MARCH 1997

FINANCIAL OPERATIONS

PROFILE OF THE ECONOMY

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

FEDERAL FISCAL OPERATIONS

Introduction.--Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Analysis.--Budget results and financing of the U.S. Government and fourth-quarter receipts by source . . . . . . . . . . . . . . . . . . 7

FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

FFO-4.--Internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

ACCOUNT OF THE U.S. TREASURY

Introduction.--Source and availability of the balance in the account of the U.S. Treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

FEDERAL DEBT

Introduction.--Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

FD-3.--Government account series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . 23

FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

FD-7.--Treasury holdings of securities issued by Government corporations and other agencies . . . . . . . . . . . . . . . . . . . . . . . . 24

FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

PUBLIC DEBT OPERATIONS

Introduction.--Public debt operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

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

 and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . 40

PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . 43

PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 45

U.S. SAVINGS BONDS AND NOTES

Introduction.--Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

OWNERSHIP OF FEDERAL SECURITIES

Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

MARKET YIELDS

Introduction.--Market yields. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Contents
MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.--U.S. currency and coin outstanding and in circulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 58

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS

Introduction.--International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

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

 and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

CAPITAL MOVEMENTS

Introduction.--Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

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

CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69

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

 selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

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

CM-II-1.--Total claims by type. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73

CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

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. . . . 77

CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 78

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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries. . . . . . . . . . . . . . . . . . . . . . . 88

SECTION V.--TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND

 BROKERS IN THE UNITED STATES

CM-V-1.--Foreign purchases and sales of long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

CM-V-2.--Foreign purchases and sales of long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89

CM-V-3.--Net foreign transactions in long-term domestic securities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90

IV

Contents
CM-V-4.--Foreign purchases and sales of long-term securities, by type and country (fourth quarter). . . . . . . . . . . . . . . . . . . . 92

CM-V-5.--Foreign purchases and sales of long-term securities, by type and country (calendar year) . . . . . . . . . . . . . . . . . . . . 94

CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

FOREIGN CURRENCY POSITIONS

Introduction.--Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

SECTION I.--CANADIAN DOLLAR POSITIONS

FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

SECTION II.--GERMAN MARK POSITIONS

FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

FCP-II-2.--Monthly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

SECTION III.--JAPANESE YEN POSITIONS

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

FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

SECTION IV.--SWISS FRANC POSITIONS

FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

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

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

SECTION V.--STERLING POSITIONS

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

FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

FCP-V-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

EXCHANGE STABILIZATION FUND

Introduction.--Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

SPECIAL REPORTS

STATEMENT OF LIABILITIES AND OTHER FINANCIAL COMMITMENTS

Introduction.--Statement of liabilities and other financial commitments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

SLOFC-1.--Summary of liabilities of the United States Government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

SLOFC-A.--Chart: Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107

TRUST FUNDS

Introduction.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

TF-10.--Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

Introduction.--Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110

Introduction.--Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

TF-12.--Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Introduction.--Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

TF-13.--Harbor Maintenance Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113

 V

Contents
Introduction.--Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

TF-14.--Hazardous Substance Superfund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115

Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

TF-15.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117

Introduction.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

TF-16.--Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Introduction.--Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

TF-17.--Leaking Underground Storage Tank Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

Introduction.--Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

TF-18.--Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Introduction.--Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

TF-19.--Reforestation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

TF-D.--Chart: Major trust funds, interest on investments, fiscal 1995 and 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

TF-E.--Chart: Major trust funds, receipts and outlays, fiscal 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Introduction.--Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

TF-20.--Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

Introduction.--Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

TF-21.--Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

Introduction.--Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

TF-22.--Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129

Introduction.--National Recreational Trails Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

TF-23.--National Recreational Trails Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of

rounding; p= Preliminary; n.a.= Not available; r= Revised.

VI

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-4.--Summary of internal revenue collections by States

and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Special Reports

Consolidated Financial Statements of the United States

Government (CFS) excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Statement of Liabilities and Other Financial Commitments

of the United States Government. . . . . . . . . . . . . . . . . . . . . . . 

Trust Fund Reports:

Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . 

Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . 

Black Lung Disability Trust Fund. . . . . . . . . . . . . . . . . . . . 

Civil Service Retirement and Disability Fund . . . . . . . . . . 

Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . 

Federal Hospital Insurance Trust Fund. . . . . . . . . . . . . . . . 

Federal Old-Age and Survivors Insurance Trust Fund . . . 

Federal Supplementary Medical Insurance Trust Fund . . . 

Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . 

Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . 

Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . 

Investments of specified trust accounts . . . . . . . . . . . . . . . 

Leaking Underground Storage Tank Trust Fund . . . . . . . . 

National Recreational Trails Trust Fund. . . . . . . . . . . . . . . 

National Service Life Insurance Fund . . . . . . . . . . . . . . . . 

Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . 

Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . 

Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . 

Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . 

Uranium Enrichment Decontamination and

Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . 

Vaccine Injury Compensation Trust Fund. . . . . . . . . . . . . . 

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VII
Profile of the Economy

Real gross domestic product

Economic growth was very strong in 1996 with real gross

domestic product (GDP) rising by 3.4 percent during the

four quarters of the year. This rate was an improvement over

the 1.3 percent in 1995 and in line with the 3.5 percent

growth in 1994. [On an annual average basis, real GDP rose

by 2.5 percent in 1996.]

Growth over the year was boosted by a 4.7 percent annual

rate of gain in the final quarter, well above the 2.1 percent

pace in the third quarter. In the fourth quarter, growth in the

foreign trade sector improved dramatically, and consumer

spending rebounded to a 3.4 percent annual rate from an increase of just 0.5 percent in the third quarter.

Private nonresidential investment continued to grow rapidly in 1996, as it has throughout the expansion. Equipment

investment increased 9.4 percent, although growth eased in

the final quarter of the year following a very rapid surge in

the third quarter. Investment in structures accelerated to 8.4

percent in 1996, its fastest pace in 12 years.

Inflation was very low in the fourth quarter and throughout 1996 despite the pick-up in economic growth. The chainweighted price index for GDP moderated to a 1.8 percent

annual rate of gain in the fourth quarter from 2.0 percent in

the third. Over the entire year the index grew just 2.1 percent, the lowest since 1965. Prices paid by U.S. residents, excluding exports and including inports, also posted the

smallest rise since 1965.

Consumer and producer prices

Inflation was extremely favorable in 1996, aside from a

pickup in food and energy prices. “Core” inflation, excluding the volatile food and energy components, showed signs

of continued deceleration.

The consumer price index (CPI) rose by 3.3 percent last

year, up from an increase of 2.5 percent during 1995. Food

and energy prices were responsible for all of the acceleration. The core CPI advanced only 2.6 percent last year,

down from 3.0 percent during 1995 and matching the low

1994 increase which was the smallest since 1965.

The producer price index (PPI) for finished goods increased by 2.8 percent during 1996, up from 2.3 percent the

previous year as food and energy boosted results. On a core

basis, finished goods prices edged up by a mere 0.6 percent,

very close to the 0.4 percent during 1993, the series low. At

earlier stages of processing, core prices declined during

1996. 

The cost of compensating labor, which typically rises

when labor markets are tight, accelerated only a little last

year. The employment cost index rose by 2.9 percent during

1996, little different from the 2.7 percent increase of 1995. A

slight speedup in the growth of wages and salaries was partially offset by a further slowdown in benefit costs. 

Real disposable personal income and consumer spending

Real disposable (after-tax) personal income rose at a 2.5

percent annual rate in the fourth quarter and by 2.7 percent

over the entire year, a little less than the 3.1 percent increase

over all of 1995. The composition of growth in 1996 was

nonetheless favorable, as real wage and salary income increased faster than in the previous year. A smaller rise in interest income, along with higher tax payments reflecting in

part the last installment of the 1993 tax hike on upperbracket incomes, accounted for most of the slowdown in total after-tax income.

Real consumer spending picked up in 1996, rising by 2.7

percent over the four quarters compared with 1.9 percent

over all of 1995. Spending rose at a 3.5 percent annual rate

during the first half of the year, slowed abruptly to only 0.5

percent in the third quarter, then rebounded to a 3.4 percent

annual rate in the final quarter of the year.

The share of after-tax income devoted to personal saving

rose to 5.2 percent in the second half of last year from 4.6

percent in the first half. For the year as a whole, the personal

saving rate averaged 4.9 percent, up slightly from 4.7 percent in 1995 and a low 3.8 percent in 1994. 

Industrial production and capacity utilization

Industrial production in manufacturing, mining, and utilities grew strongly by 4.3 percent during 1996. This was subGrowth of Real GDP, Chain Weights

(Percent change, fourth quarter to fourth quarter)

Consumer Prices*

(Percent change from a year earlier)

Producer Prices*

(Percent change from a year earlier)

 *Year tick marks correspond with June data.

3

[Source: Office of Economic Policy, Office of Financial Analysis]
stantially above the growth of 1.1 percent registered during

1995.

Manufacturing production grew at a healthy rate of 4.8

percent during the last year. Within manufacturing, the production of computer equipment showed big advances; however, production of motor vehicles and parts on balance

declined during the year. At the end of the year, weather affected the output of utilities. It weakened because the mild

December weather reduced heating requirements. 

The industrial capacity utilization rate closed 1996 at 83.5

percent. This was up from 83.0 percent a year earlier, but

still 1.4 percentage points below the peak rate for the current

business cycle expansion of 84.9 percent. The long-term average for the years 1967 through 1995 was 82.0 percent.

Employment and unemployment

Increases in jobs on nonfarm establishment payrolls accelerated to an average of 218,000 per month during 1996 from

185,000 per month during 1995, for a total of 2.6 million

new jobs in 1996. In January of this year, employment rose

by 271,000. 

Strength over the past several years has been centered in

the private service-producing sector of the economy, which

has added 2.4 million jobs since December 1995. Manufacturing employment, which had fallen by 319,000 from its

peak in March 1995 through last September, rose by 53,000

jobs from September through January 1997. Federal Government employment has been on a long-term decline: nonpostal Federal employment has fallen by 320,000 since its

May 1992 peak, and the level in January was the lowest

since May 1996. 

The unemployment rate in January was 5.4 percent. Unemployment has been in the narrow band between 5.2 to 5.7

percent of the labor force since October 1994, and has fallen

2.4 percentage points below the June 1992 peak of 7.8 percent. The share of the total working-age population that is

employed rose to a new high of 63.6 percent in January.

Nonfarm productivity and unit labor costs

Nonfarm business productivity, or real output per hour

worked, rose strongly by a 2.2 percent annual rate in the

fourth quarter of 1996. Growth was 1.2 percent over all of

1996, near the long-term trend growth rate of 1.1 percent.

That was a marked improvement over the last 3 years, when

on balance there was no growth.

Hourly compensation costs in the nonfarm business sector

rose by a 3.6 percent annual rate in the fourth quarter and

during the entire year. Labor costs per unit of output, which

combine the impact of growth of compensation and productivity, are a key indicator of potential inflation. The rate rose

at a slow 1.4 percent annual rate in the fourth quarter and by

2.4 percent during all of 1996. Such a low rate of advance indicates little inflationary pressure. 

Productivity in manufacturing, included in the nonfarm

business sector, remains strong. It grew by 4.0 percent during 1996. Unit labor costs in manufacturing fell by 0.6 percent during 1996.

Current account balance

The current account is the broadest measure of U.S. transactions with the rest of the world, covering not only trade in

goods and services but income flows as well. The deficit

grew from a recent low of $10 billion in 1991 to a high of

$148 billion in both 1994 and 1995. The widening reflected

the faster pace of U.S. economic growth, which brought in

imports at a more rapid rate than exports.

Through the first three quarters of 1996, the current account deficit widened even further, averaging $164 billion at

an annual rate. This still represented just 2.2 percent of GDP,

however, little changed from the preceding 2 years.

The widening deficit in 1996 reflected deterioration in the

balance on goods and on investment income. In contrast, the

surplus in services trade improved. Growth in the investment income deficit was mainly due to rising interest payments on the rapidly growing foreign holdings of U.S.

Treasury securities. 

In the fourth quarter, the deficit balance on goods narrowed dramatically and the services surplus increased even

further. This suggested an improvement in the current account deficit for the final quarter of the year.

Exchange rate of the dollar

The appreciation of the dollar began in the middle of 1995

and continued through 1996. So far in 1997 it has accelerated. Based on the Federal Reserve Board’s trade-weighted

index of the dollar against G-10 currencies, the dollar had

risen by 8.4 percent by the end of 1996 from the all-time

low reached in April 1995. In January, the dollar rose by a

further 2.6 percent.

Most of the dollar deterioration that had occurred in 1994

was against the yen and the deutschemark, and the improvement was also greatest against these currencies. Between

April 1995 and January 1997, the dollar rose by more than

40 percent against the yen and by more than 16 percent

against the deutschemark.

Despite the improvement, the trade-weighted index of the

dollar remains about 6 percent below its recent high of January 1994. Many factors determine the level of exchange

rates in international currency markets. Underlying economic fundamentals in the United States are sound and confidence in the dollar is high.

Civilian Unemployment Rate

(In percentages)

Establishment Employment

(Monthly change in thousands)

4 PROFILE OF THE ECONOMY
Interest rates

Since early last year, the Federal Reserve Board has held

the Federal funds rate target constant at 5.25 percent. The unchanging target has been consistent with an economic situation of continuing growth and little inflationary pressure.

Short-term interest rates have similarly remained stable

since then, with the 3-month Treasury bill rate staying near

5.0 percent.

Long-term interest rates moved higher in the early part of

1996 and then eased. Since late last year, long-term rates

have turned up a bit. The yield on the 30-year Treasury bond

is currently around 6.8 percent, up from about 6.45 percent

around last November.

Mortgage interest rates have been very favorable. Early in

1996, the rate for a 30-year fixed rate loan was about 7 percent, close to the 25-year lows reached in October 1993.

This rate rose within the year and then fell to less than 7.75

percent by the end of the year, low by historical standards.

In early 1997, the rate increased to around 7.8 percent.

Net national saving and investment

During the first three quarters of 1996, net national saving,

which excludes depreciation to replace worn-out or obsolete

equipment and structures used in production, rose to 6.1 percent of net national product (NNP). That rate was up from

5.1 percent in 1995 and as low as 2.7 percent in 1992. Despite the gains, net saving remains only half as high as the

12 percent of NNP averaged in the 1960’s.

Recent improvement is mainly the result of the narrowing

of the Federal deficit. That has reduced Government dissaving to 1.5 percent of NNP through the first three quarters of

1996 from 4.8 percent in 1992. Private saving, of households and businesses, was equivalent to 7.5 percent of NNP

through the first three quarters of 1996, up a little from a historic low of 6.4 percent in 1994. Even so, private saving is

still well below the nearly 10 percent of NNP averaged in

the 1960’s and 1970’s. 

Net domestic investment equaled 7.3 percent of NNP over

the first three quarters of 1996, up from a low of 4.1 percent

in 1991. Foreign inflows were equivalent to 2.2 percent of

NNP, or about one-third of domestic investment. U.S.

sources provided investment equivalent to 5.1 percent of

NNP, less than half the share of NNP averaged in the 1960’s

and 1970’s.

Housing

Housing activity was very strong in 1996. Although bad

weather held down most indicators of the housing market in

December, the year as a whole was one of the best for housing in many years.

Starts of new homes totaled 1.47 million in 1996, the best

year for home building since 1988. Single-family starts increased nearly 8.0 percent over the 1995 level to 1.16 million units. Starts of new multi-family units improved by

almost 13 percent in 1996 to 314,000 units.

Home sales also reached new expansion peaks in 1996,

contributing to the rapid growth in new starts. Sales of new

single-family homes reached 756,000 in 1996, up from

667,000 in 1995 and the highest in 18 years. Sales of existing homes topped the 4 million mark for the first time since

that series began in 1968. The homeownership rate rose to

65.6 percent in the third quarter, the highest in 15 years, before easing back slightly in the fourth quarter. 

Rapid growth in employment and income and very favorable readings of consumer confidence fueled the expansion

in the housing market in 1996. Rising mortgage interest

rates during the middle of the year were somewhat offset by

a shift on the part of home buyers to lower-cost adjustable

rate mortgages. Over the final 3 months of the year, fixed

mortgage rates came down to below 8.0 percent for a 30-

year loan, a very favorable rate by historical standards. 

Federal budget deficit

The Federal budget deficit fell to $107.3 billion in fiscal

1996, the lowest in 15 years and about $57 billion below the

level of the previous fiscal year. As a share of GDP, the deficit was 1.4 percent, the smallest share since 1974. 

The deficit has been shrinking since fiscal 1992, when it

reached an all-time high of $290 billion. Since then, the deficit has been cut by almost two-thirds, or a total of $183 billion. Strong economic growth and passage of the Omnibus

Budget Reconciliation Act of 1993 set the deficit on its

downward course.

Further deficit reduction is expected over the next 6 years,

with the Administration’s “Fiscal Year 1998 Budget” projecting balance by 2002. The deficit is projected to increase

slightly in the current fiscal year as economic growth is expected to return to its long-term growth path, but then the

deficit falls again in each of the next 5 years, showing a

small surplus by fiscal 2002. Receipts are forecast to grow

an average of 4.5 percent a year between fiscal 1996 and fiscal 2002, while growth in outlays is projected to be held to

3.2 percent a year.

Short-term Interest Rates

(In percentages; Weekly data*)

Long-term Interest Rates

(In percentages; Weekly data*)

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

PROFILE OF THE ECONOMY 5
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

6 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 Fourth-Quarter

Receipts by Source

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

Fourth-Quarter Receipts

 The following capsule analysis of budget receipts, by source, for the fourth quarter of fiscal

1996 supplements fiscal data reported in the December 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 $164.6 billion for the fourth quarter of fiscal 1996. This

is an increase of $16.7 billion over the comparable quarter for

fiscal 1995. Withheld receipts increased by $12.0 billion and

non-withheld receipts increased by $3.9 billion during this

period. Refunds decreased by $0.9 billion over the comparable fiscal 1995 quarter. There was a decrease of $1.0 billion in

accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over

the comparable quarter in fiscal 1995.

Corporate income taxes—Net corporate receipts for the

fourth quarter of fiscal 1996 totaled $43.2 billion. This was

$4.3 billion higher than net receipts for the comparable quarter

of fiscal 1995. The $4.3 billion figure consists of $4.3 billion

in higher estimated and final payments with no change in

refunds. The increase in net receipts mainly reflects higher

corporate profits. 

Employment taxes and contributions—Employment

taxes and contributions receipts for the fourth quarter of fiscal

1996 were $117.8 billion, an increase of $9.0 billion over the

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

trust funds increased by $4.8 billion, $0.6 billion, and $3.5

billion, respectively, over receipts from the comparable prior

year quarter. There was a $1.0 billion adjustment for prior

years liabilities made in the fourth quarter of fiscal 1996, an

increase of $1.0 billion over the comparable prior year quarter.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the

fourth quarter of fiscal 1996. There was a negligible decrease

over receipts from the comparable quarter of fiscal 1995. The

growth in contributions will remain flat over the next few

years as the number of employees covered by the Federal

employees’ retirement system (FERS) falls slowly relative to

those covered under the civil service retirement system

(CSRS).

Unemployment insurance—Unemployment insurance

receipts for the fourth quarter of fiscal 1996 were $6.1 billion,

which is a $0.2 billion decrease over the comparable quarter of

fiscal 1995. State taxes deposited in the U.S. Treasury decreased by $0.3 billion, and Federal Unemployment Tax Act

(FUTA) receipts increased by $0.1 billion. Railroad unemployment tax receipts increased negligibly from the comparable quarter of fiscal 1995.

Excise taxes—Net excise tax receipts for the fourth quarter

of fiscal 1996 were $13.9 billion, a decrease of $1.8 billion

over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.1 billion, an increase of $0.6

billion over the comparable prior year quarter. The decrease in

net receipts mainly reflects the expiration of certain excise

taxes.

FEDERAL FISCAL OPERATIONS 7
Fourth Quarter Fiscal 1996 Net Budget Receipts, by Source

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

Source July August September

Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.8 46.1 68.7

Corporate income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0 3.1 35.1

Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.0 37.1 43.7

Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 4.0 0.2

Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4 0.4 0.3

Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5 4.0 5.3

Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 1.6 1.7

Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7 1.8 1.6

Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 2.5 1.9

Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103.9 100.6 158.5

Estate and gift taxes—Estate and gift tax receipts were

$4.5 billion for the July through September quarter of fiscal

1996. These receipts represent a decrease of $0.8 billion over

the previous quarter, as well as an increase of $0.7 billion over

the same quarter in the previous year.

Customs duties—Customs receipts net of refunds were

$5.1 billion for the fourth quarter of fiscal 1996. This is

approximately $100 million more than the customs duties

received in the Treasury from the comparable prior year quarter. This difference is attributable to an increase in merchandise imports.

Miscellaneous receipts—Net miscellaneous receipts for

the fourth quarter of fiscal 1996 were $6.6 billion, an increase

of $1.5 billion over the comparable prior year quarter. Deposits

of earnings by Federal Reserve banks increased by $1.3 billion

over the comparable prior year quarter. Note: During the fourth

quarter, fiscal year totals for miscellaneous receipts were increased by $0.9 billion and $0.8 billion for fiscal 1995 and

fiscal 1996 respectively, to capture reporting for the “Universal

Service Fund.” 

Budget Results and Financing of the U.S. Government and Fourth-Quarter

Receipts by Source, con.

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

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

First quarter (Oct. - Dec.) Actual fiscal year to date

Total on- and off-budget results:

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,994 345,994 

On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,190 263,190 

Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,804 82,804 

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,768 404,768 

On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,506 339,506 

Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,262 65,262 

Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -58,775 -58,775 

On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -76,317 -76,317 

Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,542 17,542 

Means of financing:

Borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,726 48,726 

Reduction of operating cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,431 11,431 

Other means. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,382 -1,382 

Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,775 58,775 

8 FEDERAL FISCAL OPERATIONS
CHART FFO-B.--

Budget Receipts by

Source, Fiscal Year to

Date, 1996-1997

(In billions of dollars)

Source for both charts: “Monthly

Treasury Statement of Receipts

CHART FFO-A.--

Monthly Receipts and Outlays

On-budget

receipts

Off-budget 

receipts

On-budget

outlays

Off-budget 

outlays

FEDERAL FISCAL OPERATIONS 9
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)

1992 1 . . . . . . . . . . . 500 92,978 310,918 17,305 1,389 18,654 672 17,043 263 290,204

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 - Est. . . . . . . . . -1,748 127,226 164,326 - * * * -24,235 * 140,091

1995 - Dec. . . . . . . . 104 18,541 -18,358 -5,611 2 459 76 8,001 - -5,283

1996 - Jan. . . . . . . . -104 4,685 -4,747 16,959 -258 1,073 -340 2,725 - -19,456

Feb. . . . . . . . 8,033 -10,282 47,022 -6,297 327 -1,678 503 -9,821 - 44,346

Mar. . . . . . . . -666 62,211 38,189 -9,283 -57 207 434 183 - 47,071

Apr. . . . . . . . 154 19,955 -35,466 26,449 -86 5,883 -131 -4,823 - -72,404

May . . . . . . . -365 5,691 20,633 -43,809 74 -856 114 -12,059 - 53,051

June . . . . . . . 520 41,599 -8,619 33,519 9 346 50 8,203 - -34,340

July . . . . . . . -507 -1,895 29,098 -1,261 170 1,077 387 -1,889 20 26,856

Aug. . . . . . . . -147 3,200 16,160 -23,705 -459 -8,401 -71 -6,965 - 41,831

Sept. . . . . . . -113 22,638 -5,892 31,159 -129 -2,367 -168 -1,578 595 -35,370

Oct. . . . . . . . 203 7,763 15,588 -18,592 48 456 91 6,677 - 40,259

Nov. . . . . . . . -891 3,115 45,459 673 134 310 -2 -6,466 - 37,878

Dec. . . . . . . . -136 39,101 -12,321 6,487 -48 214 -81 -469 - -19,362

Fiscal 1997 to date . -825 49,980 48,726 -11,431 135 983 7 -258 - 58,775

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 1997 budget, released by the Office of Management and Budget on July 16, 1996.

1992 1 . . . . . . . . . . . 1,091,692 789,266 302,426 1,381,895 1,129,336 252,559 -290,204 -340,071 49,867 403,396

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 - Est. . . . . . . . . 1,495,238 1,107,223 388,015 1,635,329 1,317,655 317,674 -140,091 -210,432 70,341 293,300

1995 - Dec. . . . . . . . 138,347 110,398 27,949 133,064 121,832 11,231 5,283 -11,434 16,717 79

1996 - Jan. . . . . . . . 142,999 110,692 32,307 123,543 97,952 25,591 19,456 12,740 6,716 42

Feb. . . . . . . . 89,428 60,992 28,437 133,775 105,842 27,933 -44,346 -44,850 504 28,707

Mar. . . . . . . . 89,087 56,753 32,334 136,158 108,236 27,921 -47,071 -51,483 4,413 101,066

Apr. . . . . . . . 203,468 160,855 42,613 131,064 105,201 25,863 72,404 55,654 16,750 -15,665

May . . . . . . . 90,122 60,183 29,938 143,173 114,316 28,856 -53,051 -54,133 1,082 26,689

June . . . . . . . 151,995 116,794 35,201 117,654 103,997 13,657 34,340 12,797 21,544 32,460

July . . . . . . . 103,893 75,283 28,610 130,749 104,215 26,535 -26,856 -28,932 2,076 27,710

Aug. . . . . . . . 99,996 71,505 28,491 141,828 113,840 27,988 -41,831 -42,335 504 19,507

Sept. . . . . . . 157,668 125,806 31,862 122,298 90,309 31,989 35,370 35,496 -127 16,859

Oct. . . . . . . . 99,656 73,644 26,012 139,915 113,290 26,625 -40,259 -39,646 -613 23,149

Nov. . . . . . . . 97,849 70,018 27,831 135,727 106,327 29,400 -37,878 -36,309 -1,569 49,465

Dec. . . . . . . . 148,489 119,527 28,961 129,126 119,889 9,237 19,362 -362 19,724 26,917

Fiscal 1997 to date . 345,994 263,190 82,804 404,768 339,506 65,262 -58,775 -76,317 17,542 99,531

10 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

taxes and contributions

Employment taxes and contributions

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)

1992 1 . . . . . . . . . . . . . . . 408,352 149,372 81,259 476,465 117,951 17,680 100,270 576,735 382,339 804 381,535

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 - Est. . . . . . . . . . . . . 549,952 187,818 92,668 645,102 203,488 18,510 184,978 830,080 496,785 - 496,785

1995 - Dec. . . . . . . . . . . . 50,597 3,227 646 53,179 38,954 932 38,021 91,200 36,870 - 36,870

1996 - Jan. . . . . . . . . . . . 55,351 31,160 319 86,192 6,381 1,223 5,158 91,350 40,361 - 40,361

Feb. . . . . . . . . . . . 46,722 3,170 9,565 40,327 3,797 2,105 1,692 42,019 35,681 - 35,681

Mar. . . . . . . . . . . . 41,834 5,806 25,118 22,523 17,793 2,332 15,460 37,983 40,674 - 40,674

Apr. . . . . . . . . . . . 38,930 89,405 20,822 107,513 26,912 1,975 24,937 132,450 56,224 - 56,224

May . . . . . . . . . . . 45,399 6,364 21,850 29,914 3,647 1,077 2,570 32,484 37,707 - 37,707

June . . . . . . . . . . . 35,941 26,936 2,061 60,816 37,950 992 36,957 97,773 44,930 - 44,930

July . . . . . . . . . . . 48,072 3,635 1,893 49,814 5,656 681 4,975 54,789 36,483 - 36,483

Aug. . . . . . . . . . . . 43,834 4,008 1,737 46,105 3,718 644 3,074 49,179 36,234 - 36,234

Sept. . . . . . . . . . . 39,537 30,630 1,495 68,672 36,378 1,274 35,105 103,777 43,363 894 42,468

Oct. . . . . . . . . . . . 48,866 5,639 905 53,600 5,654 4,792 863 54,463 34,086 - 34,086

Nov. . . . . . . . . . . . 46,989 2,005 2,724 46,271 3,522 1,183 2,339 48,610 36,605 - 36,605

Dec. . . . . . . . . . . . 52,690 7,582 850 59,423 40,436 1,479 38,956 98,379 39,786 - 39,786

Fiscal 1997 to date . . . . . 148,545 15,226 4,479 159,294 49,612 7,454 42,158 201,452 110,477 - 110,477

1992 1 . . . . . . . . . . . 3,961 5 3,956 385,491 23,557 147 23,410 4,683 105 4,788

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 - Est. . . . . . . . . 3,959 - 3,959 500,744 30,841 - 30,841 4,500 90 4,590

1995 - Dec. . . . . . . . 290 36 254 37,123 228 5 223 411 5 416

1996 - Jan. . . . . . . . 428 47 381 40,742 1,090 10 1,081 368 6 374

Feb. . . . . . . . 379 49 330 36,011 2,559 13 2,546 391 12 403

Mar. . . . . . . . 367 -45 412 41,086 259 1 258 401 18 419

Apr. . . . . . . . 389 -1 390 56,615 3,650 23 3,628 354 -8 346

May . . . . . . . 401 5 396 38,104 10,165 10 10,155 411 6 417

June . . . . . . . -42 * -42 44,888 400 - 400 289 6 295

July . . . . . . . 464 1 463 36,946 1,961 22 1,939 365 7 372

Aug. . . . . . . . 328 * 328 36,562 4,008 14 3,994 390 7 397

Sept. . . . . . . 350 1 349 42,817 210 4 206 343 6 348

Oct. . . . . . . . 342 * 342 34,428 1,333 2 1,330 341 6 346

Nov. . . . . . . . 362 * 362 36,967 2,578 5 2,574 405 6 411

Dec. . . . . . . . 271 * 271 40,057 259 - 259 364 7 371

Fiscal 1997 to date . 975 * 975 111,452 4,170 7 4,163 1,110 19 1,129

 Social insurance taxes and contributions, con.

 Employment taxes and contributions, con. Net contributions for other

Net Unemployment insurance insurance and retirement

employment Net Federal

Fiscal year Railroad retirement accounts taxes and unemployment employees Other

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

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

See footnotes at end of table.

FEDERAL FISCAL OPERATIONS 11
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

taxes and 

contributions,

 con.

 Net social insur- Excise taxes

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

or month contributions 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)

1992 1 . . . . . . . . . . . . . 45,570 11,479 336 11,143 18,135 775 17,359 22,908 4,292 27,195 789,266 302,426

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 - Est. . . . . . . . . . . 59,628 17,077 - 17,077 20,454 - 20,454 22,580 9,244 31,824 1,107,223 388,015

1995 - Dec. . . . . . . . . . 4,870 1,411 29 1,383 1,532 94 1,439 1,388 306 1,694 110,398 27,949

1996 - Jan. . . . . . . . . . 4,241 1,321 33 1,288 1,574 92 1,482 2,159 283 2,442 110,692 32,307

Feb. . . . . . . . . . 4,308 1,120 31 1,090 1,525 68 1,456 872 723 1,596 60,992 28,437

Mar. . . . . . . . . . 4,133 1,170 34 1,137 1,608 80 1,528 2,051 492 2,543 56,753 32,334

Apr. . . . . . . . . . 4,577 2,746 42 2,704 1,498 110 1,388 1,421 340 1,761 160,855 42,613

May . . . . . . . . . 4,113 1,445 31 1,415 1,549 122 1,427 1,707 299 2,006 60,183 29,938

June . . . . . . . . . 4,310 1,177 36 1,141 1,548 99 1,450 1,456 282 1,738 116,794 35,201

July . . . . . . . . . 4,508 1,278 19 1,259 1,804 92 1,712 2,018 350 2,367 75,283 28,610

Aug. . . . . . . . . . 4,033 1,597 31 1,566 1,872 65 1,807 2,054 405 2,459 71,505 28,491

Sept. . . . . . . . . 5,315 1,745 47 1,698 1,687 82 1,604 1,478 423 1,902 125,806 31,862

Oct. . . . . . . . . . 3,923 1,608 61 1,547 1,889 457 1,432 1,703 484 2,187 73,644 26,012

Nov. . . . . . . . . . 4,678 1,424 30 1,394 1,618 399 1,219 1,656 341 1,997 70,018 27,831

Dec. . . . . . . . . . 4,559 1,438 67 1,371 1,618 98 1,520 1,605 367 1,973 119,527 28,961

Fiscal 1997 to date . . . 13,160 4,471 158 4,313 5,124 954 4,170 4,964 1,192 6,156 263,190 82,804

1992 1 . . . . . . . . . . . . . . . 413,689 4,660 15 4,645 626 - 626 17,287 574 16,713 24,562 977 23,585

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 - Est. . . . . . . . . . . . . 536,175 6,251 - 6,251 633 - 633 24,904 - 24,904 27,840 - 27,840

1995 - Dec. . . . . . . . . . . . 37,762 447 6 441 52 - 52 1,802 96 1,706 2,613 -58 2,672

1996 - Jan. . . . . . . . . . . . 42,197 502 - 502 41 - 41 2,282 - 2,282 1,456 39 1,417

Feb. . . . . . . . . . . . 38,960 -405 - -405 53 - 53 1,951 - 1,951 2,766 58 2,708

Mar. . . . . . . . . . . . 41,763 31 10 21 44 - 44 1,836 298 1,538 2,341 -189 2,530

Apr. . . . . . . . . . . . 60,588 - - - 52 - 52 2,171 267 1,904 2,413 -209 2,621

May . . . . . . . . . . . 48,676 396 - 396 51 - 51 2,006 - 2,006 1,887 226 1,660

June . . . . . . . . . . . 45,583 - - - 51 - 51 2,099 -542 2,642 2,242 624 1,618

July . . . . . . . . . . . 39,258 20 4 15 48 - 48 3,154 210 2,944 1,601 101 1,500

Aug. . . . . . . . . . . . 40,953 269 - 269 50 - 50 2,139 - 2,139 1,988 415 1,574

Sept. . . . . . . . . . . 43,372 230 - 230 69 - 69 2,384 - 2,384 2,989 356 2,633

Oct. . . . . . . . . . . . 36,104 490 11 479 28 - 28 1,417 214 1,203 2,044 -170 2,214

Nov. . . . . . . . . . . . 39,952 469 - 469 49 - 49 2,038 - 2,038 2,173 51 2,122

Dec. . . . . . . . . . . . 40,687 429 - 429 50 - 50 1,899 1 1,898 2,229 47 2,182

Fiscal 1997 to date . . . . . 116,743 1,388 11 1,377 126 - 126 5,354 215 5,139 6,445 -72 6,518

1

 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury

Statement of Receipts and Outlays of the United States Government," the source for this table.

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

fiscal 1997 budget, released by the Office of Management and Budget on July 16, 1996.

12 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"]

Executive Funds apLegis- Office propriated 

 Fiscal year lative The of the to the Department of Department of Department of Defense Department of Department 

or month branch judiciary President President Agriculture Commerce Military Civil Education of Energy

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

1992 1 . . . . . . . . . . . . . 2,677 2,299 190 11,109 56,436 2,567 286,632 28,265 26,047 15,439

1993 1 . . . . . . . . . . . . . 2,406 2,579 194 11,527 63,143 2,798 278,576 29,262 30,414 16,801

1994 1 . . . . . . . . . . . . . 2,561 2,659 229 10,511 60,812 2,915 268,635 30,402 24,699 17,840

1995 1 . . . . . . . . . . . . . 2,621 2,903 213 11,163 56,667 3,403 259,565 31,664 31,321 17,618

1996 1 . . . . . . . . . . . . . 2,272 3,061 202 9,716 54,338 3,703 253,258 32,535 29,900 16,199

1997 - Est. . . . . . . . . . . 2,752 3,561 215 10,337 55,942 3,993 247,463 33,292 29,639 14,569

1995 - Dec. . . . . . . . . . 158 226 14 193 4,240 250 23,988 2,593 1,891 1,498

1996 - Jan. . . . . . . . . . 262 320 18 1,073 4,250 363 19,187 2,718 3,624 1,139

Feb. . . . . . . . . . 199 212 15 2,340 3,682 307 20,533 2,853 2,568 1,285

Mar. . . . . . . . . . 162 215 25 825 3,916 287 21,348 2,664 2,620 1,222

Apr. . . . . . . . . . 172 329 19 827 3,265 322 21,778 2,683 2,356 1,136

May . . . . . . . . . 205 385 19 592 3,757 335 25,409 2,774 1,906 1,200

June . . . . . . . . . 167 206 14 437 3,558 239 18,532 2,635 2,194 1,422

July . . . . . . . . . 243 319 19 -209 4,545 379 21,362 2,756 1,462 1,326

Aug. . . . . . . . . . 191 230 16 681 3,857 314 24,930 2,781 3,317 1,470

Sept. . . . . . . . . 165 226 16 1,029 6,920 272 18,835 2,711 3,569 1,622

Oct. . . . . . . . . . 328 216 14 3,593 5,985 313 21,218 2,755 2,362 1,380

Nov. . . . . . . . . . 209 401 22 480 5,244 351 23,716 2,831 3,303 1,265

Dec. . . . . . . . . . 186 209 17 802 5,346 332 21,896 2,805 1,970 1,304

Fiscal 1997 to date . . . 723 826 53 4,875 16,574 996 66,830 8,392 7,636 3,949

1992 1 . . . . . . . . . . . . . 257,961 24,470 6,555 9,826 47,164 5,007 32,561 292,330 1,098 33,737 5,932

1993 1 . . . . . . . . . . . . . 282,774 25,185 6,728 10,197 44,738 5,384 34,457 292,502 6,209 35,487 5,925

1994 1 . . . . . . . . . . . . . 310,837 25,774 6,910 10,005 36,919 5,718 37,278 296,278 10,981 37,401 5,855

1995 1 . . . . . . . . . . . . . 303,074 29,045 7,415 10,781 32,170 5,347 38,776 332,414 16,027 37,770 6,349

1996 1 . . . . . . . . . . . . . 319,803 25,512 6,720 11,951 32,496 4,953 38,777 343,955 21,375 36,915 6,046

1997 - Est. . . . . . . . . . . 354,274 32,175 6,931 15,596 35,154 5,540 38,063 346,118 22,733 39,819 6,460

1995 - Dec. . . . . . . . . . 25,767 2,701 499 838 2,424 439 3,122 60,676 1,146 4,416 435

1996 - Jan. . . . . . . . . . 25,452 2,646 536 1,112 3,523 300 3,115 20,923 405 2,152 595

Feb. . . . . . . . . . 26,203 2,162 624 933 2,512 423 2,979 20,977 6,870 2,884 526

Mar. . . . . . . . . . 26,366 3,122 485 920 2,982 432 2,914 20,739 7,171 3,288 481

Apr. . . . . . . . . . 27,852 2,308 504 1,020 3,197 357 2,885 21,481 2,939 2,950 494

May . . . . . . . . . 31,391 2,384 567 1,079 2,381 404 3,316 26,902 1,686 5,235 471

June . . . . . . . . . 23,661 1,348 497 945 2,528 332 3,194 59,749 1,753 1,566 478

July . . . . . . . . . 28,228 2,449 569 1,275 2,848 725 3,652 21,100 304 3,250 567

Aug. . . . . . . . . . 29,225 2,426 571 1,125 2,587 355 3,596 23,099 891 4,660 380

Sept. . . . . . . . . 24,408 528 750 910 2,190 314 3,567 20,673 -706 1,632 596

Oct. . . . . . . . . . 28,173 3,103 640 919 2,439 700 3,866 21,695 558 3,374 442

Nov. . . . . . . . . . 28,885 3,336 679 1,263 1,526 301 3,348 26,574 335 5,139 457

Dec. . . . . . . . . . 27,853 1,395 615 1,141 2,707 843 3,224 63,993 311 3,074 655

Fiscal 1997 to date . . . 84,913 7,834 1,933 3,323 6,672 1,844 10,439 112,263 1,203 11,589 1,554

 Department of

 Department Department the Treasury Environof Health of Housing and Department Interest Department mental

Fiscal year and Human Urban De- Department of Department Department Department of Transpor- on the of Veterans Protection

or month Services velopment the Interior of Justice of Labor of State tation public debt Other Affairs Agency

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21)

See footnotes at end of table.

FEDERAL FISCAL OPERATIONS 13
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

 General and Office of Small Social Other Employer Interest royalties

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

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

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

1992 1 . . . . . . . . . . . . . 469 13,961 35,596 394 281,418 18,877 -36,782 -77,838 -2,498 * - 1,129,336 252,559

1993 1 . . . . . . . . . . . . . 743 14,305 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * - 1,142,110 266,012

1994 1 . . . . . . . . . . . . . 334 13,694 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * - 1,181,185 279,372

1995 1 . . . . . . . . . . . . . 708 13,377 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 - 1,225,724 288,665

1996 1 . . . . . . . . . . . . . 625 13,882 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 - 1,259,638 300,455

1997 - Est. . . . . . . . . . . 695 13,699 44,618 423 398,085 21,176 -34,163 -102,078 -3,193 -3,600 -4,959 1,317,655 317,674

1995 - Dec. . . . . . . . . . 477 973 3,576 76 32,778 819 -2,562 -40,467 -121 * - 121,832 11,231

1996 - Jan. . . . . . . . . . -393 1,208 3,379 -9 28,961 -438 -2,491 -65 -322 * - 97,952 25,591

Feb. . . . . . . . . . 382 1,073 3,252 23 31,206 636 -2,559 -1,028 -295 - - 105,842 27,933

Mar. . . . . . . . . . 396 1,057 3,758 41 31,384 -28 -2,282 -144 -8 -200 - 108,236 27,921

Apr. . . . . . . . . . -739 1,193 3,756 31 31,433 435 -2,428 -990 -499 -5 - 105,201 25,863

May . . . . . . . . . -520 1,281 3,377 40 33,650 1,887 -2,583 -5,951 -408 * - 114,316 28,856

June . . . . . . . . . 423 1,155 3,893 38 32,685 -2,226 -2,558 -41,135 -78 * - 103,997 13,657

July . . . . . . . . . -812 1,280 3,854 31 31,694 1,193 -2,880 -116 -641 -23 - 104,215 26,535

Aug. . . . . . . . . . 372 1,095 3,619 36 33,832 647 -2,618 -1,598 -262 -1 - 113,840 27,988

Sept. . . . . . . . . 311 1,320 3,415 310 29,254 4,311 -5,806 -385 -546 -115 - 90,309 31,989

Oct. . . . . . . . . . 285 1,115 3,762 25 31,812 1,968 -2,407 -347 -370 - - 113,290 26,625

Nov. . . . . . . . . . -687 1,237 3,474 40 33,899 -3,411 -2,580 -5,855 -55 -3 - 106,327 29,400

Dec. . . . . . . . . . 610 1,275 3,950 -101 31,865 1,210 -2,451 -43,522 -762 -3,627 - 119,889 9,237

Fiscal 1997 to date . . . 208 3,627 11,185 -36 97,576 -233 -7,438 -49,725 -1,187 -3,630 - 339,506 65,262

* 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 1997 budget, released by the Office of Management and Budget on July 16, 1996.

