . . . . . . . . . 522 517 486 31 5

Chile. . . . . . . . . . . . . . . . . . . . . . . 167 21 21 - 146

Colombia . . . . . . . . . . . . . . . . . . . 266 1 1 - 265

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Ecuador . . . . . . . . . . . . . . . . . . . . 19 6 3 3 13

Guatemala . . . . . . . . . . . . . . . . . . 28 - - - 28

Jamaica . . . . . . . . . . . . . . . . . . . . 14 - - - 14

Mexico . . . . . . . . . . . . . . . . . . . . . 541 21 10 11 520

Netherlands Antilles . . . . . . . . . . . 11 - - - 11

Panama . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Peru . . . . . . . . . . . . . . . . . . . . . . . 33 3 - 3 30

Trinidad and Tobago . . . . . . . . . . 69 2 2 - 67

Uruguay . . . . . . . . . . . . . . . . . . . . 12 - - - 12

Venezuela . . . . . . . . . . . . . . . . . . 220 1 - 1 219

Other Latin America

and Caribbean . . . . . . . . . . . . . 333 105 104 1 228

Total Latin America

and Caribbean. . . . . . . . . . . . 

3,101 965 759 206 2,136

See footnotes at end of table.

84 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 1,196 62 48 14 1,134

Taiwan . . . . . . . . . . . . . . . . . . . 892 33 1 32 859

Hong Kong . . . . . . . . . . . . . . . . . . 863 32 23 9 831

India . . . . . . . . . . . . . . . . . . . . . . . 302 7 2 5 295

Indonesia . . . . . . . . . . . . . . . . . . . 140 7 6 1 133

Israel . . . . . . . . . . . . . . . . . . . . . . 174 13 13 - 161

Japan . . . . . . . . . . . . . . . . . . . . . . 9,141 4,767 1,814 2,953 4,374

Korea . . . . . . . . . . . . . . . . . . . . . . 1,019 13 2 11 1,006

Lebanon . . . . . . . . . . . . . . . . . . . . 84 4 4 - 80

Malaysia. . . . . . . . . . . . . . . . . . . . 444 5 2 3 439

Pakistan . . . . . . . . . . . . . . . . . . . . 59 - - - 59

Philippines . . . . . . . . . . . . . . . . . . 271 1 - 1 270

Singapore. . . . . . . . . . . . . . . . . . . 1,422 50 48 2 1,372

Syria. . . . . . . . . . . . . . . . . . . . . . . 10 - - - 10

Thailand . . . . . . . . . . . . . . . . . . . . 345 - - - 345

Other Asia . . . . . . . . . . . . . . . . . . 3,340 30 28 2 3,310

Total Asia . . . . . . . . . . . . . . . . . 

19,702 5,024 1,991 3,033 14,678

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 54 3 2 1 51

Ghana . . . . . . . . . . . . . . . . . . . . . 14 - - - 14

Liberia . . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Morocco . . . . . . . . . . . . . . . . . . . . 56 - - - 56

South Africa . . . . . . . . . . . . . . . . . 220 20 - 20 200

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 520 10 10 - 510

Total Africa . . . . . . . . . . . . . . . . 

866 33 12 21 833

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 869 75 21 54 794

All other . . . . . . . . . . . . . . . . . . . . 932 601 4 597 331

Total other countries . . . . . . . . . 

1,801 676 25 651 1,125

Total foreign countries. . . . . . 

55,249 25,172 12,135 13,037 30,077

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - - - -

European regional . . . . . . . . . . . . 11 - - - 11

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

11 - - - 11

Grand total. . . . . . . . . . . . . . . 55,260 25,172 12,135 13,037 30,088

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.

TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial liabilities

Payable

Total Payable in foreign Commecial

Country liabilities Total in dollars currencies liabilities

(1) (2) (3) (4) (5)

CAPITAL MOVEMENTS 85
TABLE CM-IV-4.--Total Claims by Country

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

See footnotes at end of table.

Calendar year 1997 1998

Country 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 88 123 114 159 118 90 74 126 84

Belgium-Luxembourg. . . . . . . . . . 318 299 424 411 483 530 691 734 610

Bulgaria . . . . . . . . . . . . . . . . . . . . 32 37 29 19 17 16 19 32 17

Czech Republic . . . . . . . . . . . . . . 48 52 53 34 27 32 95 42 56

Denmark . . . . . . . . . . . . . . . . . . . 103 81 107 101 87 72 105 155 75

Finland . . . . . . . . . . . . . . . . . . . . . 171 173 185 173 122 135 179 211 180

France . . . . . . . . . . . . . . . . . . . . . 2,773 2,681 2,633 2,338 2,274 2,057 2,754 2,811 2,841

Germany . . . . . . . . . . . . . . . . . . . 1,544 1,567 1,506 1,613 1,688 1,510 1,747 2,041 2,061

Greece . . . . . . . . . . . . . . . . . . . . . 149 136 193 148 113 89 345 386 547

Hungary . . . . . . . . . . . . . . . . . . . . 6 72 50 17 11 59 57 62 64

Ireland . . . . . . . . . . . . . . . . . . . . . 416 315 290 274 282 267 297 277 376

Italy. . . . . . . . . . . . . . . . . . . . . . . . 883 812 1,029 1,039 1,031 979 1,021 1,466 1,044

Netherlands . . . . . . . . . . . . . . . . . 925 740 969 1,055 1,149 1,132 1,337 1,274 1,445

Norway. . . . . . . . . . . . . . . . . . . . . 132 242 169 251 281 303 319 303 269

Poland . . . . . . . . . . . . . . . . . . . . . 116 122 78 108 109 111 119 124 113

Portugal . . . . . . . . . . . . . . . . . . . . 191 217 64 92 45 60 76 78 71

Romania. . . . . . . . . . . . . . . . . . . . 5 17 16 14 7 10 7 7 13

Spain . . . . . . . . . . . . . . . . . . . . . . 459 484 537 645 603 601 665 623 625

Sweden . . . . . . . . . . . . . . . . . . . . 460 352 288 372 376 345 640 504 521

Switzerland. . . . . . . . . . . . . . . . . . . 962 1,080 1,018 1,116 988 836 829 988 876

Turkey . . . . . . . . . . . . . . . . . . . . . 246 216 256 222 237 210 381 379 530

United Kingdom . . . . . . . . . . . . . . 5,962 7,205 6,959 9,065 12,463 12,650 14,158 15,946 15,947

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 228 254 300 239 221 215 157 221 236

Yugoslavia 2

. . . . . . . . . . . . . . . . . 55 39 13 6 14 8 6 11 10

Other Europe . . . . . . . . . . . . . . . . 132 160 153 214 193 190 270 267 343

Total Europe . . . . . . . . . . . . . . . 16,404 17,476 17,433 19,725 22,939 22,507 26,348 29,068 28,954

Canada . . . . . . . . . . . . . . . . . . . . . . 3,813 5,569 4,802 5,610 7,298 8,886 6,928 5,973 7,724

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 299 347 396 617 621 633 719 688 773

Bahamas . . . . . . . . . . . . . . . . . . . 1,347 2,433 1,995 1,487 1,934 2,093 2,464 2,486 1,329

Bermuda. . . . . . . . . . . . . . . . . . . . . 307 261 353 415 316 385 318 352 304

Brazil . . . . . . . . . . . . . . . . . . . . . . 1,114 1,132 1,728 2,771 2,620 2,753 2,602 2,475 2,821

British West Indies . . . . . . . . . . . . 12,770 15,311 10,472 15,372 15,303 13,651 13,055 10,420 13,639

Chile. . . . . . . . . . . . . . . . . . . . . . . 221 229 248 374 353 313 303 327 330

Colombia . . . . . . . . . . . . . . . . . . . 120 396 413 422 320 392 387 424 440

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 5 5 1 1 - -

Ecuador . . . . . . . . . . . . . . . . . . . . 81 112 123 107 108 126 113 101 114

Guatemala . . . . . . . . . . . . . . . . . . 32 46 48 98 84 100 88 93 119

Jamaica . . . . . . . . . . . . . . . . . . . . 27 42 41 40 73 61 47 52 55

Mexico . . . . . . . . . . . . . . . . . . . . . 1,862 1,966 1,547 1,585 1,619 1,637 1,727 1,929 2,269

Netherlands Antilles . . . . . . . . . . . 37 65 32 114 35 141 110 153 138

Panama . . . . . . . . . . . . . . . . . . . . 90 102 156 109 102 123 118 145 132

Peru . . . . . . . . . . . . . . . . . . . . . . . 148 175 221 201 177 215 147 147 148

Trinidad and Tobago . . . . . . . . . . 26 27 36 25 30 26 32 20 40

Uruguay . . . . . . . . . . . . . . . . . . . . 8 25 32 42 41 47 44 49 138

Venezuela . . . . . . . . . . . . . . . . . . 454 383 317 388 352 472 433 612 488

Other Latin America

and Caribbean . . . . . . . . . . . . . 553 600 705 681 716 797 1,496 820 818

Total Latin America

and Caribbean. . . . . . . . . . . . 

19,498 23,653 18,864 24,853 24,809 23,966 24,204 21,293 24,095

86 CAPITAL MOVEMENTS
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 1997 1998

Country 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 378 526 696 992 1,099 1,115 1,148 1,076 880

Taiwan . . . . . . . . . . . . . . . . . . . 411 512 532 511 610 724 700 814 849

Hong Kong . . . . . . . . . . . . . . . . . . 298 442 454 669 572 546 561 562 446

India . . . . . . . . . . . . . . . . . . . . . . . 147 202 323 402 336 423 447 439 460

Indonesia . . . . . . . . . . . . . . . . . . . 354 423 367 665 563 599 549 704 689

Israel . . . . . . . . . . . . . . . . . . . . . . 218 195 267 323 312 309 309 347 357

Japan . . . . . . . . . . . . . . . . . . . . . . 3,167 3,608 2,741 3,038 2,896 2,845 3,047 2,799 2,503

Korea . . . . . . . . . . . . . . . . . . . . . . 549 650 933 822 773 767 725 988 916

Lebanon . . . . . . . . . . . . . . . . . . . . 65 58 48 41 51 38 34 37 48

Malaysia. . . . . . . . . . . . . . . . . . . . 477 457 496 560 566 551 568 547 472

Pakistan . . . . . . . . . . . . . . . . . . . . 32 40 42 99 96 66 32 44 40

Philippines . . . . . . . . . . . . . . . . . . 111 151 123 245 202 200 171 144 144

Singapore. . . . . . . . . . . . . . . . . . . 390 427 573 781 719 648 787 779 647

Syria. . . . . . . . . . . . . . . . . . . . . . . 5 6 12 7 24 4 15 11 3

Thailand . . . . . . . . . . . . . . . . . . . . 174 183 199 288 387 400 334 280 200

Oil-exporting countries 3

. . . . . . . . 707 849 977 993 1,090 1,034 1,002 1,118 996

Other Asia . . . . . . . . . . . . . . . . . . 188 124 108 161 120 125 162 157 158

Total Asia . . . . . . . . . . . . . . . . . 

7,671 8,853 8,891 10,597 10,416 10,394 10,591 10,846 9,808

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 137 261 160 155 140 144 152 286 307

Ghana . . . . . . . . . . . . . . . . . . . . . 7 7 16 15 18 27 43 9 6

Liberia . . . . . . . . . . . . . . . . . . . . . 19 9 13 29 36 32 9 8 7

Morocco . . . . . . . . . . . . . . . . . . . . 45 53 57 27 37 27 24 28 21

South Africa . . . . . . . . . . . . . . . . . 108 142 321 277 289 289 271 322 253

Zaire. . . . . . . . . . . . . . . . . . . . . . . 18 30 11 13 9 5 5 3 2

Oil-exporting countries 4

. . . . . . . . 73 67 92 180 114 96 223 134 139

Other Africa . . . . . . . . . . . . . . . . . 185 258 260 224 257 177 211 209 204

Total Africa . . . . . . . . . . . . . . . . 

