SEP TEM BER 1999

FI NAN CIAL OP ER A TIONS

PRO FILE OF THE ECON OMY

Anal y sis.—Sum mary of eco nomic in di ca tors .............................................................. . 3

FED ERAL FIS CAL OP ER A TIONS

In tro duc tion.—Fed eral fis cal op er a tions .................................................................. . 8

Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and third-quar ter re ceipts by source ................. . 9

FFO-A.—Chart: Monthly re ceipts and out lays ............................................................ . 12

FFO-B.—Chart: Bud get re ceipts by source ............................................................... . 12

FFO-1.—Sum mary of fis cal op er a tions.................................................................. . 13

FFO-2.—On-budget and off-budget re ceipts by source...................................................... . 14

FFO-3.—On-budget and off-budget out lays by agency...................................................... . 16

FFO-4.—Sum mary of U.S. Gov ern ment re ceipts by source and out lays by func tion, third-quarter fis cal 1999 and

 other pe ri ods ............................................................................... . 18

AC COUNT OF THE U.S. TREA SURY

In tro duc tion.—Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury .......................... . 19

UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances.......................... . 19

FED ERAL DEBT

In tro duc tion.—Fed eral debt ........................................................................... . 21

FD-1.—Sum mary of Fed eral debt ...................................................................... . 22

FD-2.—In ter est-bearing pub lic debt .................................................................... . 23

FD-3.—Gov ern ment ac count se ries..................................................................... . 24

FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies ............................................ . 25

FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors .... . 26

FD-6.—Debt sub ject to stat u tory lim i ta tion............................................................... . 26

FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agen cies...................... . 27

FD-A.—Chart: Av er age length of pri vately held mar ket able debt.............................................. . 29

PUB LIC DEBT OP ER A TIONS

In tro duc tion.—Pub lic debt op er a tions ................................................................... . 30

TREA SURY FI NANCING ........................................................................... . 30

PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties other than reg u lar weekly

 and 52-week Trea sury bills out stand ing .......................................................... . 33

PDO-2.—Of fer ings of bills ........................................................................... . 38

PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills ........................ . 39

PDO-4A.—Al lot ments by in ves tor classes for mar ket able pub lic debt se cu ri ties other than bills ..................... . 42

PDO-4B.—Al lot ments by in ves tor classes for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly se ries . . 44

U.S. SAV INGS BONDS AND NOTES

In tro duc tion.—Sav ings bonds and notes ................................................................. . 45

SBN-1.—Sales and re demp tions by se ries, cu mu la tive ...................................................... . 45

SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined......................... . 45

SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH and I.......................................... . 46

OWN ER SHIP OF FED ERAL SE CU RITIES

In tro duc tion.—Own er ship of Fed eral se cu ri ties ........................................................... . 47

OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues................................ . 48

OFS-2.—Es ti mated own er ship of pub lic debt se cu ri ties by pri vate in ves tors ..................................... . 49

MARKET YIELDS

In tro duc tion.—Mar ket yields.......................................................................... . 50

MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes, and bonds ................................ . 50

MY-A.—Chart: Yields of Trea sury se cu ri ties ............................................................. . 51

MY-2.—Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds .................................. . 52

MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds ............................ . 55

U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

In tro duc tion.—U.S. Cur rency and coin out stand ing and in cir cu la tion.......................................... . 56

USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency, coin ............................................ . 56

USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive to tals.................. . 57

Con tents
IN TER NA TIONAL STA TIS TICS

IN TER NA TIONAL FI NAN CIAL STA TIS TICS

In tro duc tion.—In ter na tional fi nan cial sta tis tics............................................................ . 61

IFS-1.—U.S. Re serve as sets........................................................................... . 61

IFS-2.—Se lected U.S. li a bil i ties to for eign ers............................................................. . 62

IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions

 and other res i dents of for eign coun tries ........................................................... . 63

CAP I TAL MOVE MENTS

In tro duc tion.—Cap i tal move ments ..................................................................... . 64

SEC TION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-I-1.—To tal li a bil i ties by type of holder .............................................................. . 65

CM-I-2.—To tal li a bil i ties by type, pay able in dol lars ....................................................... . 66

CM-I-3.—To tal li a bil i ties by coun try.................................................................... . 67

CM-I-4.—To tal li a bil i ties by type and coun try ............................................................ . 69

CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers, and deal ers with re spect to

 se lected coun tries............................................................................ . 71

SEC TION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-II-1.—To tal claims by type ........................................................................ . 72

CM-II-2.—To tal claims by coun try ..................................................................... . 73

CM-II-3.—To tal claims on for eign ers by type and coun try .................................................. . 75

CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers, and deal ers with re spect to

 se lected coun tries ........................................................................... . 77

SEC TION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED

 STATES

CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar eas not reg u larly re ported sep a rately . . 78

SEC TION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED BY NONBANKING BUSI NESS

 EN TER PRISES IN THE UNITED STATES

CM-IV-1.—To tal li a bil i ties and claims by type ............................................................ . 79

CM-IV-2.—To tal li a bil i ties by coun try .................................................................. . 80

CM-IV-3.—To tal li a bil i ties by type and coun try ........................................................... . 82

CM-IV-4.—To tal claims by coun try..................................................................... . 84

CM-IV-5.—To tal claims by type and coun try ............................................................. . 86

CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun tries .................... . 88

SEC TION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES

CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type ............................. . 89

CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type............................... . 89

CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try .......................... . 90

CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, 

 dur ing sec ond quar ter 1999 .................................................................. . 92

CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try,

 dur ing cal en dar year 1999 ................................................................... . 94

CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors.................................. . 96

FOR EIGN CUR RENCY PO SI TIONS

In tro duc tion.—For eign cur rency po si tions................................................................ . 97

SEC TION I.—CA NA DIAN DOL LAR PO SI TIONS

FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants...................................................... . 98

FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants..................................................... . 99

FCP-I-3.—Quar terly re port of large mar ket par tic i pants..................................................... . 99

SEC TION II.—GER MAN MARK PO SI TIONS

FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... . 100

FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... . 101

FCP-II-3.—Quar terly re port of large mar ket par tic i pants ................................................... . 101

IV

Con tents
SEC TION III.—JAP A NESE YEN PO SI TIONS

FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants ................................................... . 102

FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants................................................... . 103

FCP-III-3.—Quar terly re port of large mar ket par tic i pants .................................................. . 103

SEC TION IV.—SWISS FRANC PO SI TIONS

FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants ................................................... . 104

FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants................................................... . 105

FCP-IV-3.—Quar terly re port of large mar ket par tic i pants................................................... . 105

SEC TION V.—STER LING PO SI TIONS

FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... . 106

FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... . 107

FCP-V-3.—Quar terly re port of large mar ket par tic i pants ................................................... . 107

SEC TION VI.—U.S. DOL LAR PO SI TIONS

FCP-VI-1.—Weekly re port of ma jor mar ket par tic i pants ................................................... . 108

FCP-VI-2.—Monthly re port of ma jor mar ket par tic i pants .................................................. . 109

FCP-VI-3.—Quar terly re port of large mar ket par tic i pants .................................................. . 109

SEC TION VII.—EURO PO SI TIONS

FCP-VII-1.—Weekly re port of ma jor mar ket par tic i pants................................................... . 110

FCP-VII-2.—Monthly re port of ma jor mar ket par tic i pants.................................................. . 111

FCP-VII-3.—Quar terly re port of large mar ket par tic i pants.................................................. . 111

EX CHANGE STA BI LI ZA TION FUND

In tro duc tion.—Ex change Sta bi li za tion Fund ............................................................. . 112

ESF-1.—Bal ance sheet.............................................................................. . 112

ESF-2.—In come and ex pense ........................................................................ . 113

SPE CIAL RE PORTS

TRUST FUNDS

In tro duc tion.—High way Trust Fund ................................................................... . 117

TF-15a.—High way Trust Fund, high way ac count......................................................... . 117

RE SEARCH PAPER IN DEX......................................................................... . 118

GLOS SARY ...................................................................................... . 119

ORDER FORM FOR TREA SURY PUB LI CA TIONS .......................................... . In side back cover

NOTES: Def i ni tions for words shown in ital ics can be found in the glos sary; Fig ures may not add to to tals be cause of

round ing; p= Pre lim i nary; n.a.= Not avail able; r= Re vised.

 V

Con tents
VI

Nonquarterly Ta bles and Re ports

For the con ve nience of the “Trea sury Bul le tin” user, nonquarterly ta bles and re ports

are listed be low along with the is sues in which they ap pear.

 Is sues

 March June Sept. Dec.

Fed eral Fis cal Op er a tions

FFO-5.—Sum mary of in ter nal rev e nue col lec tions by States 

and other ar eas ................................... .

Spe cial Re ports

Fi nan cial Report of the United States Gov ern ment ex cerpt........... .

State ment of Li a bil i ties and Other Fi nan cial Com mit ments 

of the United States Gov ern ment ............................ .

Trust Fund Re ports:

Air port and Air way Trust Fund.............................. .

Aquatic Re sources Trust Fund .............................. .

Black Lung Dis abil ity Trust Fund............................ .

Civil Ser vice Re tire ment and Dis abil ity Fund................... .

Fed eral Dis abil ity In sur ance Trust Fund ....................... .

Fed eral Hos pi tal In sur ance Trust Fund ........................ .

Fed eral Old-Age and Sur vi vors In sur ance Trust Fund ............ .

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund............ .

Har bor Main te nance Trust Fund ............................. .

Haz ard ous Sub stance Superfund............................. .

High way Trust Fund ...................................... .

In land Wa ter ways Trust Fund ............................... .

In vest ments of spec i fied trust ac counts........................ .

Leaking Un der ground Stor age Tank Trust Fund................. .

Na tional Rec re ational Trails Trust Fund ....................... .

Na tional Ser vice Life In sur ance Fund......................... .

Nu clear Waste Fund ...................................... .

Oil Spill Li a bil ity Trust Fund ............................... .

Rail road Re tire ment Ac count ............................... .

Re for es ta tion Trust Fund................................... .

Un em ploy ment Trust Fund ................................. .

Ura nium En rich ment De con tam i na tion and 

De com mis sioning Fund ................................. .

Vac cine In jury Com pen sa tion Trust Fund...................... .

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Profile of the Economy

Inflation

The rate of in fla tion has picked up a lit tle this year

from the mod est pace of the last 2 years. This re sulted

from a turn around in the en ergy area, where prices have

jumped this year for pe tro leum-based en ergy prod ucts.

Fur ther back in the pro duc tion chain prices have turned

higher, and la bor costs have moved up a lit tle. Over all,

how ever, fun da men tals con tinue to fa vor low in fla tion.

Dur ing the first 6 months of the year, the con sumer

price in dex (CPI) moved up at a 2.2 per cent an nual rate.

This was roughly 0.5 per cent age point above the pace of

the pre vi ous 2 years. Prices for pe tro leum-based en ergy

prod ucts were re spon si ble for the ac cel er a tion. These

are up by just un der 25 per cent at an an nual rate this year

fol low ing de clines of about 7 per cent and 15 per cent in

1997 and 1998, re spec tively. Food prices have increased at a 1.7 per cent an nual rate, down from a 2.3 percent ad vance in 1998 but close to the 1.5 per cent rise in

1997. The an nual rate of in crease in the core CPI, exclud ing food and en ergy, has slowed to 1.6 per cent from

2.2 per cent in 1997 (the small est yearly in crease since

3

[Source: Of fice of Mac ro eco nomic Anal y sis]

Real gross domestic product (GDP)

Eco nomic growth slowed in the sec ond quar ter of 1999 after ris ing rap idly in the first quar ter and in 1998. Real GDP

in creased by 4.3 per cent over the four quar ters of 1998, the

fast est yearly rate in 14 years,

and con tin ued to grow at that

pace in the first quar ter of

1999. In the sec ond quar ter,

growth mod er ated to 2.3 percent at an an nual rate, ac cord -

ing to the ad vance es ti mate,

and so far this year has av er -

aged an an nual rate of 3.3

per cent.

The slow down in the sec ond 

quar ter was con cen trated in

the do mes tic sec tor of the

econ omy, which had been expand ing very rap idly since the

mid dle of 1997. Ex clud ing inven tory change, real fi nal

sales to do mes tic pur chas ers

in creased at more than a 6 percent an nual rate in 5 of the pre -

vi ous 7 quar ters be fore slow ing

to a still healthy 3.9 per cent

rate in the sec ond quar ter. The

slow down pri mar ily re flected

mod er a tion in the pace of con sumer spend ing and a de cline

in Gov ern ment ex pen di tures. In ad di tion, mild weather in

the first quar ter boosted sea son ally-adjusted in vest ment in

new homes and busi ness struc tures, pull ing for ward building ac tiv ity that nor mally would have taken place in the second quar ter.

The for eign trade sec tor was a smaller drag on real GDP

growth in the sec ond quar ter.

The for eign trade def i cit has

wid ened through most of the

past 3 years, but de te ri o ra tion

mod er ated in the sec ond

quar ter. Net ex ports subtracted 0.8 per cent age point

from real GDP growth in the

sec ond quar ter, com pared

with 2.2 points in the first

quar ter and 1.1 points in

1998.

The na tional ac counts measures of in fla tion re main

mod er ate. The GDP price index in creased by a 1.6 per cent 

an nual rate in the sec ond

quar ter, the same as in the previ ous quar ter. Growth in the

do mes tic pur chases in dex,

which in cludes im ports and

ex cludes ex ports to re flect

only prices paid by U.S. res i -

dents, ac cel er ated to a 2.1

per cent rate in the sec ond quar ter from 1.2 per cent in the

first, mainly due to higher prices for im ported oil.

Growth of Real GDP

-0.2

0.4

3.6

2.4

3.3

2.1

3.9 3.8

4.3

3.3

-1

0

1

2

3

4

5

90 91 92 93 94 95 96 97 98 99*

(Percent change, fourth quarter to fourth quarter)

*Based on first tw o quarters
1965) and 2.4 per cent in 1998. (Meth od olog i cal changes

over the last sev eral years, de signed to im prove the ac cu -

racy of the CPI, were a fac tor in low er ing the rate of increase in the in dex.)

Pro ducer prices for fin ished goods are up at a 1.7 percent an nual rate dur ing the first 7 months of this year follow ing no change in 1998 and a de cline of 1.2 per cent in

1997. En ergy prices have jumped by 18 per cent at an annual rate af ter drop ping close to 12 per cent in 1998 and 

6 .5 per cent in 1997. Food prices have de clined 0.8 percent at an an nual rate. The core Pro ducer Price In dex

(PPI) for fin ished goods, ex clud ing food and en ergy, has

fallen at a 0.4 per cent an nual pace in the first 7 months of

this year fol low ing an in crease of 2.5 per cent in 1998.

Core prices for crude and in ter me di ate goods have moved

higher fol low ing de clines last year.

Hourly com pen sa tion in the nonfarm busi ness sec tor

in creased at a 4.7 per cent an nual rate in the first half of

1999, up a lit tle from 4.1 per cent dur ing 1998. The increase in hourly com pen sa tion out paced a 2.4 per cent

rise in pro duc tiv ity, re sult ing in a 2.3 per cent rise in unit

la bor costs. This com pares with an in crease of 1.5 per cent 

dur ing 1998. The em ploy ment cost in dex for to tal compen sa tion rose by only 2.9 per cent for the 6 months ending in June, a marked de cel er a tion from the 3.4 per cent

last year.

4 PRO FILE OF THE ECON OMY

 *Year tick marks cor re spond with June data.

0

2

4

6

8

89 90 91 92 93 94 95 96 97 98 99

Excluding food and energy

Total

Consumer Prices*

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 95 96 97 98 99

Excluding food and energy

Total

Producer Prices - Finished Goods*

(Percent change from a year earlier)

Employment and unemployment

La bor mar kets re mained tight dur ing the first 7 months of

1999, with the un em ploy ment rate hold ing steady at its low est

level in nearly 30 years. Wage growth ac cel er ated slightly but

on a year-over-year ba sis is still mod er ate com pared to the

same pe riod in 1998.

Growth of nonfarm pay roll em ploy ment has slowed slightly

this year, with 223,000 jobs cre ated on av er age each month

through July com pared to 244,000 in 1998. The mild de cel er -

a tion re flected softer than av er age hir ing in both March and

May, but job gains since then have been very large. De mand

for la bor has re mained par tic u larly strong in the pri vate service-producing sec tor this year. Also, the con struc tion

in dus try has con tin ued to add jobs at a healthy rate, al though

some what more slowly than last year. The man u fac tur ing and

min ing sec tors have not fared so well in re cent months, however. Al though fac tory em ploy ment rose for the first time in

July since Au gust 1998, to tal job losses since March of last

year have reached 459,000, and fur ther cut backs in oil and gas

ex trac tion have slashed min ing pay rolls by 82,000 (or 13-1/2

per cent) since Feb ru ary 1998.

The un em ploy ment rate re mained at 4.3 per cent for the second straight month in July, stretch ing the string of read ings at

or be low 4.4 per cent to 9 months. The share of the working-age pop u la tion em ployed has de clined slightly since hitting a re cord-breaking 64.5 per cent in Jan u ary, but at 64.1
Real disposable personal income and consumer

spending

Real dis pos able (af ter-tax) per sonal in come rose at a 2.4 percent an nual rate in the sec ond quar ter, fol low ing an in crease at

a 3.5 per cent an nual rate in the first quar ter as well as dur ing all

of 1998. An uptick in in fla tion in re sponse to higher oil prices

seems to have been a ma jor fac tor in the sec ond-quarter slowdown in real in come growth. Nom i nal in come rose at more

than a 5 per cent an nual rate in both the first and sec ond quarters. While nom i nal wage and sal ary pay ments mod er ated

some what in the sec ond quar ter from large gains in the pre vi -

ous two quar ters, other forms of in come (such as in ter est, div i -

dends, pro pri etors’ in come and rental in come) more than off set 

the slow down in wage growth.

Real con sumer spend ing rose at a still strong 4.0 per cent annual rate in the sec ond quar ter, fol low ing an out sized 6.7 percent surge in the first quar ter. Spending on dis cre tion ary items

such as fur ni ture and ap pli ances, sport ing equip ment, air craft

and boats was par tic u larly strong in the sec ond quar ter. Ex pen -

di tures on in vest ment ser vices and for eign travel also con tin -

ued to rise rap idly. 

The greater in crease in spend ing than in dis pos able in come

in the sec ond quar ter pulled the per sonal sav ing rate down further to -1.1 per cent from -0.7 per cent in the first quar ter and a

nar row +0.5 per cent for all of 1998. Thus far, 1999 is on track

to be the first year of neg a tive sav ing since 1933. The def i ni -

tion of sav ing in the na tional in come and prod uct ac counts on

which these data are based does not in clude cap i tal gains. The

wealth as so ci ated with the re cent boom ing stock mar ket has

been an im por tant fac tor in the will ing ness of con sum ers to

spend more than sup ported by cur rent in come. 

Industrial production and capacity utilization

In dus trial pro duc tion in man u fac tur ing, min ing and util i ties

picked up in July, ris ing by a strong 0.7 per cent af ter an ane mic

0.1 per cent up-tick in June. So far this year, over all in dus trial

out put has grown by 3.7 per cent at an an nual rate. While consid er ably slower than the 5.0 per cent pace of ex pan sion av er -

aged be tween 1992 and 1997, the rate of in crease posted over

the past 7 months rep re sents a sig nif i cant im prove ment over

last year’s tepid 1.6 per cent gain.

A large part of the re cent ac cel er a tion can be traced to the

man u fac tur ing sec tor, which ac counts for nearly 89 per cent of

PRO FILE OF THE ECON OMY 5

Establishment Employment

259

320

233

243

224

275

209 207

310

0

100

200

300

400

97-III IV 98-I II III IV 99-1 II III*

(Average monthly change in thousands)

*Based on July data

Civilian Unemployment Rate

4.0

4.5

5.0

5.5

6.0

6.5

7.0

94 95 96 97 98 99

per cent still re mains quite high. Ac cord ing to these in di ca tors, 

the econ omy con tin ues to op er ate at a very high level of la bor

uti li za tion. 

Wage gains ap pear to be ac cel er at ing but are still be low

those of just a few months ago. Av er age hourly earn ings of

pro duc tion and other nonsupervisory work ers in creased by

0.5 per cent to $13.29 in July, and over the past 12 months have

risen by 3.8 per cent. While faster than the 12-month changes

re corded this spring, this is still slower than the 4.3 per cent

pace reg is tered in the same pe riod last year. Growth of earnings in real terms has also picked up a bit re cently, but the 1.7

per cent in crease posted over the 12 months ended in July is

still be low the 2.2 per cent rise re corded over the 12 months of

1998. 
to tal in dus trial pro duc tion. In July, fac tory out put jumped by

0.6 per cent bring ing the in crease since De cem ber to 3.4 percent at an an nual rate. This fol lowed nearly a year of weakness that held growth of man u fac tur ing pro duc tion to just 2.3

per cent over the 12 months of 1998. The pick-up largely reflects stepped up pro duc tion in the du ra ble goods pro duc ing

sec tor, par tic u larly in the high tech in dus tries, al though output of non du ra ble goods has also edged higher in re cent

months. 

The surge in pro duc tion reg is tered in July lifted the in dus -

trial ca pac ity uti li za tion rate to a 7-month high 80.7 per cent.

This rate fell steadily from 83.4 per cent in De cem ber 1997 to

a 6-1/2 year low of 80.2 per cent in Feb ru ary due not only to

slug gish out put growth but also to rapid ex pan sion of ca pac -

ity. De spite the bud ding re bound, ca pac ity uti li za tion still remains well be low the ex pan sion high of 84.7 per cent reached

in early 1995 and also be low its long-term av er age of 82.1

per cent.

Nonfarm productivity and unit labor costs

Nonfarm busi ness pro duc tiv ity (real out put per hour

worked) slowed to a 1.3 per cent an nual rate in the sec ond quarter af ter in creases av er ag ing 4.0 per cent in the pre vi ous two

quar ters. Mea sured over the past four quar ters to smooth the

vol a til ity in the se ries, pro duc tiv ity has in creased at a rapid 2.9

per cent an nual rate, ex tend ing the fa vor able per for mance observed since the mid 1990s. The av er age in crease posted since

the end of 1995 has been 2.1 per cent at an an nual rate, well

above long-term trend pro duc tiv ity growth, cur rently es ti -

mated to be 1.4 per cent. 

Hourly com pen sa tion costs in the nonfarm busi ness sec tor

rose at a 5.1 per cent an nual rate in the sec ond quar ter, a bit

faster than in creases near 4 per cent through out the pre vi ous

year. The mod est gain in pro duc tiv ity off set only a small part of

the rise in the cost of com pen sat ing la bor. As a re sult, la bor

costs per unit of out put rose by a sharp 3.8 per cent an nual rate

in the sec ond quar ter af ter vir tu ally no change over the pre vi -

ous two quar ters. Growth of unit la bor costs has av er aged a

mod er ate 1.3 per cent over the past four quar ters, help ing to

keep in fla tion sub dued.

Pro duc tiv ity growth in the man u fac tur ing sec tor has picked

up again this year af ter a slow down dur ing 1998 to a 3.8 percent an nual rate from 5.3 per cent dur ing 1997. In the sec ond

quar ter, out put per hour in this sec tor rose by 4.9 per cent at an

an nual rate on top of the strong 6.3 per cent rate of ad vance in

the first quar ter. Hourly com pen sa tion costs in man u fac tur ing

surged at a 6.0 per cent at an an nual rate in the April-to-June period, the larg est in crease in a year and a half. Growth of unit labor costs was held to only 1.1 per cent at an an nual rate by the

rapid ad vance in pro duc tiv ity. This was none the less the first increase in fac tory unit la bor costs af ter four suc ces sive quar terly 

de clines.

Current account balance

The cur rent ac count is a sum mary of U.S. in ter na tional

trans ac tions, mea sur ing trade in goods and ser vices as well as

the net flow of in vest ment in come and net uni lat eral cur rent

trans fers. Ex cept for a sur plus of $4.3 bil lion in 1991, the current ac count has been in def i cit al most con tin u ously since the

early 1980s. Since 1991 the def i cit has wid ened sub stan tially

to an all-time an nual high of $220.6 bil lion in 1998. In the first

quar ter of this year the def i cit swelled fur ther to $274.3 bil lion

at an an nual rate.

Over the past sev eral years, U.S. eco nomic growth has outpaced that of our ma jor trad ing part ners, caus ing im ports to

grow much more rap idly than ex ports. The sharp ap pre ci a tion

of the dol lar in more re cent years has wid ened the trade gap

fur ther. De te ri o ra tion in the cur rent ac count bal ance has primar ily re flected a deep en ing of the def i cit on trade in goods

due to the strength of the dol lar and to weaker de mand for U.S.

goods ex ports in over seas mar kets. In ad di tion, what had been

a pos i tive bal ance on in vest ment in come shifted to a neg a tive

in 1998 and in the first quar ter of 1999 as the in flow of cap i tal

into the United States boosted pay ments of earn ings and in ter -

est to for eign ers. 

The cur rent ac count def i cit is matched by off set ting trans ac -

tions in the newly-defined cap i tal and fi nan cial ac counts. In

1998, net cap i tal ac count trans ac tions (which con sists mainly

of debt for give ness and im mi grants’ trans fers) were $0.6 billion. The fi nan cial ac count (which roughly cor re sponds to the

old “cap i tal” ac count and mea sures net fi nan cial flows) recorded a net in flow of $209.8 bil lion, as fi nan cial in flows for

for eign-owned as sets in the United States ex ceeded fi nan cial

out flows for U.S.-owned as sets abroad. The slight dif fer ence

be tween the sum of trans ac tions in the cap i tal and fi nan cial accounts ($210.4 bil lion) and the $220.6 bil lion def i cit in the current ac count is the sta tis ti cal dis crep ancy and is usu ally taken

to con sist largely of un re corded fi nan cial flows.

Exchange rate of the dollar

The ex change rate of the dol lar against a broad in dex of curren cies of im por tant U.S. trad ing part ners has sta bi lized this

year af ter de clin ing from Au gust through De cem ber of last

year. Prior to last Au gust, the dol lar had con sis tently ap pre ci -

ated since early 1995.

The re ver sal of the dol lar over the Au gust through De cem ber 

pe riod, par tic u larly against the yen, was partly re lated to unwind ing of highly le ver aged po si tions of in vest ment firms in

the wake of global fi nan cial un cer tainty last sum mer. Many inves tors with yen-based loans sought to deleverage by buy ing

yen to re pay those loans. Other fac tors con trib uted to the dollar’s de pre ci a tion, in clud ing con tin ued pres sures from the

large U.S. cur rent ac count def i cit, trade ex po sure to coun tries

con sid ered sus cep ti ble to Asian con ta gion, and a rel a tively

more rapid de cline in in ter est rates in the U.S. com pared with

other in dus trial na tions. The dol lar im proved early this year as

the deleveraging pro cess wound down and has since sta bi lized.

Af ter ris ing by one-third be tween May 1995 and Au gust

1998, the Fed eral Re serve Board’s broad trade-weighted in dex 

of the dol lar against the cur ren cies of 36 im por tant U.S. trading part ners fell by about 4-1/2 per cent be tween Au gust and

De cem ber. From De cem ber through July of this year it has appre ci ated by about 2-1/2 per cent. The swing against the yen

last year was even sharper. The dol lar rose by more than 70

per cent from its 1995 low point through Au gust 1998, then fell

by more than 20 per cent from Au gust to Jan u ary. Since Jan u -

ary it has risen by about 5-1/2 per cent (through July).

6 PRO FILE OF THE ECON OMY
Housing

Housing has been one of the stron gest sec tors of the economy in the past few years. Growth was fu eled by ex cep tion ally

low mort gage in ter est rates, sound eco nomic fun da men tals

such as grow ing em ploy ment and in come, and by the wealth

ef fects of ris ing stock prices. Af ter reach ing peak lev els of ac tiv -

ity late last year, how ever, some hous ing in di ca tors ap pear to be

lev el ing off this year.

Sales of new sin gle-family homes, which in creased by more

than 10 per cent in 1998 to their high est an nual to tal on re cord,

have de clined by about 6 per cent at an an nual rate through the

first half of 1999. De spite the slow down, they still av er aged an

ex cep tion ally high 912,000 units at an an nual rate over that

time span. Re sales of ex ist ing homes also posted a re cord year

in 1998, reach ing 4.8 mil lion, and they have con tin ued to increase to over a 5.2 mil lion-unit an nual rate through the first 6

months of 1999. The homeownership rate rose to 66.7 per cent

in the first half of this year, an all-time re cord

The high level of new home sales last year spurred rapid

gains in new con struc tion, and mild win ter weather in many regions of the coun try boosted the num ber of new hous ing starts

on a sea son ally-adjusted ba sis in the first quar ter of 1999.

PRO FILE OF THE ECON OMY 7

4.0

4.5

5.0

5.5

6.0

6.5

7.0

Long-term Interest Rates

30-year bond

10-year note

3.5

4.0

4.5

5.0

5.5

6.0

Short-term Interest Rates

Discount rate

Federal funds

3-month Treasury bills

Interest rates

Short-term mar ket in ter est rates moved up in June af ter the

Fed eral Re serve Board in creased the Federal funds tar get rate

(the rate that banks charge one an other for over night bor row -

ing) from 4.75 per cent to 5.0 per cent. The dis count rate (the

rate the Fed eral Re serve Board charges banks for short-term

funds) was not changed at that time and re mains at 4.5 per cent.

The in crease in the tar get for the Federal funds rate in June

re flected a de ter mi na tion by the Fed eral Re serve Board that

the full de gree of down ward ad just ment in in ter est rates that

was made last Oc to ber and No vem ber was no lon ger nec es -

sary. Last fall the Fed eral Re serve re duced in ter est rates to

stem a rapid pro cess of deleveraging and a rush to li quid ity

which oc curred as a re sult of global fears of de fault. Since then

the fi nan cial strain eased, for eign econ o mies firmed, and economic growth in the U.S. pro ceeded at a rapid pace. The market in ter est rate for the 3-month Trea sury bill, which had

plunged to as low as 3.8 per cent in late Oc to ber, moved back

up to about 4.5 per cent by mid-November and to about 4-3/4

per cent by early Au gust.

Long-term in ter est rates also in creased last fall af ter the

sense of cri sis in in ter na tional fi nan cial con di tions faded and

U.S. eco nomic growth ex panded rap idly. Rates have con tin -

ued to rise through 1999. The in ter est rate on the 30-year Treasury bond in creased from an Oc to ber low of just un der 4.9

per cent to over 6 per cent in early Au gust. Yields on the

10-year note fol lowed a sim i lar pat tern, ris ing from 4-1/2 per cent

last Oc to ber, a more than 30-year low, to about 6 per cent by early

Au gust.

Mort gage rates have also in creased. Through out 1998 the

in ter est rate on a con ven tional 30-year fixed rate loan was at or

be low 7 per cent, dip ping to as low as 6.7 per cent last fall.

Those rates were the low est since the mid-1960s, and con trib -

uted to a re cord-setting pace of home sales in 1998. Mort gage

in ter est rates have moved up since Oc to ber to close to 8 per cent

in early Au gust, still a fa vor able level for hous ing.

 1997 1998 1999 1997 1998 1999
Starts of new homes surged to 1.77 mil lion units at an an nual

rate in the first quar ter, their high est quar terly rate in more than

12 years, but gave back some of that gain in the sec ond quar ter

and dropped to a 1.60 mil lion-unit pace. The real value of res i -

den tial con struc tion ex pen di tures in creased at a 15.4 per cent

an nual rate in the first quar ter but growth slowed to 5.1 per cent

in the sec ond quar ter.

Federal budget

The Fed eral bud get posted a sur plus of $69 bil lion in fis cal

1998, the first sur plus since 1969 and only the ninth since

World War II. The sur plus rep re sented 0.8 per cent of GDP, the

high est such ra tio since 1956, and re sulted in a re duc tion in the

Fed eral debt level for the first time in 29 years. Strong economic growth and pas sage of def i cit re duc tion pro grams

placed the def i cit on a down ward course af ter it reached an

all-time high of $290 bil lion in 1992.

Thus far through fis cal 1999, the bud get is on track to show

an even larger sur plus than in the pre vi ous fis cal year. Re ceipts

have been grow ing at about a 5 per cent rate while growth in

out lays has been held to about 3 per cent. These re sults fol low

the pat tern set over the past few years. Growth in re ceipts has

been very strong, boosted by ex pan sion in jobs and in come and

stock mar ket gains, while Fed eral out lays have been contained. In fis cal 1998, re ceipts rose by 9 per cent and out lays

grew by just 3.2 per cent

The Ad min is tra tion’s Mid-Session Re view of the “Fis cal

Year 2000 Bud get” es ti mates the sur plus will to tal $99 bil lion

this fis cal year and con tinue to in crease through the year 2009.

These re sults are sim i lar to es ti mates from the Con gres sio nal

Bud get Of fice. Af ter re serv ing much of the sur plus for So cial

Se cu rity and Medicare fund ing, the amount of debt held by the

pub lic is pro jected to be cut al most in half be tween fis cal 2000

and 2009, drop ping as a per cent age of GDP from over 40 percent cur rently to less than 12 per cent by fis cal 2009.

Net national saving and investment

Net na tional sav ing av er aged 7.4 per cent of net na tional

prod uct (NNP) in the first quar ter of 1999, the same as recorded in both 1997 and 1998. These read ings are more than

dou ble the post-World War II low of 3.4 per cent reached in

1992. (Net sav ing and NNP ex clude de pre ci a tion to re place

worn-out or ob so lete equip ment and struc tures used in pro duc -

tion.) A swing in the Fed eral bud get from a def i cit of 5.1 percent of NNP in 1992 to a sur plus of 1.6 per cent in the first

quar ter more than ac counts for the im prove ment in na tional

sav ing. De spite the prog ress, net sav ing still re mains well below the ap prox i mately 12 per cent of NNP av er aged in the

1950’s and 1960’s.

Pri vate sav ing has de clined since 1992 as plung ing sav ing by

house holds has more than off set a gain in cor po rate sav ing. Increased wealth gen er ated by a surg ing stock mar ket ap pears to

have re duced the de sire of house holds to save out of cur rent income. In the first quar ter of 1999, per sonal sav ing turned neg a -

tive and was equiv a lent to -0.6 per cent of NNP. Strong growth

of cor po rate prof its, on the other hand, lifted net cor po rate saving from 2.5 per cent of NNP in 1992 to about 4 per cent in 1997

and 1998, as well as the first quar ter. These were the high est

read ings since the mid-1960s.

Net do mes tic in vest ment (by Gov ern ment and pri vate in dus -

try in struc tures, equip ment and in ven tory) in creased from a

post-World War II low of 4.9 per cent of NNP in 1991 to a

12-year re cord of 9.2 per cent in 1998 and inched ahead fur ther

to 9.4 per cent in the first quar ter. Even so, net do mes tic in vest -

ment re mains well be low the ap prox i mately 11.75 per cent of

NNP av er aged in the 1950’s and 1960’s.

8 PRO FILE OF THE ECON OMY

Net National Saving

-10

-5

0

5

10

15

50 55 60 65 70 75 80 85 90 95 00

Public*

*Excludes pension funds of State and local governments.

1999 Based on first quarter

Total

(Saving as a percent of net national product)
FED ERAL FIS CAL OP ER A TIONS 9

IN TRO DUC TION: Fed eral Fis cal Op er a tions

Bud get au thor ity usu ally takes the form of ap pro pri a tions

that al low ob li ga tions to be in curred and pay ments to be made.