14 FEDERAL FISCAL OPERATIONS
TABLE FFO-4.--Internal Revenue Collections by States and Other Areas, Fiscal 1996

[In thousands of dollars. Source: Revenue Accounting Office, Internal Revenue Service]

 Individual income and employment taxes 

Individual Individual 

income tax income tax UnemployTotal not withheld withheld and Railroad ment Corporation Estate and

State, ect.1 collections Total and SECA 2,3 FICA 2

 retirement insurance income taxes 4 gift taxes Excise taxes 

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

Alabama . . . . . . . . . . . . . 14,858,550 12,989,879 2,756,750 10,152,787 2,352 77,991 1,491,389 151,068 226,215 

Alaska . . . . . . . . . . . . . . . 2,540,188 2,409,086 599,622 1,797,769 815 10,880 102,108 8,378 20,616 

Arizona . . . . . . . . . . . . . . 15,220,432 13,813,801 3,401,897 10,331,240 1,787 78,877 926,084 203,148 277,399 

Arkansas . . . . . . . . . . . . . 11,996,283 9,529,792 1,542,465 7,890,947 4,715 91,665 1,982,560 82,204 401,727 

California . . . . . . . . . . . . . 164,751,680 137,867,181 31,512,123 105,339,351 332,446 683,260 19,638,563 2,847,068 4,398,868 

Colorado . . . . . . . . . . . . . 22,799,485 20,142,970 4,025,053 16,023,441 4,747 89,729 1,724,186 175,640 756,689 

Connecticut . . . . . . . . . . . 30,021,278 24,202,836 4,794,320 19,320,587 1,019 86,912 5,118,123 442,853 257,465 

Delaware . . . . . . . . . . . . . 8,083,805 4,986,313 775,844 4,188,468 366 21,635 2,901,338 43,670 152,485 

Florida . . . . . . . . . . . . . . . 65,537,041 58,209,738 16,460,711 40,940,252 527,349 281,426 5,401,787 1,551,156 374,360 

Georgia . . . . . . . . . . . . . . 41,862,066 33,594,437 5,622,554 27,770,973 4,468 196,442 6,657,889 307,087 1,302,652 

Hawaii . . . . . . . . . . . . . . . 4,573,256 4,045,271 892,202 3,133,796 - 19,273 403,869 72,451 51,664 

Idaho . . . . . . . . . . . . . . . . 5,365,469 4,363,555 910,231 3,421,631 416 31,277 947,868 35,523 18,523 

Illinois. . . . . . . . . . . . . . . . 87,750,462 70,797,496 12,967,146 57,337,434 188,066 304,851 12,935,600 881,787 3,135,579 

Indiana. . . . . . . . . . . . . . . 25,342,705 22,782,541 4,140,063 18,509,824 20,984 111,671 2,101,120 199,150 259,895 

Iowa. . . . . . . . . . . . . . . . . 11,748,027 9,813,651 2,066,822 7,682,895 12,494 51,439 1,733,810 103,294 97,272 

Kansas. . . . . . . . . . . . . . . 13,556,238 10,752,186 2,154,199 8,197,173 340,293 60,522 1,502,382 225,482 1,076,187 

Kentucky . . . . . . . . . . . . . 14,087,581 11,662,127 2,318,093 9,274,269 5,514 64,250 1,281,498 161,816 982,139 

Louisiana . . . . . . . . . . . . . 15,006,147 13,281,575 2,821,583 10,390,402 1,990 67,600 1,374,269 154,436 195,868 

Maine. . . . . . . . . . . . . . . . 3,984,638 3,566,895 798,834 2,742,428 5,328 20,305 284,803 42,513 90,427 

Maryland (including

District of Columbia) . . . 43,735,805 38,293,291 5,258,912 32,553,447 368,617 112,314 4,363,759 458,613 620,142 

Massachusetts . . . . . . . . 42,783,209 36,489,433 7,268,170 29,039,449 19,215 162,598 5,485,042 444,700 364,035 

Michigan . . . . . . . . . . . . . 60,359,524 52,916,124 6,853,836 45,764,004 59,762 238,522 6,772,640 420,725 250,036 

Minnesota . . . . . . . . . . . . 40,238,133 34,400,106 4,273,156 29,446,032 537,966 142,951 4,907,471 238,009 692,547 

Mississippi . . . . . . . . . . . . 7,337,410 6,477,768 1,444,643 4,989,719 1,931 41,474 600,028 51,397 208,217 

Missouri . . . . . . . . . . . . . . 31,912,368 25,604,581 4,053,150 21,366,051 50,781 134,600 4,723,432 661,471 922,884 

Montana . . . . . . . . . . . . . 2,424,983 2,202,756 657,039 1,516,900 16,308 12,509 176,784 21,859 23,583 

Nebraska . . . . . . . . . . . . . 10,465,957 8,328,168 1,452,386 6,222,073 615,653 38,056 1,942,452 89,392 105,944 

Nevada . . . . . . . . . . . . . . 8,101,301 7,083,628 2,304,432 4,738,178 215 40,804 815,256 129,682 72,735 

New Hampshire. . . . . . . . 5,295,332 4,827,429 1,065,257 3,737,476 335 24,362 377,357 54,339 36,207 

New Jersey . . . . . . . . . . . 67,193,993 54,609,919 8,851,750 45,480,490 59,474 218,206 10,243,106 538,979 1,801,989 

New Mexico. . . . . . . . . . . 4,852,395 4,425,038 983,473 3,413,994 334 27,238 260,244 59,085 108,028 

New York. . . . . . . . . . . . . 139,085,027 114,415,117 20,826,782 92,948,434 242,329 397,572 21,776,419 1,979,535 913,956 

North Carolina . . . . . . . . . 31,264,213 26,332,602 5,200,716 20,968,616 1,310 161,961 4,446,055 301,226 184,330 

North Dakota . . . . . . . . . . 2,130,315 1,957,015 514,570 1,430,674 1,650 10,122 135,406 16,478 21,417 

Ohio. . . . . . . . . . . . . . . . . 65,125,578 53,608,947 8,041,211 45,276,747 24,437 266,552 8,140,927 548,499 2,827,205 

Oklahoma . . . . . . . . . . . . 16,260,254 10,615,990 2,001,268 8,554,783 1,907 58,031 1,497,907 144,831 4,001,527 

Oregon. . . . . . . . . . . . . . . 14,757,031 12,889,587 2,928,041 9,923,592 1,198 36,756 1,541,505 169,993 155,945 

Pennsylvania . . . . . . . . . . 68,178,042 57,727,767 10,153,508 46,896,239 413,065 264,956 7,818,890 683,243 1,948,141 

Rhode Island . . . . . . . . . . 4,991,778 4,337,567 806,011 3,509,433 - 22,123 588,333 51,940 13,938 

South Carolina. . . . . . . . . 13,512,782 12,209,061 2,248,032 9,889,730 1,072 70,228 1,065,809 121,595 116,316 

South Dakota. . . . . . . . . . 2,569,193 2,254,649 668,894 1,568,557 4,677 12,521 250,118 27,218 37,206 

Tennessee. . . . . . . . . . . . 27,383,040 23,223,102 4,033,621 19,063,684 2,918 122,878 3,505,785 195,086 459,067 

Texas. . . . . . . . . . . . . . . . 101,073,026 76,863,669 15,847,246 60,575,133 33,691 407,599 12,898,992 891,518 10,418,847 

Utah. . . . . . . . . . . . . . . . . 7,971,764 6,944,361 1,462,663 5,433,989 2,651 45,058 708,411 69,057 249,934 

Vermont. . . . . . . . . . . . . . 2,210,617 1,948,051 437,778 1,496,212 2,299 11,762 230,067 15,296 17,203 

Virginia. . . . . . . . . . . . . . . 31,902,275 27,185,490 5,270,881 21,380,214 394,339 140,057 3,705,606 413,653 597,525 

Washington . . . . . . . . . . . 29,125,505 25,547,793 5,725,723 19,694,019 2,474 125,578 2,797,874 296,518 483,319 

West Virginia . . . . . . . . . . 4,500,268 4,057,855 814,665 3,222,117 287 20,786 284,161 40,230 118,022 

Wisconsin . . . . . . . . . . . . 27,055,628 22,797,217 4,018,217 18,650,150 1,539 127,312 3,796,257 270,616 191,538 

Wyoming . . . . . . . . . . . . . 1,825,211 1,469,636 523,634 938,777 60 7,165 53,737 24,551 277,287 

International operations. . 11,498,568 7,442,312 1,938,420 5,447,510 9,456 46,926 3,919,232 62,480 74,544 

Undistributed:

Presidential Election

Campaign Fund 5 . . . . 66,268 66,268 - 66,268 - - - - -

Other, including Federal

tax deposits 6 . . . . . . . 340,816 -618,907 559,808 -1,236,443 285 57,443 716,481 411,273 -168,031

Total . . . . . . . . . . . . . . 1,486,546,674 1,237,678,455 239,048,405 988,345,643 4,327,382 5,957,025 189,054,791 17,591,817 42,221,611

1

 Receipts in the various States do not indicate the Federal tax burden of each since, in many

instances, taxes are collected in one State from residents of another State. For example,

withholding taxes reported by employers located near State lines may include substantial

amounts withheld from salaries of employees who reside in neighboring States. Also, the taxes

of some corporations are paid from a principal office, although their operations may be located

in another State, or throughout several States.

2

 Collections of individual income tax (withheld and not withheld) include old-age, survivor’s,

disability, and hospital insurance taxes on salaries and wages (FICA) and self-employment

income (SECA). 

3

 Includes fiduciary income tax collections of $8 billion.

4

 Includes taxes of $501.9 million on unrelated business income of exempt organizations (Forms

990T).

5

 Represents IRS transfer of the Presidential Election Campaign check-off option on individual

income tax returns processed during the fiscal year ended September 30, 1996, of $3 per single

return and $3 or $6 per joint return from the Individual Income Withholding Receipt Account

Number 20-0101 to account number 20-5081. A total of $66.2 million was designated on 15.3

million returns.

6

 Amounts not classified by State or district as of the end of the fiscal year. This includes tax

payments made to banks under the Federal Tax Deposit (FTD) System. These payments are

included in collections but are not classified by district until applied to taxpayer accounts. Also

included are credits allowable on income tax returns for certain gasoline, diesel, and special

motor fuel tax payments and for excess payments under the Federal Insurance Contributions

Act.

 Note.--Details may not add to totals due to rounding. Amounts reflect adjustments made to

data reported in prior years. Negative figures are displayed when prior year adjustments exceed

current year receipts.

FEDERAL FISCAL OPERATIONS 15
INTRODUCTION: Source and Availability of the

 Balance in the Account of the U.S. Treasury

The Treasury’s operating cash is maintained in accounts

with the Federal Reserve banks (FRBs) and branches, as well

as in tax and loan accounts in other financial institutions. Major

information sources include the Daily Balance Wire received

from the FRBs and branches, and electronic transfers through

the Letter of Credit Payment, Fedline Payment, and Fedwire

Deposit Systems. As the FRB accounts are depleted, funds are

called in (withdrawn) from thousands of tax and loan accounts

at financial institutions throughout the country.

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)

1992 . . . . . . . . . . . . . . 3,266,858 288,556 3,538,754 572,967 572,321

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

1995 - Dec. . . . . . . . . . 316,921 21,708 338,354 68,902 74,788

1996 - Jan. . . . . . . . . . 339,184 18,119 355,071 54,403 39,676

Feb. . . . . . . . . . 409,663 13,572 425,812 45,271 48,989

Mar. . . . . . . . . . 275,277 15,685 289,573 52,580 63,252

Apr.. . . . . . . . . . 520,944 17,110 534,033 58,821 36,392

May. . . . . . . . . . 424,041 14,052 445,378 46,232 82,756

June . . . . . . . . . 318,757 17,596 332,410 60,307 30,732

July. . . . . . . . . . 346,058 14,795 361,718 47,017 47,413

Aug. . . . . . . . . . 333,559 13,558 348,804 44,612 66,630

Sept . . . . . . . . . 390,178 17,788 405,417 59,787 31,179

Oct.. . . . . . . . . . 332,408 14,599 348,807 48,117 64,906

Nov. . . . . . . . . . 320,065 13,607 334,710 45,217 43,503

Dec. . . . . . . . . . 382,441 19,452 399,006 76,102 72,499

See footnotes at end of table.

16 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)

1992 . . . . . . . . . . . . . . 24,586 34,203 24,586 37,028 1,852 2,752 6,513 19,756

1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1,625 6,510 18,978

1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 2,736 - 5,904 18,631

1995 . . . . . . . . . . . . . . 8,620 29,329 20,977 41,288 2,826 99 6,127 16,955

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

1995 - Dec. . . . . . . . . . 5,979 14,515 11,383 40,647 4,998 3,617 6,762 15,191

1996 - Jan. . . . . . . . . . 8,210 29,243 9,168 31,776 4,368 5,655 6,298 17,023

Feb.. . . . . . . . . . 5,632 25,525 6,294 31,102 2,490 1,878 4,953 14,227

Mar.. . . . . . . . . . 7,021 14,853 9,455 23,272 3,527 57 5,610 10,367

Apr. . . . . . . . . . . 11,042 37,281 15,668 37,281 4,485 1,266 7,318 15,761

May . . . . . . . . . . 3,757 757 11,967 37,881 3,757 757 5,714 12,867

June . . . . . . . . . 7,701 30,332 9,206 31,670 3,272 757 6,162 14,821

July . . . . . . . . . . 6,836 29,936 6,836 30,431 3,703 4,478 5,304 17,633

Aug. . . . . . . . . . 5,149 7,917 6,317 23,743 4,425 6,295 5,107 11,536

Sept . . . . . . . . . 7,700 36,525 8,215 36,525 4,039 4,861 6,139 20,259

Oct. . . . . . . . . . . 5,897 19,736 5,937 31,246 3,594 874 5,064 11,314

Nov. . . . . . . . . . 4,857 21,449 5,774 21,449 3,670 4,530 4,939 11,290

Dec. . . . . . . . . . 7,742 25,052 10,304 33,981 3,145 900 5,749 13,190

ACCOUNT OF THE U.S. TREASURY 17
INTRODUCTION: Federal Debt

Treasury securities (i.e., public debt securities) comprise

most of the Federal debt, with securities issued by other

Federal agencies accounting for the rest. Tables in this section

of the “Treasury Bulletin” reflect the total. Further detailed

information is published in the “Monthly Statement of the

Public Debt of the United States.” Likewise, information on

agency securities and on investments of Federal Government

accounts in Federal securities is published in the “Monthly

Treasury Statement of Receipts and Outlays of the United

States Government.”

• Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, including

the Federal Reserve. It also includes debt held by Federal

agencies, largely by the Social Security and other Federal

retirement trust funds. The net unamortized premium and

discount are also listed by total Federal securities, securities

held by Government accounts, and securities held by the

public. The difference between the outstanding face value of

the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on

holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.)

• Table FD-2 categorizes by type interest-bearing marketable and nonmarketable Treasury securities. The difference

between interest-bearing and total public debt securities reflects outstanding matured Treasury securities--that is, unredeemed securities that have matured and are no longer

accruing interest. Because the Federal Financing Bank is under

the supervision of Treasury, its securities are held by a U.S.

Government account.

• In table FD-3, nonmarketable Treasury securities held

by U.S. Government accounts are summarized by issues to

particular funds within Government. Many of the funds invest

in par value special series nonmarketables at interest rates

determined by law. Others invest in market-based special

Treasury securities whose terms mirror those of marketable

securities.

• Table FD-4 presents interest-bearing securities issued

by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing

Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the

“Monthly Treasury Statement of Receipts and Outlays of the

United States Government.”)

• Table FD-5 illustrates the average length of marketable

interest-bearing public debt held by private investors and the

maturity distribution of that debt. 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.

18 FEDERAL DEBT
TABLE FD-1.--Summary of Federal Debt

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

 

 Securities held by:

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)

1992. . . . . . . . . . . . . . . 4,082,871 4,064,621 18,250 1,016,453 1,016,330 123 3,066,418 3,048,291 18,127

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

1995 - Dec. . . . . . . . . . 5,016,910 4,988,665 28,245 1,304,472 1,304,456 16 3,712,438 3,684,209 28,229

1996 - Jan.. . . . . . . . . . 5,015,577 4,987,436 28,141 1,309,154 1,309,154 - 3,706,423 3,678,282 28,141

Feb. . . . . . . . . . 5,053,215 5,017,041 36,174 1,299,079 1,291,214 7,865 3,754,136 3,725,827 28,309

Mar. . . . . . . . . . 5,153,294 5,117,786 35,508 1,361,632 1,353,767 7,865 3,791,662 3,764,019 27,643

Apr. . . . . . . . . . 5,137,712 5,102,049 35,663 1,382,132 1,374,268 7,865 3,755,580 3,727,781 27,798

May . . . . . . . . . 5,163,807 5,128,509 35,298 1,388,225 1,380,619 7,606 3,775,582 3,747,890 27,692

June . . . . . . . . . 5,196,893 5,161,076 35,817 1,430,049 1,422,443 7,606 3,766,844 3,738,633 28,211

July . . . . . . . . . 5,224,199 5,188,889 35,310 1,428,287 1,420,680 7,606 3,795,912 3,768,209 27,704

Aug. . . . . . . . . . 5,243,459 5,208,303 35,156 1,431,726 1,424,120 7,606 3,811,733 3,784,183 27,550

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

Oct. . . . . . . . . . 5,282,566 5,247,320 35,246 1,462,453 1,454,847 7,606 3,820,113 3,792,473 27,640

Nov. . . . . . . . . . 5,330,904 5,296,549 34,355 1,465,560 1,457,953 7,606 3,865,344 3,838,596 26,749

Dec. . . . . . . . . . 5,357,391 5,323,172 34,219 1,504,784 1,497,178 7,606 3,852,607 3,825,994 26,613

1992. . . . . . . . . . . . . . . 4,082,871 80,058 4,002,815 1,016,453 12,415 1,004,039 3,066,418 67,643 2,998,776

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

1995 - Dec. . . . . . . . . . 5,016,910 79,161 4,937,750 1,304,472 3,395 1,301,077 3,712,438 75,766 3,636,672

1996 - Jan.. . . . . . . . . . 5,015,577 77,889 4,937,688 1,309,154 3,392 1,305,762 3,706,423 74,497 3,631,926

Feb. . . . . . . . . . 5,053,215 78,787 4,974,428 1,299,079 3,598 1,295,481 3,754,136 75,189 3,678,947

Mar. . . . . . . . . . 5,153,294 78,466 5,074,828 1,361,632 3,940 1,357,692 3,791,662 74,526 3,717,136

Apr. . . . . . . . . . 5,137,712 78,395 5,059,317 1,382,132 4,485 1,377,647 3,755,580 73,910 3,681,670

May . . . . . . . . . 5,163,807 78,166 5,085,641 1,388,225 4,888 1,383,337 3,775,582 73,278 3,702,304

June . . . . . . . . . 5,196,893 78,272 5,118,621 1,430,049 5,113 1,424,936 3,766,844 73,159 3,693,685

July . . . . . . . . . 5,224,199 78,375 5,145,824 1,428,287 5,246 1,423,041 3,795,912 73,129 3,722,783

Aug. . . . . . . . . . 5,243,459 78,282 5,165,177 1,431,726 5,485 1,426,241 3,811,733 72,797 3,738,936

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

Oct. . . . . . . . . . 5,282,566 77,291 5,205,275 1,462,453 5,721 1,456,732 3,820,113 71,570 3,748,543

Nov. . . . . . . . . . 5,330,904 77,056 5,253,848 1,465,560 5,715 1,459,845 3,865,344 71,341 3,794,003

Dec. . . . . . . . . . 5,357,391 76,763 5,280,629 1,504,784 5,838 1,498,947 3,852,607 70,925 3,781,682

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 19
TABLE FD-2.--Interest-Bearing Public Debt

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

 Marketable

Other

Total interest- securities:

End of bearing Federal

fiscal year public Treasury Treasury Treasury Financing Nonmarketable

or month debt Total bills notes bonds Bank Total

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

 Nonmarketable, con.

State

End of U.S. Government and local

fiscal year savings Foreign series account government Domestic

or month bonds Government series series series Other

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

1992 . . . . . . . . . . 4,061,801 2,677,476 634,287 1,566,349 461,840 15,000 1,384,325

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

1995 - Dec. . . . . . 4,964,371 3,307,179 760,680 2,010,340 521,158 15,000 1,657,191

1996 - Jan. . . . . . 4,983,247 3,331,836 756,723 2,038,955 521,158 15,000 1,651,411

Feb. . . . . . 5,012,872 3,387,122 795,328 2,042,732 534,062 15,000 1,625,750

Mar. . . . . . 5,082,952 3,375,055 811,919 2,014,074 534,062 15,000 1,707,897

Apr. . . . . . 5,097,989 3,367,197 769,061 2,049,074 534,062 15,000 1,730,792

May . . . . . 5,124,422 3,387,187 782,756 2,055,370 534,061 15,000 1,737,235

June . . . . . 5,126,748 3,348,433 773,612 2,025,761 534,061 15,000 1,778,315

July . . . . . 5,184,908 3,411,190 789,809 2,072,321 534,060 15,000 1,773,718

Aug. . . . . . 5,173,734 3,395,960 781,044 2,056,447 543,469 15,000 1,777,774

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

Oct. . . . . . 5,243,339 3,431,060 763,392 2,109,198 543,469 15,000 1,812,280

Nov. . . . . . 5,263,423 3,444,643 802,272 2,072,410 554,962 15,000 1,818,780

Dec. . . . . . 5,317,188 3,459,691 777,414 2,112,315 554,962 15,000 1,857,497

1992 . . . . . . . . . . . . . . . . . . . . . . . 148,266 37,039 1,011,020 157,570 29,995 435

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

1995 - Dec. . . . . . . . . . . . . . . . . . . 181,918 40,805 1,299,585 104,458 29,995 431

1996 - Jan. . . . . . . . . . . . . . . . . . . 182,238 39,678 1,299,967 99,104 29,995 429

Feb. . . . . . . . . . . . . . . . . . . 182,691 40,361 1,274,699 97,577 29,995 428

Mar. . . . . . . . . . . . . . . . . . . 182,992 40,361 1,357,647 96,476 29,995 426

Apr. . . . . . . . . . . . . . . . . . . 183,481 40,362 1,380,433 96,095 29,995 425

May . . . . . . . . . . . . . . . . . . 183,594 38,004 1,387,235 97,982 29,995 424

June . . . . . . . . . . . . . . . . . . 183,770 37,781 1,428,508 97,832 29,995 427

July . . . . . . . . . . . . . . . . . . 183,949 37,615 1,427,185 94,547 29,995 426

Aug. . . . . . . . . . . . . . . . . . . 184,037 37,615 1,429,850 95,850 29,995 426

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

Oct. . . . . . . . . . . . . . . . . . . 184,301 37,842 1,462,867 96,851 29,995 424

Nov. . . . . . . . . . . . . . . . . . . 184,379 37,635 1,466,961 99,388 29,995 422

Dec. . . . . . . . . . . . . . . . . . . 182,442 37,427 1,505,937 101,274 29,995 422

20 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)

1992 . . . . . . . . . . . . . 1,011,020 15,090 4,664 12,411 3,314 12,774 273,732 120,647 6,077 306,524

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

1995 - Dec. . . . . . . . . 1,299,585 12,182 21,170 15,973 2,937 37,572 311,955 131,443 7,264 458,612

1996 - Jan. . . . . . . . . 1,299,967 11,492 21,815 16,148 3,852 39,137 312,121 130,649 7,264 462,720

Feb. . . . . . . . . 1,274,699 10,439 21,825 16,339 2,666 39,821 297,385 127,583 7,119 462,196

Mar. . . . . . . . . 1,357,647 9,950 20,469 16,327 3,896 41,012 351,278 126,072 7,688 464,737

Apr. . . . . . . . . 1,380,433 9,373 21,912 16,398 4,150 43,910 349,436 130,357 7,690 477,883

May . . . . . . . . 1,387,235 9,216 21,953 16,683 4,169 44,755 348,244 124,339 7,972 478,596

June . . . . . . . . 1,428,508 9,049 21,446 16,672 4,185 47,579 361,133 129,890 7,941 496,715

July . . . . . . . . 1,427,185 8,489 21,924 16,584 4,183 48,416 359,592 127,355 8,374 498,067

Aug. . . . . . . . . 1,429,850 8,168 21,629 16,829 11,733 48,962 356,437 123,780 7,923 497,196

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

Oct. . . . . . . . . 1,462,867 7,969 22,149 17,055 11,905 50,376 375,403 122,541 10,016 498,104

Nov. . . . . . . . . 1,466,961 8,103 22,244 17,272 11,840 50,750 373,645 120,038 9,867 496,661

Dec. . . . . . . . . 1,505,937 7,978 22,670 16,505 11,965 52,912 386,031 126,701 9,868 513,894

1992 . . . . . . . . . . . . 1,346 18,534 134 11,167 11,310 4,679 10,081 212 34,898 163,426

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

1995 - Dec. . . . . . . . 270 13,035 103 8,561 12,240 980 12,443 189 47,995 204,661

1996 - Jan. . . . . . . . 276 13,328 103 9,608 12,194 1,411 12,540 72 46,013 199,224

Feb. . . . . . . . 302 14,345 103 10,169 12,099 1,206 12,768 72 46,168 192,094

Mar. . . . . . . . 335 22,718 102 9,832 12,011 1,772 13,012 68 44,080 212,288

Apr. . . . . . . . 342 23,258 101 10,718 11,906 2,595 13,597 68 44,249 212,490

May . . . . . . . 460 22,577 100 10,760 11,825 1,539 13,967 63 53,324 216,693

June . . . . . . . 475 24,898 100 10,961 12,232 1,837 14,208 68 53,598 215,521

July . . . . . . . 542 25,286 101 11,586 12,175 2,057 14,437 69 53,088 214,860

Aug. . . . . . . . 633 24,771 99 12,465 12,098 2,987 14,663 76 55,586 213,815

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

Oct. . . . . . . . 721 26,707 97 10,817 11,935 1,190 14,935 77 53,190 227,680

Nov. . . . . . . . 747 26,845 96 11,368 11,876 82 15,018 77 54,386 236,046

Dec. . . . . . . . 797 28,489 98 11,448 12,293 283 14,865 77 54,278 234,785

FEDERAL DEBT 21
TABLE FD-4.--Interest-Bearing Securities Issued by Government Agencies

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

 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)

1992 . . . . . . . . . . . . . . . . . . . . . . 18,250 93 1,137 301 - 16,015 - 705

1993 . . . . . . . . . . . . . . . . . . . . . . 24,682 93 943 213 1,261 21,675 - 498

1994 . . . . . . . . . . . . . . . . . . . . . . 28,543 - 538 112 1,261 26,121 - 509

1995 . . . . . . . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496

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

1995 - Dec. . . . . . . . . . . . . . . . . . 28,245 - 158 97 1,261 26,229 - 500

1996 - Jan. . . . . . . . . . . . . . . . . . 28,141 - 126 31 1,261 26,221 - 501

Feb. . . . . . . . . . . . . . . . . . 36,174 - 126 35 1,261 29,595 4,665 492

Mar. . . . . . . . . . . . . . . . . . 35,508 - 126 52 1,261 28,911 4,665 493

Apr. . . . . . . . . . . . . . . . . . 35,663 - 114 56 1,261 29,072 4,665 495

May . . . . . . . . . . . . . . . . . 35,298 - 126 56 1,261 28,952 4,406 496

June . . . . . . . . . . . . . . . . . 35,817 - 126 62 1,261 29,465 4,406 497

July . . . . . . . . . . . . . . . . . 35,310 - 126 62 1,261 28,956 4,406 499

Aug. . . . . . . . . . . . . . . . . . 35,156 - 126 78 1,261 28,793 4,406 492

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

Oct. . . . . . . . . . . . . . . . . . 35,246 - 126 82 1,261 28,884 4,406 486

Nov. . . . . . . . . . . . . . . . . . 34,355 - 126 84 1,261 27,991 4,406 487

Dec. . . . . . . . . . . . . . . . . . 34,219 - 126 84 1,261 27,853 4,406 489

22 FEDERAL DEBT
TABLE FD-5.--Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Market Finance, 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 1 year years years years and more Average length 

(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. 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.

1992 . . . . . . . . . . . . . . . . . . . 2,363,802 808,705 866,329 295,921 84,706 308,141 5 yrs. 11 mos.

1993 . . . . . . . . . . . . . . . . . . . 2,562,336 858,135 978,714 306,663 94,345 324,479 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.

1995 - Dec.. . . . . . . . . . . . . . 2,901,387 1,049,518 1,142,392 291,881 92,636 324,959 5 yrs. 3 mos.

1996 - Jan. . . . . . . . . . . . . . . 2,937,115 1,050,406 1,174,222 292,525 93,339 326,622 5 yrs. 2 mos.

Feb. . . . . . . . . . . . . . . 2,994,090 1,078,387 1,189,173 299,298 95,090 332,141 5 yrs. 3 mos.

Mar. . . . . . . . . . . . . . . 2,980,688 1,097,120 1,158,416 298,496 94,990 331,666 5 yrs. 2 mos.

Apr. . . . . . . . . . . . . . . 2,968,878 1,055,822 1,188,828 297,917 94,820 331,491 5 yrs. 3 mos.

May . . . . . . . . . . . . . . 2,983,624 1,061,225 1,199,184 298,842 111,981 312,391 5 yrs. 3 mos.

June . . . . . . . . . . . . . . 2,943,097 1,052,190 1,168,683 299,042 111,395 311,787 5 yrs. 3 mos.

July . . . . . . . . . . . . . . 2,996,840 1,067,689 1,196,678 309,371 110,820 312,282 5 yrs. 2 mos.

Aug. . . . . . . . . . . . . . . 2,989,680 1,074,540 1,176,091 305,079 112,150 321,820 5 yrs. 3 mos.

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

Oct. . . . . . . . . . . . . . . 3,021,881 1,062,308 1,207,999 317,522 111,893 322,160 5 yrs. 3 mos.

Nov. . . . . . . . . . . . . . . 3,028,647 1,084,720 1,198,931 302,951 128,832 313,214 5 yrs. 3 mos.

Dec. . . . . . . . . . . . . . . 3,032,551 1,061,459 1,231,746 301,103 128,054 310,188 5 yrs. 3 mos.

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,145,000 3,972,578 3,972,276 302 3,970,891 302 1,385

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

1995 - Dec. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,878 97 4,877,515 97 22,363

1996 - Jan. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,974 4,899,943 32 4,897,685 32 2,258

Feb. . . . . . . . . . . . . . . . . . . . 4,900,000 4,899,975 4,899,940 35 4,897,702 35 2,238

Mar. . . . . . . . . . . . . . . . . . . . 5,500,000 5,029,951 5,029,899 52 4,997,030 52 32,869

Apr. . . . . . . . . . . . . . . . . . . . 5,500,000 5,014,329 5,014,274 56 5,012,215 56 2,059

May . . . . . . . . . . . . . . . . . . . 5,500,000 5,041,009 5,040,953 56 5,038,901 56 2,052

June . . . . . . . . . . . . . . . . . . . 5,500,000 5,073,418 5,073,357 62 5,041,023 62 32,334

July . . . . . . . . . . . . . . . . . . . 5,500,000 5,101,106 5,101,045 62 5,099,056 62 1,989

Aug. . . . . . . . . . . . . . . . . . . . 5,500,000 5,120,321 5,120,243 78 5,087,664 78 32,579

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

Oct. . . . . . . . . . . . . . . . . . . . 5,500,000 5,160,483 5,160,401 82 5,158,468 82 1,933

Nov. . . . . . . . . . . . . . . . . . . . 5,500,000 5,209,847 5,209,763 84 5,178,684 84 31,079

Dec. . . . . . . . . . . . . . . . . . . . 5,500,000 5,236,827 5,236,743 84 5,232,875 84 3,868

FEDERAL DEBT 23
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies

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

 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)

1992 . . . . . . . . . . . . . . - - - 2,770 1,906 - 8,774

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

1995 - Dec. . . . . . . . . . 6,304 108 563 14,351 2,563 1,579 7,714

1996 - Jan. . . . . . . . . . 6,304 108 563 14,351 2,653 1,579 6,909

Feb. . . . . . . . . . 6,304 108 563 14,351 2,653 1,579 6,909

Mar. . . . . . . . . . 6,304 108 563 14,351 2,448 1,579 6,909

Apr. . . . . . . . . . 6,304 108 563 14,351 2,448 1,579 6,909

May . . . . . . . . . 6,304 108 563 14,351 2,398 1,579 6,909

June . . . . . . . . . 6,169 108 563 14,351 2,398 1,579 6,909

July . . . . . . . . . 6,169 108 563 14,351 2,398 1,579 6,909

Aug. . . . . . . . . . 6,169 108 563 14,351 2,468 1,579 6,909

Sept. . . . . . . . . 6,430 113 647 13,398 2,456 3,123 6,909

Oct. . . . . . . . . . 6,720 145 647 24,300 2,456 3,123 6,909

Nov. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

Dec. . . . . . . . . . 6,720 145 647 24,306 2,536 3,123 6,909

1992 . . . . . . . . . . . . . . 206,410 17,282 - 8,693 9,060 - -

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

1995 - Dec. . . . . . . . . . 133,609 - - - - 2,282 13,039

1996 - Jan. . . . . . . . . . 135,302 - - - - 2,364 13,039

Feb. . . . . . . . . . 125,140 - - - - 2,364 13,039

Mar. . . . . . . . . . 123,972 - - - - 2,364 13,039

Apr. . . . . . . . . . 123,691 - - - - 2,364 13,044

May . . . . . . . . . 123,708 - - - - 2,441 13,006

June . . . . . . . . . 119,917 - - - - 3,141 12,731

July . . . . . . . . . 118,787 - - - - 3,141 12,732

Aug. . . . . . . . . . 118,936 - - - - 3,253 12,768

Sept. . . . . . . . . 117,290 - - - - 3,273 12,042

Oct. . . . . . . . . . 132,215 - - - - 6,932 12,827

Nov. . . . . . . . . . 130,363 - - - - 7,029 12,822

Dec. . . . . . . . . . 135,835 - - - - 6,981 13,324

24 FEDERAL DEBT
TABLE FD-7.--Treasury Holdings of Securities

Issued by Government Corporations and Other Agencies, con.

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

 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)

1992 . . . . . . . . . . . . . . 149,422 1,730 921 88 4,798 11 957

1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599

1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445

1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928

1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

1995 - Dec. . . . . . . . . . 63,681 1 1,272 2,723 5,716 8,341 3,370

1996 - Jan. . . . . . . . . . 63,515 1 1,994 2,723 5,974 8,341 4,883

Feb. . . . . . . . . . 53,037 1 1,994 2,723 6,232 8,341 4,941

Mar. . . . . . . . . . 51,725 1 1,994 2,723 6,502 8,328 5,032

Apr. . . . . . . . . . 51,079 1 1,994 2,736 6,772 8,328 5,111

May . . . . . . . . . 49,931 1 1,994 2,736 7,030 9,231 5,126

June . . . . . . . . . 48,654 1 1,994 2,736 4,225 9,231 5,126

July . . . . . . . . . 47,233 1 1,994 2,736 4,498 9,231 5,142

Aug. . . . . . . . . . 46,971 1 1,994 2,736 4,752 9,231 5,080

Sept. . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019

Oct. . . . . . . . . . 46,051 * 1,270 2,740 5,283 8,811 4,001

Nov. . . . . . . . . . 43,921 * 1,270 2,740 5,283 8,811 4,101

Dec. . . . . . . . . . 43,172 * 2,150 2,740 5,789 8,811 8,485

FEDERAL DEBT 25
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

Dec. 31, 1996

5 Years, 3 Months

Years

26 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 four 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: OCTOBER-DECEMBER

OCTOBER

Auction of 10-Year Notes

October 2 Treasury announced it would auction $10,000

million of 10-year notes to refund $7,614 million of notes

maturing October 15 and to raise about $2,375 million new

cash. The notes offered were Treasury notes of Series D-2006,

dated October 15, 1996, due October 15, 2006, with interest

payable April 15 and October 15 until maturity. An interest

rate of 6-1/2 percent was set after the determination as to which

tenders were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 8, and totaled $23,380 million, of which

$10,005 million was accepted at yields ranging from 6.494

percent, price 100.044, up to 6.510 percent, price 99.927.

Tenders at the high yield were allotted 80 percent. Noncompetitive tenders were accepted in full at the average yield, 6.502

percent, price 99.985. These totaled $284 million. Competitive

tenders accepted from private investors totaled $9,721 million.

In addition to the $10,005 million of tenders accepted in

the auction process, $600 million was awarded to Federal

Reserve banks as agents for foreign and international monetary

authorities, and $375 million was accepted from Federal Reserve banks for their own account.

The notes of Series D-2006 may be held in STRIPS

form. The minimum par amount required is $400,000.

Auction of 2-Year and 5-Year Notes

October 16 Treasury announced it would auction $18,250

million of 2-year notes of Series AL-1998 and $12,500 million

of 5-year notes of Series P-2001 to refund $26,936 million of

securities maturing October 31 and to raise about $3,825

million new cash.

The notes of Series AL-1998 were dated October 31,

1996, due October 31, 1998, with interest payable April 30 and

October 31 until maturity. An interest rate of 5-7/8 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 22, and totaled $47,890 million, of which

$18,283 million was accepted. All competitive tenders at

yields lower than 5.930 percent were accepted in full. Tenders

at 5.930 percent were allotted 56 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.930 percent with an equivalent price of

99.898. The median yield was 5.920 percent; and the low yield

was 5.890 percent. Noncompetitive tenders totaled $1,011

million. Competitive tenders accepted from private investors

totaled $17,272 million.

[Source: Bureau of the Public Debt, Office of Financing]

PUBLIC DEBT OPERATIONS 27
TREASURY FINANCING: OCTOBER-DECEMBER, con.

In addition to the $18,283 million of tenders accepted in

the auction process, $2,070 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $825 million was accepted from Federal Reserve banks for their own account.

The notes of Series P-2001 were dated October 31, 1996,

due October 31, 2001, with interest payable April 30 and

October 31 until maturity. An interest rate of 6-1/4 percent was

set after the determination as to which tenders were accepted

on a yield auction basis.

Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on October 23, and totaled $29,181 million, of which

$12,501 million was accepted. All competitive tenders at

yields lower than 6.325 percent were accepted in full. Tenders

at 6.325 were allotted 55 percent. All noncompetitive and

successful competitive bidders were allotted securities at the

high yield of 6.325 percent with an equivalent price of 99.683.

The median yield was 6.300 percent; and the low yield was

6.240 percent. Noncompetitive tenders totaled $326 million.

Competitive tenders accepted from private investors totaled

$12,175 million.

In addition to the $12,501 million of tenders accepted in

the auction process, $1,550 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $570 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

October 4 tenders were invited for approximately $19,250

million of 364-day Treasury bills to be dated October 17, 1996,

and to mature October 16, 1997. The issue was to refund

$18,482 million of maturing 52-week bills and to raise about

$775 million new cash. The bills were auctioned on October

10. Tenders totaled $48,960 million, of which $19,310 million

was accepted, including $752 million of noncompetitive tenders from the public and $5,259 million of the bills issued to

Federal Reserve banks for themselves and as agents for foreign

and international monetary authorities. An additional $868

million was issued to Federal Reserve banks as agents for

foreign and international monetary authorities for new cash.

The average bank discount rate was 5.34 percent.

October 29 tenders were invited for approximately

$17,000 million of 48-day bills to be issued November 1, 1996,

representing an additional amount of bills dated June 20, 1996,

maturing December 19, 1996. The issue was to raise new cash.

Tenders were opened on October 31. They totaled $54,347

million, of which $17,048 million was accepted. The average

bank discount rate was 5.17 percent.

NOVEMBER

November Quarterly Financing

October 30 Treasury announced it would auction $18,500

million of 3-year notes of Series Z-1999, $10,000 million of

9-year 11-month 6-1/2 percent notes of Series D-2006, and

$10,000 million of 30-year bonds of November 2026 to refund

$36,667 million of Treasury securities maturing November 15

and to raise about $1,825 million new cash.

The notes of Series Z-1999 were dated November 15,

1996, due November 15, 1999, with interest payable May 15

and November 15 until maturity. An interest rate of 5-7/8

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on November 5, and totaled $42,195 million, of which

$18,501 million was accepted at yields ranging from 5.872

percent, price 100.008, up to 5.889 percent, price 99.962.

Tenders at the high yield were allotted 10 percent. Noncompetitive tenders were accepted in full at the average yield, 5.879

percent, price 99.989. These totaled $564 million. Competitive

tenders accepted from private investors totaled $17,937 million.

In addition to the $18,501 million of tenders accepted in

the auction process, $1,635 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $2,716 million was accepted from Federal

Reserve banks for their own account.

The 6-1/2 percent notes of Series D-2006 were an additional issue of notes dated October 15, 1996, due October 15,

2006, with interest payable April 15 and October 15 until

maturity. Accrued interest of $5.53571 per $1,000, covering

the period from October 15, 1996, to November 15, 1996, was

payable with each accepted tender.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on November 6, and totaled $24,061 million, of which

$10,002 million was accepted at yields ranging from 6.260

percent, price 101.739, up to 6.283 percent, price

101.570. Tenders at the high yield were allotted 46 percent.

Noncompetitive tenders were accepted in full at the average

yield, 6.273 percent, price 101.643. These totaled $306 million. Competitive tenders accepted from private investors totaled $9,696 million.

In addition to the $10,002 million of tenders accepted in

the auction process, $1,470 million was accepted from Federal

Reserve banks for their own account.

The notes of Series C-2006 may be held in STRIPS

form. The minimum par amount required is $400,000.

The bonds of November 2026 were dated November 15,

1996, due November 15, 2026, with interest payable May 15

and November 15 until maturity. An interest rate of 6-1/2

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders for the bonds were received prior to 12 noon e.s.t.

for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders on November 7, and totaled $26,841 million,

of which $10,000 million was accepted at yields ranging from

6.618 percent, price 98.470, up to 6.625 percent, price 98.380.

Tenders at the high yield were allotted 51 percent. Noncompetitive tenders were accepted in full at the average yield, 6.619

28 PUBLIC DEBT OPERATIONS
TREASURY FINANCING: OCTOBER-DECEMBER, con.

percent, price 98.457. These totaled $258 million. Competitive

tenders accepted from private investors totaled $9,742 million.

In addition to the $10,000 million of tenders accepted in

the auction process, $1,470 million was accepted from Federal

Reserve banks for their own account.

The bonds of November 2026 may be held in STRIPS

form. The minimum par amount required is $400,000.

Auction of 2-Year and 5-Year Notes

November 13 Treasury announced it would auction

$18,250 million of 2-year notes of Series AM-1998 and

$12,500 million of 5-year notes of Series Q-2001 to refund

$28,336 million of securities maturing November 30 and to

raise about $2,425 million new cash.

The notes of Series AM-1998 were dated December 2,

1996, due November 30, 1998, with interest payable May 31

and November 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on November 19, and totaled $38,440 million, of which

$18,255 million was accepted. All competitive tenders at

yields lower than 5.662 percent were accepted in full. Tenders

at 5.662 percent were allotted 29 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.662 percent with an equivalent price of

99.931. The median yield was 5.640 percent; and the low yield

was 5.580 percent. Noncompetitive tenders totaled $928 million. Competitive tenders accepted from private investors totaled $17,327 million.

In addition to the $18,255 million of tenders accepted in

the auction process, $1,950 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $285 million was accepted from Federal Reserve banks for their own account.

The notes of Series Q-2001 were dated December 2, 1996,

due November 30, 2001, with interest payable May 31 and

November 30 until maturity. An interest rate of 5-7/8 percent

was set after the determination as to which tenders were

accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on November 20, and totaled $35,821 million, of which

$12,504 million was accepted. All competitive tenders at

yields lower than 5.950 percent were accepted in full. Tenders

at 5.950 percent were allotted 42 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.950 percent with an equivalent price of

99.680. The median yield was 5.910 percent; and the low yield

was 5.850 percent. Noncompetitive tenders totaled $310 million. Competitive tenders accepted from private investors totaled $12,194 million.

In addition to the $12,504 million of tenders accepted in

the auction process, $1,320 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $190 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

November 1 tenders were invited for approximately

$19,250 million of 364-day Treasury bills to be dated November 14, 1996, and to mature November 13, 1997. The issue was

to refund $18,870 million of maturing 52-week bills and to

raise about $375 million new cash. The bills were auctioned

on November 7. Tenders totaled $57,496 million, of which

$19,387 million was accepted, including $701 million of noncompetitive tenders from the public and $5,000 million of the

bills issued to Federal Reserve banks for themselves. An

additional $734 million was issued to Federal Reserve banks

as agents for foreign and international monetary authorities for

new cash. The average bank discount rate was 5.20 percent.

Cash Management Bills

October 30 tenders were invited for approximately

$13,000 million of 34-day bills to be issued November 15,

1996, representing an additional amount of bills dated

June 20, 1996, maturing December 19, 1996. The issue was to

raise new cash. Tenders were opened on November 13. They

totaled $61,368 million, of which $13,217 million was accepted. The average bank discount rate was 5.20 percent.

DECEMBER

Auction of 2-Year and 5-Year Notes

December 11 Treasury announced it would auction

$18,250 million of 2-year notes of Series AN-1998 and

$12,500 million of 5-year notes of Series R-2001 to refund

$27,768 million of securities maturing December 31 and to

raise about $2,975 million new cash.

The notes of Series AN-1998 were dated December 31,

1996, due December 31, 1998, with interest payable June 30

and December 31 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.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on December 18, and totaled $40,634 million, of which

$18,250 million was accepted. All competitive tenders at

yields lower than 5.874 percent were accepted in full. Tenders

at 5.874 percent were allotted 16 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 5.874 percent with an equivalent price of

99.769. The median yield was 5.850 percent; and the low yield

was 5.800 percent. Noncompetitive tenders totaled $1,340

million. Competitive tenders accepted from private investors

totaled $16,910 million.

In addition to the $18,250 million of tenders accepted in

the auction process, $1,450 million was accepted from Federal

Reserve banks as agents for foreign and international monetary

authorities, and $875 million was accepted from Federal Reserve banks for their own account.

The notes of Series R-2001 were dated December 31,

1996, due December 31, 2001, with interest payable June 30

PUBLIC DEBT OPERATIONS 29
TREASURY FINANCING: OCTOBER-DECEMBER, con.

and December 31 until maturity. An interest rate of 6-1/8

percent was set after the determination as to which tenders

were accepted on a yield auction basis.

Tenders were received prior to 12 noon e.s.t. for noncompetitive tenders and prior to 1 p.m. e.s.t. for competitive tenders

on December 19, and totaled $34,899 million, of which

$12,508 million was accepted. All competitive tenders at

yields lower than 6.165 percent were accepted in full. Tenders

at 6.165 percent were allotted 27 percent. All noncompetitive

and successful competitive bidders were allotted securities at

the high yield of 6.165 percent with an equivalent price of

99.830. The median yield was 6.150 percent; and the low yield

was 6.110 percent. Noncompetitive tenders totaled $412 million. Competitive tenders accepted from private investors totaled $12,096 million.

In addition to the $12,508 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 $600 million was accepted from Federal Reserve banks for their own account.

52-Week Bills

November 29 tenders were invited for approximately

$19,250 million of 364-day Treasury bills to be dated December 12, 1996, and to mature December 11, 1997. The issue was

to refund $18,792 million of maturing 52-week bills and to

raise about $450 million new cash. The bills were auctioned

on December 5. Tenders totaled $44,292 million, of which

$19,327 million was accepted, including $795 million of noncompetitive tenders from the public and $5,527 million of the

bills issued to Federal Reserve banks for themselves. An

additional $1,201 million was issued to Federal Reserve banks

as agents for foreign and international monetary authorities for

new cash. The average bank discount rate was 5.16 percent.

Cash Management Bills

November 26 tenders were invited for approximately

$9,000 million of 14-day bills to be dated December 3, 1996,

and to mature December 17, 1996. The issue was to raise new

cash. Tenders were opened on December 2. They totaled

$44,395 million, of which $9,060 million was accepted. The

average bank discount rate was 5.18 percent.