592 827 930 920 900 797 938 999 939

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 945 1,218 1,310 1,536 1,392 1,449 1,384 1,485 1,497

All other . . . . . . . . . . . . . . . . . . . . 208 269 270 265 278 257 286 390 456

Total other

countries . . . . . . . . . . . . . . . . 

1,153 1,487 1,580 1,801 1,670 1,706 1,670 1,875 1,953

Total foreign

countries. . . . . . . . . . . . . . . 

49,131 57,865 52,500 63,506 68,032 68,256 70,679 70,054 73,473

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 28 19 8 60 2 5 3 18 -

European regional . . . . . . . . . . . . - 4 1 58 38 5 23 5 -

Latin American regional . . . . . . . . - - - 2 1 - 3 - -

Asian regional . . . . . . . . . . . . . . . - - - 13 26 - 51 - -

African regional . . . . . . . . . . . . . . - - - 3 3 - 1 - -

Middle Eastern regional . . . . . . . . 

- - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 

28 23 9 136 70 10 81 23 -

Grand total. . . . . . . . . . . . . . . 49,159 57,888 52,509 63,642 68,102 68,266 70,760 70,077 73,473

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).

4

 Includes Algeria, Gabon, Libya, and Nigeria.

CAPITAL MOVEMENTS 87
TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1998, Preliminary

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

Country (1) (2) (3) (4) (5)

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 84 15 - 15 69

Belgium-Luxembourg. . . . . . . . . . 610 378 359 19 232

Bulgaria . . . . . . . . . . . . . . . . . . . . 17 9 9 - 8

Czech Republic . . . . . . . . . . . . . . 56 8 8 - 48

Denmark . . . . . . . . . . . . . . . . . . . 75 11 5 6 64

Finland . . . . . . . . . . . . . . . . . . . . . 180 8 1 7 172

France . . . . . . . . . . . . . . . . . . . . . 2,841 902 880 22 1,939

Germany . . . . . . . . . . . . . . . . . . . 2,061 391 352 39 1,670

Greece . . . . . . . . . . . . . . . . . . . . . 547 429 429 - 118

Hungary . . . . . . . . . . . . . . . . . . . . 64 51 46 5 13

Ireland . . . . . . . . . . . . . . . . . . . . . 376 163 158 5 213

Italy. . . . . . . . . . . . . . . . . . . . . . . . 1,044 217 170 47 827

Netherlands . . . . . . . . . . . . . . . . . 1,445 911 650 261 534

Norway. . . . . . . . . . . . . . . . . . . . . 269 60 45 15 209

Poland . . . . . . . . . . . . . . . . . . . . . 113 54 40 14 59

Portugal . . . . . . . . . . . . . . . . . . . . 71 8 - 8 63

Romania. . . . . . . . . . . . . . . . . . . . 13 - - - 13

Russia 1

. . . . . . . . . . . . . . . . . . . . 236 45 37 8 191

Spain . . . . . . . . . . . . . . . . . . . . . . 625 124 92 32 501

Sweden . . . . . . . . . . . . . . . . . . . . 521 291 221 70 230

Switzerland. . . . . . . . . . . . . . . . . . . 876 401 382 19 475

Turkey . . . . . . . . . . . . . . . . . . . . . 530 360 151 209 170

United Kingdom . . . . . . . . . . . . . . 15,947 11,113 8,077 3,036 4,834

Yugoslavia 2

. . . . . . . . . . . . . . . . . 10 - - - 10

Other Europe . . . . . . . . . . . . . . . . 343 60 57 3 283

Total Europe . . . . . . . . . . . . . . . 28,954 16,009 12,169 3,840 12,945

Canada . . . . . . . . . . . . . . . . . . . . . . 7,724 4,688 4,365 323 3,036

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 773 265 238 27 508

Bahamas . . . . . . . . . . . . . . . . . . . 1,329 1,316 1,300 16 13

Bermuda. . . . . . . . . . . . . . . . . . . . . 304 66 66 - 238

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,821 1,408 514 894 1,413

British West Indies . . . . . . . . . . . . 13,639 13,551 13,445 106 88

Chile. . . . . . . . . . . . . . . . . . . . . . . 330 8 5 3 322

Colombia . . . . . . . . . . . . . . . . . . . 440 104 33 71 336

Cuba. . . . . . . . . . . . . . . . . . . . . . . . - - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 114 12 11 1 102

Guatemala . . . . . . . . . . . . . . . . . . 119 26 20 6 93

Jamaica . . . . . . . . . . . . . . . . . . . . 55 4 3 1 51

Mexico . . . . . . . . . . . . . . . . . . . . . 2,269 967 905 62 1,302

Netherlands Antilles . . . . . . . . . . . 138 122 122 - 16

Panama . . . . . . . . . . . . . . . . . . . . 132 34 30 4 98

Peru . . . . . . . . . . . . . . . . . . . . . . . 148 7 4 3 141

Trinidad and Tobago . . . . . . . . . . 40 4 - 4 36

Uruguay . . . . . . . . . . . . . . . . . . . . 138 5 - 5 133

Venezuela . . . . . . . . . . . . . . . . . . 488 47 28 19 441

Other Latin America

and Caribbean . . . . . . . . . . . . . 818 261 246 15 557

Total Latin America

and Caribbean. . . . . . . . . . . . 

24,095 18,207 16,970 1,237 5,888

See footnotes at end of table.

88 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1998, Preliminary, con.

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Financial claims

Denominated

Total Denominated in foreign Commercial

 claims Total in dollars currencies claims

Country (1) (2) (3) (4) (5)

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 880 213 206 7 667

Taiwan . . . . . . . . . . . . . . . . . . . 849 79 72 7 770

Hong Kong . . . . . . . . . . . . . . . . . . 446 55 45 10 391

India . . . . . . . . . . . . . . . . . . . . . . . 460 75 70 5 385

Indonesia . . . . . . . . . . . . . . . . . . . 689 340 321 19 349

Israel . . . . . . . . . . . . . . . . . . . . . . 357 18 16 2 339

Japan . . . . . . . . . . . . . . . . . . . . . . 2,503 791 278 513 1,712

Korea . . . . . . . . . . . . . . . . . . . . . . 916 215 213 2 701

Lebanon . . . . . . . . . . . . . . . . . . . . 48 - - - 48

Malaysia. . . . . . . . . . . . . . . . . . . . 472 277 275 2 195

Pakistan . . . . . . . . . . . . . . . . . . . . 40 4 4 - 36

Philippines . . . . . . . . . . . . . . . . . . 144 3 3 - 141

Singapore. . . . . . . . . . . . . . . . . . . 647 42 40 2 605

Syria. . . . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Thailand . . . . . . . . . . . . . . . . . . . . 200 12 11 1 188

Other Asia . . . . . . . . . . . . . . . . . . 1,154 50 46 4 1,104

Total Asia . . . . . . . . . . . . . . . . . 9,808 2,174 1,600 574 7,634

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 307 169 168 1 138

Ghana . . . . . . . . . . . . . . . . . . . . . 6 - - - 6

Liberia . . . . . . . . . . . . . . . . . . . . . 7 2 2 - 5

Morocco . . . . . . . . . . . . . . . . . . . . 21 5 5 - 16

South Africa . . . . . . . . . . . . . . . . . 253 104 103 1 149

Zaire. . . . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Other Africa . . . . . . . . . . . . . . . . . 343 45 40 5 298

Total Africa . . . . . . . . . . . . . . . . 939 325 318 7 614

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,497 525 519 6 972

All other . . . . . . . . . . . . . . . . . . . . 456 195 195 - 261

Total other

countries . . . . . . . . . . . . . . . . 

1,953 720 714 6 1,233

Total foreign

countries. . . . . . . . . . . . . . . 

73,473 42,123 36,136 5,987 31,350

International and regional orgs.:

International . . . . . . . . . . . . . . . . . - - - - -

European regional . . . . . . . . . . . . - - - - -

Latin American regional . . . . . . . . - - - - -

Asian regional . . . . . . . . . . . . . . . - - - - -

African regional . . . . . . . . . . . . . . - - - - -

Middle Eastern regional . . . . . . . . 

- - - - -

Total international

and regional. . . . . . . . . . . . . . 

- - - - -

Grand total. . . . . . . . . . . . . . . 73,473 42,123 36,136 5,987 31,350

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.

CAPITAL MOVEMENTS 89
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1995 1996 1997 Jan. - June 1998 Apr. - June 1998 

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 100,411 130,645 174,851 77,194 32,170

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 24,795 71,073 100,868 66,596 34,337

Caribbean banking centers 1

. . . . . . . . . . . . . . . . 48,344 41,081 25,000 33,042 26,153

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,504 55,167 34,503 720 9,139

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,657 59,327 26,657 5,681 97

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

215,711 357,293 361,879 183,233 101,896

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 

16,226 12,925 22,509 8,420 -1,154

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,937 370,218 384,388 191,653 100,742

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1998 with those in prior years, the chart

depicts data for all periods at an annualized rate.)

90 CAPITAL MOVEMENTS
TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

purchases Net Gross Gross Net Gross Gross

of foreign foreign foreign foreign foreign foreign foreign

Calendar year securities purchases purchases sales purchases purchases sales

or month from U.S. from U.S. from U.S. to U.S. from U.S. from U.S. to U.S.

(1) (2) (3) (4) (5) (6) (7)

1994 . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 . . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 . . . . . . . . . . . . . . . . . . . . . . . . -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997 r . . . . . . . . . . . . . . . . . . . . . . . -86,848 -45,917 1,490,498 1,536,415 -40,931 755,842 796,773

1998 - Jan. - June p . . . . . . . . . . . . -29,473 -25,715 704,146 729,861 -3,758 463,368 467,126

1997 - June r . . . . . . . . . . . . . . . . . . -19,179 -13,335 119,541 132,876 -5,844 67,491 73,335

July r. . . . . . . . . . . . . . . . . . . -19,072 -11,131 135,753 146,884 -7,941 70,859 78,800

Aug. r . . . . . . . . . . . . . . . . . . -13,142 -5,206 125,056 130,262 -7,936 63,677 71,613

Sept. r. . . . . . . . . . . . . . . . . . -6,385 -7,847 123,228 131,075 1,462 66,822 65,360

Oct. r. . . . . . . . . . . . . . . . . . . -3,427 -581 166,047 166,628 -2,846 81,040 83,886

Nov. r . . . . . . . . . . . . . . . . . . -2,440 -4,167 113,491 117,658 1,727 73,510 71,783

Dec. r . . . . . . . . . . . . . . . . . . -1,664 -3,099 117,165 120,264 1,435 70,435 69,000

1998 - Jan. r . . . . . . . . . . . . . . . . . . -3,456 -3,539 97,927 101,466 83 63,573 63,490

Feb. . . . . . . . . . . . . . . . . . . . -3,896 -2,691 102,429 105,120 -1,205 68,782 69,987

Mar. . . . . . . . . . . . . . . . . . . . 1,154 2,797 132,740 129,943 -1,643 81,297 82,940

Apr.. . . . . . . . . . . . . . . . . . . . -9,846 -9,629 117,121 126,750 -217 80,591 80,808

May p . . . . . . . . . . . . . . . . . . -5,022 -1,673 107,888 109,561 -3,349 80,811 84,160

June p . . . . . . . . . . . . . . . . . -8,407 -10,980 146,041 157,021 2,573 88,314 85,741

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--U.S. International Transactions in Long-Term Securities

TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 Marketable Treasury bonds and notes U.S. Government corpo- Corporate and other securities

 Net foreign purchases rations and federally

 Foreign countries sponsored agencies Bonds 1

Stocks 

Offi- Interna- Gross Net Gross Net Gross Net Gross

 Calendar cial Other tional foreign Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross

 year insti- for- and re- pur- foreign pur- pur- foreign pur- pur- foreign pur- pur- foreign

 or month Total tutions eigners gional chases sales chases chases sales chases chases sales chases chases sales