Reappropriations are Con gres sio nal ac tions that ex tend the

avail abil ity of unobligated amounts that have ex pired or would

oth er wise ex pire. These are counted as new bud get au thor ity in

the fis cal year of the leg is la tion in which the reappropriation act

is in cluded, re gard less of when the amounts were orig i nally appro pri ated or when they would oth er wise lapse.

Ob li ga tions gen er ally are liq ui dated by the is su ance of

checks or the dis burse ment of cash—out lays. Ob li ga tions may

also be liq ui dated (and out lays re corded) by the ac crual of inter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an

in crease in re demp tion value of bonds out stand ing); or by the

is su ance of bonds, de ben tures, notes, mon e tary cred its, or

elec tronic pay ments.

Re funds of col lec tions gen er ally are treated as re duc tions

of col lec tions, whereas pay ments for earned-income tax credits in ex cess of tax li a bil i ties are treated as out lays. Out lays

dur ing a fis cal year may be for pay ment of ob li ga tions in curred 

in prior years or in the same year. Out lays, there fore, flow in

part from un ex pended bal ances of prior year bud get au thor ity

and from bud get au thor ity pro vided for the year in which the

money is spent. To tal out lays in clude both bud get and

off-budget out lays and are stated net of off set ting col lec tions.

Re ceipts are re ported in the ta bles as ei ther bud get receipts or off set ting col lec tions. They are col lec tions from the

pub lic, ex clud ing re ceipts off set against out lays. These, also

called gov ern men tal re ceipts, con sist mainly of tax re ceipts

(in clud ing so cial in sur ance taxes), re ceipts from court fines,

cer tain li censes, and de pos its of earn ings by the Fed eral Reserve sys tem. Re funds of re ceipts are treated as de duc tions

from gross re ceipts. To tal Gov ern ment re ceipts are com pared

with to tal out lays in cal cu lat ing the bud get sur plus or def i cit.

Off setting col lec tions from other Gov ern ment ac counts

or the pub lic are of a busi ness-type or mar ket-oriented na ture.

They are clas si fied as ei ther col lec tions cred ited to ap pro pri a -

tions or fund ac counts, or off set ting re ceipts (i.e., amounts depos ited in re ceipt ac counts). The for mer nor mally can be used

with out ap pro pri a tion act by Con gress. These oc cur in two instances: (1) when au tho rized by law, amounts col lected for

ma te ri als or ser vices are treated as re im burse ments to ap pro -

pri a tions. For ac count ing pur poses, earned re im burse ments

are also known as rev e nues. These off set ting col lec tions are

net ted against gross out lays in de ter min ing net out lays from

such ap pro pri a tions; and (2) in the three types of re volv ing

funds (pub lic en ter prise, intragovernmental and trust); off set -

ting col lec tions are net ted against spend ing, and out lays are reported as the net amount.

Off setting re ceipts in re ceipt ac counts can not be used

with out ap pro pri a tion. They are sub di vided into three cat e go -

ries: (1) pro pri etary re ceipts, or col lec tions from the pub lic,

off set against out lays by agency and by func tion; (2)

intragovernmental trans ac tions, or pay ments into re ceipt accounts from gov ern men tal ap pro pri a tion or fund ac counts.

They fi nance op er a tions within and be tween Gov ern ment

agen cies and are cred ited with col lec tions from other Gov ern -

ment ac counts; and (3) off set ting gov ern men tal re ceipts

which in clude for eign cash con tri bu tions.

Intrabudgetary trans ac tions are sub di vided into three

cat e go ries: (1) interfund trans ac tions—pay ments are from

one fund group (ei ther Fed eral funds or trust funds) to a re ceipt 

ac count in the other fund group; (2) Fed eral intrafund trans ac -

tions—pay ments and re ceipts both oc cur within the Fed eral

fund group; and (3) trust intrafund trans ac tions—pay ments

and re ceipts both oc cur within the trust fund group.

Off setting re ceipts are gen er ally de ducted from bud get author ity and out lays by func tion, subfunction, or agency. There

are four types of re ceipts, how ever, that are de ducted from budget to tals as un dis trib uted off set ting re ceipts. They are: (1)

agen cies’ pay ments (in clud ing pay ments by off-budget Fed eral

en ti ties) as em ploy ers into em ploy ees’ re tire ment funds; (2) inter est re ceived by trust funds; (3) rents and roy al ties on the

Outer Con ti nen tal Shelf lands; and (4) other in ter est (i.e., that

col lected on Outer Con ti nen tal Shelf money in de posit funds

when such money is trans ferred into the bud get).

The Gov ern ment has used the uni fied bud get con cept set

forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get

Con cepts” as a foun da tion for its bud get ary anal y sis and presen ta tion since 1969. The con cept calls for the bud get to in clude 

all of the Gov ern ment’s fis cal trans ac tions with the pub lic.

Since 1971, how ever, var i ous laws have been en acted re mov ing

sev eral Fed eral en ti ties from (or cre at ing them out side of) the

bud get. Other laws have moved cer tain off-budget Fed eral en ti -

ties onto the bud get. Un der cur rent law, the off-budget Fed eral

en ti ties con sist of the two So cial Se cu rity trust funds, Fed eral

Old-Age and Sur vi vors In sur ance and the Fed eral Dis abil ity Insur ance Trust Fund, and the Postal Ser vice.

Al though an off-budget Fed eral en tity’s re ceipts, out lays,

and sur plus or def i cit or di narily are not sub ject to tar gets set by

the Con gres sio nal res o lu tion, the Bal anced Bud get and Emergency Def i cit Con trol Act of 1985 [com monly known as the

Gramm-Rudman-Hollings Act as amended by the Bud get Enforce ment Act of 1990 (2 United States Code 900-922)] in cluded 

off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets un der

that act and in cal cu lat ing ex cess def i cit. Partly for this rea son, atten tion has fo cused on both on- and off-budget re ceipts, out lays

and def i cit of the Gov ern ment.

Ta bles FFO-1, FFO-2 and FFO-3 are pub lished quar terly

and cover 5 years of data, es ti mates for 2 years, de tail for 13

months, and fis cal year-to-date data. They pro vide a sum mary of

data re lat ing to Fed eral fis cal op er a tions re ported by Fed eral en ti -

ties and dis burs ing of fi cers, and daily re ports from the FRBs.

They also de tail ac count ing trans ac tions af fect ing re ceipts and

out lays of the Gov ern ment and off-budget Fed eral en ti ties and

their re lated ef fect on as sets and li a bil i ties of the Gov ern ment.
10 FED ERAL FIS CAL OP ER A TIONS

Data are de rived from the “Monthly Trea sury State ment of Receipts and Out lays of the United States Gov ern ment.”

! Ta ble FFO-1 sum ma rizes the amount of to tal re ceipts,

out lays, and sur plus or def i cit, as well as trans ac tions in Federal se cu ri ties, mon e tary as sets and bal ances in Trea sury op er -

at ing cash.

! Ta ble FFO-2 in cludes on- and off-budget re ceipts by

source. Amounts rep re sent in come taxes, so cial in sur ance

taxes, net con tri bu tions for other in sur ance and re tire ment, excise taxes, es tate and gift taxes, cus toms du ties and net mis cel -

la neous re ceipts.

! Ta ble FFO-3 de tails on- and off-budget out lays by

agency.

! Ta ble FFO-4 sum ma rizes on- and off-budget re ceipts

by source and out lays by func tion as re ported to each ma jor

fund group clas si fi ca tion for the cur rent quar ter and the cur rent 

fis cal year to date.

! Ta ble FFO-5 sum ma rizes in ter nal rev e nue col lec tions

by States and other ar eas and by type of tax. Amounts re ported

are col lec tions made in a fis cal year. They span sev eral tax li a -

bil ity years be cause they con sist of pre pay ments (es ti mated

tax pay ments and taxes with held by em ploy ers for in di vid ual

in come and So cial Se cu rity taxes), pay ments made with tax

re turns and sub se quent pay ments made af ter tax re turns are

due or are filed (i.e., pay ments with de lin quent re turns or on

de lin quent ac counts). 

It is im por tant to note that these data do not nec es sar ily reflect the Fed eral tax bur den of in di vid ual States. Amounts are

re ported based on the pri mary fil ing ad dress pro vided by each

tax payer or re port ing en tity. For multistate cor po ra tions, the

ad dress may re flect only the State where such a cor po ra tion reported its taxes from a prin ci pal of fice rather than other States

where in come was earned or where in di vid ual in come and Social Se cu rity taxes were with held. In ad di tion, an in di vid ual

may re side in one State and work in an other.

Budget Results and Financing of the U.S. Government

 and Third-Quarter Receipts by Source

[Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy]

Third-Quarter Re ceipts

The fol low ing cap sule anal y sis of bud get re ceipts,

by source, for the third quar ter of fis cal 1999 sup ple -

ments fis cal data re ported in the June is sue of the

“Trea sury Bul le tin.” At the time of that is sue’s release, not enough data were avail able to an a lyze ade quately col lec tions for the quar ter.

In di vid ual in come taxes—In di vid ual in come tax re ceipts,

net of re funds, were $288.4 bil lion for the third quar ter of fis cal

1999. This was an in crease of $18.6 bil lion over the com pa ra ble 

prior year quar ter. With held re ceipts in creased by $13.8 bil lion

and non-withheld re ceipts in creased by $18.9 billion. Also, refunds in creased by $14.1 bil lion over the com pa ra ble fis cal

1998 quar ter. Mean while, there was an in crease of $2.2 bil lion

in ac count ing ad just ments be tween in di vid ual in come tax receipts and the So cial Se cu rity and Medicare trust funds over the

com pa ra ble quar ter in fis cal 1998.

Cor po rate in come taxes—Net cor po rate in come tax receipts were $64.9 bil lion for the third quar ter of fis cal 1999.

This was a de crease of $5.5 bil lion com pared to the prior year

third quar ter. The $5.5 bil lion change was com prised of a decrease of $2.8 bil lion in es ti mated and fi nal pay ments, and an

in crease of $2.7 bil lion in cor po rate re funds.

Em ploy ment taxes and con tri bu tions—Em ploy ment taxes

and con tri bu tions re ceipts for the third quar ter of fis cal 1999

were $160.2 bil lion, an in crease of $6.3 bil lion over the com pa -

ra ble prior year quar ter. Re ceipts to the Fed eral Old-Age and

Sur vi vors In sur ance, Fed eral Dis abil ity In sur ance, and Fed eral

Hos pi tal In sur ance trust funds changed by $4.2 bil lion, $0.6 billion, and $1.7 bil lion re spec tively. For the third quar ter of fis cal

1999, there was no ac count ing ad just ment for prior year employ ment tax li a bil i ties; however, fis cal 1998 saw a third quar ter

ad just ment of $2.2 bil lion.

Un em ploy ment in sur ance—Un em ploy ment in sur ance

re ceipts, net of re funds, for the third quar ter of fis cal 1999

were $12.6 bil lion. This rep re sented a de crease of $0.5 billion over the com pa ra ble quar ter of fis cal 1998. Net State

taxes de pos ited in the U.S. Trea sury de creased by $0.5 billion to $9.3 bil lion. Net Fed eral Un em ploy ment Tax Act

(FUTA) taxes did not change sig nif i cantly from $3.4 bil lion.

Con tri bu tions for other in sur ance and re tire -

ment—Con tri bu tions for other re tire ment were $1.2 bil lion

for the third quar ter of fis cal 1999. There was an in crease of

$0.1 bil lion over re ceipts from the com pa ra ble quar ter of fiscal 1998. The growth in con tri bu tions will re main flat over the

next few years as the num ber of em ploy ees cov ered by the

Fed eral Em ployees’ Re tire ment Sys tem grows slowly rel a tive

to those cov ered un der the Civil Ser vice Re tire ment Sys tem.

Ex cise taxes—Net ex cise tax re ceipts for the third quarter of fis cal 1999 were $16.4 bil lion, an in crease of $0.5 billion over the com pa ra ble prior year quar ter. To tal ex cise tax

re funds for the quar ter were $0.4 bil lion. This was an increase of $0.2 bil lion over the com pa ra ble prior year quar ter.

Es tate and gift taxes—Net es tate and gift tax re ceipts

were $8.9 bil lion for the third quar ter of fis cal 1999. This

rep re sented an in crease of $1.1 bil lion over the same quar ter

in fis cal 1998.

Cus toms du ties—Cus toms re ceipts net of re funds were

$4.2 bil lion for the third quar ter of fis cal 1999. This was a decrease of $0.1 bil lion over the com pa ra ble prior year quar ter.

Mis cel la neous re ceipts—Net mis cel la neous re ceipts for

the third quar ter of fis cal 1999 were $7.3 bil lion, a de crease

of $0.3 bil lion over the com pa ra ble prior year quar ter. This

change is due in part to re funds, chiefly re lated to the Har bor

Main te nance Trust Fund, which in creased by $0.3 bil lion.
FED ERAL FIS CAL OP ER A TIONS 11

Budget Results and Financing of the U.S. Government

and Third-Quarter Receipts by Source, con.

To tal On- and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Third quar ter April - June Ac tual fis cal year to date 

To tal on- and off-budget re sults:

To tal re ceipts ................................................ . 564,208 1,378,235

On-budget re ceipts .......................................... . 438,951 1,041,593

Off-budget re ceipts .......................................... . 125,257 336,642

To tal out lays................................................. . 421,150 1,283,959

On-budget out lays........................................... . 350,849 1,058,879

Off-budget out lays........................................... . 70,301 225,081

To tal sur plus or def i cit (-) ....................................... . 143,058 94,276

On-budget sur plus or def i cit (-) ................................. . 88,103 -17,285

Off-budget sur plus or def i cit (-) ................................. . 54,955 111,561

Means of fi nanc ing:

Bor rowing from the pub lic ...................................... . -108,005 -68,245

Re duc tion of op er at ing cash .................................... . -31,477 -14,224

Other means ................................................ . -3,576 -11,807

To tal on- and off-budget fi nanc ing .............................. .

-143,058 -94,276

Third-Quar ter Net Bud get Re ceipts by Source, Fis cal 1999

[In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Source April May June

In di vid ual in come taxes ........................................ . 164.8 30.6 93.0

Cor po rate in come taxes ........................................ . 21.7 3.9 39.3

Em ploy ment taxes and con tri bu tions .............................. . 60.2 45.6 54.4

Un em ploy ment in sur ance ...................................... . 4.5 7.7 0.4

Con tri bu tions for other in sur ance and re tire ment..................... . 0.4 0.4 0.4

Ex cise taxes ................................................. . 5.6 5.0 5.9

Es tate and gift taxes........................................... . 5.1 1.9 1.9

Cus toms du ties .............................................. . 1.4 1.3 1.6

Mis cel la neous receipts......................................... .

2.4 2.2 2.7

To tal bud get re ceipts ........................................ .

266.1 98.6 199.5

 Note: De tail may not sum to to tals due to in de pend ent round ing.
12 FED ERAL FIS CAL OP ER A TIONS

CHART FFO-B.—

Budget Receipts

by Source, Fiscal

Year to Date,

1998-1999

0

100

200

300

400

500

600

700

800

Individual

income

taxes

Corporate

income

taxes

Social

insurance

taxes

Excise

taxes

Estate/gift

taxes

Customs

duties

Misc.

receipts

(In billions of dollars)

1999

1998 *

1

* Prior-year data are for the com pa ra ble pe riod.

CHART FFO-A.—

Monthly Receipts and Outlays, 1998-1999

-50

0

50

100

150

200

250

J A S O N D J F M A M J J

(In billions of dollars)

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays
FED ERAL FIS CAL OP ER A TIONS 13

TA BLE FFO-1.—Sum mary of Fis cal Op er a tions

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Means of fi nanc ing

 -net trans ac tions

 Bor rowing from

 To tal on-budget and off-budget re sults the pub lic

To tal On-budget Off-budget Fed eral

sur plus sur plus sur plus se cu ri ties

or or or Pub lic

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) se cu ri ties

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

1994 1............ . 3,665 107,655 184,998 -16,564 768 -992 -35 831 715 203,370

1995 1............ . -1,224 106,024 171,288 2,007 -1,086 9,109 2,614 4,447 722 163,813

1996 1............ . 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331

1997 1............ . -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618

1998 1............ . -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039

1999 - Est. ......... . -815 203,366 -66,831 6,122 * * * -25,885 * -98,838

1998 - June ........ . -372 53,981 -12,618 36,144 -296 381 -11 -2,327 57 -51,106

July ......... . 186 -3,882 -16,370 -36,210 -414 -50 1,353 4,926 207 24,084

Aug. ........ . -487 3,030 33,989 362 213 -24 375 -21,898 1 11,166

Sept. ........ . -252 8,362 -46,413 2,451 307 -1,322 476 9,885 218 -38,222

Oct.......... . -326 19,350 15,330 -2,661 273 371 623 r 15,716 - r 32,440

Nov. ........ . -17 10,276 22,364 -20,334 14 1,310 -223 r -24,660 - r 16,937

Dec. ........ . 189 28,112 -5,390 1,621 210 -1,202 1,177 r 12,352 - r 5,156

1999 - Jan. ......... . -281 27,344 -31,249 39,566 -137 1,228 40 r 1,441 - r -70,505

Feb. ........ . -177 8,174 r 1,692 -52,432 -991 -3,708 179 r -16,299 - r 42,345

Mar . ........ . 74 -7,257 37,013 16,988 1,208 2,452 285 r 6,345 r -19 r 22,409

Apr ......... . -137 18,276 -85,208 36,512 -48 1,484 -176 9,515 6 -113,459

May......... . -1 19,112 -551 -32,495 151 7 -1,366 -9,183 - 23,969

June ........ . 205 56,689 -22,246 27,460 -65 -1,261 -228 -5,937 521 -53,568

Fis cal 1999 to date... . -470 180,072 -68,245 14,224 613 679 311 -10,712 508 -94,276

Means of fi nanc ing—net transactions, con.

Bor rowing from the pub lic Cash and mon e tary assets (de duct)

Fed eral se cu ri ties, con. Re serve

In vest- po si tion Trans ac tions

ments of U.S. on the U.S. not ap plied

Agency Gov ern- Trea sury Spe cial quota in to year’s

securi- ment To tal op er at ing draw ing the IMF sur plus or To tal

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit fi nanc ing

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

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fiscal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999.

These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form frame1994 1

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

1995 1............ . 1,350,576 999,496 351,080 1,514,389 1,225,724 288,665 -163,813 -226,228 62,415 278,535

1996 1............ . 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891

1997 1............ . 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634

1998 1............ . 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831

1999 - Est. ........ . 1,826,340 1,381,924 444,416 1,727,502 1,406,683 320,819 98,838 -24,759 123,597 137,350

1998 - June ....... . 187,860 144,972 42,888 136,754 125,605 11,149 51,106 19,367 31,739 41,735

July ........ . 119,723 87,819 31,903 143,807 115,713 28,094 -24,084 -27,894 3,809 -20,438

Aug. ....... . 111,741 79,134 32,606 122,907 92,555 30,353 -11,166 -13,420 2,254 37,506

Sept. ....... . 180,947 149,737 31,210 142,725 107,911 34,814 38,222 41,826 -3,604 -37,799

Oct. ........ . 119,974 90,064 29,910 r 152,413 r 123,752 r 28,661 r -32,440 r -33,688 r 1,249 35,006

Nov. ....... . 113,978 81,836 32,142 r 130,915 r 99,975 r 30,940 r -16,937 r -18,139 r 1,202 32,657

Dec. ....... . 178,646 143,338 35,309 r 183,803 r 149,258 r 34,544 r -5,156 r -5,921 r 765 22,533

1999 - Jan. ........ . 171,722 129,921 41,801 r 101,217 r 102,379 r -1,162 r 70,505 r 27,542 r 42,963 -3,624

Feb......... . 99,414 65,058 34,356 r 141,760 r 110,568 r 31,192 r -42,345 r -45,509 r 3,164 10,039

Mar . ....... . 130,292 92,425 37,867 r 152,701 r 122,087 r 30,614 r -22,409 r -29,662 r 7,253 29,681

Apr ........ . 266,142 219,403 46,739 152,683 123,387 29,296 113,459 96,016 17,443 -66,795

May ........ . 98,587 62,647 35,940 122,556 91,359 31,197 -23,969 -28,712 4,744 18,562

June ....... . 199,479 156,901 42,578 145,911 136,113 9,798 53,568 20,788 32,779 34,238

Fis cal 1999 to date . . . 1,378,235 1,041,593 336,642 1,283,959 1,058,879 225,081 94,276 -17,285 111,561 112,298
14 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 So cial insurance

and re tire ment re ceipts 

 Em ploy ment and gen eral re tire ment 

In come taxes Old-age, dis abil ity, and

Fis cal year In di vid ual Cor po ra tion Net in come hos pi tal in sur ance

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net

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

1994 1............ . 3,767 44 3,723 428,810 28,114 110 28,004 4,563 98 4,661

1995 1............ . 3,972 30 3,942 451,046 28,985 107 28,878 4,461 89 4,550

1996 1............ . 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469

1997 1............ . 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418

1998 1............ . 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335

1999 - Est. ......... . 4,474 - 4,474 576,983 26,719 - 26,719 4,248 71 4,319

1998 - June ........ . 81 5 76 54,807 300 8 292 362 7 369

July ......... . 501 6 494 41,130 2,315 14 2,301 377 8 385

Aug. ........ . 397 2 395 41,973 3,518 16 3,502 326 6 331

Sept......... . 323 * 323 42,540 210 4 206 327 6 333

Oct.......... . 330 1 328 39,690 1,147 5 1,142 400 5 405

Nov. ........ . 480 1 478 42,940 2,658 3 2,655 325 6 331

Dec. ........ . 340 - 340 47,869 315 - 315 412 6 417

1999 - Jan.......... . 348 * 348 53,725 873 6 867 331 6 337

Feb. ........ . 445 * 445 43,735 2,595 1 2,594 346 7 353

Mar. . ....... . 462 * 462 48,592 279 11 269 348 7 355

Apr.......... . 375 * 375 60,186 4,584 37 4,547 424 4 428

May......... . 246 3 243 45,617 7,797 66 7,731 343 7 350

June ........ . -67 * -67 54,380 379 8 370 388 6 393

Fis cal 1999 to date . . . 2,958 6 2,951 436,734 20,626 136 20,490 3,316 54 3,369

 So cial in sur ance and re tire ment re ceipts, con. 

 Em ploy ment and gen eral re tire ment, con. Net for other

Net Un em ploy ment in sur ance in sur ance and re tire ment

em ploy ment Net Fed eral

Fis cal year Rail road re tire ment and gen eral un em ploy ment em ploy ees Other

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal

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

See foot note at end of ta ble.

1994 1............. . 459,699 160,117 77,077 542,738 154,205 13,820 140,385 683,123 425,985 898 425,087

1995

 1

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

1996 1............. . 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490

1997 1............. . 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698

1998 1............. . 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662

1999 - Est........... . 886,657 - - 886,657 179,494 - 179,494 1,066,151 572,509 - 572,509

1998 - June ......... . 48,501 35,146 2,060 81,587 41,098 1,313 39,785 121,372 54,731 - 54,731

July ......... . 57,486 4,003 2,520 58,969 5,808 1,736 4,072 63,041 40,635 - 40,635

Aug. ......... . 51,881 4,945 1,525 55,300 2,952 1,484 1,468 56,768 41,577 - 41,577

Sept. ........ . 53,353 39,854 2,729 90,479 38,928 2,128 36,800 127,279 44,288 2,071 42,217

Oct. ......... . 54,277 7,099 1,120 60,255 6,547 4,789 1,758 62,013 39,361 - 39,361

Nov. ......... . 52,530 2,215 3,404 51,341 4,805 1,364 3,440 54,781 42,461 - 42,461

Dec. ......... . 69,628 7,094 734 75,988 45,123 2,749 42,374 118,362 47,529 - 47,529

1999 - Jan. ......... . 58,527 42,325 994 99,857 7,185 2,055 5,130 104,987 53,377 - 53,377

Feb. ......... . 59,055 2,956 19,219 42,792 3,641 2,465 1,176 43,968 43,290 - 43,290

Mar. ......... . 69,559 7,260 26,351 50,468 23,131 4,578 18,553 69,021 48,130 - 48,130

Apr. ......... . 55,484 145,948 36,600 164,832 27,118 5,419 21,699 186,531 59,812 - 59,812

May ......... . 50,727 4,131 24,273 30,585 5,176 1,229 3,948 34,533 45,374 - 45,374

June......... . 57,716 37,714 2,438 92,993 40,610 1,346 39,264 132,257 54,447 - 54,447

Fis cal 1999 to date ... . 527,503 256,740 115,132 669,111 163,336 25,993 137,343 806,454 433,782 - 433,782
FED ERAL FIS CAL OP ER A TIONS 15

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con.

[In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”]

So cial in sur ance

 and re tire ment 

re ceipts,

con.

Net so cial insur- Ex cise taxes

 Fis cal year ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund Mis cel la neous

or month re tire ment receipts Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net

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

 Ex cise taxes, Net mis cel la neous re ceipts

con. De posits Uni ver sal ser-

 Net of earn ings vice fund To tal re ceipts

 Fis cal year ex cise Es tate and gift taxes Cus toms du ties by Fed eral and all On- Offor month taxes Gross Re funds Net Gross Re funds Net Re serve Banks other To tal bud get bud get

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

1994 1............ . 55,225 15,607 382 15,225 20,973 874 20,099 18,023 4,018 22,041 922,161 335,026

1995 1............ . 57,485 15,144 380 14,764 21,067 1,767 19,300 23,378 3,928 27,306 999,496 351,080

1996 1............ . 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492

1997 1............ . 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989

1998 1............ . 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800

1999 - Est.......... . 70,655 28,441 - 28,441 17,994 - 17,994 26,065 9,013 35,078 1,381,924 444,416

1998 - June ........ . 5,370 1,822 47 1,775 1,705 137 1,568 1,580 727 2,307 144,972 42,888

July ........ . 6,127 1,863 39 1,825 1,876 98 1,777 2,323 812 3,135 87,819 31,903

Aug. ........ . 3,181 1,764 46 1,718 1,852 120 1,732 1,833 702 2,535 79,134 32,606

Sept. ....... . 2,961 2,405 49 2,356 1,784 84 1,701 2,599 974 3,572 149,737 31,210

Oct. ........ . 9,630 2,140 51 2,089 1,868 93 1,776 2,603 626 3,228 r 90,063 29,910

Nov. ........ . 6,021 2,195 63 2,132 1,559 179 1,380 3,023 716 3,738 81,836 32,142

Dec. ........ . 5,446 2,304 65 2,239 1,616 143 1,472 1,715 812 2,527 143,338 35,309

1999 - Jan. ........ . 4,806 2,229 23 2,206 1,351 65 1,286 2,852 657 3,509 129,921 41,801

Feb. ........ . 3,892 1,645 45 1,600 1,475 72 1,403 1,279 589 1,868 65,058 34,356

Mar. . ....... . 5,880 2,209 37 2,172 1,640 94 1,546 1,760 697 2,457 92,425 37,867

Apr. ........ . 5,579 5,192 54 5,138 1,465 115 1,350 1,737 646 2,383 219,403 46,739

May ........ . 4,978 1,979 37 1,942 1,339 83 1,256 1,661 519 2,181 62,647 35,940

June........ . 5,880 1,922 65 1,857 1,688 88 1,599 2,203 539 2,742 156,901 42,578

Fis cal 1999 to date . . . 52,112 21,815 441 21,375 14,001 932 13,069 18,833 5,800 24,632 1,041,593 336,642

1994 1............. . 461,475 5,217 28 5,189 567 - 567 17,426 758 16,668 33,573 772 32,801

1995 1............. . 484,474 5,406 39 5,367 608 - 608 23,358 913 22,445 29,926 861 29,065

1996 1............. . 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036

1997 1............. . 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437

1998 1............. . 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810

1999 - Est. .......... . 608,021 10,397 - 10,397 638 - 638 38,464 - 38,464 21,156 - 21,156

1998 - June ......... . 55,468 632 - 632 45 - 45 3,125 - 3,125 1,629 61 1,569

July.......... . 43,817 704 - 704 58 - 58 3,412 - 3,412 2,010 57 1,953

Aug. ......... . 45,806 365 8 357 51 - 51 345 214 130 2,466 -177 2,643

Sept.......... . 43,079 -276 13 -289 68 - 68 -304 73 -376 4,178 621 3,557

Oct........... . 41,237 1,782 6 1,775 40 - 40 8,127 152 7,975 -288 -127 -161

Nov. ......... . 45,926 1,003 - 1,003 54 - 54 2,469 - 2,469 2,539 44 2,495

Dec. ......... . 48,601 694 -52 746 51 - 51 2,293 6 2,287 2,469 107 2,361

1999 - Jan........... . 54,928 632 - 632 60 - 60 2,767 1 2,766 1,415 68 1,348

Feb. ......... . 46,683 717 24 692 53 - 53 1,801 314 1,488 1,682 23 1,659

Mar .......... . 49,216 419 -1 420 35 - 35 2,656 14 2,642 2,856 73 2,783

Apr .......... . 65,162 734 -1 735 58 - 58 2,971 - 2,971 1,887 72 1,815

May ......... . 53,698 797 12 785 53 - 53 2,703 215 2,489 1,662 10 1,652

June ......... . 55,144 823 * 823 34 - 34 4,479 -1 4,480 620 78 542

Fis cal 1999 to date ... . 460,593 7,601 -12 7,613 439 - 439 30,267 700 29,567 14,843 349 14,494

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-ses sion Re view” of the

fiscal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999.

These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form framework.
16 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part- De part ment De part ment

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- De part- De part-

 Fis cal year lative Ju di cial ment of ment of De fense, ment of ment of and Hu man and Ur ban ment of ment of ment of

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the In te rior Jus tice La bor

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

1994 1............. . 2,561 2,659 60,812 2,915 268,635 24,699 17,840 310,837 25,774 6,910 10,005 36,919

1995 1............. . 2,621 2,903 56,667 3,403 259,565 31,321 17,618 303,074 29,045 7,415 10,781 32,170

1996 1............. . 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496

1997 1............. . 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461

1998 1............. . 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003

1999 - Est........... . 2,853 3,912 62,678 4,796 268,570 34,323 15,544 371,260 32,988 8,580 18,648 32,885

1998 - June ......... . 215 239 3,962 439 21,140 2,281 1,257 30,015 2,599 531 1,664 2,585

July ......... . 191 422 3,394 389 24,566 1,836 1,363 32,480 3,056 762 1,569 2,807

Aug. ......... . 132 304 4,566 369 17,405 2,859 1,038 25,400 1,242 523 1,473 2,654

Sept. ........ . 283 303 6,158 402 23,574 2,738 1,375 29,010 3,990 781 1,037 2,227

Oct. ......... . 326 370 6,652 397 24,183 r 2,758 1,439 r 33,425 2,930 684 1,285 2,409

Nov. ......... . 202 250 8,643 507 16,640 r 2,442 1,281 r 24,542 2,049 599 1,555 2,228

Dec. ......... . 243 292 6,469 524 25,756 r 3,080 1,705 r 32,703 3,359 1,006 1,471 2,516

1999 - Jan. ......... . 199 353 7,137 320 18,262 r 3,132 922 r 26,282 2,793 457 1,472 3,018

Feb. ......... . 189 308 3,964 382 19,883 r 3,130 1,240 r 28,438 1,937 826 1,322 2,650

Mar. ......... . 188 310 4,974 362 24,230 r 4,258 1,169 r 32,359 2,344 600 1,506 r 3,218

Apr. ......... . 196 374 4,018 389 24,049 2,194 1,224 34,225 1,969 481 1,946 3,056

May ......... . 203 309 3,450 380 18,162 2,538 1,315 25,202 2,855 510 1,306 2,619

June......... . 263 293 6,020 506 22,808 2,101 1,581 31,187 2,616 500 1,823 2,560

Fis cal 1999 to date ... . 2,009 2,859 51,328 3,767 193,973 25,633 11,877 268,368 22,853 5,662 13,685 24,276

1994 1............. . 5,718 37,278 296,278 10,981 37,401 - 30,402 5,855 229 - 334 10,511

1995 1............. . 5,347 38,776 332,414 16,027 37,770 - 31,664 6,349 213 - 708 11,163

1996 1............. . 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716

1997 1............. . 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191

1998 1............. . 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001

1999 - Est........... . 7,034 41,913 354,651 33,799 43,913 4,209 32,311 6,666 387 3,120 361 10,497

1998 - June ......... . 229 3,395 68,937 1,255 3,354 314 2,608 593 9 177 511 120

July ......... . 419 3,605 20,832 1,407 4,966 388 2,616 572 16 134 -1,058 268

Aug. ......... . 256 3,450 23,977 203 1,757 299 2,617 514 22 107 -5 319

Sept. ........ . 370 4,224 20,878 -2,129 3,467 460 2,590 608 11 226 -126 666

Oct. ......... . 504 3,743 20,655 2,126 5,463 298 2,636 486 13 381 29 -105

Nov. ......... . 808 3,660 25,440 61 1,825 484 2,632 515 46 665 424 4,157

Dec. ......... . 816 3,679 69,882 2,556 5,145 501 2,654 639 105 782 -414 314

1999 - Jan. ......... . 374 2,739 19,828 1,196 1,824 262 2,678 447 18 434 -31 768

Feb. ......... . 485 2,484 19,870 11,128 3,562 312 2,682 516 74 238 -62 976

Mar. ......... . 499 2,888 21,278 8,075 3,675 347 2,693 593 20 343 165 568

Apr. ......... . 583 3,020 20,337 4,172 5,483 235 2,707 573 40 184 66 1,121

May ......... . 434 3,212 25,383 1,696 1,886 257 2,666 537 21 194 -26 427

June......... . 373 4,129 70,054 2,984 3,628 287 2,666 666 19 328 104 728

Fis cal 1999 to date ... . 4,878 29,554 292,728 33,993 32,489 2,981 24,013 4,972 356 3,548 255 8,954

 De part ment of

 De part- the Trea sury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part ment of - in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional

Fis cal year ment Transpor- on the Trea sury, Vet erans of civil Pro tec tion Of fice of the Man age ment Admin- As sis tance

or month of State tation Pub lic Debt other Af fairs Engineers pro grams Agency Pres i dent Agency istration Pro gram

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

See foot note at end of ta ble.
FED ERAL FIS CAL OP ER A TIONS 17

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Na tional Un dis trib uted off set ting re ceipts 

 Aero nau tics Rents and

and Na tional Of fice of Small So cial Other Em ployer In ter est roy al ties Al lowSpace Sci ence Per son nel Busi ness Se cu rity indepen- share, re ceived on the Outer ances To tal out lays

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- Offor month tration dation ment tration istration agen cies re tire ment funds Shelf lands other bud get bud get

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

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

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

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

1997 1............. . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

1998 1............. . 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602

1999 - Est........... . 14,043 3,259 48,268 -814 420,509 6,482 -35,498 -119,104 -3,442 -2,099 1,406,683 320,819

1998 - June ......... . 1,170 285 3,995 39 37,939 -2,583 -2,622 -49,113 -786 -1 125,605 11,149

July ......... . 1,179 330 4,014 22 36,431 286 -3,037 -37 -495 -1,886 115,713 28,094

Aug. ......... . 1,088 303 3,840 24 31,657 40 -2,573 -2,307 -206 -443 92,555 30,353

Sept. ........ . 1,335 289 4,083 -443 34,309 8,944 -6,067 -1,006 -354 -1,488 107,911 34,814

Oct. ......... . 1,085 249 3,890 16 r 36,349 2,217 -2,861 -1,404 -217 * r 123,752 r 28,661

Nov. ......... . 1,114 249 3,912 39 r 31,729 436 -2,347 -5,390 -481 * r 99,975 r 30,940

Dec. ......... . 1,452 240 4,061 34 r 66,316 -577 -2,746 -50,164 -316 -281 r 149,258 r 34,544

1999 - Jan. ......... . 988 278 3,732 156 r 2,826 939 -2,544 -55 14 - r 102,379 r -1,162

Feb. ......... . 889 247 3,694 -828 r 34,539 489 -2,522 -1,110 -178 - r 110,568 r 31,192

Mar. ......... . 1,178 253 4,104 49 r 34,781 -128 -2,583 -825 -379 -414 r 122,087 r 30,614

Apr. ......... . 1,111 249 3,814 34 37,120 1,295 -2,827 -606 -149 * 123,387 29,296

May ......... . 1,140 261 3,963 12 32,362 -2,417 -2,606 -5,438 -33 -226 91,359 31,197

June......... . 1,281 328 4,047 114 38,842 -2,468 -2,711 -51,177 -567 * 136,113 9,798

Fis cal 1999 to date ... . 10,239 2,354 35,217 -371 314,865 -213 -23,747 -116,170 -2,305 -921 1,058,879 225,081

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fis cal 2000 bud get, re leased by the Of fice of Man age ment and Bud get on June 28, 1999.