30 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, Dec. 31, 1996

[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)

1997

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-D note 01/16/90 7,852 607 7,246

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-Z note 01/31/95 19,002 400 18,602

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 01/31/92 9,464 150 9,314

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-V note 02/15/94 19,832 1,795 18,038

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-AB note 02/28/95 18,816 597 18,219

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-J note 03/02/92 9,948 472 9,476

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-K note 03/31/92 11,302 484 10,818

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-AC note 03/31/95 19,354 1,100 18,254

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-E note 04/16/90 7,860 776 7,084

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-L note 04/30/92 11,441 965 10,476

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-AD note 05/01/95 18,708 785 17,923

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 05/15/87 9,921 564 9,357

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-W note 05/16/94 21,750 3,715 18,035

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-M note 06/01/92 11,049 403 10,646

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AE note 05/31/95 18,937 1,015 17,922

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N note 06/30/92 11,054 430 10,624

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AF note 06/30/95 19,260 942 18,317

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/2%-F note 07/16/90 8,385 998 7,388

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-P note 07/31/92 12,104 400 11,704

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AG note 07/31/95 18,952 487 18,465

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-5/8%-B note 08/15/87 9,363 497 8,866

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-X note 08/15/94 20,250 2,383 17,868

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-Q note 08/31/92 11,109 674 10,435

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AH note 08/31/95 19,383 863 18,520

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-R note 09/30/92 12,139 566 11,573

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AJ note 10/02/95 19,117 1,036 18,079

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-3/4%-G note 10/15/90 8,860 896 7,964

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-S note 11/02/92 11,383 315 11,068

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AK note 10/31/95 18,840 602 18,238

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-C note 11/15/87 9,808 600 9,208

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/8%-Y note 11/15/94 20,861 3,730 17,131

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-T note 11/30/92 11,526 326 11,200

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-AL note 11/30/95 18,688 785 17,903

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-U note 12/31/92 12,163 551 11,612

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-AM note 01/02/96 19,164 930 18,234

Total. . . . . . . . . . . . . . . 507,645 31,839 475,807

1998

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-E note 01/15/91 9,126 878 8,248

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-J note 02/01/93 12,339 646 11,693

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-AB note 01/31/96 19,087 997 18,090

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8%-A note 02/15/88 9,159 440 8,719

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/4%-W note 02/15/95 21,080 3,789 17,291

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-K note 03/01/93 30,870 1,582 29,288

PUBLIC DEBT OPERATIONS 31
1998, con.

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-L note 03/31/93 13,149 1,295 11,854

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AD note 04/10/96 21,720 1,675 20,044

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-F note 04/15/91 8,788 585 8,204

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-M note 04/30/93 12,225 495 11,730

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-AE note 04/30/96 21,406 926 20,480

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9%-B note 05/15/88 9,165 478 8,687

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-X note 05/15/95 21,226 3,646 17,580

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/8%-N note 06/01/93 12,358 805 11,553

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AF note 05/31/96 21,110 771 20,339

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-P note 06/30/93 12,596 1,471 11,125

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AG note 07/01/96 22,054 1,462 20,592

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4%-G note 07/15/91 9,694 1,600 8,094

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-AH note 07/31/96 21,563 1,427 20,136

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-Q note 08/02/93 11,689 497 11,192

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4%-C note 08/15/88 11,343 1,011 10,332

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Y note 08/15/95 22,418 4,580 17,838

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-AJ-note 09/03/96 21,949 963 20,986

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-R note 08/31/93 13,019 689 12,330

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-AK-note 09/30/96 21,486 1,116 20,370

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-S note 09/30/93 12,576 944 11,632

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 10/15/91 10,268 969 9,300

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-3/4%-T note 11/01/93 13,023 858 12,165

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8-AL note 10/31/96 21,221 1,297 19,924

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-D note 11/15/88 9,903 535 9,368

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-1/2% bond 10/03/60 230 162 67

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-Z note 11/24/95 20,598 2,720 17,879

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-U note 11/30/93 12,115 939 11,176

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-AM note 12/02/96 20,532 410 20,122

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-AN note 12/31/96 20,615 956 19,659

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/8%-V note 12/31/93 12,444 1,580 10,865

Total. . . . . . . . . . . . . . . 564,144 45,194 518,952

1999

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/92 10,559 907 9,652

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-J note 01/31/94 12,901 377 12,524

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8%-A note 02/15/89 9,720 845 8,875

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5%-W note 02/15/96 21,997 3,522 18,475

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-K note 02/28/94 11,914 435 11,479

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-L note 03/31/94 12,780 1,875 10,905

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-F note 04/15/92 10,178 1,171 9,007

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 05/02/94 12,292 1,220 11,072

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8%-B note 05/15/89 10,047 1,178 8,870

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-N note 05/31/94 12,339 668 11,671

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-X note 05/15/96 23,360 2,910 20,450

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-P note 06/30/94 13,101 1,645 11,456

1999, con.

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, 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)

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, Dec. 31, 1996, 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)

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 1,271 11,139

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-Y-note 08/15/96 22,708 1,780 20,928

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8%-C note 08/15/89 10,164 863 9,301

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-R note 08/31/94 12,397 701 11,696

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-S note 09/30/94 12,836 1,199 11,637

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6%-H note 10/15/92 10,337 406 9,931

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/2%-T note 10/31/94 12,152 562 11,590

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8%-D note 11/15/89 10,774 687 10,087

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Z note 11/15/96 22,870 2,716 20,154

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-U note 11/30/94 11,934 462 11,472

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-V note 01/03/95 12,523 1,380 11,143

Total. . . . . . . . . . . . . . . 322,300 29,129 293,171

2000

Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 01/15/93 10,104 690 9,414

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-3/4%-G note 01/31/95 12,229 622 11,606

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-A note 02/15/90 10,673 832 9,841

Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1/8%-H note 02/28/95 12,496 935 11,561

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-J note 03/31/95 13,188 1,232 11,957

Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-F note 04/15/93 10,535 360 10,175

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4%-K note 05/01/95 12,433 868 11,566

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-7/8%-B note 05/15/90 10,496 480 10,016

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-L note 05/31/95 12,752 884 11,868

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-M note 06/30/95 12,464 770 11,694

July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-N note 07/31/95 12,339 446 11,893

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4%-C note 08/15/90 11,081 1,097 9,983

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P note 08/31/95 11,922 585 11,337

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-Q note 10/02/95 12,011 724 11,287

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-3/4%-R note 10/31/95 12,080 840 11,241

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2%-D note 11/15/90 11,520 866 10,654

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-S note 11/30/95 12,357 380 11,977

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/2%-T note 01/02/96 12,821 800 12,021

Total. . . . . . . . . . . . . . . 213,501 13,411 200,091

2001

Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1/4%-E note 01/31/96 12,816 800 12,016

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 11,313 703 10,610

Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-F note 02/29/96 12,820 800 12,020

Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-G note 04/10/96 14,181 1,571 12,610

Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-H note 04/30/96 13,780 940 12,840

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/8% bond 04/02/81 1,750 166 1,584

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8%-B note 05/15/91 12,398 942 11,456

May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-J note 05/31/96 13,722 771 12,951

June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-K-note 07/01/96 14,282 1,110 13,172

2001, con.

PUBLIC DEBT OPERATIONS 33
July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5/8%-L-note 07/31/96 14,137 700 13,437

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-C note 08/15/91 12,339 1,140 11,199

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-M note 09/03/96 14,000 525 13,475

Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-N-note 09/30/96 14,518 650 13,868

Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-P-note 10/31/96 14,640 635 14,005

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 1,568 22,658

Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7/8%-Q-note 12/02/96 14,031 190 13,841

Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/8%-R-note 12/31/96 13,971 600 13,371

Total. . . . . . . . . . . . . . . 233,931 14,401 219,531

2002

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14-1/4% bond 01/06/82 1,759 160 1,599

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 05/15/92 11,714 1,001 10,713

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-3/8%-B note 08/17/92 23,859 2,190 21,669

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-5/8% bond 09/29/82 2,753 348 2,405

Total. . . . . . . . . . . . . . . 40,085 3,699 36,386

2003

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 01/04/83 3,007 739 2,267

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/4%-A note 02/15/93 23,563 2,095 21,468

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/4% bond 04/04/83 3,249 306 2,943

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-1/8% bond 07/05/83 3,501 578 2,924

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-3/4%-B note 08/16/93 28,011 3,727 24,284

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-7/8% bond 10/05/83 7,260 779 6,480

Total. . . . . . . . . . . . . . . 68,591 8,224 60,366

2004

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-A note 02/15/94 12,955 550 12,405

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/8% bond 04/05/84 3,755 820 2,935

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-B note 05/16/94 14,440 1,896 12,545

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-3/4% bond 07/10/84 4,000 567 3,433

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4%-C note 08/15/94 13,346 1,015 12,331

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-5/8% bond 10/30/84 8,302 672 7,630

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8%-D note 11/15/94 14,374 1,894 12,480

Total. . . . . . . . . . . . . . . 71,172 7,414 63,759

2005

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2%-A note 02/15/95 13,835 1,150 12,685

May 15, 00-05 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 12% bond 04/02/85 4,261 344 3,916

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 9,270 982 8,288

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 6-1/2%-C note 08/15/95 15,003 1,800 13,203

2005, con.

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, 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)

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, Dec. 31, 1996, 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)

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 5-7/8%-D note 11/15/95 15,210 1,881 13,329

Total. . . . . . . . . . . . . . . 76,543 10,334 66,208

2006

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-3/8% bond 01/15/86 4,756 20 4,736

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-5/8%-A note 02/15/96 15,514 1,500 14,014

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7/8%-B note 05/15/96 16,015 1,810 14,205

July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7%-C-note 07/15/96 22,740 1,926 20,815

Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2%-D-note 10/15/96 22,460 1,845 20,615

Total. . . . . . . . . . . . . . . 81,485 7,101 74,385

2007

Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-7/8% bond 11/15/77 1,495 379 1,116

Total. . . . . . . . . . . . . . . 5,729 1,925 3,804

2008

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 1,703 3,527

Total. . . . . . . . . . . . . . . 7,333 2,492 4,841

2009

May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 05/15/79 4,606 993 3,613

Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Total. . . . . . . . . . . . . . . 8,807 2,069 6,738

2010

Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 02/15/80 2,494 858 1,636

May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10% bond 05/15/80 2,987 1,188 1,800

Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Total. . . . . . . . . . . . . . . 10,217 3,307 6,912

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 4,901 885 4,016

Total. . . . . . . . . . . . . . . 9,510 2,009 7,501

2012

Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 11,032 1,672 9,360

Total. . . . . . . . . . . . . . . 11,032 1,672 9,360

2013

Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 14,755 3,641 11,115

Total. . . . . . . . . . . . . . . 14,755 3,641 11,115

2014

May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 05/15/84 5,007 1,039 3,968

Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12-1/2% bond 08/15/84 5,128 1,006 4,123

Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-3/4% bond 11/15/84 6,006 1,195 4,811

Total. . . . . . . . . . . . . . . 16,141 3,240 12,902

2015

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, Dec. 31, 1996, 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)

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 11-1/4% bond 02/15/85 12,668 1,536 11,132

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 10-5/8% bond 08/15/85 7,150 905 6,245

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-7/8% bond 11/15/85 6,900 512 6,388

Total. . . . . . . . . . . . . . . 26,718 2,953 23,765

2016

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/4% bond 02/15/86 7,267 845 6,422

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 05/15/86 18,824 1,117 17,707

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 11/15/86 18,864 1,875 16,989

Total. . . . . . . . . . . . . . . 44,955 3,837 41,118

2017

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/87 18,194 893 17,301

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 08/17/87 14,017 896 13,121

Total. . . . . . . . . . . . . . . 32,211 1,789 30,422

2018

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9-1/8% bond 05/15/88 8,709 585 8,124

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 9% bond 11/22/88 9,033 256 8,777

Total. . . . . . . . . . . . . . . 17,742 841 16,901

2019

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-7/8% bond 02/15/89 19,251 583 18,668

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/89 20,214 2,039 18,175

Total. . . . . . . . . . . . . . . 39,465 2,622 36,843

2020

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/2% bond 02/15/90 10,229 731 9,498

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-3/4% bond 05/15/90 10,159 845 9,314

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-3/4% bond 08/15/90 21,419 1,213 20,206

Total. . . . . . . . . . . . . . . 41,807 2,789 39,018

2021

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-7/8% bond 02/15/91 11,113 713 10,400

May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 05/15/91 11,959 710 11,249

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 8-1/8% bond 08/15/91 12,163 522 11,641

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8% bond 11/15/91 32,798 880 31,918

Total. . . . . . . . . . . . . . . 68,033 2,825 65,208

2022

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/4% bond 08/17/92 10,353 521 9,832

Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 11/16/92 10,700 643 10,057

Total. . . . . . . . . . . . . . . 21,053 1,164 19,889

2023

Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/8% bond 02/15/93 18,374 1,137 17,237

Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-1/4% bond 08/16/93 22,909 1,232 21,677

Total. . . . . . . . . . . . . . . 41,283 2,369 38,914

2024

36 PUBLIC DEBT OPERATIONS
Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-1/2% bond 08/15/94 11,470 450 11,020

Total . . . . . . . . . . . . . . . 11,470 450 11,020

2025

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

 7-5/8% bond 02/15/95 11,725 700 11,025

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-7/8% bond 08/15/95 12,602 1,372 11,230

Total . . . . . . . . . . . . . . . 24,327 2,072 22,255

2026

Feb. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6% bond 02/15/96 12,905 1,203 11,702

Aug. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/4% bond 08/15/96 10,894 900 9,994

Nov. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/2% bond 11/15/96 11,493 3,470 8,023

Total . . . . . . . . . . . . . . . 35,292 5,573 29,719

TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, Dec. 31, 1996, 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 37
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 2 petitive basis 3 new offering new issues

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

See footnotes at end of table.

Regular weekly:

(13 week and 26 week)

1996 - Sept. 5 . . . . . . 1996 - Dec. 5 91 47,471.7 12,123.3 10,698.5 1,424.8 14,582.4 176,354.1

1997 - Mar. 6 182 45,765.6 12,121.3 10,907.8 1,213.5 15,392.2 349,422.1

12 . . . . . 1996 - Dec. 12 91 68,696.7 11,081.8 9,706.4 1,375.4 15,755.7 171,680.2

1997 - Mar. 13 182 44,435.6 11,191.7 10,093.2 1,098.5 12,746.6 347,867.2

19 . . . . . 1996 - Dec. 19 91 55,154.7 11,095.1 9,605.0 1,490.1 13,615.8 169,159.5

1997 - Mar. 20 182 42,694.8 11,104.8 9,821.9 1,282.9 13,550.1 345,421.9

26 . . . . . 1996 - Dec. 26 91 46,449.9 11,587.9 10,227.5 1,360.4 13,110.2 167,637.2

1997 - Mar. 27 182 44,433.4 11,548.8 10,277.7 1,271.1 13,545.0 343,425.7

Oct. 3 . . . . . . 1997 - Jan. 2 91 50,082.6 13,517.1 12,048.5 1,468.6 14,771.0 166,383.3

Apr. 3 182 50,995.7 13,670.5 12,442.4 1,228.1 13,589.0 343,507.2

10 . . . . . Jan. 9 91 43,329.8 13,116.3 11,610.1 1,506.2 14,619.0 164,880.6

Apr. 10 182 46,538.1 13,164.5 11,916.9 1,247.6 13,585.3 343,086.4

17 . . . . . Jan. 16 91 37,982.0 13,022.9 11,530.5 1,492.4 14,309.4 163,594.2

Apr. 17 182 37,236.2 13,058.9 11,891.3 1,167.6 10,568.2 345,577.1

24 . . . . . Jan. 23 91 48,594.0 13,121.8 11,779.3 1,342.5 13,673.8 163,042.2

Apr. 24 182 59,204.8 13,137.1 12,118.5 1,018.6 11,774.0 346,940.2

31 . . . . . Jan. 30 91 54,819.4 14,213.9 12,827.6 1,386.2 13,073.1 164,183.0

May 1 182 51,847.0 14,037.8 12,852.2 1,185.5 13,637.6 347,340.3

Nov. 7 . . . . . . Feb. 6 91 59,066.4 14,214.7 12,678.0 1,536.7 13,274.1 163,982.7

May 8 182 55,664.2 14,288.5 13,026.6 1,261.9 13,553.7 347,674.9

14 . . . . . Feb. 13 91 46,668.6 14,042.6 12,526.5 1,516.1 13,709.3 164,516.3

May 15 182 53,889.1 14,094.4 13,992.1 102.3 13,709.3 347,725.5

21 . . . . . Feb. 20 91 52,570.9 14,160.5 12,702.2 1,458.3 12,836.2 165,307.0

May 22 182 50,787.2 14,139.0 12,935.5 1,203.4 13,638.7 348,175.2

29 . . . . . Feb. 27 90 63,101.3 14,074.3 12,696.8 1,377.5 12,026.2 166,564.3

May 30 181 50,454.2 14,082.1 13,007.1 1,074.9 14,092.2 347,715.3

Dec. 5 . . . . . . Mar. 6 91 73,876.4 14,080.8 12,654.3 1,426.5 12,123.3 167,264.5

June 5 182 44,116.0 14,136.0 12,974.6 1,161.4 14,715.0 347,596.2

12 . . . . . Mar. 13 91 54,272.7 13,054.4 11,630.8 1,423.6 11,081.8 168,537.0

June 12 182 48,956.6 13,126.3 11,971.2 1,155.1 15,596.8 345,244.8

19 . . . . . Mar. 20 91 47,634.3 13,027.1 11,572.1 1,455.0 11,095.1 169,196.5

June 19 182 42,376.1 13,032.9 11,889.8 1,143.1 13,559.0 347,070.0

26 . . . . . Mar. 27 91 36,869.4 13,023.0 11,698.3 1,324.7 11,587.9 169,972.1

June 26 182 45,593.1 13,087.8 12,029.7 1,058.1 13,154.1 345,178.5

52 week:

1995 - Dec. 14 . . . . . 1996 - Dec. 12 364 49,995.6 18,792.2 18,006.7 785.5 17,078.4 237,927.1

1996 - Jan. 11 . . . . . 1997 - Jan. 9 364 57,799.9 18,910.5 17,953.2 957.3 17,351.2 239,486.4

Feb. 8 . . . . . . Feb. 6 364 58,950.5 18,899.7 17,841.6 1,058.1 17,455.2 240,930.9

Mar. 7 . . . . . . Mar. 6 364 39,126.6 18,795.1 17,820.2 974.9 17,352.4 242,373.6

Apr. 4 . . . . . . Apr. 3 364 56,041.7 18,944.6 17,953.2 1,148.6 17,574.2 243,744.0

May 2 . . . . . . May 1 364 53,986.3 19,461.4 17,841.6 1,024.3 17,953.4 245,252.0

May 30 . . . . . May 29 364 55,662.8 19,327.0 17,820.2 1,045.4 18,579.6 244,490.7

June 27 . . . . . June 26 364 56,160.4 19,596.1 17,820.2 996.4 19,322.4 245,524.9

July 25 . . . . . July 24 364 49,393.5 20,184.9 19,238.4 946.5 18,359.0 247,350.8

Aug. 22 . . . . . Aug. 21 364 49,972.9 20,571.4 19,655.0 916.4 18,464.3 249,457.9

Sept. 19 . . . . . Sept. 18 364 52,210.1 19,906.7 19,037.3 869.4 19,275.3 250,089.3

Oct. 17 . . . . . Oct. 16 364 49,840.5 20,190.4 19,425.4 765.0 18,482.5 251,797.2

Nov. 14 . . . . . Nov. 13 364 58,249.9 20,141.8 19,422.3 719.5 18,869.7 253,069.3

Dec. 12 . . . . . Dec. 11 364 45,506.0 20,542.5 19,734.5 808.0 18,006.7 255,605.1

Cash management:

1996 - Nov. 1 . . . . . . 1996 - Dec. 19 48 54,346.5 17,047.5 - - - 30,010.4

15 . . . . . Dec. 19 34 61,367.9 13,217.3 - - - 43,227.7

Dec. 3 . . . . . . Dec. 17 14 44,395.0 9,059.8 - - - 52,287.5

38 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 $1,000,000 or less from any one bidder

are accepted in full at average price or accepted competitive bids; for other issues, the

corresponding amount is stipulated in each offering announcement.

4 Equivalent coupon-issue yield.

5

 Except $1,890,000 at 98.761 percent.

6

 Except $5,000,000 at 94.924 percent and $1,000,000 at 94.944 percent.

Regular weekly:

1996 - Sept. 5 . . . . . 98.688 5.19 5.33 5.19 98.688 5.17 98.693

97.280 5.38 5.61 5.38 97.280 5.36 97.290

12 . . . . 98.693 5.17 5.31 5.17 98.693 5.16 98.696

97.321 5.30 5.52 5.30 97.321 5.28 97.331

19 . . . . 98.718 5.07 5.21 5.07 98.718 5.06 98.721

97.376 5.19 5.40 5.19 97.376 5.17 97.386

26 . . . . 98.691 5.18 5.32 5.18 98.691 5.16 98.696

97.321 5.30 5.52 5.30 97.321 5.29 97.326

Oct. 3 . . . . . 98.734 5.01 5.14 5.01 98.734 5.00 98.736

97.388 5.17 5.38 5.18 97.381 5.16 97.391

10 . . . . 98.746 4.96 5.09 4.96 98.746 5

 4.92 98.756

97.437 5.07 5.28 5.08 97.432 5.05 97.447

17 . . . . 98.734 5.01 5.14 5.02 98.731 4.99 98.739

97.417 5.11 5.32 5.12 97.412 5.11 97.417

24 . . . . 98.734 5.01 5.14 5.01 98.734 4.98 98.741

97.412 5.12 5.33 5.13 97.407 5.11 97.417

31 . . . . 98.726 5.04 5.18 5.04 98.726 5.00 98.736

97.396 5.15 5.36 5.15 97.396 5.13 97.407

Nov. 7 . . . . . 98.726 5.04 5.18 5.04 98.726 5.03 98.729

97.432 5.08 5.29 5.08 97.432 5.06 97.442

14 . . . . 98.731 5.02 5.16 5.02 98.731 4.99 98.739

97.437 5.07 5.28 5.07 97.437 5.06 97.442

21 . . . . 98.729 5.03 5.16 5.03 98.729 5.01 98.734

97.437 5.07 5.28 5.07 97.437 5.06 97.442

29 . . . . 98.743 5.03 5.16 5.03 98.743 5.02 98.745

97.451 5.07 5.27 5.07 97.451 5.05 97.461

Dec. 5 . . . . . 98.741 4.98 5.11 4.98 98.741 4.97 98.744

97.452 5.04 5.24 5.04 97.452 5.02 97.462

12 . . . . 98.779 4.83 4.96 4.83 98.779 4.82 98.782

97.487 4.97 5.17 4.98 97.482 4.96 97.492

19 . . . . 98.797 4.76 4.88 4.77 98.794 4.74 98.802

97.477 4.99 5.19 4.99 97.477 4.97 97.487

26 . . . . 98.756 4.92 5.05 4.93 98.754 4.88 98.766

97.432 5.08 5.29 5.08 97.432 5.06 97.442

52 week:

1995 - Dec. 14 . . . . 94.884 5.06 5.35 5.06 94.884 5.04 94.904

1996 - Jan. 11 . . . . 95.056 4.89 5.16 4.89 95.056 4.88 95.066

Feb. 8 . . . . . 95.308 4.64 4.89 4.64 95.308 4.62 95.329

Mar. 7 . . . . . 94.965 4.98 5.25 4.99 94.955 4.95 94.995

Apr. 4 . . . . . 94.773 5.17 5.46 5.17 94.773 5.15 94.793

May 2 . . . . . 94.641 5.30 5.60 5.31 94.631 5.29 94.651

May 30 . . . . 94.621 5.32 5.62 5.32 94.621 5.30 94.641

June 27 . . . . 94.378 5.56 5.89 5.57 94.368 5.55 94.388

July 25 . . . . 94.449 5.49 5.81 5.49 94.449 5.47 94.469

Aug. 22 . . . . 94.580 5.36 5.67 5.36 94.580 5.34 94.601

Sept. 19 . . . . 94.368 5.57 5.90 5.57 94.368 5.56 94.378

Oct. 17 . . . . 94.601 5.34 5.64 5.35 94.591 5.33 94.611

Nov. 14 . . . . 94.742 5.20 5.49 5.21 94.732 6

 5.19 94.752

Dec. 12 . . . . 94.783 5.16 5.45 5.16 94.783 5.13 94.813

Cash management:

1996 - Nov. 1 . . . . . 99.311 5.17 5.28 5.18 99.309 5.15 99.313

15 . . . . 99.509 5.20 5.30 5.20 99.509 5.19 99.510

Dec. 3 . . . . . 99.799 5.18 5.25 5.19 99.798 5.16 99.799

PUBLIC DEBT OPERATIONS 39
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) 2 tendered issued 3,4 and bonds

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

01/05/95 01/12/95 6.86% bill--01/11/96 364d 49,929 17,349

01/24/95 01/31/95 7-1/2% note--01/31/97-Z 2y 52,018 18,998 7

01/25/95 01/31/95 7-3/4% note--01/31/00-G 5y 34,143 12,226 8

02/02/95 02/09/95 6.59% bill--02/08/96 364d 51,445 17,452

02/07/95 02/15/95 7-1/4% note--02/15/98-W 3y 50,836 21,078 9

02/08/95 02/15/95 7-1/2% note--02/15/05-A 10y 29,807 5 13,834 10

02/09/95 02/15/95 7-5/8% bond--02/15/25 30y 30,681 5 11,725 11

02/09/95 02/15/95 5.76% bill--04/20/95-reopening 64d 50,051 9,118

02/22/95 02/28/95 6-7/8% note--02/28/97-AB 2y 43,401 18,805 12

02/23/95 02/28/95 7-1/8% note--02/29/00-H 5y 28,709 12,486 13

03/01/95 03/07/95 5.81% bill--03/16/95-reopening 9d 38,684 8,033

03/02/95 03/09/95 6.16% bill--03/07/96 364d 48,316 17,351

03/28/95 03/31/95 6-5/8% note--03/31/97-AC 2y 44,394 19,352 14

03/29/95 03/31/95 6-7/8% note--03/31/00-J 5y 26,061 13,186 15

03/30/95 04/03/95 5.97% bill--04/20/95-reopening 17d 100,412 25,109

03/30/95 04/06/95 6.02% bill--04/04/96 364d 43,046 17,574

04/25/95 05/01/95 6-1/2% note--04/30/97-AD 2y 42,158 18,706 16

04/26/95 05/01/95 6-3/4% note--04/30/00-K 5y 35,573 12,433 17

04/27/95 05/04/95 5.90% bill--05/02/96 364d 64,539 17,953

05/09/95 05/15/95 6-1/8% note--05/15/98-X 3y 38,313 21,223 18

05/10/95 05/15/95 6-1/2% note--05/15/05-B 10y 23,167 5 14,739 19

05/11/95 05/15/95 5.81% bill--06/22/95-reopening 38d 66,505 17,136

05/23/95 05/31/95 6-1/8% note--05/31/97-AE 2y 48,653 18,936 20

05/24/95 05/31/95 6-1/4% note--05/31/00-L 5y 30,382 12,752 21

05/25/95 06/01/95 5.54% bill--05/30/96 364d 42,863 18,579

05/31/95 06/02/95 5.85% bill--06/15/95-reopening 13d 57,101 17,126

06/22/95 06/29/95 5.22% bill--06/27/96 364d 42,836 19,321

06/27/95 06/30/95 5-5/8% note--06/30/97-AF 2y 43,818 19,256 22

06/28/95 06/30/95 5-7/8% note--06/30/00-M 5y 33,504 12,463 23

07/20/95 07/27/95 5.38% bill--07/25/96 364d 43,776 18,359

07/25/95 07/31/95 5-7/8% note--07/31/97-AG 2y 42,293 18,951 24

07/26/95 07/31/95 6-1/8% note--07/31/00-N 5y 31,033 12,338 25

08/08/95 08/15/95 5-7/8% note--08/15/98-Y 3y 42,039 22,418 26

08/09/95 08/15/95 6-1/2% note--08/15/05-C 10y 34,029 5 15,003 27

08/10/95 08/15/95 6-7/8% bond--08/15/25 30y 28,442 5 12,602 28

08/17/95 08/24/95 5.55% bill--08/22/96 364d 51,494 18,464

08/22/95 08/31/95 6% note--08/31/97-AH 2y 50,282 19,383 29

08/23/95 08/31/95 6-1/4% note--08/31/00-P 5y 28,072 11,922 30

08/31/95 09/01/95 5.58% bill--09/21/95-reopening 20d 65,751 18,031

09/06/95 09/07/95 5.65% bill--09/15/95 8d 30,076 5,000

09/14/95 09/21/95 5.21% bill--09/19/96 364d 58,636 19,275

09/26/95 10/02/95 5-3/4% note--09/30/97-AJ 2y 37,619 19,116 31

09/27/95 10/02/95 6-1/8% note--09/30/00-Q 5y 27,544 12,011 32

10/12/95 10/19/95 5.30% bill--10/17/96 364d 57,319 18,482

10/24/95 10/31/95 5-5/8% note--10/31/97-AK 2y 48,533 18,840 33

10/25/95 10/31/95 5-3/4% note--10/31/00-R 5y 32,407 12,081 34

11/02/95 11/03/95 5.37% bill--12/21/95-reopening 48d 29,372 6,008

11/02/95 11/03/95 5.30% bill--01/25/96-reopening 83d 33,200 8,061

11/14/95 11/15/95 5.77% bill--11/24/95-reopening 9d 56,685 35,706

11/14/95 11/15/95 5.64% bill--12/21/95-reopening 36d 55,750 26,053

11/15/95 11/16/95 5.15% bill--11/14/96 364d 49,175 18,872

11/20/95 11/24/95 5-1/2% note--11/15/98-Z 3y 55,665 20,598 35

11/21/95 6 11/24/95 5-7/8% note--11/15/05-D 10y 31,730 5 15,210 36

11/28/95 11/30/95 5-3/8% note--11/30/97-AL 2y 55,484 18,687 37

11/29/95 11/30/95 5-5/8% note--11/30/00-S 5y 31,773 12,357 38

11/30/95 12/01/95 5.63% bill--12/14/95-reopening 13d 35,646 10,017

11/30/95 12/01/95 5.39% bill--12/28/95-reopening 27d 35,232 10,007

12/07/95 12/14/95 5.06% bill--12/12/96 364d 49,996 18,792

12/20/95 01/02/96 5-1/4% note--12/31/97-AM 2y 40,661 19,165 39

12/21/95 01/02/96 5-1/2% note--12/31/00-T 5y 31,507 12,821 40

01/04/96 01/11/96 4.89% bill--01/09/97 364d 57,800 18,910

01/23/96 01/31/96 5% note--01/31/98-AB 2y 45,650 19,087 41

40 PUBLIC DEBT OPERATIONS
01/24/96 01/31/96 5-1/4% note--01/31/01-E 5y 27,500 12,816 42

02/01/96 02/08/96 4.64% bill--02/06/97 364d 58,951 18,900

02/06/96 02/15/96 5% note--02/15/99-W 3y 52,932 21,997 43

02/07/96 02/15/96 5-5/8% note--02/15/06-A 10y 29,711 5 15,514 44

02/08/96 02/15/96 6% bond--02/15/26 30y 25,590 5 12,905 45

02/08/96 02/15/96 5.14% bill--02/22/96-reopening 7d 41,694 8,055

02/22/96 02/23/96 5.02% bill--04/18/96-reopening 55d 85,706 29,192

02/27/96 02/29/96 5-1/8% note--02/28/98-K-reopening 2y 43,564 19,184 46

02/28/96 02/29/96 5-5/8% note--02/28/01-F 5y 26,829 12,820 47

02/28/96 03/01/96 5.06% bill--03/14/96-reopening 13d 32,082 6,003

02/29/96 03/07/96 4.98% bill--03/06/97 364d 39,127 18,795

03/13/96 03/14/96 5.11% bill--04/25/96-reopening 42d 47,387 9,060

04/01/96 04/01/96 5.31% bill--04/10/96 9d 61,735 33,111

04/02/96 04/03/96 5.29% bill--04/18/96-reopening 15d 41,567 14,008

04/02/96 04/03/96 5.25% bill--04/25/96-reopening 22d 39,872 11,062

04/02/96 04/04/96 5.17% bill--04/03/97 364d 56,042 18,943

04/08/96 04/10/96 6-1/8% note--03/31/98-AD 2y 38,769 21,719 48

04/09/96 04/10/96 6-3/8% note--03/31/01-G 5y 33,365 14,181 49

04/23/96 04/30/96 5-7/8% note--04/30/98-AE 2y 50,232 21,405 50

04/24/96 04/30/96 6-1/4% note--04/30/01-H 5y 30,958 13,779 51

04/25/96 05/02/96 5.30% bill--05/01/97 364d 53,986 19,461

05/07/96 05/15/96 6-3/8% note--05/15/99-X 3y 42,974 23,360 52

05/08/96 05/15/96 6-7/8% note--05/15/06-B 10y 35,543 5 16,015 53

05/09/96 05/15/96 5.05% bill--06/20/96-reopening 36d 57,628 13,045

05/23/96 05/30/96 5.32% bill--05/29/97 364d 55,663 19,326

05/29/96 05/31/96 6% note--05/31/98-AF 2y 46,623 21,107 54

05/30/96 05/31/96 6-1/2% note--05/31/01-J 5y 33,746 13,720 55

05/30/96 06/03/96 5.17% bill--06/13/96-reopening 10d 29,435 7,011

05/30/96 06/03/96 5.20% bill--06/18/96 15d 52,006 23,086

06/20/96 06/27/96 5.56% bill--06/26/97 364d 56,325 19,595

06/25/96 07/01/96 6-1/4% note--06/30/98-AG 2y 51,295 22,053 56

06/26/96 07/01/96 6-5/8% note--06/30/01-K 5y 31,171 14,282 57

07/09/96 07/15/96 7% note--07/15/06-C 10y 28,149 5 11,536 58

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 59

07/24/96 07/31/96 6-5/8% note--07/31/01-L 5y 28,686 14,136 60

08/06/96 08/15/96 6% note--08/15/99-Y 3y 47,376 22,708 61

08/07/96 6 08/15/96 7% note--07/15/06-C-reopening 9y 11m 23,393 5 11,200 62

08/08/96 08/15/96 6-3/4% bond--08/15/26 30y 23,513 5 10,899 63

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 64

08/28/96 09/03/96 6-1/2% note--08/31/01-M 5y 28,179 13,999 65

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 66

09/26/96 09/30/96 6-3/8% note--09/30/01-N 5y 34,192 14,516 67

10/08/96 10/15/96 6-1/2% note--10/15/06-D 10y 24,360 5 10,985 68

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 69

10/23/96 10/31/96 6-1/4% note--10/31/01-P 5y 31,319 14,639 70

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 71

11/06/96 6 11/15/96 6-1/2% note--10/15/06-D-reopening 9y 11m 25,533 5 11,473 72

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 73

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 74

11/20/96 12/02/96 5-7/8% note--11/30/01-Q 5y 37,348 14,031 75

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 76

12/19/96 12/31/96 6-1/8% note--12/31/01-R 5y 36,362 13,970 77

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) 2 tendered issued 3,4 and bonds

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

See footnotes at end of table.

PUBLIC DEBT OPERATIONS 41
1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank

discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill

offerings, see table PDO-2. 

2

 From date of additional issue in case of a reopening.

3 In reopenings the amount issued is in addition to the amount of original offerings. 

4 Includes securities issued to U.S. Government accounts and Federal Reserve banks; and to

foreign and international monetary authorities, whether in exchange for maturing securities or

for new cash. 

5 Eligible for STRIPS.

6

 Interest began to accrue before the issue date (settlement date) of this loan. 

7

 Accepted yields ranged up to 7.57% (price 99.872) in this single-price auction.

8 Accepted yields ranged up to 7.79% (price 99.837) in this single-price auction.

9

 Yields accepted ranged from 7.30% (price 99.867) up to 7.34% (price 99.762) with the average

at 7.34% (price 99.762).

10 Yields accepted ranged from 7.54% (price 99.723) up to 7.55% (price 99.653) with the

average at 7.54% (price 99.723).

11 Yields accepted ranged from 7.65% (price 99.708) up to 7.66% (price 99.591) with the

average at 7.65% (price 99.708).

12 Accepted yields ranged up to 6.999% (price 99.772) in this single-price auction.

13 Accepted yields ranged up to 7.125% (price 100.000) in this single-price auction.

14 Accepted yields ranged up to 6.717% (price 99.830) in this single-price auction.

15 Accepted yields ranged up to 6.994% (price 99.505) in this single-price auction.

16 Accepted yields ranged up to 6.524% (price 99.956) in this single-price auction.

17 Accepted yields ranged up to 6.815% (price 99.729) in this single-price auction.

18 Yields accepted ranged from 6.140% (price 99.959) up to 6.200% (price 99.798) with the

average at 6.165% (price 99.892).

19 Yields accepted ranged from 6.576% (price 99.449) up to 6.680% (price 98.702) with the

average at 6.608% (price 99.219).

20 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction.

21 Accepted yields ranged up to 6.250% (price 100.000) in this single-price auction. 22 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction.

23 Accepted yields ranged up to 5.905% (price 99.872) in this single-price auction.

24 Accepted yields ranged up to 5.955% (price 99.851) in this single-price auction.

25 Accepted yields ranged up to 6.219% (price 99.601) in this single-price auction.

26 Yields accepted ranged from 5.950% (price 99.797) up to 6.019% (price 99.610) with the

average at 5.997% (price 99.670).

27 Yields accepted ranged from 6.498% (price 100.015) up to 6.508% (price 99.942) with the

average at 6.501% (price 99.993).

28 Yields accepted ranged from 6.895% (price 99.748) up to 6.909% (price 99.572) with the

average at 6.906% (price 99.610).

29 Accepted yields ranged up to 6.090% (price 99.833) in this single-price auction. 30 Accepted yields ranged up to 6.370% (price 99.493) in this single-price auction. 31 Accepted yields ranged up to 5.860% (price 99.796) in this single-price auction. 32 Accepted yields ranged up to 6.141% (price 99.932) in this single-price auction. 33 Accepted yields ranged up to 5.705% (price 99.851) in this single-price auction.

34 Accepted yields ranged up to 5.810% (price 99.743) in this single-price auction.

35 Yields accepted ranged from 5.543% (price 99.884) up to 5.550% (price 99.865) with the

average at 5.549% (price 99.867).

36 Yields accepted ranged from 5.890% (price 99.884) up to 5.910% (price 99.735) with the

average at 5.900% (price 99.810).

37 Accepted yields ranged up to 5.479% (price 98.806) in this single-price auction. 38 Accepted yields ranged up to 5.625% (price 100.000) in this single-price auction.

39 Accepted yields ranged up to 5.289% (price 99.927) in this single-price auction.

40 Accepted yields ranged up to 5.550% (price 99.784) in this single-price auction.

41 Accepted yields ranged up to 5.068% (price 99.872) in this single-price auction.

42 Accepted yields ranged up to 5.360% (price 99.523) in this single-price auction. 43 Yields accepted ranged from 5.037% (price 99.898) up to 5.046% (price 99.873) with the

average at 5.043% (price 99.882).

44 Yields accepted ranged from 5.639% (price 99.894) up to 5.660% (price 99.736) with the

average at 5.649% (price 99.819).

45 Yields accepted ranged from 6.110% (price 98.496) up to 6.130% (price 98.226) with the

average at 6.119% (price 98.374).

46 Accepted yields ranged up to 5.235% (price 99.794) in this single-price auction.

47 Accepted yields ranged up to 5.680% (price 99.763) in this single-price auction.

48 Accepted yields ranged up to 6.144% (price 99.965) in this single-price auction.

49 Accepted yields ranged up to 6.415% (price 99.832) in this single-price auction. 50 Accepted yields ranged up to 5.939% (price 99.881) in this single-price auction. 51 Accepted yields ranged up to 6.279% (price 99.877) in this single-price auction.

52 Yields accepted ranged from 6.350% (price 100.067) up to 6.400% (price 99.933) with the

average at 6.390% (price 99.960).

53 Yields accepted ranged from 6.890% (price 99.893) up to 6.906% (price 99.779) with the

average at 6.902% (price 99.807).

54 Accepted yields ranged up to 6.053% (price 99.902) in this single-price auction. 55 Accepted yields ranged up to 6.565% (price 99.727) in this single-price auction. 56Accepted yields ranged up to 6.300% (price 99.908) in this single-price auction.

57 Accepted yields ranged up to 6.674% (price 99.795) in this single-price auction.

58 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).

59 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction.

60 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction.

61 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).

62 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).

63 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).

64 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 65 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 66 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction.

67 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction.

68 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).

69 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction.

70 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction.

71 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).

72 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).

73 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).

74 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction.

75 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 76 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction.

77 Accepted yields ranged up to 6.165% (price 99.830) 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. 

TABLE PDO-3.--Public Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills, con.

42 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.

05/01/95 6-1/2% note--04/30/97-AD 18,708 350 928 838 3 10 1,888 4 * 6 13,467 1,215

05/01/95 6-3/4% note--04/30/00-K 12,433 352 367 358 3 1 1,674 3 * 3 9,007 666

05/15/95 6-1/8% note--05/15/95-X 21,226 3,444 230 704 84 4 994 6 1 3 15,330 427

05/15/95 6-1/2% note--05/15/05-B 14,740 2,000 514 393 7 - 688 1 1 5 10,813 318

05/31/95 6-1/8% note--05/31/97-AE 18,937 600 489 700 43 4 2,199 3 1 3 13,627 1,267

05/31/95 6-1/4% note--05/31/00-L 12,752 627 439 277 34 20 1,131 22 - 20 9,196 985

06/30/95 5-5/8% note--06/30/97-AF 19,260 692 707 864 3 3 1,332 3 * 6 13,779 1,871

06/30/95 5-7/8% note--06/30/00-M 12,464 700 596 202 - - 575 2 * - 9,774 615

07/31/95 5-7/8% note--07/31/97-AG 18,952 287 657 618 1 5 1,619 1 1 4 14,509 1,249

07/31/95 6-1/8% note--07/31/00-N 12,339 275 753 255 15 2 715 2 - 23 9,283 1,017

08/15/95 5-7/8% note--08/15/98-Y 22,419 4,180 294 719 122 1 1,050 2 * 2 15,334 715

08/15/95 6-1/2% note--08/15/05-C 15,003 1,800 279 586 31 - 579 * - - 11,493 235

08/15/95 6-7/8% note--08/15/25 12,602 1,100 95 368 - - 35 * * 5 10,955 44

08/31/95 6% note--08/31/97-AH 19,383 375 401 656 6 4 831 3 * 5 15,690 1,412

08/31/95 6-1/4% note--08/31/00-P 11,922 350 185 767 8 * 655 1 1 1 9,748 205

10/02/95 5-3/4% note--09/30/97-AJ 19,117 818 583 682 2 5 1,267 2 * 13 14,909 837

10/02/95 6-1/8% note--09/30/00-Q 12,011 450 313 208 22 * 1,528 4 - 2 9,400 85

10/31/95 5-5/8% note--10/31/97-AK 18,840 550 1,115 564 1 2 705 1 * 4 15,013 886

10/31/95 5-3/4% note--10/31/00-R 12,080 537 184 186 2 * 626 1 * 2 9,779 762

11/24/95 5-1/2% note--11/15/98-Z 20,598 2,485 942 719 142 5 3,441 3 * 1 12,543 319

11/15/95 5-7/8% note--11/15/05-D 15,210 1,700 43 311 2 - 253 * * 5 12,362 534

11/30/95 5-3/8% note--11/30/97-AL 18,688 403 644 495 2 2 3,261 1 1 2 12,791 1,087

11/30/95 5-5/8% note--11/30/00-S 12,357 350 455 170 203 * 1,670 * 1 * 9,022 486

01/02/96 5-1/4% note--12/31/97-AM 19,164 880 432 469 * 3 1,164 1 * 2 15,461 752

01/02/96 5-1/2% note--12/31/00-T 12,821 800 600 100 * * 1,082 5 * 2 10,012 220

01/31/96 5% note--01/31/98-AB 19,087 807 217 798 1 * 3,019 1 1 1 13,044 1,198

01/31/96 5-1/4% note--01/31/01-E 12,816 800 399 168 15 * 1,106 1 * 1 9,873 453

02/15/96 5% note--02/15/99-W 21,997 3,472 96 465 76 1 2,348 3 * 2 15,280 254

02/15/96 5-5/8% note--02/15/06-A 15,514 1,500 136 301 1 - 1,410 3 * 5 11,767 391

02/15/96 6% bond--02/15/26 12,905 900 291 249 - - 1,297 * * 5 9,968 195

02/29/96 5-1/8% note--02/28/98-K 19,185 903 301 566 * 1 333 1 * 4 16,012 1,064

02/29/96 5-5/8% note--02/28/01-F 12,820 800 121 516 15 * 1,055 26 * 1 10,128 158

PUBLIC DEBT OPERATIONS 43
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)

04/10/96 6-1/8% note--03/31/98-AD 21,720 1,598 2,177 1,046 * 6 597 3 * 4 14,268 2,021

04/10/96 6-3/8% note--03/31/01-G 14,181 1,500 173 502 3 * 1,198 6 1 3 9,730 1,065

04/30/96 5-7/8% note--04/30/98-AE 21,406 926 804 1,152 * 2 3,483 3 * 7 13,287 1,742

04/30/96 6-1/4% note--04/30/01-H 13,780 800 70 319 1 * 1,238 1 * * 10,601 750

05/15/96 6-3/8% note--05/15/99-X 23,360 2,602 211 693 * 3 2,906 2 * 4 14,818 2,121

05/15/96 6-7/8% note--05/15/06-B 16,015 1,700 202 378 2 * 3,981 1 * * 9,452 299

05/31/96 6% note--05/31/98-AF 21,110 596 475 1,282 3 5 1,008 6 1 5 15,743 1,986

05/31/96 6-1/2% note--05/31/01-J 13,722 550 116 432 * 2 1,026 3 * 2 10,595 996

07/01/96 6-1/4% note--06/30/98-AG 22,054 1,177 462 1,387 451 4 2,215 6 - 7 14,293 2,052

07/01/96 6-5/8% note--06/30/01-K 14,282 1,000 173 532 * * 4,339 8 1 * 7,304 925

07/15/96 7% note--07/15/06-C 11,536 721 794 334 - * 2,972 * * 5 5,905 805

07/31/96 6-1/4% note--07/31/98-AH 21,563 1,900 419 1,362 1 1 4,767 7 * 6 1,169 11,930

07/31/96 6-5/8% note--07/31/01-L 14,137 700 320 482 - * 1,348 1 * * 10,294 993

08/15/96 6% note--08/15/99-Y 22,708 1,780 95 498 42 * 2,271 4 1 2 15,870 2,144

08/15/96 7% note--07/15/06-C- 11,204 900 382 351 - * 1,062 * - 6 7,744 759

 reopening

08/15/96 6-3/4% bond--08/15/26 10,894 900 10 248 - - 808 6 * * 8,916 5

09/03/96 6-1/8% note--08/31/98-AJ 21,949 784 479 1,286 2 1 1,875 12 * 7 14,716 2,787

09/03/96 6-1/2% note--08/31/01-M 14,000 525 115 481 * 1 22 * * 1 11,823 1,032

09/30/96 6% note--09/30/98-AK 21,485 2,250 756 1,252 1 1 1,896 8 * 7 13,853 1,461

09/30/96 6-3/8% note--09/30/01-N 14,519 650 62 433 - * 32 4 * * 11,982 1,355

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

* 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.