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

1994. . . . . . . . . . . . . . . . . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995. . . . . . . . . . . . . . . . . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996. . . . . . . . . . . . . . . . . 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997 r . . . . . . . . . . . . . . . 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,306 350,822 266,516 66,058 961,423 895,365

1998 - Jan. - June p . . . . 40,411 4,761 34,910 740 2,449,850 2,409,439 40,637 208,178 167,541 66,673 201,924 135,251 43,932 681,663 637,731

1997 - June r . . . . . . . . . . 22,497 9,926 11,635 936 442,216 419,719 1,856 18,700 16,844 10,011 37,181 27,170 10,089 81,898 71,809

July r. . . . . . . . . . . 2,995 -2,107 4,815 287 385,918 382,923 5,814 27,542 21,728 10,659 34,717 24,058 10,322 84,700 74,378

Aug. r . . . . . . . . . . 24,482 8,541 16,125 -184 450,374 425,892 7,683 30,814 23,131 6,434 31,377 24,943 8,089 84,388 76,299

Sept. r. . . . . . . . . . 15,500 3,397 11,695 408 397,027 381,527 1,772 22,110 20,338 7,404 28,177 20,773 5,193 80,049 74,856

Oct. r. . . . . . . . . . . 17,182 -12,542 29,941 -217 506,334 489,152 7,875 26,126 18,251 5,879 31,815 25,936 1,028 106,448 105,420

Nov. . . . . . . . . . . . 15,909 1,831 13,658 420 352,968 337,059 -558 28,563 29,121 3,987 23,659 19,672 4,897 84,730 79,833

Dec. . . . . . . . . . . . -9,398 -367 -7,421 -1,610 320,492 329,890 2,837 25,702 22,865 6,153 26,462 20,309 5,358 90,699 85,341

1998 - Jan.. . . . . . . . . . . . 5,512 -1,189 6,179 522 415,329 409,817 4,685 29,844 25,159 8,469 27,704 19,235 6,294 89,801 83,507

Feb. . . . . . . . . . . . 9,957 1,242 8,849 -134 375,387 365,430 8,430 35,871 27,441 8,997 31,547 22,550 10,016 99,011 88,995

Mar. . . . . . . . . . . . -4,091 6,133 -11,420 1,196 426,164 430,255 10,263 35,183 24,920 9,608 34,896 25,288 12,771 124,729 111,958

Apr.. . . . . . . . . . . . 6,078 1,162 5,607 -691 374,056 367,978 6,944 36,971 30,027 16,782 38,984 22,202 4,257 120,906 116,649

May p . . . . . . . . . . 21,267 898 20,218 151 402,470 381,203 3,691 31,718 28,027 8,765 33,322 24,557 8,332 117,877 109,545

June p. . . . . . . . . . 1,688 -3,485 5,477 -304 456,444 454,756 6,624 38,591 31,967 14,052 35,471 21,419 2,262 129,339 127,077

CAPITAL MOVEMENTS 91
1998 1998 1998 1998

Country

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,175 -147 262 345 -31 -33 263 116 91 480 334 155

Belgium-Luxembourg. . . . . . . . . . 3,427 758 -502 835 289 41 1,380 2,522 1,142 4,562 4,741 2,339

Bulgaria . . . . . . . . . . . . . . . . . . . . -8 37 27 2 - - 4 -5 - - 5 -

Czech Republic . . . . . . . . . . . . . . 77 67 16 - - - 23 44 20 1 8 -6

Denmark . . . . . . . . . . . . . . . . . . . 647 127 -217 189 94 55 132 30 24 429 648 367

Finland . . . . . . . . . . . . . . . . . . . . . 457 -481 -171 40 119 60 -44 -2 12 48 69 45

France . . . . . . . . . . . . . . . . . . . . . -2,082 3,028 1,750 142 87 -43 3,158 1,669 726 3,135 3,836 1,849

Germany . . . . . . . . . . . . . . . . . . . 22,471 -245 -2,153 497 519 126 2,245 2,334 1,770 9,059 6,248 4,307

Greece . . . . . . . . . . . . . . . . . . . . . -637 363 87 17 15 4 24 41 39 249 16 73

Hungary . . . . . . . . . . . . . . . . . . . . -968 -1,345 -460 -59 215 159 6 - - -2 -8 -5

Ireland . . . . . . . . . . . . . . . . . . . . . 1,229 906 -71 588 1,187 943 1,128 898 420 750 616 173

Italy. . . . . . . . . . . . . . . . . . . . . . . . 2,300 5,637 3,426 123 -37 -78 4 -267 -46 2,830 4,957 2,672

Netherlands . . . . . . . . . . . . . . . . . 1,746 -920 1,202 2,194 828 909 1,382 698 487 3,831 2,865 1,555

Norway. . . . . . . . . . . . . . . . . . . . . 259 -167 52 6 -53 30 418 -273 -290 523 516 321

Poland . . . . . . . . . . . . . . . . . . . . . 488 654 -10 -13 -2 1 -120 -28 -15 12 -6 -3

Portugal . . . . . . . . . . . . . . . . . . . . 2,754 493 -153 59 16 5 583 48 33 -238 59 26

Romania. . . . . . . . . . . . . . . . . . . . -54 105 87 -11 - - - - - -6 4 1

Russia 1

. . . . . . . . . . . . . . . . . . . . -1,265 387 123 -1 - - 7 3 1 325 4 -9

Spain . . . . . . . . . . . . . . . . . . . . . . 10,351 953 2,084 903 733 357 227 -24 48 577 639 228

Sweden . . . . . . . . . . . . . . . . . . . . -465 369 317 -18 -6 -3 -52 68 53 2,081 394 -104

Switzerland. . . . . . . . . . . . . . . . . . 6,028 2,866 -1,413 390 1,932 565 -203 1,422 1,405 7,848 8,470 4,699

Turkey . . . . . . . . . . . . . . . . . . . . . -71 3,043 2,197 -1 3 2 21 -190 -27 11 -20 -8

United Kingdom . . . . . . . . . . . . . . 98,253 15,688 1,639 9,644 12,368 5,887 44,490 34,248 20,530 22,464 14,890 4,114

Yugoslavia 2

. . . . . . . . . . . . . . . . . 25 - - 8 - - - - - 12 26 -1

Other Europe . . . . . . . . . . . . . . . . -1,216 12 -87 387 3 56 289 201 19 186 459 202

Total Europe . . . . . . . . . . . . . . . 144,921 32,188 8,032 16,266 18,279 9,043 55,365 43,553 26,442 59,167 49,770 22,990

Canada . . . . . . . . . . . . . . . . . . . . . . 

-811 916 1,168 433 -66 -98 5,831 3,587 1,696 -1,414 -2,199 -2,050

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 215 -590 -461 154 176 182 444 56 14 386 259 134

Bahamas . . . . . . . . . . . . . . . . . . . -355 1,715 290 714 2,300 2,072 2,291 2,923 1,982 678 410 17

Bermuda. . . . . . . . . . . . . . . . . . . . -6,376 1,241 1,611 7,658 3,405 -942 4,984 5,981 3,012 -1,983 -569 -1,087

Brazil . . . . . . . . . . . . . . . . . . . . . . -2,589 1,965 -567 2,388 197 167 -190 -646 -23 88 116 35

British West Indies . . . . . . . . . . . . 4,312 2,764 2,874 3,791 5,726 3,337 5,148 6,026 3,492 4,488 4,293 1,801

Chile. . . . . . . . . . . . . . . . . . . . . . . 1,331 -102 -583 34 34 23 239 6 -7 -20 -93 3

Colombia . . . . . . . . . . . . . . . . . . . 958 -268 -179 121 54 30 19 54 2 175 29 14

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -1 - -

Ecuador . . . . . . . . . . . . . . . . . . . . 32 104 115 59 71 5 98 -5 7 25 2 5

Guatemala . . . . . . . . . . . . . . . . . . -1 -22 -43 8 3 4 9 6 2 12 11 11

Jamaica . . . . . . . . . . . . . . . . . . . . -13 -57 - -14 63 15 43 -33 5 1 6 4

Mexico . . . . . . . . . . . . . . . . . . . . . 979 222 -536 840 517 109 705 638 71 374 225 117

Netherlands Antilles . . . . . . . . . . . -2,660 -2,785 11,716 84 -114 -117 1,974 514 437 -269 -1,239 -4,444

Panama . . . . . . . . . . . . . . . . . . . . 103 -5 -28 160 87 -36 -436 185 92 694 184 74

Peru . . . . . . . . . . . . . . . . . . . . . . . 304 212 175 1 62 42 41 12 1 11 3 5

Trinidad and Tobago . . . . . . . . . . 19 17 12 65 69 50 - 17 9 15 1 1

Uruguay . . . . . . . . . . . . . . . . . . . . 175 -138 -241 56 17 3 136 32 26 246 33 -1

Venezuela . . . . . . . . . . . . . . . . . . 655 341 368 918 475 165 217 254 227 303 105 45

Other Latin America

and Caribbean . . . . . . . . . . . . . 357 152 122 1,067 1,341 624 908 511 246 -17 -61 42

Total Latin America

and Caribbean. . . . . . . . . . . . 

-2,554 4,766 14,645 18,104 14,483 5,733 16,630 16,531 9,595 5,206 3,715 -3,224

See footnotes at end of table.

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 to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

92 CAPITAL MOVEMENTS
1998 1998 1998 1998

Country

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Calendar

year

1997 r

Jan.

through 

June

Apr.

through 

June p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 8,158 -654 -684 1,708 -434 -2,262 70 -8 19 62 -3 -2

Taiwan . . . . . . . . . . . . . . . . . . . 1,537 -1,963 -1,455 -705 -389 -265 -134 -3 -28 429 116 69

Hong Kong . . . . . . . . . . . . . . . . . . 12,253 5,118 2,946 3,832 1,232 437 1,758 246 182 -209 -465 -108

India . . . . . . . . . . . . . . . . . . . . . . . 510 192 -195 -64 1 - -35 -2 11 -33 -8 -15

Indonesia . . . . . . . . . . . . . . . . . . . 2 327 644 - -1 - 2 2 - 20 -20 2

Israel . . . . . . . . . . . . . . . . . . . . . . 3,125 126 -75 612 195 71 175 294 146 -539 -102 120

Japan . . . . . . . . . . . . . . . . . . . . . . 20,360 -447 5,441 7,718 3,727 3,329 1,639 834 562 4,786 -3,394 -193

Korea . . . . . . . . . . . . . . . . . . . . . . -5,119 6,642 5,140 -2,158 868 760 -191 -9 -4 -5 -47 4

Lebanon . . . . . . . . . . . . . . . . . . . . -2 -1 -1 -1 - - 10 - - 78 17 48

Malaysia. . . . . . . . . . . . . . . . . . . . -2,559 -1,437 -763 -289 26 -1 9 16 35 -170 -145 9

Pakistan . . . . . . . . . . . . . . . . . . . . -7 3 3 1 - - - -16 -11 18 9 10

Philippines . . . . . . . . . . . . . . . . . . -561 -123 -328 302 97 17 49 6 8 2 21 33

Singapore. . . . . . . . . . . . . . . . . . . -3,713 -263 -626 1,511 537 69 1,176 -125 103 -2,302 -2,807 -3,005

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 18 11 9

Thailand . . . . . . . . . . . . . . . . . . . . -1,904 -1,690 -946 -1 - - 15 1 - -9 -11 -8

Oil-exporting countries 3

. . . . . . . . 7,636 -1,494 -817 2,042 1,278 179 113 482 161 368 -223 386

Other Asia . . . . . . . . . . . . . . . . . . 