These es ti mates ex clude the Ad min is tra tion’s Medicare and So cial Se cu rity re form

framework.
18 FED ERAL FIS CAL OP ER A TIONS

Re ceipts:

In di vid ual in come taxes .............. . 288,377 33 - 288,410 669,053 57 - 669,111

Cor po ra tion in come taxes ............ . 64,901 - 10 64,911 137,332 - 10 137,343

So cial in sur ance and re tire ment re ceipts:

Em ploy ment and gen eral retirement . . . - - 160,183 160,183 - - 436,734 436,734

Un em ploy ment insurance .......... . - - 12,649 12,649 - - 20,490 20,490

Other retirement.................. . - - 1,171 1,171 - - 3,369 3,369

Ex cise taxes....................... . 5,106 113 11,218 16,437 14,992 321 36,799 52,112

Es tate and gift taxes ................ . 8,936 - - 8,936 21,375 - - 21,375

Cus toms duties .................... . 2,732 1,316 157 4,205 8,503 4,110 456 13,069

Mis cel la neous receipts............... .

5,803 1,434 68 7,305 19,805 4,549 279 24,632

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

375,855 2,897 185,457 564,208 871,060 9,038 498,137 1,378,235

Net out lays:

Na tional defense ................... . 68,642 36 88 68,766 219,550 1,100 -15,157 205,493

In ter na tional affairs ................. . 4,474 -867 -228 3,379 15,409 -2,841 226 12,794

General sci ence, space 

and technology................... . 4,929 - 16 4,946 14,310 - 35 14,345

Energy ........................... . 699 -195 2 505 2,525 -1,932 2 594

Nat u ral re sources and environment..... . 4,747 -133 499 5,112 15,061 17 1,081 16,159

Agriculture ........................ . 1,149 2,596 -1 3,744 3,247 18,706 -5 21,948

Com merce and hous ing credit ......... . 1,399 -1,168 106 337 3,946 -7,122 102 -3,074

Transportation ..................... . 1,658 67 7,905 9,629 482 -85 26,986 27,383

Com mu nity and regional development . . . 2,918 -197 70 2,791 9,724 -289 104 9,538

Ed u ca tion, train ing, em ploy ment 

and so cial services................ . 12,842 -105 71 12,808 43,534 -32 156 43,658

Health............................ . 35,152 36 60 35,248 103,861 59 207 104,128

Medicare ......................... . 18,942 - 29,503 48,445 52,702 - 89,706 142,408

In come security .................... . 32,022 -118 19,970 51,874 108,657 -75 74,258 182,839

So cial security ..................... . 2,498 - 98,381 100,879 8,828 - 283,810 292,638

Vet erans ben e fits and services ........ . 11,449 -661 222 11,010 32,802 -988 755 32,569

Ad min is tra tion of justice .............. . 5,262 158 1,626 7,047 15,080 397 3,770 19,248

Gen eral government ................ . 4,154 927 -22 5,059 10,506 2,334 -53 12,786

Net interest........................ . 115,978 -29 -57,260 58,690 291,913 -175 -116,261 175,477

Un dis trib uted off set ting receipts........ .

-974 * -8,144 -9,118 -3,374 149 -23,747 -26,972

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

327,941 346 92,863 421,150 948,763 9,222 325,974 1,283,959

Sur plus (+) or deficit (-) .......... .

47,914 2,551 92,593 143,058 -77,702 -185 172,163 94,276

TA BLE FFO-4.—Sum mary of U.S. Gov ern ment Re ceipts by Source and Out lays by Func tion, 

Third Quar ter Fis cal 1999 and Other Pe riods

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 This quar ter Fis cal year to date

 Fed eral funds Fed eral funds 

 Man age ment, Man age ment,

 con sol i dated, con sol i dated,

 re volv ing re volv ing 

 Gen eral and spe cial Trust Gen eral and spe cial Trust

 funds funds funds To tal funds funds funds To tal

 Clas si fi ca tion (1) (2) (3) (4) (5) (6) (7) (8)

- No trans ac tions.

* Less than $500,000.
19

IN TRO DUC TION: Source and Avail abil ity of the

 Bal ance in the Ac count of the U.S. Trea sury

The De part ment of Trea sury’s (Trea sury) op er at ing cash is

main tained in ac counts with the Fed eral Re serve Banks (FRBs)

and branches, as well as in tax and loan ac counts in other fi nan -

cial in sti tu tions. Ma jor in for ma tion sources in clude the Daily

Bal ance Wire re ceived from the FRBs and branches, and electronic trans fers through the Let ter of Credit Pay ment, Fedline

Paymentand Fedwire De posit Sys tems. As the FRB ac counts

are de pleted, funds are called in (with drawn) from thou sands of

tax and loan ac counts at fi nan cial in sti tu tions through out the

coun try.

Un der au thor ity of Pub lic Law 95-147, Trea sury im ple -

mented a pro gram on No vem ber 2, 1978, to in vest a por tion of

its op er at ing cash in ob li ga tions of depositaries main tain ing tax

and loan ac counts. Un der the Trea sury tax and loan in vest ment

pro gram, de pos i tary fi nan cial in sti tu tions se lect the man ner in

which they will par tic i pate. Fi nan cial in sti tu tions wish ing to

re tain funds de pos ited into their tax and loan ac counts in in ter -

est-bearing ob li ga tions par tic i pate un der the Note Op tion. The

pro gram per mits Trea sury to col lect funds through fi nan cial insti tu tions and to leave the funds in Note Op tion depositaries

and in the fi nan cial com mu ni ties in which they arise un til Treasury needs the funds for its op er a tions. In this way, Trea sury is

able to neu tral ize the ef fect of its fluc tu at ing op er a tions on

Note Op tion fi nan cial in sti tu tion re serves and on the econ omy.

Like wise, those in sti tu tions wish ing to re mit the funds to the

Trea sury’s ac count at FRBs do so un der the Re mit tance Option.

De posits to tax and loan ac counts oc cur as cus tom ers of finan cial in sti tu tions de posit tax pay ments, which the fi nan cial

in sti tu tions use to pur chase Gov ern ment se cu ri ties. In most

cases, this in volves a trans fer of funds from a cus tomer’s account to the tax and loan ac count in the same fi nan cial in sti tu -

tion. Also, Trea sury can di rect the FRBs to in vest ex cess funds

in tax and loan ac counts di rectly from the Trea sury ac count at

the FRBs.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

See foot notes at end of ta ble.

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

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

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

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

1998 .............. . 4,238,957 259,197 4,500,895 969,668 971,671 

 1998 - June ........ . 379,424 24,580 391,558 98,766 75,069 

 July ......... . 308,664 21,111 343,268 74,646 97,364 

 Aug ......... . 340,066 18,981 356,991 67,424 69,119 

 Sept ......... . 342,862 24,424 369,039 92,010 87,807 

 Oct. ......... . 286,216 20,048 306,776 72,447 74,597 

 Nov. ......... . 364,049 21,110 384,380 67,868 88,981 

 Dec. ......... . 406,620 31,232 436,984 110,726 109,972 

1999 - Jan. ......... . 326,580 22,904 347,947 78,185 40,156 

 Feb. ......... . 369,971 20,951 394,007 72,921 122,268 

 Mar ......... . 432,087 25,994 457,245 94,848 78,696 

 Apr.......... .

638,403 20,287 654,024 97,109 65,263 

 May ......... .

376,386 16,401 397,771 74,694 102,205 

 June......... .

460,130 22,476 480,942 110,685 84,890 

Credits and with draw als

Fed eral Re serve ac counts

Credits

1

Tax and loan note ac counts

Fis cal year

or month Re ceived di rectly

Re ceived through Re mit -

tance Op tion tax and

loan depositaries With drawals

2

Taxes

3

With drawals

(trans fers to Fed eral

Re serve ac counts)

(1) (2) (3) (4) (5)
20 AC COUNT OF THE U.S. TREA SURY

1 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties

other than Gov ern ment ac count se ries and taxes.

2

 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp tions

of se cu ri ties other than Gov ern ment ac count se ries and in vest ment (trans fer) of ex cess funds

out of this ac count to the tax and loan note ac counts.

3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950 and

un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin -

ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion income taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning

April 1970 and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

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

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

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

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

1998 .............. . 4,952 33,926 8,555 48,056 3,407 1,772 6,296 20,377 

1998 - June ........ . 18,140 54,135 27,085 61,150 4,613 3,130 10,401 32,678 

 July ......... . 4,648 31,417 7,866 54,719 4,426 31,417 5,431 42,649 

 Aug ......... . 6,704 29,722 6,704 31,417 4,246 5,978 5,130 11,932 

 Sept ......... . 4,952 33,926 8,555 48,056 3,407 1,772 6,296 20,377 

 Oct. ......... . 4,440 31,776 6,382 36,389 4,440 4,153 5,407 19,314 

 Nov. ......... . 5,219 10,663 6,056 31,776 4,056 10,663 5,135 18,680 

 Dec. ......... . 6,086 11,417 10,174 51,804 3,837 1,442 5,923 24,419 

1999 - Jan. ......... . 7,623 49,446 8,001 58,264 4,960 11,417 6,597 30,760 

 Feb. ........ . 4,538 100 6,334 32,580 3,777 100 4,800 6,874 

 Mar ......... . 5,374 16,252 10,305 21,963 4,671 5,213 5,463 12,082 

 Apr.......... . 10,040 48,098 10,052 65,585 3,873 1,557 6,379 16,489 

 May......... . 5,056 20,586 10,040 48,098 4,095 18,897 5,421 28,434 

 June ........ . 6,720 46,382 8,021 57,036 3,838 923 5,929 24,022 

Bal ances

Dur ing pe riod

End of pe riod High Low Av er age

Fis cal year

or month

Fed eral

Reserve

Tax and loan

note accounts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

Fed eral

Re serve

Tax and loan

note ac counts

(6) (7) (8) (9) (10) (11) (12) (13)
IN TRO DUC TION: Fed eral Debt

Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise

most of the Fed eral debt, with se cu ri ties is sued by other Fed eral 

agen cies ac count ing for the rest. Ta bles in this sec tion of the

“Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in for ma -

tion is pub lished in the “Monthly State ment of the Pub lic Debt

of the United States.” Like wise, in for ma tion on agency se cu ri -

ties and on in vest ments of Fed eral Gov ern ment ac counts in

Fed eral se cu ri ties is pub lished in the “Monthly Trea sury Statement of Re ceipts and Out lays of the United States Gov ern -

ment.”

• Ta ble FD-1 sum ma rizes the Fed eral debt by list ing public debt and agency se cu ri ties held by the pub lic, in clud ing the

Fed eral Re serve. It also in cludes debt held by Fed eral agen cies, 

largely by the So cial Se cu rity and other Fed eral re tire ment trust 

funds. The net un am or tized pre mium and dis count also are

listed by to tal Fed eral se cu ri ties, se cu ri ties held by Gov ern -

ment ac counts and se cu ri ties held by the pub lic. The dif fer ence

be tween the out stand ing face value of the Fed eral debt and the

net un am or tized pre mium and dis count is clas si fied as the accrual amount. (For greater de tail on hold ings of Fed eral se cu ri -

ties by par tic u lar classes of in ves tors, see the own er ship ta bles,

OFS-1 and OFS-2.)

• Ta ble FD-2 cat e go rizes by type in ter est-bearing mar ket -

able and non mar ket able Trea sury se cu ri ties. The dif fer ence

be tween in ter est-bearing and to tal pub lic debt se cu ri ties reflects out stand ing ma tured Trea sury se cu ri ties—that is, un re -

deemed se cu ri ties that have ma tured and are no lon ger ac cru ing 

in ter est. Be cause the Fed eral Fi nancing Bank is un der the super vi sion of Trea sury, its se cu ri ties are held by a U.S. Gov ern -

ment ac count.

• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held by 

U.S. Gov ern ment ac counts are sum ma rized by is sues to par tic -

u lar funds within Gov ern ment. Many of the funds in vest in par

value spe cial se ries nonmarketables at in ter est rates de ter -

mined by law. Oth ers in vest in mar ket-based spe cial Trea sury

se cu ri ties whose terms mir ror those of mar ket able se cu ri ties.

• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued by

Gov ern ment agen cies. Fed eral agency bor row ing has de clined

in re cent years, in part be cause the Fed eral Fi nancing Bank has

pro vided fi nanc ing to other Fed eral agen cies. (Fed eral agency

bor row ing from Trea sury is pre sented in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States

Gov ern ment.”)

• Ta ble FD-5 il lus trates the av er age length of mar ket able

in ter est-bearing pub lic debt held by pri vate in ves tors and the

ma tu rity dis tri bu tion of that debt. 

The av er age length hit a low of 2 years, 5 months in Decem ber 1975. The length then grad u ally increased un til it

reached a high of 6 years, 4 months in May 1991. Since then,

the av er age length has de creased. For ex am ple, dur ing most of

1996 the av er age length was at 5 years, 3 months. 

In March 1971, Con gress en acted a lim ited ex cep tion to

the amount of bonds with rates greater than 4-1/4 per cent that

could be held by the pub lic. This per mit ted Trea sury to of fer se -

cu ri ties ma tur ing in more than 7 years at cur rent mar ket in ter est 

rates for the first time since 1965. In March 1976, the def i ni -

tion of a bond was changed to in clude those se cu ri ties lon ger

than 10 years to ma tu rity. This ex cep tion has ex panded since

1971, au tho riz ing Trea sury to con tinue to is sue long-term secu ri ties. The ceil ing on Trea sury bonds was re pealed on Novem ber 10, 1988. 

The vol ume of pri vately held Trea sury mar ket able se cu ri -

ties by ma tu rity class re flects the re main ing pe riod to ma tu rity

of Trea sury bills, notes and bonds. The av er age length is comprised of an av er age of re main ing pe ri ods to ma tu rity,

weighted by the amount of each se cu rity held by pri vate in ves -

tors. In other words, com pu ta tions of av er age length ex clude

Gov ern ment ac counts and the FRBs.

• In ta ble FD-6, the debt ceil ing is com pared with the outstand ing debt sub ject to lim i ta tion by law. The other debt cat e -

gory in cludes Fed eral debt Con gress has des ig nated as be ing

sub ject to the debt ceil ing. Changes in the non-interest-bearing

debt shown in the last col umn re flect ma tu ri ties of Trea sury secu ri ties on non busi ness days, which can be re deemed on the

next busi ness day.

• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is sued 

by Gov ern ment cor po ra tions and other agen cies. Cer tain Federal agen cies are au tho rized to bor row money from the Treasury, largely to fi nance di rect loan pro grams. In ad di tion,

agen cies such as the Bonneville Power Ad min is tra tion are autho rized to bor row from the Trea sury to fi nance cap i tal projects. Trea sury, in turn, fi nances these loans by sell ing Trea sury 

se cu ri ties to the pub lic.

21
22 FED ERAL DEBT

TA BLE FD-1.—Sum mary of Fed eral Debt

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 Se cu ri ties held by

Amount out stand ing Gov ern ment ac counts The pub lic

End of Pub lic Pub lic Pub lic

fis cal year debt Agency debt Agency debt Agency

or month To tal se cu ri ties se cu ri ties To tal se cu ri ties se cu ri ties To tal se cu ri ties se cu ri ties

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

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

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

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

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

1998.............. . 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

1998 - June ........ . 5,577,860 5,547,935 29,925 1,761,923 1,757,556 4,367 3,815,937 3,790,379 25,558

July. ........ . 5,557,849 5,527,738 30,111 1,758,265 1,753,898 4,367 3,799,584 3,773,840 25,744

Aug......... . 5,594,178 5,564,553 29,625 1,761,054 1,756,687 4,367 3,833,124 3,807,866 25,258

Sept ........ . 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

Oct ......... . 5,588,301 5,559,255 29,046 1,789,068 1,788,351 717 3,799,233 3,770,904 28,329

Nov. ........ . 5,621,009 5,591,979 29,030 1,799,471 1,798,755 717 3,821,538 3,793,224 28,313

Dec. ........ . 5,643,435 5,614,217 29,218 1,827,543 1,826,826 717 3,815,892 3,787,391 28,501

1999 - Jan.......... . 5,639,054 5,610,117 28,937 1,854,971 1,854,253 717 3,784,083 3,755,864 28,220

Feb. ........ . 5,650,706 5,621,946 28,760 1,864,805 1,864,089 717 3,785,901 3,757,857 28,043

Mar. ........ . 5,680,450 5,651,615 28,835 1,857,783 1,857,066 717 3,822,667 3,794,549 28,118

Apr ......... . 5,614,538 5,585,840 28,698 1,876,571 1,875,854 717 3,737,967 3,709,986 27,981

May. ........ . 5,632,895 5,604,198 28,697 1,896,258 1,895,541 717 3,736,637 3,708,657 27,980

June. ....... . 5,667,682 5,638,780 28,902 1,954,247 1,953,613 634 3,713,435 3,685,167 28,268

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

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

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

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

1998.............. . 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

1998 - June......... . 5,577,860 77,861 5,500,001 1,761,923 10,807 1,751,116 3,815,937 67,054 3,748,885

July. ........ . 5,557,849 78,101 5,479,749 1,758,265 11,031 1,747,234 3,799,584 67,070 3,732,515

Aug......... . 5,594,178 77,411 5,516,768 1,761,054 10,790 1,750,264 3,833,124 66,621 3,766,504

Sept ........ . 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

Oct ......... . 5,588,301 74,904 5,513,397 1,789,068 11,093 1,777,975 3,799,233 63,811 3,735,422

Nov. ........ . 5,621,009 74,973 5,546,037 1,799,471 10,992 1,788,479 3,821,538 63,981 3,757,558

Dec. ........ . 5,643,435 74,677 5,568,759 1,827,543 10,952 1,816,591 3,815,892 63,725 3,752,168

1999 - Jan.......... . 5,639,054 74,201 5,564,854 1,854,971 11,035 1,843,935 3,784,083 63,166 3,720,919

Feb. ........ . 5,650,706 75,990 5,574,716 1,864,805 12,697 1,852,109 3,785,901 63,293 3,722,607

Mar. ........ . 5,680,450 75,979 5,604,472 1,857,783 12,935 1,844,848 3,822,667 63,044 3,759,624

Apr. ........ . 5,614,538 76,997 5,537,540 1,876,571 13,446 1,863,124 3,737,967 63,551 3,674,416

May. ........ . 5,632,895 76,793 5,556,101 1,896,258 14,021 1,882,236 3,736,637 62,772 3,673,865

June. ....... . 5,667,682 77,138 5,590,544 1,954,247 15,322 1,938,925 3,713,435 61,816 3,651,619

Se cu ri ties held by Se cu ri ties held by

Fed eral debt se cu ri ties Gov ern ment ac counts the pub lic

End of Amount Net un am or tized Amount Net un am or tized Amount Net un am or tized

fis cal year out stand ing face pre mium and out stand ing face pre mium and out stand ing face pre mium and

or month value dis count Ac crual amount value dis count Ac crual amount value dis count Ac crual amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)
FED ERAL DEBT 23

TA BLE FD-2.—In ter est-Bearing Pub lic Debt

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

To tal in ter est- Mar ket able

End of bear ing Trea sury in fla tion- Fed eral

fis cal year pub lic Trea sury Trea sury Trea sury in dexed Fi nancing Non mar ket able

or month debt To tal bills notes bonds notes Bank To tal

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

 Non mar ket able, con.

State

End of U.S. Gov ern ment and lo cal

fis cal year sav ings ac count gov ern ment Do mes tic

or month se cu ri ties For eign se ries se ries se ries se ries Other

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

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

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

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

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

1998 .......... . 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1998 - June ..... . 5,540,243 3,369,510 641,114 2,064,602 598,668 50,126 15,000 2,170,733

July. ..... . 5,520,079 3,350,797 638,112 2,040,339 598,668 58,678 15,000 2,169,282

Aug ..... . 5,557,043 3,384,551 676,446 2,023,910 610,444 58,751 15,000 2,172,492

Sept ..... . 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

Oct...... . 5,515,449 3,308,852 651,414 1,964,603 610,444 67,391 15,000 2,206,597

Nov. ..... . 5,584,548 3,363,372 685,481 1,974,251 621,166 67,474 15,000 2,221,176

Dec. ..... . 5,605,401 3,355,457 690,986 1,960,668 621,166 67,637 15,000 2,249,944

1999 - Jan. ..... . 5,568,063 3,292,804 662,725 1,917,738 621,166 76,174 15,000 2,275,260

Feb. ..... . 5,580,223 3,294,534 667,495 1,903,388 632,516 76,134 15,000 2,285,689

Mar. ..... . 5,643,138 3,361,344 725,517 1,912,003 632,516 76,307 15,000 2,281,795

Apr. ..... . 5,577,369 3,272,572 650,083 1,891,214 632,516 83,759 15,000 2,304,797

May...... . 5,563,128 3,240,626 648,489 1,860,612 632,516 84,009 15,000 2,322,502

June. .... . 5,629,535 3,248,509 647,844 1,868,541 632,516 84,608 15,000 2,381,026

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

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

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

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

1998 ....................... . 180,816 35,079 1,777,329 164,431 29,995 1

1998 - June. ................. . 180,653 36,029 1,769,085 154,969 29,995 1

July................... . 180,631 35,654 1,765,397 157,604 29,995 1

Aug .................. . 180,688 35,454 1,768,211 158,143 29,995 1

Sept.................. . 180,816 35,079 1,777,329 164,431 29,995 1

Oct................... . 181,210 32,792 1,798,579 164,019 29,995 1

Nov................... . 181,469 34,417 1,811,934 163,360 29,995 1

Dec .................. . 180,326 34,322 1,840,012 165,287 29,995 1

1999 - Jan. .................. . 180,426 34,122 1,866,255 164,460 29,995 1

Feb................... . 180,579 33,922 1,875,939 165,252 29,995 1

Mar................... . 180,614 33,522 1,870,215 167,447 29,995 1

Apr. .................. . 180,750 32,922 1,889,400 171,728 29,995 1

May. ................. . 179,952 31,846 1,908,341 172,366 29,995 1

June. ................. . 179,979 30,920 1,967,542 172,589 29,995 1
24 FED ERAL DEBT

TA BLE FD-3.—Gov ern ment Ac count Se ries

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Air port Fed eral

and Em ployees Fed eral Fed eral Fed eral Old-age and

End of Air way Bank Life Ex change Dis abil ity em ploy ees Hos pi tal Fed eral Sur vi vors

fis cal year Trust In sur ance In sur ance sta bi li za tion In sur ance re tire ment In sur ance Housing In sur ance

or month To tal Fund Fund Fund fund Trust Fund funds Trust Fund Ad min is tra tion Trust Fund

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

Fed eral

Fed eral Sav- Sup pleings and Loan mentary Na tional

End of Cor po ra tion, Med i cal Gov ern ment Ser vice Life Rail road Trea sury Unemployfis cal year res o lu tion In sur ance life insur- High way In sur ance Postal Re tire ment de posit ment Trust

or month fund Trust Fund ance fund Trust Fund fund Ser vice fund Ac count funds Fund Other

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

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

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

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

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

1998 ............. . 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1998 - June. ....... . 1,769,085 9,534 27,470 19,084 15,691 76,019 421,687 122,736 15,213 648,883

July. ........ . 1,765,397 9,759 27,279 19,109 16,005 76,413 419,538 119,236 15,215 651,777

Aug ........ . 1,768,211 9,635 27,460 19,376 16,081 76,837 417,241 116,952 16,024 653,016

Sept ........ . 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

Oct......... . 1,798,579 10,213 27,456 18,972 16,046 77,191 442,427 115,067 14,708 655,461

Nov. ........ . 1,811,934 10,849 27,817 19,657 15,926 77,543 440,081 117,520 15,211 656,371

Dec. ........ . 1,840,012 12,075 27,982 19,539 14,418 78,215 454,464 120,739 15,307 662,376

1999 - Jan ......... . 1,866,255 11,047 27,564 19,405 14,472 82,319 451,983 126,973 15,307 692,979

Feb. ........ . 1,875,939 11,151 27,757 19,937 19,271 82,947 449,664 125,385 15,600 695,930

Mar. ........ . 1,870,215 10,950 28,046 19,995 14,557 83,845 447,221 124,181 14,761 701,098

Apr. ........ . 1,889,400 11,096 28,094 20,112 12,902 86,127 445,029 128,550 16,405 716,667

May......... . 1,908,341 11,309 28,158 19,892 12,922 86,841 442,726 131,905 16,803 720,469

June. ....... . 1,967,542 11,861 28,428 20,413 13,546 90,867 456,921 139,591 16,954 749,287

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

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

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

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

1998 ............ . 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

1998 - June. ...... . 2,073 37,899 - 29,430 12,265 - 19,276 72 70,152 241,601

July. ....... . 2,103 36,083 - 30,570 12,185 481 19,392 72 69,650 240,530

Aug ....... . 2,017 39,578 - 27,665 12,108 1,399 19,698 68 72,101 240,955

Sept ....... . 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

Oct........ . 2,067 38,480 - 25,771 11,939 - 20,007 78 69,928 252,768

Nov ....... . 2,076 40,532 - 26,622 11,872 - 20,029 75 71,222 258,531

Dec. ....... . 2,083 46,296 - 23,950 12,253 - 20,127 75 71,760 258,353

1999 - Jan. ....... . 2,105 42,118 - 21,097 12,184 - 20,237 74 70,103 256,288

Feb. ....... . 2,114 43,434 - 21,783 12,110 - 20,508 75 70,420 257,853

Mar. ....... . 2,126 42,008 - 22,485 12,001 - 20,805 72 68,000 258,064

Apr. ....... . 2,136 38,269 - 23,920 11,909 - 20,887 70 67,988 259,239

May........ . 2,146 36,407 - 24,553 11,837 - 21,141 70 76,250 264,912

June. ...... . 2,163 35,954 - 25,168 12,211 - 21,586 70 76,946 265,576
FED ERAL DEBT 25

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice]

 Fed eral De posit De part ment of

 In sur ance Cor po ra tion Housing and Ur ban Farm Credit Other

Fed eral Sav ings De vel op ment Sys tem in de pend ent

End of Bank and Loan Insur- Fed eral Fi nan cial Ten nes see

fis cal year To tal In sur ance ance Cor po ra tion, Housing As sis tance Val ley

or month out stand ing Fund res o lu tion fund Ad min is tra tion Corp. Au thor ity Postal Ser vice Other 

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

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

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

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

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

1998 ...................... . 29,372 - 63 174 1,261 26,685 717 471

1998 - June. ................ . 29,925 - 63 144 1,261 26,811 1,167 479

July.................. . 30,111 - 63 156 1,261 26,984 1,167 480

Aug ................. . 29,625 - 63 155 1,261 26,507 1,167 470

Sept................. . 29,372 - 63 174 1,261 26,685 717 471

Oct.................. . 29,046 - 63 188 1,261 26,344 717 473

Nov.................. . 29,030 - 63 205 1,261 26,309 717 474

Dec.................. . 29,218 - 63 205 1,261 26,496 717 475

1999 - Jan. ................. . 28,937 - 63 70 1,261 26,349 717 476

Feb.................. . 28,760 - 63 69 1,261 26,174 717 476

Mar ................. . 28,835 - 63 80 1,261 26,237 717 477

Apr. ................. . 28,698 - 63 84 1,261 26,094 717 478

May. ................ . 28,697 - 63 88 1,261 26,088 717 479

June. ................ . 28,902 - 63 99 1,261 26,364 634 481
26 FED ERAL DEBT

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able

In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Amount

End of out stand ing Ma tu rity classes

fis cal year pri vately Within 1-5 5-10 10-20 20 years

or month held 1 year years years years and more Av er age length

1

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

TA BLE FD-6.—Debt Sub ject to Stat u tory Lim i ta tion

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of Stat u tory Debt out stand ing In ter est-bearing debt Non-interest-bearing

fis cal year debt sub ject to lim i ta tion sub ject to lim i ta tion pub lic debt sub ject

or month limit To tal Pub lic debt Other debt 2Pub lic debt Other debt to lim i ta tion

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

1 Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length were cal cu lated on

the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in

1997) are ex cluded from the av er age length cal cu la tion. Pub lished data were changed for the

end of the fis cal years back through 1967.

2

 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

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

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

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

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

1998 ................... . 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

1998 - June.............. . 2,894,829 952,967 1,132,460 333,666 159,368 316,369 5 yrs. 7 mos.

July .............. . 2,886,700 945,246 1,117,403 335,330 161,250 327,471 5 yrs. 7 mos.

Aug .............. . 2,918,259 982,323 1,121,554 320,287 159,382 334,713 5 yrs. 7 mos.

Sept.............. . 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos.

Oct............... . 2,837,432 945,953 1,069,335 327,268 159,593 335,283 5 yrs. 8 mos.

Nov .............. . 2,884,352 981,135 1,068,719 335,700 164,364 334,433 5 yrs. 8 mos.

Dec .............. . 2,887,273 986,500 1,072,170 368,435 123,614 336,554 5 yrs. 6 mos.

1999 - Jan............... . 2,825,086 953,672 1,035,290 376,570 123,614 335,940 5 yrs. 7 mos.

Feb .............. . 2,820,023 954,337 1,021,966 374,166 141,265 328,289 5 yrs. 9 mos.

Mar .............. . 2,879,622 1,010,698 1,027,821 373,913 140,849 326,341 5 yrs. 6 mos.

Apr. .............. . 2,783,211 928,597 1,007,440 373,146 140,587 333,441 5 yrs. 8 mos.

May .............. . 2,745,144 926,147 982,625 369,372 135,759 331,241 5 yrs. 9 mos.

June.............. . 2,747,670 920,996 989,891 369,607 135,759 331,415 5 yrs. 8 mos.

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

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

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

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

1998 ........................ . 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1998 - June. .................. . 5,950,000 5,460,389 5,460,247 142 5,453,621 142 6,626

July.................... . 5,950,000 5,439,984 5,439,828 155 5,433,234 155 6,594

Aug ................... . 5,950,000 5,476,982 5,476,826 154 5,470,380 154 6,446

Sept................... . 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

Oct.................... . 5,950,000 5,474,401 5,474,220 181 5,431,478 181 42,742

Nov.................... . 5,950,000 5,507,224 5,507,026 198 5,500,657 198 6,369

Dec.................... . 5,950,000 5,529,676 5,529,477 198 5,521,723 198 7,754

1999 - Jan. ................... . 5,950,000 5,525,832 5,525,769 63 5,484,777 63 40,992

Feb.................... . 5,950,000 5,536,058 5,535,990 68 5,495,329 68 40,661

Mar.................... . 5,950,000 5,565,670 5,565,591 79 5,558,174 79 7,417

Apr. ................... . 5,950,000 5,498,836 5,498,754 83 5,491,343 83 7,411

May. .................. . 5,950,000 5,517,432 5,517,346 87 5,477,336 87 40,010

June. .................. . 5,950,000 5,551,588 5,551,497 91 5,543,311 91 8,186
FED ERAL DEBT 27

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties

Is sued by Gov ern ment Cor po ra tions and Other Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 De part ment of Agriculture

End of Com mod ity Ru ral Ru ral Farmers Farm- Ru ral

fis cal year Credit De vel op ment Elec tri fi ca tion Home Ser vice Util ities

or month To tal Cor po ra tion Ad min is tra tion Ad min is tra tion Ad min is tra tion Agency Ser vice

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

De part ment of Ag ri cul ture, con. De part ment of De part ment of Housing

Ru ral Housing Ru ral Busi ness En ergy and Ur ban Development

End of and Com mu nity and Co op er a tive For eign Bonneville Fed eral

fis cal year De vel op ment De vel op ment Ag ri cul tural De part ment of Power Housing Other hous ing

or month Ser vice Ser vice Ser vice Ed u ca tion Ad min is tra tion Ad min is tra tion pro grams

(8) (9) (10) (11) (12) (13) (14)

1994 .............. . - - - 2,612 2,617 783 8,484

1995 .............. . 5,354 91 563 6,745 2,563 1,647 7,714

1996 .............. . 6,430 113 647 13,398 2,456 3,123 6,909

1997 .............. . 6,676 157 670 23,532 2,499 3,639 6,174

1998 .............. . 7,808 203 642 35,610 2,499 6,579 5,293

1998 - June ......... . 8,055 189 670 37,201 2,441 5,114 5,330

July. ......... . 8,050 189 670 37,201 2,441 5,114 5,330

Aug ......... . 8,050 195 670 37,201 2,492 5,114 5,330

Sept ......... . 7,808 203 642 35,610 2,499 6,579 5,293

Oct.......... . 7,808 203 641 48,872 2,499 6,579 4,628

Nov. ......... . 9,027 255 641 48,873 2,499 6,579 4,628

Dec. ......... . 9,027 255 641 48,873 2,499 6,579 4,628

1999 - Jan. ......... . 9,027 255 641 48,878 2,499 6,579 4,628

Feb. ......... . 9,027 255 641 48,878 2,559 6,579 4,628

Mar. ......... . 9,027 255 641 48,878 2,559 6,579 4,628

Apr. ......... . 9,027 255 641 48,878 2,559 6,579 4,628

May.......... . 9,027 255 641 56,397 2,485 6,579 4,628

June. ........ . 9,027 255 641 56,395 2,435 6,579 4,628

1994 .............. . 163,642 16,909 2,112 8,855 8,529 - -

1995 .............. . 134,892 - - - - 8,596 12,161

1996 .............. . 117,290 - - - - 3,273 12,042

1997 .............. . 133,301 - - - - 9,818 12,925

1998 .............. . 154,155 - - - - 19,937 13,295

1998 - June. ........ . 150,445 - - - - 17,079 13,615

July. ......... . 149,886 - - - - 17,006 13,616

Aug ......... . 150,737 - - - - 17,723 13,646

Sept ......... . 154,155 - - - - 19,937 13,295

Oct.......... . 170,738 - - - - 23,809 13,930

Nov. ......... . 167,018 - - - - 20,901 14,573

Dec. ......... . 170,662 - - - - 23,024 14,433

1999 - Jan. ......... . 174,747 - - - - 27,122 14,433

Feb. ......... . 175,639 - - - - 28,021 14,428

Mar. ......... . 176,133 - - - - 29,122 14,452

Apr. ......... . 176,819 - - - - 29,444 14,460

May.......... . 184,810 - - - - 30,260 14,460

June. ........ . 187,986 - - - - 32,361 14,435
28 FED ERAL DEBT

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties

Is sued by Gov ern ment Cor po ra tions and Other Agencies, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 De part ment of

De part ment of Vet erans Affairs 

End of Trea sury Di rect Loan Ex port-Import Rail road Small

fis cal year Fed eral Fi nancing loan guar anty Bank of the Re tire ment Busi ness

or month Bank fund fund United States Board Ad min is tra tion Other

(15) (16) (17) (18) (19) (20) (21)

1994 .............. . 94,357 2 1,107 2,632 4,909 7,289 2,445

1995 .............. . 69,297 1 1,272 2,665 4,956 8,341 2,928

1996 .............. . 47,046 * 1,270 2,736 5,018 8,811 4,019

1997 .............. . 34,944 * 2,028 3,140 5,039 9,406 12,651

1998 .............. . 34,036 - - 3,956 4,993 9,559 9,745

1998 - June ......... . 28,158 * 1,411 3,943 4,204 9,559 13,476

July. ......... . 27,610 * 1,411 3,943 4,473 9,559 13,270

Aug ......... . 27,398 * 1,411 3,943 4,726 9,559 13,276

Sept ......... . 34,036 - - 3,956 4,993 9,559 9,745

Oct.......... . 33,028 - - 3,931 5,260 9,559 9,989

Nov ......... . 29,823 - - 4,217 5,493 9,559 9,950

Dec ......... . 29,128 - - 4,217 5,762 9,559 12,039

1999 - Jan. ......... . 28,802 - - 4,217 6,024 9,559 12,083

Feb. ......... . 28,150 - - 4,217 6,254 9,699 12,306

Mar ......... . 26,453 - - 5,135 6,501 9,699 12,207

Apr.......... . 26,637 - - 5,135 6,748 9,699 12,131

May ......... . 26,131 - - 5,135 6,981 9,699 12,133

June......... . 25,585 - - 6,586 7,237 9,699 12,125

* Less than $500,000. 
FED ERAL DEBT 29

CHARTS FD-A.—Average Length

 of Privately Held Marketable Debt

(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

0

2

4

6

8

10

12

45 49 53 57 61 65 69 73 77 81 85 89 93 97

5

5.5

6

J F M A M J J A S O N D

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

June 30, 1999

5 Years, 8 Months

Years

99
IN TRO DUC TION: Pub lic Debt Op er a tions

Chap ter 31 of Ti tle 31 of the United States Code al lows

the Sec re tary of Trea sury to bor row money by is su ing Treasury se cu ri ties. The Sec re tary de ter mines the terms and con di -

tions of is sue, con ver sion, ma tu rity, pay ment and in ter est rate.