44 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

U.S. Gov’t.

Total amount accounts

Date of Average rate issued and Federal Commercial Dealers and

Date of maturity (percent) 52-week series Reserve banks 1 banks Corporations 2 brokers All other 3

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

1

 Includes trust funds and accounts that comprise Government accounts under the unified

budget concept.

2

 Exclusive of banks and insurance companies.

3 Included with “All other” investors are certain Government deposit accounts and Governmentsponsored agencies, formerly included with Government accounts.

 Note.--For detail of offerings, see table PDO-3. 

12/15/94 12/14/95 6.75 17,078 4,200 947 89 10,213 1,629

01/12/95 01/11/96 6.86 17,351 4,250 288 215 10,958 1,640

02/09/95 02/08/96 6.59 17,455 4,400 943 700 9,304 2,108

03/09/95 03/07/96 6.16 17,352 4,250 311 379 10,676 1,736

04/06/95 04/04/96 6.02 17,574 4,450 814 262 10,384 1,664

05/04/95 05/02/96 5.90 17,953 4,650 376 409 10,749 1,769

06/01/95 05/30/96 5.54 18,580 4,450 675 539 11,130 1,786

06/29/95 06/27/96 5.22 19,321 3,200 672 129 11,820 3,500

07/27/95 07/25/96 5.38 18,359 4,650 1,123 420 11,006 1,159

08/24/95 08/22/96 5.55 18,464 4,800 330 448 11,549 1,338

09/21/95 09/19/96 5.21 19,275 4,800 638 367 11,452 2,017

10/19/95 10/17/96 5.30 18,482 4,500 512 149 12,295 1,027

11/16/95 11/14/96 5.15 18,873 4,700 269 49 13,164 691

12/14/95 12/12/96 5.06 18,792 4,450 269 687 12,700 687

01/11/96 01/09/97 4.89 18,910 4,550 880 810 11,619 1,051

02/08/96 02/06/97 4.64 18,900 4,500 208 536 12,693 963

03/07/96 03/06/97 4.98 18,795 4,400 240 314 12,909 932

04/04/96 04/03/97 5.17 18,945 4,750 202 326 11,270 2,397

05/02/96 05/01/97 5.30 19,461 4,800 145 610 12,671 1,235

05/30/96 05/29/97 5.32 19,327 5,150 685 121 12,110 1,261

06/27/96 06/26/97 5.56 19,596 4,800 672 238 11,290 2,596

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

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

PUBLIC DEBT OPERATIONS 45
TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through Dec. 31, 1996

[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 1 bearing 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. . . . . . . 340,786 181,172 521,958 337,547 196,654 2,284

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 . . . . . . . . . . . . . . . . . 862 673 1,535 1,162 341 -

Total . . . . . . . . . . . . . . . . . . . . . . . 377,549 184,222 561,771 376,981 196,995 2,288

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:

1935-92 . . . . . . . . . . 336,713 145,255 481,968 331,600 261,483 70,117 148,604 1,720

1993 . . . . . . . . . . . . 17,262 9,292 26,554 7,790 4,965 2,825 167,373 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

Calendar years:

1935-92 . . . . . . . . . . 343,145 147,459 464,130 333,355 262,611 70,744 155,297 1,969

1993 . . . . . . . . . . . . 13,370 9,453 22,822 8,146 5,106 3,040 169,775 2,145

1994 . . . . . . . . . . . . 8,999 9,446 18,445 9,896 6,178 3,717 178,138 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 2,056 5,803 182,781 4,222

1995 - Dec. . . . . . . . . . 613 768 1,381 925 439 486 182,266 2,724

1996 - Jan. . . . . . . . . . 614 909 1,523 1,300 733 567 182,584 2,628

Feb. . . . . . . . . . 539 829 1,368 988 497 490 183,037 2,547

Mar. . . . . . . . . . 462 787 1,249 998 576 422 183,337 2,498

Apr. . . . . . . . . . 564 1,040 1,604 1,138 662 476 183,826 2,456

May . . . . . . . . . 462 688 1,162 1,079 613 466 183,938 2,415

June . . . . . . . . . 426 715 1,141 1,001 552 449 184,114 2,378

July. . . . . . . . . . 461 851 1,312 1,164 690 474 184,292 2,348

Aug. . . . . . . . . . 417 777 1,194 1,137 660 477 184,379 2,319

Sept.. . . . . . . . . 379 724 1,103 1,021 572 449 184,488 2,292

Oct. . . . . . . . . . 481 974 1,455 1,309 758 550 184,642 2,268

Nov. . . . . . . . . . 451 656 1,107 1,059 566 493 184,719 2,240

Dec. . . . . . . . . . 572 686 1,258 1,214 724 490 182,781 4,222

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 1 bearing 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.

46 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

Calendar years:

1952-92 . . . . . . . . . . 13,511 - 13,511 18,156 18,156 - 15,194 10,573 25

1993 . . . . . . . . . . . . -18 - -18 482 482 - 1,070 11,143 25

1994 . . . . . . . . . . . . 1 - 1 592 592 - 855 11,407 24

1995 . . . . . . . . . . . . 42 - 42 901 901 - 1,093 11,576 24

1996 . . . . . . . . . . . . 49 - 49 789 789 - 1,266 12,038 23

1995 - Dec. . . . . . . . . . 5 - 5 52 52 - 70 11,576 24

1996 - Jan. . . . . . . . . . 16 - 16 65 65 - 87 11,615 22

Feb. . . . . . . . . . 5 - 5 64 64 - 110 11,657 20

Mar. . . . . . . . . . -3 - -3 66 66 - 114 11,704 20

Apr. . . . . . . . . . 17 - 17 67 67 - 117 11,752 19

May . . . . . . . . . -13 - -13 70 70 - 126 11,797 18

June . . . . . . . . . -4 - 4 52 52 - 92 11,851 18

July. . . . . . . . . . 10 - 10 73 73 - 99 11,887 17

Aug. . . . . . . . . . -9 - -9 72 72 - 115 11,920 16

Sept.. . . . . . . . . -1 - -1 59 59 - 95 11,956 16

Oct. . . . . . . . . . 16 - 16 71 71 - 109 11,978 16

Nov. . . . . . . . . . -1 - -1 59 59 - 93 12,011 15

Dec. . . . . . . . . . 16 - 16 71 71 - 109 12,038 23

Fiscal years:

1941-91 . . . . . . . . . . 278,076 133,004 411,080 268,279 203,577 64,701 13,998 124,095 1,509

1992 . . . . . . . . . . . . 13,591 8,739 22,330 6,909 3,939 2,970 1,038 138,286 1,701

1993 . . . . . . . . . . . . 17,262 9,292 26,554 7,335 4,509 2,825 1,226 156,286 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

Calendar years:

1941-91 . . . . . . . . . . 276,010 136,175 412,184 269,969 204,551 65,419 14,024 126,099 1,836

1992 . . . . . . . . . . . . 17,659 8,816 26,475 6,909 3,992 2,917 1,170 144,724 1,939

1993 . . . . . . . . . . . . 13,370 9,453 22,822 7,664 4,624 3,040 1,070 158,633 2,119

1994 . . . . . . . . . . . . 8,999 9,446 18,455 9,304 5,587 3,717 855 166,731 2,307

1995 . . . . . . . . . . . . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1995 - Dec. . . . . . . . . . 608 767 1,375 873 387 486 70 170,690 2,700

1996 - Jan. . . . . . . . . . 598 909 1,507 1,235 668 567 87 170,969 2,606

Feb. . . . . . . . . . 534 829 1,366 923 435 490 110 171,380 2,526

Mar. . . . . . . . . . 465 787 1,252 932 511 422 114 171,633 2,478

Apr. . . . . . . . . . 547 1,040 1,587 1,070 595 475 117 172,074 2,438

May . . . . . . . . . 475 688 1,163 1,010 544 466 126 172,142 2,397

June . . . . . . . . . 430 715 1,145 949 500 450 92 172,280 2,361

July. . . . . . . . . . 461 851 1,312 1,091 617 474 99 172,421 2,332

Aug. . . . . . . . . . 417 776 1,193 1,065 588 477 115 172,475 2,302

Sept.. . . . . . . . . 389 724 1,113 962 513 449 95 172,548 2,276

Oct. . . . . . . . . . 481 974 1,455 1,238 687 550 109 172,665 2,252

Nov. . . . . . . . . . 451 656 1,107 1,000 507 493 93 172,707 2,225

Dec. . . . . . . . . . 572 684 1,256 1,150 660 490 95 170,744 4,198

U.S. SAVINGS BONDS AND NOTES 47
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.)

48 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)

1992 . . . . . . . . . . . . . . . . . . . . . . . . 4,082,871 4,061,801 1,016,330 5,522 1,010,808 296,397

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

1995 - Dec. . . . . . . . . . . . . . . . . . . . 5,016,910 4,964,371 1,304,456 1,519 1,302,937 390,959

1996 - Jan. . . . . . . . . . . . . . . . . . . . 5,015,577 4,983,247 1,309,154 1,519 1,307,635 378,208

Feb. . . . . . . . . . . . . . . . . . . . 5,053,215 5,012,872 1,291,214 1,506 1,289,708 376,519

Mar. . . . . . . . . . . . . . . . . . . . 5,153,294 5,082,952 1,353,767 1,506 1,352,261 380,952

Apr. . . . . . . . . . . . . . . . . . . . 5,137,712 5,097,989 1,374,268 1,506 1,372,762 381,806

May . . . . . . . . . . . . . . . . . . . 5,163,807 5,124,422 1,380,619 1,506 1,379,113 387,050

June . . . . . . . . . . . . . . . . . . . 5,196,893 5,126,748 1,422,443 1,506 1,420,937 391,000

July . . . . . . . . . . . . . . . . . . . 5,224,199 5,184,908 1,420,680 1,506 1,419,174 397,836

Aug. . . . . . . . . . . . . . . . . . . . 5,243,459 5,173,734 1,424,120 1,506 1,422,614 391,329

Sept. . . . . . . . . . . . . . . . . . . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

Oct. . . . . . . . . . . . . . . . . . . . 5,282,566 5,243,339 1,454,847 1,254 1,453,593 392,917

Nov. . . . . . . . . . . . . . . . . . . . 5,330,904 5,263,423 1,457,953 1,254 1,456,699 400,210

Dec. . . . . . . . . . . . . . . . . . . . 5,357,391 5,317,188 1,497,178 1,254 1,495,924 410,878

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)

1992 . . . . . . . . . . . . . . . . . . . . . . . . 2,749,074 2,375,557 373,517 2,819 18,250 123 18,127

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

1995 - Dec. . . . . . . . . . . . . . . . . . . . 3,268,956 2,914,701 354,254 24,294 28,245 16 28,229

1996 - Jan.. . . . . . . . . . . . . . . . . . . . . 3,295,885 2,952,109 343,776 4,188 28,141 - 28,141

Feb. . . . . . . . . . . . . . . . . . . . 3,345,139 3,009,097 336,042 4,168 36,174 7,865 28,309

Mar. . . . . . . . . . . . . . . . . . . . 3,348,233 2,992,597 355,636 34,834 35,508 7,865 27,643

Apr. . . . . . . . . . . . . . . . . . . . 3,341,915 2,983,885 358,030 4,060 35,663 7,865 27,798

May . . . . . . . . . . . . . . . . . . . 3,356,753 2,998,631 358,122 4,087 35,298 7,606 27,692

June . . . . . . . . . . . . . . . . . . . 3,313,305 2,955,927 357,378 34,327 35,817 7,606 28,211

July . . . . . . . . . . . . . . . . . . . 3,366,392 3,011,848 354,544 3,981 35,310 7,606 27,704

Aug. . . . . . . . . . . . . . . . . . . . 3,358,285 3,003,125 355,160 34,570 35,156 7,606 27,550

Sept. . . . . . . . . . . . . . . . . . . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

Oct. . . . . . . . . . . . . . . . . . . . 3,395,575 3,036,889 358,687 3,980 35,246 7,606 27,640

Nov. . . . . . . . . . . . . . . . . . . . 3,405,260 3,043,179 362,081 33,126 34,355 7,606 26,749

Dec. . . . . . . . . . . . . . . . . . . . 3,409,132 3,047,559 361,573 5,984 34,219 7,606 26,613

OWNERSHIP OF FEDERAL SECURITIES 49
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 The State and local governments category has been redefined to include its fully defeased

debt that is backed by nonmarketable Federal securities. Includes State and local pension

funds.

7 Consists of the investments of foreign and international accounts (both official and private)

in United States public debt issues. Estimates reflect 1978 benchmark to December 1984; the

1984 benchmark to December 1989; and the 1989 benchmark to date.

8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings

banks, corporate pension trust funds, dealers and brokers, certain Government deposit

accounts, and Government-sponsored enterprises.

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 6 national 7 investors 8

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

1986 - Mar. . . . . 1,473.1 194.3 1,278.8 157.8 81.4 76.4 85.8 29.9 59.6 374.9 232.6 338.2

June . . . . 1,502.7 194.4 1,308.3 159.5 83.8 75.7 87.9 22.8 61.2 405.7 250.9 320.2

Sept. . . . 1,553.3 194.8 1,358.5 158.0 87.1 70.9 93.8 24.9 65.7 411.6 265.5 339.0

Dec. . . . . 1,602.0 197.7 1,404.3 162.7 92.3 70.4 101.6 28.6 68.8 446.6 263.4 332.6

1987 - Mar. . . . . 1,641.4 193.6 1,447.8 163.0 94.7 68.3 106.3 18.8 73.5 481.7 272.8 331.8

June . . . . 1,658.1 192.5 1,465.6 165.6 96.8 68.8 104.7 20.6 79.7 492.7 281.1 321.2

Sept. . . . . 1,680.7 198.4 1,482.3 167.7 98.5 69.2 106.2 15.5 81.8 499.0 279.5 332.6

Dec. . . . . 1,731.4 194.4 1,537.0 172.4 101.1 71.3 108.1 14.6 84.6 500.3 299.7 357.3

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 94.9 528.8 421.8 504.4

June . . . . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 538.7 427.3 510.3

Sept. . . . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 r

 541.9 440.3 r 540.2

Dec. . . . . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 r

 539.9 458.4 r 591.5

1991 - Mar. . . . . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 r 555.7 464.3 r

 587.2

June . . . . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.4 130.8 r

 556.5 473.6 r 585.0

Sept. . . . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 r

 567.7 477.3 r 591.5

Dec. . . . . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 r

 570.6 491.7 r 591.9

1992 - Mar. . . . . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 r

 582.0 507.9 r 610.9

June . . . . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 r

 570.7 529.6 r 622.9

Sept. . . . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 r

 562.8 535.2 r 643.8

Dec. . . . . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 r

 547.3 549.7 r 689.5

1993 - Mar. . . . . 2,895.0 310.2 2,584.8 297.7 163.6 134.1 208.0 77.9 199.3 r

 563.0 564.2 r 674.7

June . . . . 2,938.4 307.2 2,631.2 303.0 166.5 136.4 217.8 76.2 206.1 r

 584.4 567.7 r 676.0

Sept. . . . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 r

 588.5 591.3 r 663.7

Dec. . . . . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 r

 590.8 622.9 r 673.3

1994 - Mar. . . . . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 r

 586.3 633.3 r 696.5

June . . . . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 r

 569.6 633.1 r 710.2

Sept. . . . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 r

 520.3 655.6 r 778.6

Dec. . . . . 3,168.0 r

 290.4 r 2,877.6 331.2 180.5 150.7 240.1 67.6 226.5 r 468.3 688.6 r 855.3

1995 - Mar. . . . . 3,239.2 r

 308.1 2,931.1 342.8 181.4 161.4 r 244.2 67.7 230.3 r 450.3 729.0 r 866.8

June . . . . 3,245.0 r

 298.4 r 2,946.6 344.2 182.6 161.6 r 245.0 58.7 227.7 r 422.9 784.1 r 864.0

Sept. . . . 3,279.5 r

 289.4 r 2,990.1 345.9 183.5 162.4 r 245.2 64.2 224.1 r 382.7 848.1 r 879.9

Dec. . . . . 3,294.9 r 278.7 r

 3,016.2 347.7 185.0 162.7 r 241.5 71.3 228.8 r 344.1 r 862.2 r 920.6

1996 - Mar. . . . . 3,382.8 r

 284.0 r 3,098.8 347.2 185.8 161.4 r 239.4 r 85.7 229.0 r 325.4 r 931.5 r 940.6

June . . . . 3,347.3 r

 280.2 r 3,067.1 347.6 186.5 161.1 r 234.4 r 82.1 230.9 r 316.8 r 959.8 r 895.5

Sept. . . . . r

 3,386.2 r 274.8 r 3,111.4 r 353.8 186.8 r 167.0 r 234.5 r 85.2 r 249.1 r 298.5 r 1,030.9 r 859.4

Dec. . . . . 3,411.2 p

 272.0 3,139.2 356.6 187.0 169.6 p 234.0 p 92.1 p 258.5 p 290.0 p 1,131.5 p 776.5

50 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:

1996 - Jan. . . . . . . . . . 5.15 5.13 5.09 5.11 5.20 5.36 5.54 5.65 6.05

Feb. . . . . . . . . . 4.96 4.97 4.94 5.03 5.14 5.38 5.64 5.81 6.24

Mar. . . . . . . . . . 5.10 5.16 5.34 5.66 5.79 5.97 6.19 6.27 6.60

Apr. . . . . . . . . . 5.09 5.27 5.54 5.96 6.11 6.30 6.48 6.51 6.79

May . . . . . . . . . 5.15 5.33 5.64 6.10 6.27 6.48 6.66 6.74 6.93

June . . . . . . . . . 5.23 5.46 5.81 6.30 6.49 6.69 6.83 6.91 7.06

July . . . . . . . . . . 5.30 5.52 5.85 6.27 6.45 6.64 6.76 6.87 7.03

Aug. . . . . . . . . . 5.19 5.34 5.67 6.03 6.21 6.39 6.52 6.64 6.84

Sept. . . . . . . . . . 5.24 5.45 5.83 6.23 6.41 6.60 6.73 6.83 7.03

Oct. . . . . . . . . . 5.12 5.32 5.55 5.91 6.08 6.27 6.42 6.53 6.81

Nov. . . . . . . . . . 5.17 5.27 5.42 5.70 5.82 5.97 6.10 6.20 6.48

Dec. . . . . . . . . . 5.04 5.24 5.47 5.78 5.91 6.07 6.20 6.30 6.55

End of month:

1996 - Jan. . . . . . . . . . 5.05 4.97 4.90 4.93 5.06 5.25 5.46 5.60 6.03

Feb. . . . . . . . . . 5.02 5.05 5.23 5.44 5.56 5.73 5.99 6.13 6.48

Mar. . . . . . . . . . 5.13 5.20 5.41 5.79 5.91 6.10 6.30 6.34 6.67

Apr. . . . . . . . . . 5.14 5.30 5.62 6.03 6.19 6.40 6.58 6.66 6.89

May . . . . . . . . . 5.18 5.36 5.77 6.27 6.44 6.64 6.78 6.85 7.00

June . . . . . . . . . 5.18 5.37 5.70 6.11 6.30 6.47 6.61 6.73 6.90

July . . . . . . . . . . 5.32 5.47 5.85 6.22 6.39 6.57 6.68 6.80 6.98

Aug. . . . . . . . . . 5.29 5.49 5.91 6.34 6.54 6.73 6.86 6.96 7.13

Sept. . . . . . . . . . 5.14 5.37 5.71 6.10 6.28 6.46 6.60 6.72 6.93

Oct. . . . . . . . . . 5.17 5.30 5.44 5.77 5.92 6.10 6.24 6.37 6.66

Nov. . . . . . . . . . 5.13 5.25 5.38 5.59 5.70 5.84 5.97 6.06 6.36

Dec. . . . . . . . . . 5.21 5.33 5.51 5.88 6.04 6.21 6.34 6.43 6.65

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 51
CHART MY-A.--Yields of Treasury Securities,

Dec. 31, 1996 *

Based on closing bid quotations (in percentages)

Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded.

* Source: Office of Market Finance

Years

(Year tick marks correspond with June data.)

52 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.

1985

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.45 12.46 9.11

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.39 9.26

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.81 12.85 9.52

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.47 12.45 9.16

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.05 11.85 8.79

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.45 11.33 8.46

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.28 8.73

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.56 11.61 8.96

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.61 11.66 9.04

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.50 11.51 9.00

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.06 11.19 8.45

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.54 10.42 8.44

1986

Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40 10.33 8.02

Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.76 6.93

Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.96 8.95 6.93

Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 8.71 7.14

May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 9.09 7.50

June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.57 9.39 7.75

July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.27 9.11 7.34

Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33 9.03 7.66

Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.62 9.28 6.94

Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.70 9.29 6.59

Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.52 8.99 6.72

Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.37 8.87 6.70

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

MARKET YIELDS 53
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

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

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.

54 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

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

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

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 55
CHART MY-B.--Average Yields of Long-Term

Treasury, Corporate, and Municipal Bonds*

Monthly averages (in percentages)

Calendar Years

(Year tick marks correspond with June data.)

* Source: Office of Market Finance

56 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, Dec. 31, 1996

[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. . . . . . . . . . . . $551,792,323,995 $527,401,209,097 $526,825,862,700 $317,964,116 $257,382,281

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 203,811,548 5,547,473 5,003,580 361,239 182,654

The Federal Reserve banks. . . . . 100,895,189,522 100,304,019,594 100,304,016,944 - 2,650

Amounts in circulation . . . . . . . . . . . $450,693,322,925 $427,091,642,030 $426,516,842,176 $317,602,877 $257,196,977

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. . . . . . . . . . . . $24,391,114,898 $2,024,703,898 $22,366,411,000

Less amounts held by:

The Treasury . . . . . . . . . . . . . . . . 198,264,075 108,070,559 90,193,516

The Federal Reserve banks. . . . . 591,169,928 64,953,295 526,216,633

Amounts in circulation . . . . . . . . . . . $23,601,680,895 $1,851,680,044 $21,750,000,851

See footnotes following table USCC-2.

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 57
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,560,089,488 $6,412,194,776 $143,481 $147,751,231

$2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,089,760,262 957,174,720 132,572,966 12,576

$5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,761,157,790 7,618,091,380 110,575,210 32,491,200

$10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,258,408,610 14,235,603,230 5,950 22,799,430

$20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,133,628,280 87,113,521,620 3,380 20,103,280

$50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,557,817,600 48,546,320,550 - 11,497,050

$100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,412,965,400 261,316,670,900 74,301,800 21,992,700

$500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,718,000 144,530,000 - 188,000

$1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,876,000 167,670,000 - 206,000

$5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,770,000 1,715,000 - 55,000

$10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000

Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485

Partial notes 4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 - 90 25

Total currency . . . . . . . . . . . . . . . . . . . . . . . . . $427,091,642,030 $426,516,842,176 $317,602,877 $257,196,977

Dec. 31, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . $266,578 $1,690.66

Nov. 29, 1996. . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,991 1,656.01

Oct. 31, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433,298 1,628.27

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, Dec. 31, 1996

[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)

58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
59

Page Intentionally Left Blank
60

Page Intentionally Left Blank
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 2 rights 1, 3 currencies 4 Fund 1, 5

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

1992. . . . . . . . . . . . . . . . . . . . . . . . 71,323 11,056 8,503 40,005 11,759

1993. . . . . . . . . . . . . . . . . . . . . . . . 73,442 11,053 9,039 41,532 11,818

1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030

1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649

1996 - Jan.. . . . . . . . . . . . . . . . . . . 82,717 11,052 10,778 46,575 14,312

Feb.. . . . . . . . . . . . . . . . . . . 84,270 11,053 11,106 47,298 14,813

Mar.. . . . . . . . . . . . . . . . . . . 84,212 11,053 11,049 46,861 15,249

Apr. . . . . . . . . . . . . . . . . . . . 83,710 11,052 10,963 46,578 15,117

May . . . . . . . . . . . . . . . . . . . 83,468 11,051 11,037 46,153 15,227

June . . . . . . . . . . . . . . . . . . 83,455 11,050 11,046 46,077 15,282

July . . . . . . . . . . . . . . . . . . . 85,099 11,050 11,216 47,168 15,665

Aug.. . . . . . . . . . . . . . . . . . . 76,781 11,050 10,307 39,827 15,597

Sept. . . . . . . . . . . . . . . . . . . 75,509 11,050 10,177 38,861 15,421

Oct. . . . . . . . . . . . . . . . . . . . 75,557 11,049 10,226 38,765 15,517

Nov. . . . . . . . . . . . . . . . . . . 75,444 11,049 10,386 38,493 15,516

Dec. . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435

1997 - Jan.. . . . . . . . . . . . . . . . . . . 68,200 11,048 9,793 32,987 14,372

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing

the special drawing right (SDR) based on a weighted-average of exchange rates for the

currencies of selected member countries. The U.S. SDR holdings and reserve position in the

IMF are also valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117

(b) issues gold certificates to the Federal Reserve at the same rate against all gold held.

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 1978,

these are valued at current market exchange rates or, where appropriate, at such other rates

as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its reserve

position in the IMF automatically if needed. Under appropriate conditions, the United States

could purchase additional amounts related to the U.S. quota.

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

Treasury issues to official institutions and other residents of

foreign countries.

INTERNATIONAL FINANCIAL STATISTICS 61
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)

1991 . . . . . . . . . . 1,215,772 349,905 131,088 204,096 4,858 9,863 597,123 250,754 93,732 157,022 17,990

1992 . . . . . . . . . . 1,311,325 389,661 159,563 210,972 4,532 14,594 619,613 282,107 94,026 188,081 19,944

1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 r . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

1995 - Dec. r . . . . 1,890,621 605,356 275,877 293,731 6,492 29,256 800,039 462,171 121,168 341,003 23,055

1996 - Jan. r . . . . 1,903,390 619,449 277,883 306,346 6,120 29,100 796,470 464,479 122,914 341,565 22,992

Feb. r . . . . 1,922,502 645,071 294,451 315,027 6,158 29,435 778,945 475,960 125,572 350,388 22,526

Mar. r . . . . 1,926,590 657,715 302,442 319,775 6,199 29,299 772,544 474,242 121,776 352,466 22,089

Apr. r . . . . . 1,942,725 661,813 297,690 328,028 6,238 29,857 770,610 487,789 126,106 361,683 22,513

May r. . . . . 1,952,339 664,082 293,272 334,510 5,903 30,397 767,332 497,491 128,404 369,087 23,434

June r . . . . 1,968,684 670,620 305,429 327,862 5,941 31,388 764,418 511,042 125,976 385,066 22,604

July r . . . . . 2,007,915 675,024 299,506 337,491 5,980 32,047 756,341 554,798 130,965 423,833 21,752

Aug. . . . . . 2,006,923 680,488 300,760 341,078 6,018 32,632 745,317 558,397 125,847 432,550 22,721

Sept. . . . . . 2,037,666 696,283 298,450 358,266 6,057 33,510 758,871 557,822 127,565 430,257 24,690

Oct. . . . . . . 2,092,372 698,834 296,117 363,104 5,892 33,721 788,082 578,557 129,354 449,203 26,899

Nov. p . . . . 2,108,292 712,382 304,706 366,944 5,929 34,803 777,276 594,472 127,086 467,386 24,162

Dec. p . . . . 2,176,541 727,080 305,384 380,505 5,968 35,223 789,742 635,710 135,468 500,242 24,009

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: 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.

 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. 

62 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)

1991 . . . . . . . . . . . . . . . . . . . . . . 4,858 4,858 - 4,099 759

1992 . . . . . . . . . . . . . . . . . . . . . . 4,532 4,532 - 3,715 817

1993 . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885

1994 . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959

1995 - Dec. . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032

1996 - Jan. . . . . . . . . . . . . . . . . . 6,120 6,120 950 4,131 1,039

Feb.. . . . . . . . . . . . . . . . . . 6,158 6,158 956 4,157 1,045

Mar.. . . . . . . . . . . . . . . . . . 6,199 6,199 962 4,185 1,052

Apr. . . . . . . . . . . . . . . . . . . 6,238 6,238 967 4,212 1,059

May . . . . . . . . . . . . . . . . . . 5,903 5,903 973 3,863 1,067

June . . . . . . . . . . . . . . . . . 5,941 5,941 979 3,888 1,074

July . . . . . . . . . . . . . . . . . . 5,980 5,980 985 3,914 1,081

Aug. . . . . . . . . . . . . . . . . . 6,018 6,018 991 3,939 1,088

Sept. . . . . . . . . . . . . . . . . . 6,057 6,057 997 3,965 1,095

Oct. . . . . . . . . . . . . . . . . . . 5,892 5,892 1,003 3,786 1,103

Nov. . . . . . . . . . . . . . . . . . 5,929 5,929 1,009 3,810 1,110

Dec. . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118

1

 Beginning April 1993, includes current value (principal and accrued interest ) of zero-coupon,

30-year maturity Treasury bond issue to the government of Argentina. Face value of the issue

is $6,685 million.

2

 Includes 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; 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 issue is $7,162 million.

INTERNATIONAL FINANCIAL STATISTICS 63
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.

• 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,

64 CAPITAL MOVEMENTS
ownership of a security may be transferred between foreigners

of different countries. Such transfers may occur any number

of times and are concealed among the net figures for U.S.

transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of

the foreign buyers and sellers of securities in a particular round

of transactions.

SECTION I.--Liabilities to Foreigners Reported by Banks

in the United States

TABLE CM-I-1.--Total Liabilities by Type of Holder

[In millions of dollars. Source: Office of International Financial Analysis]

 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)

1991 . . . . . . . . . . . . . . 831,195 131,088 131,088 - 690,855 615,997 74,858 9,252 8,981 271 299,179 61,129

1992 . . . . . . . . . . . . . . 883,055 159,563 159,563 - 713,639 641,346 72,293 9,853 9,350 503 315,697 58,394

1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 r . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 - Dec. r . . . . . . . . 1,209,261 275,877 275,877 - 921,207 812,632 108,575 12,177 11,039 1,138 369,591 85,755

1996 - Jan. r . . . . . . . . 1,209,076 277,883 277,883 - 919,384 810,809 108,575 11,809 10,671 1,138 370,232 85,755

Feb. r . . . . . . . . 1,211,052 294,451 294,451 - 904,517 795,942 108,575 12,084 10,946 1,138 370,259 85,755

Mar. r . . . . . . . . 1,207,798 302,442 302,442 - 894,320 788,390 105,930 11,036 9,512 1,524 363,818 82,143

Apr. r . . . . . . . . 1,207,241 297,690 297,690 - 896,716 790,786 105,930 12,835 11,311 1,524 359,454 82,143

May r . . . . . . . . 1,202,526 293,272 293,272 - 895,736 789,806 105,930 13,518 11,994 1,524 356,501 82,143

June r. . . . . . . . 1,209,322 305,429 305,429 - 890,394 780,084 110,310 13,499 12,158 1,341 355,258 80,985

July r . . . . . . . . 1,199,895 299,506 299,506 - 887,306 776,996 110,310 13,083 11,742 1,341 344,014 80,985

Aug. . . . . . . . . . 1,185,940 300,760 300,760 - 871,164 760,854 110,310 14,016 12,675 1,341 341,047 80,985

Sept. . . . . . . . . 1,201,028 298,450 298,450 - 886,436 776,995 109,441 16,142 14,443 1,699 341,182 76,897

Oct. . . . . . . . . . 1,231,367 296,117 296,117 - 917,436 807,995 109,441 17,814 16,115 1,699 344,512 76,897

Nov. p . . . . . . . 1,225,337 304,706 304,706 - 904,362 794,921 109,441 16,269 14,570 1,699 348,938 76,897

Dec. p . . . . . . . 1,245,567 305,384 305,384 - 925,210 815,769 109,441 14,973 13,274 1,699 352,750 76,897

 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.

CAPITAL MOVEMENTS 65
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)

1991 . . . . . . . . . . . . . . . . . . . . . . . . 8,981 43 2,714 1,730 4,494

1992 . . . . . . . . . . . . . . . . . . . . . . . . 9,350 46 3,214 1,908 4,182

1993 . . . . . . . . . . . . . . . . . . . . . . . . 10,936 15 2,780 4,275 3,866

1994 . . . . . . . . . . . . . . . . . . . . . . . . 8,606 29 3,298 281 4,998

1995 - Dec. . . . . . . . . . . . . . . . . . . . 11,039 21 4,656 350 6,012

1996 - Jan. . . . . . . . . . . . . . . . . . . . 10,671 30 4,434 764 5,443

Feb. r . . . . . . . . . . . . . . . . . . 10,946 43 3,526 555 6,822

Mar. . . . . . . . . . . . . . . . . . . . 9,512 16 3,563 564 5,369

Apr. . . . . . . . . . . . . . . . . . . . 11,311 28 4,024 426 6,833

May . . . . . . . . . . . . . . . . . . . 11,994 34 3,442 376 8,142

June . . . . . . . . . . . . . . . . . . . 12,158 123 4,052 874 7,109

July . . . . . . . . . . . . . . . . . . . 11,742 22 3,747 865 7,108

Aug. . . . . . . . . . . . . . . . . . . . 12,675 49 4,738 345 7,543

Sept. . . . . . . . . . . . . . . . . . . 14,443 26 5,441 399 8,577

Oct. . . . . . . . . . . . . . . . . . . . 16,115 67 6,005 600 9,443

Nov. p . . . . . . . . . . . . . . . . . 14,570 46 4,906 1,088 8,530

Dec. p . . . . . . . . . . . . . . . . . 13,274 29 5,815 244 7,186

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)

1991 . . . . . . . . . . . . . . . 747,085 2,626 16,504 92,692 19,266 8,648 82,857 7,471 94,190 329,099 9,004 57,574 8,841 18,313

1992 . . . . . . . . . . . . . . . 800,909 1,302 17,939 104,596 35,726 10,170 90,296 11,087 104,773 330,994 10,310 48,936 10,053 24,727

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 r . . . . . . . . . . . . . . 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 - Dec. r . . . . . . . . . 1,088,509 2,098 30,716 168,534 74,529 11,758 103,472 15,872 164,021 396,341 10,571 53,712 12,599 44,286

1996 - Jan. r . . . . . . . . . 1,088,692 1,522 28,084 173,949 74,328 10,245 110,422 15,995 165,670 385,563 10,375 55,482 12,787 44,270

Feb. r . . . . . . . . . 1,090,393 1,656 29,909 191,188 71,698 10,946 104,078 17,947 169,442 367,957 10,851 54,439 13,705 46,577

Mar. r . . . . . . . . . 1,090,832 1,423 32,452 198,382 70,185 10,968 100,847 15,967 164,426 374,406 10,948 56,559 13,792 40,477

Apr. r . . . . . . . . . 1,088,476 1,679 36,639 186,638 72,734 11,468 95,871 16,801 167,888 372,652 10,789 55,097 13,241 46,979

May r . . . . . . . . . 1,083,078 1,504 32,658 188,321 70,789 10,663 88,765 17,584 169,970 374,420 11,127 55,785 14,542 46,950

June r. . . . . . . . . 1,085,513 2,211 38,916 187,171 77,131 12,380 90,481 18,241 167,861 365,145 12,655 56,007 12,322 44,992

July r . . . . . . . . . 1,076,502 2,211 37,137 186,061 74,097 11,809 95,128 18,091 165,080 355,923 10,950 57,479 12,531 50,005

Aug. . . . . . . . . . . 1,061,614 1,459 37,708 189,726 71,867 11,116 94,867 18,670 157,142 353,212 10,523 59,248 11,208 44,868

Sept. . . . . . . . . . 1,075,445 2,049 34,902 182,122 79,377 12,764 91,906 18,556 169,868 356,336 10,665 60,214 11,401 45,285

Oct. . . . . . . . . . . 1,104,112 1,316 35,551 186,180 73,070 11,156 96,223 16,865 168,649 385,748 11,328 59,607 10,964 47,455

Nov. p . . . . . . . . 1,099,627 2,181 35,292 197,692 69,541 13,304 94,345 14,227 169,083 376,876 12,131 57,998 12,039 44,918

Dec. p . . . . . . . . 1,121,153 1,510 33,662 193,435 76,777 13,694 91,168 13,886 160,361 401,192 11,879 58,096 13,272 52,221

66 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 1996

Country 1993 1994 r 1995 r Aug. Sept. Oct. Nov. p Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,203 4,109 4,269 5,173 6,714 7,513 6,947 5,798

Belgium-Luxembourg. . . . . . . . . . 31,609 26,475 31,298 32,701 29,909 30,659 28,433 31,103

Bulgaria . . . . . . . . . . . . . . . . . . . . 99 611 752 372 314 359 307 391

Czechoslovakia . . . . . . . . . . . . . . 817 953 1,667 652 385 319 148 343

Denmark. . . . . . . . . . . . . . . . . . . . 4,650 3,137 3,517 2,869 3,276 2,426 3,414 3,074

Finland . . . . . . . . . . . . . . . . . . . . . 2,569 1,569 3,035 1,581 1,359 2,056 2,104 2,010

France . . . . . . . . . . . . . . . . . . . . . 48,658 52,816 49,220 49,329 47,888 51,863 49,714 44,198

Germany . . . . . . . . . . . . . . . . . . . 33,433 32,356 31,065 29,994 29,701 29,624 27,752 30,656

Greece . . . . . . . . . . . . . . . . . . . . . 1,527 1,409 2,039 1,762 1,900 1,712 2,268 1,857

Hungary . . . . . . . . . . . . . . . . . . . . 1,491 1,095 2,055 1,187 1,627 1,636 1,535 1,142

Ireland . . . . . . . . . . . . . . . . . . . . . 2,323 1,987 2,615 2,406 1,760 1,233 2,040 1,555

Italy. . . . . . . . . . . . . . . . . . . . . . . . 14,546 13,419 16,045 17,316 17,598 17,882 15,351 15,790

Netherlands . . . . . . . . . . . . . . . . . 17,788 17,259 14,993 13,143 11,421 13,812 12,928 12,790

Norway. . . . . . . . . . . . . . . . . . . . . 3,071 2,339 1,424 1,593 1,872 1,802 2,132 1,538

Poland . . . . . . . . . . . . . . . . . . . . . 2,292 2,316 5,690 6,008 5,358 5,755 5,899 5,932

Portugal . . . . . . . . . . . . . . . . . . . . 3,488 2,997 2,916 1,453 1,610 1,525 1,860 2,002

Romania. . . . . . . . . . . . . . . . . . . . 125 529 246 307 284 622 488 275

Russia 1 . . . . . . . . . . . . . . . . . . . . 2,532 2,726 7,948 4,988 4,761 5,602 8,215 7,571

Spain . . . . . . . . . . . . . . . . . . . . . . 21,365 15,612 11,960 19,251 23,018 20,324 20,887 19,580

Sweden . . . . . . . . . . . . . . . . . . . . 2,813 3,157 3,376 2,320 2,738 2,348 2,445 2,226

Switzerland. . . . . . . . . . . . . . . . . . 45,746 42,126 46,210 41,858 44,663 34,978 40,553 46,652

Turkey . . . . . . . . . . . . . . . . . . . . . 3,584 3,378 4,311 7,440 8,105 8,132 7,424 6,837

United Kingdom . . . . . . . . . . . . . . 150,912 187,081 161,112 163,072 158,959 184,553 191,361 176,795

Yugoslavia 2 . . . . . . . . . . . . . . . . . 373 245 177 207 258 260 276 250

Other Europe . . . . . . . . . . . . . . . . 26,524 20,966 14,255 15,920 12,245 11,694 12,042 13,382

Total Europe . . . . . . . . . . . . . . . 424,538 440,667 422,195 422,902 417,723 438,689 446,523 433,747

Canada . . . . . . . . . . . . . . . . . . . . . . 21,577 26,523 32,002 33,530 35,402 37,356 35,260 40,234

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 14,591 17,273 12,356 13,385 12,160 11,872 14,031 13,965

Bahamas . . . . . . . . . . . . . . . . . . . 74,844 104,934 96,525 89,793 88,043 102,425 92,602 89,333

Bermuda. . . . . . . . . . . . . . . . . . . . 8,372 8,631 4,956 4,365 5,410 5,440 6,973 5,829

Brazil . . . . . . . . . . . . . . . . . . . . . . 5,384 9,292 24,317 24,699 24,353 24,619 27,456 28,199

British West Indies . . . . . . . . . . . . 199,955 237,571 249,273 235,224 241,972 237,683 234,692 258,562

Chile. . . . . . . . . . . . . . . . . . . . . . . 3,314 3,174 2,891 2,527 3,473 3,035 2,996 3,183

Colombia . . . . . . . . . . . . . . . . . . . 3,220 4,674 3,747 3,292 2,916 2,995 2,865 3,283

Cuba. . . . . . . . . . . . . . . . . . . . . . . 33 13 8 14 33 17 18 21

Ecuador . . . . . . . . . . . . . . . . . . . . 899 886 1,323 1,444 1,458 1,392 1,583 1,776

Guatemala . . . . . . . . . . . . . . . . . . 1,224 1,136 1,288 1,182 1,186 1,212 1,240 1,287

Jamaica . . . . . . . . . . . . . . . . . . . . 425 541 498 644 643 600 584 648

Mexico . . . . . . . . . . . . . . . . . . . . . 28,374 12,392 24,611 25,451 27,894 28,759 29,068 32,337

Netherlands Antilles . . . . . . . . . . . 5,277 5,748 5,185 3,797 5,598 5,384 4,745 6,264

Panama . . . . . . . . . . . . . . . . . . . . 3,887 4,775 4,413 4,030 3,983 4,089 4,035 4,110

Peru . . . . . . . . . . . . . . . . . . . . . . . 966 913 987 1,089 946 1,034 952 844

Trinidad and Tobago . . . . . . . . . . 398 641 456 504 566 566 538 601

Uruguay . . . . . . . . . . . . . . . . . . . . 1,664 1,649 1,869 1,846 1,768 1,858 1,770 1,905

Venezuela . . . . . . . . . . . . . . . . . . 13,334 14,504 12,117 15,221 15,898 16,671 17,679 17,663

Other Latin America

and Caribbean . . . . . . . . . . . . . 6,084 6,115 7,240 7,804 8,271 7,838 7,487 8,170

Total Latin America

and Caribbean. . . . . . . . . . . . 372,245 434,862 454,060 436,311 446,571 457,489 451,314 477,980

See footnotes at end of table.