-149 45 -16 -64 128 37 51 94 23 -72 -6 31

Total Asia . . . . . . . . . . . . . . . . . 39,567 4,381 8,268 14,444 7,265 2,371 4,707 1,812 1,207 2,442 -7,057 -2,610

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,090 249 55 384 14 -1 37 17 6 65 6 2

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 - -

Liberia . . . . . . . . . . . . . . . . . . . . . 122 133 56 226 66 - 120 48 35 -99 -25 -4

Morocco . . . . . . . . . . . . . . . . . . . . - 3 1 - - - - -13 - 9 5 6

South Africa . . . . . . . . . . . . . . . . . 93 -9 -10 29 36 35 134 -9 -3 355 635 559

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 12 1 -

Oil-exporting countries 4

. . . . . . . . -12 1 - 8 -1 -1 9 3 1 37 33 30

Other Africa . . . . . . . . . . . . . . . . . 231 50 38 21 6 8 37 35 16 91 84 16

Total Africa . . . . . . . . . . . . . . . . 1,524 427 140 668 121 41 337 81 55 472 739 609

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,054 -3,001 -2,385 -157 447 278 582 260 111 251 -876 -708

All other . . . . . . . . . . . . . . . . . . . . 

-13 -6 9 31 -207 -249 355 637 346 91 -48 -90

Total other

countries . . . . . . . . . . . . . . . . 

1,041 -3,007 -2,376 -126 240 29 937 897 457 342 -924 -798

Total foreign

countries. . . . . . . . . . . . . . . 

183,688 39,671 29,877 49,789 40,322 17,119 83,807 66,461 39,452 66,215 44,044 14,917

International and regional orgs.:

International . . . . . . . . . . . . . . . . . 621 317 -805 27 131 134 59 147 118 31 -47 3

European regional . . . . . . . . . . . . -139 -108 -106 6 -20 - -69 - - - - -

Latin American regional . . . . . . . . 170 8 -5 -1 25 -70 519 65 29 -199 -71 -72

Asian regional . . . . . . . . . . . . . . . -277 38 47 -20 10 - 5 - - 10 6 3

African regional . . . . . . . . . . . . . . 93 89 14 52 169 76 -15 - - -1 - -

Middle Eastern regional . . . . . . . . 15 396 11 - - - - - - 2 - -

Total international

and regional. . . . . . . . . . . . . . 

483 740 -844 64 315 140 499 212 147 -157 -112 -66

Grand total. . . . . . . . . . . . . . . 184,171 40,411 29,033 49,853 40,637 17,259 84,306 66,673 39,599 66,058 43,932 14,851

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.

3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab

Emirates (Trucial States). 

4

 Includes Algeria, Gabon, Libya, and Nigeria.

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 to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Marketable Treasury U.S. Government corporations

bonds and notes and Federal agency bonds Corporate bonds Corporate stocks

CAPITAL MOVEMENTS 93
TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Second Quarter 1998, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign 

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . 4,358 2,902 31 114 775 134 402 3,723 2,640 64 23 620 153 223

Belgium-Luxembourg. . 22,119 5,759 823 2,980 8,188 2,054 2,315 19,409 6,261 782 1,838 5,849 1,176 3,503

Bulgaria . . . . . . . . . . . . 144 131 - - 2 5 6 127 104 - - 2 17 4

Czech Republic . . . . . . 992 862 - 20 7 28 75 923 846 - - 13 41 23

Denmark . . . . . . . . . . . 3,411 534 583 56 730 829 679 3,404 751 528 32 363 1,167 563

Finland . . . . . . . . . . . . . 1,520 613 98 51 77 123 558 1,824 784 38 39 32 140 791

France . . . . . . . . . . . . . 72,075 40,101 35 1,907 15,514 6,945 7,573 66,175 38,351 78 1,181 13,665 6,761 6,139

Germany . . . . . . . . . . . 49,337 13,986 826 3,035 16,391 4,006 11,093 47,617 16,139 700 1,265 12,084 5,185 12,244

Greece . . . . . . . . . . . . . 1,506 654 10 53 363 84 342 1,664 567 6 14 290 169 618

Hungary . . . . . . . . . . . . 1,930 907 937 20 8 1 57 2,299 1,367 778 20 13 6 115

Ireland . . . . . . . . . . . . . 40,858 19,011 3,312 966 2,671 13,091 1,807 40,743 19,082 2,369 546 2,498 14,095 2,153

Italy. . . . . . . . . . . . . . . . 21,407 9,145 397 202 7,759 812 3,092 15,708 5,719 475 248 5,087 789 3,390

Netherlands . . . . . . . . . 29,718 8,391 3,086 794 7,012 3,779 6,656 24,973 7,189 2,177 307 5,457 4,239 5,604

Norway. . . . . . . . . . . . . 3,384 1,410 129 129 863 139 714 3,194 1,358 99 419 542 151 625

Poland . . . . . . . . . . . . . 2,178 1,693 13 - 8 422 42 2,290 1,703 12 15 11 436 113

Portugal . . . . . . . . . . . . 4,843 3,695 89 45 107 61 846 4,577 3,848 84 12 81 66 486

Romania. . . . . . . . . . . . 103 95 - - 2 3 3 12 8 - - 1 - 3

Russia 1

. . . . . . . . . . . . 2,397 1,101 - 2 61 965 268 2,602 978 - 1 70 1,150 403

Spain . . . . . . . . . . . . . . 20,264 15,692 412 187 1,109 659 2,205 19,821 13,608 55 139 881 2,180 2,958

Sweden . . . . . . . . . . . . 8,877 3,592 7 94 2,441 534 2,209 9,167 3,275 10 41 2,545 790 2,506

Switzerland. . . . . . . . . . 43,959 9,174 668 2,215 22,835 2,158 6,909 36,910 10,587 103 810 18,136 1,481 5,793

Turkey . . . . . . . . . . . . . 4,797 3,772 7 19 46 72 881 2,095 1,575 5 46 54 133 282

United Kingdom . . . . . . 1,071,156 633,197 19,257 53,359 85,548 173,955 105,840 1,045,964 631,558 13,370 32,829 81,434 186,825 99,948

Yugoslavia 2

. . . . . . . . . 27 - - - 18 - 9 20 - - - 19 - 1

Other Europe . . . . . . . . 5,175 2,767 64 42 1,330 413 559 5,114 2,854 8 23 1,128 380 721

Total Europe . . . . . . . 1,416,535 779,184 30,784 66,290 173,865 211,272 155,140 1,360,355 771,152 21,741 39,848 150,875 227,530 149,209

Canada . . . . . . . . . . . . . . 173,463 87,742 1,157 3,820 19,398 44,976 16,370 173,573 86,574 1,255 2,124 21,448 46,066 16,106

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 15,117 293 253 270 571 11,609 2,121 15,573 754 71 256 437 12,326 1,729

Bahamas . . . . . . . . . . . 61,423 23,843 6,351 9,546 6,541 13,569 1,573 56,272 23,553 4,279 7,564 6,524 12,214 2,138

Bermuda. . . . . . . . . . . . 138,641 23,105 19,088 7,489 54,637 30,597 3,725 135,211 21,494 20,030 4,477 55,724 29,259 4,227

Brazil . . . . . . . . . . . . . . 30,323 6,504 1,008 139 357 16,178 6,137 31,753 7,071 841 162 322 16,385 6,972

British West Indies . . . . 153,332 48,772 27,645 12,393 40,865 16,355 7,302 144,560 45,898 24,308 8,901 39,064 17,781 8,608

Chile. . . . . . . . . . . . . . . 1,889 805 34 35 376 225 414 3,248 1,388 11 42 373 1,052 382

Colombia . . . . . . . . . . . 1,298 950 44 59 105 118 22 1,881 1,129 14 57 91 577 13

Cuba. . . . . . . . . . . . . . . - - - - - - - - - - - - - -

Ecuador . . . . . . . . . . . . 631 342 40 12 35 195 7 520 227 35 5 30 222 1

Guatemala . . . . . . . . . . 154 32 4 6 56 34 22 135 75 - 4 45 6 5

Jamaica . . . . . . . . . . . . 47 1 20 5 16 - 5 21 1 5 - 12 1 2

Mexico . . . . . . . . . . . . . 9,506 3,927 141 340 850 1,415 2,833 10,577 4,463 32 269 733 2,767 2,313

Netherlands Antilles . . . 81,343 38,861 362 834 24,886 4,233 12,167 80,076 27,145 479 397 29,330 4,614 18,111

Panama . . . . . . . . . . . . 3,365 1,453 119 241 890 444 218 3,118 1,481 155 149 816 349 168

Peru . . . . . . . . . . . . . . . 486 175 42 13 38 104 114 292 - - 12 33 107 140

Trinidad and Tobago . . 130 12 84 12 16 5 1 52 - 34 3 15 - -

Uruguay . . . . . . . . . . . . 1,992 150 40 51 244 1,196 311 2,168 391 37 25 245 1,253 217

Venezuela . . . . . . . . . . 3,329 1,619 231 343 422 509 205 2,459 1,251 66 116 377 446 203

Other Latin America

and Caribbean . . . . . 4,986 497 916 459 495 916 1,703 3,764 375 292 213 453 930 1,501

Total Latin America

and Caribbean. . . . 

507,992 151,341 56,422 32,247 131,400 97,702 38,880 491,680 136,696 50,689 22,652 134,624 100,289 46,730

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 9,412 6,962 1,710 252 116 288 84 12,111 7,646 3,972 233 118 80 62

Taiwan . . . . . . . . . . . 4,323 2,383 294 24 750 392 480 5,958 3,838 559 52 681 156 672

Hong Kong . . . . . . . . . . 38,177 23,245 1,764 365 2,415 3,037 7,351 35,936 20,299 1,327 183 2,523 3,104 8,500

India . . . . . . . . . . . . . . . 1,017 568 - 11 204 19 215 1,149 763 - - 219 12 155

Indonesia . . . . . . . . . . . 1,103 911 - - 58 13 121 458 267 - - 56 4 131

Israel . . . . . . . . . . . . . . 6,435 4,570 188 169 730 108 670 6,049 4,645 117 23 610 237 417

Japan . . . . . . . . . . . . . . 175,384 120,107 10,959 1,694 17,977 3,747 20,900 162,206 114,666 7,630 1,132 18,170 2,828 17,780

Korea . . . . . . . . . . . . . . 7,581 5,714 782 11 42 637 395 5,547 574 22 15 38 4,053 845

Lebanon . . . . . . . . . . . . 205 1 - 1 161 8 34 152 2 - 1 113 6 30

Malaysia. . . . . . . . . . . . 679 112 12 43 57 - 455 1,299 875 13 8 48 - 355

Pakistan . . . . . . . . . . . . 143 4 - - 75 6 58 132 1 - 11 65 1 54

Philippines . . . . . . . . . . 1,376 973 17 16 144 75 151 2,392 1,301 - 8 111 804 168

Singapore. . . . . . . . . . . 30,920 16,645 415 889 7,639 2,538 2,794 33,368 17,271 346 786 10,644 1,493 2,828

Syria. . . . . . . . . . . . . . . 33 - - - 20 - 13 25 - - - 11 - 14

Thailand . . . . . . . . . . . . 2,726 2,607 - - 33 1 85 3,791 3,553 - - 41 8 189

Other Asia . . . . . . . . . . 21,547 11,325 1,319 713 7,407 388 395 21,478 12,158 1,103 529 6,990 321 377

Total Asia . . . . . . . . . 301,061 196,127 17,460 4,188 37,828 11,257 34,201 292,051 187,859 15,089 2,981 40,438 13,107 32,577

Africa:

Egypt . . . . . . . . . . . . . . 753 569 22 20 96 1 45 692 514 23 14 94 2 45

Ghana . . . . . . . . . . . . . 19 - - - 1 - 18 2 - - - 1 - 1

Liberia . . . . . . . . . . . . . 578 116 5 134 242 50 31 655 60 5 99 246 218 27

Morocco . . . . . . . . . . . . 13 2 - - 9 1 1 10 1 - - 3 - 6

South Africa . . . . . . . . . 1,131 44 35 29 669 84 270 893 54 - 32 110 163 534

Zaire. . . . . . . . . . . . . . . 9 - - - 5 1 3 7 - - - 5 - 2

Other Africa . . . . . . . . . 728 109 14 23 283 83 216 564 71 7 6 237 36 207

Total Africa . . . . . . . . 3,231 840 76 206 1,305 220 584 2,823 700 35 151 696 419 822

Other countries:

Australia . . . . . . . . . . . . 21,761 12,012 674 275 2,222 3,068 3,510 25,710 14,397 396 164 2,930 3,656 4,167

All other . . . . . . . . . . . . 5,700 260 286 554 1,387 2,260 953 5,639 251 535 208 1,477 2,130 1,038

Total other

countries . . . . . . . . 