New is sues of Trea sury notes ma ture in 2 to 10 years. Bonds

ma ture in more than 10 years from the is sue date. Each mar ket -

able se cu rity is listed in the “Monthly State ment of the Pub lic

Debt of the United States.” The in for ma tion in this sec tion of

the “Trea sury Bul le tin” per tains only to mar ket able Trea sury

se cu ri ties, cur rent bills, notes and bonds.

• Ta ble PDO-1 pro vides a ma tu rity sched ule of in ter -

est-bearing mar ket able pub lic debt se cu ri ties other than reg u -

lar weekly and 52-week bills. All unmatured Trea sury notes

and bonds are listed in ma tu rity or der, from ear li est to lat est. A

sep a rate break out is pro vided for the com bined hold ings of the

Gov ern ment ac counts and Fed eral Re serve Banks (FRBs), so

that the “all other in ves tors” cat e gory in cludes all pri vate holdings.

• Ta ble PDO-2 pres ents the re sults of weekly auc tions of

13- and 26-week bills, as well as auc tions of 52-week bills,

which are held ev ery 4 weeks. Trea sury bills ma ture each

Thurs day. New is sues of 13-week bills are reopenings of

26-week bills. The 26-week bill is sued ev ery fourth week to

ma ture the same Thurs day as an ex ist ing 52-week bill is a reopen ing of the ex ist ing 52-week bill. New is sues of cash manage ment bills are also pre sented. High, low and av er age yields

on ac cepted ten ders and the dol lar value of to tal bids are presented, with the dol lar value of awards made both on a compet i tive and non com pet i tive ba sis.

Trea sury ac cepts non com pet i tive ten ders of up to $1 million for bills and $5 mil lion for notes and bonds in each auc tion 

of se cu ri ties to en cour age par tic i pa tion of in di vid u als and

smaller in sti tu tions.

• Ta ble PDO-3 lists the re sults of auc tions of mar ket able

se cu ri ties, other than weekly bills, in chro no log i cal or der over

the past 2 years. In cluded are: notes and bonds from ta ble

PDO-1, 52-week bills from ta ble PDO-2, and data for cash

man age ment bills.

• Ta ble PDO-4 in di cates the to tal amount of mar ket able

se cu ri ties al lot ted to each class of in ves tor. The FRBs tally into

in ves tor classes the ten ders in each auc tion of mar ket able secu ri ties other than weekly auc tions of 13- and 26-week bills.

30

TREA SURY FI NANCING: APRIL-JUNE

A P R I L

Auc tion of 30-Year In fla tion-Indexed Bonds

On March 31, 1999, the De part ment of the Trea sury (Treasury) an nounced it would auc tion $7,000 mil lion of 30-year

in fla tion-indexed bonds to raise cash. The 30-year in fla -

tion-indexed bonds of April 2029 were dated April 15, 1999.

They are due April 15, 2029, with in ter est pay able Oc to ber 15

and April 15 un til ma tu rity. Trea sury set an in ter est rate of

3-7/8 per cent af ter de ter min ing which ten ders were ac cepted

on a yield auc tion ba sis. Ten ders for the notes were re ceived

prior to 12 noon e.d.t. for non com pet i tive ten ders and prior to

1 p.m. e.d.t. for com pet i tive ten ders April 7. Ten ders to taled

$14,695 mil lion; $7,000 mil lion Trea sury ac cepted. Trea sury

ac cepted in full all com pet i tive ten ders at yields lower than

3.899 per cent. Ten ders at 3.899 per cent were al lot ted 24 percent. All non com pet i tive and suc cess ful com pet i tive bid ders

were al lot ted se cu ri ties at the high yield of 3.899 per cent with

an equiv a lent ad justed price of 99.578. The me dian yield was

3.829 per cent, and the low yield was 3.750 per cent. Non com -

pet i tive ten ders to taled $28 mil lion. Com pet i tive ten ders accepted from pri vate in ves tors to taled $6,972 mil lion.

In ad di tion to the $7,000 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $350 mil lion from FRBs

for their own ac counts. The min i mum par amount re quired for

STRIPS of in fla tion-indexed se cu ri ties is $1,000.

Auc tion of 2-Year Notes

On April 21, Trea sury an nounced it would auc tion $15,000

mil lion of 2-year notes of Se ries X-2001 to re fund $28,625

mil lion of se cu ri ties ma tur ing April 30 and to pay down about

$13,625 mil lion.

The notes of Se ries X-2001 were dated April 30, 1999.

They are due April 30, 2001, with in ter est pay able Oc to ber 31

and April 30 un til ma tu rity. Trea sury set an in ter est rate of 5

per cent af ter de ter min ing which ten ders were accepted on a

yield auc tion ba sis.

Trea sury re ceived ten ders for the notes prior to 12 noon

e.d.t. for non com pet i tive ten ders and prior to 1 p.m. e.d.t. for

com pet i tive ten ders April 28. Ten ders to taled $34,855 mil lion;

Trea sury ac cepted $15,007 mil lion. Trea sury ac cepted in full

all com pet i tive ten ders at yields lower than 5.017 per cent. Tenders at 5.017 per cent were al lot ted 45 per cent. All non com pet -

i tive and suc cess ful com pet i tive bid ders were al lot ted

se cu ri ties at the high yield of 5.017 per cent with an equiv a lent

price of 99.968. The me dian yield was 5.000 per cent, and the

low yield was 4.930 per cent. Non com pet i tive ten ders to taled

$1,383 mil lion. Com pet i tive ten ders ac cepted from pri vate inves tors to taled $13,625 mil lion.

In ad di tion to the $15,007 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $3,000 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties.

Also, Trea sury ac cepted $3,020 mil lion from FRBs for their

own ac counts. The min i mum par amount re quired for STRIPS

of notes of Se ries X-2001 is $40,000.

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]
PUB LIC DEBT OP ER A TIONS 31

TREA SURY FI NANCING: APRIL-JUNE, con.

52-Week Bills

On April 22, 1999, Trea sury in vited ten ders for ap prox i -

mately $10,000 mil lion of 364-day Trea sury bills. These bills

were to be dated April 29, 1999, and to ma ture April 27, 2000.

The is sue was to re fund $25,708 mil lion of all ma tur ing bills

and to pay down about $708 mil lion. Trea sury auc tioned the

bills April 27. Ten ders to taled $29,990 mil lion; Trea sury accepted $10,017 mil lion. That in cluded $1,067 mil lion of noncom pet i tive ten ders from the pub lic and $1,255 mil lion of the

bills is sued to FRBs as agents for for eign and in ter na tional

mon e tary au thor i ties. Trea sury is sued an ad di tional $145 million to FRBs as agents for for eign and in ter na tional mon e tary

au thor i ties for new cash. In ad di tion, $4,855 mil lion of the

bills were is sued to FRBs for their own ac counts. The high

bank dis count rate was 4.490 per cent.

Cash Man age ment Bills

On April 21, Trea sury in vited ten ders for ap prox i mately

$8,000 mil lion of 1-day bills to be is sued April 22, 1999, and

ma tur ing April 23, 1999. The is sue was to raise new cash. Tenders were opened April 22. They to taled $35,895 mil lion; 

$8,020 mil lion Trea sury ac cepted. The high bank dis count rate

was 4.51 per cent.

M A Y

May Quar terly Fi nancing

On May 5, Trea sury an nounced it would auc tion $15,000

mil lion of 5-year notes of Se ries F-2004, and $12,000 mil lion

of 10-year notes of Se ries B-2009. This is sue was to re fund

$28,800 mil lion of Trea sury se cu ri ties ma tur ing May 15 and to

pay down about $1,800 mil lion.

The notes of Se ries F-2004 were dated May 15, 1999. Treasury is sued the notes on May 17, 1999. They are due May 15,

2004, with in ter est pay able No vem ber 15 and May 15 un til

ma tu rity. Trea sury set an in ter est rate of 5-1/4 per cent af ter deter min ing which ten ders were ac cepted on a yield auc tion basis. Ac crued in ter est of $0.28533 per $1,000, cov er ing the

pe riod from May 15, 1999, to May 17, 1999, was pay able with

each ac cepted ten der.

Trea sury re ceived non com pet i tive ten ders prior to 12 noon

e.d.t. and com pet i tive ten ders prior to 1 p.m. e.d.t. May 11.

Ten ders to taled $26,076 mil lion; Trea sury ac cepted $15,001

mil lion. All non com pet i tive and suc cess ful com pet i tive bidders were al lot ted se cu ri ties at the high yield of 5.367 per cent

with an equiv a lent price of 99.493. The me dian yield was

5.348 per cent, and the low yield was 5.279 per cent. Ten ders at

the high yield were al lot ted 75 per cent. Non com pet i tive tenders to taled $510 mil lion. Com pet i tive ten ders ac cepted from

pri vate in ves tors to taled $14,491 mil lion.

In ad di tion to the $15,001 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,350 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties.

Trea sury also ac cepted $2,562 mil lion from FRBs for their

own ac counts. The min i mum par amount re quired for STRIPS

of notes of Se ries F-2004 is $800,000.

The 10-year notes of Se ries B-2009 were dated May 15,

1999, is sued May 17, 1999. They are due May 15, 2009, with

in ter est pay able No vem ber l5 and May 15 un til ma tu rity. Treasury set an in ter est rate of 5-1/2 per cent af ter de ter min ing

which ten ders were ac cepted on a yield auc tion ba sis. Ac crued

in ter est of $0.29891 per $1,000, cov er ing the pe riod from May

15, 1999, to May 17, 1999, was pay able with each ac cepted

ten der.

Trea sury re ceived non com pet i tive ten ders prior to 12 noon

e.d.t. and competitive ten ders prior to 1 p.m. e.d.t. May 12.

Ten ders to taled $19,486 mil lion; Trea sury ac cepted $12,003

mil lion. All non com pet i tive and suc cess ful com pet i tive bidders were al lot ted se cu ri ties at the high yield of 5.510 per cent

with an equiv a lent price of 99.923. The me dian yield was

5.470 per cent, and the low yield was 5.420 per cent. Ten ders at

the high yield were al lot ted 59 per cent. Non com pet i tive tenders to taled $135 mil lion. Com pet i tive ten ders ac cepted from

pri vate in ves tors to taled $11,868 mil lion.

In ad di tion to the $12,003 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $750 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties.

Trea sury also ac cepted $2,045 mil lion from FRBs for their

own ac counts. The min i mum par amount re quired for STRIPS

of notes of Se ries B-2009 is $400,000.

Auc tion of 2-Year Notes

On May 19, Trea sury an nounced it would auc tion $15,000

mil lion of 2-year notes of Se ries Y-2001 to re fund $27,858

mil lion of se cu ri ties ma tur ing May 31 and to pay down about

$12,858 mil lion.

The notes of Se ries Y-2001 were dated May 31, 1999. They

were is sued June 1, 1999, and due May 31, 2001, with in ter est

pay able No vem ber 30 and May 31 un til ma tu rity. Trea sury set

an in ter est rate of 5-1/4 per cent af ter de ter min ing which tenders were ac cepted on a yield auc tion ba sis. Ac crued in ter est

of $0.14344 per $1,000, cov er ing the pe riod from May 31,

1999, to June 1, 1999, was pay able with each ac cepted ten der.

Trea sury re ceived non com pet i tive ten ders prior to 12 noon

e.d.t. and com pet i tive ten ders prior to 1 p.m. e.d.t. May 26.

They to taled $30,268 mil lion; Trea sury ac cepted $15,014 million. Trea sury ac cepted in full all com pet i tive ten ders at yields

lower than 5.315 per cent. Ten ders at 5.315 per cent were al lot -

ted 20 per cent. All non com pet i tive and suc cess ful com pet i tive 

bid ders were al lot ted se cu ri ties at the high yield of 5.315 percent with an equiv a lent price of 99.878. The me dian yield was

5.295 per cent, and the low yield was 5.234 per cent. Non com -

pet i tive ten ders to taled $1,437 mil lion. Com pet i tive ten ders

ac cepted from pri vate in ves tors to taled $13,577 mil lion.

In ad di tion to the $15,014 mil lion of ten ders ac cepted in

the auc tion pro cess, Trea sury ac cepted $1,800 mil lion from

FRBs as agents for for eign and in ter na tional mon e tary au thor -

i ties. Also, Trea sury ac cepted $3,056 mil lion from FRBs for

their own ac counts. The min i mum par amount re quired for

STRIPS of notes of Se ries Y-2001 is $800,000.
32 PUB LIC DEBT OP ER A TIONS

52-Week Bills

On May 20, Trea sury invited ten ders for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills to be dated May 27,

1999, and to ma ture May 25, 2000. The is sue was to re fund

$25,625 mil lion of all ma tur ing bills and to pay down about

$625 mil lion. Trea sury auc tioned the bills May 25. Ten ders totaled $22,672 mil lion; Trea sury ac cepted $10,009 mil lion.

That in cluded $996 mil lion of non com pet i tive ten ders from

the pub lic and $1,266 mil lion is sued to FRBs as agents for foreign and in ter na tional mon e tary au thor i ties. Trea sury is sued

an ad di tional $134 mil lion to FRBs as agents for for eign and

in ter na tional mon e tary au thor i ties for new cash. Also, Treasury awarded $5,145 mil lion to FRBs for their own ac counts.

The high bank dis count rate was 4.630 per cent.

Cash Man age ment Bills

On May 25, Trea sury in vited ten ders for ap prox i mately

$11,000 mil lion of 14-day bills to be is sued June 1, 1999, matur ing June 15, 1999. The is sue was to raise new cash. Ten ders

were opened May 27. They to taled $39,756 mil lion; Trea sury

accepted $11,030 mil lion. The high bank dis count rate was

4.73 per cent.

J U N E

Auc tion of 2-Year Notes

On June 16, Trea sury an nounced it would auc tion $15,000

mil lion of 2-year notes of Se ries Z-2001 to re fund $28,479

mil lion of se cu ri ties ma tur ing June 30 and to pay down about

$13,479 mil lion.

The notes of Se ries Z-2001 were dated June 30, 1999. They

are due June 30, 2001, with in ter est pay able De cem ber 31 and

June 30 un til ma tu rity. Trea sury set an in ter est rate of 5-3/4

per cent af ter de ter min ing which ten ders were ac cepted on a

yield auc tion ba sis.

Trea sury re ceived non com pet i tive ten ders prior to 12 noon

e.d.t. and com pet i tive ten ders prior to 1 p.m. e.d.t. June 23.

Ten ders to taled $25,709 mil lion; Trea sury ac cepted $15,002

mil lion. Trea sury ac cepted all com pet i tive ten ders at yields

lower than 5.754 per cent. Ten ders at 5.754 per cent were al lot -

ted 72 per cent. All non com pet i tive and suc cess ful com pet i tive 

bid ders were al lot ted se cu ri ties at the high yield of 5.754 percent with an equiv a lent price of 99.993. The me dian yield was

5.725 per cent, and the low yield was 5.650 per cent. Non com -

pet i tive ten ders to taled $1,536 mil lion. Com pet i tive ten ders

ac cepted from pri vate in ves tors to taled $13,465 mil lion.

In ad di tion to the $15,002 mil lion of ten ders ac cepted in the

auc tion pro cess, Trea sury ac cepted $1,500 mil lion from FRBs

as agents for for eign and in ter na tional mon e tary au thor i ties.

Also, Trea sury ac cepted $2,484 mil lion from FRBs for their

own ac counts. The min i mum par amount re quired for STRIPS

of notes of Se ries Z-2001 is $800,000.

52-Week Bills

On June 17, Trea sury in vited ten ders for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills to be dated June 24,

1999, and to ma ture June 22, 2000. The is sue was to re fund

$24,246 mil lion of all ma tur ing bills and to raise about $754

mil lion of new cash. Trea sury auc tioned the bills June 22. Tenders to taled $23,965 mil lion; Trea sury ac cepted $10,011 million. That in cluded $941 mil lion in non com pet i tive ten ders

from the pub lic and $1,302 mil lion is sued to FRBs as agents

for for eign and in ter na tional mon e tary au thor i ties. Trea sury

is sued an ad di tional $268 mil lion for new cash to FRBs as

agents for for eign and in ter na tional mon e tary au thor i ties. In

ad di tion, Trea sury is sued $4,570 mil lion to FRBs for their own

ac counts. The high bank dis count rate was 4.890 per cent.

Cash Man age ment Bills

On June 1, Trea sury in vited ten ders for ap prox i mately

$20,000 mil lion of 12-day bills to be is sued June 3, 1999, matur ing June 15, 1999. The is sue was to raise new cash. Ten ders

were opened June 2. They to taled $64,870 mil lion; Trea sury

ac cepted $20,007 mil lion. The high bank dis count rate was

4.70 per cent.

TREA SURY FI NANCING: APRIL-JUNE, con.
PUB LIC DEBT OP ER A TIONS 33

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, June 30, 1999

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

 Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

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

See foot note at end of ta ble.

1999

July 15 ............................................ . 6-3/8%-G note 07/15/92 10,006 409 9,597

July 31 ............................................ . 6-7/8%-Q note 08/01/94 12,411 1,588 10,822

July 31 ............................................ . 5-7/8%-AH note 07/31/97 16,839 1,972 14,868

Aug. 15 ........................................... .

1 8%-C note 08/15/89 10,164 944 9,220

Aug. 15 ........................................... . 6%-Y note 08/15/96 22,708 2,886 19,822

Aug. 31 ........................................... . 6-7/8%-R note 08/31/94 12,397 1,471 10,926

Aug. 31 ........................................... . 5-7/8%-AJ note 09/02/97 17,215 1,735 15,480

Sept. 30 ........................................... . 7-1/8%-S note 09/30/94 12,836 1,422 11,414

Sept. 30 ........................................... .

1 5-3/4%-AK note 09/30/97 17,487 692 16,795

Oct. 15............................................ . 6%-H note 10/15/92 10,337 481 9,856

Oct. 31............................................ . 7-1/2%-T note 10/31/94 12,152 1,563 10,589

Oct. 31............................................ .

1 5-5/8%-AL note 10/31/97 16,824 947 15,877

Nov. 15 ........................................... .

1 7-7/8%-D note 11/15/89 10,774 1,272 9,502

Nov. 15 ........................................... . 5-7/8%-Z note 11/15/96 22,870 3,023 19,847

Nov. 30 ........................................... . 7-3/4%-U note 11/30/94 11,934 1,482 10,452

Nov. 30 ........................................... .

1 5-5/8%-AM note 12/01/97 17,051 1,181 15,870

Dec. 31 ........................................... . 7-3/4%-V note 01/03/95 12,523 1,380 11,143

Dec. 31 ........................................... .

1 5-5/8%-AN note 12/31/97 16,747 796 15,951

To tal ...................... .

263,275 25,244 238,031

2000

Jan. 15............................................ . 6-3/8% E note 01/15/93 10,104 690 9,414

Jan. 31............................................ .

1 5-3/8%-Y note 02/02/98 17,502 1,906 15,596

Jan. 31............................................ . 7-3/4%-G note 01/31/95 12,229 1,598 10,630

Feb. 15 ........................................... .

1 8-1/2%-A note 02/15/90 10,673 1,304 9,369

Feb. 15 ........................................... . 5-7/8%-U note 02/18/97 20,421 2,166 18,255

Feb. 29 ........................................... . 7-1/8%-H note 02/28/95 12,496 1,578 10,918

Feb. 29 ........................................... .

1 5-1/2%-Z note 03/02/98 17,776 1,497 16,279

Mar. 31 ........................................... . 6-7/8%-J note 03/31/95 13,188 1,402 11,787

Mar. 31 ........................................... .

1 5-1/2%-AB note 03/31/98 17,206 1,998 15,208

Apr. 15............................................ . 5-1/2%-F note 04/15/93 10,535 418 10,117

Apr. 30............................................ .

1 5-5/8%-AC note 04/30/98 15,634 1,801 13,833

Apr. 30............................................ . 6-3/4%-K note 05/01/95 12,433 1,668 10,765

May 15, 00-05 ...................................... . 8-1/4% bond 05/15/75 4,224 2,177 2,047

May 15............................................ .

1 8-7/8%-B note 05/15/90 10,496 486 10,010

May 15............................................ . 6-3/8%-V note 05/15/97 20,763 2,807 17,956

May 31............................................ . 6-1/4%-L note 05/31/95 12,752 1,357 11,396

May 31............................................ .

1 5-1/2%-AD note 06/01/98 16,580 2,174 14,406

June 30 ........................................... . 5-7/8%-M note 06/30/95 12,464 758 11,706

June 30 ........................................... .

1 5-3/8%-AE note 06/30/98 14,939 1,383 13,556

July 31 ............................................ . 6-1/8%-N note 07/31/95 12,339 809 11,529

July 31 ............................................ .

1 5-3/8%-AF note 07/31/98 18,683 2,521 16,163

Aug. 15 ........................................... .

1 8-3/4%-C note 08/15/90 11,081 1,417 9,663

Aug. 15 ........................................... . 6%-W note 08/15/97 18,053 2,388 15,665

Aug. 31 ........................................... . 6-1/4%-P note 08/31/95 11,922 1,026 10,896

Aug. 31 ........................................... .

1 5-1/8%-AG note 08/31/98 20,029 2,994 17,034

Sept. 30 ........................................... . 6-1/8%-Q note 10/02/95 12,011 1,034 10,978

Sept. 30 ........................................... .

1 4-1/2%-AH note 09/30/98 19,269 2,242 17,027

Oct. 31............................................ . 5-3/4%-R note 10/31/95 12,080 850 11,230

Oct. 31............................................ . 4%-AJ note 11/02/98 20,525 2,568 17,957

Nov. 15 ........................................... .

1 8-1/2%-D note 11/15/90 11,520 1,028 10,491

Nov. 15 ........................................... .

1 5-3/4%-X note 11/17/97 16,036 2,107 13,929

Nov. 30 ........................................... . 5-5/8%-S note 11/30/95 12,357 1,203 11,154

Nov. 30 ........................................... . 4-5/8%-AK note 11/30/98 20,158 2,534 17,624

Dec. 31 ........................................... . 5-1/2%-T note 01/02/96 12,821 891 11,930

Dec. 31 ........................................... . 4-5/8%-AL note 12/31/98 19,475 2,555 16,920

To tal ...................... .

510,774 57,335 453,438

2001

Jan. 31............................................ . 5-1/4%-E note 01/31/96 12,816 801 12,015
34 PUB LIC DEBT OP ER A TIONS

2001 con.

Jan. 31............................................ . 4-1/2%-U note 02/01/99 19,777 2,765 17,012

Feb. 15 ........................................... . 11-3/4% bond 01/12/81 1,501 166 1,336

Feb. 15 ........................................... .

 1 7-3/4%-A note 02/15/91 11,313 1,209 10,104

Feb. 15 ........................................... .

1 5-3/8%-S note 02/17/98 15,367 1,653 13,715

Feb. 28 ........................................... . 5-5/8%-F note 02/29/96 12,820 1,194 11,626

Feb. 28 ........................................... .

1 5%-V note 03/31/99 19,587 2,571 17,016

Mar. 31 ........................................... . 6-3/8%-G note 04/10/96 14,181 1,649 12,532

Mar. 31 ........................................... .

1 4-7/8%-W note 02/29/96 21,605 3,385 18,220

Apr. 30............................................ . 6-1/4%-H note 03/31/99 13,780 1,411 12,370

Apr. 30............................................ .

1 5%-X note 04/30/99 21,034 3,020 18,014

May 15............................................ . 13-1/8% bond 04/02/81 1,750 221 1,529

May 15............................................ .

1 8%-B note 05/15/91 12,398 1,583 10,815

May 15............................................ .

1 5-5/8%-T note 05/15/98 12,874 2,270 10,604

May 31............................................ . 6-1/2%-J note 05/31/96 13,722 1,353 12,369

May 31............................................ .

1 5-1/4%-Y note 06/01/99 19,886 3,056 16,830

June 30 ........................................... .

1 5-3/4%-Z note 06/30/99 19,007 2,484 16,522

June 30 ........................................... . 6-5/8%-K note 07/01/96 14,282 1,260 13,022

July 31 ............................................ . 6-5/8%-L note 07/31/96 14,137 1,465 12,672

Aug. 15 ........................................... .

1 7-7/8%-C note 08/15/91 12,339 1,598 10,741

Aug. 15 ........................................... . 13-3/8% bond 07/02/81 1,753 256 1,497

Aug. 31 ........................................... . 6-1/2%-M note 09/03/96 14,000 1,226 12,774

Sept. 30 ........................................... . 6-3/8%-N note 09/30/96 14,519 1,453 13,065

Oct. 31............................................ . 6-1/4%-P note 10/31/96 14,640 959 13,681

Nov. 15 ........................................... . 15-3/4% bond 10/07/81 1,753 228 1,525

Nov. 15 ........................................... .

1 7-1/2%-D note 11/15/91 24,226 3,205 21,021

Nov. 30 ........................................... . 5-7/8%-Q note 12/02/96 14,031 729 13,302

Dec. 31 ........................................... . 6-1/8%-R note 12/31/96 13,971 1,096 12,875

To tal ...................... .

383,069 44,266 338,804

2002

Jan. 31............................................ . 6-1/4%-C note 01/31/97 13,453 1,199 12,255

Feb. 15, 02-07 ...................................... . 7-5/8% bond 02/15/77 4,234 1,546 2,688

Feb. 15 ........................................... . 14-1/4% bond 01/06/82 1,759 185 1,574

Feb. 28 ........................................... . 6-1/4%-D note 02/28/97 13,800 1,354 12,446

Mar. 31 ........................................... . 6-5/8%-E note 03/31/97 14,301 1,568 12,733

Apr. 30............................................ . 6-5/8%-F note 04/30/97 14,475 1,818 12,657

May 15............................................ .

1 7-1/2%-A note 05/15/92 11,714 1,554 10,161

May 31............................................ . 6-1/2%-G note 06/02/97 13,504 1,609 11,895

June 30 ........................................... . 6-1/4%-H note 06/30/97 13,059 1,094 11,965

July 15 ............................................ .

1 3-5/8%-J note 07/15/97 17,448 900 16,548

July 31 ............................................ . 6%-K note 07/31/97 12,231 782 11,449

Aug. 15 ........................................... .

1 6-3/8%-B note 08/17/92 23,859 3,203 20,656

Aug. 31 ........................................... . 6-1/4%-L note 09/02/97 12,732 1,047 11,685

Sept. 30 ........................................... .

1 5-7/8%-M note 09/30/97 12,807 735 12,072

Oct. 31............................................ .

1 5-3/4%-N note 10/31/97 11,737 841 10,897

Nov. 15, 02-07...................................... . 7-7/8% bond 11/15/77 1,495 379 1,116

Nov. 15 ........................................... . 11-5/8% bond 09/29/82 2,753 348 2,405

Nov. 30 ........................................... .

1 5-3/4%-P note 12/01/97 12,121 1,335 10,786

Dec. 31 ........................................... .

1 5-5/8%-Q note 12/31/97 12,052 830 11,222

To tal ...................... .

219,534 22,327 197,210

2003

Jan. 31............................................ .

1 5-1/2%-C note 02/02/98 13,101 1,118 11,983

Feb. 15 ........................................... . 10-3/4% bond 01/04/83 3,007 739 2,267

Feb. 15 ........................................... .

1 6-1/4%-A note 02/16/93 23,563 2,285 21,278

Feb. 28 ........................................... .

1 5-1/2%-D note 03/02/98 13,670 1,787 11,883

Mar. 31 ........................................... .

1 5-1/2%-E note 03/31/98 14,173 1,472 12,701

Apr. 30............................................ .

1 5-3/4%-F note 04/30/98 12,573 1,653 10,920

May 15............................................ . 10-3/4% bond 04/04/83 3,249 433 2,816

May 31............................................ .

1 5-1/2%-G note 06/01/98 13,132 1,275 11,857

June 30 ........................................... .

1 5-3/8%-H note 06/30/98 13,127 1,309 11,818

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, June 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;" Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

 Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

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

See foot note at end of ta ble.
PUB LIC DEBT OP ER A TIONS 35

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, June 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

 Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

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

See foot note at end of ta ble.

2003 con.

Aug. 15, 03-08...................................... . 8-3/8% bond 08/15/78 2,103 789 1,314

Aug. 15 ........................................... . 11-1/8% bond 07/05/83 3,501 514 2,987

Aug. 15 ........................................... .

1 5-3/4%-B note 08/16/93 28,011 3,685 24,326

Aug. 15 ........................................... .

1 5-1/4%-J note 08/17/98 19,852 2,834 17,018

Nov. 15, 03-08...................................... . 8-3/4% bond 11/15/78 5,230 1,666 3,564

Nov. 15 ........................................... . 11-7/8% bond 10/05/83 7,260 969 6,290

Nov. 15 ........................................... . 4-1/4%-K note 11/16/98 18,626 1,518 17,107

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

194,178 24,046 170,129

2004

Feb. 15 ........................................... .

1 5-7/8%-A note 02/15/94 12,955 650 12,305

Feb. 15 ........................................... .

1 4-3/4%-E note 02/16/99 17,823 2,013 15,810

May 15, 04-09 ...................................... . 9-1/8% bond 05/15/79 4,606 1,013 3,593

May 15............................................ . 12-3/8% bond 04/05/84 3,755 770 2,985

May 15............................................ .

1 7-1/4%-B note 05/16/94 14,440 1,941 12,500

May 15............................................ .

1 5-1/4%-F note 05/17/99 18,925 2,562 16,364

Aug. 15 ........................................... . 13-3/4% bond 07/10/84 4,000 528 3,472

Aug. 15 ........................................... .

1 7-1/4%-C note 08/15/94 13,346 875 12,471

Nov. 15, 04-09...................................... . 10-3/8% bond 11/15/79 4,201 1,076 3,125

Nov. 15 ........................................... .

1 11-5/8% bond 10/30/84 8,302 1,110 7,192

Nov. 15 ........................................... .

1 7-7/8%-D note 11/15/94 14,374 1,808 12,566

To tal .................... .

116,727 14,346 102,383

2005

Feb. 15, 05-10 ...................................... . 11-3/4% bond 02/15/80 2,494 858 1,636

Feb. 15 ........................................... .

1 7-1/2%-A note 02/15/95 13,835 1,477 12,358

May 15, 05-10 ...................................... . 10% bond 05/15/80 2,987 1,177 1,811

May 15............................................ .

1 12% bond 04/02/85 4,261 728 3,532

May 15............................................ .

1 6-1/2%-B note 05/15/95 14,740 2,000 12,740

Aug. 15 ........................................... .

1 10-3/4% bond 07/02/85 9,270 1,187 8,083

Aug. 15 ........................................... .

1 6-1/2%-C note 08/15/95 15,003 2,015 12,988

Nov. 15, 05-10...................................... . 12-3/4% bond 11/17/80 4,736 1,261 3,476

Nov. 15 ........................................... .

1 5-7/8%-D note 11/15/95 15,210 1,960 13,250

To tal .................... .

82,536 12,663 69,874

2006

Feb. 15 ........................................... .

1 9-3/8% bond 01/15/86 4,756 292 4,464

Feb. 15 ........................................... .

1 5-5/8%-A note 02/15/96 15,514 1,918 13,596

May 15, 06-11 ...................................... . 13-7/8% bond 05/15/81 4,609 1,074 3,535

May 15............................................ .

1 6-7/8%-B note 05/15/96 16,015 2,075 13,940

July 15 ............................................ .

1 7%-C note 07/15/96 22,740 2,960 19,781

Oct. 15............................................ .

1 6-1/2%-D note 10/15/96 22,460 2,969 19,491

Nov. 15, 06-11...................................... . 14% bond 11/16/81 4,901 975 3,925

To tal .................... .

90,995 12,263 78,732

2007

Jan. 15............................................ .

1 3-3/8%-A note 02/06/97 16,526 1,010 15,516

Feb. 15 ........................................... .

1 6-1/4%-B note 02/18/97 13,104 1,001 12,103

May 15............................................ .

1 6-5/8%-C note 05/15/97 13,958 1,875 12,083

Aug. 15 ........................................... .

1 6-1/8%-D note 08/15/97 25,637 3,339 22,298
36 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, June 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Accounting; and Of fice of Mar ket Fi nance]

 Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

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

See foot note at end of ta ble.

Nov. 15, 07-12...................................... . 10-3/8% bond 11/15/82 11,032 1,612 9,420

To tal .................... .

80,257 8,837 71,420

2008

Jan. 15............................................ .

1 3-5/8%-A note 01/15/98 17,291 1,260 16,031

Feb. 15 ........................................... .

1 5-1/2%-B note 02/17/98 13,583 1,420 12,163

May 15............................................ .

1 5-5/8%-C note 05/15/98 27,191 4,084 23,107

Aug. 15, 08-13...................................... . 12% bond 08/15/83 14,755 3,041 11,715

Nov. 15 ........................................... . 4-3/4%-D note 11/16/98 25,083 2,475 22,608

To tal .................... .

97,903 12,280 85,624

2009

May 15, 09-14 ...................................... . 13-1/4% bond 05/15/84 5,007 869 4,138

Aug. 15, 09-14...................................... . 12-1/2% bond 08/15/84 5,128 906 4,223

Nov. 15, 09-14...................................... .