CAPITAL MOVEMENTS 67
Calendar year 1996

Country 1993 1994 r 1995 r Aug. Sept. Oct. Nov. p Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 4,011 10,066 33,765 34,227 32,068 26,998 29,411 30,441

Taiwan . . . . . . . . . . . . . . . . . . . 10,684 9,971 11,743 14,805 15,748 15,477 16,641 16,018

Hong Kong . . . . . . . . . . . . . . . . . . 17,724 17,956 22,588 19,517 18,302 17,870 19,529 19,558

India . . . . . . . . . . . . . . . . . . . . . . . 1,123 2,340 3,378 4,019 3,797 3,713 3,836 3,940

Indonesia . . . . . . . . . . . . . . . . . . . 2,001 1,610 2,743 2,195 2,210 2,442 2,407 2,313

Israel . . . . . . . . . . . . . . . . . . . . . . 4,453 5,160 4,064 4,407 4,184 7,212 5,773 6,092

Japan . . . . . . . . . . . . . . . . . . . . . . 79,241 87,304 139,056 134,663 136,997 137,060 128,138 131,477

Korea . . . . . . . . . . . . . . . . . . . . . . 4,963 5,176 5,797 5,456 5,962 5,599 5,951 6,057

Lebanon . . . . . . . . . . . . . . . . . . . . 469 503 631 527 600 821 953 1,174

Malaysia. . . . . . . . . . . . . . . . . . . . 1,833 1,704 2,415 2,084 2,163 2,307 2,264 2,266

Pakistan . . . . . . . . . . . . . . . . . . . . 1,216 1,309 1,703 1,803 1,711 1,490 936 998

Philippines . . . . . . . . . . . . . . . . . . 2,041 2,722 3,100 2,544 3,433 3,195 3,268 3,369

Singapore. . . . . . . . . . . . . . . . . . . 8,746 8,537 11,564 10,249 12,071 12,948 11,925 10,823

Syria. . . . . . . . . . . . . . . . . . . . . . . 365 608 858 94 60 50 51 53

Thailand . . . . . . . . . . . . . . . . . . . . 6,155 6,475 12,291 10,713 11,765 11,978 12,735 10,918

Oil-exporting countries 3 . . . . . . . . 15,943 15,547 16,057 14,483 15,384 13,701 13,814 14,972

Other Asia . . . . . . . . . . . . . . . . . . 2,783 3,315 2,413 3,380 3,283 3,085 2,701 2,805

Total Asia . . . . . . . . . . . . . . . . . 163,751 180,303 274,166 265,166 269,738 265,946 260,333 263,274

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 2,218 1,886 2,137 1,921 1,894 1,904 1,901 2,012

Ghana . . . . . . . . . . . . . . . . . . . . . 153 233 229 193 225 205 233 251

Liberia . . . . . . . . . . . . . . . . . . . . . 816 323 368 297 277 337 263 320

Morocco . . . . . . . . . . . . . . . . . . . . 100 97 104 121 78 74 66 112

South Africa . . . . . . . . . . . . . . . . . 451 440 810 696 545 498 704 521

Zaire. . . . . . . . . . . . . . . . . . . . . . . 12 9 10 6 6 11 10 10

Oil-exporting countries 4 . . . . . . . . 1,308 1,381 1,837 2,102 2,054 1,943 2,387 2,611

Other Africa . . . . . . . . . . . . . . . . . 1,612 2,223 2,271 2,029 2,436 2,161 2,182 2,309

Total Africa . . . . . . . . . . . . . . . . 6,670 6,592 7,766 7,365 7,515 7,133 7,746 8,146

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 3,919 5,250 5,732 5,575 5,661 4,925 6,335 5,607

All other . . . . . . . . . . . . . . . . . . . . 909 915 1,163 1,075 2,276 2,015 1,557 1,606

Total other countries. . . . . . . . . 4,828 6,165 6,895 6,650 7,937 6,940 7,892 7,213

Total foreign countries. . . . . . 993,609 1,095,112 1,197,084 1,171,924 1,184,886 1,213,553 1,209,068 1,230,594

International and regional:

International . . . . . . . . . . . . . . . . . 7,179 7,888 10,179 12,088 14,193 15,768 14,204 12,833

European regional . . . . . . . . . . . . 51 53 119 109 63 55 144 70

Latin American regional . . . . . . . . 3,276 798 1,152 1,265 1,450 1,561 1,429 1,596

Asian regional . . . . . . . . . . . . . . . 274 194 194 349 299 267 196 157

African regional . . . . . . . . . . . . . . 503 170 496 170 102 128 261 281

Middle Eastern regional . . . . . . . . 39 39 37 35 35 35 35 36

Total international

and regional. . . . . . . . . . . . . . 11,322 9,142 12,177 14,016 16,142 17,814 16,269 14,973

Grand total. . . . . . . . . . . . . . . 1,004,931 1,104,254 1,209,261 1,185,940 1,201,028 1,231,367 1,225,337 1,245,567

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]

68 CAPITAL MOVEMENTS
See footnotes at end of table.

Europe:

Austria . . . . . . . . . . . . . . 5,798 5,101 697 1,760 3,341 67 765 3,322 525 265 26 126 1 4 13

Belgium-Luxembourg. . . 31,103 23,676 7,427 21,330 2,346 818 7,205 644 3,186 9,274 121 882 230 1,316 569

Bulgaria . . . . . . . . . . . . . 391 391 - 170 221 22 24 218 122 - - 2 - 3 -

Czechoslovakia . . . . . . . 343 342 1 342 - 63 78 - 165 8 3 25 - - -

Denmark . . . . . . . . . . . . 3,074 2,450 624 2,004 446 89 492 170 1,349 324 19 7 - - -

Finland . . . . . . . . . . . . . . 2,010 1,463 547 1,334 129 17 702 102 173 430 7 8 24 - -

France . . . . . . . . . . . . . . 44,198 33,404 10,794 25,432 7,972 287 7,997 6,818 2,840 13,416 161 526 50 1,309 196

Germany . . . . . . . . . . . . 30,656 24,554 6,102 19,363 5,191 588 4,355 4,886 8,517 5,009 225 597 100 277 151

Greece . . . . . . . . . . . . . . 1,857 1,811 46 881 930 43 17 901 466 73 51 226 11 23 5

Hungary . . . . . . . . . . . . . 1,142 1,140 2 318 822 35 - 288 804913 - - -

Ireland . . . . . . . . . . . . . . 1,555 1,452 103 1,043 409 91 144 61 514 130 47 51 80 334 32

Italy. . . . . . . . . . . . . . . . . 15,790 10,701 5,089 10,186 515 376 4,362 162 3,631 1,425 175 340 64 166 123

Netherlands . . . . . . . . . . 12,790 10,995 1,795 7,908 3,087 185 2,529 942 2,744 3,947 106 94 108 340 70

Norway. . . . . . . . . . . . . . 1,538 1,288 250 571 717 20 12 28 1,140 28 28 26 3 3 1

Poland . . . . . . . . . . . . . . 5,932 5,437 495 2,371 3,066 21 89 3,065 1,967 278 4 11 1 1 -

Portugal . . . . . . . . . . . . . 2,002 1,865 137 1,123 742 44 422 576 220 290 23 122 12 156 118

Romania. . . . . . . . . . . . . 275 275 - 99 176 13 16 175 28 39 2 2 - - -

Russia 4 . . . . . . . . . . . . . 7,571 7,571 - 3,365 4,206 178 453 4,185 2,607 29 17 91 6 5 3

Spain . . . . . . . . . . . . . . . 19,580 16,921 2,659 5,603 11,318 291 2,086 9,340 3,411 761 91 851 38 52 104

Sweden . . . . . . . . . . . . . 2,226 1,302 924 1,156 146 99 225 81 303 227 14 45 31 277 16

Switzerland. . . . . . . . . . . 46,652 44,215 2,437 15,894 28,321 663 1,745 22,323 6,902 10,905 174 580 795 128 1,324

Turkey . . . . . . . . . . . . . . 6,837 6,724 113 1,812 4,912 116 635 4,771 760 301 20 75 16 30 1

United Kingdom . . . . . . . 176,795 150,260 26,535 135,455 14,805 832 25,428 4,522 21,706 80,637 1,079 1,542 3,132 11,382 3,131

Yugoslavia 5 . . . . . . . . . . 250 206 44 205 1 8 31 - 110 - 2 10 - 45 1

Other Europe . . . . . . . . . 13,382 12,796 586 9,289 3,507 325 4,466 1,315 5,875 447 22 238 47 61 1

Total Europe . . . . . . . . 433,747 366,340 67,407 269,014 97,326 5,291 64,278 68,895 70,065 128,252 2,418 6,480 4,749 15,912 5,859

Canada . . . . . . . . . . . . . . . 40,234 38,031 2,203 31,196 6,835 241 4,031 1,719 4,134 17,814 709 1,608 833 6,942 41

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . 13,965 13,794 171 8,898 4,896 214 2,137 3,700 1,049 326 592 4,589 121 1,066 160

Bahamas . . . . . . . . . . . . 89,333 87,915 1,418 74,320 13,595 55 5,043 157 13,655 64,768 131 1,576 1,353 1,177 855

Bermuda. . . . . . . . . . . . . 5,829 5,299 530 2,953 2,346 11 675 358 1,654 24 54 279 440 1,804 144

Brazil . . . . . . . . . . . . . . . 28,199 27,663 536 23,345 4,318 449 13,917 5 8,503 879 617 2,946 41 306 87

West Indies . . . . . . . . . . 258,562 250,372 8,190 163,863 86,509 79 9,276 132 83,085 136,085 802 4,915 2,050 13,948 312

Chile. . . . . . . . . . . . . . . . 3,183 2,915 268 2,574 341 155 410 - 278 124 245 1,317 64 322 93

Colombia . . . . . . . . . . . . 3,283 3,256 27 3,134 122 78 668 25 591 46 217 1,545 14 72 82

Cuba. . . . . . . . . . . . . . . . 21 21 - 21 - 4 - - 6 - - 5 - 6 -

Ecuador . . . . . . . . . . . . . 1,776 1,767 9 1,597 170 106 259 44 504 83 155 555 9 52 17

Guatemala . . . . . . . . . . . 1,287 1,282 5 1,003 279 50 89 173 76 1 104 731 6 52 49

Jamaica . . . . . . . . . . . . . 648 628 20 545 83 37 239 28 162 22 24 58 33 25 14

Mexico . . . . . . . . . . . . . . 32,337 31,251 1,086 16,904 14,347 151 2,315 11,996 5,040 1,458 1,288 7,586 393 1,024 565

Netherlands Antilles . . . . 6,264 5,956 308 4,868 1,088 119 153 22 212 849 104 717 818 2,962 28

Panama . . . . . . . . . . . . . 4,110 4,077 33 3,676 401 63 174 41 255 1,068 170 1,946 105 255 90

Peru . . . . . . . . . . . . . . . . 844 834 10 811 23 42 18 - 61 36 93 565 1 18 16

Trinidad and Tobago . . . 601 600 1 541 59 8 95 - 256 8 22 192 4 15 1

Uruguay . . . . . . . . . . . . . 1,905 1,888 17 1,773 115 83 263 4 215 514 92 611 27 79 36

Venezuela . . . . . . . . . . . 17,663 17,361 302 13,235 4,126 120 3,312 3,447 1,786 203 1,120 7,077 94 202 503

Other Latin America

and Caribbean . . . . . . 8,170 8,052 118 6,994 1,058 210 1,375 875 1,182 274 680 3,108 49 299 81

Total Latin America

and Caribbean. . . . . 477,980 464,931 13,049 331,055 133,876 2,034 40,418 21,007 118,570 206,768 6,510 40,318 5,622 23,684 3,133

TABLE CM-I-4.--Total Liabilities by Type and Country, Dec. 31, 1996, 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- Negoti-

 in 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 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

CAPITAL MOVEMENTS 69
Asia:

China:

Mainland . . . . . . 30,441 30,441 - 4,023 26,418 228 1,709 14,750 12,886 439 31 276 26 96 11

Taiwan . . . . . . . 16,018 15,991 27 8,667 7,324 265 1,998 6,863 4,293 490 179 1,588 50 265 213

Hong Kong . . . . . . 19,558 18,741 817 14,052 4,689 405 1,388 996 4,418 7,663 336 2,809 159 567 116

India . . . . . . . . . . . 3,940 3,936 4 1,537 2,399 314 10 2,084 480 619 79 233 2 115 11

Indonesia . . . . . . . 2,313 2,307 6 1,619 688 254 70 654 564 469 45 244 - 7 5

Israel . . . . . . . . . . 6,092 6,042 50 1,725 4,317 136 208 4,020 488 448 100 458 65 119 82

Japan . . . . . . . . . . 131,477 107,017 24,460 35,337 71,680 1,169 4,059 67,601 7,877 21,153 409 667 1,081 3,001 226

Korea . . . . . . . . . . 6,057 6,003 54 4,527 1,476 202 638 883 1,174 2,146 27 915 5 13 12

Lebanon . . . . . . . . 1,174 1,174 - 1,092 82 78 644 - 332 10 17 80 11 2 1

Malaysia. . . . . . . . 2,266 2,044 222 1,446 598 104 314 577 434 290 25 298 1 1 -

Pakistan . . . . . . . . 998 991 7 786 205 40 120 165 333 257 21 48 1 6 1

Philippines . . . . . . 3,369 3,365 4 1,992 1,373 353 140 426 1,792 145 72 392 - 45 35

Singapore. . . . . . . 10,823 10,623 200 8,657 1,966 381 1,284 1,439 1,525 5,255 130 201 336 72 10

Syria. . . . . . . . . . . 53 53 - 50 3 16 1 - 10 - 5 18 2 1 1

Thailand . . . . . . . . 10,918 10,912 6 991 9,921 202 140 9,902 277 284 38 64 3 2 -

Other Asia . . . . . . 17,777 17,104 673 14,172 2,932 495 2,361 2,074 2,923 7,425 217 573 212 824 103

Total Asia . . . . . 263,274 236,744 26,530 100,673 136,071 4,642 15,084 112,434 39,806 47,093 1,731 8,864 1,954 5,136 827

Africa:

Egypt . . . . . . . . . . 2,012 2,012 - 783 1,229 87 181 1,219 411 56 16 35 - 7 6

Ghana . . . . . . . . . 251 251 - 221 30 28 39 30 93 35 11 9 - 6 -

Liberia . . . . . . . . . 320 312 8 239 73 1 - - - - 18 214 26 53 35

Morocco . . . . . . . . 112 112 - 110 2 18 11 - 62 6 8 7 - - -

South Africa . . . . . 521 458 63 452 6 66 4 - 308 6 18 51 1 4 2

Zaire. . . . . . . . . . . 10 10 - 10 - 3 - - - 6 - 1 - - -

Other Africa . . . . . 4,920 4,916 4 4,245 671 1,102 718 632 1,696 285 170 252 4 57 21

Total Africa . . . . 8,146 8,071 75 6,060 2,011 1,305 953 1,881 2,570 394 241 569 31 127 64

Other countries:

Australia . . . . . . . . 5,607 5,468 139 3,980 1,488 1,636 57 1,339 1,423 312 150 73 64 414 9

All other . . . . . . . . 1,606 1,568 38 1,345 223 55 9 46 570 559 120 184 19 6 1

Total other

countries . . . . 7,213 7,036 177 5,325 1,711 1,691 66 1,385 1,993 871 270 257 83 420 10

Total foreign

 countries. . . 1,230,594 1,121,153 109,441 743,323 377,830 15,204 124,830 207,321 237,138 401,192 11,879 58,096 13,272 52,221 9,934

International

and regional:

International . . . . . 12,833 11,401 1,432 11,194 207 13 5,354 207 5,827 ------

European regional 70 60 10 42 18 5 26 18 11 ------

Latin American

regional . . . . . . . 1,596 1,339 257 1,324 15 8 388 15 928 ------

Asian regional . . . 157 157 - 87 70 1 - 4 152 ------

African regional . . 281 281 - 82 199 2 11 - 268 - - - - - -

Middle Eastern

regional . . . . . . . 36 36 - 36 - - 36 - - - - - - - -

Total international

and regional. . 14,973 13,274 1,699 12,765 509 29 5,815 244 7,186 - - - - - -

Grand total. . . 1,245,567 1,134,427 111,140 756,088 378,339 15,233 130,645 207,565 244,324 401,192 11,879 58,096 13,272 52,221 9,934

1

 These data as of Sept. 30, 1996. 

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 $1,124 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, Dec. 31, 1996, 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- Negoti-

 in 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 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners

 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

70 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 1992 1993 1994 1995 1996 

United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 125,388 150,912 187,081 161,112 176,795 

All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 221,194 273,626 253,586 261,083 256,952 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 260,020 292,335 361,659 360,352 364,098 

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,735 79,241 87,304 139,056 131,477 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,870 84,510 92,999 135,110 131,797 

Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772,207 880,624 982,629 1,056,713 1,061,119 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 110,848 124,307 121,625 152,548 184,448 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 883,055 1,004,931 1,104,254 1,209,261 1,245,567 

U.S. banking liabilities to foreigners, excluding

liabilities represented by long-term securities, are

concentrated in international financial centers. The

chart and table show that nearly two-thirds of U.S.

liabilities are currently reported opposite the United

Kingdom, the rest of Europe and, most notably, the

offshore banking centers in the Caribbean. An additional 21 percent of U.S. liabilities are held by foreigners domiciled in Japan and the rest of Asia.

After declining moderately through the third

quarter of 1996, total U.S. banking liabilities to

foreigners expanded $44.6 billion in the fourth quarter, bringing the level to $1,245.6 billion. This represents an increase of $36.3 billion, or 3 percent, over

the 1995 level, which is the lowest annual rate of

growth in U.S. liabilities over the period shown. For

the year, U.S. liabilities increased substantially opposite the United Kingdom ($15.7 billion) and “all

other contries” ($31.9 billion), with $28.4 billion of

the latter amount attributable to Canada, Mexico, and

several other countries in Latin America. Heaviest

activity occurred in the fourth quarter. Despite a

fourth quarter increase of $16.6 billion opposite the

British West Indies, U.S. liabilities to the Caribbean

banking centers overall grew only marginally in

1996. Liabilities to other Europe, Japan, and other

Asia fell by $15.1 billion combined.

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

CAPITAL MOVEMENTS 71
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 1995 1996

Type of claim 1994 r Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Total claims 671,088 698,875 743,657 729,184 735,467 734,911 733,352 763,635

Payable in dollars. . . . . . . . . . . . . 599,499 617,344 656,358 653,000 655,306 659,399 660,084 688,310

Banks’ own claims on foreigners 483,220 494,434 527,747 523,380 532,539 531,231 536,045 544,717

Foreign public borrowers. . . . 23,416 23,805 23,811 22,450 22,518 27,755 22,946 22,719

Unaffiliated foreign banks:

Deposits . . . . . . . . . . . . . . . 59,368 53,676 59,152 51,089 37,658 42,155 33,998 35,286

Other . . . . . . . . . . . . . . . . . 49,978 53,697 55,724 59,885 63,937 61,568 71,548 74,330

Own foreign offices. . . . . . . . . . 283,015 292,370 305,151 302,569 307,427 297,616 307,510 311,588

All other foreigners . . . . . . . . . . 67,443 70,886 83,909 87,387 100,999 102,137 100,043 100,794

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . 116,279 122,910 128,611 129,620 122,767 128,168 124,039 143,593

Deposits . . . . . . . . . . . . . . . . 64,829 67,152 69,579 66,810 58,519 68,950 70,403 80,695

Negotiable and readily

transferable instruments . . 36,008 38,703 39,237 44,223 44,161 41,401 37,331 46,491

Collections and other. . . . . . . 15,442 17,055 19,795 18,587 20,087 17,817 16,305 16,407

Payable in foreign currencies. . . . 71,589 81,531 87,299 76,184 80,161 75,512 73,268 75,325

Banks’ own claims on foreigners 60,711 72,652 77,055 69,560 74,016 69,159 65,804 68,195

Claims of banks’ domestic

customers . . . . . . . . . . . . . . . 10,878 8,879 10,244 6,624 6,145 6,353 7,464 7,130

Memoranda:

Claims reported by IBFs . . . . . . . 253,009 256,543 265,847 254,633 255,035 245,878 241,455 238,782

Payable in dollars . . . . . . . . . . . 212,096 206,691 211,088 206,204 202,411 199,188 198,049 195,580

Payable in foreign currencies . . 40,913 49,852 54,759 48,429 52,624 46,690 43,406 43,202

Customer liability on acceptances 8,427 8,439 8,792 8,766 8,410 9,032 9,335 9,396

Claims with remaining maturity of 1 year or less:

On foreign public borrowers. . . . . 15,435 15,482 15,802 14,172 14,995 19,544 14,847 15,523

On all other unaffiliated foreigners 152,924 151,304 172,516 167,901 163,862 174,326 171,034 171,779

Claims with remaining

 maturity of more than 1 year:

On foreign public borrowers. . . . . 7,838 8,146 7,908 8,236 7,522 8,131 8,126 6,922

On all other unaffiliated foreigners 23,873 26,886 26,167 30,146 38,648 31,481 34,564 37,165

72 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]

Calendar year 1995 1996

Country 1994 r Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,889 1,760 1,831 2,098 1,961 2,348 2,077 1,999

Belgium-Luxembourg. . . . . . . . . . 10,166 10,742 8,187 10,764 12,124 10,078 10,544 11,177

Bulgaria . . . . . . . . . . . . . . . . . . . . 7 7 6 83 7 4 2 2

Czechoslovakia . . . . . . . . . . . . . . 84 68 41 70 166 153 111 247

Denmark . . . . . . . . . . . . . . . . . . . 1,562 1,578 1,872 1,778 2,027 2,317 2,287 2,939

Finland . . . . . . . . . . . . . . . . . . . . . 813 787 1,028 1,470 1,569 2,148 1,182 1,677

France . . . . . . . . . . . . . . . . . . . . . 21,493 24,496 24,329 25,310 24,031 27,056 23,787 26,710

Germany . . . . . . . . . . . . . . . . . . . 18,425 20,621 21,633 19,159 20,814 18,697 25,783 23,569

Greece . . . . . . . . . . . . . . . . . . . . . 1,105 1,118 905 792 923 885 940 835

Hungary . . . . . . . . . . . . . . . . . . . . 41 143 13 9 24 31 18 72

Ireland . . . . . . . . . . . . . . . . . . . . . 513 411 499 621 1,143 1,391 1,006 1,277

Italy. . . . . . . . . . . . . . . . . . . . . . . . 10,550 10,767 11,160 9,468 8,789 9,977 9,797 9,235

Netherlands . . . . . . . . . . . . . . . . . 5,354 6,781 8,670 9,126 9,200 9,979 10,582 11,144

Norway. . . . . . . . . . . . . . . . . . . . . 544 1,569 1,260 1,719 735 1,326 1,654 1,709

Poland . . . . . . . . . . . . . . . . . . . . . 413 383 473 1,153 1,474 2,875 2,076 1,024

Portugal . . . . . . . . . . . . . . . . . . . . 1,177 1,225 2,149 1,204 1,042 995 942 732

Romania. . . . . . . . . . . . . . . . . . . . 238 222 210 199 179 192 71 172

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,395 1,001 926 793 1,069 1,132 748 1,791

Spain . . . . . . . . . . . . . . . . . . . . . . 5,583 6,639 6,407 4,841 3,842 6,705 3,428 5,449

Sweden . . . . . . . . . . . . . . . . . . . . 8,930 7,306 7,582 7,712 9,367 6,408 6,329 7,852

Switzerland. . . . . . . . . . . . . . . . . . . 12,955 16,190 18,885 20,291 18,568 13,370 19,339 19,057

Turkey . . . . . . . . . . . . . . . . . . . . . 3,032 2,495 2,826 2,901 2,834 2,852 3,069 3,112

United Kingdom . . . . . . . . . . . . . . 96,779 101,599 99,992 89,167 103,375 109,520 110,958 128,395

Yugoslavia 2 . . . . . . . . . . . . . . . . . 275 253 235 240 150 121 164 87

Other Europe . . . . . . . . . . . . . . . . 720 798 436 518 3,901 3,037 2,314 3,398

Total Europe . . . . . . . . . . . . . . . 204,043 218,959 221,555 211,486 229,314 233,597 239,208 263,661

Canada . . . . . . . . . . . . . . . . . . . . . . 33,067 42,085 41,749 39,609 35,840 31,622 36,771 43,576

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 6,075 6,461 6,786 6,392 6,759 6,564 6,859 7,420

Bahamas . . . . . . . . . . . . . . . . . . . 69,894 67,510 69,340 65,833 61,477 68,778 63,946 65,691

Bermuda. . . . . . . . . . . . . . . . . . . . . 8,666 8,952 8,640 6,207 6,226 6,144 5,059 5,105

Brazil . . . . . . . . . . . . . . . . . . . . . . 10,574 12,090 12,866 14,915 14,826 15,655 16,826 17,193

British West Indies . . . . . . . . . . . . 125,436 121,144 137,816 147,264 148,626 143,800 131,242 131,856

Chile. . . . . . . . . . . . . . . . . . . . . . . 4,376 4,812 4,707 4,728 5,184 4,656 4,630 4,639

Colombia . . . . . . . . . . . . . . . . . . . 4,369 4,310 4,355 4,705 4,892 4,908 4,908 5,060

Cuba. . . . . . . . . . . . . . . . . . . . . . . . - - - 1 - - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 717 593 778 830 846 1,007 994 991

Guatemala . . . . . . . . . . . . . . . . . . 385 391 356 378 472 482 468 525

Jamaica . . . . . . . . . . . . . . . . . . . . 262 291 404 292 329 338 365 346

Mexico . . . . . . . . . . . . . . . . . . . . . 23,405 22,350 23,192 21,209 21,375 19,908 19,551 19,959

Netherlands Antilles . . . . . . . . . . . 1,426 1,236 3,183 6,273 9,850 11,547 13,371 11,703

Panama . . . . . . . . . . . . . . . . . . . . 2,293 2,593 2,647 2,909 3,347 2,942 2,762 2,444

Peru . . . . . . . . . . . . . . . . . . . . . . . 1,072 1,142 1,406 1,513 1,880 1,981 2,442 2,576

Trinidad and Tobago . . . . . . . . . . 473 516 484 487 485 478 513 491

Uruguay . . . . . . . . . . . . . . . . . . . . 554 406 438 453 534 693 696 568

Venezuela . . . . . . . . . . . . . . . . . . 2,803 2,500 2,525 2,318 2,536 2,293 2,105 2,156

Other Latin America

and Caribbean . . . . . . . . . . . . . 3,504 3,293 3,291 3,505 2,982 3,235 3,634 3,575

Total Latin America

and Caribbean. . . . . . . . . . . . 266,284 260,590 283,214 290,212 292,626 295,409 280,371 282,298

See footnotes at end of table.

CAPITAL MOVEMENTS 73
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 1995 1996

Country 1994 r Mar. r June r Sept. r Dec. r Mar. r June Sept. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 888 962 1,423 1,476 1,176 2,699 2,342 1,922

Taiwan . . . . . . . . . . . . . . . . . . . 1,548 1,639 1,906 1,685 1,836 1,906 1,612 1,821

Hong Kong . . . . . . . . . . . . . . . . . . 11,541 17,114 18,782 19,439 16,770 17,860 19,159 16,425

India . . . . . . . . . . . . . . . . . . . . . . . 1,069 1,149 1,335 2,052 1,946 1,989 1,942 2,148

Indonesia . . . . . . . . . . . . . . . . . . . 1,717 1,770 2,771 3,983 2,016 1,990 1,872 1,938

Israel . . . . . . . . . . . . . . . . . . . . . . 5,533 5,987 6,018 5,431 5,345 5,254 5,056 5,008

Japan . . . . . . . . . . . . . . . . . . . . . . 93,196 97,256 108,044 100,164 98,745 88,032 84,688 84,892

Korea . . . . . . . . . . . . . . . . . . . . . . 10,508 12,466 13,650 13,182 14,419 17,668 19,755 18,250

Lebanon . . . . . . . . . . . . . . . . . . . . 57 57 63 62 44 38 38 43

Malaysia. . . . . . . . . . . . . . . . . . . . 758 1,010 1,351 1,298 1,170 1,054 1,190 1,190

Pakistan . . . . . . . . . . . . . . . . . . . . 641 846 1,005 1,140 571 997 1,143 1,505

Philippines . . . . . . . . . . . . . . . . . . 757 646 1,008 812 1,449 1,313 1,492 1,464

Singapore. . . . . . . . . . . . . . . . . . . 5,376 5,277 9,206 6,914 6,383 6,704 9,257 7,953

Syria. . . . . . . . . . . . . . . . . . . . . . . 73 74 65 75 94 63 91 3

Thailand . . . . . . . . . . . . . . . . . . . . 3,094 3,004 3,223 2,858 2,806 3,260 3,308 2,852

Oil-exporting countries 3

. . . . . . . . 14,450 13,688 13,521 12,804 10,562 8,302 9,856 11,179

Other Asia . . . . . . . . . . . . . . . . . . 523 567 439 347 484 381 419 368

Total Asia . . . . . . . . . . . . . . . . . 151,729 163,512 183,810 173,722 165,816 159,510 163,220 158,961

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 249 223 224 222 233 268 219 263

Ghana . . . . . . . . . . . . . . . . . . . . . 6 8 9 8 18 6 17 13

Liberia . . . . . . . . . . . . . . . . . . . . . 598 537 505 549 550 583 525 474

Morocco . . . . . . . . . . . . . . . . . . . . 876 620 845 823 720 882 1,048 842

South Africa . . . . . . . . . . . . . . . . . 768 751 677 546 606 657 615 656

Zaire. . . . . . . . . . . . . . . . . . . . . . . 32321111

Oil-exporting countries 4

. . . . . . . . 1,003 848 761 717 654 615 563 473

Other Africa . . . . . . . . . . . . . . . . . 506 542 527 790 682 581 598 697

Total Africa . . . . . . . . . . . . . . . . 4,009 3,531 3,551 3,657 3,464 3,593 3,586 3,419

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 5,441 4,153 5,002 5,927 4,919 5,583 5,352 7,701

All other . . . . . . . . . . . . . . . . . . . . 1,599 2,063 2,076 1,672 1,557 1,783 1,791 2,294

Total other

countries . . . . . . . . . . . . . . . . 7,040 6,216 7,078 7,599 6,476 7,366 7,143 9,995

Total foreign countries. . . . . . . . . . . . . . . 666,172 694,893 740,957 726,285 733,536 731,097 730,299 761,910

International and regional:

International . . . . . . . . . . . . . . . . . 4,783 3,887 2,536 2,811 1,837 3,726 2,985 1,650

European regional . . . . . . . . . . . . 40 15 96 - - 3 - 8

Latin American regional . . . . . . . . 93 80 68 88 94 85 66 67

Asian regional . . . . . . . . . . . . . . . - - ------

African regional . . . . . . . . . . . . . . - - - - - -2 -

Middle Eastern regional . . . . . . . . - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 4,916 3,982 2,700 2,899 1,931 3,814 3,053 1,725

Grand total. . . . . . . . . . . . . . . 671,088 698,875 743,657 729,184 735,467 734,911 733,352 763,635

74 CAPITAL MOVEMENTS
Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 1,999 1,144 819 169 156 22 855 831 24

Belgium-Luxembourg . . . . . . . . . . 11,177 9,271 5,333 1,570 2,368 1 1,906 1,850 56

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 2 1 - 1 - - - -

Czechoslovakia . . . . . . . . . . . . . . 247 239 181 55 3 - 8 - 8

Denmark. . . . . . . . . . . . . . . . . . . . 2,939 480 251 157 72 - 2,459 2,400 59

Finland . . . . . . . . . . . . . . . . . . . . . 1,677 1,517 275 1,075 167 - 160 128 32

France . . . . . . . . . . . . . . . . . . . . . 26,710 16,053 7,256 4,822 3,975 37 10,657 10,285 372

Germany. . . . . . . . . . . . . . . . . . . . 23,569 11,048 5,666 3,004 2,378 1 12,521 11,707 814

Greece . . . . . . . . . . . . . . . . . . . . . 835 434 359 38 37 1 401 342 59

Hungary . . . . . . . . . . . . . . . . . . . . 72 56 52 1 3 - 16 - 16

Ireland. . . . . . . . . . . . . . . . . . . . . . 1,277 1,111 954 138 19 1 166 156 10

Italy. . . . . . . . . . . . . . . . . . . . . . . . 9,235 8,035 3,306 2,564 2,165 - 1,200 941 259

Netherlands . . . . . . . . . . . . . . . . . 11,144 7,556 3,710 3,246 600 6 3,588 3,477 111

Norway . . . . . . . . . . . . . . . . . . . . . 1,709 1,206 366 833 7 - 503 482 21

Poland . . . . . . . . . . . . . . . . . . . . . 1,024 730 533 48 149 5 294 203 91

Portugal . . . . . . . . . . . . . . . . . . . . 732 682 295 189 198 16 50 47 3

Romania . . . . . . . . . . . . . . . . . . . . 172 70 50 20 - - 102 102 -

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,791 1,750 1,100 35 615 20 41 7 34

Spain . . . . . . . . . . . . . . . . . . . . . . 5,449 4,505 2,999 1,153 353 6 944 868 76

Sweden. . . . . . . . . . . . . . . . . . . . . 7,852 3,255 1,268 1,708 279 - 4,597 4,295 302

Switzerland. . . . . . . . . . . . . . . . . . 19,057 14,174 1,842 9,088 3,244 16 4,883 4,721 162

Turkey. . . . . . . . . . . . . . . . . . . . . . 3,112 1,097 934 149 14 107 2,015 2,005 10

United Kingdom . . . . . . . . . . . . . . 128,395 98,586 26,479 59,253 12,854 215 29,809 28,957 852

Yugoslavia 2

 . . . . . . . . . . . . . . . . 87 87 87 - - - - - -

Other Europe . . . . . . . . . . . . . . . . 3,398 1,975 1,552 294 129 8 1,423 1,378 45

Total Europe . . . . . . . . . . . . . . . 263,661 185,063 65,668 89,609 29,786 462 78,598 75,182 3,416

Canada . . . . . . . . . . . . . . . . . . . . . . 43,576 27,336 12,345 12,998 1,993 29 16,240 15,759 481

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 7,420 7,133 5,984 1,117 32 90 287 212 75

Bahamas . . . . . . . . . . . . . . . . . . . 65,691 63,222 9,181 52,649 1,392 54 2,469 2,458 11

Bermuda. . . . . . . . . . . . . . . . . . . . 5,105 4,878 3,640 - 1,238 9 227 227 -

Brazil. . . . . . . . . . . . . . . . . . . . . . . 17,193 15,269 11,912 3,349 8 1,232 1,924 1,640 284

British West Indies . . . . . . . . . . . . 131,856 112,509 22,990 79,167 10,352 84 19,347 18,303 1,044

Chile . . . . . . . . . . . . . . . . . . . . . . . 4,639 4,566 4,174 214 178 15 73 68 5

Colombia . . . . . . . . . . . . . . . . . . . 5,060 4,727 4,642 81 4 34 333 332 1

Cuba. . . . . . . . . . . . . . . . . . . . . . . ---------

Ecuador . . . . . . . . . . . . . . . . . . . . 991 968 838 127 3 47 23 22 1

Guatemala . . . . . . . . . . . . . . . . . . 525 508 495 12 1 31 17 17 -

Jamaica . . . . . . . . . . . . . . . . . . . . 346 339 339 - - 3 7 7 -

Mexico . . . . . . . . . . . . . . . . . . . . . 19,959 18,239 17,430 285 524 672 1,720 1,555 165

Netherlands Antilles . . . . . . . . . . . 11,703 11,682 11,085 122 475 - 21 21 -

Panama . . . . . . . . . . . . . . . . . . . . 2,444 2,399 1,336 921 142 82 45 45 -

Peru . . . . . . . . . . . . . . . . . . . . . . . 2,576 2,552 2,349 192 11 27 24 21 3

Trinidad and Tobago . . . . . . . . . . 491 474 469 1 4 4 17 17 -

Uruguay . . . . . . . . . . . . . . . . . . . . 568 538 367 163 8 5 30 30 -

Venezuela. . . . . . . . . . . . . . . . . . . 2,156 1,659 1,490 23 146 8 497 496 1

Other Latin America

and Caribbean. . . . . . . . . . . . . . 3,575 3,519 2,262 1,228 29 79 56 55 1

Total Latin America

and Caribbean . . . . . . . . . . . . 282,298 255,181 100,983 139,651 14,547 2,476 27,117 25,526 1,591

TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1996

[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 75
TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Sept. 30, 1996, 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 . . . . . . . . . . . . . . . . . . 1,922 1,719 1,340 360 19 60 203 203 -

Taiwan . . . . . . . . . . . . . . . . . . . 1,821 1,701 881 819 1 82 120 58 62

Hong Kong . . . . . . . . . . . . . . . . . . 16,425 15,287 6,647 7,235 1,405 118 1,138 1,042 96

India . . . . . . . . . . . . . . . . . . . . . . . 2,148 2,003 1,792 183 28 467 145 113 32

Indonesia . . . . . . . . . . . . . . . . . . . 1,938 1,709 1,544 109 56 227 229 212 17

Israel . . . . . . . . . . . . . . . . . . . . . . 5,008 580 367 209 4 10 4,428 4,424 4

Japan . . . . . . . . . . . . . . . . . . . . . . 84,892 70,038 16,215 36,111 17,712 815 14,854 14,203 651

Korea . . . . . . . . . . . . . . . . . . . . . . 18,250 17,630 11,291 6,317 22 3,742 620 508 112

Lebanon . . . . . . . . . . . . . . . . . . . . 43 20 19 1 - 9 23 22 1

Malaysia. . . . . . . . . . . . . . . . . . . . 1,190 868 149 620 99 3 322 139 183

Pakistan . . . . . . . . . . . . . . . . . . . . 1,505 1,451 715 731 5 48 54 37 17

Philippines . . . . . . . . . . . . . . . . . . 1,464 1,302 940 315 47 76 162 136 26

Singapore. . . . . . . . . . . . . . . . . . . 7,953 6,948 2,486 3,253 1,209 8 1,005 954 51

Syria. . . . . . . . . . . . . . . . . . . . . . . 322 - - -11 -

Thailand . . . . . . . . . . . . . . . . . . . . 2,852 2,762 1,018 1,687 57 312 90 56 34

Other Asia . . . . . . . . . . . . . . . . . . 11,547 10,918 1,746 8,600 572 107 629 604 25

Total Asia . . . . . . . . . . . . . . . . . 158,961 134,938 47,152 66,550 21,236 6,084 24,023 22,712 1,311

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 263 248 218 23 7 15 15 12 3

Ghana . . . . . . . . . . . . . . . . . . . . . 13 13 12 1 - 2 - - -

Liberia . . . . . . . . . . . . . . . . . . . . . 474 474 474 - - - - - -

Morocco . . . . . . . . . . . . . . . . . . . . 842 590 564 1 25 35 252 252 -

South Africa . . . . . . . . . . . . . . . . . 656 588 559 13 16 36 68 32 36

Zaire. . . . . . . . . . . . . . . . . . . . . . . 1 1 1 - - - - - -

Other Africa . . . . . . . . . . . . . . . . . 1,170 906 841 50 15 157 264 253 11

Total Africa . . . . . . . . . . . . . . . . 3,419 2,820 2,669 88 63 245 599 549 50

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 7,701 3,873 2,295 1,346 232 89 3,828 3,671 157

All other . . . . . . . . . . . . . . . . . . . . 2,294 1,983 319 1,346 318 11 311 194 117

Total other countries. . . . . . . . . 9,995 5,856 2,614 2,692 550 100 4,139 3,865 274

Total foreign countries. . . . . . 761,910 611,194 231,431 311,588 68,175 9,396 150,716 143,593 7,123

International and regional:

International . . . . . . . . . . . . . . . . . 1,650 1,643 1,623 - 20 - 7 - 7

European regional . . . . . . . . . . . . 8 8 8 ------

Latin American regional . . . . . . . . 67 67 67 - - - - - -

Asian regional . . . . . . . . . . . . . . . - - - ------

African regional . . . . . . . . . . . . . . - - - ------

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 1,725 1,718 1,698 - 20 - 7 - 7

Grand total. . . . . . . . . . . . . . . 763,635 612,912 233,129 311,588 68,195 9,396 150,723 143,593 7,130

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.

76 CAPITAL MOVEMENTS
SECTION III.--Supplementary Liabilities and Claims Data 

Reported by Banks in the United States

TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners

in Countries and Areas Not Regularly Reported Separately

[Position at end of period in millions of dollars. Source: Office of International Financial Analysis]

Total liabilities Total banks’ own claims

Calendar year 1996 Calendar year 1996

Country 1994 1995 June 1994 1995 June

Other Europe:

Cyprus . . . . . . . . . . . . . . . . . . . . . 183 266 160 11 n.a. n.a.

Iceland . . . . . . . . . . . . . . . . . . . . . 36 41 32 14 9 13

Monaco . . . . . . . . . . . . . . . . . . . . 777 768 574 64 n.a. n.a.

Other Latin America and Caribbean:

Aruba . . . . . . . . . . . . . . . . . . . . . . 152 196 142 13 9 9

Barbados . . . . . . . . . . . . . . . . . . . 545 795 944 n.a. n.a. n.a.

Belize . . . . . . . . . . . . . . . . . . . . . . 71 72 84 n.a. 21 14

Bolivia. . . . . . . . . . . . . . . . . . . . . . 438 652 691 207 253 299

Costa Rica . . . . . . . . . . . . . . . . . . 1,014 1,037 1,091 404 292 229

Dominica . . . . . . . . . . . . . . . . . . . 28 8 13 n.a. n.a. n.a.

Dominican Republic . . . . . . . . . . . 879 1,133 1,180 254 364 446

El Salvador. . . . . . . . . . . . . . . . . . 762 826 967 330 591 538

French West Indies and 

French Guiana . . . . . . . . . . . . . n.a. 35 32 1 2 n.a.

Haiti . . . . . . . . . . . . . . . . . . . . . . . 241 318 286 7 17 18

Honduras . . . . . . . . . . . . . . . . . . . 633 650 689 151 174 190

Nicaragua. . . . . . . . . . . . . . . . . . . 191 201 n.a. 10 9 7

Paraguay . . . . . . . . . . . . . . . . . . . 592 554 656 138 153 168

Suriname . . . . . . . . . . . . . . . . . . . 61 94 114 n.a. n.a. n.a.

Other Asia:

Afghanistan . . . . . . . . . . . . . . . . . 71 60 49 n.a. n.a. n.a.

Burma. . . . . . . . . . . . . . . . . . . . . . n.a. 13 16 - n.a. n.a.

Jordan . . . . . . . . . . . . . . . . . . . . . 192 244 238 71 89 82

Macau . . . . . . . . . . . . . . . . . . . . . 32 61 78 n.a. 24 n.a.

Nepal . . . . . . . . . . . . . . . . . . . . . . n.a. 147 148 n.a. - n.a.

Sri Lanka . . . . . . . . . . . . . . . . . . . 229 n.a. 135 189 n.a. n.a.

Vietnam . . . . . . . . . . . . . . . . . . . . 555 527 n.a. n.a. n.a. n.a.

Yemen . . . . . . . . . . . . . . . . . . . . . 161 92 183 n.a. n.a. 5

Other Africa:

Angola . . . . . . . . . . . . . . . . . . . . . 72 145 126 n.a. n.a. n.a.

Cameroon . . . . . . . . . . . . . . . . . . 6 14 11 2 1 3

Djibouti . . . . . . . . . . . . . . . . . . . . . n.a. 72 n.a. n.a. * n.a.

Ethiopia . . . . . . . . . . . . . . . . . . . . 337 n.a. 252 15 10 10

Guinea . . . . . . . . . . . . . . . . . . . . . 14 19 10 1 n.a. n.a.

Ivory Coast. . . . . . . . . . . . . . . . . . 40 47 n.a. 15 n.a. 14

Kenya. . . . . . . . . . . . . . . . . . . . . . 224 114 240 19 2 35

Madagascar . . . . . . . . . . . . . . . . . 14 21 15 n.a. n.a. n.a.

Mauritius. . . . . . . . . . . . . . . . . . . . 48 98 67 n.a. 4 n.a.

Mozambique. . . . . . . . . . . . . . . . . . 88 119 96 n.a. * n.a.

Niger. . . . . . . . . . . . . . . . . . . . . . . 3 2 4 - - n.a.

Rwanda . . . . . . . . . . . . . . . . . . . . n.a. 37 49 - n.a. n.a.

Senegal . . . . . . . . . . . . . . . . . . . . n.a. n.a. 10 6 3 n.a.

Somalia . . . . . . . . . . . . . . . . . . . . 21 14 18 - - -

Sudan. . . . . . . . . . . . . . . . . . . . . . 38 31 31 n.a. n.a. n.a.

Tanzania . . . . . . . . . . . . . . . . . . . 191 288 247 4 n.a. n.a.

Tunisia . . . . . . . . . . . . . . . . . . . . . 53 32 56 77 92 154

Uganda. . . . . . . . . . . . . . . . . . . . . 200 n.a. n.a. 8 8 5

Zambia . . . . . . . . . . . . . . . . . . . . . 72 36 53 n.a. n.a. n.a.

Zimbabwe. . . . . . . . . . . . . . . . . . . . 143 138 108 25 46 26

All other:

New Zealand . . . . . . . . . . . . . . . . n.a. 758 569 900 n.a. n.a.

Papua New Guinea . . . . . . . . . . . n.a. n.a. 117 2 n.a. 10

* 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.”

CAPITAL MOVEMENTS 77
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)

U.S. banking claims on foreigners, excluding

claims represented by long-term securities, are highly

concentrated in international financial centers. The

chart and table show that close to two-thirds of U.S.

claims are currently reported opposite the United

Kingdom, other Europe and, most notably, the offshore banking centers in the Caribbean. An additiional 21 percent of U.S. claims are on foreigners

domiciled in Japan and the rest of Asia.

Total U.S. banking claims on foreigners, which

were virtually static through the first half of 1996,

expanded $30.2 billion in the third quarter to $763.6

billion. This new high for U.S. claims represents an

increase of $28.1 billion, or 3.8 percent, over the 1995

level. Compared with yearend 1995, third quarter

claims were up $25 billion opposite the United Kingdom, and strong gains ($29.8 billion combined) were

also realized for other Europe, other Asia, and “all

other countries.” Canada was one important area of

growth for the latter group, accounting for $7.7 billion of new U.S. claims. Claims on the Caribbean

banking centers and Japan changed little in the third

quarter, remaining off from 1995 levels by $26.5

billion combined. Banking claims on Japan remained

at one of their lowest levels in recent years.