27,461 12,272 960 829 3,609 5,328 4,463 31,349 14,648 931 372 4,407 5,786 5,205

Total foreign

countries. . . . . . . 

2,429,743 1,227,506 106,859 107,580 367,405 370,755 249,638 2,351,831 1,197,629 89,740 68,128 352,488 393,197 250,649

International

and regional orgs.:

International . . . . . . . . . 6,087 5,120 318 119 204 256 70 6,463 5,925 184 1 201 92 60

European regional . . . . 106 106 - - - - - 224 212 - - - 12 -

Latin American regional 723 105 7 78 507 26 - 844 110 77 49 579 29 -

Asian regional . . . . . . . 120 93 - - 6 13 8 51 46 - - 3 2 -

African regional . . . . . . 110 14 96 - - - - 20 - 20 - - - -

Middle Eastern

regional . . . . . . . . . . . 26 26 - - - - - 15 15 - - - - -

Total international

and regional. . . . . . 

7,172 5,464 421 197 717 295 78 7,617 6,308 281 50 783 135 60

Grand total. . . . . . . 2,436,915 1,232,970 107,280 107,777 368,122 371,050 249,716 2,359,448 1,203,937 90,021 68,178 353,271 393,332 250,709

TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Second Quarter 1998, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

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.

CAPITAL MOVEMENTS 95
Europe:

Austria . . . . . . . . . . . . . 24,043 18,819 389 404 2,589 997 845 22,116 17,644 44 141 2,109 1,318 860

Belgium-Luxembourg. . 84,621 40,390 2,403 7,206 22,260 6,360 6,002 71,768 36,963 1,568 5,826 17,698 5,091 4,622

Bulgaria . . . . . . . . . . . . 477 57 2 11 5 382 20 508 65 - 7 5 408 23

Czech Republic . . . . . . 4,115 3,880 - 47 44 85 59 4,017 3,803 - 24 43 43 104

Denmark . . . . . . . . . . . 13,752 6,560 2,174 379 1,710 922 2,007 13,142 5,913 1,985 247 1,281 1,643 2,073

Finland . . . . . . . . . . . . . 11,621 8,456 151 98 171 1,070 1,675 12,023 7,999 111 142 123 1,294 2,354

France . . . . . . . . . . . . . 191,532 116,573 458 7,023 28,375 19,543 19,560 192,710 118,655 316 3,865 25,240 20,258 24,376

Germany . . . . . . . . . . . 196,673 119,990 2,054 6,422 31,105 11,678 25,424 160,129 97,519 1,557 4,177 22,046 10,677 24,153

Greece . . . . . . . . . . . . . 3,821 1,274 60 94 1,246 497 650 4,325 1,911 43 70 997 923 381

Hungary . . . . . . . . . . . . 3,018 2,640 231 11 27 36 73 4,360 3,608 290 5 29 29 399

Ireland . . . . . . . . . . . . . 49,944 29,583 1,193 3,828 4,186 5,789 5,365 46,228 28,354 605 2,700 3,436 5,447 5,686

Italy. . . . . . . . . . . . . . . . 52,602 21,135 501 1,194 15,155 7,799 6,818 45,261 18,835 378 1,190 12,325 5,418 7,115

Netherlands . . . . . . . . . 85,470 28,372 5,593 2,660 22,020 9,529 17,296 76,059 26,626 3,399 1,278 18,189 10,637 15,930

Norway. . . . . . . . . . . . . 12,787 7,296 74 595 1,843 921 2,058 11,992 7,037 68 177 1,320 1,267 2,123

Poland . . . . . . . . . . . . . 8,348 7,427 16 189 27 434 255 8,780 6,939 29 309 15 1,113 375

Portugal . . . . . . . . . . . . 13,993 11,476 72 652 296 527 970 11,166 8,722 13 69 534 319 1,509

Romania. . . . . . . . . . . . 11 - - - 2 - 9 91 54 11 - 8 5 13

Russia 1

. . . . . . . . . . . . 44,332 39,885 4 21 486 2,944 992 45,546 41,150 5 14 161 2,624 1,592

Spain . . . . . . . . . . . . . . 61,044 43,886 993 666 3,511 3,619 8,369 47,534 33,535 90 439 2,934 4,342 6,194

Sweden . . . . . . . . . . . . 29,120 11,046 31 154 7,214 1,550 9,125 26,616 11,511 49 206 5,133 2,336 7,381

Switzerland. . . . . . . . . . 122,847 28,285 895 5,593 63,732 6,921 17,421 107,952 22,257 505 5,796 55,884 6,970 16,540

Turkey . . . . . . . . . . . . . 7,738 6,435 - 61 272 284 686 7,973 6,506 1 40 261 328 837

United Kingdom . . . . . . 3,979,943 2,465,170 44,817 194,892 245,400 756,301 273,363 3,833,267 2,366,917 35,173 150,402 222,936 767,405 290,434

Yugoslavia 2

. . . . . . . . . 204 25 8 - 24 32 115 302 - - - 12 22 268

Other Europe . . . . . . . . 31,995 26,200 449 416 2,944 514 1,472 32,365 27,416 62 127 2,758 609 1,393

Total Europe . . . . . . . 5,034,051 3,044,860 62,568 232,616 454,644 838,734 400,629 4,786,230 2,899,939 46,302 177,251 395,477 850,526 416,735

Canada . . . . . . . . . . . . . . 662,243 308,369 5,626 14,258 63,790 190,464 79,736 661,094 309,180 5,193 8,427 65,204 191,864 81,226

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 80,861 2,905 560 1,177 1,977 68,578 5,664 85,951 2,690 406 733 1,591 74,369 6,162

Bahamas . . . . . . . . . . . 124,657 34,017 3,774 8,027 24,110 48,415 6,314 120,021 34,372 3,060 5,736 23,432 47,449 5,972

Bermuda. . . . . . . . . . . . 408,955 96,146 84,244 20,073 117,758 77,434 13,300 406,594 102,522 76,586 15,089 119,741 78,463 14,193

Brazil . . . . . . . . . . . . . . 119,687 19,782 3,340 1,285 2,608 74,214 18,458 126,039 22,371 952 1,475 2,520 77,967 20,754

British West Indies . . . . 450,690 192,023 38,568 28,945 102,481 61,144 27,529 438,102 187,711 34,777 23,797 97,993 66,752 27,072

Chile. . . . . . . . . . . . . . . 8,868 2,795 50 350 1,226 3,279 1,168 6,544 1,464 16 111 1,246 2,346 1,361

Colombia . . . . . . . . . . . 6,721 5,504 165 71 429 328 224 6,745 4,546 44 52 254 1,353 496

Cuba. . . . . . . . . . . . . . . - - - - - - - 1 - - - 1 - -

Ecuador . . . . . . . . . . . . 3,400 1,735 83 238 166 1,166 12 3,300 1,703 24 140 141 1,288 4

Guatemala . . . . . . . . . . 341 62 10 30 127 84 28 297 63 2 21 115 75 21

Jamaica . . . . . . . . . . . . 320 3 139 48 27 95 8 450 16 153 5 26 241 9

Mexico . . . . . . . . . . . . . 43,020 10,070 958 5,303 2,404 12,276 12,009 43,380 9,091 118 4,598 2,030 15,654 11,889

Netherlands Antilles . . . 227,562 92,021 1,123 11,765 66,056 22,950 33,647 230,073 94,681 1,039 9,791 66,325 23,173 35,064

Panama . . . . . . . . . . . . 10,786 1,026 1,106 1,159 3,508 3,006 981 10,668 923 946 1,595 2,814 3,566 824

Peru . . . . . . . . . . . . . . . 1,600 312 1 101 111 647 428 1,786 8 - 60 100 1,003 615

Trinidad and Tobago . . 240 20 95 26 56 39 4 119 1 30 26 41 14 7

Uruguay . . . . . . . . . . . . 11,604 1,226 186 340 1,156 7,642 1,054 11,401 1,051 130 204 910 8,182 924

Venezuela . . . . . . . . . . 11,009 4,236 1,069 422 1,277 3,263 742 9,617 3,581 151 205 974 3,630 1,076

Other Latin America

and Caribbean . . . . . 11,660 1,752 1,406 2,463 1,313 3,406 1,320 8,771 1,395 339 1,555 1,330 3,344 808

Total Latin America

and Caribbean. . . . 

1,521,981 465,635 136,877 81,823 326,790 387,966 122,890 1,509,859 468,189 118,773 65,193 321,584 408,869 127,251

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1997

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks & notes agencies sales Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

See footnotes at end of table.

96 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 49,907 44,213 2,725 371 374 1,704 520 40,339 36,055 1,017 301 312 1,651 1,003

Taiwan . . . . . . . . . . . 26,238 18,987 477 111 3,363 661 2,639 24,721 17,450 1,182 245 2,934 440 2,470

Hong Kong . . . . . . . . . . 193,190 125,924 6,142 3,002 8,294 10,402 39,426 173,889 113,671 2,310 1,244 8,503 8,895 39,266

India . . . . . . . . . . . . . . . 3,806 2,625 33 11 395 122 620 4,997 2,115 97 46 428 1,000 1,311

Indonesia . . . . . . . . . . . 10,712 7,991 - 4 275 535 1,907 12,353 7,989 - 2 255 1,598 2,509

Israel . . . . . . . . . . . . . . 23,311 19,010 699 252 1,904 291 1,155 22,347 15,885 87 77 2,443 1,972 1,883

Japan . . . . . . . . . . . . . . 737,499 551,668 34,459 7,504 55,199 17,722 70,947 712,997 531,308 26,741 5,865 50,413 18,224 80,446

Korea . . . . . . . . . . . . . . 16,748 9,879 112 552 258 3,141 2,806 30,266 14,998 2,270 743 263 7,422 4,570

Lebanon . . . . . . . . . . . . 694 66 7 11 420 134 56 546 68 8 1 342 90 37

Malaysia. . . . . . . . . . . . 12,801 8,092 104 301 245 287 3,772 16,176 10,651 393 292 415 849 3,576

Pakistan . . . . . . . . . . . . 418 4 1 3 201 30 179 762 11 - 3 183 214 351

Philippines . . . . . . . . . . 7,564 5,034 390 85 414 533 1,108 9,941 5,595 88 36 412 2,563 1,247

Singapore. . . . . . . . . . . 142,527 103,526 2,096 2,455 16,027 8,024 10,399 146,919 107,239 585 1,279 18,329 7,314 12,173

Syria. . . . . . . . . . . . . . . 144 - - - 98 4 42 151 - - - 80 4 67

Thailand . . . . . . . . . . . . 10,608 9,373 2 16 125 141 951 13,834 11,277 3 1 134 1,538 881

Other Asia . . . . . . . . . . 85,794 58,763 4,895 3,569 15,461 1,463 1,643 75,694 51,276 2,917 3,405 15,165 1,426 1,505

Total Asia . . . . . . . . . 1,321,961 965,155 52,142 18,247 103,053 45,194 138,170 1,285,932 925,588 37,698 13,540 100,611 55,200 153,295

Africa:

Egypt . . . . . . . . . . . . . . 3,367 2,432 428 73 288 64 82 1,823 1,342 44 36 223 51 127

Ghana . . . . . . . . . . . . . 19 - - - 4 13 2 18 - - - 2 - 16

Liberia . . . . . . . . . . . . . 3,358 929 560 385 949 432 103 2,900 807 334 265 1,048 329 117

Morocco . . . . . . . . . . . . 32 1 - - 17 - 14 152 1 - - 8 122 21

South Africa . . . . . . . . . 1,967 123 40 140 624 369 671 2,809 30 11 6 269 895 1,598

Zaire. . . . . . . . . . . . . . . 29 - - - 14 - 15 9 - - - 2 - 7

Other Africa . . . . . . . . . 2,204 441 41 131 861 243 487 3,557 222 12 85 733 1,688 817

Total Africa . . . . . . . . 10,976 3,926 1,069 729 2,757 1,121 1,374 11,268 2,402 401 392 2,285 3,085 2,703

Other countries:

Australia . . . . . . . . . . . . 77,405 41,520 338 1,811 5,946 17,051 10,739 78,714 40,466 495 1,229 5,695 17,800 13,029

All other countries . . . . 16,015 2,227 311 594 2,061 9,223 1,599 14,800 2,240 280 239 1,970 8,353 1,718

Total other

countries . . . . . . . . 