1 11-3/4% bond 11/15/84 6,006 1,195 4,811

Jan. 15............................................ .

1 3-7/8%-A note 01/15/99 8,645 400 8,245

May 15............................................ .

1 5-1/2- B note 05/17/99 14,795 2,045 12,750

To tal .................... .

39,581 5,415 34,167

2015

Feb. 15 ........................................... .

1 11-1/4% bond 02/15/85 12,668 1,336 11,332

Aug. 15 ........................................... .

1 10-5/8% bond 08/15/85 7,150 1,167 5,983

Nov. 15 ........................................... .

1 9-7/8% bond 11/15/85 6,900 942 5,958

To tal .................... .

26,718 3,445 23,273

2016

Feb. 15 ........................................... .

1 9-1/4% bond 02/15/86 7,267 975 6,292

May 15............................................ .

1 7-1/4% bond 05/15/86 18,824 1,098 17,726

Nov. 15 ........................................... .

1 7-1/2% bond 11/15/86 18,864 1,378 17,486

To tal .................... .

44,955 3,451 41,504

2017

May 15............................................ .

1 8-3/4% bond 05/15/87 18,194 2,382 15,812

Aug. 15 ........................................... .

1 8-7/8% bond 08/15/87 14,017 1,810 12,207

To tal .................... .

32,211 4,192 28,019

2018

May 15............................................ .

1 9-1/8% bond 05/16/88 8,709 968 7,741

Nov. 15 ........................................... .

1 9% bond 11/22/88 9,033 439 8,594

To tal .................... .

17,742 1,407 16,335

2019

Feb. 15 ........................................... .

1 8-7/8% bond 02/15/89 19,251 1,655 17,596

Aug. 15 ........................................... .

1 8-1/8% bond 08/15/89 20,214 1,841 18,373

To tal .................... .

39,465 3,496 35,969

2020

Feb. 15 ........................................... .

1 8-1/2% bond 02/15/90 10,229 1,336 8,893

2007 con.
PUB LIC DEBT OP ER A TIONS 37

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, June 30, 1999, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing; and Of fice of Mar ket Fi nance]

 Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

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

1

 This se cu rity is el i gi ble for strip ping. See ta ble V of the “Monthly State ment of the Pub lic Debt 

of the United States.”

May 15............................................ .

1 8-3/4% bond 05/15/90 10,159 1,332 8,827

Aug. 15 ........................................... .

1 8-3/4% bond 08/15/90 21,419 1,427 19,992

To tal .................... .

41,807 4,095 37,712

2021

Feb. 15 ........................................... .

1 7-7/8% bond 02/15/91 11,113 841 10,273

May 15............................................ .

1 8-1/8% bond 05/15/91 11,959 1,230 10,729

Aug. 15 ........................................... .

1 8-1/8% bond 08/15/91 12,163 1,225 10,938

Nov. 15 ........................................... .

1 8% bond 11/15/91 32,798 2,394 30,404

To tal .................... .

68,033 5,690 62,344

2022

Aug. 15 ........................................... .

1 7-1/4% bond 08/17/92 10,353 846 9,507

Nov. 15 ........................................... .

1 7-5/8% bond 11/16/92 10,700 1,207 9,493

To tal .................... .

21,053 2,053 19,000

2023

Feb. 15 ........................................... .

1 7-1/8% bond 02/16/93 18,374 2,192 16,182

Aug. 15 ........................................... .

1 6-1/4% bond 08/16/93 22,909 1,487 21,422

To tal .................... .

41,283 3,679 37,604

2024

Nov. 15 ........................................... .

1 7-1/2% bond 08/15/94 11,470 1,112 10,358

To tal .................... .

11,470 1,112 10,358

2025

Feb. 15 ........................................... .

1 7-5/8% bond 02/15/95 11,725 956 10,769

Aug. 15 ........................................... .

1 6-7/8% bond 08/15/95 12,602 1,595 11,007

To tal .................... .

24,327 2,551 21,776

2026

Feb. 15 ........................................... .

1 6% bond 02/15/96 12,905 999 11,906

Aug. 15 ........................................... .

1 6-3/4% bond 08/15/96 10,894 1,270 9,624

Nov. 15 ........................................... .

1 6-1/2% bond 11/15/96 11,493 1,520 9,973

To tal .................... .

35,292 3,789 31,503

2027

Feb. 15 ........................................... .

1 6-5/8% bond 02/18/97 10,456 610 9,846

Aug. 15 ........................................... .

1 6-3/8% bond 08/15/97 10,736 1,145 9,591

Nov. 15 ........................................... .

1 6-1/8% bond 11/17/97 22,519 2,755 19,764

To tal .................... .

43,711 4,510 39,201

2028

Apr. 15............................................ .

1 3-5/8% bond 04/15/98 17,268 820 16,448

Aug. 15 ........................................... .

1 5-1/2% bond 08/17/98 11,776 1,772 10,004

Nov. 15 ........................................... .

1 5-1/4% bond 11/16/98 10,947 945 10,002

To tal .................... .

39,991 3,537 36,454

2029

Feb. 15 ........................................... .

1 5-1/4% bond 02/15/99 11,350 1,340 10,010

Apr. 15............................................ .

1 3-7/8% bond 04/15/99 7,430 350 7,080

To tal .................... .

18,780 1,690 17,090

2020 con.
38 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-2.—Of fer ings of Bills

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States” and al lot ments; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Reg u lar weekly:

(13 week and 26 week)

1999 - Mar. 4 ... . June 3 91 27,780.9 11,705.9 10,309.9 1,396.0 11,099.3 149,678.4 98.845 4.57 4.70

Sept. 2 182 27,892.9 11,504.2 10,397.5 1,106.7 11,691.0 316,292.7 97.682 4.59 4.77

11 . . . June 10 91 32,370.6 11,526.9 10,182.7 1,344.2 12,022.6 149,182.6 98.860 4.51 4.64

Sept. 9 182 30,863.3 11,585.5 10,465.3 1,120.2 11,326.0 316,552.2 97.705 4.54 4.72

18 . . . June 17 91 34,290.5 11,582.6 10,233.9 1,348.7 11,474.6 149,290.6 98.870 4.47 4.60

Sept. 16 182 28,870.1 11,104.2 9,987.6 1,116.6 11,386.2 316,270.2 97.710 4.53 4.71

25 . . . June 24 91 28,422.8 9,943.6 8,629.6 1,314.0 11,204.0 148,030.1 98.894 4.38 4.50

Sept. 23 182 29,484.8 11,075.5 9,948.8 1,126.7 11,302.3 316,043.4 97.765 4.42 4.60

Apr. 1 ... . July 1 91 28,001.5 10,173.4 8,894.9 1,278.5 11,478.5 146,725.1 98.893 4.38 4.50

Sept. 30 182 28,378.5 11,639.5 10,539.8 1,099.7 11,261.2 316,421.7 97.806 4.34 4.51

8 ... . July 8 91 30,868.3 10,259.9 8,924.0 1,335.9 11,629.6 145,355.4 98.922 4.27 4.38

Oct. 7 182 27,715.8 11,497.0 10,393.3 1,103.7 11,671.5 316,247.2 97.803 4.35 4.52

15 . . . July 15 91 30,843.2 10,268.2 8,897.5 1,370.6 11,527.2 144,096.3 98.941 4.19 4.31

Oct. 14 182 31,021.9 11,824.9 10,747.8 1,077.1 12,191.9 315,880.3 97.816 4.32 4.49

22 . . . July 22 91 28,996.2 11,306.2 10,119.4 1,186.8 11,268.9 144,133.7 98.931 4.23 4.35

Oct. 21 182 29,265.1 11,160.6 10,200.7 959.9 11,710.6 315,330.3 97.791 4.37 4.54

29 . . . July 29 91 27,048.7 11,320.6 10,026.7 1,293.9 11,295.3 144,159.0 98.904 4.34 4.46

Oct. 28 182 28,998.5 11,570.7 10,503.2 1,067.5 11,285.9 315,615.1 97.771 4.41 4.59

May 6 ... . Aug. 5 91 30,118.4 12,075.6 10,674.8 1,400.8 12,172.2 144,062.4 98.868 4.48 4.61

Nov. 4 182 30,343.4 11,599.9 10,437.8 1,162.1 12,254.9 314,960.1 97.728 4.50 4.68

13 . . . Aug. 12 91 31,772.5 11,348.3 9,984.7 1,363.6 11,459.7 143,950.9 98.868 4.48 4.61

Nov. 12 183 29,871.1 11,317.3 10,203.5 1,113.8 11,824.6 314,452.8 97.707 4.51 4.69

20 . . . Aug. 19 91 27,337.1 11,592.6 10,245.0 1,347.7 11,662.6 143,880.8 98.845 4.57 4.70

Nov. 18 182 27,516.6 11,902.4 10,815.8 1,086.5 11,880.3 314,474.9 97.659 4.63 4.82

27 . . . Aug. 26 91 27,267.5 11,487.5 10,172.5 1,315.0 11,440.4 143,928.0 98.864 4.50 4.62

Nov. 26 183 28,331.0 11,553.7 10,513.7 1,040.1 11,617.6 314,411.0 97.677 4.57 4.76

June 3 ... . Sept. 2 91 26,026.6 11,604.1 10,245.5 1,358.7 11,724.6 143,807.5 98.832 4.62 4.75

Dec. 2 182 25,055.7 11,650.6 10,581.0 1,069.6 11,862.2 314,199.4 97.599 4.75 4.95

10 . . . Sept. 9 91 32,685.1 11,571.4 10,271.8 1,299.5 11,539.4 143,839.5 98.860 4.51 4.64

Dec. 9 182 26,499.5 11,481.5 10,399.2 1,082.3 12,614.4 313,066.5 97.594 4.76 4.96

17 . . . Sept. 16 91 27,487.3 11,605.2 10,272.8 1,332.4 11,594.6 143,850.2 98.832 4.62 4.75

Dec. 16 182 27,753.8 11,589.3 10,503.7 1,085.6 12,120.7 312,535.0 97.546 4.86 5.06

24 . . . Sept. 23 91 29,467.3 10,885.3 9,587.9 1,297.4 9,958.2 144,777.3 98.835 4.61 4.74

Dec. 23 182 29,764.0 11,067.8 10,062.8 1,005.0 10,553.9 313,048.9 97.548 4.85 5.06

52 week:

1998 - June 25 . . . 1999 - June 24 364 48,063.8 15,093.4 14,091.0 1,002.4 15,093.2 250,547.3 94.813 5.13 5.41

July 23 . . . July 22 364 46,405.5 15,768.7 14,812.4 956.4 18,829.8 247,486.2 94.848 5.10 5.38

Aug. 20 . . . Aug. 19 364 38,815.3 15,756.2 14,702.9 1,053.3 15,756.1 247,486.3 94.944 5.00 5.27

Sept. 17 . . . Sept. 16 364 35,829.9 15,439.9 14,552.1 887.9 15,439.9 247,486.3 95.445 4.51 4.73

Oct. 15 . . . Oct. 14 364 30,404.1 16,669.8 15,937.2 732.5 18,774.1 245,381.9 95.900 4.06 4.24

Nov. 12 . . . Nov. 12 365 35,376.1 16,253.8 15,622.9 631.0 18,451.4 243,184.4 95.539 4.39 4.62

Dec. 10 . . . Dec. 9 364 32,950.8 16,371.1 15,613.6 757.5 18,011.0 241,544.5 95.647 4.28 4.51

1999 - Jan. 7 ... . 2000 - Jan. 6 364 35,157.7 15,841.7 14,960.3 881.4 17,836.8 239,549.3 95.617 4.34 4.55

Feb. 4 ... . Feb. 3 364 33,234.6 15,401.4 14,340.4 1,061.0 19,190.2 235,760.6 95.581 4.37 4.58

Mar. 4 ... . Mar. 2 364 35,942.8 15,344.6 14,323.7 1,020.9 17,973.1 233,132.1 95.283 4.67 4.92

Apr. 1 ... . Mar. 30 364 32,541.9 15,884.2 14,805.1 1,079.1 16,751.0 232,265.4 95.455 4.50 4.73

Apr. 29 . . . Apr. 27 364 34,989.6 15,017.1 13,950.2 1,067.0 15,022.5 232,260.1 95.460 4.49 4.73

May 27 . . . May 25 364 27,950.8 15,288.1 14,291.8 996.3 15,540.1 232,008.1 95.319 4.63 4.88

June 24 . . . June 22 364 28,802.6 14,848.6 13,907.7 941.0 15,093.2 231,763.5 95.056 4.89 5.16

Cash man age ment:

1999 - Apr. 1 ... . 1999 - Apr. 15 14 42,824.2 26,023.7 - - - 26,023.7 99.811 4.85 4.95

22 . . . Apr. 23 1 35,895.0 8,020.0 - - - 34,043.7 99.987 4.51 4.76

June 1 ... . June 15 14 39,755.7 11,029.7 - - - 45,073.4 99.816 4.73 4.82

3.... . June 15 12 64,869.8 20,006.9 - - - 65,080.2 99.843 4.70 4.80

De scrip tion of new is sue Amounts of bids ac cepted

Amount matur ing on issue date of

new of fer ing

To tal

unmatured

is sues outstand ing after new

is sues

On to tal com pet i tive bids ac cepted

Is sue date

Ma tu rity

date

Num ber of

days to

ma tu rity

1

Amount of

bids

ten dered

To tal

amount

On com pet i -

tive ba sis

2

On noncom pet i tive

ba sis

3

High price

per hun dred

High discount rate

(per cent)

High in vest -

ment rate

(per cent)

4

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

1 All 13-week bills rep re sent ad di tional is sue of bills with an orig i nal ma tu rity of 26 weeks or 52

weeks. Cer tain 26-week bills rep re sent ad di tional is sues of bills with an orig i nal ma tu rity of 52

weeks.

2 Includes amounts ex changed on non com pet i tive ba sis by Gov ern ment ac counts and Fed eral

Re serve Banks.

3 Ten ders for $1 mil lion or less from any one bid der are ac cepted in full at the high price of accepted com pet i tive bids. All Trea sury mar ket able auc tions are con ducted in a sin gle-price for -

mat as of No vem ber 2, 1998.

4 Equiv a lent cou pon-issue yield.
PUB LIC DEBT OP ER A TIONS 39

See foot notes at end of ta ble.

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Range of

ac cepted bids

Pe riod to fi nal ma tu rity Amount Amount for notes

Auc tion date Is sue date De scrip tion of se cu ri ties

1

(years, months, days)

2

ten dered accepted

3,4

and bonds

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

07/09/97 07/15/97 3-5/8% ii note—07/15/02-J 5y 26,858

5

8,404

7

07/17/97 07/24/97 5.26% bill—07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note—07/31/99-AH 2y 40,533 16,840

8

07/23/97 07/31/97 6% note—07/31/02-K 5y 33,845 12,231

9

07/31/97

6

08/01/97 5.35% bill—09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note—08/15/00-W 3y 41,313 18,053

10

08/06/97 08/15/97 6-1/8% note—08/15/07-D 10y 27,869

5

13,036

11

08/07/97 08/15/97 6-3/8% bond—08/15/27 30y 27,355

5

10,736

12

08/14/97 08/21/97 5.28% bill—08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note—08/31/99-AJ 2y 40,541 17,214

13

08/27/97 09/02/97 6-1/4% note—08/31/02-L 5y 27,996 12,732

14

08/28/97 09/02/97 5.47% bill—09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill—09/17/98 364d 80,767 18,302

09/23/97 09/30/97 5-3/4% note—09/30/99-AK 2y 39,868

5

17,486

15

09/24/97 09/30/97 5-7/8% note—09/30/02-M 5y 35,396

5

12,806

16

10/08/97

6

10/15/97 3-5/8% ii note—07/15/02-J-reopening 4y 9m 28,953

5

8,413

17

10/09/97 10/16/97 5.20% bill—10/15/98 364d 60,299 18,774

10/28/97 10/31/97 5-5/8% note—10/31/99-AL 2y 36,128

5

16,822

18

10/29/97 10/31/97 5-3/4% note—10/31/02-N 5y 25,473

5

11,736

19

10/30/97

6

11/03/97 5.18% bill—01/22/98-reopening 80d 66,320 21,139

11/04/97 11/17/97 5-3/4% note—11/15/00-X 3y 36,663

5

16,036

20

11/05/97

6

11/17/97 6-1/8% note—08/15/07-D-reopening 9y 9m 28,400

5

12,599

21

11/06/97 11/17/97 6-1/8% bond—11/15/27 30y 29,354

5

11,185

22

11/06/97 11/13/97 5.14% bill—11/12/98 364d 85,598 18,453

11/24/97 12/01/97 5-5/8% note—11/30/99-AM 2y 41,982

5

17,055

23

11/25/97 12/01/97 5-3/4% note—11/30/02-P 5y 33,892

5

12,120

24

11/25/97 12/01/97 5.56% bill—12/16/97 15d 89,907 35,209

12/04/97 12/11/97 5.180% bill—12/10/98 364d 46,306 18,013

12/22/97 12/31/97 5-5/8% note—12/31/99-AN 2y 35,878

5

16,748

25

12/23/97 12/31/97 5-5/8% note—12/31/02-Q 5y 29,949

5

12,053

26

01/06/98 01/08/98 5.341% bill—01/07/99 364d 48,379 17,837

01/08/98 01/15/98 3-5/8% ii note—01/05/08-A 10y 23,958 8,410

27

01/27/98 02/02/98 5-3/8% note—01/31/00-Y 2y 36,269 17,500

28

01/28/98 02/02/98 5-1/2% note—01/31/03-C 5y 24,911 13,099

29

01/29/98 02/05/98 4.965% bill—02/04/99 364d 48,415 19,191

02/10/98 02/17/98 5-3/8% note—02/15/01-S 3y 35,326 15,362

30

02/11/98 02/17/98 5-1/2% note—02/15/08-B 10y 31,416 13,584

31

02/12/98

6

02/17/98 6-1/8% bond—11/15/27-reopening 29y 9m 22,536 11,334

32

02/12/98

6

02/17/98 5.29% bill—04/23/98-reopening 65d 85,000 22,389

02/24/98 03/02/98 5-1/2% note—02/29/00-Z 2y 36,313 17,770

33

02/25/98 03/02/98 5-1/2% note—02/28/03-D 5y 32,617 13,670

34

02/26/98 03/05/98 5.125% bill—03/04/99 364d 53,057 17,973

02/26/98

6

03/03/98 5.37% bill—04/16/98-reopening 44d 95,905 23,376

03/24/98 03/31/98 5-1/2% note—03/31/00-AB 2y 39,671 17,205

35

03/25/98 03/31/98 5-1/2% note—03/31/03-E 5y 25,782 14,173

36

03/26/98 04/02/98 5.110% bill—04/01/99 364d 43,080 16,752

04/01/98

6

04/03/98 5.45% bill—04/16/98-reopening 13d 70,638 19,125

04/08/98 04/15/98 3-5/8% bond—04/15/28 30y 21,016 8,404

37

04/23/98 04/30/98 5.125% bill—04/29/99 364d 47,705 15,345

04/28/98 04/30/98 5-5/8% note—04/30/00 2y 37,199 15,633

38

04/29/98 04/30/98 5-3/4% note—04/30/03 5y 27,756 12,573

39

05/12/98 05/15/98 5-5/8% note—05/15/01 3y 34,636 12,874

40

05/13/98 05/15/98 5-5/8% note—05/15/08 10y 31,447 14,775

41

05/21/98 05/28/98 5.150% bill—05/27/99 364d 47,168 15,540

05/27/98 06/01/98 5-1/2% note—05/31/00 2y 34,727 16,580

42

05/28/98 06/01/98 5-1/2% note—05/31/03 5y 31,273 13,132

43

06/02/98 06/03/98 5.30% bill—06/15/98 12d 48,059 15,004

06/18/98 06/25/98 5.130% bill—06/24/99 364d 48,064 15,093
40 PUB LIC DEBT OP ER A TIONS

06/23/98 06/30/98 5-3/8% note—06/30/00 2y 41,029 14,939

44

06/24/98 06/30/98 5-3/8% note—06/30/03 5y 28,428 13,127

45

07/08/98

6

07/15/98 3-5/8% bond—04/15/28-reopening 29y 9m 19,456 8,404

46

07/16/98 07/23/98 5.375% bill—07/22/99 364d 46,405 15,770

07/29/98 07/31/98 5-3/8% note—07/31/00 2y 40,835 18,683

47

08/11/98 08/17/98 5-1/4% note—08/15/03 5y 34,435 19,852

48

08/12/98

6

08/17/98 5-5/8% note—05/15/08-reopening 9y 9m 24,712 12,415

49

08/13/98 08/17/98 5-1/2% bond—08/15/28 30y 26,650 11,776

50

08/18/98 08/20/98 5.271% bill—08/19/99 364d 38,815 15,758

08/26/98 08/31/98 5-1/8% note—08/31/00 2y 37,908 20,030

51

08/27/98 08/31/98 5.54% bill—09/15/98 15d 60,925 40,010

09/15/98 09/17/98 4.730% bill—09/16/99 364d 35,830 15,440

09/23/98 09/30/98 4-1/2% note—09/30/00 2y 40,179 19,269

52

10/07/98

6

10/15/98 3-5/8% ii note—01/15/08-A-reopening 9y 3m 15,745 8,401

53

10/13/98 10/15/98 4.055% bill—10/14/99 364d 30,404 16,670

10/28/98 11/02/98 4% note—10/31/00-AJ 2y 36,124 20,527

54

11/02/98

6

11/03/98 4.67% bill—01/21/99-reopening 79d 53,977 25,000

11/03/98 11/16/98 4-1/4% note—11/15/03-K 5y 31,405 18,626

55

11/04/98 11/16/98 4-3/4% note—11/15/08-D 10y 19,744 13,488

56

11/05/98 11/16/98 5-1/4% bond—11/15/28 30y 17,228 10,947

57

11/09/98 11/12/98 4.40% bill—11/12/99 365d 35,376 16,254

11/24/98 11/30/98 4-5/8% note—11/30/00-AK 2y 38,800 20,158

58

11/30/98 12/01/98 4.86% bill—12/15/98 14d 42,919 23,012

12/08/98 12/10/98 4.305% bill—12/09/99 364d 32,951 16,371

12/29/98 12/31/98 4-5/8% note—12/31/00-AL 2y 42,988 19,478

59

01/05/99 01/07/99 4.335% bill—01/06/00 364d 35,158 15,842

01/06/99 01/15/99 3.875% note—01/15/09-A 10y 25,476 8,531

60

01/27/99 02/01/99 4.5% note—01/31/01-U 2y 36,637 19,772

61

02/02/99 02/04/99 4.370% bill—02/03/00 364d 33,235 15,401

02/09/99 02/16/99 4.75% note—02/15/04-E 5y 30,243 17,815

62

02/10/99

6

02/16/99 4.75% note—11/15/08-D-reopening 9y 9m 22,044 11,593

63

02/11/99

6

02/16/99 4.48% bill—04/22/99-reopening 65d 29,945 8,028

02/11/99 02/16/99 5.25% bond—02/15/29 30y 21,844 11,349

64

02/24/99 03/01/99 5% note—02/28/01-V 2y 31,961 19,576

65

02/25/99

6

03/01/99 4.74% bill—04/22/99-reopening 52d 77,425 42,000

03/02/99 03/03/99 4.79% bill—03/15/99 12d 46,945 19,041

03/02/99 03/04/99 4.665% bill—03/02/00 364d 35,943 15,345

03/24/99 03/31/99 4.875% note—03/31/01-W 2y 39,664 21,588

66

03/30/99 03/31/99 4.83% bill—04/19/99 19d 43,115 20,025

03/30/99 04/01/99 4.495% bill—03/30/00 364d 32,542 15,884

03/31/99

6

04/01/99 4.85% bill—04/15/99-reopening 14d 42,824 26,024

04/07/99 04/15/99 3.875% bond—04/15/29 30y 15,045 7,350

67

04/22/99 04/22/99 4.51% bill—04/23/99 1d 35,895 8,020

04/27/99 04/29/99 4.490% bill—04/27/00 364d 34,990 15,017

04/28/99 04/30/99 5% note—04/30/01-X 2y 40,875 21,027

68

05/11/99 05/17/99 5.25% note—05/15/04-F 5y 29,987 18,912

69

05/12/99 05/17/99 5.5% note—05/15/09-B 10y 22,281 14,798

70

05/25/99 05/27/99 4.630% bill—05/25/00 364d 27,951 15,288

05/26/99 06/01/99 5.25% note—05/31/01-Y 2y 35,124 19,870

71

05/27/99 06/01/99 4.73% bill—06/15/99 14d 39,756 11,030

06/02/99 06/03/99 4.70% bill—06/15/99 12d 64,870 20,007

06/22/99 06/24/99 4.890% bill—06/22/00 364d 28,803 14,849

06/23/99 06/30/99 5.75% note—06/30/01-Z 2y 29,693 18,986

72

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Range of

ac cepted bids

Pe riod to fi nal ma tu rity Amount Amount for notes

Auc tion date Is sue date De scrip tion of se cu ri ties

1

(years, months, days)

2

ten dered accepted

3,4

and bonds

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

See foot notes at end of ta ble.
PUB LIC DEBT OP ER A TIONS 41

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

1 Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown is the av er age bank dis -

count rate up to No vem ber 1, 1998. Be gin ning on No vem ber 2, 1998, the rate shown is the high 

bank dis count rate. For note and bond is sues, the rate shown is the in ter est rate. For de tails of

bill of fer ings, see ta ble PDO-2. As of Oc to ber 1, 1997, all Trea sury is sues of notes and bonds

are el i gi ble for STRIPS.

2 From date of ad di tional is sue in case of a re open ing.

3 In reopenings, the amount ac cepted is in ad di tion to the amount of orig i nal of fer ings.

4 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral Re serve Banks; and to

for eign and in ter na tional mon e tary au thor i ties, whether in ex change for ma tur ing se cu ri ties or

for new cash.

5 All notes and bonds are el i gi ble for STRIPS.

6 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of this loan.

7 Ac cepted yields ranged up to 3.744% (ad justed price 99.462) in this sin gle-price auc tion of an

in fla tion-indexed note.

8 Ac cepted yields ranged up to 5.930% (price 99.898) in this sin gle-price auc tion.

9 Ac cepted yields ranged up to 6.024% (price 99.898) in this sin gle-price auc tion.

10 Yields ac cepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the av -

er age at 6.041% (price 99.889).

11 Yields ac cepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the av -

er age at 6.205% (price 99.411).

12 Yields ac cepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the av -

er age at 6.445% (price 99.076).

13 Ac cepted yields ranged up to 5.998% (price 99.772) in this sin gle-price auc tion.

14 Ac cepted yields ranged up to 6.253% (price 99.987) in this sin gle-price auc tion.

15 Ac cepted yields ranged up to 5.794% (price 99.918) in this sin gle-price auc tion.

16 Ac cepted yields ranged up to 5.960% (price 99.637) in this sin gle-price auc tion.

17 Ac cepted yields ranged up to 3.600% (ad justed price 100.400) in this sin gle-price auc tion of

an in fla tion-indexed note.

18 Ac cepted yields ranged up to 5.720% (price 99.823) in this sin gle-price auc tion.

19 Ac cepted yields ranged up to 5.830% (price 99.657) in this sin gle-price auc tion.

20 Yields ac cepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the av -

er age at 5.762% (price 99.967).

21 Yields ac cepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

av er age at 5.955% (price 101.221).

22 Yields ac cepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the av -

er age at 6.201% (price 98.970).

23 Ac cepted yields ranged up to 5.700% (price 99.860) in this sin gle-price auc tion.

24Ac cepted yields ranged up to 5.769% (price 99.918) in this sin gle-price auc tion.

25 Ac cepted yields ranged up to 5.690% (price 99.879) in this sin gle-price auc tion.

26Ac cepted yields ranged up to 5.685% (price 99.742) in this sin gle-price auc tion.

27 Ac cepted yields ranged up to 3.730% (ad justed price 99.130) in this sin gle-price auc tion of

an in fla tion-indexed note.

28

 Ac cepted yields ranged up to 5.440% (price 99.878) in this sin gle-price auc tion.

yields ranged up to 5.558% (price 99.749) in this sin gle-price auc tion.

30 Yields ac cepted ranged from 5.404% (price 99.920) up to 5.420% (price 99.876) with the av -

er age at 5.414% (price 99.893).

31 Yields ac cepted ranged from 5.550% (price 99.620) up to 5.564% (price 99.514) with the av -

er age at 5.558% (price 99.559).

32 Yields ac cepted ranged from 5.800% (price 104. 558) up to 5.830% (price 104.122) with the

av er age at 5.822% (price 104.238).

33 Ac cepted yields ranged up to 5.537% (price 99.930) in this sin gle-price auc tion.

34 Ac cepted yields ranged up to 5.605% (price 99.547) in this sin gle-price auc tion.

35 Ac cepted yields ranged up to 5.500% (price 100.000) in this sin gle-price auc tion.

36 Ac cepted yields ranged up to 5.620% (price 99.483) in this sin gle-price auc tion.

37 Ac cepted yields ranged up to 3.740% (ad justed price 97.937) in this sin gle-price auc tion of

an in fla tion-indexed bond.

38 Ac cepted yields ranged up to 5.677% (price 99.903) in this sin gle-price auc tion.

39 Ac cepted yields ranged up to 5.795% (price 99.807) in this sin gle-price auc tion.

40 Yields ac cepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the

av er age at 5.633% (price 99.978).

41 Yields ac cepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the av -

er age at 5.646% (price 99.841).

42 Ac cepted yields ranged up to 5.530% (price 99.944) in this sin gle-price auc tion.

43 Ac cepted yields ranged up to 5.575% (price 99.676) in this sin gle-price auc tion.

44 Ac cepted yields ranged up to 5.495% (price 99.776) in this sin gle-price auc tion.

45 Ac cepted yields ranged up to 5.454% (price 99.658) in this sin gle-price auc tion.

46 Ac cepted yields ranged up to 3.680% (ad justed price 99.550) in this sin gle-price auc tion of

an in fla tion-indexed bond.

47 Ac cepted yields ranged up to 5.475% (price 99.813) in this sin gle-price auc tion.

48 Ac cepted yields ranged up to 5.327% (price 99.665) in this sin gle-price auc tion.

49 Yields ac cepted ranged from 5.418% (price 101.533) up to 5.436% (price 101.397) with the

av er age at 5.428% (price 101.457).

50 Yields ac cepted ranged from 5.587% (price 98.740) up to 5.598% (price 98.583) with the

av er age at 5.590% (price 98.697).

51 Ac cepted yields ranged up to 5.125% (price 100.000) in this sin gle-price auc tion.

52 Ac cepted yields ranged up to 4.615% (price 99.783) in this sin gle-price auc tion.

53 Ac cepted yields ranged up to 3.650% (ad justed price 100.869) in this sin gle-price auc tion of

an in fla tion-indexed note.

54 Ac cepted yields ranged up to 4.025% (price 99.952) in this sin gle-price auc tion.

55 Ac cepted yields ranged up to 4.340% (price 99.599) in this sin gle-price auc tion.

56 Ac cepted yields ranged up to 4.825% (price 99.410) in this sin gle-price auc tion.

57Ac cepted yields ranged up to 5.300% (price 99.253) in this sin gle-price auc tion.

58 Ac cepted yields ranged up to 4.629% (price 99.992) in this sin gle-price auc tion.

59 Ac cepted yields ranged up to 4.690% (price 99.877) in this sin gle-price auc tion.

60 Ac cepted yields ranged up to 3.898% (ad justed price 99.811) in this sin gle-price auc tion of

an in fla tion-indexed note.

61 Ac cepted yields ranged up to 4.575% (price 99.858) in this sin gle-price auc tion.

62Ac cepted yields ranged up to 4.767% (price 99.925) in this sin gle-price auc tion.

63 Ac cepted yields ranged up to 4.913% (price 98.735) in this sin gle-price auc tion.

64 Ac cepted yields ranged up to 5.298% (price 99.282) in this sin gle-price auc tion.

65 Ac cepted yields ranged up to 5.009% (price 99.983) in this sin gle-price auc tion.

66 Ac cepted yields ranged up to 4.995% (price 99.774) in this sin gle-price auc tion.

67 Ac cepted yields ranged up to 3.899% (ad justed price 99.578) in this sin gle-price auc tion of

an in fla tion-indexed bond.

68 Ac cepted yields ranged up to 5.017% (price 99.968) in this sin gle-price auc tion.

69Ac cepted yields ranged up to 5.367% (price 99.493) in this sin gle-price auc tion.

70 Ac cepted yields ranged up to 5.510% (price 99.923) in this sin gle-price auc tion.

71 Ac cepted yields ranged up to 5.315% (price 99.878) in this sin gle-price auc tion.

72 Ac cepted yields ranged up to 5.754% (price 99.993) in this sin gle-price auc tion.

Note.—All notes and bonds were sold at auc tion through com pet i tive and non com pet i tive

bid ding. Starting with the Jan u ary 5, 1999, auc tion, amounts listed as ten dered and ac cepted

are amounts ten dered and awarded on auc tion day. Be fore the Jan u ary 5, 1999, auc tion,

amounts listed as ten dered and ac cepted are amounts ten dered and awarded on is sue day.
42 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Classes

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

See foot notes at end of ta ble.