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1992 1993 1994 1995 Sept. 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 90,388 86,628 96,779 103,375 128,395 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 90,425 103,814 107,264 125,939 135,266 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 192,681 197,008 207,715 229,526 216,799 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,443 90,387 93,196 98,745 84,892 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,390 64,306 58,533 67,071 74,069 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 543,327 542,143 563,487 624,656 639,421 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 83,399 108,500 107,601 110,811 124,214 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 626,726 650,643 671,088 735,467 763,635 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

78 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 1995 1996

Type of liability or claim 1992 1993 1994 Sept. Dec. Mar. June Sept. p

Total liabilities . . . . . . . . . . . . . . . . . . . . . . 45,511 49,311 54,309 47,673 46,448 49,907 48,990 51,105

Payable in dollars. . . . . . . . . . . . . . . . . . 37,456 37,442 38,298 33,908 33,903 36,273 35,385 36,402

Financial . . . . . . . . . . . . . . . . . . . . . . . 16,960 17,259 18,818 13,872 12,903 13,831 12,212 11,256

Commercial:

Trade payables . . . . . . . . . . . . . . . . 8,679 7,869 8,860 8,749 9,996 9,934 10,122 10,761

Advance receipts and other. . . . . . . 11,817 12,314 10,620 11,287 11,004 12,508 13,051 14,385

Payable in foreign currencies. . . . . . . . . 8,055 11,869 16,011 13,765 12,545 13,634 13,605 14,703

Financial . . . . . . . . . . . . . . . . . . . . . . . 6,881 10,681 14,136 12,365 11,338 12,739 12,632 13,851

Commercial:

Trade payables . . . . . . . . . . . . . . . . 887 933 1,145 1,312 1,017 881 959 844

Advance receipts and other. . . . . . . 287 255 730 88 190 14 14 8

Total claims . . . . . . . . . . . . . . . . . . . . . . . . 45,073 49,159 57,888 53,424 52,509 55,406 58,845 57,230

Payable in dollars. . . . . . . . . . . . . . . . . . 42,281 45,161 53,805 49,696 48,711 51,007 54,000 52,555

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 16,872 15,182 18,026 17,393 14,654 17,044 17,926 18,001

Other . . . . . . . . . . . . . . . . . . . . . . . . 7,890 10,862 14,306 10,689 10,976 11,290 13,233 12,143

Commercial:

Trade receivables . . . . . . . . . . . . . . 15,189 16,662 19,316 19,530 20,993 20,195 20,307 20,103

Advance payments and other . . . . . 2,330 2,455 2,157 2,084 2,088 2,478 2,534 2,308

Payable in foreign currencies. . . . . . . . . 2,792 3,998 4,083 3,728 3,798 4,399 4,845 4,675

Financial:

Deposits . . . . . . . . . . . . . . . . . . . . . 823 535 481 581 479 551 438 624

Other . . . . . . . . . . . . . . . . . . . . . . . . 924 1,192 1,084 1,228 1,289 1,887 2,397 2,089

Commercial:

Trade receivables . . . . . . . . . . . . . . 818 1,763 1,842 1,879 2,005 1,928 1,969 1,907

Advance payments and other . . . . . 227 508 676 40 25 33 41 55

CAPITAL MOVEMENTS 79
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 1995 1996

Country 1991 1992 1993 1994 Sept. Dec. Mar. June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 130 107 58 70 56 44 30 43 57

Belgium-Luxembourg. . . . . . . . . . 464 712 414 736 696 700 853 824 974

Bulgaria . . . . . . . . . . . . . . . . . . . . 9 13 3 5 3 1 2 1 3

Czechoslovakia . . . . . . . . . . . . . . 4 14 8 6 21 26 21 4 5

Denmark . . . . . . . . . . . . . . . . . . . 63 38 49 277 619 138 143 150 168

Finland . . . . . . . . . . . . . . . . . . . . . 449 387 362 236 192 179 277 157 152

France . . . . . . . . . . . . . . . . . . . . . 3,145 2,323 3,194 2,455 1,893 1,480 2,327 1,689 1,877

Germany . . . . . . . . . . . . . . . . . . . 1,734 1,618 1,659 2,565 2,330 2,741 3,028 2,689 3,235

Greece . . . . . . . . . . . . . . . . . . . . . 178 201 252 196 68 89 44 48 55

Hungary . . . . . . . . . . . . . . . . . . . . 26 67 3 679878

Ireland . . . . . . . . . . . . . . . . . . . . . 702 614 485 449 401 414 399 353 469

Italy. . . . . . . . . . . . . . . . . . . . . . . . 606 430 485 359 291 374 486 485 487

Netherlands . . . . . . . . . . . . . . . . . 1,766 1,141 1,222 1,274 1,040 966 1,138 1,061 1,187

Norway. . . . . . . . . . . . . . . . . . . . . 527 283 359 176 276 209 389 277 412

Poland . . . . . . . . . . . . . . . . . . . . . 32 31 15 17 7 7 13 32 13

Portugal . . . . . . . . . . . . . . . . . . . . 55 16 24 35 43 35 20 26 52

Romania. . . . . . . . . . . . . . . . . . . . 40 33 6 8 4 3 6 8 7

Spain . . . . . . . . . . . . . . . . . . . . . . 412 161 164 127 170 171 120 162 150

Sweden . . . . . . . . . . . . . . . . . . . . 355 322 286 242 243 233 214 240 293

Switzerland. . . . . . . . . . . . . . . . . . . 983 919 1,009 1,015 1,203 1,308 1,688 1,672 1,239

Turkey . . . . . . . . . . . . . . . . . . . . . 65 116 104 109 63 118 96 95 106

United Kingdom . . . . . . . . . . . . . . 8,825 11,115 15,335 17,987 13,869 13,706 13,771 14,056 13,485

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 59 62 60 84 96 177 143 63 85

Yugoslavia 2 . . . . . . . . . . . . . . . . . 39 10 9 12 6 6 6 73 9

Other Europe . . . . . . . . . . . . . . . . 36 52 36 30 67 188 153 135 180

Total Europe . . . . . . . . . . . . . . . 20,704 20,785 25,601 28,476 23,664 23,322 25,375 24,350 24,708

Canada . . . . . . . . . . . . . . . . . . . . . . 1,306 1,546 1,738 1,666 2,016 1,672 2,125 1,949 1,975

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 22 86 36 88 91 136 120 147 155

Bahamas . . . . . . . . . . . . . . . . . . . 540 382 137 120 80 60 106 66 83

Bermuda. . . . . . . . . . . . . . . . . . . . . 424 421 350 425 363 352 696 537 380

Brazil . . . . . . . . . . . . . . . . . . . . . . 225 228 232 368 254 155 185 127 168

British West Indies . . . . . . . . . . . . 3,631 2,883 1,387 1,021 935 922 956 836 779

Chile. . . . . . . . . . . . . . . . . . . . . . . 41 51 89 44 61 76 100 134 94

Colombia . . . . . . . . . . . . . . . . . . . 16 19 34 19 41 63 44 92 78

Cuba. . . . . . . . . . . . . . . . . . . . . . . . - - - - 1 1 - 11 2

Ecuador . . . . . . . . . . . . . . . . . . . . 15 13 18 33 45 26 28 34 34

Guatemala . . . . . . . . . . . . . . . . . . 6 9 6 8 5 4 5 12 13

Jamaica . . . . . . . . . . . . . . . . . . . . 6 9 6 14 16 18 14 18 13

Mexico . . . . . . . . . . . . . . . . . . . . . 314 469 498 574 360 428 484 486 445

Netherlands Antilles . . . . . . . . . . . 642 626 633 645 624 635 628 12 28

Panama . . . . . . . . . . . . . . . . . . . . 6 36 8 50 6 23 4 13 9

Peru . . . . . . . . . . . . . . . . . . . . . . . 10 10 13 30 55 21 21 37 44

Trinidad and Tobago . . . . . . . . . . 17 17 18 25 13 13 26 47 118

Uruguay . . . . . . . . . . . . . . . . . . . . 1 3 1 1 3 3 4 13 7

Venezuela . . . . . . . . . . . . . . . . . . 98 148 128 281 178 223 245 284 332

Other Latin America

 and Caribbean . . . . . . . . . . . . . 125 176 218 145 380 364 320 364 542

Total Latin America

and Caribbean. . . . . . . . . . . . 6,139 5,586 3,812 3,891 3,511 3,523 3,986 3,270 3,324

See footnotes at end of table.

80 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 1995 1996

Country 1991 1992 1993 1994 Sept. Dec. Mar. June Sept. p

Asia:

 China:

Mainland . . . . . . . . . . . . . . . . . . 621 566 723 597 543 579 483 649 773

Taiwan . . . . . . . . . . . . . . . . . . . 773 810 579 853 559 451 412 269 393

Hong Kong . . . . . . . . . . . . . . . . . . 801 884 785 805 686 646 729 728 682

India . . . . . . . . . . . . . . . . . . . . . . . 61 164 91 59 212 196 220 291 277

Indonesia . . . . . . . . . . . . . . . . . . . 176 207 363 296 330 350 263 281 267

Israel . . . . . . . . . . . . . . . . . . . . . . 124 181 229 141 118 99 132 110 273

Japan . . . . . . . . . . . . . . . . . . . . . . 7,837 8,362 9,201 11,869 9,783 8,751 9,705 9,994 10,752

Korea . . . . . . . . . . . . . . . . . . . . . . 1,549 1,722 1,701 1,736 1,490 1,433 1,305 1,472 1,505

Lebanon . . . . . . . . . . . . . . . . . . . . 3 16 22 14 47 61 36 60 22

Malaysia. . . . . . . . . . . . . . . . . . . . 304 613 475 178 309 297 298 525 576

Pakistan . . . . . . . . . . . . . . . . . . . . 25 21 26 27 98 80 39 68 67

Philippines . . . . . . . . . . . . . . . . . . 25 53 57 50 62 60 52 60 79

Singapore. . . . . . . . . . . . . . . . . . . 578 590 733 622 739 819 742 690 756

Syria. . . . . . . . . . . . . . . . . . . . . . . 2 50 11 24 29 50 22 11 15

Thailand . . . . . . . . . . . . . . . . . . . . 255 179 259 194 403 392 421 436 437

Oil-exporting countries 3

. . . . . . . . 1,511 1,908 1,557 1,611 1,672 1,939 1,773 1,810 1,976

Other Asia . . . . . . . . . . . . . . . . . . 70 86 79 68 142 206 232 286 306

Total Asia . . . . . . . . . . . . . . . . . 14,715 16,412 16,891 19,144 17,222 16,409 16,864 17,740 19,156

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 158 89 111 48 115 157 163 216 224

Ghana . . . . . . . . . . . . . . . . . . . . . - - 1 - 7 16 17 8 26

Liberia . . . . . . . . . . . . . . . . . . . . . - 2 1 - 16 - 4 1 1

Morocco . . . . . . . . . . . . . . . . . . . . 36 28 41 29 22 24 23 23 30

South Africa . . . . . . . . . . . . . . . . . 79 59 55 32 63 42 104 130 147

Zaire. . . . . . . . . . . . . . . . . . . . . . . 3 5 1 1 - - - - -

Oil-exporting countries 4

. . . . . . . . 331 309 290 379 363 376 376 496 525

Other Africa . . . . . . . . . . . . . . . . . 114 82 86 74 152 154 152 122 192

Total Africa . . . . . . . . . . . . . . . . 721 574 586 563 738 769 839 996 1,145

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 974 503 517 372 348 461 517 525 577

All other . . . . . . . . . . . . . . . . . . . . 108 88 148 153 129 230 139 70 104

Total other countries. . . . . . . . . 1,082 591 665 525 477 691 656 595 681

Total foreign countries. . . . . . 44,667 45,494 49,293 54,265 47,628 46,386 49,845 48,900 50,989

International and regional:

International . . . . . . . . . . . . . . . . . - - - - - 2 2 27 55

European regional . . . . . . . . . . . . 40 17 18 44 45 60 60 63 61

Latin American regional . . . . . . . . - - - ------

Asian regional . . . . . . . . . . . . . . . - - - ------

African regional . . . . . . . . . . . . . . - - - ------

Middle Eastern regional . . . . . . . . 1 - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 41 17 18 44 45 62 62 90 116

Grand total. . . . . . . . . . . . . . . 44,708 45,511 49,311 54,309 47,673 46,448 49,907 48,990 51,105

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 81
TABLE CM-IV-3.--Total Liabilities by Type and Country, Sept. 30, 1996, 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 . . . . . . . . . . . . . . . . . . . . . 57 1 - 1 56

Belgium-Luxembourg. . . . . . . . . . 974 547 178 369 427

Bulgaria . . . . . . . . . . . . . . . . . . . . 3 - - - 3

Czechoslovakia . . . . . . . . . . . . . . 5 - - - 5

Denmark . . . . . . . . . . . . . . . . . . . 168 51 - 51 117

Finland . . . . . . . . . . . . . . . . . . . . . 152 4 3 1 148

France . . . . . . . . . . . . . . . . . . . . . 1,877 1,220 405 815 657

Germany . . . . . . . . . . . . . . . . . . . 3,235 2,276 1,097 1,179 959

Greece . . . . . . . . . . . . . . . . . . . . . 55 - - - 55

Hungary . . . . . . . . . . . . . . . . . . . . 8 2 2 - 6

Ireland . . . . . . . . . . . . . . . . . . . . . 469 311 279 32 158

Italy. . . . . . . . . . . . . . . . . . . . . . . . 487 191 75 116 296

Netherlands . . . . . . . . . . . . . . . . . 1,187 519 400 119 668

Norway. . . . . . . . . . . . . . . . . . . . . 412 94 12 82 318

Poland . . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Portugal . . . . . . . . . . . . . . . . . . . . 52 20 4 16 32

Romania. . . . . . . . . . . . . . . . . . . . 7 - - - 7

Russia 1 . . . . . . . . . . . . . . . . . . . . 85 4 3 1 81

Spain . . . . . . . . . . . . . . . . . . . . . . 150 44 11 33 106

Sweden . . . . . . . . . . . . . . . . . . . . 293 59 2 57 234

Switzerland. . . . . . . . . . . . . . . . . . . 1,239 830 288 542 409

Turkey . . . . . . . . . . . . . . . . . . . . . 106 19 18 1 87

United Kingdom . . . . . . . . . . . . . . 13,485 9,821 4,310 5,511 3,664

Yugoslavia 2 . . . . . . . . . . . . . . . . 9 - - - 9

Other Europe . . . . . . . . . . . . . . . . 180 41 16 25 139

Total Europe . . . . . . . . . . . . . . . 24,708 16,054 7,103 8,951 8,654

Canada . . . . . . . . . . . . . . . . . . . . . . 1,975 881 362 519 1,094

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 155 9 9 - 146

Bahamas . . . . . . . . . . . . . . . . . . . 83 50 50 - 33

Bermuda. . . . . . . . . . . . . . . . . . . . . 380 25 25 - 355

Brazil . . . . . . . . . . . . . . . . . . . . . . 168 9 9 - 159

British West Indies . . . . . . . . . . . . 779 764 611 153 15

Chile. . . . . . . . . . . . . . . . . . . . . . . 94 18 18 - 76

Colombia . . . . . . . . . . . . . . . . . . . 78 1 1 - 77

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 2 - - - 2

Ecuador . . . . . . . . . . . . . . . . . . . . 34 3 3 - 31

Guatemala . . . . . . . . . . . . . . . . . . 13 - - - 13

Jamaica . . . . . . . . . . . . . . . . . . . . 13 - - - 13

Mexico . . . . . . . . . . . . . . . . . . . . . 445 4 4 - 441

Netherlands Antilles . . . . . . . . . . . 28 - - - 28

Panama . . . . . . . . . . . . . . . . . . . . 9 - - - 9

Peru . . . . . . . . . . . . . . . . . . . . . . . 44 - - - 44

Trinidad and Tobago . . . . . . . . . . 118 3 3 - 115

Uruguay . . . . . . . . . . . . . . . . . . . . 7 - - - 7

Venezuela . . . . . . . . . . . . . . . . . . 332 - - - 332

Other Latin America

and Caribbean . . . . . . . . . . . . . 542 132 132 - 410

Total Latin America

and Caribbean. . . . . . . . . . . . 3,324 1,018 865 153 2,306

See footnotes at end of table.

82 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 773 24 24 - 749

Taiwan . . . . . . . . . . . . . . . . . . . 393 16 1 15 377

Hong Kong . . . . . . . . . . . . . . . . . . 682 180 174 6 502

India . . . . . . . . . . . . . . . . . . . . . . . 277 3 1 2 274

Indonesia . . . . . . . . . . . . . . . . . . . 267 33 33 - 234

Israel . . . . . . . . . . . . . . . . . . . . . . 273 10 10 - 263

Japan . . . . . . . . . . . . . . . . . . . . . . 10,752 6,602 2,440 4,162 4,150

Korea . . . . . . . . . . . . . . . . . . . . . . 1,505 13 13 - 1,492

Lebanon . . . . . . . . . . . . . . . . . . . . 22 2 2 - 20

Malaysia. . . . . . . . . . . . . . . . . . . . 576 4 2 2 572

Pakistan . . . . . . . . . . . . . . . . . . . . 67 - - - 67

Philippines . . . . . . . . . . . . . . . . . . 79 - - - 79

Singapore. . . . . . . . . . . . . . . . . . . 756 3 - 3 753

Syria. . . . . . . . . . . . . . . . . . . . . . . 15 - - - 15

Thailand . . . . . . . . . . . . . . . . . . . . 437 - - - 437

Other Asia . . . . . . . . . . . . . . . . . . 2,282 37 37 - 2,245

Total Asia . . . . . . . . . . . . . . . . . 19,156 6,927 2,737 4,190 12,229

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 224 - - - 224

Ghana . . . . . . . . . . . . . . . . . . . . . 26 - - - 26

Liberia . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Morocco . . . . . . . . . . . . . . . . . . . . 30 - - - 30

South Africa . . . . . . . . . . . . . . . . . 147 1 - 1 146

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - -

Other Africa . . . . . . . . . . . . . . . . . 717 131 131 - 586

Total Africa . . . . . . . . . . . . . . . . 1,145 132 131 1 1,013

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 577 37 - 37 540

All other . . . . . . . . . . . . . . . . . . . . 104 3 3 - 101

Total other countries. . . . . . . . . 681 40 3 37 641

Total foreign countries . . . . . 50,989 25,052 11,201 13,851 25,937

International and regional:

International . . . . . . . . . . . . . . . . . 55 55 55 - -

European regional . . . . . . . . . . . . 61 - - - 61

Latin American regional . . . . . . . . -----

Asian regional . . . . . . . . . . . . . . . -----

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international 

and regional. . . . . . . . . . . . . . 116 55 55 - 61

Grand total. . . . . . . . . . . . . . . 51,105 25,107 11,256 13,851 25,998

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, Sept. 30, 1996, 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 83
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 1995 1996

Country 1991 1992 1993 1994 Sept. Dec. Mar. r June Sept. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 84 71 88 123 91 114 118 84 180

Belgium-Luxembourg. . . . . . . . . . 207 197 318 299 384 424 406 390 339

Bulgaria . . . . . . . . . . . . . . . . . . . . 2 13 32 37 35 29 17 13 18

Czechoslovakia . . . . . . . . . . . . . . 18 46 48 52 33 53 34 26 35

Denmark . . . . . . . . . . . . . . . . . . . 97 154 103 81 71 107 95 171 175

Finland . . . . . . . . . . . . . . . . . . . . . 160 169 171 173 116 185 116 128 133

France . . . . . . . . . . . . . . . . . . . . . 1,854 2,301 2,773 2,681 2,459 2,633 2,818 2,337 2,258

Germany . . . . . . . . . . . . . . . . . . . 1,238 1,259 1,544 1,567 1,298 1,506 1,730 1,631 1,511

Greece . . . . . . . . . . . . . . . . . . . . . 52 114 149 136 193 193 185 177 137

Hungary . . . . . . . . . . . . . . . . . . . . 21 30 6 72 38 50 34 32 36

Ireland . . . . . . . . . . . . . . . . . . . . . 91 419 416 315 140 290 296 257 249

Italy. . . . . . . . . . . . . . . . . . . . . . . . 853 1,041 883 812 894 1,029 1,023 1,211 940

Netherlands . . . . . . . . . . . . . . . . . 979 1,067 925 740 860 969 928 969 940

Norway. . . . . . . . . . . . . . . . . . . . . 121 196 132 242 191 169 171 206 209

Poland . . . . . . . . . . . . . . . . . . . . . 43 74 116 122 88 78 107 81 79

Portugal . . . . . . . . . . . . . . . . . . . . 141 176 191 217 62 64 48 50 39

Romania. . . . . . . . . . . . . . . . . . . . 4 12 5 17 13 16 6 8 13

Spain . . . . . . . . . . . . . . . . . . . . . . 335 332 459 484 454 537 473 547 537

Sweden . . . . . . . . . . . . . . . . . . . . 217 282 460 352 243 288 296 219 321

Switzerland. . . . . . . . . . . . . . . . . . . 876 852 962 1,080 968 1,018 1,049 1,063 1,019

Turkey . . . . . . . . . . . . . . . . . . . . . 101 257 246 216 225 256 217 182 194

United Kingdom . . . . . . . . . . . . . . 13,620 8,346 5,962 7,205 7,403 6,959 8,175 8,820 7,847

U.S.S.R. 1

. . . . . . . . . . . . . . . . . . . 274 232 228 254 296 300 182 225 251

Yugoslavia 2 . . . . . . . . . . . . . . . . . 113 52 55 39 9 13 7 13 17

Other Europe . . . . . . . . . . . . . . . . 133 90 132 160 138 153 174 213 185

Total Europe . . . . . . . . . . . . . . . 21,634 17,782 16,404 17,476 16,702 17,433 18,705 19,053 17,662

Canada . . . . . . . . . . . . . . . . . . . . . . 3,763 3,119 3,813 5,569 5,497 4,802 7,314 6,847 6,534

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 214 242 299 347 381 396 388 461 491

Bahamas . . . . . . . . . . . . . . . . . . . 840 806 1,347 2,433 1,578 1,995 1,568 2,196 1,760

Bermuda. . . . . . . . . . . . . . . . . . . . . 272 295 307 261 280 353 350 348 403

Brazil . . . . . . . . . . . . . . . . . . . . . . 778 1,043 1,114 1,132 1,596 1,728 1,828 2,079 2,274

British West Indies . . . . . . . . . . . . 9,097 11,787 12,770 15,311 11,882 10,472 10,206 13,127 12,928

Chile. . . . . . . . . . . . . . . . . . . . . . . 84 129 221 229 276 248 224 292 279

Colombia . . . . . . . . . . . . . . . . . . . 118 129 120 396 414 413 394 399 356

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 111151

Ecuador . . . . . . . . . . . . . . . . . . . . 95 40 81 112 147 123 105 106 141

Guatemala . . . . . . . . . . . . . . . . . . 14 23 32 46 47 48 58 59 69

Jamaica . . . . . . . . . . . . . . . . . . . . 25 30 27 42 42 41 51 57 46

Mexico . . . . . . . . . . . . . . . . . . . . . 1,054 1,369 1,862 1,966 1,513 1,547 1,331 1,413 1,312

Netherlands Antilles . . . . . . . . . . . 38 26 37 65 33 32 53 31 69

Panama . . . . . . . . . . . . . . . . . . . . 38 66 90 102 134 156 204 161 110

Peru . . . . . . . . . . . . . . . . . . . . . . . 91 115 148 175 222 221 227 220 209

Trinidad and Tobago . . . . . . . . . . 20 9 26 27 34 36 34 27 20

Uruguay . . . . . . . . . . . . . . . . . . . . 7 8 8 25 29 32 28 24 24

Venezuela . . . . . . . . . . . . . . . . . . 243 374 454 383 375 317 348 336 319

Other Latin America

and Caribbean . . . . . . . . . . . . . 342 443 553 600 720 705 580 643 529

Total Latin America

and Caribbean. . . . . . . . . . . . 13,372 16,936 19,498 23,653 19,704 18,864 17,978 21,984 21,340

84 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 1995 1996

Country 1991 1992 1993 1994 Sept. Dec. Mar. r June Sept. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 212 282 378 526 504 696 610 677 626

Taiwan . . . . . . . . . . . . . . . . . . . 368 307 411 512 533 532 461 510 457

Hong Kong . . . . . . . . . . . . . . . . . . 267 267 298 442 451 454 509 420 464

India . . . . . . . . . . . . . . . . . . . . . . . 105 135 147 202 293 323 290 325 392

Indonesia . . . . . . . . . . . . . . . . . . . 159 138 354 423 367 367 383 427 413

Israel . . . . . . . . . . . . . . . . . . . . . . 174 168 218 195 276 267 271 301 316

Japan . . . . . . . . . . . . . . . . . . . . . . 2,249 2,571 3,167 3,608 3,402 2,741 3,181 2,729 2,919

Korea . . . . . . . . . . . . . . . . . . . . . . 423 361 549 650 915 933 767 665 632

Lebanon . . . . . . . . . . . . . . . . . . . . 11 50 65 58 66 48 61 34 59

Malaysia. . . . . . . . . . . . . . . . . . . . 55 90 477 457 457 496 451 424 478

Pakistan . . . . . . . . . . . . . . . . . . . . 50 53 32 40 30 42 41 29 107

Philippines . . . . . . . . . . . . . . . . . . 79 105 111 151 130 123 96 114 116

Singapore. . . . . . . . . . . . . . . . . . . 248 291 390 427 436 573 541 588 705

Syria. . . . . . . . . . . . . . . . . . . . . . . 5 8 5 6 14 12 14 13 9

Thailand . . . . . . . . . . . . . . . . . . . . 118 127 174 183 235 199 176 190 283

Oil-exporting countries 3

. . . . . . . . 625 696 707 849 779 977 1,037 888 943

Other Asia . . . . . . . . . . . . . . . . . . 83 81 188 124 98 108 101 120 123

Total Asia . . . . . . . . . . . . . . . . . 5,231 5,730 7,671 8,853 8,986 8,891 8,990 8,454 9,042

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 92 177 137 261 88 160 207 166 160

Ghana . . . . . . . . . . . . . . . . . . . . . 1 5 7 7 13 16 7 67 24

Liberia . . . . . . . . . . . . . . . . . . . . . 38 34 19 9 8 13 11 10 32

Morocco . . . . . . . . . . . . . . . . . . . . 23 37 45 53 102 57 41 32 32

South Africa . . . . . . . . . . . . . . . . . 108 81 108 142 173 321 319 247 262

Zaire. . . . . . . . . . . . . . . . . . . . . . . 6 29 18 30 10 11 10 12 10

Oil-exporting countries 4

. . . . . . . . 96 87 73 67 80 92 112 88 155

Other Africa . . . . . . . . . . . . . . . . . 123 187 185 258 258 260 237 263 217

Total Africa . . . . . . . . . . . . . . . . 487 637 592 827 732 930 944 885 892

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 570 702 945 1,218 1,497 1,310 1,220 1,343 1,484

All other . . . . . . . . . . . . . . . . . . . . 180 152 208 269 272 270 236 262 269

Total other countries. . . . . . . . . 750 854 1,153 1,487 1,769 1,580 1,456 1,605 1,753

Total foreign countries. . . . . . 45,237 45,058 49,131 57,865 53,390 52,500 55,387 58,828 57,223

International and regional:

International . . . . . . . . . . . . . . . . . 22 13 28 19 34 8 17 11 6

European regional . . . . . . . . . . . . 2 2 - 4 - 1 2 - 1

Latin American regional . . . . . . . . - - - - - - -6 -

Asian regional . . . . . . . . . . . . . . . 1 - - ------

African regional . . . . . . . . . . . . . . - - - ------

Middle Eastern regional . . . . . . . . - - - - - - - - -

Total international

and regional. . . . . . . . . . . . . . 25 15 28 23 34 9 19 17 7

Grand total. . . . . . . . . . . . . . . 45,262 45,073 49,159 57,888 53,424 52,509 55,406 58,845 57,230

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 85
TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1996, 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 . . . . . . . . . . . . . . . . . . . . . 180 75 63 12 105

Belgium-Luxembourg. . . . . . . . . . 339 126 111 15 213

Bulgaria . . . . . . . . . . . . . . . . . . . . 18 11 9 2 7

Czechoslovakia . . . . . . . . . . . . . . 35 5 5 - 30

Denmark . . . . . . . . . . . . . . . . . . . 175 136 19 117 39

Finland . . . . . . . . . . . . . . . . . . . . . 133 4 - 4 129

France . . . . . . . . . . . . . . . . . . . . . 2,258 733 680 53 1,525

Germany . . . . . . . . . . . . . . . . . . . 1,511 272 230 42 1,239

Greece . . . . . . . . . . . . . . . . . . . . . 137 49 48 1 88

Hungary . . . . . . . . . . . . . . . . . . . . 36 29 25 4 7

Ireland . . . . . . . . . . . . . . . . . . . . . 249 191 190 1 58

Italy. . . . . . . . . . . . . . . . . . . . . . . . 940 198 191 7 742

Netherlands . . . . . . . . . . . . . . . . . 940 520 502 18 420

Norway. . . . . . . . . . . . . . . . . . . . . 209 22 1 21 187

Poland . . . . . . . . . . . . . . . . . . . . . 79 32 32 - 47

Portugal . . . . . . . . . . . . . . . . . . . . 39 10 1 9 29

Romania. . . . . . . . . . . . . . . . . . . . 13 - - - 13

Russia 1 . . . . . . . . . . . . . . . . . . . . 251 77 71 6 174

Spain . . . . . . . . . . . . . . . . . . . . . . 537 43 8 35 494

Sweden . . . . . . . . . . . . . . . . . . . . 321 154 147 7 167

Switzerland. . . . . . . . . . . . . . . . . . . 1,019 431 412 19 588

Turkey . . . . . . . . . . . . . . . . . . . . . 194 41 41 - 153

United Kingdom . . . . . . . . . . . . . . 7,847 5,333 4,962 371 2,514

Yugoslavia 2 . . . . . . . . . . . . . . . . . 17 - - - 17

Other Europe . . . . . . . . . . . . . . . . 185 8 8 - 177

Total Europe . . . . . . . . . . . . . . . 17,662 8,500 7,756 744 9,162

Canada . . . . . . . . . . . . . . . . . . . . . . 6,534 4,502 3,967 535 2,032

Latin America and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 491 136 133 3 355

Bahamas . . . . . . . . . . . . . . . . . . . 1,760 1,746 1,734 12 14

Bermuda. . . . . . . . . . . . . . . . . . . . . 403 113 112 1 290

Brazil . . . . . . . . . . . . . . . . . . . . . . 2,274 1,417 596 821 857

British West Indies . . . . . . . . . . . . 12,928 12,809 12,757 52 119

Chile. . . . . . . . . . . . . . . . . . . . . . . 279 17 16 1 262

Colombia . . . . . . . . . . . . . . . . . . . 356 155 154 1 201

Cuba. . . . . . . . . . . . . . . . . . . . . . . . 1 - - - 1

Ecuador . . . . . . . . . . . . . . . . . . . . 141 38 38 - 103

Guatemala . . . . . . . . . . . . . . . . . . 69 18 18 - 51

Jamaica . . . . . . . . . . . . . . . . . . . . 46 1 - 1 45

Mexico . . . . . . . . . . . . . . . . . . . . . 1,312 411 340 71 901

Netherlands Antilles . . . . . . . . . . . 69 16 16 - 53

Panama . . . . . . . . . . . . . . . . . . . . 110 50 50 - 60

Peru . . . . . . . . . . . . . . . . . . . . . . . 209 69 69 - 140

Trinidad and Tobago . . . . . . . . . . 20 - - - 20

Uruguay . . . . . . . . . . . . . . . . . . . . 24 - - - 24

Venezuela . . . . . . . . . . . . . . . . . . 319 17 13 4 302

Other Latin America

and Caribbean . . . . . . . . . . . . . 529 171 166 5 358

Total Latin America

and Caribbean. . . . . . . . . . . . 21,340 17,184 16,212 972 4,156

See footnotes at end of table.

86 CAPITAL MOVEMENTS
TABLE CM-IV-5.--Total Claims by Type and Country, Sept. 30, 1996, 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 . . . . . . . . . . . . . . . . . . 626 42 41 1 584

Taiwan . . . . . . . . . . . . . . . . . . . 457 3 2 1 454

Hong Kong . . . . . . . . . . . . . . . . . . 464 53 44 9 411

India . . . . . . . . . . . . . . . . . . . . . . . 392 11 2 9 381

Indonesia . . . . . . . . . . . . . . . . . . . 413 190 188 2 223

Israel . . . . . . . . . . . . . . . . . . . . . . 316 3 1 2 313

Japan . . . . . . . . . . . . . . . . . . . . . . 2,919 1,001 613 388 1,918

Korea . . . . . . . . . . . . . . . . . . . . . . 632 22 20 2 610

Lebanon . . . . . . . . . . . . . . . . . . . . 59 - - - 59

Malaysia. . . . . . . . . . . . . . . . . . . . 478 291 288 3 187

Pakistan . . . . . . . . . . . . . . . . . . . . 107 1 - 1 106

Philippines . . . . . . . . . . . . . . . . . . 116 12 12 - 104

Singapore. . . . . . . . . . . . . . . . . . . 705 57 55 2 648

Syria. . . . . . . . . . . . . . . . . . . . . . . 9 - - - 9

Thailand . . . . . . . . . . . . . . . . . . . . 283 78 71 7 205

Other Asia . . . . . . . . . . . . . . . . . . 1,066 62 56 6 1,004

Total Asia . . . . . . . . . . . . . . . . . 9,042 1,826 1,393 433 7,216

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 160 2 2 - 158

Ghana . . . . . . . . . . . . . . . . . . . . . 24 - - - 24

Liberia . . . . . . . . . . . . . . . . . . . . . 32 28 28 - 4

Morocco . . . . . . . . . . . . . . . . . . . . 32 7 7 - 25

South Africa . . . . . . . . . . . . . . . . . 262 87 87 - 175

Zaire. . . . . . . . . . . . . . . . . . . . . . . 10 - - - 10

Other Africa . . . . . . . . . . . . . . . . . 372 52 52 - 320

Total Africa . . . . . . . . . . . . . . . . 892 176 176 - 716

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . 1,484 586 560 26 898

All other . . . . . . . . . . . . . . . . . . . . 269 83 80 3 186

Total other countries. . . . . . . . . 1,753 669 640 29 1,084

Total foreign countries. . . . . . 57,223 32,857 30,144 2,713 24,366

International and regional:

International . . . . . . . . . . . . . . . . . 6 - - -6

European regional . . . . . . . . . . . . 1 - - - 1

Latin American regional . . . . . . . . -----

Asian regional . . . . . . . . . . . . . . . -----

African regional . . . . . . . . . . . . . . -----

Middle Eastern regional . . . . . . . . - - - - -

Total international

and regional. . . . . . . . . . . . . . 7 - - - 7

Grand total. . . . . . . . . . . . . . . 57,230 32,857 30,144 2,713 24,373

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 87
CHART CM-C.--Net Purchases of Long-Term

Domestic Securities by Foreigners, Selected Countries

(In billions of dollars)

As reported by U.S. banks, brokers, and other

persons, foreigners’ transactions in long-term U.S.

securities (i.e., U.S. Treasury and Government

agency bonds and notes, and U.S. corporate bonds

and stocks) are conducted largely through international financial centers. The table presents aggregate

net purchases on an annual basis for 1993 through

1996, as well as cumulative activity during the

fourth quarter of 1996. The figures show an overall,

steady increase in foreigners’ net purchases, or gross

purchases minus gross sales, of U.S. securities.

Total net purchases of U.S. securities by foreigners reached a record annual high of $384.1

billion during 1996. This represents an increase of

$152.2 billion, or 65.6 percent, over cumulative net

purchases in 1995. For the areas shown, 1996 increases were concentrated in the fourth quarter. In

the case of the Caribbean banking centers, net fourth

quarter activity of $35.5 billion constituted 71 percent of that area’s 1996 net purchases. The United

Kingdom’s net purchases, which alone accounted

for 32 percent of total 1996 net purchases, were

equally heavy in the fourth quarter. In other Europe,

annual net purchases were greatest opposite Germany and Spain. And in other Asia, foreigners in

China, Hong Kong and Singapore were the major

purchasers of U.S. securities. For the year, nearly 64

percent of foreigners’ total net purchases was comprised of U.S. Treasury bonds and notes.

[In millions of dollars. Source: Office of International Financial Analysis]

Country 1993 1994 1995 Jan. - Dec. 1996 Oct. - Dec. 1996

United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 30,442 55,598 100,411 122,941 34,091 

All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 430 26,474 24,795 75,745 18,911 

Caribbean banking centers 1 . . . . . . . . . . . . . . . . 12,345 -3,581 48,344 49,666 35,507 

Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,464 36,441 16,504 54,383 19,180 

All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,089 21,424 25,657 67,119 16,033 

Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95,770 136,356 215,711 369,854 123,722 

All other countries . . . . . . . . . . . . . . . . . . . . . . . . 15,360 3,994 16,226 14,286 4,989 

Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,130 140,350 231,937 384,140 128,711 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama.

(Note: To facilitate comparison of net purchases

during 1996 with those in prior years, the chart

depicts data for all periods at an annualized rate.)

88 CAPITAL MOVEMENTS
TABLE CM-V-2.--Foreign Purchases and Sales of Long-Term Foreign Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

Net foreign Foreign bonds Foreign stocks

 purchases Net Gross Gross Net Gross Gross

Calendar year of foreign foreign foreign foreign foreign foreign foreign

or month securities purchases purchases sales purchases purchases sales

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

1992. . . . . . . . . . . . . . . . . . . . . . . . . . -47,864 -15,605 513,589 529,194 -32,259 150,051 182,310

1993. . . . . . . . . . . . . . . . . . . . . . . . . . -143,068 -80,377 745,952 826,329 -62,691 245,490 308,181

1994. . . . . . . . . . . . . . . . . . . . . . . . . . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 r . . . . . . . . . . . . . . . . . . . . . . . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 - Jan. - Dec. p. . . . . . . . . . . . . -103,093 -45,217 1,118,141 1,163,358 -57,876 459,288 517,164

1995 - Dec. r . . . . . . . . . . . . . . . . . . -10,574 -3,972 80,367 84,339 -6,602 32,369 38,971

1996 - Jan. r . . . . . . . . . . . . . . . . . . -10,950 -4,516 84,672 89,188 -6,434 33,481 39,915

Feb. r . . . . . . . . . . . . . . . . . . -7,088 -1,384 95,211 96,595 -5,704 37,464 43,168

Mar. r . . . . . . . . . . . . . . . . . . -16,393 -6,048 93,340 99,388 -10,345 36,115 46,460

Apr. r . . . . . . . . . . . . . . . . . . -6,873 -167 81,249 81,416 -6,706 37,764 44,470

May r . . . . . . . . . . . . . . . . . . -3,766 -599 82,417 83,016 -3,167 43,515 46,682

June r. . . . . . . . . . . . . . . . . . -9,562 -2,035 82,833 84,868 -7,527 36,728 44,255

July r . . . . . . . . . . . . . . . . . . -8,557 -3,418 80,692 84,110 -5,139 37,643 42,782

Aug. . . . . . . . . . . . . . . . . . . . -6,386 -5,189 84,461 89,650 -1,197 34,016 35,213

Sept. . . . . . . . . . . . . . . . . . . -6,163 -4,430 113,087 117,517 -1,733 31,195 32,928

Oct. . . . . . . . . . . . . . . . . . . . -8,100 -5,771 116,354 122,125 -2,329 40,117 42,446

Nov. p . . . . . . . . . . . . . . . . . -3,439 -1,233 105,181 106,414 -2,206 48,253 50,459

Dec. p . . . . . . . . . . . . . . . . . -15,816 -10,427 98,644 109,071 -5,389 42,997 48,386

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues

of States and municipalities.

SECTION V.--Transactions in Long-Term Securities by Foreigners Reported by

Banks and Brokers in the United States

TABLE CM-V-1.--Foreign Purchases and Sales of Long-Term Domestic Securities by Type

[In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States. Source: Office of International Financial Analysis]

 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)

1992. . . . . . . . . . . . . . . . . 39,288 6,876 31,059 1,353 2,241,537 2,202,249 18,291 111,186 92,895 20,789 103,736 82,947 -5,136 221,367 226,503

1993. . . . . . . . . . . . . . . . . 23,552 1,306 22,062 184 2,609,055 2,585,503 35,428 149,097 113,669 30,572 134,727 104,155 21,578 319,664 298,086

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 r . . . . . . . . . . . . . . . 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 - Jan. - Dec. p. . . . . 244,171 86,774 159,239 -1,842 3,730,502 3,486,331 49,322 166,048 116,726 77,415 255,702 178,287 13,232 625,598 612,366

1995 - Dec. r . . . . . . . . . . -9,344 2,651 -11,557 -438 196,701 206,045 -1,743 9,401 11,144 2,646 12,619 9,973 2,107 46,479 44,372

1996 - Jan. r . . . . . . . . . . 13,482 12,615 562 305 282,487 269,005 4,178 10,715 6,537 4,714 15,903 11,189 1,626 43,574 41,948

Feb. r . . . . . . . . . . 16,763 8,681 8,823 -741 324,178 307,415 3,369 13,222 9,853 5,792 19,547 13,755 1,177 52,260 51,083

Mar. r . . . . . . . . . . 7,437 4,748 2,078 611 261,312 253,875 6,902 15,890 8,988 7,931 24,094 16,163 831 55,281 54,450

Apr. r . . . . . . . . . . 16,095 8,253 9,217 -1,375 226,222 210,127 329 8,579 8,250 5,096 15,551 10,455 4,273 53,047 48,774

May r . . . . . . . . . . 14,124 6,482 7,404 238 270,040 255,916 2,815 12,693 9,878 8,031 22,247 14,216 1,484 57,552 56,068

June r. . . . . . . . . . 8,520 -6,648 15,979 -811 224,691 216,171 3,780 13,303 9,523 5,684 21,849 16,165 1,013 43,374 42,361

July r . . . . . . . . . . 47,960 9,629 38,767 -436 332,542 284,582 4,284 10,707 6,423 6,220 17,255 11,035 -2,654 49,557 52,211

Aug. . . . . . . . . . . . 12,340 3,587 8,717 36 269,098 256,758 4,376 13,565 9,189 7,056 18,768 11,712 2,065 46,136 44,071

Sept. . . . . . . . . . . 14,738 17,188 -2,293 -157 374,195 359,457 4,724 12,758 8,034 8,825 24,649 15,824 49 42,599 42,550

Oct. . . . . . . . . . . . 24,321 4,838 18,946 537 404,194 379,873 4,195 15,857 11,662 6,196 24,811 18,615 1,007 57,758 56,751

Nov. p . . . . . . . . . 20,831 3,840 18,183 -1,192 374,314 353,483 6,890 20,984 14,094 5,849 26,422 20,573 1,936 67,406 65,470

Dec. p . . . . . . . . . 47,560 13,561 32,856 1,143 387,229 339,669 3,480 17,775 14,295 6,021 24,606 18,585 425 57,054 56,629

CAPITAL MOVEMENTS 89
1996 1996 1996 1996

Country

Calendar

year

1995 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1995 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1995 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1995 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Europe:

Austria . . . . . . . . . . . . . . . . . . . . . 2,454 1,027 485 -46 314 308 -29 150 102 -89 69 -33

Belgium-Luxembourg. . . . . . . . . . 591 1,481 380 1,469 3,067 253 -298 -326 -1,099 -1,616 114 -302

Bulgaria . . . . . . . . . . . . . . . . . . . . -6 -34 -34 - - - - -4 -4 -6 1 9

Czechoslovakia . . . . . . . . . . . . . . -36 122 -9 - - - 68 - - 2 -1 -

Denmark . . . . . . . . . . . . . . . . . . . 974 -120 294 126 -69 -73 74 -224 - 4 181 48

Finland . . . . . . . . . . . . . . . . . . . . . -56 -247 184 93 130 55 21 113 41 2 13 4

France . . . . . . . . . . . . . . . . . . . . . 482 2,561 2 230 248 385 913 4,952 678 -1,099 -2,343 -1,520

Germany . . . . . . . . . . . . . . . . . . . 6,136 18,072 7,761 1,073 1,637 9 4,865 3,499 -87 -1,837 1,101 90

Greece . . . . . . . . . . . . . . . . . . . . . 667 41 167 10 -3 -3 96 21 22 -14 9 -59

Hungary . . . . . . . . . . . . . . . . . . . . 2,429 1,018 508 199 309 88 75 -5 - 2 57 1

Ireland . . . . . . . . . . . . . . . . . . . . . -1,277 312 200 100 110 119 918 1,901 304 266 -700 -803

Italy. . . . . . . . . . . . . . . . . . . . . . . . 603 1,890 668 360 -84 55 -302 -78 123 -636 -1,100 -396

Netherlands . . . . . . . . . . . . . . . . . 1,891 -529 1,161 25 1,500 663 1,438 940 111 3,507 1,365 -153

Norway. . . . . . . . . . . . . . . . . . . . . -97 407 -81 17 87 -11 87 -56 3 10 170 -

Poland . . . . . . . . . . . . . . . . . . . . . 1,271 2,469 28 10 -15 -15 2 28 15 -22 -4 -2

Portugal . . . . . . . . . . . . . . . . . . . . 255 -257 -208 -10 30 - 8 -48 -6 -8 -358 -139

Romania. . . . . . . . . . . . . . . . . . . . 2 1 - - - - - - - 3 -3 -

Russia 1 . . . . . . . . . . . . . . . . . . . . 1,372 603 782 28 -21 -18 -5 -4 -3 45 -64 -76

Spain . . . . . . . . . . . . . . . . . . . . . . -3,881 17,997 6,864 -39 7 4 80 462 21 -123 113 73

Sweden . . . . . . . . . . . . . . . . . . . . 358 2,350 150 170 56 13 190 372 314 667 1,127 389

Switzerland. . . . . . . . . . . . . . . . . . -472 480 -1,170 145 208 13 349 674 -116 -2,283 2,706 356

Turkey . . . . . . . . . . . . . . . . . . . . . 144 759 752 3 - - 11 44 19 24 -24 -6

United Kingdom . . . . . . . . . . . . . . 34,754 64,428 17,234 17,126 11,012 1,088 40,465 43,573 12,906 8,066 3,928 2,863

Yugoslavia 2 . . . . . . . . . . . . . . . . . 1 -34 -34 - - - -4 8 8 3 1 -

Other Europe . . . . . . . . . . . . . . . . 1,417 2,612 62 120 346 278 87 84 19 44 -26 -70

Total Europe . . . . . . . . . . . . . . . 49,976 117,409 36,146 21,209 18,869 3,211 49,109 56,076 13,371 4,912 6,332 274

Canada . . . . . . . . . . . . . . . . . . . . . . 252 2,725 -2,211 1,006 160 8 1,563 4,070 999 -1,517 2,253 1,469

Latin America

and Caribbean:

Argentina . . . . . . . . . . . . . . . . . . . 2,706 317 150 28 124 10 81 117 143 65 280 51

Bahamas . . . . . . . . . . . . . . . . . . . 2,643 1,518 671 549 135 56 550 1,102 296 -48 -2,279 -1,578

Bermuda. . . . . . . . . . . . . . . . . . . . -6,017 2,601 908 1,144 3,303 2,539 1,887 2,028 409 585 -343 -343

Brazil . . . . . . . . . . . . . . . . . . . . . . 3,607 -724 711 21 1,332 1,198 -12 30 209 -105 -8 -14

British West Indies . . . . . . . . . . . . 17,365 8,463 6,366 -380 8,697 2,158 1,290 2,953 563 1,077 3,026 861

Chile. . . . . . . . . . . . . . . . . . . . . . . 257 88 -255 3 39 25 14 198 76 24 -38 -4

Colombia . . . . . . . . . . . . . . . . . . . 1,220 220 466 8 20 3 11 5 3 -18 34 12

Cuba. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - 1 1 - - -

Ecuador . . . . . . . . . . . . . . . . . . . . 757 135 26 -73 -23 -41 -6 32 19 -11 -38 14

Guatemala . . . . . . . . . . . . . . . . . . 18 21 1 4 4 -1 -1 8 -2 -6 16 3

Jamaica . . . . . . . . . . . . . . . . . . . . -70 -88 -18 -5 78 39 1 1 2 2 -1 1

Mexico . . . . . . . . . . . . . . . . . . . . . 2,511 334 29 209 372 32 131 85 63 85 150 29

Netherlands Antilles . . . . . . . . . . . 23,459 12,376 20,358 31 266 -48 -197 899 -64 3,989 4,085 2,154

Panama . . . . . . . . . . . . . . . . . . . . 6 185 42 201 59 25 85 196 71 125 396 63

Peru . . . . . . . . . . . . . . . . . . . . . . . 2 -76 -101 1 3 2 2 10 -3 -6 -4 -1

Trinidad and Tobago . . . . . . . . . . -10 -1 - -3 -4 3 30 10 2 11 89 2

Uruguay . . . . . . . . . . . . . . . . . . . . 262 184 114 - 76 40 25 90 28 -9 84 20

Venezuela . . . . . . . . . . . . . . . . . . -2 -69 115 -21 95 12 90 123 71 34 112 31

Other Latin America

and Caribbean . . . . . . . . . . . . . -105 56 30 168 217 76 275 191 51 20 -3 -1

Total Latin America

and Caribbean. . . . . . . . . . . . 48,609 25,540 29,613 1,885 14,793 6,128 4,256 8,079 1,938 5,814 5,558 1,300

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 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

90 CAPITAL MOVEMENTS
1996 1996 1996 1996

Country

Calendar

year

1995 r

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1995 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1995 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Calendar

year

1995 

Jan.

through 

Dec.