93,420 43,747 649 2,405 8,007 26,274 12,338 93,514 42,706 775 1,468 7,665 26,153 14,747

Total foreign

countries. . . . . . . 

8,644,632 4,831,692 258,931 350,078 959,041 1,489,753 755,137 8,347,897 4,648,004 209,142 266,271 892,826 1,535,697 795,957

International and

regional orgs.:

International . . . . . . . . . 31,422 29,396 54 68 883 357 664 30,626 28,775 27 9 852 285 678

European regional . . . . 290 129 6 100 - 31 24 557 268 - 169 - 1 119

Latin American

regional . . . . . . . . . . . 4,797 2,268 167 554 1,461 347 - 4,301 2,098 168 35 1,660 340 -

Asian regional . . . . . . . 976 913 - 5 35 8 15 1,341 1,190 20 - 25 92 14

African regional . . . . . . 481 323 138 17 1 2 - 354 230 86 32 2 - 4

Middle Eastern

regional . . . . . . . . . . . 428 424 - - 2 -2 410 409 - - - - 1 1

Total international

and regional. . . . . . 

38,394 33,453 365 744 2,382 745 705 37,589 32,970 301 245 2,539 718 816

Grand total. . . . . . . 8,683,026 4,865,145 259,296 350,822 961,423 1,490,498 755,842 8,385,486 4,680,974 209,443 266,516 895,365 1,536,415 796,773

TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and

Foreign Securities, by Type and Country, During Calendar Year 1997, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

 Domestic securities Domestic securities

Marketable Marketable Bonds

Treasury Bonds of Treasury of U.S.

& Federal U.S. Gov’t. & Federal Gov’t.

Financ- corp. and Financ- corp. and

Total ing Bank federally Corporate Foreign ing Bank federally Corporate Foreign

pur- bonds sponsored and other securities Total bonds sponsored and other securities

 Country chases & notes agencies Bonds Stocks Bonds Stocks sales & notes agencies Bonds Stocks Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

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.

CAPITAL MOVEMENTS 97
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1994 1995 1996 1997 Jan.- June 1998 Apr. - June 1998

Foreign bonds . . . . . . . . . . . . . . . . 9,224 48,405 51,369 45,917 25,715 22,282

Foreign stocks. . . . . . . . . . . . . . . . 48,071 50,291 59,268 40,931 3,758 993

Total . . . . . . . . . . . . . . . . . . . . . . 

57,295 98,696 110,637 86,848 29,473 23,275

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

(Note: To facilitate comparison of net purchases

during 1998 with those in prior years, the chart

depicts data for all periods at an annualized rate.)

98 CAPITAL MOVEMENTS
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.

FOREIGN CURRENCY POSITIONS 99
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, Exchange rate

 and future contracts (Canadian

Net options dollars per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

12/31/97. . . . . . . . . . . . . . . . . . . . . . . 278,693 271,741 -5,065 1.4298

01/07/98. . . . . . . . . . . . . . . . . . . . . . . 283,764 280,660 -5,315 1.4291

01/14/98. . . . . . . . . . . . . . . . . . . . . . . 283,499 278,690 -5,569 1.4329

01/21/98. . . . . . . . . . . . . . . . . . . . . . . 281,364 277,505 -4,927 1.4456

01/28/98. . . . . . . . . . . . . . . . . . . . . . . 287,501 283,684 -4,921 1.4575

02/04/98. . . . . . . . . . . . . . . . . . . . . . . 291,224 287,658 -3,308 1.4470

02/11/98. . . . . . . . . . . . . . . . . . . . . . . 290,842 288,231 -2,193 1.4391

02/18/98. . . . . . . . . . . . . . . . . . . . . . . 291,909 291,882 -1,684 1.4334

02/25/98. . . . . . . . . . . . . . . . . . . . . . . 313,583 311,202 -2,220 1.4210

03/04/98. . . . . . . . . . . . . . . . . . . . . . . 304,589 297,924 -3,486 1.4221

03/11/98. . . . . . . . . . . . . . . . . . . . . . . 303,709 300,337 -3,243 1.4090

03/18/98. . . . . . . . . . . . . . . . . . . . . . . 294,743 297,356 -3,781 1.4195

03/25/98. . . . . . . . . . . . . . . . . . . . . . . 285,194 283,737 -4,828 1.4100

04/01/98. . . . . . . . . . . . . . . . . . . . . . . 285,630 284,221 -4,264 1.4184

04/08/98. . . . . . . . . . . . . . . . . . . . . . . 277,923 277,641 -4,517 1.4242

04/15/98. . . . . . . . . . . . . . . . . . . . . . . 277,881 281,508 -4,904 1.4385

04/22/98. . . . . . . . . . . . . . . . . . . . . . . 277,650 279,925 -5,287 1.4324

04/29/98. . . . . . . . . . . . . . . . . . . . . . . 282,558 284,275 -5,006 1.4371

05/06/98. . . . . . . . . . . . . . . . . . . . . . . 277,481 277,867 -4,685 1.4392

05/13/98. . . . . . . . . . . . . . . . . . . . . . . 285,548 285,831 -3,971 1.4449

05/20/98. . . . . . . . . . . . . . . . . . . . . . . 276,811 276,710 -3,458 1.4490

05/27/98. . . . . . . . . . . . . . . . . . . . . . . 277,344 276,826 -3,577 1.4539

06/03/98. . . . . . . . . . . . . . . . . . . . . . . 274,403 277,853 -3,381 1.4539

06/10/98. . . . . . . . . . . . . . . . . . . . . . . 284,062 285,288 -3,370 1.4663

06/17/98. . . . . . . . . . . . . . . . . . . . . . . 290,749 295,336 -3,301 1.4614

06/24/98. . . . . . . . . . . . . . . . . . . . . . . 282,224 285,012 -3,371 1.4707

100 FOREIGN CURRENCY POSITIONS
SECTION I.--Canadian Dollar Positions, con.

TABLE FCP-I-2.--Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - July . . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787

Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885

Sept. . . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815

Oct. . . . . . . . . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088

Nov. . . . . . . . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240

Dec. . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

1998 - Jan.. . . . . . . . 306,286 297,285 75,869 65,720 48,844 56,506 40,699 33,080 -4,977 157,700 1.4548

Feb. . . . . . . . 323,566 314,829 76,702 68,522 43,959 50,726 43,789 39,724 -3,244 159,001 1.4240

Mar. . . . . . . . 290,734 286,012 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195

Apr. . . . . . . . . 288,488 282,467 65,624 55,121 48,887 57,726 46,758 45,038 -4,855 160,579 1.4317

May. . . . . . . . 280,809 277,065 61,206 51,996 42,233 49,052 45,402 43,884 -3,642 162,434 1.4571

June . . . . . . . 289,815 285,348 64,190 56,224 44,272 51,604 52,224 49,257 -3,663 158,459 1.4690

TABLE FCP-I-3.--Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Canadian

Net delta rate dollars per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639

Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

Dec. . . . . . . . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708

1997 - Mar. . . . . . . . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854

June . . . . . . . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806

Sept. . . . . . . . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815

Dec. . . . . . . . 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298

1998 - Mar. . . . . . . . 30,833 34,505 59,600 51,080 1,463 755 1,769 726 -626 10,322 1.4195

FOREIGN CURRENCY POSITIONS 101
12/31/97. . . . . . . . . . . . . . . . . . . . . . . 2,076,982 2,080,764 2,572 1.7990

01/07/98. . . . . . . . . . . . . . . . . . . . . . . 2,301,939 2,304,432 3,058 1.8236

01/14/98. . . . . . . . . . . . . . . . . . . . . . . 2,264,850 2,262,383 2,717 1.8220

01/21/98. . . . . . . . . . . . . . . . . . . . . . . 2,285,063 2,274,453 1,730 1.8195

01/28/98. . . . . . . . . . . . . . . . . . . . . . . 2,377,745 2,367,260 -2,961 1.8140

02/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,344,012 2,332,375 -6,378 1.8008

02/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,378,234 2,358,032 -8,768 1.8189

02/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,318,568 2,307,465 -7,637 1.8226

02/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,394,356 2,389,562 -8,845 1.8183

03/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,297,284 2,299,954 -9,612 1.8196

03/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,290,602 2,301,194 -8,935 1.8320

03/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,232,120 2,233,484 -10,773 1.8263

03/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,113,160 2,114,287 -11,562 1.8273

04/01/98. . . . . . . . . . . . . . . . . . . . . . . 2,265,948 2,261,971 -13,579 1.8535

04/08/98. . . . . . . . . . . . . . . . . . . . . . . 2,401,511 2,390,165 -12,906 1.8150

04/15/98. . . . . . . . . . . . . . . . . . . . . . . 2,340,006 2,332,000 -12,876 1.8014

04/22/98. . . . . . . . . . . . . . . . . . . . . . . 2,436,585 2,420,167 -13,565 1.7940

04/29/98. . . . . . . . . . . . . . . . . . . . . . . 2,445,807 2,429,655 -10,977 1.7959

05/06/98. . . . . . . . . . . . . . . . . . . . . . . 2,519,405 2,507,924 -10,051 1.7652

05/13/98. . . . . . . . . . . . . . . . . . . . . . . 2,412,797 2,398,795 -14,577 1.7795

05/20/98. . . . . . . . . . . . . . . . . . . . . . . 2,371,224 2,361,237 -12,735 1.7705

05/27/98. . . . . . . . . . . . . . . . . . . . . . . 2,499,201 2,471,548 -17,535 1.7838

06/03/98. . . . . . . . . . . . . . . . . . . . . . . 2,369,856 2,341,997 -13,767 1.7707

06/10/98. . . . . . . . . . . . . . . . . . . . . . . 2,439,694 2,417,264 -19,374 1.7958

06/17/98. . . . . . . . . . . . . . . . . . . . . . . 2,354,380 2,321,895 -22,074 1.7870

06/24/98. . . . . . . . . . . . . . . . . . . . . . . 2,250,729 2,218,181 -22,877 1.8032

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, Exchange rate

 and future contracts (Deutsche

Net options marks per

Report Purchased Sold positions U.S. dollar)

date (1) (2) (3) (4)

102 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - June . . . . . . . 228,088 235,453 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250

Sept. . . . . . . . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

Dec. . . . . . . . 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420

1997 - Mar. . . . . . . . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750

June . . . . . . . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457

Sept. . . . . . . . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600

Dec. . . . . . . . 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990

1998 - Mar. . . . . . . . 230,611 229,934 129,620 108,352 28,389 23,930 24,724 19,190 -1,892 28,359 1.8493

TABLE FCP-II-3.--Quarterly Report of Large Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - July. . . . . . . . 2,141,471 2,135,371 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390

Aug. . . . . . . . 2,241,704 2,235,611 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090

Sept.. . . . . . . 2,198,306 2,190,905 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600

Oct.. . . . . . . . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248

Nov. . . . . . . . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647

Dec. . . . . . . . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990

1998 - Jan.. . . . . . . . 2,380,985 2,378,196 280,599 275,977 630,785 649,746 648,910 675,016 -5,939 397,824 1.8312

Feb. . . . . . . . 2,327,236 2,340,808 303,501 305,247 607,570 629,483 621,002 650,738 -9,397 400,530 1.8155

Mar. . . . . . . . 2,297,728 2,299,357 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493

Apr.. . . . . . . . 2,403,695 2,391,849 285,563 291,087 651,132 683,492 615,610 646,558 -7,844 425,549 1.7965

May. . . . . . . . 2,458,329 2,439,116 302,336 295,365 717,950 761,784 666,730 703,763 -18,116 434,885 1.7867

June . . . . . . . 2,216,482 2,188,311 295,385 287,974 795,842 834,761 715,444 720,630 -22,074 410,101 1.8090

SECTION II--German Mark Positions, con.