10/15/97 3-5/8% note—7/15/02-J 8,414 400 1 25 5,174 1,001 644 16 210 943

10/31/97 5-5/8% note—10/31/99-AL 16,824 502 1,113 705 12,350 5 443 24 1,310 372

10/31/97 5-3/4% note —10/31/02-N 11,737 365 614 356 9,120 2 345 - 382 553

11/17/97 6-1/8% bond—11/15/27 11,184 1,180 13 243 6,010 1 3,705 * 5 27

11/17/97 5-3/4% note—11/15/00-X 16,036 1,651 1,232 532 11,374 3 660 * 382 202

11/17/97 6-1/8% note—8/15/07-D 12,600 1,295 300 290 9,996 1 389 - 300 29

12/01/97 5-5/8% note—11/30/99-AM 17,051 548 232 636 13,197 5 223 3 1,805 402

12/01/97 5-3/4% note—11/30/02-P 12,121 400 79 235 9,880 7 519 46 799 156

12/31/97 5-5/8% note—12/31/99-AN 16,747 796 362 620 13,367 3 70 * 1,055 474

12/31/97 5-5/8% note—12/31/02-Q 12,052 585 1,083 247 9,133 21 176 51 492 264

01/15/98 3-5/8% note—1/15/08-A 8,410 400 601 62 4,920 1 1,300 3 1,093 30

02/02/98 5-3/8% note—1/31/00-Y 17,502 1,066 315 877 13,313 9 319 1 1,440 162

02/02/98 5-1/2% note—1/31/03-C 13,101 785 526 288 9,495 3 278 79 1,340 307

02/15/98 5-1/2% note—2/15/08-B 13,583 1,420 611 179 9,456 2 1,555 101 182 77

02/15/98 6-1/8% bond—11/15/27 -reopen ing 11,334 1,325 207 109 7,207 5 517 5 46 1,913

02/17/98 5-3/8% note—2/15/01-S 15,367 1,533 467 684 10,792 12 264 1 780 834

03/02/98 5-1/2% note—2/28/00-Z 17,776 1,497 642 733 12,683 5 314 * 1,460 442

03/02/98 5-1/2% note—2/28/03-D 13,670 1,095 1,669 244 8,374 1 215 30 1,643 399

03/31/98 5-1/2% note—3/31/00-AB 17,206 1,758 938 1,010 10,477 5 137 1 1,390 1,490

03/31/98 5-1/2% note—3/31/03-E 14,173 1,385 1,426 285 8,523 104 412 25 1,788 225

04/15/98 3-5/8% note—4/15/28 8,404 400 1,409 35 3,571 347 1,973 - 510 159

04/30/98 5-5/8% note—4/30/00-AC 15,634 1,191 151 1,099 9,726 2 1,019 1 1,650 795

04/30/98 5-3/4% note—4/30/03-F 12,573 1,010 312 258 9,757 7 31 * 909 289

05/15/98 5-5/8% note—5/15/01-T 12,874 2,270 163 513 8,339 5 772 1 595 216

05/15/98 5-5/8% note—5/15/08-C 14,775 2,720 1,001 87 7,347 * 3,560 0 52 8

06/01/98 5-1/2% note—5/31/00-AD 16,580 1,321 485 1,163 10,773 15 135 3 2,270 415

06/01/98 5-1/2% note—5/31/03-G 13,132 1,115 52 250 9,533 3 655 2 1,024 498

06/30/98 5-3/8% note—6/30/00-AE 14,939 1,383 258 1,140 9,439 7 214 1 1,535 962

06/30/98 5-3/8% note—6/30/03-H 13,127 1,265 12 220 8,486 3 1,510 1 1,152 478

07/15/98 3-5/8% bond—4/15/28 -reopening 8,404 400 267 21 5,087 * 669 21 621 1,318

Date of To tal is sue

Fed eral

Re serve

Banks

De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

and re tire -

ment funds

In vest -

ment

funds

In sur ance

companies

For eign

and 

international Other 3

fi nanc ing De scrip tion of se cu ri ties (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
PUB LIC DEBT OP ER A TIONS 43

TA BLE PDO-4A.—Al lot ments by In ves tor Classes

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

07/31/98 5-3/8% note—7/31/00-AF 18,683 1,842 378 1,453 9,576 11 1,826 2 2,150 1,445

08/17/98 5-1/4% note—8/15/03-J 19,852 2,834 895 465 13,340 100 125 * 1,105 988

08/17/98 5-5/8% note—5/15/08-C -reopening 12,416 1,364 1,595 60 8,852 * * - 98 447

08/17/98 5-1/2% note—8 /15/28-bond 11,776 1,772 411 30 5,832 * 3,593 - 5 133

08/31/98 5-1/8% note—8/31/00 -AG 20,029 2,994 352 1,243 12,727 10 136 1 2,000 566

09/30/98 4-1/2% note—9/30/00-AH 19,269 2,242 235 1,060 13,302 4 191 * 2,136 99

10/15/98 3-5/8% note—1/15/08-A 

-re open ing

8,401 400 308 12 5,566 1 488 100 262 1,264

11/02/98 4% note—10/30/00-AJ 20,525 2,463 193 796 14,680 7 111 1 2,235 39

11/16/98 4-1/4% note—11/15/03-K 18,626 1,518 41 298 14,943 223 141 1 1,272 189

11/16/98 4 3/4% note—11/15/08-D 13,488 1,135 201 45 11,231 1 371 10 429 65

11/16/98 5-1/4% bond—11/15/28 10,947 945 20 76 8,167 85 1,159 180 211 104

11/30/98 4-5/8% note—11/30/00-AK 20,158 2,032 411 696 12,992 6 1,513 2 2,185 321

12/31/98 4-5/8% note—12/31/00-AL 19,475 2,555 170 962 12,174 12 1,124 7 2,100 371

01/15/99 3-7/8% note—1/15/09-A 8,532 400 884 103 2,077 282 773 - 165 3,848

02/01/99 4-1/2% note—1/31/01-U 19,777 2,765 309 1,173 12,938 2 271 1 2,001 317

02/16/99 4-3/4% note—2/15/04-E 17,823 2,013 86 315 12,253 4 2,102 1 800 249

02/16/99 4-3/4% note—11/15/08-D 

-re open ing

11,595 1,340 1,374 55 7,728 * 406 - 364 328

02/16/99 5-1/4% bond—2/15/29 11,350 1,340 5 54 8,515 455 369 290 35 287

03/01/99 5% note—2/28/01-V 19,587 2,571 95 994 13,554 6 150 4 2,105 108

03/31/99 4-7/8% note—3/31/99-W 21,605 3,385 235 1,297 11,861 2 444 1 3,375 1,005

04/15/99 3-7/8% bond—4/15/29 7,351 350 20 17 5,093 1 527 60 871 412

04/30/99 5% note—4/30/01-X 21,034 3,020 53 1,201 12,793 7 102 1 3,585 272

05/17/99 5-1/4% note—5/15/04-F 18,925 2,562 24 456 12,569 2 374 75 1,525 1,338

05/17/90 5-1/2% note—5/15/09-B 14,795 2,045 214 584 9,956 2 572 10 750 662

06/01/99 5-1/4% note—5/31/01-Y 19,886 3,556 114 1,268 12,715 10 74 4 1,596 549

06/30/99 5-3/4% note—6/30/01-Z 19,007 2,484 243 1,540 12,398 1 392 * 1,893 56

* Less than $500,000.

1 De pos i tory in sti tu tions in clude banks.

2 In cludes part ner ships and per sonal trust ac counts. 

3

 Re sid ual.

 

Date of To tal is sue

Fed eral

Re serve

Banks

De pos i -

tory in sti -

tu tions 1

In di vid -

uals 2

Dealers

and

brokers

Pri vate

pen sion

and re tire -

ment funds

In vest -

ment

funds

In sur ance

companies

For eign

and

international Other 3

fi nanc ing De scrip tion of se cu ri ties (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
44 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4B.—Al lot ments by In ves tor Classes for Mar ket able Pub lic Debt Se cu ri ties

for Bills Other than Reg u lar Weekly Se ries

[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

To tal amount Al lot ments by in ves tor classes

Date of Av er age rate is sued Fed eral Com mer cial Dealers and

Date of ma tu rity (per cent) 52-week se ries Re serve Banks banks Cor po ra tions 1bro kers All other 2 

fi nanc ing (1) (2) (3) (4) (5) (6) (7) (8) 

1

 Ex clu sive of banks and in sur ance com pa nies.

2

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065

11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122

12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498

01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992

02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616

03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463

04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509

04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273

05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300

06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387

07/23/98 07/22/99 5.10 15,215 5,305 130 915 7,061 1,804

08/20/98 08/19/99 5.00 15,758 5,565 89 89 7,407 2,608

09/17/98 09/16/99 4.51 15,441 5,390 22 2,585 4,865 2,579

10/15/98 10/14/99 4.06 16,670 5,650 9 112 8,987 1,912

11/12/98 11/12/99 4.39 16,254 5,225 616 355 8,311 1,747

12/10/98 12/09/99 4.28 16,371 5,360 415 560 8,599 1,437

01/07/99 01/06/00 4.32 15,853 4,980 128 31 8,106 2,608

02/04/99 02/03/00 4.36 15,408 6,390 14 68 7,390 1,546

03/04/99 03/02/00 4.65 15,352 5,165 18 168 7,393 2,608

04/29/99 04/27/00 4.49 15,023 4,855 268 613 6,140 3,147

05/27/99 05/25/00 4.63 15,299 5,145 14 523 7,132 2,485

06/24/99 06/22/00 4.89 14,853 4,570 133 90 7,610 2,450
45

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through June 30, 1999

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1

dis count ac crued dis count Re demp tions 1bear ing debt in ter est-bearing debt

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

1

 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin -

ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH

bonds.

2

 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be found in

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”

TA BLE SBN-2.—Sales and Re demp tions by Pe riod,

All Se ries of Sav ings Bonds and Notes Com bined

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Sales plus Re demp tions Ma tured

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1

dis count 1bear ing debt bear ing debt

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

1

 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions

 be tween sales price and ac crued dis count has been es ti mated.

IN TRO DUC TION: Sav ings Bonds and Notes

Se ries EE bonds, on sale since Jan u ary 1, 1998, and series

I bonds, on sale since Sep tem ber 1, 1998, are the savings bonds

cur rently be ing sold. Se ries HH bonds are is sued in ex change

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through De cem ber 31,

1979 (through June 1980 to pay roll sav ers only). Se ries F and

G were sold from May 1, 1941, through April 30, 1952. Se ries

H was sold from June 1, 1952, through De cem ber 31, 1979.

Se ries HH bonds were sold for cash from Jan u ary 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May

1, 1952, through April 30, 1957. U.S. sav ings notes were on

sale May 1, 1967, through June 30, 1970. The notes were el i gi -

ble for pur chase by in di vid u als with the si mul ta neous purchase of se ries E sav ings bonds.

The prin ci pal terms and con di tions for pur chase and redemp tion and in for ma tion on in vest ment yields of sav ings

notes ap pear in the “Trea sury Bul le tins” of March 1967 and

June 1968; and in the An nual Re port of the Sec re tary of the

Trea sury for fis cal 1974.

Sav ings bonds:

Se ries A-D 2...................... . 3,949 1,054 5,003 5,002 - 1

Se ries E, EE, H and HH............. . 354,394 203,609 558,003 367,699 179,537 6,487

Se ries I.......................... . 258 - 258 - 257 -

Se ries F and G.................... . 28,396 1,125 29,521 29,517 - 3

Se ries J and K .................... . 3,556 198 3,754 3,753 - -

Sav ings notes ...................... .

862 703 1,565 1,214 167 -

To tal............................ .

391,415 206,689 598,104 407,185 179,961 6,491

Fis cal years:

1935-94 .............. . 363,460 163,984 527,444 348,780 272,261 76,459 176,766 1,857

1995 ................ . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 ................ . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 ................ . 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

1998 ................ . 1,383 2,996 4,315 4,655 1,801 2,854 180,744 5,091

Cal en dar years:

1935-95 .............. . 376,477 188,372 564,849 369,368 285,004 84,364 182,266 2,724

1996 ................ . 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222

1997 ................ . 9,904 17,301 27,205 27,647 15,412 12,235 181,133 5,359

1998 ................ . 2,072 3,892 5,964 6,425 3,357 3,068 180,597 5,434

1998 - June ............. . 364 708 1,123 1,208 637 571 180,580 5,330

July ............. . 362 829 1,162 1,247 167 1,080 180,558 5,300

Aug.............. . 325 746 1,089 1,174 447 727 180,615 5,157

Sept. ............ . 332 713 941 1,026 550 476 180,744 5,091

Oct. ............. . 435 873 1,336 1,010 516 408 181,138 5,042

Nov.............. . 435 674 1,146 912 358 477 181,397 4,999

Dec.............. . 545 721 1,307 1,176 545 497 180,254 6,273

1999 - Jan. ............. . 820 841 1,661 1,446 661 696 180,354 6,113

Feb. ............. . 514 740 1,253 1,207 563 544 180,508 5,998

Mar. ............. . 523 702 1,226 1,291 598 583 180,543 5,897

Apr.............. . 504 853 1,358 1,300 688 577 180,680 5,809

May ............. . 443 651 1,094 1,088 767 494 179,882 6,600

June ............ . 427 685 1,112 1,208 1,767 537 179,909 6,487
46 U.S. SAV INGS BONDS AND NOTES

 Note.—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buy ers.

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

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

Se ries E and EE

Se ries H and HH

Fis cal years:

1952-94........ . 13,548 - 13,548 18,990 18,990 - 17,106 11,379 17

1995 .......... . 8 - 8 737 737 - 874 11,524 16

1996 .......... . 16 - 16 744 744 - 1,173 11,940 16

1997 .......... . 10 - 10 893 893 - 1,254 12,294 17

1998 .......... . 62 - 41 340 686 - 362 12,515 20

 

Cal en dar years:

 -

1952-95........ . 13,536 - 13,536 19,831 20,131 - 18,212 11,576 24

1996 .......... . 17 - 17 789 789 - 1,266 12,038 23

1997 .......... . -7 - -7 1,693 1,693 - 2,193 12,331 23

1998 .......... . - - - 399 399 - 494 12,428 23

 -

1998 - June. ...... . 15 - 15 85 85 - 93 12,475 22

July........ . 3 - 3 85 85 - 99 12,470 21

Aug ....... . 19 - 19 85 85 - 90 12,495 20

Sept....... . 25 - 25 85 85 - 80 12,515 20

Oct........ . 2 - 2 61 61 - 88 12,541 19

Nov........ . 3 - 3 50 50 - 75 12,571 19

Dec........ . 1 - 1 56 56 - 81 12,594 23

1999 - Jan ........ . 4 - 4 68 68 - 90 12,621 22

Feb........ . 1 - 1 74 74 - 100 12,646 21

Mar........ . 1 - 1 75 75 - 110 12,681 20

Apr........ . 5 - 5 73 73 - 95 12,699 20

May. ...... . 4 - 4 64 64 - 87 12,715 23

June. ...... . 5 - 5 63 63 - 86 12,744 22

Fis cal years:

1941-94........ . 321,899 160,472 482,371 291,359 217,284 77,650 17,106 165,387 1,835

1995 .......... . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 .......... . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 .......... . 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

1998 .......... . 1,383 2,994 4,460 4,655 2,458 1,801 362 180,744 5,091

Cal en dar years:

1941-95........ . 326,991 176,324 503,315 299,483 228,955 77,438 18,298 170,690 2,700

1996 .......... . 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198

1997 .......... . 9,316 16,499 25,815 24,863 13,044 11,598 2,192 168,802 5,359

1998 .......... . 2,072 3,892 5,964 6,425 2,959 3,143 576 180,597 5,434

1998 - June ....... . 364 708 1,088 1,208 553 637 93 180,580 5,330

July ....... . 362 828 1,194 1,247 1,079 167 99 180,558 5,300

Aug........ . 325 745 1,089 1,174 361 447 90 180,615 5,157

Sept. ...... . 332 713 1,089 1,026 465 550 80 180,744 5,091

Oct. ....... . 435 873 1,334 1,012 456 408 87 168,330 5,023

Nov........ . 435 673 1,143 909 307 477 75 168,528 4,981

Dec........ . 545 720 1,306 1,122 489 497 81 167,375 6,250

1999 - Jan. ....... . 764 840 1,656 1,379 592 698 90 167,399 6,091

Feb........ . 470 739 1,252 1,135 488 547 100 167,488 5,977

Mar........ . 477 702 1,226 1,212 523 580 110 167,446 5,876

Apr. ....... . 459 853 1,353 1,222 554 574 95 167,527 5,789

May ....... . 400 651 1,091 1,026 442 496 87 166,678 6,577

June ...... . 394 685 1,118 1,139 521 533 86 166,643 6,465

Se ries I

Fis cal year:

1998 .......... . 17 - 17 - - - - 17 -

Cal en dar year:

1998 .......... . 77 - 77 - - - - 77 -

1998 - Dec. ....... . 40 - 40 - - - - 117 -

1999 - Jan. ....... . 52 - 52 - - - - 168 -

Feb........ . 43 - 43 - - - - 211 -

Mar........ . 46 - 46 - - - - 257 -

Apr........ . 41 - 41 - - - - 297 -

May ....... . 39 - 39 - - - - 335 -

June ...... . 39 - 39 - - - - 372 -
47

IN TRO DUC TION: Own er ship of Fed eral Se cu ri ties

Fed eral se cu ri ties pre sented in the fol low ing ta bles are

pub lic debt se cu ri ties such as sav ings bonds, bills, notes and

bonds that the Trea sury is sues. The ta bles also de tail debt issued by other Fed eral agen cies un der spe cial fi nanc ing au thor -

i ties. [See the Fed eral debt (FD) ta bles for a more com plete

de scrip tion of the Fed eral debt.]

• Ta ble OFS-1 pres ents Trea sury mar ket able and non mar -

ket able se cu ri ties and debt is sued by other Fed eral agen cies

held by Gov ern ment ac counts, the FRBs and pri vate in ves tors.

So cial Se cu rity and Fed eral re tire ment trust fund in vest ments

com prise much of the Gov ern ment ac count hold ings. 

The FRBs ac quire Trea sury se cu ri ties in the mar ket as a

means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2 pres ents the es ti mated amount of pub lic

debt se cu ri ties held by pri vate in ves tors. In for ma tion is obtained from sources such as the Fed eral fi nan cial in sti tu tion

reg u la tory agen cies. State, lo cal and for eign hold ings in clude

spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti -

ties and for eign of fi cial ac counts. They also in clude mu nic i -

pal, for eign of fi cial and pri vate hold ings of mar ket able

Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion

of in ves tor cat e go ries.)
48 OWN ER SHIP OF FED ERAL SE CU RITIES

TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

To tal In ter est-bearing pub lic debt se cu ri ties

End of Fed eral Pub lic is sues

fis cal year se cu ri ties To tal Held by U.S. Gov ern ment ac counts held by Fed eral

or month out stand ing out stand ing To tal Mar ket able Non mar ket able Re serve Banks

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

1994 ........................ . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 ........................ . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 ........................ . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997 ........................ . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1998 ........................ . 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

1998 - June................... . 5,577,860 5,540,243 1,757,556 1,254 1,756,302 458,417

July.................... . 5,557,849 5,520,079 1,753,898 1,254 1,752,644 447,834

Aug ................... . 5,594,178 5,557,043 1,756,687 1,254 1,755,433 450,030

Sept................... . 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

Oct.................... . 5,588,301 5,515,449 1,788,351 1,254 1,787,097 454,406

Nov.................... . 5,621,009 5,584,548 1,798,755 1,171 1,797,584 462,890

Dec.................... . 5,643,435 5,605,401 1,826,826 1,123 1,825,703 471,736

1999 - Jan. ................... . 5,639,054 5,568,063 1,854,253 1,123 1,853,130 478,329

Feb.................... . 5,650,706 5,580,223 1,864,089 1,123 1,862,966 458,845

Mar.................... . 5,680,450 5,643,138 1,857,066 1,123 1,855,943 464,517

Apr. ................... . 5,614,538 5,577,369 1,875,854 1,123 1,874,731 482,411

May. .................. . 5,632,895 5,563,128 1,895,541 1,123 1,894,418 488,419

June. .................. . 5,667,682 5,629,535 1,953,613 1,123 1,952,490 493,816

Ma tured Agency se cu ri ties

pub lic Held by

debt U.S. Gov ern ment

End of In ter est-bearing pub lic debt se cu ri ties, con. and debt ac counts and Held by

fis cal year Held by pri vate in ves tors bear ing no To tal Fed eral Re serve pri vate

or month To tal Mar ket able Non mar ket able in ter est out stand ing Banks in ves tors

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

1994 ........................ . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 ........................ . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996 ........................ . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997 ........................ . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1998 ........................ . 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

1998 - June. .................. . 3,324,270 2,909,839 414,431 7,692 29,925 4,367 25,558

July.................... . 3,318,347 2,901,709 416,638 7,659 30,111 4,367 25,744

Aug ................... . 3,350,326 2,933,267 417,059 7,511 29,625 4,367 25,258

Sept................... . 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

Oct.................... . 3,272,692 2,853,192 419,500 43,806 29,046 717 28,329

Nov.................... . 3,322,903 2,899,311 423,592 7,431 29,030 717 28,313

Dec.................... . 3,306,839 2,882,598 424,241 8,816 29,218 717 28,501

1999 - Jan. ................... . 3,235,481 2,813,352 422,130 42,054 28,937 717 28,220

Feb.................... . 3,257,289 2,834,566 422,723 41,723 28,760 717 28,043

Mar.................... . 3,321,555 2,895,704 425,852 8,477 28,835 717 28,118

Apr. ................... . 3,219,104 2,789,038 430,066 8,471 28,698 717 27,981

May. .................. . 3,179,168 2,751,084 428,084 41,070 28,697 717 27,980

June. .................. . 3,182,106 2,753,570 428,536 9,245 28,902 634 28,268
OWN ER SHIP OF FED ERAL SE CU RITIES 49

1

 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Face value.

2

 Sources: Fed eral Re serve Bul le tin, ta ble 1.18, Fed eral Re serve Banks, state ment of con di -

tion, for Sys tem Open Mar ket Ac counts; and U. S. Trea sury for Government ac counts. Fed eral

Re serve hold ings ex clude Trea sury se cu ri ties held un der re pur chase agree ments.

3

 Source: Fed eral Re serve Board of Gov er nors, Flow of Funds Ta ble L.209.

4

 In cludes com mer cial banks, sav ings in sti tu tions and credit un ions.

5

 Source: U.S. Trea sury Monthly State ment of Pub lic Debt. Cur rent ac crual value.

6

In cludes U.S. Trea sury se cu ri ties held by the Fed eral Em ployees Re tire ment Sys tem Thrift

Sav ings Plan "G Fund."

7

 In cludes money mar ket mu tual funds, mu tual funds and closed-end in vest ment com pa nies.

8 Source: Fed eral Re serve Board Trea sury In ter na tional Cap i tal Sur vey. In cludes non mar ketable for eign se ries Trea sury se cu ri ties and Trea sury de posit funds. Ex cludes Trea sury secu ri -

ties held un der re pur chase agree ments in cus tody ac counts at the Fed eral Re serve Bank of

New York. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench mark to

De cem ber 1994 and the 1994 bench mark to date.

9

 In cludes in di vid u als, Gov ern ment-sponsored enterprises, bro kers and deal ers, bank per sonal

trusts and es tates, cor po rate and non-corporate busi nesses, and other in ves tors.

 Note.—Own er ship data were re vised (in June 1999) back to March 1989 in or der to up date

own er ship cat e go ries and to in cor po rate greater re li ance on Flow of Funds data of the Fed eral

Re serve Board.

TA BLE OFS-2.—Es ti mated Own er ship of U.S. Trea sury Se cu ri ties

[In bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

1989 - Mar. . . . 2,740.9 837.5 1,903.4 239.0 112.2 148.2 123.9 119.7 118.4 355.9 373.5 312.6

June . . . 2,799.9 890.8 1,909.1 218.2 114.0 156.1 124.0 120.6 116.5 358.6 366.4 334.7

Sept. . . . 2,857.4 899.1 1,958.3 205.4 115.7 164.4 125.6 121.2 120.4 359.8 391.8 354.0

Dec. . . . 2,953.0 935.6 2,017.4 204.2 117.7 174.8 124.8 123.9 124.9 369.1 426.1 351.9

1990 - Mar. . . . 3,052.0 935.4 2,116.6 218.8 119.9 177.9 134.9 132.3 142.7 401.1 445.4 343.5

June . . . 3,143.8 1,003.8 2,140.0 214.2 121.9 186.8 140.2 133.7 141.2 405.0 451.0 346.0

Sept. . . . 3,233.3 1,026.0 2,207.3 214.8 123.9 192.9 141.8 136.4 147.6 407.3 463.8 378.9

Dec. . . . 3,364.8 1,059.5 2,305.3 206.5 126.2 198.2 139.8 138.2 162.8 410.6 487.1 436.1

1991 - Mar. . . . 3,465.2 1,104.6 2,360.6 222.5 129.7 204.7 148.0 147.2 186.1 415.6 492.0 414.8

June . . . 3,538.0 1,139.1 2,398.9 231.5 133.2 205.3 149.1 156.8 180.1 416.8 502.0 424.1

Sept. . . . 3,665.3 1,166.9 2,498.4 251.7 135.4 211.3 152.4 171.4 199.5 430.2 506.3 440.3

Dec. . . . 3,801.7 1,223.2 2,578.5 271.5 138.1 212.8 147.5 181.8 221.8 435.5 520.9 448.6

1992 - Mar. . . . 3,881.3 1,215.5 2,665.8 300.5 142.0 215.7 141.6 188.4 227.9 460.0 536.4 453.3

June . . . 3,984.7 1,272.3 2,712.4 315.1 145.4 216.4 141.3 192.8 235.2 435.6 558.2 472.4

Sept. . . . 4,064.6 1,282.4 2,782.2 337.1 150.3 221.8 143.8 194.8 245.1 429.3 562.8 497.4

Dec. . . . 4,177.0 1,329.7 2,847.3 348.3 157.3 r 224.1 147.8 197.5 r 259.5 418.2 576.7 r 517.9

1993 - Mar. . . . 4,230.6 1,328.6 2,902.0 362.6 163.6 229.8 148.6 208.0 261.5 434.0 585.9 508.1

June . . . 4,352.0 1,400.6 2,951.4 361.0 166.5 230.6 153.5 217.8 269.2 441.2 596.8 514.8

Sept. . . . 4,411.5 1,422.2 2,989.3 366.2 169.1 240.1 164.3 229.4 283.9 434.0 619.1 483.3

Dec. . . . 4,535.7 1,476.1 3,059.6 373.0 171.9 239.9 163.0 234.5 r 294.0 447.8 650.3 r 485.3

1994 - Mar. . . . 4,575.9 1,476.0 3,099.9 397.4 175.0 245.4 171.0 233.4 278.0 443.4 661.1 495.2

June . . . 4,645.8 1,547.5 3,098.3 383.9 177.1 254.9 169.2 238.1 271.6 425.2 659.9 518.5

Sept. . . . 4,692.8 1,562.8 3,130.0 364.0 178.6 262.4 169.6 243.7 265.3 398.2 682.0 566.2

Dec.... . 4,800.2 1,622.6 3,177.6 339.6 180.5 271.6 171.0 r 240.1 273.0 370.0 667.3 r 664.5

1995 - Mar. . . . 4,864.1 1,619.3 3,244.8 352.9 181.4 278.6 181.2 244.2 273.0 350.5 707.0 676.1

June . . . 4,951.4 1,690.1 3,261.3 340.0 182.6 284.5 175.0 245.0 263.9 313.7 762.5 694.3

Sept. . . . 4,974.0 1,688.0 3,286.0 330.8 183.5 290.7 175.9 245.2 272.6 304.3 820.4 662.6

Dec.... . 4,988.7 1,681.0 3,307.7 315.4 185.0 298.7 175.8 241.5 r 286.5 289.8 835.2 r 679.7

1996 - Mar. . . . 5,117.8 1,731.1 3,386.7 322.1 185.8 304.2 181.2 239.4 310.4 283.6 908.1 651.9

June . . . 5,161.1 1,806.7 3,354.4 318.7 186.5 308.4 191.0 229.5 306.5 283.3 929.7 600.8

Sept. . . . 5,224.8 1,831.6 3,393.2 310.9 186.8 312.0 189.5 226.8 308.4 263.8 993.4 601.7

Dec.... . 5,323.2 1,892.0 3,431.2 296.6 187.0 314.6 190.5 214.1 315.8 257.0 1,102.1 553.5

1997 - Mar. . . . 5,380.9 1,928.7 3,452.2 317.3 186.5 318.5 192.5 182.2 310.4 250.6 1,157.6 536.6

June . . . 5,376.2 1,998.9 3,377.3 300.2 186.3 323.2 197.9 183.6 305.3 243.3 1,182.7 454.7

Sept. . . . 5,413.1 2,011.5 3,401.6 292.8 186.2 327.9 209.1 187.3 311.3 237.7 1,230.5 418.7

Dec.... . 5,502.4 2,087.8 3,414.6 300.3 186.5 334.3 204.8 176.6 321.3 239.3 1,241.6 409.9

1998 - Mar. . . . 5,542.4 2,104.9 3,437.5 308.2 186.3 r 336.6 r 208.0 r 170.1 r 324.7 r 238.1 1,250.5 r 415.0

June . . . 5,547.9 2,198.6 3,349.3 290.8 186.0 r 338.9 r 209.8 r 161.9 r 319.0 r 256.0 1,256.0 r 331.0

Sept. . . . 5,526.2 2,213.0 3,313.2 r 244.4 186.0 r 341.4 r 196.5 r 150.7 r 319.1 r 266.4 r 1,224.2 r 384.5

Dec.... . 5,614.2 2,280.2 3,334.0 r 237.4 186.7 r 345.4 r 201.6 r 144.6 r 339.5 r 269.3 r 1,278.7 r 330.8

1999 - Mar. . . . 5,651.6 2,324.0 3,327.6 p 247.6 186.6 p 347.3 p 197.6 p 137.7 p 341.3 p 266.6 r 1,270.8 p 332.1

 June... . 5,638.8 2,439.5 3,199.3 n.a. 186.6 n.a. n.a. n.a. n.a. n.a. p 1,257.3 n.a.

Fed eral

Re serve

and Gov ernment ac counts

2

Pen sion funds 3

End of

month

To tal

pub lic

debt

1

To tal

pri vately

held

De pos i tory

in sti tu tions

3,4

U.S.

sav ings

 bonds 5 Pri vate 6

State and

lo cal gov ernments

In sur ance

companies

3

Mu tual

funds

3,7

State

and lo cal

gov ernments

3

For eign

and interna tional 8

Other

in ves tors 9

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
IN TRO DUC TION: Mar ket Yields

The ta bles and charts in this sec tion pres ent yields on

Trea sury mar ket able se cu ri ties, and com pare long-term yields

on Trea sury se cu ri ties with yields on long-term cor po rate and

mu nic i pal se cu ri ties.

• Ta ble MY-1 lists Trea sury mar ket bid yields at con stant

ma tu ri ties for bills, notes and bonds. The Trea sury yield curve

in the ac com pa ny ing chartis based on cur rent mar ket bid quo -

ta tions on the most ac tively traded Trea sury se cu ri ties as of

3:30 p.m. on the last busi ness day of the cal en dar quar ter. 

The Trea sury uses quo ta tions ob tained by the FRB of

NewYork to de rive the yield curve, based on semi an nualin ter -

est pay ments and read at con stant ma tu rity pointsto de velop a

con sis tent data se ries. Yields on Trea sury bills are cou pon

equiv a lent yields of bank dis count rates at which Trea sury

bills trade in the mar ket. The Board of Gov er nors of the Fed -

eral Re serveSys tem pub lishesthe Trea sury con stant ma tu rity

data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Trea -

sury, cor po rate and mu nic i pal bonds. The long-term Trea sury

av er age yield is the 30-year con stant ma tu rity yield. The cor -

po rate bond av er age yield is de vel oped by Trea sury by cal cu -

lat ing reoffering yields on new long-term se cu ri ties ma tur ing

in atleast 20 years and ratedAa byMoody’sIn ves torsSer vice. 

The mu nic i pal bond av er age yield prior to 1991 was com piled

by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield

is the “Mu nic i pal Bond Yield Av er age,” pub lished by

Moody’sIn ves torsSer vice for 20-year reoffering yields on se -

lected Aa-rated gen eral ob li ga tions. See the foot notes for fur -

ther ex pla na tion.

50

Monthly av er age:

1998 - July ......... . 5.09 5.23 5.36 5.46 5.47 5.46 5.52 5.46 5.68

Aug .......... . 5.04 5.15 5.21 5.27 5.24 5.27 5.36 5.34 5.54

Sept ......... . 4.74 4.81 4.71 4.67 4.62 4.62 4.76 4.81 5.20

Oct .......... . 4.07 4.20 4.12 4.09 4.18 4.18 4.46 4.53 5.01

Nov .......... . 4.53 4.59 4.53 4.54 4.57 4.54 4.78 4.83 5.25

Dec .......... . 4.50 4.57 4.52 4.51 4.48 4.45 4.65 4.65 5.06

1999 - Jan.......... . 4.45 4.49 4.51 4.62 4.61 4.60 4.80 4.72 5.16

Feb .......... . 4.56 4.61 4.70 4.88 4.90 4.91 5.10 5.00 5.37

Mar .......... . 4.57 4.65 4.78 5.05 5.11 5.14 5.36 5.23 5.58

Apr .......... . 4.41 4.54 4.69 4.98 5.03 5.08 5.28 5.18 5.55

May.......... . 4.63 4.75 4.85 5.25 5.33 5.44 5.64 5.54 5.81

June ......... . 4.72 5.03 5.10 5.62 5.70 5.81 6.05 5.90 6.04

End of month:

1998 - July ......... . 5.10 5.21 5.38 5.49 5.48 5.52 5.56 5.50 5.72

Aug .......... . 4.96 5.03 4.95 4.91 4.85 4.91 5.03 5.05 5.30

Sept ......... . 4.37 4.49 4.41 4.30 4.26 4.23 4.38 4.44 4.98

Oct .......... . 4.33 4.36 4.18 4.12 4.24 4.24 4.47 4.64 5.15

Nov .......... . 4.57 4.58 4.53 4.54 4.54 4.51 4.70 4.74 5.08

Dec .......... . 4.48 4.55 4.53 4.54 4.55 4.56 4.73 4.65 5.09

1999 - Jan.......... . 4.48 4.47 4.51 4.58 4.57 4.55 4.72 4.66 5.09

Feb .......... . 4.66 4.70 4.88 5.13 5.16 5.21 5.39 5.29 5.57

Mar .......... . 4.49 4.53 4.72 4.99 5.07 5.12 5.38 5.25 5.63

Apr .......... . 4.55 4.66 4.78 5.08 5.17 5.24 5.42 5.36 5.68

May.......... . 4.66 4.83 4.97 5.42 5.51 5.60 5.83 5.64 5.84

June ......... . 4.78 5.04 5.07 5.53 5.59 5.67 5.93 5.81 5.98

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities: Bills, Notes and Bonds*

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

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 Trea sury yields curve.
MARKET YIELDS 51

Years to ma tu rity

4.5

5

5.5

6

6.5

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

* Source: Of fice of Mar ket Fi nance

CHART MY-A.—Yields of Trea sury Se cu ri ties, June 30, 1999*

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most actively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.
52 MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

New Aa New Aa

 Trea sury cor po rate mu nic i pal

Pe riod 30-yr. bonds bonds 1 bonds 2

 (1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

See foot notes at end of ta ble.

1988

Jan ................................................................................ . 8.83 9.81 7.46

Feb................................................................................ . 8.43 9.43 7.34

Mar................................................................................ . 8.63 9.68 7.55

Apr ................................................................................ . 8.95 9.92 7.69

May ............................................................................... . 9.23 10.25 7.63

June ............................................................................... . 9.00 10.08 7.67

July................................................................................ . 9.14 10.12 7.63

Aug................................................................................ . 9.32 10.27 7.62

Sept ............................................................................... . 9.06 10.03 7.30

Oct ................................................................................ . 8.89 9.86 7.27

Nov................................................................................ . 9.02 9.98 7.39

Dec................................................................................ . 9.01 10.05 7.40

1989

Jan. ............................................................................... . 8.93 9.92 7.18

Feb. ............................................................................... . 9.01 10.11 7.31

Mar. ............................................................................... . 9.17 10.33 7.42

Apr. ............................................................................... . 9.03 10.11 7.30

May ............................................................................... . 8.83 9.82 7.05

June ............................................................................... . 8.27 9.24 6.94

July................................................................................ . 8.08 9.20 6.89

Aug. ............................................................................... . 8.12 9.09 6.73

Sept................................................................................ . 8.15 9.29 7.10

Oct. ............................................................................... . 8.00 9.04 7.13

Nov. ............................................................................... . 7.90 9.20 6.95

Dec. ............................................................................... . 7.90 9.23 6.76

1990

Jan. ............................................................................... . 8.26 9.56 6.95

Feb. ............................................................................... . 8.50 9.68 7.03

Mar. ............................................................................... . 8.56 9.79 7.09

Apr. ............................................................................... . 8.76 10.02 7.26

May ............................................................................... . 8.73 9.97 7.14

June ............................................................................... . 8.46 9.69 6.98

July................................................................................ . 8.50 9.72 7.03

Aug. ............................................................................... . 8.86 10.05 7.13

Sept................................................................................ . 9.03 10.17 7.15

Oct. ............................................................................... . 8.86 10.09 7.24

Nov. ............................................................................... . 8.54 9.79 6.87

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
MARKET YIELDS 53

1992

Jan. ............................................................................... . 7.58 8.36 6.29

Feb. ............................................................................... . 7.85 8.63 6.42

Mar. ............................................................................... . 7.97 8.62 6.59

Apr. ............................................................................... . 7.96 8.59 6.54

May ............................................................................... . 7.89 8.57 6.39

June ............................................................................... . 7.84 8.45 6.32

July................................................................................ . 7.60 8.19 5.90

Aug. ............................................................................... . 7.39 7.96 5.81

Sept................................................................................ . 7.34 7.99 6.05

Oct. ............................................................................... . 7.53 8.17 6.18

Nov. ............................................................................... . 7.61 8.25 6.22

Dec. ............................................................................... . 7.44 8.12 6.02

1993

Jan. ............................................................................... . 7.34 7.91 6.05

Feb. ............................................................................... . 7.09 7.73 5.74

Mar. ............................................................................... . 6.82 7.39 5.54

Apr. ............................................................................... . 6.85 7.48 5.64

May ............................................................................... . 6.92 7.52 5.61

June ............................................................................... . 6.81 7.48 5.54

July................................................................................ . 6.63 7.35 5.40

Aug. ............................................................................... . 6.32 7.04 5.50

Sept................................................................................ . 6.00 6.88 5.44

Oct. ............................................................................... . 5.94 6.88 5.23

Nov. ............................................................................... . 6.21 7.17 5.19

Dec. ............................................................................... . 6.25 7.22 5.27

1994

Jan. ............................................................................... . 6.29 7.16 5.19

Feb. ............................................................................... . 6.49 7.27 5.16

Mar. ............................................................................... . 6.91 7.64 5.47

Apr. ............................................................................... . 7.27 7.95 5.59

May ............................................................................... . 7.41 8.17 5.79

June ............................................................................... . 7.40 8.16 5.96

July................................................................................ . 7.58 8.30 6.11

Aug. ............................................................................... . 7.49 8.25 6.07

Sept................................................................................ . 7.71 8.48 6.10

Oct. ............................................................................... . 7.94 8.76 6.31

Nov. ............................................................................... . 8.08 8.89 6.79

Dec. ............................................................................... . 7.87 8.66 6.63

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

New Aa New Aa

 Trea sury cor po rate mu nic i pal

Pe riod 30-yr. bonds bonds 1 bonds 2

 (1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

See foot notes at end of ta ble.