Oct.

through 

Dec. p

Asia:

China:

Mainland . . . . . . . . . . . . . . . . . . 703 14,247 961 855 3,056 1,220 14 257 4 -11 -2 7

Taiwan . . . . . . . . . . . . . . . . . . . -3,405 4,608 3,572 -495 -1,129 -374 -63 8 -49 -177 74 -11

Hong Kong . . . . . . . . . . . . . . . . . . 4,919 14,448 5,911 -58 915 -58 956 1,737 -24 226 -317 15

India . . . . . . . . . . . . . . . . . . . . . . . -160 99 9 2 1 - -5 -3 -1 -15 -44 -11

Indonesia . . . . . . . . . . . . . . . . . . . -388 1,204 219 8 -8 -5 -7 4 1 -11 -38 4

Israel . . . . . . . . . . . . . . . . . . . . . . 1,601 -545 -168 91 308 162 204 215 94 -205 -385 -161

Japan . . . . . . . . . . . . . . . . . . . . . . 16,979 41,508 15,559 1,069 7,595 2,484 1,181 5,598 1,692 -2,725 -318 -555

Korea . . . . . . . . . . . . . . . . . . . . . . 2,259 2,280 748 1,800 57 -65 40 92 5 -23 -69 -21

Lebanon . . . . . . . . . . . . . . . . . . . . 6 2 -10 - 1 - -3 -1 -1 15 40 23

Malaysia. . . . . . . . . . . . . . . . . . . . -839 -578 -656 -1 294 251 -12 1 -11 -70 12 -3

Pakistan . . . . . . . . . . . . . . . . . . . . -48 4 1 4 2 1 3 -1 -1 5 10 8

Philippines . . . . . . . . . . . . . . . . . . -117 311 -97 90 662 270 -11 28 31 13 -32 5

Singapore. . . . . . . . . . . . . . . . . . . 8,875 7,718 2,077 268 1,361 240 -258 1,115 -414 5,579 2,154 1,269

Syria. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 2 11 2

Thailand . . . . . . . . . . . . . . . . . . . . -546 2,995 -932 - 1 - 1 59 2 21 -7 -14

Oil-exporting countries 3

. . . . . . . . 3,075 10,232 740 1,453 1,557 915 416 80 221 -337 -1,602 -49

Other Asia . . . . . . . . . . . . . . . . . . -447 -571 -3 -152 241 -22 138 141 225 -121 -191 -19

Total Asia . . . . . . . . . . . . . . . . . 32,467 97,962 27,931 4,934 14,914 5,019 2,594 9,330 1,774 2,166 -704 489

Africa:

Egypt . . . . . . . . . . . . . . . . . . . . . . 1,031 1,022 -46 244 468 103 82 -8 14 -5 -37 -25

Ghana . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - -1 - -

Liberia . . . . . . . . . . . . . . . . . . . . . 255 155 84 -271 57 34 91 -8 12 -32 -49 5

Morocco . . . . . . . . . . . . . . . . . . . . - - - -1 - - - - - 4 8 2

South Africa . . . . . . . . . . . . . . . . . 70 -33 3 - 4 - 125 -1 -3 3 84 43

Zaire. . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - - - -

Oil-exporting countries 4

. . . . . . . . 2 1 - 1 - - 1 1 1 4 24 11

Other Africa . . . . . . . . . . . . . . . . . 106 -60 -68 -30 81 75 -8 6 20 29 -111 -44

Total Africa . . . . . . . . . . . . . . . . 1,464 1,085 -27 -57 610 212 291 -10 44 2 -81 -8

Other countries:

Australia . . . . . . . . . . . . . . . . . . . . -411 2,434 755 205 4 -14 182 -89 -47 389 -487 -117

All other . . . . . . . . . . . . . . . . . . . . 1,319 -1,142 17 -135 -147 24 -6 -93 -11 -321 435 -1

Total other

countries . . . . . . . . . . . . . . . . 908 1,292 772 70 -143 10 176 -182 -58 68 -52 -118

Total foreign

countries. . . . . . . . . . . . . . . 133,676 246,013 92,224 29,047 49,203 14,588 57,989 77,363 18,068 11,445 13,306 3,406

International

and regional:

International . . . . . . . . . . . . . . . . . 9 -1,390 -35 -399 4 -10 -148 37 -4 10 -137 -8

European regional . . . . . . . . . . . . -45 28 -1 72 13 -24 - - - - - -

Latin American regional . . . . . . . . 261 -779 246 48 39 8 -11 8 1 -211 51 -32

Asian regional . . . . . . . . . . . . . . . 93 -153 -54 -19 41 - -6 -4 - -3 10 1

African regional . . . . . . . . . . . . . . 83 -10 6 -20 22 3 34 11 1 -1 2 1

Middle Eastern regional . . . . . . . . 38 462 326 - - - -5 - - - - -

Total international

and regional. . . . . . . . . . . . . . 439 -1,842 488 -318 119 -23 -136 52 -2 -205 -74 -38

Grand total. . . . . . . . . . . . . . . 134,115 244,171 92,712 28,729 49,322 14,565 57,853 77,415 18,066 11,240 13,232 3,368

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 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 91
TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Fourth Quarter 1996, Preliminary

 [In millions of dollars. Source: Office of International Financial Analysis]

 

Gross purchases by foreigners Gross sales by foreigners

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 . . . . . . . . . . . . . 9,098 7,937 308 117 451 137 148 8,195 7,452 - 15 484 92 152

Belgium-Luxembourg. . 16,053 7,203 478 1,120 4,078 1,996 1,178 16,466 6,823 225 2,219 4,380 1,997 822

Bulgaria . . . . . . . . . . . . 401 - - - 11 379 11 149 34 - 4 2 93 16

Czechoslovakia . . . . . . 711 693 - - - 1 17 729 702 - - - 2 25

Denmark . . . . . . . . . . . 5,030 2,117 699 34 315 1,569 296 4,435 1,823 772 34 267 1,243 296

Finland . . . . . . . . . . . . . 2,416 1,732 65 59 58 192 310 2,053 1,548 10 18 54 75 348

France . . . . . . . . . . . . . 36,456 20,337 421 1,841 6,149 4,502 3,206 38,832 20,335 36 1,163 7,669 5,158 4,471

Germany . . . . . . . . . . . 42,210 28,098 283 1,856 4,220 2,718 5,035 34,859 20,337 274 1,943 4,130 2,039 6,136

Greece . . . . . . . . . . . . . 1,359 994 16 26 206 58 59 1,478 827 19 4 265 124 239

Hungary . . . . . . . . . . . . 1,721 1,563 138 - 3 - 17 1,154 1,055 50 - 2 19 28

Ireland . . . . . . . . . . . . . 12,511 7,335 225 654 439 1,083 2,775 12,664 7,135 106 350 1,242 1,233 2,598

Italy. . . . . . . . . . . . . . . . 11,135 4,805 82 447 2,811 1,774 1,216 10,974 4,137 27 324 3,207 1,530 1,749

Netherlands . . . . . . . . . 15,844 6,366 1,358 381 3,716 1,147 2,876 14,438 5,205 695 270 3,869 1,616 2,783

Norway. . . . . . . . . . . . . 2,540 1,299 9 30 385 372 445 3,170 1,380 20 27 385 743 615

Poland . . . . . . . . . . . . . 5,228 5,101 3 24 3 53 44 5,321 5,073 18 9 5 159 57

Portugal . . . . . . . . . . . . 1,473 1,268 - 7 45 61 92 2,037 1,476 - 13 184 180 184

Romania. . . . . . . . . . . . - - - - - - - 1 - - - - - 1

Russia 1 . . . . . . . . . . . . 8,469 7,912 - - 29 485 43 7,759 7,130 18 3 105 407 96

Spain . . . . . . . . . . . . . . 17,240 14,477 9 216 500 838 1,200 10,287 7,613 5 195 427 935 1,112

Sweden . . . . . . . . . . . . 6,660 2,219 19 321 1,227 1,099 1,775 4,904 2,069 6 7 838 512 1,472

Switzerland. . . . . . . . . . 22,129 4,039 82 1,084 12,755 1,170 2,999 23,552 5,209 69 1,200 12,399 1,262 3,413

Turkey . . . . . . . . . . . . . 2,335 1,947 2 23 78 142 143 1,676 1,195 2 4 84 203 188

United Kingdom . . . . . . 853,754 549,912 10,312 40,404 47,836 155,985 49,305 836,070 532,678 9,224 27,498 44,973 168,243 53,454

Yugoslavia 2 . . . . . . . . . 242 - - 11 14 206 11 235 34 - 3 14 181 3

Other Europe . . . . . . . . 5,963 4,906 289 47 459 147 115 5,634 4,844 11 28 529 44 178

Total Europe . . . . . . . 1,080,978 682,260 14,798 48,702 85,788 176,114 73,316 1,047,072 646,114 11,587 35,331 85,514 188,090 80,436

Canada . . . . . . . . . . . . . . 161,735 97,100 796 2,563 15,831 36,459 8,986 164,498 99,311 788 1,564 14,362 38,818 9,655

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 14,197 1,024 57 312 300 11,696 808 14,355 874 47 169 249 12,164 852

Bahamas . . . . . . . . . . . 21,104 6,214 823 1,511 4,962 6,708 886 20,830 5,543 767 1,215 6,540 6,038 727

Bermuda. . . . . . . . . . . . 79,350 17,160 13,409 4,911 17,781 23,410 2,679 76,906 16,252 10,870 4,502 18,124 23,996 3,162

Brazil . . . . . . . . . . . . . . 32,810 14,494 1,533 378 196 14,153 2,056 31,507 13,783 335 169 210 14,275 2,735

British West Indies . . . . 84,740 29,267 9,580 7,127 18,766 16,235 3,765 73,687 22,901 7,422 6,564 17,905 14,993 3,902

Chile. . . . . . . . . . . . . . . 1,565 94 26 97 189 1,052 107 1,611 349 1 21 193 987 60

Colombia . . . . . . . . . . . 1,969 1,718 7 21 64 151 8 1,626 1,252 4 18 52 261 39

Cuba. . . . . . . . . . . . . . . 18 - - 2 1 14 1 13 - - 1 1 11 -

Ecuador . . . . . . . . . . . . 729 520 5 26 59 116 3 716 494 46 7 45 123 1

Guatemala . . . . . . . . . . 69 3 1 3 23 39 - 56 2 2 5 20 26 1

Jamaica . . . . . . . . . . . . 77 - 64 2 4 6 1 61 18 25 - 3 14 1

Mexico . . . . . . . . . . . . . 18,613 14,026 56 449 424 2,073 1,585 18,833 13,997 24 386 395 2,349 1,682

Netherlands Antilles . . . 66,638 33,330 727 3,521 14,415 7,533 7,112 40,568 12,972 775 3,585 12,261 4,346 6,629

Panama . . . . . . . . . . . . 2,807 164 449 236 789 988 181 2,272 122 424 165 726 733 102

Peru . . . . . . . . . . . . . . . 154 1 2 4 25 32 90 301 102 - 7 26 73 93

Trinidad and Tobago . . 74 - 13 14 10 36 1 42 - 10 12 8 11 1

Uruguay . . . . . . . . . . . . 1,785 387 51 137 248 822 140 1,538 273 11 109 228 827 90

Venezuela . . . . . . . . . . 2,009 513 25 84 232 1,040 115 1,590 398 13 13 201 823 142

Other Latin America

and Caribbean . . . . . 2,961 238 193 861 255 1,343 71 2,795 208 117 810 256 1,300 104

Total Latin America

and Caribbean. . . . 331,669 119,153 27,021 19,696 58,743 87,447 19,609 289,307 89,540 20,893 17,758 57,443 83,350 20,323

92 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 10,124 8,464 1,331 34 62 180 53 8,083 7,503 111 30 55 310 74

Taiwan . . . . . . . . . . . 7,550 6,252 192 22 731 44 309 4,673 2,680 566 71 742 325 289

Hong Kong . . . . . . . . . . 40,056 26,708 447 487 2,002 3,314 7,098 36,224 20,797 505 511 1,987 4,546 7,878

India . . . . . . . . . . . . . . . 456 316 - - 53 10 77 589 307 - 1 64 8 209

Indonesia . . . . . . . . . . . 2,472 1,949 - 1 47 99 376 2,597 1,730 5 - 43 444 375

Israel . . . . . . . . . . . . . . 5,490 4,532 170 103 425 94 166 6,014 4,700 8 9 586 257 454

Japan . . . . . . . . . . . . . . 183,643 144,260 6,399 2,553 9,936 7,420 13,075 162,197 128,701 3,915 861 10,491 6,125 12,104

Korea . . . . . . . . . . . . . . 4,048 2,458 204 87 35 799 465 4,538 1,710 269 82 56 1,411 1,010

Lebanon . . . . . . . . . . . . 144 1 - 1 75 65 2 96 11 - 2 52 25 6

Malaysia. . . . . . . . . . . . 3,919 2,744 294 - 120 58 703 6,025 3,400 43 11 123 1,593 855

Pakistan . . . . . . . . . . . . 77 2 1 - 42 7 25 76 1 - 1 34 10 30

Philippines . . . . . . . . . . 1,237 470 289 36 78 119 245 1,598 567 19 5 73 641 293

Singapore. . . . . . . . . . . 40,476 30,392 587 287 3,898 2,815 2,497 37,126 28,315 347 701 2,629 3,006 2,128

Syria. . . . . . . . . . . . . . . 34 - - - 9 20 5 42 - - - 7 27 8

Thailand . . . . . . . . . . . . 3,002 2,519 - 2 17 37 427 4,155 3,451 - - 31 403 270

Other Asia . . . . . . . . . . 14,419 8,871 1,762 911 2,317 289 269 13,576 8,134 869 465 2,385 1,321 402

Total Asia . . . . . . . . . 317,147 239,938 11,676 4,524 19,847 15,370 25,792 287,609 212,007 6,657 2,750 19,358 20,452 26,385

Africa:

Egypt . . . . . . . . . . . . . . 235 6 115 30 73 10 1 207 52 12 16 98 17 12

Ghana . . . . . . . . . . . . . 5 - ---32 8 --- - -8

Liberia . . . . . . . . . . . . . 512 162 36 25 197 68 24 360 78 2 13 192 52 23

Morocco . . . . . . . . . . . . 8 1 - - 3 2 2 19 1 - - 1 15 2

South Africa . . . . . . . . . 227 4 - - 60 33 130 710 1 - 3 17 305 384

Zaire. . . . . . . . . . . . . . . 1 - - - - - 1 1 - - - - - 1

Other Africa . . . . . . . . . 449 113 75 23 119 20 99 458 181 - 2 152 22 101

Total Africa . . . . . . . . 1,437 286 226 78 452 136 259 1,763 313 14 34 460 411 531

Other countries:

Australia . . . . . . . . . . . . 19,452 11,591 33 191 1,009 3,831 2,797 21,191 10,836 47 238 1,126 5,585 3,359

All other . . . . . . . . . . . . 1,857 270 40 54 509 682 302 1,947 253 16 65 510 825 278

Total other

countries . . . . . . . . 21,309 11,861 73 245 1,518 4,513 3,099 23,138 11,089 63 303 1,636 6,410 3,637

Total foreign

countries. . . . . . . 1,914,275 1,150,598 54,590 75,808 182,179 320,039 131,061 1,813,387 1,058,374 40,002 57,740 178,773 337,531 140,967

International

and regional:

International . . . . . . . . . 14,625 14,357 4 20 23 64 157 14,710 14,392 14 24 31 62 187

European regional . . . . 10 4 - - - 6 - 32 5 24 - - 3 -

Latin America regional . 373 265 14 9 11 53 21 85 19 6 8 43 4 5

Asian regional . . . . . . . 243 106 - - 4 17 116 297 160 - - 3 10 124

African regional . . . . . . 35 18 8 2 1 - 6 26 12 5 1 - - 8

Middle Eastern

regional . . . . . . . . . . . 395 389 - - - - 6 63 63 - - - - -

Total international

and regional. . . . . . 15,681 15,139 26 31 39 140 306 15,213 14,651 49 33 77 79 324

Grand total. . . . . . . 1,929,956 1,165,737 54,616 75,839 182,218 320,179 131,367 1,828,600 1,073,025 40,051 57,773 178,850 337,610 141,291

TABLE CM-V-4.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Fourth Quarter 1996, Preliminary, con.

 [In millions of dollars. Source: Office of International Financial Analysis]

 Gross purchases by foreigners Gross sales by foreigners

 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 93
Europe:

Austria . . . . . . . . . . . . . 26,023 22,669 331 207 1,787 485 544 24,491 21,642 17 57 1,718 520 537

Belgium-Luxembourg. . 57,813 22,385 3,990 4,314 14,161 7,702 5,261 51,888 20,904 923 4,640 14,047 8,106 3,268

Bulgaria . . . . . . . . . . . . 742 5 - - 15 682 40 486 39 - 4 14 392 37

Czechoslovakia . . . . . . 2,854 2,759 - - 2 13 80 2,803 2,637 - - 3 23 140

Denmark . . . . . . . . . . . 17,219 7,735 3,247 139 1,087 4,013 998 16,450 7,855 3,316 363 906 2,691 1,319

Finland . . . . . . . . . . . . . 14,444 12,254 257 220 102 764 847 15,590 12,501 127 107 89 1,503 1,263

France . . . . . . . . . . . . . 144,188 87,655 1,028 8,227 19,266 17,229 10,783 144,144 85,094 780 3,275 21,609 17,804 15,582

Germany . . . . . . . . . . . 147,586 95,484 2,336 8,608 15,129 11,880 14,149 131,078 77,412 699 5,109 14,028 15,530 18,300

Greece . . . . . . . . . . . . . 5,285 4,090 18 51 810 126 190 5,849 4,049 21 30 801 504 444

Hungary . . . . . . . . . . . . 6,020 5,254 486 30 75 118 57 4,615 4,236 177 35 18 79 70

Ireland . . . . . . . . . . . . . 39,490 24,203 794 3,011 2,409 4,332 4,741 38,826 23,891 684 1,110 3,109 4,583 5,449

Italy. . . . . . . . . . . . . . . . 41,551 17,331 181 1,705 10,625 7,745 3,964 42,340 15,441 265 1,783 11,725 7,395 5,731

Netherlands . . . . . . . . . 66,405 25,527 2,854 2,026 16,853 6,450 12,695 64,081 26,056 1,354 1,086 15,488 8,029 12,068

Norway. . . . . . . . . . . . . 9,991 5,356 148 126 1,159 1,187 2,015 10,500 4,949 61 182 989 2,029 2,290

Poland . . . . . . . . . . . . . 10,138 9,640 3 71 15 256 153 7,999 7,171 18 43 19 374 374

Portugal . . . . . . . . . . . . 3,695 2,946 30 127 172 154 266 4,683 3,203 - 175 530 245 530

Romania. . . . . . . . . . . . 8 1 - - 2 5 - 10 - - - 5 - 5

Russia 1 . . . . . . . . . . . . 15,052 13,814 2 - 124 1,011 101 14,666 13,211 23 4 188 947 293

Spain . . . . . . . . . . . . . . 59,837 48,303 37 995 1,563 5,597 3,342 41,082 30,306 30 533 1,450 5,050 3,713

Sweden . . . . . . . . . . . . 24,826 10,676 92 491 4,562 3,136 5,869 21,883 8,326 36 119 3,435 2,410 7,557

Switzerland. . . . . . . . . . 86,958 21,601 542 5,179 43,822 6,356 9,458 84,166 21,121 334 4,505 41,116 5,546 11,544

Turkey . . . . . . . . . . . . . 5,109 3,917 6 77 224 371 514 4,604 3,158 6 33 248 482 677

United Kingdom . . . . . . 2,662,048 1,581,672 38,425 133,738 162,060 567,589 178,564 2,575,624 1,517,244 27,413 90,165 158,132 588,269 194,401

Yugoslavia 2 . . . . . . . . . 322 - - 11 21 242 48 330 34 - 3 20 187 86

Other Europe . . . . . . . . 26,203 22,087 1,202 193 1,539 624 558 23,190 19,475 856 109 1,565 520 665

Total Europe . . . . . . . 3,473,807 2,047,364 56,009 169,546 297,584 648,067 255,237 3,331,378 1,929,955 37,140 113,470 291,252 673,218 286,343

Canada . . . . . . . . . . . . . . 546,487 320,997 3,296 10,943 56,267 124,688 30,296 542,996 318,272 3,136 6,873 54,014 127,113 33,588

Latin America

and Caribbean:

Argentina . . . . . . . . . . . 40,893 2,547 220 784 999 33,800 2,543 40,488 2,230 96 667 719 33,745 3,031

Bahamas . . . . . . . . . . . 70,466 25,799 2,226 5,192 15,526 19,405 2,318 70,105 24,281 2,091 4,090 17,805 19,425 2,413

Bermuda. . . . . . . . . . . . 246,900 73,391 24,485 13,420 54,540 72,411 8,653 245,230 70,790 21,182 11,392 54,883 75,971 11,012

Brazil . . . . . . . . . . . . . . 115,837 60,239 1,697 658 669 45,609 6,965 116,631 60,963 365 628 677 44,519 9,479

British West Indies . . . . 275,841 109,113 34,313 17,623 58,501 43,955 12,336 252,722 100,650 25,616 14,670 55,475 44,300 12,011

Chile. . . . . . . . . . . . . . . 5,538 1,315 45 265 689 2,911 313 5,333 1,227 6 67 727 2,885 421

Colombia . . . . . . . . . . . 4,972 4,280 55 34 200 295 108 5,530 4,060 35 29 166 988 252

Cuba. . . . . . . . . . . . . . . 19 - - 2 1 14 2 13 - - 1 1 11 -

Ecuador . . . . . . . . . . . . 3,079 1,978 53 76 114 854 4 2,854 1,843 76 44 152 734 5

Guatemala . . . . . . . . . . 719 449 6 17 91 139 17 622 428 2 9 75 93 15

Jamaica . . . . . . . . . . . . 222 79 103 2 25 6 7 242 167 25 1 26 15 8

Mexico . . . . . . . . . . . . . 47,909 28,452 522 1,437 1,378 8,737 7,383 48,858 28,118 150 1,352 1,228 10,350 7,660

Netherlands Antilles . . . 242,955 136,255 2,056 10,805 55,294 19,544 19,001 221,863 123,879 1,790 9,906 51,209 18,407 16,672

Panama . . . . . . . . . . . . 9,001 619 1,857 628 3,021 2,344 532 8,666 434 1,798 432 2,625 2,873 504

Peru . . . . . . . . . . . . . . . 589 29 3 30 102 98 327 952 105 - 20 106 111 610

Trinidad and Tobago . . 309 3 16 37 137 101 15 182 4 20 27 48 49 34

Uruguay . . . . . . . . . . . . 4,561 497 96 468 657 2,382 461 3,783 313 20 378 573 2,170 329

Venezuela . . . . . . . . . . 6,308 1,162 147 195 780 3,741 283 5,738 1,231 52 72 668 3,504 211

Other Latin America

and Caribbean . . . . . 10,364 951 652 1,774 898 5,828 261 10,120 895 435 1,583 901 6,000 306

Total Latin America. . 

and Caribbean. . . . 1,086,482 447,158 68,552 53,447 193,622 262,174 61,529 1,039,932 421,618 53,759 45,368 188,064 266,150 64,973

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1996

 [In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners 

 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.

94 CAPITAL MOVEMENTS
Asia:

China:

Mainland . . . . . . . . . . 44,459 38,704 3,659 482 170 1,303 141 26,936 24,457 603 225 172 1,276 203

Taiwan . . . . . . . . . . . 20,023 15,858 600 108 2,193 325 939 17,262 11,250 1,729 100 2,119 894 1,170

Hong Kong . . . . . . . . . . 149,566 100,246 2,813 3,018 7,712 12,127 23,650 140,406 85,798 1,898 1,281 8,029 15,190 28,210

India . . . . . . . . . . . . . . . 1,989 1,390 1 1 190 47 360 2,594 1,291 - 4 234 190 875

Indonesia . . . . . . . . . . . 6,955 5,110 - 4 178 265 1,398 7,126 3,906 8 - 216 1,519 1,477

Israel . . . . . . . . . . . . . . 16,699 13,907 431 276 1,162 311 612 19,060 14,452 123 61 1,547 1,368 1,509

Japan . . . . . . . . . . . . . . 603,712 447,955 18,767 9,637 35,648 34,520 57,185 555,233 406,447 11,172 4,039 35,966 30,793 66,816

Korea . . . . . . . . . . . . . . 13,145 8,028 694 251 118 2,128 1,926 14,091 5,748 637 159 187 3,545 3,815

Lebanon . . . . . . . . . . . . 432 16 1 4 265 138 8 313 14 - 5 225 57 12

Malaysia. . . . . . . . . . . . 11,766 8,222 366 16 388 224 2,550 14,189 8,800 72 15 376 1,942 2,984

Pakistan . . . . . . . . . . . . 216 9 2 1 105 22 77 223 5 - 2 95 13 108

Philippines . . . . . . . . . . 4,111 1,430 687 71 266 821 836 4,346 1,119 25 43 298 1,738 1,123

Singapore. . . . . . . . . . . 158,015 122,158 2,921 2,966 13,063 9,499 7,408 145,710 114,440 1,560 1,851 10,909 10,126 6,824

Syria. . . . . . . . . . . . . . . 73 - - - 33 20 20 75 - - - 22 27 26

Thailand . . . . . . . . . . . . 17,254 15,576 20 59 89 159 1,351 15,041 12,581 19 - 96 1,008 1,337

Other Asia . . . . . . . . . . 60,502 40,489 5,569 3,218 9,031 872 1,323 52,457 30,828 3,771 2,997 10,824 2,492 1,545

Total Asia . . . . . . . . . 1,108,917 819,098 36,531 20,112 70,611 62,781 99,784 1,015,062 721,136 21,617 10,782 71,315 72,178 118,034

Africa:

Egypt . . . . . . . . . . . . . . 1,987 1,092 481 96 256 42 20 677 70 13 104 293 33 164

Ghana . . . . . . . . . . . . . 6 - - - 1 3 2 312 - - - 1 259 52

Liberia . . . . . . . . . . . . . 1,854 517 309 98 553 315 62 1,676 362 252 106 602 291 63

Morocco . . . . . . . . . . . . 23 1 - - 17 2 3 40 1 - - 9 19 11

South Africa . . . . . . . . . 958 91 4 3 148 223 489 2,076 124 - 4 64 513 1,371

Zaire. . . . . . . . . . . . . . . 5 - - - - - 5 15 - - - - - 15

Other Africa . . . . . . . . . 1,745 589 87 38 506 158 367 1,707 648 6 31 593 95 334

Total Africa . . . . . . . . 6,578 2,290 881 235 1,481 743 948 6,503 1,205 271 245 1,562 1,210 2,010

Other countries:

Australia . . . . . . . . . . . . 63,016 32,977 207 1,009 3,715 15,565 9,543 65,153 30,543 203 1,098 4,202 18,832 10,275

All other . . . . . . . . . . . . 8,977 2,711 129 195 1,627 3,180 1,135 9,577 3,853 276 288 1,192 2,892 1,076

Total other

countries . . . . . . . . 71,993 35,688 336 1,204 5,342 18,745 10,678 74,730 34,396 479 1,386 5,394 21,724 11,351

Total foreign

countries. . . . . . . 6,294,264 3,672,595 165,605 255,487 624,907 117,198 458,472 6,010,601 3,426,582 116,402 178,124 611,601 161,593 516,299

International

and regional:

International . . . . . . . . . 53,127 51,355 170 133 129 727 613 54,866 52,745 166 96 266 915 678

European regional . . . . 376 286 37 - - 53 - 884 258 24 - - 602 -

Latin American

regional . . . . . . . . . . . 5,126 4,257 144 52 517 135 21 5,885 5,036 105 44 466 229 5

Asian regional . . . . . . . 922 609 55 18 42 28 170 1,018 762 14 22 32 14 174

African regional . . . . . . 305 247 37 12 3 - 6 287 257 15 1 1 5 8

Middle Eastern regional 1,159 1,153 - - - - 6 691 691 - - - - -

Total international

and regional. . . . . . 61,015 57,907 443 215 691 943 816 63,631 59,749 324 163 765 1,765 865

Grand total. . . . . . . 6,355,279 3,730,502 166,048 255,702 625,598 118,141 459,288 6,074,232 3,486,331 116,726 178,287 612,366 163,358 517,164

TABLE CM-V-5.--Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Calendar Year 1996, con.

[In millions of dollars. Source: Office of International Financial Analysis]

Gross purchases by foreigners Gross sales by foreigners

 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
CHART CM-D.--Net Purchases of Long-Term Foreign

Securities by U.S. Investors *

(In billions of dollars)

U.S. net purchases of foreign bonds and stocks

in the 1990’s stand in marked contrast to the comparatively low levels of average annual activity

throughout the 1980’s. The heightened activity in

foreign securities is due largely to continuing international diversification among U.S. institutional investors, including pension funds and investment

companies. The table presents aggregate U.S. net

purchases on an annual average basis for 1980

through 1989, and on an annual basis for 1993

through 1996. It also gives U.S. net purchases during

the fourth quarter of 1996.

The chart and table show that U.S. net purchases

of foreign securities continued at a strong pace in

1996. Net purchases of foreign bonds surged during

the second half of the year, particularly during the

fourth quarter. However, net purchases for the year

remained below 1995 levels. U.S. net purchases of

foreign bonds amounting to $3 billion or more were

transacted with foreigners in the United Kingdom,

Germany, Bermuda, Hong Kong, and Australia. U.S.

investors recorded $3.7 billion net sales of foreign

bonds opposite Japan. For foreign stocks, the first

quarter of 1996 was the strongest quarter ever for

U.S. net purchases, and activity through the first half

of the year was at near record levels. Net purchases

stalled in the second half, though, falling to levels

not seen since late 1994 and early 1995. Nevertheless, net purchases of foreign stocks for 1996 were

were up over 1995. U.S. net purchases of foreign

stocks of $3 billion or more were reported opposite

France, Germany, the United Kingdom, Canada,

Hong Kong, and Japan. Although strong, 1996 net

purchases opposite Japan were down more than 50

percent from 1995.

[In millions of dollars. Source: Office of International Financial Analysis]

Type 1980-89 1 1993 1994 1995 Jan. - Dec. 1996 Oct. - Dec. 1996

Foreign bonds . . . . . . . . . . . . . . . 4,883 80,377 9,224 48,405 45,217 17,431 

Foreign stocks . . . . . . . . . . . . . . . 2,834 62,691 48,071 50,291 57,876 9,924 

Total . . . . . . . . . . . . . . . . . . . . . 7,717 143,068 57,295 98,696 103,093 27,355 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales

minus gross purchases of securities.

1

 Annual average.

(Note: To facilitate comparison of net purchases

during 1996 with those in prior years, the chart

depicts data for all periods at an annualized rate.)

96 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 97
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)

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)

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 185,475 180,960 n.a. 1.3611

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 185,684 180,999 -2,594 1.3676

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 182,913 178,944 -2,911 1.3730

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 181,472 178,062 -3,377 1.3715

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 181,900 179,057 -3,307 1.3748

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 184,597 182,307 -3,458 1.3729

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 181,910 179,563 -3,661 1.3748

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 182,015 178,788 -3,798 1.3743

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 186,125 182,153 -3,797 1.3664

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 183,585 176,577 -3,777 1.3697

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 185,428 180,356 -3,812 1.3718

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 178,479 172,453 -3,791 1.3723

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 182,758 177,716 -3,375 1.3665

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 185,589 179,299 -3,868 1.3597

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 184,547 178,465 -3,793 1.3539

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 193,433 186,530 -4,021 1.3546

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 195,378 189,808 -3,980 1.3440

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 200,442 195,772 -3,546 1.3414

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 198,034 192,177 -3,655 1.3319

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 197,919 192,336 -4,101 1.3341

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 202,676 195,233 -4,262 1.3400

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 206,168 197,536 -4,324 1.3467

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 206,705 199,560 -4,024 1.3545

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 216,752 209,803 -3,938 1.3612

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 211,001 203,638 -4,058 1.3671

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 199,602 195,542 -3,587 1.3655

1994 - Dec. . . . . . . . 170,552 168,063 42,517 44,077 11,489 11,681 11,521 9,574 -1,354 71,264 1.4030

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 - Jan.. . . . . . . . 213,946 213,264 52,386 50,272 13,755 15,437 17,691 14,165 -2,531 80,188 1.3741

Feb. . . . . . . . 206,090 204,098 48,854 45,320 13,736 15,589 18,412 13,646 -2,630 81,498 1.3708

Mar. . . . . . . . 191,613 190,724 52,846 50,254 14,142 15,017 16,819 13,350 -2,621 78,026 1.3595

Apr.. . . . . . . . 192,615 192,439 59,506 55,815 14,116 15,529 18,102 14,864 -3,256 77,427 1.3621

May. . . . . . . . 193,386 195,060 51,873 48,878 15,150 15,980 18,125 15,408 -2,453 78,349 1.3690

June . . . . . . . 182,857 185,075 54,681 50,748 16,874 14,668 15,284 12,584 n.a. 80,771 1.3639

July. . . . . . . . 183,132 186,382 61,951 56,972 14,552 16,608 16,361 14,739 -3,270 88,608 1.3748

Aug. . . . . . . . 187,031 185,456 54,242 50,981 14,386 18,071 16,441 13,902 -3,879 94,258 1.3683

Sept.. . . . . . . 183,991 182,904 60,471 55,781 16,319 19,309 15,761 14,189 -3,991 91,838 1.3621

Oct.. . . . . . . . 196,696 196,600 56,750 51,801 25,352 26,888 17,160 16,129 -3,541 92,362 1.3382

Nov. . . . . . . . 198,576 196,936 51,290 45,874 18,064 19,518 19,701 18,293 -3,896 94,075 1.3517

Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,472 17,809 20,051 18,097 -3,411 94,012 1.3708

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 - Mar. . . . . . . . 39,610 37,364 48,269 43,919 3,333 2,651 2,872 2,432 310 15,770 1.3996

 June . . . . . . . 37,915 34,162 54,224 49,566 3,326 3,219 2,886 2,285 575 15,363 1.3727

 Sept. . . . . . . . 45,225 37,086 58,059 53,278 3,944 3,490 4,055 2,436 608 15,816 1.3426

 Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Mar. . . . . . . . 37,455 33,031 46,802 41,983 6,581 6,865 7,882 5,169 -293 11,179 1.3595

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

98 FOREIGN CURRENCY POSITIONS
07/03/96. . . . . . . . . . . . . . . . . . . . . . . 1,561,489 1,568,005 6,154 1.5211

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 1,643,563 1,648,740 7,244 1.5260

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 1,854,412 1,856,773 8,791 1.4862

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 1,779,441 1,786,741 9,222 1.4900

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 1,773,784 1,779,518 6,111 1.4723

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 1,765,893 1,769,611 4,122 1.4850

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 1,743,589 1,749,975 4,739 1.4898

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 1,780,985 1,787,839 3,354 1.4827

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 1,778,674 1,790,167 255 1.4773

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 1,793,876 1,801,616 -2,563 1.4808

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 1,908,652 1,917,632 -782 1.5109

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 1,818,822 1,824,850 1,005 1.5091

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 1,862,322 1,863,056 1,174 1.5165

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 1,797,709 1,794,053 2,743 1.5330

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 1,800,907 1,800,408 3,291 1.5281

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 1,829,277 1,833,526 2,748 1.5395

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 1,870,395 1,873,445 3,095 1.5217

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 1,974,410 1,979,388 4,038 1.5117

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 1,890,705 1,899,354 4,489 1.5180

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 1,900,644 1,910,335 5,442 1.5080

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 1,838,547 1,845,830 3,840 1.4965

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 1,882,593 1,887,002 2,980 1.5273

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 2,019,858 2,023,653 4,474 1.5603

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 1,900,665 1,901,744 7,198 1.5382

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 1,768,097 1,779,408 6,272 1.5523

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 1,714,698 1,720,762 6,947 1.5587

1994 - Dec. . . . . . . . 1,652,725 1,656,590 171,778 173,397 186,072 172,292 214,518 256,228 14,686 195,003 1.5495

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 - Jan.. . . . . . . . 1,633,455 1,634,077 244,345 251,491 242,730 228,184 275,738 291,938 6,695 250,805 1.4900

Feb. . . . . . . . 1,665,026 1,676,857 250,008 253,568 240,860 232,361 276,101 286,933 8,297 257,499 1.4735

Mar. . . . . . . . 1,577,310 1,591,989 239,743 243,594 232,172 227,185 263,391 274,710 9,907 258,772 1.4769

Apr.. . . . . . . . 1,709,850 1,727,707 255,201 259,203 249,552 239,877 294,513 308,450 11,260 260,277 1.5314

May. . . . . . . . 1,773,912 1,797,102 222,262 229,276 292,005 273,891 338,745 335,329 11,753 274,582 1.5238

June . . . . . . . 1,659,045 1,671,359 223,021 229,763 359,485 283,513 396,679 332,681 7,270 281,078 1.5250

July. . . . . . . . 1,794,700 1,800,737 231,869 232,197 391,716 330,392 443,124 352,833 6,141 300,144 1.4723

Aug. . . . . . . . 1,754,494 1,767,751 229,647 226,229 329,783 333,361 334,848 351,707 -1,336 310,092 1.4829

Sept.. . . . . . . 1,782,372 1,783,403 227,809 227,095 345,904 354,079 336,344 346,679 3,500 312,998 1.5254

Oct.. . . . . . . . 1,966,283 1,978,061 238,599 236,696 359,793 358,911 358,788 368,348 3,824 327,498 1.5179

Nov. . . . . . . . 1,830,046 1,836,430 241,730 239,529 398,910 394,886 394,211 403,428 4,124 332,373 1.5389

Dec. . . . . . . . 1,631,374 1,636,017 246,589 240,864 363,398 366,096 363,037 375,143 6,143 331,422 1.5420

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 - Mar. . . . . . . . 301,610 273,531 107,995 105,483 30,803 32,772 41,500 31,069 -5,248 21,213 1.3746

 June . . . . . . . 275,411 273,485 109,893 103,983 21,738 23,370 39,604 32,021 -4,392 22,187 1.3828

 Sept. . . . . . . . 291,202 309,101 110,314 106,063 19,385 21,080 29,982 26,246 -2,916 25,280 1.4280

 Dec. . . . . . . . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Mar. . . . . . . . 239,454 248,946 107,580 104,831 15,590 12,791 28,335 17,958 -3,755 18,634 1.4769

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

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)

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)

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)

FOREIGN CURRENCY POSITIONS 99
1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Mar. . . . . . . . 19,372 19,898 4,451 4,473 1,531 1,514 3,404 2,206 24 4,404 86.6000

 June . . . . . . . 17,163 17,847 4,583 4,374 1,353 1,417 3,016 1,878 -137 4,409 84.7300

 Sept. . . . . . . . 18,902 20,715 5,286 4,681 1,539 1,679 3,312 2,258 -563 5,032 99.6500

 Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Mar. . . . . . . . 15,106 17,364 7,085 6,443 948 952 2,081 1,131 -481 3,286 107.3100

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

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)

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)

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)

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 133,633 136,094 798 110.4200

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 138,758 141,444 800 110.3700

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 142,837 145,868 736 108.8000

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 142,328 145,540 911 108.4800

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 141,607 145,084 826 106.8700

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 144,338 147,489 939 107.9900

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 142,252 145,670 816 108.1600

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 139,871 143,130 797 108.4700

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 144,233 147,850 816 108.4900

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 140,258 143,928 782 108.7900

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 144,184 147,835 730 110.4000

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 144,210 147,807 713 109.1500

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 143,039 146,479 619 110.4600

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 138,026 141,190 637 111.9000

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 136,803 139,804 589 111.5700

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 140,174 143,151 460 112.3300

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 139,930 142,679 359 112.9600

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 148,010 150,673 446 114.1400

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 144,165 146,647 368 114.0000

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 146,894 149,603 640 111.8000

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 148,548 151,764 730 111.6000

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 145,633 148,827 911 113.3500

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 152,333 154,977 740 113.0700

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 149,897 152,459 767 113.0600

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 147,144 149,869 857 113.7100

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 142,672 145,477 1,006 114.8000

1994 - Dec. . . . . . . . 121,520 123,174 16,336 15,781 11,361 10,530 13,131 14,793 1,234 30,578 99.6000

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 - Jan.. . . . . . . . 129,279 131,586 20,208 19,525 14,832 14,086 20,310 21,572 1,047 39,220 107.1300

Feb. . . . . . . . 132,259 134,213 20,571 19,829 15,892 15,172 21,299 22,277 756 39,615 105.3000

Mar. . . . . . . . 131,118 133,435 19,877 19,362 14,464 14,137 19,810 20,839 904 38,733 107.3100

Apr.. . . . . . . . 137,749 139,788 20,951 19,785 16,428 16,056 21,436 22,288 825 40,472 105.1900

May. . . . . . . . 134,984 136,765 19,746 18,772 17,084 16,506 22,829 23,592 626 42,524 108.1500

June . . . . . . . 138,772 141,404 22,592 21,841 16,512 16,394 20,925 21,920 829 43,446 109.7500

July. . . . . . . . 143,079 146,267 22,811 21,327 18,047 17,692 21,018 21,947 838 46,173 106.8700

Aug. . . . . . . . 133,294 136,916 22,237 21,479 17,095 16,631 19,792 20,736 794 47,132 108.9100

Sept.. . . . . . . 138,367 141,200 23,785 23,069 17,205 16,976 19,982 21,140 522 49,021 111.4500

Oct.. . . . . . . . 144,238 146,793 23,741 23,325 18,450 18,763 21,940 23,003 360 51,046 114.0500

Nov. . . . . . . . 147,245 149,232 22,624 22,174 19,255 19,022 22,717 23,876 629 53,236 113.9000

Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,334 22,188 20,558 22,419 924 53,765 116.0000

100 FOREIGN CURRENCY POSITIONS
1994 - Dec. . . . . . . . 322,798 328,968 24,890 26,361 35,863 31,307 30,497 30,940 4,223 132,369 1.3100

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 - Jan.. . . . . . . . 365,388 367,400 24,750 29,111 35,985 34,835 38,129 41,988 5,688 113,743 1.2140

Feb. . . . . . . . 380,360 383,396 23,408 27,313 44,638 41,405 41,203 42,150 6,402 113,268 1.2019

Mar. . . . . . . . 328,706 334,043 21,963 25,509 36,757 33,561 37,726 40,183 7,145 100,122 1.1910

Apr.. . . . . . . . 372,832 379,661 24,094 25,843 43,190 37,853 45,228 48,781 7,755 100,058 1.2445

May. . . . . . . . 423,618 432,475 22,465 26,981 51,448 46,168 53,405 59,700 10,511 100,602 1.2500

June . . . . . . . 423,691 433,067 21,142 27,125 52,771 46,853 53,823 60,985 11,183 98,403 1.2545

July. . . . . . . . 457,420 468,160 19,713 24,058 59,168 51,088 66,800 70,116 10,461 97,137 1.1979

Aug. . . . . . . . 432,124 442,632 18,593 22,540 55,691 48,601 65,370 67,119 9,716 96,569 1.2025

Sept.. . . . . . . 466,024 483,498 18,455 22,058 69,534 58,796 79,794 86,809 10,254 96,957 1.2550

Oct.. . . . . . . . 506,348 520,867 21,609 24,381 67,609 61,994 78,552 81,490 7,163 99,330 1.2690

Nov. . . . . . . . 528,308 537,826 21,064 24,966 81,905 85,293 84,532 96,242 6,213 100,652 1.3045

Dec. . . . . . . . 502,668 511,997 21,527 26,206 77,532 89,178 71,096 89,416 7,492 98,205 1.3420

1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Mar. . . . . . . . 44,619 34,524 14,014 14,218 1,535 1,872 2,882 1,542 155 20,160 1.1325

 June . . . . . . . 33,662 24,077 14,736 15,134 1,531 1,931 2,528 1,969 136 20,203 1.1500

 Sept. . . . . . . . 44,152 34,781 14,252 15,075 2,338 2,395 3,195 2,663 -162 21,170 1.1550

 Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Mar. . . . . . . . 34,563 29,557 14,414 17,044 582 717 2,558 1,193 -126 17,109 1.1910

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

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)

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)

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)

07/03/96. . . . . . . . . . . . . . . . . . . . . . . 397,278 409,874 10,915 1.2532

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 415,893 431,084 13,112 1.2634

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 457,178 470,227 11,550 1.2120

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 454,543 466,520 9,434 1.2145

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 450,022 461,929 10,465 1.1979

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 437,466 449,534 9,413 1.2098

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 430,581 443,116 9,161 1.2100

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 449,655 460,142 9,187 1.2010

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 437,155 447,966 9,670 1.1930

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 432,635 445,048 10,009 1.2064

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 469,888 484,003 9,273 1.2356

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 467,737 486,028 12,253 1.2419

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 478,027 494,429 10,352 1.2415

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 475,707 492,706 10,482 1.2582

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 459,990 478,757 9,764 1.2535

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 476,563 495,509 8,953 1.2677

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 468,465 486,041 8,060 1.2535

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 495,541 512,389 7,662 1.2553

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 525,336 540,835 6,709 1.2780

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 505,629 519,366 6,562 1.2718

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 523,842 535,825 6,202 1.2665

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 544,710 554,331 6,305 1.2915

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 593,782 605,595 5,709 1.3210

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 577,254 589,910 5,417 1.3105

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 541,825 558,496 8,809 1.3300

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 495,238 510,341 8,862 1.3485

FOREIGN CURRENCY POSITIONS 101
07/03/96. . . . . . . . . . . . . . . . . . . . . . . 272,676 271,352 1,782 1.5629

07/10/96. . . . . . . . . . . . . . . . . . . . . . . 289,420 287,164 786 1.5520

07/17/96. . . . . . . . . . . . . . . . . . . . . . . 291,084 287,733 806 1.5452

07/24/96. . . . . . . . . . . . . . . . . . . . . . . 287,589 284,183 1,243 1.5521

07/31/96. . . . . . . . . . . . . . . . . . . . . . . 296,100 293,141 607 1.5557

08/07/96. . . . . . . . . . . . . . . . . . . . . . . 307,357 304,856 714 1.5427

08/14/96. . . . . . . . . . . . . . . . . . . . . . . 296,408 294,648 198 1.5490

08/21/96. . . . . . . . . . . . . . . . . . . . . . . 301,657 299,898 327 1.5499

08/28/96. . . . . . . . . . . . . . . . . . . . . . . 310,731 308,430 718 1.5591

09/04/96. . . . . . . . . . . . . . . . . . . . . . . 320,473 316,834 851 1.5667

09/11/96. . . . . . . . . . . . . . . . . . . . . . . 319,729 317,562 658 1.5547

09/18/96. . . . . . . . . . . . . . . . . . . . . . . 307,693 304,027 738 1.5606

09/25/96. . . . . . . . . . . . . . . . . . . . . . . 307,067 303,488 722 1.5617

10/02/96. . . . . . . . . . . . . . . . . . . . . . . 292,535 286,867 798 1.5650

10/09/96. . . . . . . . . . . . . . . . . . . . . . . 297,420 292,406 917 1.5652

10/16/96. . . . . . . . . . . . . . . . . . . . . . . 314,920 308,726 566 1.5840

10/23/96. . . . . . . . . . . . . . . . . . . . . . . 310,826 303,444 -74 1.5977

10/30/96. . . . . . . . . . . . . . . . . . . . . . . 338,590 330,410 -653 1.6328

11/06/96. . . . . . . . . . . . . . . . . . . . . . . 346,900 340,632 -998 1.6413

11/13/96. . . . . . . . . . . . . . . . . . . . . . . 347,545 343,964 -624 1.6593

11/20/96. . . . . . . . . . . . . . . . . . . . . . . 344,661 341,476 -514 1.6802

11/27/96. . . . . . . . . . . . . . . . . . . . . . . 345,591 342,476 339 1.6780

12/04/96. . . . . . . . . . . . . . . . . . . . . . . 384,506 379,433 -458 1.6431

12/11/96. . . . . . . . . . . . . . . . . . . . . . . 365,005 360,460 -391 1.6510

12/18/96. . . . . . . . . . . . . . . . . . . . . . . 349,520 343,424 -644 1.6742

12/25/96. . . . . . . . . . . . . . . . . . . . . . . 316,278 307,821 -775 1.6700

1994 - Dec. . . . . . . . 266,836 264,375 48,055 51,191 19,335 19,627 16,695 18,416 663 48,456 1.5665

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 - Jan.. . . . . . . . 310,528 308,608 63,042 65,948 25,031 25,774 27,271 29,824 1,370 51,969 1.5120

Feb. . . . . . . . 321,322 317,931 60,063 63,872 29,083 27,607 25,010 29,011 1,906 51,699 1.5305

Mar. . . . . . . . 301,321 297,302 62,670 65,079 27,505 26,304 24,926 27,827 1,231 51,741 1.5261

Apr.. . . . . . . . 290,220 287,636 67,772 71,375 36,198 35,442 28,445 32,834 1,653 53,187 1.5069

May. . . . . . . . 299,506 297,708 60,105 66,019 43,912 42,422 34,609 39,439 2,054 53,757 1.5510

June . . . . . . . 289,658 289,140 64,406 68,953 47,078 49,810 39,878 44,732 2,330 55,190 1.5518

July. . . . . . . . 300,608 298,567 64,729 66,094 42,935 43,834 40,992 43,874 615 58,977 1.5557

Aug. . . . . . . . 293,683 291,969 63,601 65,884 41,615 43,348 40,972 43,653 740 59,100 1.5614

Sept.. . . . . . . 302,300 295,350 69,562 73,519 39,435 41,821 36,067 39,788 494 58,548 1.5646

Oct.. . . . . . . . 342,988 334,369 69,099 72,923 48,323 50,299 45,937 48,445 -469 59,731 1.6265

Nov. . . . . . . . 352,406 345,749 67,155 71,503 54,005 55,727 51,282 53,361 -222 61,216 1.6812

Dec. . . . . . . . 319,811 308,666 70,639 72,805 48,830 49,889 45,236 47,500 -324 60,305 1.7120

1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Mar. . . . . . . . 36,795 36,084 35,549 30,824 3,328 3,712 4,469 2,736 -239 6,389 1.6215

 June . . . . . . . 38,179 39,074 37,724 31,873 3,168 3,623 3,976 2,611 -327 6,468 1.5945

 Sept. . . . . . . . 33,854 36,205 38,420 32,227 2,207 2,064 2,947 1,947 -309 6,911 1.5825

 Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Mar. . . . . . . . 33,512 37,914 37,611 30,769 2,047 2,332 3,337 1,892 -593 5,198 1.5261

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

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)

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)

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)

102 FOREIGN CURRENCY POSITIONS
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. “Profits (+) or losses (-) 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 June 30, 1996, and Sept. 30, 1996

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

See footnotes on the following page.