TABLE FCP-II-2.--Monthly Report of Major Market Participants

[In millions of German marks. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Deutsche

Net delta rate marks per 

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps U.S. dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

FOREIGN CURRENCY POSITIONS 103
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, Exchange rate

 and future contracts (Yen

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

12/31/97. . . . . . . . . . . . . . . . . . . . . . 178,264 183,428 1,012 130.5800

01/07/98. . . . . . . . . . . . . . . . . . . . . . 192,985 198,644 1,423 131.3500

01/14/98. . . . . . . . . . . . . . . . . . . . . . 186,093 191,120 962 130.9000

01/21/98. . . . . . . . . . . . . . . . . . . . . . 193,445 197,892 1,216 127.0000

01/28/98. . . . . . . . . . . . . . . . . . . . . . 195,608 200,537 1,355 125.2800

02/04/98. . . . . . . . . . . . . . . . . . . . . . 191,368 195,847 1,265 123.6100

02/11/98. . . . . . . . . . . . . . . . . . . . . . 192,613 197,476 1,155 123.5700

02/18/98. . . . . . . . . . . . . . . . . . . . . . 185,309 189,726 1,048 126.4500

02/25/98. . . . . . . . . . . . . . . . . . . . . . 196,501 200,902 969 128.7600

03/04/98. . . . . . . . . . . . . . . . . . . . . . 186,794 191,338 1,234 126.7500

03/11/98. . . . . . . . . . . . . . . . . . . . . . 192,716 198,690 1,492 129.3500

03/18/98. . . . . . . . . . . . . . . . . . . . . . 186,930 191,840 1,647 130.0800

03/25/98. . . . . . . . . . . . . . . . . . . . . . 183,125 189,997 1,698 128.8800

04/01/98. . . . . . . . . . . . . . . . . . . . . . 191,873 198,379 2,064 133.7300

04/08/98. . . . . . . . . . . . . . . . . . . . . . 189,539 196,769 2,361 131.2700

04/15/98. . . . . . . . . . . . . . . . . . . . . . 190,869 198,894 2,028 130.0000

04/22/98. . . . . . . . . . . . . . . . . . . . . . 189,088 197,094 2,241 130.4200

04/29/98. . . . . . . . . . . . . . . . . . . . . . 199,846 207,662 2,139 132.4000

05/06/98. . . . . . . . . . . . . . . . . . . . . . 192,472 200,108 2,000 133.2000

05/13/98. . . . . . . . . . . . . . . . . . . . . . 187,081 195,429 2,152 134.2000

05/20/98. . . . . . . . . . . . . . . . . . . . . . 191,748 200,007 2,529 136.0200

05/27/98. . . . . . . . . . . . . . . . . . . . . . 197,975 206,228 2,798 137.4700

06/03/98. . . . . . . . . . . . . . . . . . . . . . 197,307 204,902 2,245 138.2500

06/10/98. . . . . . . . . . . . . . . . . . . . . . 203,657 211,685 2,396 141.5500

06/17/98. . . . . . . . . . . . . . . . . . . . . . 225,459 234,864 3,095 136.5600

06/24/98. . . . . . . . . . . . . . . . . . . . . . 211,882 220,983 1,730 141.5000

104 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500

Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

Dec. . . . . . . . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000

1997 - Mar. . . . . . . . 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.7500

June . . . . . . . 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.6600

Sept. . . . . . . . 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.3800

Dec. . . . . . . . 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.5800

1998 - Mar. . . . . . . . 14,393 15,201 10,347 10,309 936 1,069 2,746 1,068 -923 3,751 133.2300

TABLE FCP-III-3.--Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - July. . . . . . . . 172,696 176,619 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000

Aug. . . . . . . . 169,198 173,247 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500

Sept.. . . . . . . 171,566 175,094 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800

Oct.. . . . . . . . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500

Nov. . . . . . . . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500

Dec. . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800

1998 - Jan.. . . . . . . . 193,006 198,794 32,244 30,345 35,123 34,659 48,956 49,167 1,194 71,768 127.1000

Feb. . . . . . . . 195,207 199,614 30,741 28,780 32,953 32,756 48,097 48,649 1,034 71,549 126.0800

Mar. . . . . . . . 187,453 196,116 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300

Apr.. . . . . . . . 194,060 203,415 31,487 30,196 38,138 37,690 56,413 56,405 2,035 72,981 132.8500

May. . . . . . . . 194,693 204,692 30,489 29,571 40,001 39,980 59,564 60,737 2,364 73,499 138.9300

June . . . . . . . 217,213 229,489 27,936 28,225 54,467 53,979 76,998 79,078 3,008 68,038 138.9800

SECTION III.--Japanese Yen Positions, con.

TABLE FCP-III-2.--Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Yen

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

FOREIGN CURRENCY POSITIONS 105
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, Exchange rate

 and future contracts (Francs

Net options per U.S.

Report Purchased Sold positions dollar)

date (1) (2) (3) (4)

12/31/97 . . . . . . . . . . . . . . . . . . . . . . 578,556 588,085 3,308 1.4625

01/07/98 . . . . . . . . . . . . . . . . . . . . . . 609,013 632,418 3,474 1.4770

01/14/98 . . . . . . . . . . . . . . . . . . . . . . 609,453 630,031 2,058 1.4825

01/21/98 . . . . . . . . . . . . . . . . . . . . . . 626,660 647,446 2,660 1.4763

01/28/98 . . . . . . . . . . . . . . . . . . . . . . 614,956 641,669 4,232 1.4645

02/04/98 . . . . . . . . . . . . . . . . . . . . . . 634,498 655,580 6,120 1.4515

02/11/98 . . . . . . . . . . . . . . . . . . . . . . 605,520 624,495 3,888 1.4627

02/18/98 . . . . . . . . . . . . . . . . . . . . . . 609,595 626,091 4,699 1.4715

02/25/98 . . . . . . . . . . . . . . . . . . . . . . 609,352 625,514 5,036 1.4695

03/04/98 . . . . . . . . . . . . . . . . . . . . . . 592,326 609,792 4,117 1.4810

03/11/98 . . . . . . . . . . . . . . . . . . . . . . 585,396 607,175 5,122 1.4910

03/18/98 . . . . . . . . . . . . . . . . . . . . . . 545,377 569,654 6,312 1.4910

03/25/98 . . . . . . . . . . . . . . . . . . . . . . 540,253 556,630 5,646 1.4930

04/01/98 . . . . . . . . . . . . . . . . . . . . . . 584,194 600,026 5,078 1.5347

04/08/98 . . . . . . . . . . . . . . . . . . . . . . 609,287 623,460 6,183 1.5085

04/15/98 . . . . . . . . . . . . . . . . . . . . . . 581,437 597,447 7,628 1.4965

04/22/98 . . . . . . . . . . . . . . . . . . . . . . 629,783 646,894 8,118 1.4865

04/29/98 . . . . . . . . . . . . . . . . . . . . . . 590,877 607,234 8,689 1.4983

05/06/98 . . . . . . . . . . . . . . . . . . . . . . 588,317 604,557 9,466 1.4736

05/13/98 . . . . . . . . . . . . . . . . . . . . . . 583,914 599,414 8,682 1.4815

05/20/98 . . . . . . . . . . . . . . . . . . . . . . 595,010 607,546 6,651 1.4768

05/27/98 . . . . . . . . . . . . . . . . . . . . . . 628,195 641,695 6,180 1.4740

06/03/98 . . . . . . . . . . . . . . . . . . . . . . 605,585 618,413 7,283 1.4755

06/10/98 . . . . . . . . . . . . . . . . . . . . . . 623,087 639,304 5,750 1.4860

06/17/98 . . . . . . . . . . . . . . . . . . . . . . 572,683 584,634 6,412 1.4892

06/24/98 . . . . . . . . . . . . . . . . . . . . . . 551,030 560,491 3,955 1.5089

106 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545

Sept.. . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

Dec. . . . . . . . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420

1997 - Mar. . . . . . . . 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480

June . . . . . . . 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620

Sept.. . . . . . . 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485

Dec. . . . . . . . 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625

1998 - Mar. . . . . . . . 38,605 36,047 20,733 14,184 n.a. n.a. 5,438 4,367 -735 12,652 1.5240

TABLE FCP-IV-3.--Quarterly Report of Large Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - July . . . . . . . . 625,835 647,043 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125

Aug. . . . . . . . 588,976 606,536 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,041 1.4930

Sept. . . . . . . . 596,474 608,938 33,194 45,512 80,244 76,675 100,366 108,508 7,009 120,235 1.4485

Oct.. . . . . . . . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990

Nov. . . . . . . . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264

Dec. . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

1998 - Jan.. . . . . . . . 613,207 638,723 33,192 37,159 91,648 89,128 115,764 121,794 5,125 127,317 1.4780

Feb. . . . . . . . 593,341 613,641 38,259 42,224 90,116 88,884 118,321 123,453 4,993 133,393 1.4660

Mar. . . . . . . . 581,900 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240

Apr.. . . . . . . . 595,017 611,454 34,779 37,632 84,515 80,899 111,676 108,820 8,631 130,652 1.5018

May. . . . . . . . 621,922 631,079 40,368 41,918 97,930 90,328 117,103 119,984 5,607 134,475 1.4846

June . . . . . . . 586,914 598,772 36,304 35,958 93,988 90,215 110,139 111,223 3,664 121,367 1.5210

SECTION IV.--Swiss Franc Positions, con.

TABLE FCP-IV-2.--Monthly Report of Major Market Participants

[In millions of Swiss francs. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (Francs

Net delta rate per U.S.