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
54 MARKET YIELDS

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

New Aa New Aa

 Trea sury cor po rate mu nic i pal

Pe riod 30-yr. bonds bonds 1bonds 2

 (1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

1996

Jan. ............................................................................... . 6.05 7.00 5.41

Feb. ............................................................................... . 6.24 7.14 5.41

Mar. ............................................................................... . 6.60 7.58 5.57

Apr. ............................................................................... . 6.79 7.81 5.72

May ............................................................................... . 6.93 7.87 5.73

June ............................................................................... . 7.06 8.00 5.82

July................................................................................ . 7.03 7.97 5.82

Aug. ............................................................................... . 6.84 7.68 5.69

Sept................................................................................ . 7.03 7.84 5.62

Oct. ............................................................................... . 6.81 7.69 5.53

Nov. ............................................................................... . 6.48 7.43 5.47

Dec. ............................................................................... . 6.55 7.45 5.47

1997

Jan. ............................................................................... . 6.83 7.62 5.53

Feb. ............................................................................... . 6.69 7.54 5.40

Mar. ............................................................................... . 6.93 7.85 5.59

Apr. ............................................................................... . 7.09 8.04 5.73

May ............................................................................... . 6.94 7.90 5.53

June ............................................................................... . 6.77 7.71 5.39

July................................................................................ . 6.51 7.44 5.27

Aug. ............................................................................... . 6.58 7.30 5.27

Sept................................................................................ . 6.50 7.04 5.25

Oct. ............................................................................... . 6.33 6.90 5.26

Nov. ............................................................................... . 6.11 6.79 5.23

Dec. ............................................................................... . 5.99 6.68 5.07

1998

Jan. ............................................................................... . 5.81 6.62 4.93

Feb. ............................................................................... . 5.89 6.66 4.96

Mar. ............................................................................... . 5.95 6.63 5.10

Apr. ............................................................................... . 5.92 6.59 5.10

May ............................................................................... . 5.93 6.63 5.17

June ............................................................................... . 5.70 6.43 5.01

July................................................................................ . 5.68 6.36 5.04

Aug. ............................................................................... . 5.54 6.34 5.06

Sept................................................................................ . 5.20 6.26 4.94

Oct. ............................................................................... . 5.01 6.21 4.82

Nov. ............................................................................... . 5.25 6.42 4.93

Dec. ............................................................................... . 5.06 6.13 4.90

1999

Jan. ............................................................................... . 5.16 6.14 4.94

Feb. ............................................................................... . 5.37 6.33 4.89

Mar. ............................................................................... . 5.58 6.52 5.02

Apr ................................................................................ . 5.55 6.58 5.00

May ............................................................................... . 5.81 6.86 5.15

June ............................................................................... . 6.04 7.21 5.31

1

 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate

bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

2

 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s In ves -

tors Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages

MARKET YIELDS 55

Cal en dar years

Source: Of fice of Mar ket Fi nance

4%

5%

6%

7%

8%

9%

10%

11%

88 89 90 91 92 93 94 95 96 97 98 99

Aa municipal bonds

Aa corporate bonds

Treasury 30-yr. bonds
IN TRO DUC TION: U.S. Cur rency and Coin Out stand ing and in Cir cu la tion

The U.S. Cur rency and Coin Out stand ing and in Cir cu la -

tion (USCC) state ment informs the pub lic of the to tal face

value of cur rency and coin used as a me dium of ex change that

is in cir cu la tion at the end of a given ac count ing month. The

state ment de fines the to tal amount of cur rency and coin outstand ing and the por tion deemed to be in cir cu la tion. It includes some old and cur rent rare is sues that do not cir cu late or

that may do so to a lim ited ex tent. Trea sury in cludes them in

the state ment be cause the is sues were orig i nally in tended for

gen eral cir cu la tion.

The USCC state ment pro vides a de scrip tion of the var i -

ous is sues of pa per money. It also gives an es ti mated av er age

of cur rency and coin held by each in di vid ual, us ing es ti mates

of pop u la tion from the Bu reau of the Cen sus. USCC in for ma -

tion has been pub lished by Trea sury since 1888, and was published sep a rately un til 1983, when it was in cor po rated into the

“Trea sury Bul le tin.” The USCC co mes from monthly re ports

com piled by Trea sury of fices, var i ous U.S. Mint of fices, the

Fed eral Re serve Banks and the Fed eral Re serve Board.

56

TA BLE USCC-1.—Amounts Out stand ing and in Cir cu la tion, June 30, 1999

[Source: Fi nan cial Man age ment Ser vice]

To tal

cur rency Fed eral Re serve U.S. Cur rency no

and coin To tal notes 1notes lon ger is sued

Cur rency (1) (2) (3) (4) (5)

Amounts out stand ing................ . $753,895,871,913 $727,414,910,015 $726,892,202,242 $268,251,416 $254,456,357

Less amounts held by:

The Trea sury. ................... . 36,041,062 16,878,642 16,658,729 20,739 199,174

FRBs .......................... . 221,780,014,036 221,469,186,493 221,469,181,462 500 4,531

Amounts in circulation............... .

$532,079,816,815 $505,928,844,880 $505,406,362,051 $268,230,177 $254,252,652

To tal Dol lars 3 Frac tional coins

Coins

 2 (1) (2) (3)

Amounts outstanding. ................. . $26,480,961,898 $2,024,703,898 $24,456,258,000

Less amounts held by:

The Trea sury....................... . 19,162,420 38,420 19,124,000

FRBs ............................ . 310,827,543 34,406,369 276,421,174

Amounts in circulation ................. .

$26,150,971,935 $1,990,259,109 $24,160,712,826

See foot notes fol low ing ta ble USCC-2.
U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION 57

1

Is sued on or af ter July 1, 1929.

2

 Ex cludes coins sold to col lec tors at pre mium prices.

3

 In cludes $481,781,898 in stan dard sil ver dol lars.

4 Rep re sents value of cer tain par tial de nom i na tions not pre sented for re demp tion.

5 Based on Bu reau of the Cen sus es ti mates of pop u la tion.

$1 ............................ . $6,904,656,268 $6,757,993,306 $143,481 $146,519,481

$2 ............................ . 1,177,437,152 1,044,975,910 132,448,666 12,576

$5. ............................ . 7,879,774,140 7,738,351,045 110,173,510 31,249,585

$10 ........................... . 13,759,381,460 13,737,030,120 5,950 22,345,390

$20 ........................... . 89,940,904,160 89,920,801,920 3,380 20,098,860

$50 ........................... . 51,286,052,500 51,274,564,350 - 11,488,150

$100. .......................... . 334,664,880,600 334,617,435,400 25,455,100 21,990,100

$500 .......................... . 143,638,000 143,450,000 - 188,000

$1,000. ........................ . 166,925,000 166,720,000 - 205,000

$5,000 ......................... . 1,755,000 1,700,000 - 55,000

$10,000. ....................... . 3,440,000 3,340,000 - 100,000

Frac tional parts. ................. . 485 - - 485

Par tial notes 4.................... . 115 - 90 25

To tal cur rency. ................. . $505,928,844,880 $505,406,362,051 $268,230,177 $254,252,652

June 30, 1999 ................................... . 532,080 $1,949.80

May 31, 1999 .................................... . 528,157 1,937.07

April 30, 1999.................................... . 519,838 1,908.05

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

TA BLE USCC-2.—Amounts Out stand ing and in Cir cu la tion, June 30, 1999

[Source: Fi nan cial Man age ment Ser vice]

Fed eral Cur rency

Re serve U.S. no lon ger

Cur rency in cir cu la tion To tal notes 1 notes is sued

by de nom i na tion (1) (2) (3) (4)

Com par a tive to tals of

cur rency and coins Amount Per

in cir cu la tion (in mil lions) ca pita 5

se lected dates (1) (2)
61

TA BLE IFS-1.—U.S. Re serve As sets

1994 ............... . 74,335 11,051 10,039 41,215 12,030

1995 ............... . 85,832 11,050 11,037 49,096 14,649

1996 ............... . 75,089 11,048 10,312 38,294 15,435

1997 ............... . 69,954 11,047 10,027 30,809 18,071

1998 - July........... . 72,261 11,046 9,586 30,852 20,777

Aug. .......... . 73,544 11,046 9,891 31,446 21,161

Sept........... . 75,676 11,044 10,106 32,882 21,644

Oct............ . 79,183 11,041 10,379 35,485 22,278

Nov. .......... . 77,683 11,041 10,393 34,200 22,049

Dec. .......... . 81,761 11,046 10,603 36,001 24,111

1999 - Jan. .......... . 80,677 11,048 10,465 35,035 24,129

Feb. .......... . 75,321 11,047 9,474 30,517 24,283

Mar. .......... . 74,359 11,049 9,682 30,397 23,231

Apr............ . 73,694 11,049 9,634 29,957 23,054

May .......... . 72,121 11,049 9,784 29,599 21,689

June .......... . 71,689 11,046 9,719 29,462 21,462

July........... . 73,305 11,048 9,925 30,870 21,462

1

 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u ing

the spe cial draw ing right (SDR) based on a weighted-average of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also 

are val ued on this ba sis be gin ning July 1974.

2

 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 United

States Code 5117 (b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against

all gold held.

3

 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus trans -

ac tions in SDRs.

4

 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber

1978, these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such

other rates as may be agreed upon by the par ties to the trans ac tions. 

5

 The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve

po si tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United

States could pur chase ad di tional amounts re lated to the U.S. quota.

6

 In cludes an SDR $361 mil lion loan to the IMF un der the Gen eral Ar range ments to Bor -

row in July 1998, and an SDR $619 mil lion loan to the IMF un der the New Ar range ments 

to Bor row in De cem ber 1998.

IN TRO DUC TION: In ter na tional Fi nan cial Sta tis tics

The ta bles in this sec tion pro vide sta tis tics on U.S. Govern ment re serve as sets, li a bil i ties to for eign ers and its in ter na -

tional fi nan cial po si tion. All mon e tary fig ures are in dol lars or

dol lar equiv a lents.

 • Ta ble IFS-1 shows re serve as sets of the United States,

in clud ing its gold stock,spe cial draw ing rights held in the Special Draw ing Ac count in the In ter na tional Mon e tary Fund

(IMF), hold ings of con vert ible for eign cur ren cies and re serve

po si tion in the IMF.

 • Ta ble IFS-2 con tains sta tis tics on li a bil i ties to for eign

of fi cial in sti tu tions, and se lected li a bil i ties to all other for eign -

ers, which are used in the U.S. bal ance of pay ments sta tis tics.

 • Ta ble IFS-3 shows non mar ket able bonds and notes that

the Trea sury is sues to of fi cial in sti tu tions and other res i dents

of for eign coun tries.

End of cal en dar

To tal re serve

 as sets 1 Gold stock 2Spe cial draw ing rights 1,3 For eign cur ren cies

4

 Re serve po si tion in

In ter na tional Mon e -

tary

 Fund 1,5,6

 year or month (1) (2) (3) (4) (5)
62 IN TER NA TIONAL FI NAN CIAL STA TIS TICS

TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Li a bil i ties to for eign coun tries 

Li a bil i ties to

Of fi cial in sti tu tions

1 other for eign ers LiabiliMar ket- Nonmarket- Other Liabili- Mar ket- ties

able U.S. able U.S. readily ties able U.S. to nonLi a bil i ties Trea sury Trea sury mar ket- re ported Trea sury mon e tary

End of re ported by bonds bonds able Liabili- by bonds in ter na tional 

cal en dar banks in and and liabili- ties to banks in and and re gional

year To tal To tal United States notes

2

notes

3

ties 4banks 5 To tal United States notes 2,6or ga ni za tions 7

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

1994

8

......... . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

Se ries break .... . 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321

1995 .......... . 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 .......... . 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 .......... . 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145

1998 - June r.... . 2,469,486 752,869 278,501 432,764 6,229 35,375 894,759 804,163 186,440 617,723 17,695

July r..... . 2,486,928 748,249 273,296 433,233 6,269 35,451 911,656 808,864 193,850 615,014 18,159

Aug. r .... . 2,507,217 734,377 274,780 416,313 6,311 36,973 939,424 814,583 198,400 616,183 18,833

Sept. r.... . 2,513,479 708,391 259,358 406,009 6,351 36,673 965,793 820,194 198,968 621,226 19,101

Oct. r .... . 2,534,273 720,509 263,534 415,010 5,997 35,968 990,487 806,216 196,846 609,370 17,061

Nov. r .... . 2,534,191 728,120 259,036 426,853 6,035 36,196 977,235 811,472 188,389 623,083 17,364

Dec. r..... . 2,555,611 735,856 259,509 432,127 6,074 38,146 985,536 818,022 190,787 627,235 16,197

1999 - Jan. r..... . 2,537,465 740,509 262,016 433,590 6,114 38,789 964,918 813,893 192,228 621,665 18,145

Feb. ..... . 2,532,140 742,013 266,224 429,891 6,151 39,747 953,356 813,199 202,017 611,182 23,572

Mar. ..... . 2,535,019 741,750 266,684 425,046 6,191 43,829 952,309 821,850 204,061 617,789 19,110

Apr....... . 2,530,911 742,667 271,556 418,350 6,231 46,530 948,641 820,175 198,947 621,228 19,428

May p .... . 2,556,591 736,494 260,542 421,573 6,143 48,236 981,924 820,095 196,774 623,321 18,078

June p ... . 2,580,022 741,358 264,463 421,970 5,982 48,943 1,005,809 811,483 189,374 622,109 21,372

1 In cludes Bank for In ter na tional Set tle ments.

2

 Derived by ap ply ing re ported trans ac tions to bench mark data.

3

 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as follows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,

30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gen -

tina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.

4

 In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies

and pri vate cor po ra tions.

5

 In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in for eign cur ren -

cies to for eign banks and to “other for eign ers.”

6

 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks.

7

 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American

De vel op ment Bank and the Asian De vel op ment Bank.

8

 Data on the two lines shown for this date re flect dif fer ent bench mark bases for for eign ers’

hold ings of se lected U.S. long-term se cu ri ties. Fig ures on the first line are com pa ra ble to those

for ear lier dates; fig ures on the sec ond line are based in part on a bench mark sur vey as of

end-year 1994 and are com pa ra ble to those shown for fol low ing dates. 

 Note.—Ta ble is based on Trea sury data and on data re ported to the Trea sury by banks,

other de pos i tory in sti tu tions and bro kers in the United States. Data cor re spond gen er ally to

sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments” sec tion. Ta ble ex cludes In ter -

na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S. Trea sury let ters of credit and

non ne go tia ble noninterest-bearing spe cial U.S. notes held by in ter na tional and re gional or ga -

ni za tions.
IN TER NA TIONAL FI NAN CIAL STA TIS TICS 63

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued

to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 Pay able in dol lars

End of cal en dar Grand to tal To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3

year or month (1) (2) (3) (4) (5)

1994 ......................... . 6,109 6,109 879 4,271 959

1995 ......................... . 6,492 6,492 945 4,515 1,032

1996 ......................... . 5,968 5,968 1,015 3,835 1,118

1997 ......................... . 5,994 5,994 1,091 3,692 1,211

1998 - June.................... . 6,229 6,229 1,130 3,839 1,260

July .................... . 6,269 6,269 1,137 3,864 1,268

Aug. .................... . 6,311 6,311 1,144 3,890 1,277

Sept. ................... . 6,351 6,351 1,151 3,915 1,285

Oct. .................... . 5,997 5,997 1,158 3,940 899

Nov. .................... . 6,035 6,035 1,165 3,965 905

Dec. .................... . 6,074 6,074 1,172 3,991 911

1999 - Jan. .................... . 6,114 6,114 1,179 4,018 917

Feb. .................... . 6,151 6,151 1,186 4,042 923

Mar. .................... . 6,191 6,191 1,193 4,069 929

Apr..................... . 6,231 6,231 1,200 4,096 935

May .................... . 6,143 6,143 1,207 4,123 813

June.................... . 5,982 5,982 1,214 4,149 619

1

 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Treasury bond is sue to the gov ern ment of Ar gen tina. Face value of the is sue is

$6,685 mil lion.

2

 In cludes the cur rent value of the fol low ing zero-coupon Trea sury bond is sues to the gov ern -

ment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of

$1,508 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30-year ma tu rity

is sue with re main ing face value of $20,412 mil lion.

3

 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury

bond is sue to the Re pub lic of Ven e zuela. Re maining face value of is sue is $3,249 mil lion. 
64

IN TRO DUC TION: Cap i tal Move ments

Trea sury col lects in for ma tion about the trans fer ence of finan cial as sets and other port fo lio cap i tal move ments be tween

the United States and for eign ers and has since 1935. Com mer -

cial banks and other de pos i tory in sti tu tions, bank hold ing compa nies, se cu ri ties bro kers and deal ers, and nonbanking

en ter prises in the United States file cap i tal move ment re ports

with dis trict FRBs. Be gin ning in late 1998, the Fed eral Re serve 

Board also per forms ser vices on be half of the Trea sury in support of this data col lec tion sys tem.

Forms and in struc tions are de vel oped with the co op er a tion

of other Gov ern ment agen cies and the Fed eral Re serve Sys tem

and in con sul ta tion with rep re sen ta tives of banks, se cu ri ties

firms and nonbanking en ter prises. Copies of the re port ing

forms and in struc tions may be ob tained from the Of fice of Program Ser vices, Of fice of the As sis tant Sec re tary for In ter na -

tional Af fairs, Trea sury, Wash ing ton, D.C. 20220; the

In ter na tional Fi nance Di vi sion, Board of Gov er nors of the Federal Re serve Sys tem, Wash ing ton, D.C. 20551; or district

FRBs.

In gen eral, in for ma tion is re ported op po site the coun try or

geo graphi cal area where the for eigner is lo cated, as shown on

rec ords of re port ing in sti tu tions. How ever, in for ma tion may

not al ways re flect the ul ti mate own er ship of as sets. Re port ing

in sti tu tions are not re quired to go be yond ad dresses shown on

their rec ords and so may not be aware of the ac tual coun try of

domi cile of the ul ti mate bene fi ci ary.

Trans ac tions with branches or agen cies of for eign of fi cial

in sti tu tions, wher ever lo cated, are re ported op po site the country that has sov er eignty over the in sti tu tions. Trans ac tions with

in ter na tional and re gional or gani za tions are not re ported op po -

site any coun try, but are ac counted for in re gional group ings of

such or gani za tions. The only ex cep tion is in for ma tion per tain -

ing to the Bank for In ter na tional Set tle ments, which is re ported 

op po site “Other Eu rope.”

Banks and other de posi tory in sti tu tions, bank hold ing compa nies, In ter na tional Bank ing Fa cili ties (IBFs), se cu ri ties brokers and deal ers, and nonbanking en ter prises in the United

States must file re ports. These en ter prises in clude the

branches, agen cies, sub sidi ar ies and other af fili ates in the

United States of for eign bank ing and non bank ing firms. Those

with li abili ties, claims or se cu ri ties trans ac tions be low specified ex emp tion lev els are ex empt from re port ing.

Banks and other de pos i tory in sti tu tions, and some bro kers

and deal ers, file monthly re ports cov er ing their dol lar li a bil i ties 

to, and dol lar claims on, for eign ers in a num ber of coun tries.

Twice a year, June 30 and De cem ber 31, they also re port the

same li a bil i ties and claims items at trib uted to for eign ers in

coun tries not shown sep a rately on the monthly re ports. Quarterly re ports are filed for li a bil i ties and claims de nom i nated in

for eign cur ren cies. The ex emp tion level ap pli ca ble to these

bank ing re ports is $15 mil lion.

Banks and other de posi tory in sti tu tions, se cu ri ties bro kers

and deal ers, and other en ter prises re port monthly their trans ac -

tions with for eign ers in long- term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate purchases or their ag gre gate sales amount to at least $2 mil lion

dur ing the cov ered month.

Ex porters, im port ers, in dus trial and com mer cial con cerns,

fi nan cial in sti tu tions (other than banks, other de pos i tory in sti -

tu tions and bro kers), and other nonbanking en ter prises must

file re ports quar terly if li a bil i ties to, or claims on, un af fil i ated

for eign ers amount to $10 mil lion or more at the end of the covered quar ter.

Non bank ing en ter prises also re port each month their ag gre -

gate U.S. dol lar de nomi nated de posit and cer tifi cates of deposit claims of $10 mil lion or more on banks abroad.

The data in these ta bles do not cover all types of re ported

capi tal move ments be tween the United States and other countries. The prin ci pal ex clu sions are the in ter com pany capi tal

trans ac tions of non bank ing busi ness en ter prises in the United

States with their own branches and sub sidi ar ies abroad or with

their for eign par ent com pa nies (own for eign of fices) and cap i -

tal trans ac tions of the U.S. Gov ern ment. Con soli dated data on

all types of in ter na tional capi tal trans ac tions are pub lished by

the De part ment of Com merce (Com merce) in its regu lar reports on the U.S. bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by U.S.

banks and other de pos i tory in sti tu tions, as well as bro kers and

deal ers. Dol lar li a bil i ties are re ported monthly; those de nom i -

nated in for eign cur ren cies are re ported quar terly. Re spon dents 

re port cer tain of their own li a bil i ties and a wide range of their

cus tody li a bil i ties to for eign ers.

• Sec tion II pres ents claims on for eign ers re ported by U.S.

banks and other de pos i tory in sti tu tions, bro kers and deal ers.

Data on banks’ claims held for their own ac count are col lected

monthly. In for ma tion on claims held for their do mes tic custom ers as well as on for eign cur rency claims is col lected on a

quar terly ba sis only. Ma tu rity data are re ported ac cord ing to

time re main ing to ma tu rity. Re porting also cov ers cer tain items

held by bro kers and deal ers in the United States.

• Sec tion III con tains sup ple men tary data on dol lar li a bil i -

ties to, and dol lar claims on, coun tries not listed sep a rately on

the monthly re ports sub mit ted by banks, other de pos i tory in sti -

tu tions, bro kers and deal ers in the United States. The sup ple -

men tary re ports are filed semi an nu ally as of the end of June and

De cem ber. 

• Sec tion IV shows the li a bil i ties to, and claims on, un af fil i -

ated for eign ers of ex port ers, im port ers, in dus trial and com mer -

cial con cerns, fi nan cial in sti tu tions (other than banks, other

de pos i tory in sti tu tions and bro kers), and other nonbanking enter prises in the United States. In for ma tion does not in clude accounts of nonbanking en ter prises in the United States with

their own branches and sub sid iar ies abroad or with their foreign par ent com pa nies. These are re ported by busi ness en ter -

prises to Com merce on its di rect in vest ment forms. Data
CAP I TAL MOVE MENTS 65

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks

in the United States

TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

 1 In cludes Bank for In ter na tional Set tle ments.

 2 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the In terAmeri can De vel op ment Bank.3 Data as of pre ced ing quar ter for non-quarter-end months.

ex clude claims on for eign ers held through banks in the United

States.

• Sec tion Vcon tains in for ma tion on trans ac tions with foreign ers in long-term do mes tic and for eign se cu ri ties as reported by banks, bro kers and other en ti ties in the United

States. The data cover trans ac tions ex e cuted in the United

States for the ac counts of for eign ers and trans ac tions ex e cuted

abroad for the ac counts of re port ing in sti tu tions and their domes tic cus tom ers. This in cludes trans ac tions in newly is sued

se cu ri ties as well as trans ac tions in and re demp tions of outstand ing is sues. How ever, the data do not in clude non mar ket -

able Trea sury bonds and notes shown in ta ble IFS-3.

The geo graph ical break down of the trans ac tions data does

not nec es sar ily re flect the do mi cile of the ul ti mate own ers or

the orig i nal is su ers of the se cu ri ties. This is be cause the path of

a se cu rity is not tracked prior to its be ing pur chased from, or

af ter it is sold to, a for eigner in a re port able trans ac tion. That is,

be fore it en ters and af ter it de parts the re port ing sys tem, owner ship of a se cu rity may be trans ferred be tween for eign ers of

dif fer ent coun tries. Such trans fers may oc cur any num ber of

times and are con cealed among the net fig ures for U.S. transac tions op po site in di vid ual coun tries. Hence, the geo graph ical 

break down shows only the coun try of do mi cile of the for eign

buy ers and sell ers of se cu ri ties in a par tic u lar round of trans ac -

tions.

NOTE: Cur rent and his tor i cal data on United States transac tions with for eign ers in long-term se cu ri ties and on the gross

for eign li a bil i ties and claims re ported by banks in the United

States are avail able on the Trea sury In ter na tional Cap i tal

(TIC) re port ing sys tem website: http://www.ustreas.gov/tic.

These data may be down loaded as sep a rate time se ries for each

coun try or geo graph ical area reg u larly shown in the cap i tal

move ments ta bles. Also avail able on this website is a ta ble on

“Ma jor For eign Holders of Trea sury Se cu ri ties,” show ing es ti -

mated to tal hold ings of U.S. Trea sury bills, bonds and notes

for cur rent and re cent pe ri ods. All data se ries on the TIC web

site are up dated on the last busi ness day of each month. 

End of cal en dar 

year or month

For eign coun tries Mem o ran da

Of fi cial in sti tu tions 1 Banks and other for eign ers In ter na tional and re gional 2

To tal li a bil i ties to all

for eign ers re ported by

IBF’s

To tal li a bil i -

ties To tal

Pay able

in dol lars

Pay able in

for eign curren cies 3

To tal

Pay able

in dol lars

Pay able in

for eign curren cies 3

To tal

Pay able

in dol lars

Pay able in

for eign curren cies 3Pay able

in dol lars

Pay able in

for eign curren cies 3

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

1994 .............. . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 .............. . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 .............. . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 . ............. . 1,400,551 283,685 283,685 - 1,103,980 987,652 116,328 12,886 11,690 1,196 407,336 86,232

1998 - June r........ . 1,375,396 278,501 278,501 - 1,081,199 994,903 86,296 15,696 14,103 1,593 362,572 58,365

July r ........ . 1,394,909 273,296 273,296 - 1,105,506 1,019,210 86,296 16,107 14,514 1,593 385,708 58,365

Aug. r ........ . 1,429,385 274,780 274,780 - 1,137,824 1,051,528 86,296 16,781 15,188 1,593 399,822 58,365

Sept. r. ....... . 1,441,177 259,358 259,358 - 1,164,761 1,073,254 91,507 17,058 15,631 1,427 395,214 61,057

Oct. r ........ . 1,465,223 263,534 263,534 - 1,187,333 1,095,826 91,507 14,356 12,929 1,427 388,041 61,057

Nov. r ........ . 1,439,419 259,036 259,036 - 1,165,624 1,074,117 91,507 14,759 13,332 1,427 378,832 61,057

Dec. r ....... . 1,448,301 259,509 259,509 - 1,176,323 1,075,834 100,489 12,469 11,833 636 372,043 69,509

1999 - Jan. r ........ . 1,433,637 262,016 262,016 - 1,157,146 1,056,657 100,489 14,475 13,839 636 359,772 69,509

 Feb. ........ . 1,441,940 266,224 266,224 - 1,155,373 1,054,884 100,489 20,343 19,707 636 361,535 69,509

 Mar. ........ . 1,439,165 266,684 266,684 - 1,156,370 1,055,810 100,560 16,111 15,337 774 344,548 62,940

 Apr. ......... . 1,435,587 271,556 271,556 - 1,147,588 1,047,028 100,560 16,443 15,669 774 346,166 62,940

 May p ....... . 1,454,011 260,542 260,542 - 1,178,698 1,078,138 100,560 14,771 13,997 774 358,012 62,940

 June p ....... . 1,477,505 264,463 264,463 - 1,195,183 1,094,623 100,560 17,859 17,085 774 356,282 62,940
66 CAP I TAL MOVE MENTS

PART B.—Nonmonetary In ter na tional and Re gional Or ga ni za tions

[In mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 In cludes Bank for In ter na tional Set tle ments.

2

 Time de pos its ex clude ne go tia ble time cer tifi cates of de posit, which are in cluded in “Other

li abili ties.”

 Note.—Non mone tary in ter na tional and re gional or gani za tions in clude prin ci pally the Inter na tional Bank for Re con struc tion and De vel op ment and the Inter- American De vel op ment

Bank. 

TA BLE CM-I-2.—To tal Li a bil i ties by Type, Pay able in Dol lars

Part A.—For eign Coun tries

[In mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

End of cal en dar

year or month

To tal foreign

coun tries

Of fi cial in sti tu tions 1 Banks Other for eign ers

De posits

U.S.

Trea sury 

bills and

cer tif i -

cates 

Other li a -

bil i ties 2

De posits

U.S.

Trea sury 

bills and

cer tif i -

cates 

Other li a -

bil i ties 2

To own

for eign

of fices

De posits

U.S.