 June 30, 1996 

Assets, liabilities, and capital June 30, 1996 through Sept. 30, 1996 Sept. 30, 1996 

Assets

U.S. dollars:

Held with Treasury:

U.S. Government securities . . . . . . . . . . . . . 4,185,087 7,667,626 11,852,713

Special drawing rights 1. . . . . . . . . . . . . . . . . . . . 11,045,825 -868,395 10,177,430

Foreign exchange and securities: 2

German marks . . . . . . . . . . . . . . . . . . . . . . . . . 6,571,245 28,515 6,599,760

Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . 9,527,704 -177,986 9,349,718

Mexican pesos . . . . . . . . . . . . . . . . . . . . . . . . . 10,500,000 -7,000,000 3,500,000

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 351,289 -242,844 108,445

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 42,181,150 -593,084 41,588,066

Liabilities and capital

Current liabilities:

Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 315,975 -256,414 59,561

Total current liabilities. . . . . . . . . . . . . . . . . . 315,975 -256,414 59,561

Other liabilities:

Special drawing rights certificates . . . . . . . . . . 10,168,000 -450,000 9,718,000

Special drawing rights allocations . . . . . . . . . . 7,071,692 -19,431 7,052,261

Total other liabilities . . . . . . . . . . . . . . . . . . . 17,239,692 -469,431 16,770,261

Capital:

Capital account . . . . . . . . . . . . . . . . . . . . . . . . 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) . . 24,425,483 132,761 24,558,244

Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 24,625,483 132,761 24,758,244

Total liabilities and capital . . . . . . . . . . . . . 42,181,150 -593,084 41,588,066

EXCHANGE STABILIZATION FUND 103
Current quarter Fiscal year to date 

July 1, 1996, through Sept. 30, 1996 Oct. 1, 1995, through Sept. 30, 1996

Income and expense

Profit (+) or losses (-) on:

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -213,585 -1,627,563

Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . 26 -160,954

Interest (+) or net charges (-) on:

Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,454 148,744

U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113,830 251,682

Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199,036 1,134,202

Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,761 -253,889

Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132,761 -253,889

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.”

104 EXCHANGE STABILIZATION FUND
105

Page Intentionally Left Blank
106

Page Intentionally Left Blank
Section 1996 1995 

Liabilities:

Borrowing from the public:

Public debt securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,224,812 4,973,985

Plus premium on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,510 1,236

Less discount on public debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79,442 81,232

Total public debt securities net of premium and discount . . . . . . . . . . . . . . . . . . . . . 5,146,880 4,893,989

Agency securities issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,044 1

 26,955

Total Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,181,924 1

 4,920,944

Less net Federal securities held as investments of Government accounts . . . . . . . . . . . 1,448,967 1

 1,317,645

Total borrowing from the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,732,957 1

 3,603,299

Accrued interest payable to the public. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,605 50,611

Deposit funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,218 8,186

Miscellaneous liability accounts, includes checks outstanding . . . . . . . . . . . . . . . . . . . . . . . . 1,906 1

 4,790

Accounts payable and accruals of Government agencies 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 185,515 216,369

Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,973,201 3

 3,883,255

CHART SLOFC-A.--

Commitments and

Contingencies

This report contains totals for commitments of the Government that represent the value of goods and services

ordered and obligated but not yet

received. It also includes other commitments against appropriations, all pursuant

to section 1311 of the Supplemental

Appropriation Act of 1955 (31 U.S.C.

200). Contingencies represent conditional

commitments that may become liabilities

due to events beyond the control of the

Government. The amounts are agency projections stated in terms of maximum

theoretical risk exposure. The data for

commitments and contingencies come

from agency notes reports, which have

been submitted to the Financial Management Service.

Note.--Financial Management Service (FMS) expects to compile 1996 contingencies data by May 31, 1997. A copy of the detailed schedules can be

obtained from the Financial Reports Branch (202) 874-9922. Amounts presented in Chart SLOFC-A were compiled from reports submitted by the agencies in accordance with vol. I, part 2, chapter 4000 of the "Treasury Financial Manual " (Transmittal Letter No. 565). The information furnished by some

reporting agencies was based on estimates. Amounts presented in Table SLOFC-1 were compiled from "Schedule 1-U.S. General Ledger Account Balances, 1996 Annual Report-Appendix" and Treasury internal documents.

(In billions of dollars)

1

 This is a revised fiscal 1995 amount obtained from "Schedule 1-U.S. Summary General Ledger Account Balances,

1996 Annual Report-Appendix."

2

 Figures includes both public and Federal accounts. 

3

 Revised fiscal 1995 amount.

Statement of Liabilities and Other Financial Commitments

The Statement of Liabilities and Other Financial Commitments of the United States Government is compiled in accordance with 31 U.S.C. 331 (b). The report discloses the liabilities as of September 30, 1995 and 1996. Commitments and contingencies are disclosed as of September 30, 1994 and 1995.

TABLE SLOFC-1--Summary of Liabilities of the United States Government

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

* Decrease is due to the Department of Energy’s change in its reporting of Environmental compliance. For fiscal 1995, the entire Environmental compliance is reported as a liability. 

107
TABLE TF-10.--Airport and Airway Trust Fund

Results of Operations, Fiscal 1996

[Source: Department of Transportation]

Description Internal Revenue Code section (26 U.S.C.) Amount

INTRODUCTION: Airport and Airway Trust Fund

The Airport and Airway Trust Fund was established on

the books of the Treasury in fiscal 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49

U.S.C. 1742 (a)]. The trust fund was re-established in the

Internal Revenue Code (26 U.S.C. 9502) as a result of the Tax

Equity and Fiscal Responsibility Act of 1982 (Public Law

97-248, dated September 3, 1982), effective September 1,

1982.

Amounts equivalent to the taxes received in the Treasury

on transportation of persons and property by air, gasoline and

jet fuel used in noncommercial aircraft, and an international

departure tax are appropriated from the general fund of the

Treasury to the trust fund. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5,

1990) increased rates for the excise taxes transferred to the

fund.

These transfers are made based on estimates made by the

Secretary of the Treasury, subject to adjustments in later

transfers in the amount of actual tax receipts.

On January 1, 1996, authority to collect these taxes and to

transfer them from the general fund to the trust fund (26 U.S.C.

9502) expired. Public Law 104-188, the Small Business Job

Protection Act of 1996, reinstated this authority as of August

27, 1996. The taxes and transfer authority expired again on

January 1, 1997.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund. Additional sums from the general fund are also

credited as authorized and made available by law, if necessary,

to meet outlay requirements.

Amounts required for outlays to carry out the airport and

airway program are made available to the Federal Aviation

Administration, Department of Transportation.

Other charges to the trust fund are made by the Secretary

of the Treasury for transfers of certain refunds of taxes and

certain outfits under section 34 of the Internal Revenue Code

of 1986.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury, after

consultation with the Secretary of Transportation. These reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,365,204,758

Receipts:

Excise taxes (transferred from general fund):

Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,063,000

Gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -1,256,525

Transportation by airseats, berths, etc. . . . . . . . . . . . . . . . . . . . . . . . . 4261 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,122,879,000

Use of international travel facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4261 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,380,000

Transportation of property, cargo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4271 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,905,000

Gross excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404,970,475

Less refunds of taxes (reimbursed to general fund):

Liquid fuel other than gasoline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,523,870

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,507,900

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,031,770

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,368,938,705

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573,416,066

Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,284,073

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,127,638,844

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,576,122

Outlays:

Interest on refunds and credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Expenses:

Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,222,859,096

Grants in aid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,654,551,500

Facilities and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,443,458,148

Research, engineering, and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232,607,620

DOT rental payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,441,000

Air carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,833,719

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,616,751,083

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,576,122

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,876,092,519

108 TRUST FUNDS
TABLE TF-10.--Airport and Airway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal 1997-1998

[In millions of dollars. Source: Department of Transportation]

1997 1 1998

Balance Oct.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,876 $7,801

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,823 6,391

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532 486

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,355 6,877

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,545 7,034

Offsetting collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 115

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,801 7,759

1

 Assumes taxes are reinstated on April 1 and continue through September 30, 1998

TRUST FUNDS 109
INTRODUCTION: Uranium Enrichment

Decontamination and Decommissioning Fund

The Uranium Enrichment Decontamination and Decommissioning Fund was established on the books of the Treasury

in fiscal 1993, according to provisions of the Energy Policy Act

of 1992 [42 U.S.C. 2297 (g)]. Receipts represent (1) fees

collected from domestic public utilities based on their pro rata

share of purchases of separative work units from the Department of Energy and (2) appropriations toward the Government

contribution based on the balance of separative work unit

purchases.

Expenditures from the fund are for the purpose of (1)

decontamination and decommissioning of the three gaseous

diffusion plants, (2) remedial actions and related environmental

restoration costs at the gaseous diffusion plants, and (3) reimbursement to uranium/thorium producers for the costs of decontamination, decommissioning, reclamation, and remedial

action of uranium/thorium sites that are incident to sales to the

U.S. Government. Amounts available in the fund exceeding

current needs may be invested by the Secretary of the Treasury

in obligations of the United States (1) having maturities congruent with the needs of the fund, and (2) bearing interest at

rates determined appropriate, taking into consideration the

current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity

comparable to these investments.

The Secretary of the Treasury is required by 42 U.S.C.

2297 (g) to provide an annual report to Congress, after consultation with the Secretary of Energy. This report must present the

financial condition and the results of operations of the fund

during the preceding fiscal year.

The Energy Policy Act of 1992 [42 U.S.C. 2297 (g)(1)]

authorizes appropriations to ensure annual deposits to the fund

of $480 million before adjustments for inflation. Between fiscal

1993 and 1996, Government contributions of $1,379.7 million

were authorized. However, only $680.9 million was appropriated. The shortfall of Government contributions from appropriations is approximately $698.8 million.

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $948

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 510,449,911

Penalties collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,602

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,391,497

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,855,010

Outlays:

DOE, decontamination and decommissioning activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 317,094,386

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,760,671

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 526,855,057

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 901

TABLE TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund

Results of Operations, Fiscal 1996

[Source: Department of Energy]

TABLE TF-11.--Uranium Enrichment Decontamination and Decommissioning Fund

Expected Condition and Results of Operations, Fiscal Years 1997-2001

[In thousands of dollars. Source: Department of Energy]

1997 1998 1999 2000 2001

Balance Oct. 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536,648 555,000 569,430 584,804 600,594

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,422 57,411 77,753 101,380 126,979

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,070 612,411 647,183 686,184 727,573

Outlays:

DOE, decontamination and decommissioning fund . . . . . . . . . . . . . . . . . 242,882 236,285 227,106 209,318 194,500

Costs of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,189 376,125 420,078 476,865 533,073

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,071 612,410 647,184 686,183 727,573

Balance Sept. 30 1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1

1

 In past fiscal years, the October 1 and September 30 balances have been presented in whole

dollars instead of thousands of dollars as figures in other sections of the report have been

presented. This error was detected during the update for the fiscal year 1996 report. The

October 1 and September 30 balances have been converted to thousands of dollars with fiscal

year 1996’s Report of Expected Condition and Results of Operations, Fiscal Years 1997-2001.

110 TRUST FUNDS
INTRODUCTION: Black Lung Disability Trust Fund

The Black Lung Disability Trust Fund was established on

the books of the Treasury in fiscal 1978 according to the Black

Lung Benefits Revenue Act of 1977 (Public Law 95-227). The

Black Lung Benefits Revenue Act of 1981 (Public Law 97-

119), re-established the fund in the IRC, 26 U.S.C. 9501.

The Consolidated Omnibus Budget Reconciliation Act of

1985 (Public Law 99-272), enacted April 7, 1986, provided for

an increase in the coal tax effective April 1, 1986, through

December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest

payments ended on September 30, 1990. Payment of interest

on advances resumed in fiscal 1991. The Omnibus Budget

Reconciliation Act of 1987 (Public Law 100-203), signed

December 22, 1987, extends the temporary increase in the coal

tax through December 31, 2013.

The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury

to the trust fund: excise taxes on mined coal, taxable expenditures of self-dealing by, and excess contributions to, private

black lung benefit trusts; reimbursements by responsible mine

operators; and related fines, penalties, and interest charges.

Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust

fund subject to adjustments in later transfers to actual tax

receipts.

After retirement of the current indebtedness, amounts

available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in

interest-bearing public debt securities. Any interest earned

will be credited to the fund. Also credited, if necessary, will

be repayable advances from the general fund to meet outlay

requirements exceeding available revenues.

To carry out the program, amounts are made available to

the Department of Labor. Also charged to the fund are administrative expenses incurred by the Department of Health and

Human Services and the Department of the Treasury, repayments of advances from the general fund and interest on

advances.

The Code requires the Secretary of the Treasury to submit

an annual report to Congress after consultation with the Secretary of Labor and the Secretary of Health and Human Services (26 U.S.C. 9602(a). The report must present the financial

condition and results of operations of the fund during the past

fiscal year and the expected condition and operations of the

fund during the next 5 fiscal years.

TABLE TF-12.--Black Lung Disability Trust Fund

Results of Operations, Fiscal 1996

[Source: Department of Labor]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,498,612

Receipts:

Excise taxes (transfered from general fund):

$1.10 tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244,267,000

$0.55 tax on surface coal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148,956,000

4.4 percent tax on underground coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,212,000

4.4 percent tax on surface coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,045,000

Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,014,511

Collection--responsible mine operators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,323,474

Recovery of prior year funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104,000

Repayable advances from the general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373,500,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,421,985

Net receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 997,421,985

Outlays:

Treasury administraive expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202,256

Salaries and expenses--Labor--DM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,621,000

Salaries and expenses--Labor--OIG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,000

Salaries and expenses--Labor--ESA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,193,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,314,256

Expenses:

Program expenses--Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499,622,215

Interest on repayable advances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,191,928

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 944,814,143

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,792,198

TRUST FUNDS 111
TABLE TF-12.--Black Lung Disability Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1997-2001

[In thousands of dollars. Source: Department of Labor]

1997 1998 1999 2000 2001

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,792 - - - -

Receipts:

Excise taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 604,000 613,000 626,000 639,000 652,000

Advances from general fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 394,189 394,000 394,000 392,000 387,000

Fines, penalties, and interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 2,000 2,000 2,000 2,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,189 1,009,000 1,022,000 1,033,000 1,041,000

Outlays:

Benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,665 466,817 454,127 441,375 426,559

Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,317 48,183 49,873 51,625 53,441

Interest on repayable advances. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,000 494,000 518,000 540,000 561,000

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,007,982 1,009,000 1,022,000 1,033,000 1,041,000

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - -

112 TRUST FUNDS
INTRODUCTION: Harbor Maintenance Trust Fund

The Harbor Maintenance Trust Fund was established on

the books of the Treasury on April 1, 1987, according to the

Water Resources Development Act of 1986 (Public Law 99-

962, November 17, 1986) (26 U.S.C. 9505).

The Harbor Maintenance Trust Fund consists of such

amounts as may be appropriated provided by section 9505 (b),

transferred by the Saint Lawrence Seaway Development Corporation (SLSDC) according to section 13 (a) of the Act of

May 13, 1954, or credited as provided in section 9602 (b).

Amounts are appropriated equivalent to the user fees in the

Treasury under section 4461 (relating to harbor maintenance

tax).

Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriation acts for making expenditures

to carry out section 210 (a) of the Water Resources Development Act of 1986. The appropriations act for the Department

of Transportation for fiscal 1995 (Public Law 103-331, September 28, 1994), section 13, waived collection of charges or

tolls on the Saint Lawrence Seaway in accordance with section

13 (b) of the Act of May 13, 1954 (as in effect on April 1,

1987). Legislation was passed in the North American Free

Trade Agreement (NAFTA) Implementation Act of 1994

(Public Law 103-182, Sec. 683), which amends paragraph (3)

of section 9505 (c) of the Internal Revenue Code of 1986, to

authorize payment of up to $5 million annually to the Department of the Treasury, for all expenses of administration incurred by the Department of the Treasury, the U.S. Army

Corps of Engineers, and the Department of Commerce related

to the administration of subchapter A of chapter 36 (relating

to harbor maintenance tax).

Section 201 of the Water Resources Development Act

(WRDA) 1996, authorizes use of the Harbor Maintenance

Trust Fund for construction of dredged material disposal facilities associated with the operation and maintenance of Federal navigation projects for commercial navigation.

Annual reports to Congress are required by Section 330

of the Water Resources Development Act of 1992, (Public

Law 102-580). These reports are required to cover the financial condition and the results of operations of the fund during

the past fiscal year and its expected condition and operations

during the next 5 fiscal years.

TABLE TF-13.--Harbor Maintenance Trust Fund

Results of Operations, Fiscal 1996

[Source: Department of the Army Corps of Engineers]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $621,194,000

Receipts:

Excise taxes:

Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,342,000

Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,399,000

Domestic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,447,000

Passengers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,608,000

Zones admissions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,471,000

Toll receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Interest on investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,855,000

Interest income discount. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741,122,000

Expenses:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,126,000

SLSDC/DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,708,000

Treasury adminstrative cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000

Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,834,000

Balance Sept 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867,482,000

TRUST FUNDS 113
TABLE TF-13.--Harbor Maintenance Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1997-2001 1

[In millions of dollars. Source: Department of the Army Corps of Engineers]

1997 1998 1999 2000 2001

Balance Oct. 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 867.5 1,105.1 1,383.9 1,803.2 2,353.3

Receipts:

Harbor maintenance fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 724.0 775.0 829.3 887.3 949.4

Transfer of tolls from SLSDC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -----

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.0 68.2 83.5 106.3 136.0

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 779.0 843.2 912.8 993.6 1,085.4

Outlays:

Corps of Engineers O&M and Admin. Expenses. . . . . . . . . . . . . . . . . . . 528.0 550.0 480.0 430.0 460.0

SLSDC/DOT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 10.4 9.5 9.5 9.5

Toll rebates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -----

Administrative expenses for Treasury (Customs) . . . . . . . . . . . . . . . . . . 3.0 4.0 4.0 4.0 4.0

Pending legislation:

Corps of Engineers construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -----

NOAA activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - -

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 541.4 564.4 493.5 443.5 473.5

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,105.1 1,383.9 1,803.2 2,353.3 2,965.3

1 Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. These are planning numbers and are not to be construed as

representing the “President’s Budget for Fiscal Year 1998.”

2

 Includes unrealized discounts on investments as reported by Department of Treasury

Financial Management Service’s Sept. 30, 1995, “Harbor Maintenance Trust Fund Income

Statement.”

114 TRUST FUNDS
INTRODUCTION: Hazardous Substance Superfund

The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal 1981, in

accordance with provisions of the Hazardous Substance Response Revenue Act of 1980 (42 U.S.C. 9631 (a)). Effective

fiscal 1987, the trust fund was re-established as the Hazardous

Substance Superfund (Superfund) in accordance with provisions of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) of 1980 (Public Law

96-510), as amended by the Superfund Amendments and

Re-authorization Act (SARA) of 1986 (Public Law 99-499,

dated October 17, 1986).

The Internal Revenue Service collects excise taxes on

petroleum and chemicals, and an environmental tax from all

corporations with modified alternative minimum taxable income in excess of $2 million. In addition, the Superfund is

authorized to be appropriated general revenues from the general fund not otherwise appropriated. Cost recoveries, and

other miscellaneous receipts (e.g. interest revenue) are deposited directly to the Superfund. Also appropriated to the Superfund, if required, are repayable advances from the general fund

to meet outlay requirements in excess of available revenues.

Amounts available in the Superfund, in excess of current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

Superfund.

To carry out the Superfund program, amounts are appropriated from the Superfund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses, repayment of advances to the general fund, and interest

expense associated with outstanding advances from the general fund.

An annual report to Congress by the Secretary of Treasury

is required by section 9633 (b) (1) of CERCLA, as amended.

These reports present the financial condition of the Superfund

and the results of operation for the past fiscal year, and its

expected condition and operations during the next 5 years.

TABLE TF-14.--Hazardous Substance Superfund

Results of Operations, Fiscal 1996

[Source: Environmental Protection Agency]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,655,852,291

Receipts:

Crude and petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,559,000

Certain chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,341,000

Corporate environmental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,190,000

General fund appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,000,000

Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248,945,712

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,337,118

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347,438,187

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,485,811,017

Undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total undisbursed balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Expenses:

EPA expense (after recission) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,248,821,139

Commerce expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,338,900

FEMA expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 998,436

HHS expense (ATSDR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,710,000

Interior expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 588,322

Labor expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217,203

Corps of Engineers expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,310,674,000

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830,989,308

TRUST FUNDS 115
TABLE TF-14.--Hazardous Substance Superfund, con.

Expected Condition and Results of Operations, Fiscal Years 1997-2001

[In millions of dollars. Source: Environmental Protection Agency]

1997 1 1998 1 1999 1 2000 1 2001 1

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,830 3,391 4,336 4,821 6,051

Receipts:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 360 360 396 450

Recoveries, fines, and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203 179 154 154 155

Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 2,250 1,815 1,874 1,910

General revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250 250 250 250 250

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955 3,039 2,579 2,674 2,765

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,394 2,094 2,094 1,444 1,394

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,391 4,336 4,821 6,051 7,422

1

 Forecasts for these fiscal years assume reauthorization of the Superfund by Congress.

2

 On January 1, 1998, the corporate environmental tax expires unless reauthorized by

Congress. The estimate includes only the first quarter fiscal 1998 corporate collections.

116 TRUST FUNDS
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 1996

[Source: Department of Transportation]

Description Internal Revenue Code section (26 U.S.C.) Amount

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,000,184,158

Receipts:

Excise taxes (transferred from general fund):

Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 764,810,000

Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174,116,000

Trucks, buses, trailers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,991,014,100

Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,878,863,400

Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,438,922,200

Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532,352,000

Cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,110,547

Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 739,878,000

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,375,841

Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,529,442,088

Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000

Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,135,000

Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,310,307,088

Less refunds of taxes (reimbursed to general fund):

Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,241,460

Gasoline other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,550,740

Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,316,420

Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 662,422,000

Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,401,580

Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,898,140

Diesel fuel bus use. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,520,450

Gas/diesel/alcohol mixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -410,047,000

Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657,303,790

Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,653,003,298

Investment income:

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320,959,851

Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total investment income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,320,959,851

Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,973,963,149

TRUST FUNDS 117
TABLE TF-15.--Highway Trust Fund

Results of Operations, Fiscal 1996, con.

[Source: Department of Transportation]

Internal Revenue

Code section

Description (26 U.S.C.) Amount

Expenses:

Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $19,543,893,941

Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,181,615

National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,198,577

Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,183,566

Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,991

Highway safety research and development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353,426

PA toll road demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,531

Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,047,482

Alabama HYW bypass demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 553,082

Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,434,691

University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,743

Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684,745

National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,777,797

Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,704,872

Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,335,987,874

Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,697,334

Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,396,956

Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,629,135

Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,726

Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,189,091

Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,169,695

Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,305

Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,561,705

Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,567

Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,869,057

Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,111

Virginia HOV safety demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600,000

Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,897,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,330,923,615

Outlays:

Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,287

Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -22,000,000

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,621,182,405

118 TRUST FUNDS
TABLE TF-15.--Highway Trust Fund, con.

Expected Condition and Results of Operations, Fiscal Years 1997-2001

[In millions of dollars. Source: Department of Transportation]

Combined Statement Highway and Mass Transit Accounts

1997 1998 1999 2000 2001

Highway Account

1997 1998 1999 2000 2001

Mass Transit Account

1997 1998 1999 2000 2001

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,620 24,370 27,744 31,442 34,963

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,853 24,697 25,317 25,829 26,570

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349 1,441 1,595 1,720 1,879

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,203 26,137 26,912 27,550 28,449

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,453 22,763 23,214 24,028 24,296

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,370 27,744 31,442 34,963 39,116

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,525 9,586 11,285 12,678 13,085

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,006 3,063 3,131 2,956 3,023

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595 569 649 693 703

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,602 3,631 3,780 3,650 3,726

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,541 1,932 2,387 3,243 3,735

Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,586 11,285 12,678 13,085 13,076

Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,095 14,784 16,459 18,764 21,878

Receipts:

Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,847 21,634 22,186 22,873 23,547

Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 754 872 946 1,027 1,176

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,601 22,506 23,132 23,900 24,723

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,912 20,831 20,827 20,785 20,561

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,784 16,459 18,764 21,878 26,040

Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,506 44,200 - - -

Twenty-four month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,638 47,032 48,623 24,723 -

TRUST FUNDS 119
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

three 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

120 TRUST FUNDS
Expected Condition and Results of Operations 

Fiscal Years 1997-2001 1

[In millions of dollars. Source: Department of the Army Corps of Engineers]

 1997 1998 1999 2000 2001

TABLE TF-16.--Inland Waterways Trust Fund

Results of Operations, Fiscal 1996

[Source: Department of the Army Corps of Engineers]

INTRODUCTION: Inland Waterways Trust Fund

The Inland Waterways Trust Fund was established by the

Treasury in fiscal 1984, according to provisions of the Inland

Waterways Revenue Act of 1978 (Public Law 95-502) and

continued according to the Water Resources Development Act

of 1986 (26 U.S.C. 9506). Amounts determined by the Secretary of the Treasury to be section 4042 of the Internal Revenue

Code of 1986 (relating to tax on fuel used in commercial

transportation on Inland Waterways) shall be appropriated to

the trust fund.

The Technical and Miscellaneous Revenue Act of 1988

(Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. These amounts

are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later

transfers to the amounts of actual tax receipts.

The Secretary of the Treasury invests in interest-bearing

obligations of the United States that portion of the trust fund,

in his judgment, not required to meet current withdrawals. The

interest on, and proceeds from the sale or redemption of, any

obligation held in the trust fund is credited to the trust fund.

The act provides that amounts in the trust fund shall be

available, by appropriations acts, for making construction and

rehabilitation expenditures for navigation on the inland and

intracoastal waterways of the United States described in 33

U.S.C. 1804. Expenditures must be otherwise authorized by

law.

Annual reports to Congress are required by 26 U.S.C.

9602 to be submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and the

results of operations of the fund during the past fiscal year and

its expected condition and operations during the next 5 fiscal

years.

Balance Oct. 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275.3 325.2 392.8 486.9 590.4

Receipts:

Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117.0 121.0 125.0 130.0 135.0

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5 18.1 21.7 25.8 30.2

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132.5 139.1 146.7 155.8 165.2

Transfers:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82.6 71.5 52.6 52.2 62.2

Balance Sept. 30 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325.2 392.8 486.9 590.4 693.4

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $238,531,000

Receipts:

Fuel taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108,381,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,889,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122,270,000

Transfers:

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,483,000

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,318,000

1

 Outyear projections are based on economic conditions and agencies’ best projections of

revenues and expenditures. These are planning numbers and are not to be construed as

representing the "President’s Budget for Fiscal Year 1998."

2 Includes unrealized discounts on investments as reported by the Department of Treasury’s

Financial Management Service’s Sept. 30, 1995, "Inland Waterways Trust Fund Income

Statement."

TRUST FUNDS 121
 Note.--The expected conditions and results of operations for fiscal years 1997 through 2001

were not available at the time of publication.

TABLE TF-17.--Leaking Underground Storage Tank Trust Fund

Results of Operations, Fiscal 1996

[Source: Environmental Protection Agency]

INTRODUCTION: Leaking Underground Storage Tank Trust Fund

The Leaking Underground Storage Tank (LUST) Trust

Fund was established in fiscal 1981 according to provisions of

the Comprehensive Environmental Response, Compensation,

and Liability Act (CERCLA) of 1980 (Public Law 96-510), as

amended by the Superfund Amendments and Re-authorization

Act (SARA) of 1986 (Public Law 99-499, dated October 17,

1986) and the Omnibus Budget Reconciliation Act of 1990

(Public Law 101-508, dated November 5, 1990).

The LUST Trust Fund is financed by taxes collected on

gasoline, diesel fuels, special motor fuels, aviation fuels, and

fuels used in commercial transportation on inland waterways.

Amounts available in the LUST Trust Fund, exceeding current

expenditure requirements, are invested by the Secretary of the

Treasury in interest-bearing Government securities (e.g.,

Treasury bills). All interest earned is credited directly to the

LUST Trust Fund.

To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the Environmental Protection

Agency (EPA) for programmatic and administrative expenses.

An annual report to Congress by the Secretary of the

Treasury is required by 26 U.S.C. 9602 (a). These reports

present the financial condition of the LUST Trust Fund and

results of operations for the past fiscal year, and its expected

condition and operations during the next 5 fiscal years.

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $925,000,000

Receipts:

Taxes relating to highway, inland, and airport trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000,000

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,700,000,000

Gross tax receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,087,000,000

Less reimbursements to general fund:

Refund of taxes and estimated tax credits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,000,000

Net receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000,000

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,000,000

Undisbursed balances:

EPA LUST balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,000,000

EPA IG balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000

Total undisbursed balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,500,000

Expenses:

EPA LUST expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,600,000

EPA IG expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500,000

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,650,000

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 986,000,000

122 TRUST FUNDS
INTRODUCTION: Nuclear Waste Fund

The Nuclear Waste Fund was established on the books of

the Treasury in fiscal 1983, according to provisions of the

Nuclear Waste Policy Act of 1982 [42 U.S.C. 10222 (c)].

Receipts represent fees collected from public utilities based on

electricity generated by nuclear power reactors and spent

nuclear fuel. Expenditures from the fund are for purposes of

radioactive waste disposal activities.

Amounts available in the fund exceeding current needs

may be invested by the Secretary of the Treasury in obligations

of the United States (1) having maturities in tandem with the

needs of the waste fund, and (2) bearing interest at rates

determined appropriate, taking into consideration the current

average market yield on outstanding marketable obligations

of the United States with remaining periods to maturity comparable to the maturities of such investments, except that the

interest rate on such investments shall not exceed the average

interest rate applicable to existing borrowings.

An annual report to Congress by the Secretary of the

Treasury, after consultation with the Secretary of Energy, is

required by 42 U.S.C. 10222 (e) (1). This report must present

the financial condition and the results of operations of the

waste fund during the preceding fiscal year.

TABLE TF-18.--Nuclear Waste Fund

Results of Operations, Fiscal 1996

[Source: Department of Energy]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $-9,024,543

Receipts:

Fees collected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634,696,718

Penalties and interest on fee payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,983

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,011,882

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,058,730,583

Outlays:

Department of Energy radioactive waste disposal activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208,067,114

Cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 841,494,539

Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,049,561,653

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,387

TRUST FUNDS 123
INTRODUCTION: Reforestation Trust Fund

The Reforestation Trust Fund was established on the

books of the Treasury in fiscal 1981 to continue through

September 30, 1985, according to provisions of Title III--Reforestation, of the Recreational Boating Safety and Facilities

Improvement Act of 1980 [16 U.S.C. 1606a (a)].

The act provides that the Secretary of the Treasury shall

transfer to the trust fund tariffs, limited to not more than $30

million for any fiscal year, received in the Treasury from

October 1, 1979, through September 30, 1985, on (1) rough

and primary wood products and wood waste; (2) lumber,

flooring, and moldings; and (3) wood veneers, plywood, and

other wood-veneer assemblies, and building boards. Public

Law 99-190 extended the receipts for the trust fund. Amounts

available in the reforestation trust fund exceeding current

withdrawals are invested in interest-bearing obligations of the

United States or in obligations guaranteed as to both principal

and interest by the United States. The interest on, and the

proceeds from the sale or redemption of, any obligations are

credited to the trust fund.

The Secretary of Agriculture is authorized to obligate

available sums in the trust fund (including any amounts not

obligated in previous years) for (1) reforestation and timber

stand improvement and (2) administrative costs of the Government for these activities.

Annual reports are required by 16 U.S.C. 1606 a (c) (1)

to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust fund during

the past fiscal year and on its expected condition and operations during the next fiscal year.

TABLE TF-19.--Reforestation Trust Fund

Results of Operations, Fiscal 1996

[Source: Department of Agriculture]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,445,798

Receipts:

Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000,000

Redemption of investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,057

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,251,057

Expenses:

Expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,568,711

Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,568,711

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,128,144

Expected Condition and Results of Operations, Fiscal 1996

[In thousands of dollars. Source: Department of Agriculture]

Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,128

Receipts:

Excise taxes (tariffs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,180

Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000

Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,308

124 TRUST FUNDS
CHARTS TF-D and E.--Major Trust Funds

Interest on

Investments,

Fiscal 1995-96

Receipts and

Outlays,

Fiscal 1996

[Data depicted in these charts are derived from the Trust Fund tables, which are provided by various

Government agencies. See tables TF-10, TF-12, TF-14, TF-15 and TF-18.]

TRUST FUNDS 125
INTRODUCTION: Aquatic Resources Trust Fund

Aquatic Resources Trust Fund was established on the

books of the Treasury pursuant to the Deficit Reduction Act of

1984 (Public Law 98-369, approved July 18, 1984). The fund

consists of two accounts: the Sport Fish Restoration Account

and Boat Safety Account.

Motorboat fuel taxes are transferred, in amounts up to $70

million per fiscal year, from the Highway Trust Fund to the

Boat Safety Account. Authority for such transfers expires on

October 1, 1997.

Amounts equivalent to the excise taxes received on sport

fishing equipment and import duties on fishing tackle, yachts,

and pleasure craft are appropriated into the Sport Fish Restoration Account. Motorboat fuel taxes not transferred to the Boat

Safety Account or to the Land and Water Conservation Fund

are transferred from the Highway Trust Fund to the Sport Fish

Restoration Account. Transfers of motorboat fuel taxes from

the Highway Trust Fund to the Land and Water Conservation

Fund are limited to $1 million per fiscal year. In addition,

pursuant to the Omnibus Budget Reconciliation Act of 1990

(Public Law 101-508), small engine gasoline taxes are transferred to the Sport Fish Restoration Account.

Amounts in the Sport Fish Restoration Account are used,

as provided by appropriation acts, for the purposes of carrying

out “An Act to provide that the United States shall aid the States

in fish restoration and management projects, and for other

purposes,” approved August 9, 1950 (as in effect on October

1, 1988) and the Coastal Wetlands Planning, Protection and

Restoration Act, as in effect on November 29, 1990.

Amounts in the Boat Safety Account, as provided by

appropriations acts are available to carry out the purposes of

Public Law 92-75 related to recreational boating safety assistance.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the two accounts exceeding outlay requirements are invested in public debt securities with the

interest credited to the respective accounts.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $647,666,176

Revenue:

Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,199,085

Fish equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98,253,000

Electric trolling sonar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,573,000

Import duty equipment, yacht. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,103,356

Gas, small engines. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,330,000

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51,633,817

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10,820,165

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,272,093

Equity:

Transfer from Boat Safety to Sport Fish Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Nonexpenditure transfers:

Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220,966,258

Coast Guard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500,000

Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,000,000

Total nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,466,258

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 745,472,011

TABLE TF-20.--Aquatic Resources Trust Fund, Sport Fish Restoration

Results of Operations, Fiscal 1996

[Source: Financial Management Service]

126 TRUST FUNDS
TABLE TF-20.--Aquatic Resources Trust Fund, Boat Safety

Results of Operations, Fiscal 1996

[Source: Financial Management Service]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,201,256

Revenue:

Gas, motorboat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,605,915

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,082,688

Interest on investment--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -18,946

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,669,657

Nonexpenditure transfers:

Boat safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,476,158

Total nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,476,158

Equity:

Transfer to Sport Fish Restoration from Boat Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,394,755

 Note.-- The expected conditions and results of operations for fiscal years 1997 through 2001

were not available at the time of publication.

TRUST FUNDS 127
INTRODUCTION: Oil Spill Liability Trust Fund

The Oil Spill Liability Trust Fund was established on the

books of the Treasury by the Omnibus Budget Reconciliation

Act 1986 (Public Law 99-509). It was made effective on

January 1, 1990, by the Omnibus Budget Reconciliation Act of

1989 (Public Law 101-239), and amended by the Oil Pollution

Act of 1990 (Public Law 101-380).

Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil

Spill Liability Trust Fund rate, are appropriated to the fund. The

tax is not applied during any calendar quarter if the Secretary

of the Treasury estimates that, as of the close of the preceding

calendar quarter, the unobligated balance in the fund exceeds

$1 billion.

Certain amounts were transferred from other funds and

were appropriated to the Oil Spill Liability Trust Fund as

provided by U.S.C. 26 9509 (b). certain paid penalties and

amounts recovered for damages are also appropriated to the

fund.

Amounts in the fund are available for oil spill cleanup costs

and certain other related purposes as provided by appropriations acts or section 6002 (b) of the Oil Pollution Act of 1990.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities. Interest is credited to the

fund. 

Annual reports to Congress, required by 26 U.S.C. (a), are

submitted by the Secretary of the Treasury. These reports are

required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected

during the next 5 fiscal years.

TABLE TF-21.--Oil Spill Liability Trust Fund

Results of Operations, Fiscal 1996

[Source: Financial Management Service]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,137,793,725

Revenue:

Tax on crude oil/petroleum products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000

Transfer from AK Pipeline Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,425,032

Cost recoveries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,458,560

Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,639,240

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,310,746

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -342,744

Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,390,834

Outlays/nonexpenditure transfers:

Transfer to the Department of the Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400,000

Salaries and expense-the Department of the Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,297

Transfer to Environmental Protection Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000

Transfer to Department of Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,152,553

Transfer to Coast Guard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85,166,323

Transfer to Corps of Engineers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,000

Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,572,173

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,139,612,386

 Note.-- The expected conditions and results of operations for fiscal years 1997 through 2001

were not available at the time of publication.

128 TRUST FUNDS
INTRODUCTION: Vaccine Injury Compensation Trust Fund

The Vaccine Injury Compensation Trust Fund (VICTF)

was created on the books of the Treasury by the Revenue Act

of 1987 (Public Law 100-203, approved December 22, 1987).

Excise taxes on DPT, DT, MMR and polio vaccines (26 U.S.C.

4131) are appropriated into the fund which serves as a source

of funds to pay claims for compensation for vaccine-related

injury or death occurring after October 1, 1988. Under current

law, the excise tax imposed by the VICTF expires if the project

balance of the VICTF, as of the calendar quarter ending December 31, 1992, is not negative.

Annual reports to Congress, required by 26 U.S.C. (a), are

submitted by the Secretary of the Treasury. These reports are

required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected

during the next 5 fiscal years.

TABLE TF-22.--Vaccine Injury Compensation Trust Fund

Results of Operations, Fiscal 1996

[Source: Financial Management Service]

Balance Oct. 1, 1995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $943,115,435

Receipts:

Excise tax receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114,989,500

Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,093,014

Interest on investments--accrued. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,593,753

Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,676,267

Outlays/nonexpenditure transfers:

U.S. Claims Court expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,190,688

U.S. Department of Justice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581,732

Health resources/transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,311,518

Total outlays/nonexpenditure transfers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,083,939

Balance Sept. 30, 1996 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,076,707,764

 Note.-- The expected conditions and results of operations for fiscal years 1997 through 2001

were not available at the time of publication.

TRUST FUNDS 129
INTRODUCTION: National Recreational Trails Trust Fund

Provisions relating to a National Recreational Trails Trust

Fund were enacted as part of the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102-240, approved

December 18, 1991). The Act provides that amounts equivalent to the taxes imposed on fuel used in vehicles on recreational trails or back country terrain and in camp stoves and

other non-engine uses in outdoor recreational equipment shall

be paid from the Highway Trust Fund to the National Recreational Trails Trust Fund [26 U.S.C. 9503 (c) (6)]. Transfers to

the fund are limited to amounts obligated under section 1302

of the Act. Obligated amounts cannot exceed $30 million per

fiscal year over the 1992-97 period. Obligations cannot be

made until amounts are appropriated; there have not yet been

appropriations to the fund.

When the provisions of 26 U.S.C. 9602 (b) are met,

amounts available in the fund exceeding outlay requirements

are invested in public debt securities with the interest credited

to the fund.

Annual reports to Congress, required by 26 U.S.C. 9602

(a), are submitted by the Secretary of the Treasury. These

reports are required to cover the financial condition and results

of operations of the fund during the past fiscal year and those

expected during the next 5 fiscal years.

Note.-- No current figures or future projections are available from the Department of the

Treasury because funds have yet to be appropriated to the fund.

130 TRUST FUNDS
Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy

9001. “Some Economic Aspects of the U.S. Health Care System.” James E. Duggan. August 1990.

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

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.

Copies may be obtained by writing to:

 Ann Bailey, Department of the Treasury

1500 Pennsylvania Ave., NW., Room 4422

Washington, D.C. 20220

Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2633.

TECHNICAL PAPERS 131
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 December 1996, the

debt limit was $5,500,000 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

132
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

Glossary

133
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).

Glossary

134