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps dollar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

FOREIGN CURRENCY POSITIONS 107
12/31/97. . . . . . . . . . . . . . . . . . . . . . . 378,507 366,581 806 1.6480

01/07/98. . . . . . . . . . . . . . . . . . . . . . . 395,650 382,707 949 1.6260

01/14/98. . . . . . . . . . . . . . . . . . . . . . . 411,005 394,237 1,563 1.6291

01/21/98. . . . . . . . . . . . . . . . . . . . . . . 407,002 390,956 922 1.6307

01/28/98. . . . . . . . . . . . . . . . . . . . . . . 417,648 401,601 703 1.6422

02/04/98. . . . . . . . . . . . . . . . . . . . . . . 403,482 386,919 220 1.6565

02/11/98. . . . . . . . . . . . . . . . . . . . . . . 429,254 412,673 1,097 1.6320

02/18/98. . . . . . . . . . . . . . . . . . . . . . . 407,917 395,298 1,389 1.6372

02/25/98. . . . . . . . . . . . . . . . . . . . . . . 405,663 393,768 1,211 1.6424

03/04/98. . . . . . . . . . . . . . . . . . . . . . . 393,603 380,119 708 1.6465

03/11/98. . . . . . . . . . . . . . . . . . . . . . . 396,235 383,025 1,343 1.6480

03/18/98. . . . . . . . . . . . . . . . . . . . . . . 410,150 396,867 1,241 1.6720

03/25/98. . . . . . . . . . . . . . . . . . . . . . . 388,759 378,814 1,732 1.6737

04/01/98. . . . . . . . . . . . . . . . . . . . . . . 413,261 402,990 2,211 1.6707

04/08/98. . . . . . . . . . . . . . . . . . . . . . . 413,495 403,191 1,375 1.6755

04/15/98. . . . . . . . . . . . . . . . . . . . . . . 396,573 387,640 1,019 1.6855

04/22/98. . . . . . . . . . . . . . . . . . . . . . . 406,432 396,860 806 1.6712

04/29/98. . . . . . . . . . . . . . . . . . . . . . . 415,633 405,839 638 1.6702

05/06/98. . . . . . . . . . . . . . . . . . . . . . . 424,450 413,205 1,010 1.6580

05/13/98. . . . . . . . . . . . . . . . . . . . . . . 432,681 419,334 1,092 1.6320

05/20/98. . . . . . . . . . . . . . . . . . . . . . . 421,564 406,279 178 1.6325

05/27/98. . . . . . . . . . . . . . . . . . . . . . . 438,991 426,406 1,147 1.6305

06/03/98. . . . . . . . . . . . . . . . . . . . . . . 421,797 411,513 1,595 1.6364

06/10/98. . . . . . . . . . . . . . . . . . . . . . . 441,790 431,559 1,927 1.6288

06/17/98. . . . . . . . . . . . . . . . . . . . . . . 452,150 447,007 2,949 1.6675

06/24/98. . . . . . . . . . . . . . . . . . . . . . . 449,852 440,657 3,742 1.6678

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 Exchange rate

Net options (U.S. dollars 

Report Purchased Sold positions per pound)

date (1) (2) (3) (4)

108 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518

Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

Dec. . . . . . . . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120

1997 - Mar. . . . . . . . 44,216 48,560 40,627 34,423 5,237 5,228 4,291 2,693 -274 5,047 1.6392

June . . . . . . . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642

Sept. . . . . . . . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190

Dec. . . . . . . . 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480

1998 - Mar. . . . . . . . 37,875 43,467 52,993 38,912 2,558 1,904 3,572 1,784 373 7,216 1.6720

TABLE FCP-V-3.--Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S.

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - July. . . . . . . . 415,976 405,831 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400

Aug. . . . . . . . 391,844 383,011 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200

Sept.. . . . . . . 404,098 395,103 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190

Oct.. . . . . . . . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730

Nov. . . . . . . . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880

Dec. . . . . . . . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480

1998 - Jan.. . . . . . . . 405,480 389,483 82,928 90,049 62,190 62,406 64,902 70,662 898 81,577 1.6330

Feb. . . . . . . . 399,742 386,855 85,064 91,906 63,940 63,777 65,722 69,576 1,308 82,754 1.6437

Mar. . . . . . . . 409,091 400,265 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720

Apr.. . . . . . . . 415,998 407,262 85,364 90,940 73,993 74,249 73,590 77,099 969 89,507 1.6705

May. . . . . . . . 437,354 426,555 87,465 91,688 77,981 76,361 76,478 79,795 1,177 89,522 1.6310

June . . . . . . . 468,758 454,705 87,848 93,385 82,582 79,654 85,411 91,998 3,193 85,304 1.6672

SECTION V.--Sterling Positions, con.

TABLE FCP-V-2.--Monthly Report of Major Market Participants

[In millions of pounds sterling. Source: Office of International Financial Analysis]

 Options positions Cross Exchange

 Spot, forward, currency rate

 and future contracts Non-capital items Calls Puts interest (U.S. 

Net delta rate dollars per

Report Purchased Sold Assets Liabilities Bought Written Bought Written equivalent swaps pound)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

FOREIGN CURRENCY POSITIONS 109
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. 5302), 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 (+) or loss (-) for the fund are profits (+) or 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 (+) or 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 (+) or 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, 1997, and Mar. 31, 1998

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

Dec. 31, 1997, 

Assets, liabilities, and capital Dec. 31, 1997 through Mar. 31, 1998 Mar. 31, 1998

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 15,560,530 66,965 15,627,495

Special drawing rights 1

. . . . . . . . . . . . . . . . . . . . 10,026,906 81,155 10,108,061

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 5,815,605 -112,539 5,703,066

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 8,030,486 -151,853 7,878,633

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 114,791 -4,895 109,896

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 39,548,318 -121,167 39,427,151

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 54,164 9,503 63,667

Total current liabilities . . . . . . . . . . . . . . . . . . 54,164 9,503 63,667

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 9,200,000 - 9,200,000

Special drawing rights allocations . . . . . . . . . . 6,610,695 -65,483 6,545,212

Total other liabilities . . . . . . . . . . . . . . . . . . . 15,810,695 -65,483 15,745,212

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 23,483,459 -65,187 23,418,272

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 23,683,459 -65,187 23,618,272

Total liabilities and capital . . . . . . . . . . . . . 39,548,318 -121,167 39,427,151

110 EXCHANGE STABILIZATION FUND
Current quarter Fiscal year to date 

Jan. 1, 1998, through Mar. 31, 1998 Oct. 1, 1997, through Mar. 31, 1998

Income and expense

Profit (+) or loss (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -332,770 -1,086,638

Adjustment for change in valuation of SDR holdings and allocations 1 

. . . . . . . . . . . . . . . . -35,381 -77,674

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,033 73,616

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,590 427,898

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,341 111,007

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65,187 -551,791

Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-65,187 -551,791

TABLE ESF-2.--Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

1

 Beginning July 1974, the International Monetary Fund 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 December 31,

1938, have been published in the ‘‘Treasury Bulletin.’’ Data from inception to September 30,

1978, may be found on the statements published in the January 1979 ‘‘Treasury Bulletin.’’

EXCHANGE STABILIZATION FUND 111
INTRODUCTION: Highway Trust Fund

The Highway Trust Fund was established on the books of

the Treasury in fiscal 1957, according to provisions of the

Highway Revenue Act of 1956. It has been amended and

extended by various highway and surface transportation acts

since 1959. The Intermodal Surface Transportation Efficiency

Act of 1991 extended the Highway Trust Fund and its taxes

through September 30, 1999. It has also been modified by the

Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation

Act of 1993. Amounts equivalent to taxes on gasoline, diesel

fuel, special motor fuels, certain tires, vehicles, and truck use,

are designated by the Act to be appropriated and transferred

from the general fund of the Treasury to the trust fund. These

transfers are made monthly based on estimates by the Secretary

of the Treasury, subject to adjustments in later transfers to the

amount of actual tax receipts. Amounts available in the fund

exceeding outlay requirements are invested in public debt

securities and interest is credited to the fund.

Within the fund is a mass transit account, funded by a

portion of the excise tax collections under sections 4041, 4081,

and 4091 of the Internal Revenue Code (26 U.S.C.). The funds

from this account are used for expenditures according to

section 21 (a) (2) of the Urban Mass Transportation Act of

1964 or the Intermodal Surface Transportation Efficiency Act

of 1991. The remaining excise taxes collected are included in

a higher account within the trust fund, and expenditures from

this account are made according to the provisions of various

transportation Acts.

Amounts required for outlays to carry out the Federal

Highway program are made available to the Federal Highway

Administration, Department of Transportation. Other charges

to the trust fund are made by the Secretary of the Treasury for

transfer of certain taxes to the land and water conservation

fund and to the Aquatic Resources Trust Fund and refunds of

certain taxes.

Annual reports to Congress are required by 26 U.S.C.

9602 (a) Internal Revenue Code as amended, to be submitted

by the Secretary of the Treasury, after consultation with the

Secretary of Transportation. These reports cover the financial

condition and results of operations of the fund for the past

fiscal year and expected condition and operations during the

next 5 fiscal years.

TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1997

[Source: Department of Transportation]

Description Internal Revenue Code section (26 U.S.C.) Amount

Balance Oct. 1, 1996, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$21,621,182,405

Receipts:

Excise taxes (transferred from general fund):

Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 887,873,083

Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Trucks, buses, trailers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,913,942,720

Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,674,348,000

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,341,566,453

Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,745,000

Cash management improvement act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,884,992

Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761,759,580

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,853,429

Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,887,973,257

Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,537,000

Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,666,436,257

Less refunds of taxes (reimbursed to general fund): 

Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,331,644

Gasoline 9.1/14.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,376,940

Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,270,140

Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,032,838

Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,198,798

Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,384,070

Diesel fuel, bus use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,085,075

Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,872,000

Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 796,551,505

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,869,884,752

Investment income:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,448,360,948

Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

-

Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

1,448,360,948

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$25,318,245,700

112 TRUST FUNDS
TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1997, con.

[Source: Department of Transportation]

Internal Revenue

Code section

Description (26 U.S.C.) Amount

Expenses:

Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,466,500,426

Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,711,969

National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,129,458

Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865,813

Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,507

Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,802

Pennsylvania toll road demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,312

Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200,448

Alabama highway bypass demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441

Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,453,337

University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982,877

Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,913

National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,563,274

Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,454,853

Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,662,696,553

Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560,969

Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,516,453

Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,428,101

Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,668

Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -269,576

Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729,096

Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,032

Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,741,112

Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594,786

Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,012,362

Kentucky bridge demonstration program. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,182

Pennsylvania reconstruction demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,174,482

Mineola grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180

Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

2,022,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

24,518,743,830

Outlays:

Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

226,099

Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

678,323

Balance September 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

$22,419,779,853

TRUST FUNDS 113
TABLE TF-15.--Highway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1998-2002

[In millions of dollars. Source: Department of Transportation]

Combined Statement Highway and Mass Transit Accounts

Highway Account

Mass Transit Account

1998 1999 2000 2001 2002

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

22,434 23,978 38,794 48,000 57,209

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . 26,063 38,614 33,201 33,812 34,448

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416 1,461 2,243 2,670 3,129

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

27,479 40,075 35,444 36,482 37,577

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

25,935 25,259 26,239 27,273 27,755

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

23,978 38,794 48,000 57,209 67,031

1998 1999 2000 2001 2002

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,858 9,996 14,083 16,913 18,968

Receipts:

Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . 3,514 5,416 4,581 4,663 4,747

Interest, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 609 814 941 1,037

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

4,136 6,025 5,395 5,604 5,784

Outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

3,998 1,938 2,565 3,549 4,159

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

9,996 14,083 16,913 18,968 20,593

1998 1999 2000 2001 2002

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

12,575 13,980 24,709 31,085 38,239

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . 22,549 33,198 28,620 29,149 29,701

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 852 1,429 1,729 2,092

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

23,343 34,050 30,049 30,878 31,793

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

21,938 23,321 23,673 23,724 23,595

Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

13,980 24,709 31,085 38,239 46,437

Unfunded authorizations, end of year . . . . . . . . . . . . . . . . 

41,506 44,200 - - -

24-month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . 

45,638 47,032 48,623 24,723 -

114 TRUST FUNDS
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 1996. 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 1996.

Highway Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123

24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154

Mass Transit Account

[In millions of dollars. Source: Department of Transportation]

Unfunded authorizations (EOY). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561

12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233

TRUST FUNDS 115
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

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.

9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan,

Robert Gillingham, and John S. Greenlees. January 1997.

9702. ‘‘An Improved Method for Estimating the Total Taxable Resources of the States.’’ Michael Compson and John Navratil.

December 1997.

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 622-2563.

116 TECHNICAL PAPERS
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, contract authority, and authority to obligate and expend offsetting receipts and collections. 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).

Cash management bills (PDO-2)----Marketable Treasury

bills of irregular maturity lengths, sold periodically to fund

short-term 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 June 1998, the debt limit

was $5,950,000 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 (couponequivalent 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 noninterest-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)----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

banks, exchange authorities, and all fiscal agents of foreign

national governments that undertake activities similar to those

Glossary

Source: Financial Management Service

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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.

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’’)----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,’’

IFS-1)----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.

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

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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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