Trea sury 

bills and

cer tif i -

cates 

Other li a -

bil i ties 2 De mand Time 2 De mand Time 2 De mand Time 2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

End of cal en dar

year or month To tal De mand de pos its Time de pos its 2

U.S. Trea sury bills and

cer tif i cates Other li a bil i ties 2

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

1994 ......... . 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 ......... . 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 ......... . 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 ........ . 1,271,337 2,314 41,396 148,301 91,674 16,767 83,433 31,915 198,053 485,079 12,247 68,251 12,954 78,953

1998 - June r . . . 1,273,404 2,580 35,921 134,337 105,663 20,770 75,401 25,138 209,293 477,861 12,661 68,607 9,406 95,766

July r ... . 1,292,506 3,560 36,196 131,104 102,436 15,092 78,496 22,803 222,966 486,003 12,256 67,111 10,018 104,465

Aug. r... . 1,326,308 3,456 35,355 130,383 105,586 16,059 74,533 20,623 220,679 521,234 13,460 67,517 10,739 106,684

Sept. r.. . . 1,332,612 3,605 27,755 128,147 99,851 15,798 71,676 21,479 223,393 541,940 13,733 69,059 10,537 105,639

Oct. r ... . 1,359,360 3,325 26,159 128,591 105,459 15,802 56,157 27,415 232,181 567,425 12,846 70,899 12,249 100,852

Nov. r... . 1,333,153 2,757 25,705 133,672 96,902 15,119 51,319 35,124 228,579 555,587 13,995 66,965 13,551 93,878

Dec. r . . . 1,335,343 3,003 29,602 134,177 92,727 14,071 46,219 35,359 226,552 562,846 12,310 70,613 13,322 94,542

1999 - Jan. r ... . 1,318,673 3,912 24,176 137,106 96,822 15,327 46,741 35,090 220,768 546,503 13,738 70,377 12,479 95,634

 Feb. ... . 1,321,108 3,107 25,988 138,235 98,894 15,275 46,704 34,134 223,636 533,118 13,117 73,368 11,972 103,560

 Mar. ... . 1,322,494 3,393 23,840 141,941 97,510 13,985 49,101 36,737 219,165 532,761 13,341 72,360 13,614 104,746

 Apr. ... . 1,318,584 3,599 29,109 135,765 103,083 13,344 50,206 29,636 224,453 530,442 14,224 72,088 12,559 100,076

 May p... . 1,338,680 2,789 27,372 136,199 94,182 15,957 49,336 28,323 236,360 551,388 13,413 74,085 12,631 96,645

 June p . . . 1,359,086 4,826 26,305 138,518 94,814 15,807 48,171 27,757 242,645 570,869 17,510 74,831 12,012 85,021

1994 .......................... . 8,606 29 3,298 281 4,998

1995 .......................... . 11,039 21 4,656 350 6,012

1996 .......................... . 13,972 29 5,784 352 7,807

1997 .......................... . 11,690 16 5,466 69 6,139

1998 - June .................... . 14,103 226 6,784 338 6,755

July r .................... . 14,514 19 6,554 349 7,592

Aug...................... . 15,188 59 6,252 490 8,387

Sept. r ................... . 15,631 408 5,913 435 8,875

Oct. ..................... . 12,929 97 5,418 509 6,905

Nov. r.................... . 13,332 234 5,827 570 6,701

Dec...................... . 11,833 172 5,793 636 5,232

1999 - Jan. ..................... . 13,839 62 6,161 623 6,993

 Feb. .................... . 19,705 407 7,215 549 11,534

 Mar. .................... . 15,337 194 6,856 548 7,739

 Apr. ..................... . 15,669 13 6,324 555 8,777

 May p.................... . 13,997 25 5,840 616 7,516

 June p ................... . 17,085 49 7,231 956 8,849
CAP I TAL MOVE MENTS 67

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ................... . 5,688 3,388 3,474 3,366 3,751 2,905 2,701 3,155

Belgium-Luxembourg ....... . 31,085 46,246 45,004 43,780 43,158 39,681 40,917 32,981

Bulgaria .................. . 418 729 776 590 491 477 474 289

Czech Republic ............ . 653 564 323 649 581 196 615 346

Denmark ................. . 2,905 1,903 1,720 2,109 2,258 1,566 1,533 1,227

Finland................... . 2,031 2,869 2,098 1,879 1,948 1,803 1,793 1,532

France ................... . 42,540 52,148 49,839 52,840 56,737 57,897 57,128 54,034

Germany ................. . 31,778 30,589 30,898 32,652 35,275 30,103 36,217 33,527

Greece................... . 1,845 1,558 2,085 2,528 2,465 2,255 2,709 2,755

Hungary.................. . 1,142 1,064 911 1,148 965 784 823 777

Ireland ................... . 2,021 4,376 8,485 7,344 8,471 7,575 7,637 9,085

Italy ..................... . 15,690 15,498 10,103 9,684 8,583 8,749 8,782 9,031

Netherlands ............... . 12,258 8,359 12,163 16,162 13,671 12,435 13,150 13,550

Norway .................. . 1,464 341 788 1,180 1,056 1,215 1,244 1,083

Poland ................... . 5,546 5,112 6,053 6,936 5,881 5,277 5,705 5,097

Portugal.................. . 3,664 3,736 3,787 2,777 2,768 2,808 2,992 2,970

Romania ................. . 275 734 311 459 497 370 299 172

Russia

1

.................. . 7,625 7,979 2,441 2,440 2,500 2,693 2,794 2,871

Spain .................... . 20,526 19,878 16,985 14,667 10,133 11,872 8,880 9,475

Sweden .................. . 2,168 2,834 3,237 3,128 2,521 2,302 3,757 3,294

Switzerland ............... . 47,402 46,065 53,891 63,585 50,244 56,917 68,584 68,337

Turkey ................... . 6,813 4,068 4,358 5,117 5,704 5,852 5,875 5,979

United Kingdom............ . 182,035 212,790 202,280 194,269 198,366 192,859 201,078 211,152

Yugoslavia

2

............... . 295 239 233 287 274 221 242 254

Other Europe.............. . 13,331 14,394 14,383 16,014 15,458 16,020 13,516 13,724

Total Europe ............. . 441,198 487,461 476,626 485,590 473,756 464,832 489,445 486,697

Canada.................... . 41,438 33,185 34,708 32,515 37,680 34,252 34,435 35,842

Latin Amer ica and Ca rib bean:

Argentina ................. . 13,971 20,279 19,036 18,268 16,912 18,370 16,449 17,576

Bahamas ................. . 90,244 114,319 126,029 126,671 125,598 125,040 124,514 129,925

Bermuda ................. . 5,813 7,138 7,272 8,803 7,600 7,043 8,037 9,254

Brazil .................... . 27,749 31,407 16,468 13,581 14,799 18,086 18,252 15,653

British West Indies.......... . 259,860 283,470 309,076 292,280 309,116 331,018 343,392 350,770

Chile .................... . 3,050 4,126 5,042 5,221 5,094 6,842 7,273 5,955

Colombia ................. . 3,279 3,668 4,631 4,477 4,653 4,727 4,878 4,632

Cuba .................... . 21 66 62 62 63 64 64 70

Ecuador.................. . 1,779 2,084 1,575 1,516 1,608 1,690 1,802 1,932

Guatemala................ . 1,287 1,497 1,335 1,340 1,393 1,387 1,450 1,469

Jamaica .................. . 652 475 566 569 602 585 598 578

Mexico ................... . 32,396 35,295 38,635 37,378 37,585 36,967 38,551 38,883

Netherlands Antilles ........ . 6,388 5,446 5,308 8,704 7,639 6,016 4,236 6,045

Panama .................. . 4,198 4,269 3,869 4,406 4,257 4,035 4,045 4,191

Peru..................... . 847 901 843 831 810 819 854 816

Trinidad and Tobago ........ . 601 597 444 400 443 459 435 457

Uruguay.................. . 1,907 2,403 2,522 2,310 2,399 2,366 2,352 2,573

Venezuela ................ . 17,566 21,771 20,202 19,662 19,421 20,784 21,476 20,478

Other Latin America 

 and Caribbean ........... . 8,176 9,067 9,806 9,974 10,017 10,151 10,686 11,199

Total Latin America 

and Caribbean .......... . 479,784 548,278 572,721 556,453 570,009 596,449 609,344 622,456

 Cal en dar year 1999

Coun try 1996 1997 1998 r Feb. r Mar. Apr. May June p
68 CAP I TAL MOVE MENTS

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM-I-3.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Asia:

China:

Mainland ................ . 30,438 18,252 13,041 15,345 13,996 16,350 14,753 13,371

Taiwan.................. . 16,018 11,859 12,748 12,251 13,215 12,673 10,900 11,436

Hong Kong ................ . 19,443 19,216 21,779 26,389 28,220 26,945 26,355 25,202

India ..................... . 3,932 4,574 5,372 5,363 6,276 6,066 5,607 5,508

Indonesia ................. . 2,307 3,616 8,326 6,216 6,728 7,487 6,264 6,583

Israel .................... . 6,062 6,282 7,756 7,605 8,253 7,044 7,011 6,151

Japan .................... . 138,148 172,352 193,202 185,712 178,389 158,828 149,107 160,137

Korea .................... . 6,009 13,107 12,455 9,991 11,141 9,849 11,387 12,901

Lebanon .................. . 1,180 1,102 1,190 1,102 977 1,089 908 876

Malaysia .................. . 2,048 1,737 2,392 4,413 3,286 2,951 3,904 2,563

Pakistan .................. . 996 1,335 847 1,000 1,281 1,078 1,146 1,266

Philippines ................ . 3,383 3,255 3,564 2,722 2,666 2,744 2,796 2,577

Singapore................. . 10,794 18,412 24,838 24,726 24,301 28,789 22,962 23,104

Syria ..................... . 53 35 40 59 61 69 76 58

Thailand .................. . 10,921 6,505 7,363 6,594 6,590 6,298 5,741 5,298

Oil-exporting countries

3

...... . 16,784 15,490 17,068 17,616 16,978 16,042 16,998 16,713

Other Asia ................ . 2,804 3,873 3,975 3,923 3,910 4,028 3,965 3,962

Total Asia ............... . 271,320 301,002 335,956 331,027 326,268 308,330 289,880 297,706

Af rica:

Egypt .................... . 2,013 1,667 1,343 1,906 1,759 1,600 1,340 1,577

Ghana ................... . 251 302 213 193 192 142 146 139

Liberia ................... . 351 257 269 291 299 315 263 231

Morocco .................. . 112 138 97 73 85 90 72 101

South Africa ............... . 517 2,163 1,539 1,360 1,275 1,182 1,149 1,108

Zaire ..................... . 10 10 5 13 9 4 12 16

Oil-exporting countries

4

...... . 2,630 3,143 3,177 2,826 2,855 2,617 2,591 2,330

Other Africa ............... . 2,306 2,766 2,492 2,226 2,186 2,121 2,337 2,179

Total Africa .............. . 8,190 10,446 9,135 8,888 8,660 8,071 7,910 7,681

Other coun tries:

Australia .................. . 6,511 6,377 5,528 5,585 5,614 6,019 6,852 7,788

All other .................. . 1,478 916 1,158 1,539 1,067 1,191 1,374 1,476

Total other countries ....... . 7,989 7,293 6,686 7,124 6,681 7,210 8,226 9,264

Total foreign countries .... . 1,249,919 1,387,665 1,435,832 1,421,597 1,423,054 1,419,144 1,439,240 1,459,646

International and re gional orgs.:

International ............... . 13,459 11,592 10,648 17,507 13,548 13,945 12,392 14,788

European regional .......... . 60 111 577 567 511 439 471 638

Latin American regional ...... . 1,643 493 750 1,567 1,405 1,315 664 909

Asian regional ............. . 157 62 457 628 562 649 1,173 1,480

African regional ............ . 281 123 37 74 85 95 71 44

Middle Eastern regional ...... . 36 5 - - - - - -

Total international 

and regional ............ . 15,636 12,886 12,469 20,343 16,111 16,443 14,771 17,859

Grand total ............. . 1,265,555 1,400,551 1,448,301 1,441,940 1,439,165 1,435,587 1,454,011 1,477,505

 Cal en dar year 1999

Coun try 1996 1997 1998 r Feb. r Mar. Apr. May. June p
CAP I TAL MOVE MENTS 69

See foot notes at end of ta ble.

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, June 30, 1999, Pre lim i nary

[Po si tion in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Coun try

To tal li a bil i ties

Li a bil i ties pay able in dol lars

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks

own foreign offices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S.

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Treasury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CD’s

held for

all foreign ers 

Banks

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Eu rope:

Austria ............ . 3,155 2,678 477 1,538 1,140 200 592 266 1,382 34 31 161 6 6 13

BelgiumLuxembourg ...... . 32,981 31,291 1,690 10,497 20,794 618 1,367 10,131 13,510 3,798 136 300 295 1,136 381

Bulgaria ........... . 289 289 - 121 168 7 2 168 85 23 - 4 - - -

Czech Republic ..... . 346 337 9 317 20 63 93 - 84 5 6 76 10 - -

Denmark .......... . 1,227 961 266 691 270 52 115 99 606 36 17 12 4 20 100

Finland ............ . 1,532 1,384 148 577 807 30 2 566 194 298 36 17 2 239 -

France ............ . 54,034 45,234 8,800 19,803 25,431 478 1,503 21,330 5,974 14,377 347 320 36 869 1,237

Germany .......... . 33,527 21,999 11,528 17,448 4,551 1,903 3,870 770 7,977 3,652 320 869 201 2,437 2,444

Greece ............ . 2,755 2,737 18 868 1,869 50 68 1,800 317 65 70 291 11 65 38

Hungary ........... . 777 774 3 133 641 29 2 - 730 1 4 8 - - -

Ireland ............ . 9,085 8,893 192 3,695 5,198 560 200 420 2,930 478 185 253 237 3,630 821

Italy .............. . 9,031 6,192 2,839 5,424 768 491 1,165 194 2,755 613 143 387 84 360 105

Netherlands ........ . 13,550 12,152 1,398 8,242 3,910 346 2,757 733 1,878 3,981 113 277 501 1,566 878

Norway............ . 1,083 1,049 34 968 81 47 195 68 287 351 26 28 - 47 -

Poland ............ . 5,097 5,063 34 1,781 3,282 30 30 2,223 2,066 434 3 8 1 268 -

Portugal ........... . 2,970 2,439 531 942 1,497 79 54 1,200 455 382 26 112 7 124 2

Romania........... . 172 170 2 105 65 16 2 40 92 9 3 8 - - -

Russia

4

........... . 2,871 2,871 - 2,115 756 260 16 500 1,768 183 19 118 - 7 7

Spain ............. . 9,475 8,678 797 4,804 3,874 581 681 213 4,504 798 115 796 30 960 889

Sweden ........... . 3,294 2,966 328 831 2,135 81 232 519 51 152 46 68 100 1,717 1,329

Switzerland ........ . 68,337 65,967 2,370 51,043 14,924 934 804 6,991 10,310 43,500 386 692 1,813 537 2,592

Turkey ............ . 5,979 5,914 65 1,300 4,614 99 51 4,544 626 154 16 413 9 2 52

United Kingdom ..... . 211,152 188,088 23,064 176,895 11,193 2,337 18,181 1,075 23,550 122,727 5,194 1,618 955 12,451 4,802

Yugoslavia

5

........ . 254 254 - 254 - 12 11 - 162 - - 10 - 59 -

Other Europe ....... . 13,724 12,997 727 9,584 3,413 201 2,294 1,620 8,265 369 24 147 47 30 55

Total Europe ...... . 486,697 431,377 55,320 319,976 111,401 9,504 34,287 55,470 90,558 196,420 7,266 6,993 4,349 26,530 15,745

Canada ............. . 35,842 29,950 5,892 17,318 12,632 474 945 1,312 6,134 7,937 768 3,039 121 9,220 170

Latin Amer ica 

and Ca rib bean:

Argentina .......... . 17,576 17,555 21 14,895 2,660 166 7,575 1,923 1,266 307 704 4,750 215 649 84

Bahamas .......... . 129,925 123,534 6,391 98,875 24,659 210 1,233 509 23,182 92,116 75 1,721 469 4,019 554

Bermuda .......... . 9,254 9,168 86 4,523 4,645 24 210 140 3,064 183 71 519 582 4,375 80

Brazil ............. . 15,653 14,695 958 13,411 1,284 246 5,005 540 2,939 1,034 556 3,647 225 503 240

British West Indies ... . 350,770 341,763 9,007 199,982 141,781 89 2,975 226 128,350 174,080 1,069 7,964 2,825 24,185 715

Chile.............. . 5,955 5,918 37 4,934 984 78 453 99 1,060 985 278 2,042 143 780 507

Colombia .......... . 4,632 4,615 17 4,486 129 48 172 4 838 264 271 2,843 20 155 66

Cuba ............. . 70 70 - 70 - 1 - - 9 - - 46 - 14 -

Ecuador ........... . 1,932 1,930 2 1,702 228 40 64 - 474 175 241 875 8 53 36

Guatemala ......... . 1,469 1,468 1 1,318 150 85 50 - 235 38 130 865 3 62 16

Jamaica ........... . 578 527 51 526 1 24 108 - 154 41 16 182 - 2 1

Mexico ............ . 38,883 37,920 963 23,048 14,872 196 3,604 9,341 8,306 2,527 1,263 10,706 477 1,500 452

Netherlands Antilles . . . 6,045 5,662 383 5,105 557 38 286 8 262 557 37 317 248 3,909 141

Panama ........... . 4,191 4,130 61 3,596 534 74 275 1 319 979 126 1,842 106 408 74

Peru .............. . 816 816 - 797 19 27 7 - 53 49 83 576 2 19 11

Trinidad and Tobago . . 457 455 2 446 9 71 22 - 137 62 13 140 4 6 4

Uruguay ........... . 2,573 2,552 21 2,385 167 109 59 - 518 1,006 69 612 23 156 58

Venezuela ......... . 20,478 20,206 272 14,475 5,731 316 1,201 3,145 3,573 309 1,176 9,566 105 815 165

Other Latin America 

and Caribbean..... . 11,199 11,174 25 9,747 1,427 298 2,364 500 2,233 524 556 4,197 90 412 225

Total Latin America 

and Caribbean ... . 622,456 604,158 18,298 404,321 199,837 2,140 25,663 16,436 176,972 275,236 6,734 53,410 5,545 42,022 3,429
70 CAP I TAL MOVE MENTS

1

 These data as of Dec. 31, 1998.

2

 Ex cludes ne go tia ble time cer tifi cates of de posit, which are in cluded in “Other li abili ties.” 

3

 U.S. Treas ury bills and cer tifi cates held in cus tody for the ac count of oil- exporting countries in “Other Asia” and “Other Af rica” amount to $1,449 mil lion. 

4

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

5

 In cludes data on Ser bia and Mon te ne gro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the former Yugo sla via rec og nized as in depend ent states by the United States are re ported un der “Other Europe” as fol lows:

Be gin ning in De cem ber 1992 for Bos nia and Her ze go vina, Croa tia and Slove nia; and be gin -

ning in June 1994 for the For mer Yugo slav Re pub lic of Ma ce do nia.

TA BLE CM-I-4.—To tal Li a bil i ties by Type and Coun try, June 30, 1999, Pre lim i nary, con.

[Po si tion in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Asia:

China:

Mainland ....... . 13,371 13,371 - 4,340 9,031 312 1,153 379 10,058 302 42 424 48 653 12

Taiwan......... . 11,436 11,404 32 8,730 2,674 392 1,937 2,295 3,801 541 175 1,967 32 264 110

Hong Kong ....... . 25,202 24,571 631 11,569 13,002 511 717 1,003 12,780 5,521 410 2,739 353 537 19

India ............ . 5,508 5,421 87 2,542 2,879 222 91 2,421 945 1,254 45 285 2 156 4

Indonesia ........ . 6,583 6,530 53 2,193 4,337 329 11 4,294 1,071 450 56 282 - 37 2

Israel ........... . 6,151 6,144 7 3,558 2,586 105 198 2,148 1,506 793 50 1,074 58 212 20

Japan ........... . 160,137 143,635 16,502 66,826 76,809 1,320 3,146 70,679 6,984 56,088 627 920 1,281 2,590 1,957

Korea ........... . 12,901 12,901 - 6,168 6,733 247 745 556 6,998 2,769 31 949 - 606 18

Lebanon ......... . 876 876 - 849 27 33 307 - 431 2 5 71 8 19 1

Malaysia ......... . 2,563 2,515 48 1,627 888 126 139 855 775 316 16 286 1 1 -

Pakistan ......... . 1,266 1,254 12 1,148 106 41 49 63 296 721 21 57 - 6 7

Philippines ....... . 2,577 2,273 304 1,970 303 446 163 145 665 135 62 545 36 76 16

Singapore........ . 23,104 21,543 1,561 18,719 2,824 951 2,027 517 3,796 13,430 220 333 44 225 15

Syria ............ . 58 58 - 57 1 22 1 - 8 - 4 22 - 1 1

Thailand ......... . 5,298 5,296 2 1,231 4,065 272 117 4,038 246 466 24 129 1 3 2

Other Asia ....... . 20,675 19,129 1,546 14,172 4,957 1,423 1,987 2,124 6,228 5,794 147 585 32 809 381

Total Asia ...... . 297,706 276,921 20,785 145,699 131,222 6,752 12,788 91,517 56,588 88,582 1,935 10,668 1,896 6,195 2,565

Af rica:

Egypt ........... . 1,577 1,576 1 1,216 360 121 262 313 698 63 30 52 1 36 40

Ghana .......... . 139 139 - 127 12 21 12 8 60 12 4 16 - 6 -

Liberia .......... . 231 230 1 136 94 - - - 1 - 16 119 27 67 9

Morocco ......... . 101 101 - 98 3 26 1 - 27 7 2 38 - - -

South Africa ...... . 1,108 1,091 17 736 355 98 1 - 379 13 197 81 6 316 17

Zaire ............ . 16 16 - 16 - 2 - - - 12 1 1 - - -

Other Africa ...... . 4,509 4,331 178 3,606 725 743 455 660 1,620 415 120 174 5 139 6

Total Africa ..... . 7,681 7,484 197 5,935 1,549 1,011 731 981 2,785 522 370 481 39 564 72

Other coun tries:

Australia ......... . 7,788 7,756 32 5,278 2,478 704 53 519 3,994 1,546 345 83 28 484 353

All other ......... . 1,476 1,440 36 1,363 77 48 9 40 428 626 92 157 34 6 -

Total other 

countries ...... . 9,264 9,196 68 6,641 2,555 752 62 559 4,422 2,172 437 240 62 490 353

Total foreign 

countries .... . 1,459,646 1,359,086 100,560 899,890 459,196 20,633 74,476 166,275 337,459 570,869 17,510 74,831 12,012 85,021 22,334

International 

and re gional orgs.:

International ...... . 14,788 14,085 703 13,894 191 44 6,478 191 7,372 - - - - - -

European regional . . 638 578 60 13 565 1 1 565 11 - - - - - -

Latin American

regional ........ . 909 898 11 866 32 2 741 - 155 - - - - - 28

Asian regional .... . 1,480 1,480 - 283 1,197 1 1 200 1,278 - - - - - -

African regional ... . 44 44 - 44 - 1 10 - 33 - - - - - -

Middle Eastern

regional ........ .

- - - - - - - - - - - - - - -

Total international 

and regional ... . 17,859 17,085 774 15,100 1,985 49 7,231 956 8,849 - - - - - 28

Grand total .... . 1,477,505 1,376,171 101,334 914,990 461,181 20,682 81,707 167,231 346,308 570,869 17,510 74,831 12,012 85,021 22,362

Coun try

To tal li a bil i ties

Li a bil i ties pay able in dol lars

To tals

To for eign of fi cial in sti tu tions and un af -

fil i ated for eign banks

Li a bil i ties 

to banks

own foreign offices

To all other for eign ers

Mem o -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies 1

De posits 

Shortterm U.S.

Trea sury

ob li ga -

tions 3

Other li a -

bil i ties

De posits 

Short-term

U.S. Treasury ob li ga -

tions 3

Other li a -

bil i ties

Ne go tia -

ble CD’s

held for

all foreign ers 

Banks

own li a -

bil i ties

Cus tody

li a bil i ties De mand Time 2 De mand Time 2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
CAP I TAL MOVE MENTS 71

CHART CM-A.—U.S. Li a bil i ties to For eigners

Re ported by U.S. Banks, Bro kers and Dealers

for Se lected Coun tries

0

100

200

300

400

500

600

1995 1996 1997 1998 June 1999

(In bil lions of dol lars)

U.S. bank ing li a bil i ties to for eign -

ers, ex clud ing li a bil i ties rep re -

sented by long-term se cu ri ties, are

con cen trated in in ter na tional finan cial cen ters. This page shows

that nearly one-half of those li a bil -

i ties cur rently are re ported op po -

site the United King dom and

off shore bank ing cen ters in the

Ca rib bean. For eigners in the rest

of Eu rope and Asia hold an ad di -

tional 40 per cent.

 U.S. bank ing li a bil i ties in the

mid-1990s went through a growth

spurt. The an nual growth rate

from the end of 1992 to the end of

1997 av er aged 10 per cent. But

growth in 1998 and the first half

of 1999 slowed to around 4 percent per year, which is more in

line with 1989 through 1992. After fall ing $9 bil lion in the first

quar ter of 1999, U.S. bank ing li a -

bil i ties in creased $38 bil lion in the

sec ond quar ter.

For the year-to-date, in creases oppo site the Ca rib bean ($49 bil lion)

and the United King dom ($9 billion) off set sig nif i cant de creases in

U.S, bank ing li a bil i ties to Ja pan

($33 bil lion) and “All other Asia”

($5 bil lion).

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 1995 1996 1997 1998 June 1999

United Kingdom. ............ . 161,112 182,035 212,790 202,280 211,152

All other Europe. ............ . 261,083 259,163 274,671 274,346 275,545

Caribbean banking centers

1

.... . 360,351 366,503 414,642 451,554 500,185

Japan. .................... . 139,056 138,148 172,352 193,202 160,137

All other Asia ............... . 135,110 133,172 128,650 142,754 137,569

Subtotal .................. . 1,056,712 1,079,021 1,203,105 1,264,136 1,284,588

All other countries. ........... . 152,550 186,534 197,446 184,165 192,917

Grand total ............... . 1,209,262 1,265,555 1,400,551 1,448,301 1,477,505

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom All other Europe Ca rib bean banking cen ters

Japan All other Asia All other countries
72 CAP I TAL MOVE MENTS

SEC TION II.—Claims on For eigners Re ported by Banks in the United States

TA BLE CM-II-1.—To tal Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Total claims ..................... . 820,915 926,619 944,081 937,316 964,863 999,918 974,542 953,747

Payable in dollars................ . 743,919 825,371 852,852 847,181 889,223 923,564 875,662 862,079

Banks’ own claims on foreigners... . 599,925 655,378 708,225 692,368 736,347 765,513 735,124 710,790

Foreign public borrowers ....... . 22,216 28,793 20,581 28,116 27,821 26,661 23,572 34,773

Unaffiliated foreign banks:

Deposits................... . 33,826 31,178 30,995 25,529 22,737 30,671 27,208 25,070

Other ..................... . 79,856 73,556 78,235 82,196 85,031 78,092 78,879 68,743

Own foreign offices ............. . 341,574 374,452 431,685 407,173 443,393 483,273 484,456 467,948

All other foreigners ............. . 122,453 147,399 146,729 149,354 157,365 146,816 121,009 114,256

Claims of banks’ 

domestic customers ........... . 143,994 169,993 144,627 154,813 152,876 158,051 140,538 151,289

Deposits .................... . 77,657 100,460 73,110 85,406 86,008 89,602 78,167 94,438

Negotiable and readily 

transferable instruments ...... . 51,207 51,514 53,967 51,594 52,171 53,512 48,848 47,713

Collections and other .......... . 15,130 18,019 17,550 17,813 14,697 14,937 13,523 9,138

Payable in foreign currencies....... . 76,996 101,248 91,229 90,135 75,640 76,354 98,880 91,668

Banks’ own claims on foreigners... . 66,018 91,158 83,038 82,209 68,286 67,901 78,162 80,629

Claims of banks’ 

domestic customers ........... . 10,978 10,090 8,191 7,926 7,354 8,453 20,718 11,039

Memoranda:

Claims reported by IBFs .......... . 261,076 276,489 303,117 278,402 271,535 263,797 254,220 233,818

Payable in dollars .............. . 219,600 229,620 256,646 232,418 239,887 233,309 219,135 199,214

Payable in foreign currencies ..... . 41,476 46,869 46,471 45,984 31,648 30,488 35,085 34,604

Customer liability on acceptances ... . 10,388 10,881 9,624 7,495 6,599 6,068 4,519 4,485

Claims with re main ing 

 ma tu rity of 1 year or less:

On foreign public borrowers........ . 15,411 20,133 12,081 16,874 16,997 14,613 13,668 20,921

On all other unaffiliated foreigners ... . 196,448 197,772 193,700 197,885 194,589 194,103 173,049 154,583

Claims with re main ing 

 ma tu rity of more than 1 year:

On foreign public borrowers........ . 6,790 8,660 8,499 11,285 10,688 10,926 9,839 13,291

On all other unaffiliated foreigners ... . 39,457 54,362 62,270 59,515 70,773 61,863 54,187 53,603

 1997 1998 1999

Type of claim

Cal en dar year

1996 Sept. Dec. Mar. June r Sept. r Dec. Mar. p
CAP I TAL MOVE MENTS 73

TA BLE CM-II-2.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ..................... . 3,611 4,659 4,731 4,728 4,606 4,110 2,744 4,582

Belgium-Luxembourg.......... . 11,264 14,404 10,850 10,474 12,013 12,437 11,989 10,810

Bulgaria .................... . 66 1 1 2 4 1 3 2

Czech Republic .............. . 172 263 867 247 255 262 162 238

Denmark ................... . 3,125 3,433 2,713 3,110 3,886 3,581 4,367 4,534

Finland ..................... . 1,143 2,163 1,477 2,066 1,498 1,259 1,292 1,924

France ..................... . 29,148 32,612 28,903 34,189 29,397 32,805 27,708 27,617

Germany ................... . 21,535 30,367 31,030 38,925 40,109 42,440 46,116 44,047

Greece ..................... . 948 856 696 927 650 757 1,072 972

Hungary .................... . 61 62 87 60 37 60 54 194

Ireland ..................... . 1,824 2,695 3,168 5,021 4,077 4,071 5,495 3,997

Italy ....................... . 9,868 11,476 10,108 12,555 13,118 11,717 13,063 11,358

Netherlands ................. . 10,600 18,651 13,883 13,793 14,242 12,371 15,905 19,244

Norway..................... . 1,020 2,233 826 1,500 1,928 995 1,560 1,427

Poland ..................... . 1,142 2,030 1,438 1,981 1,677 1,116 706 1,394

Portugal .................... . 553 1,214 929 745 1,099 1,191 866 1,362

Romania.................... . 175 237 145 146 52 60 59 85

Russia

1

..................... . 2,725 3,922 1,319 1,192 1,077 983 858 1,040

Spain ...................... . 4,503 7,082 6,513 8,996 10,020 13,309 7,760 4,276

Sweden .................... . 6,738 8,276 8,123 9,213 10,642 10,978 9,196 10,789

Switzerland ................. . 26,692 37,402 39,351 39,422 41,948 61,093 53,684 57,047

Turkey ..................... . 3,053 3,683 4,381 3,841 4,549 3,739 3,781 3,605

United Kingdom .............. . 129,301 141,063 151,645 141,477 161,312 157,403 162,874 159,280

Yugoslavia 2

................. . 115 78 52 61 53 53 62 64

Other Europe ................ . 4,378 5,747 5,400 4,816 6,719 6,206 5,427 8,405

Total Europe ............... . 273,760 334,609 328,636 339,487 364,968 382,997 376,803 378,293

Canada ...................... . 43,948 48,180 51,071 52,254 50,591 63,369 73,753 63,915

Latin America and Caribbean:

Argentina ................... . 7,779 8,087 9,800 9,633 9,233 9,587 10,910 11,037

Bahamas ................... . 74,332 71,267 94,458 89,790 91,348 92,027 100,955 95,386

Bermuda ................... . 5,172 9,919 9,355 9,822 10,139 11,373 5,376 4,413

Brazil ...................... . 21,714 21,518 23,825 27,513 26,477 20,661 18,204 16,295

British West Indies ............ . 135,411 179,534 171,475 182,934 210,839 212,875 187,143 198,567

Chile....................... . 5,356 6,596 8,284 8,413 8,748 8,531 8,509 8,238

Colombia ................... . 7,345 6,793 7,147 6,969 7,193 6,849 6,687 6,237

Cuba ...................... . - - - - - - - -

Ecuador .................... . 1,056 1,241 1,332 1,499 1,450 1,487 1,461 1,276

Guatemala .................. . 632 808 930 944 968 1,189 1,149 1,077

Jamaica .................... . 352 380 430 372 326 310 247 327

Mexico ..................... . 22,042 22,213 21,771 22,999 22,929 22,824 23,942 22,036

Netherlands Antilles ........... . 25,774 20,552 18,071 17,790 14,378 10,384 6,816 6,684

Panama .................... . 2,886 3,793 4,636 4,317 4,429 4,398 3,742 3,550

Peru ....................... . 2,764 3,085 3,520 3,643 4,110 3,847 3,281 3,249

Trinidad and Tobago .......... . 531 824 854 498 519 584 449 505

Uruguay .................... . 654 781 670 958 988 988 1,156 861

Venezuela .................. . 2,358 2,361 2,715 2,685 2,716 2,868 3,217 3,734

Other Latin America 

and Caribbean.............. . 2,745 2,663 3,380 3,264 3,843 4,164 5,117 5,268

Total Latin America 

and Caribbean ............ . 318,903 362,415 382,653 394,043 420,633 414,946 388,361 388,740

 1997 1998 1999

Type of claim

Cal en dar year

1996 Sept. Dec. Mar. June r Sept. r Dec. Mar. p
74 CAP I TAL MOVE MENTS

TA BLE CM-II-2.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows: Be gin ning 

in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin ning in

June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland .................. . 1,601 3,059 1,775 2,971 2,077 1,408 1,347 3,434

Taiwan.................... . 2,068 1,374 1,062 893 986 1,127 1,196 1,475

Hong Kong.................. . 16,261 19,014 17,851 15,547 16,827 13,207 10,408 9,245

India ....................... . 2,140 2,336 2,507 2,169 2,166 2,045 1,600 1,827

Indonesia ................... . 2,213 3,248 3,119 2,742 2,259 2,268 2,251 1,971

Israel ...................... . 4,935 5,022 4,753 4,761 4,529 4,503 4,586 4,502

Japan ...................... . 92,172 83,167 86,759 71,286 51,900 60,014 55,169 48,501

Korea ...................... . 19,425 20,517 18,775 11,801 11,223 9,957 8,381 9,233

Lebanon .................... . 50 52 62 60 37 56 35 40

Malaysia.................... . 1,162 1,099 899 985 1,080 1,173 1,096 1,427

Pakistan .................... . 941 1,682 708 754 994 1,235 645 793

Philippines .................. . 1,848 1,723 1,877 1,912 1,579 1,318 1,664 1,568

Singapore................... . 9,061 12,588 11,309 8,771 7,447 7,021 7,591 5,091

Syria....................... . 1 74 3 3 3 1 1 -

Thailand .................... . 2,964 2,781 2,523 2,264 1,972 2,204 1,884 1,770

Oil-exporting countries

3

........ . 11,375 8,485 11,502 9,544 9,084 13,346 20,132 14,492

Other Asia .................. . 368 341 576 251 327 303 281 331

Total Asia ................. . 168,585 166,562 166,060 136,714 114,490 121,186 118,267 105,700

Africa:

Egypt ...................... . 265 284 281 314 309 328 320 327

Ghana ..................... . 24 47 25 31 27 29 26 19

Liberia ..................... . 574 579 521 536 568 636 627 574

Morocco .................... . 777 747 709 699 460 424 446 453

South Africa ................. . 744 834 960 719 813 806 768 916

Zaire....................... . 26 - - - - 1 1 -

Oil-exporting countries

4

........ . 476 1,155 1,271 1,398 313 788 936 327

Other Africa ................. . 587 467 436 485 275 334 379 633

Total Africa ................ . 3,473 4,113 4,203 4,182 2,765 3,346 3,503 3,249

Other countries:

Australia .................... . 7,799 7,345 7,555 7,007 7,820 8,204 9,453 8,382

All other .................... . 1,821 1,349 1,414 675 671 543 772 748

Total other 

countries................. . 9,620 8,694 8,969 7,682 8,491 8,747 10,225 9,130

Total foreign 

countries ............... . 818,289 924,573 941,592 934,362 961,938 994,591 970,922 949,040

International and regional orgs.:

International ................. . 2,416 1,875 2,233 2,741 2,787 5,117 3,499 4,582

European regional ............ . 1 2 - 4 3 9 42 29

Latin American regional ........ . 209 169 255 203 121 78 79 96

Asian regional ............... . - - - - 5 114 - -

African regional .............. . - - - - - - - -

Middle Eastern regional ........ .

- - 1 6 9 9 - -

Total international 

and regional .............. . 2,626 2,046 2,489 2,954 2,925 5,327 3,620 4,707

Grand total ............... . 820,915 926,619 944,081 937,316 964,863 999,918 974,542 953,747

 1997 1998 1999

Type of claim

Cal en dar year

1996 Sept. Dec. Mar. June r Sept. r Dec. Mar. p
CAP I TAL MOVE MENTS 75

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Mar. 31, 1999

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Re port ing banks’ own claims

On for eign

pub lic borrow ers and

un af fil i ated

foreigners

On own foreign offices

Pay able in

for eign

currencies

Memorandum Claims of banks’ do mes tic customers

Coun try To tal claims

To tal banks

own claims

Cus tom ers

li abil ity on

ac cep tan ces To tal

Pay able in

dollars

Pay able in

for eign

currencies

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

Eu rope:

Austria ............... . 4,582 3,144 2,713 46 385 4 1,438 1,436 2

Belgium-Luxembourg.... . 10,810 8,251 4,493 958 2,800 1 2,559 2,507 52

Bulgaria .............. . 2 2 2 - - - - - -

Czech Republic ........ . 238 235 90 121 24 - 3 - 3

Denmark.............. . 4,534 1,895 985 634 276 - 2,639 2,622 17

Finland ............... . 1,924 1,519 387 964 168 - 405 396 9

France ............... . 27,617 18,625 8,314 6,873 3,438 68 8,992 8,842 150

Germany ............. . 44,047 28,597 8,862 8,017 11,718 5 15,450 14,836 614

Greece ............... . 972 743 413 141 189 1 229 206 23

Hungary .............. . 194 191 168 13 10 - 3 - 3

Ireland ............... . 3,997 3,765 2,452 1,021 292 - 232 186 46

Italy.................. . 11,358 9,032 3,489 2,546 2,997 132 2,326 2,322 4

Netherlands ........... . 19,244 11,930 4,434 2,256 5,240 11 7,314 7,259 55

Norway ............... . 1,427 676 575 21 80 - 751 738 13

Poland ............... . 1,394 1,365 1,314 50 1 - 29 6 23

Portugal .............. . 1,362 1,271 1,106 99 66 12 91 86 5

Romania.............. . 85 84 73 - 11 - 1 1 -

Russia

1

............... . 1,040 990 929 42 19 - 50 37 13

Spain ................ . 4,276 3,499 1,423 1,618 458 5 777 777 -

Sweden .............. . 10,789 4,911 1,709 2,730 472 5 5,878 5,760 118

Switzerland............ . 57,047 52,480 2,204 49,473 803 79 4,567 4,507 60

Turkey ............... . 3,605 2,146 1,826 252 68 61 1,459 1,437 22

United Kingdom ........ . 159,280 117,801 33,041 64,234 20,526 170 41,479 38,355 3,124

Yugoslavia

2

........... . 64 64 54 - 10 - - - -

Other Europe .......... . 8,405 3,690 2,765 511 414 7 4,715 3,049 1,666

Total Europe ......... . 378,293 276,906 83,821 142,620 50,465 561 101,387 95,365 6,022

Canada ................ . 63,915 44,735 10,613 30,651 3,471 54 19,180 17,427 1,753

Latin America 

and Caribbean:

Argentina ............. . 11,037 10,799 8,679 1,720 400 36 238 105 133

Bahamas ............. . 95,386 93,095 6,777 81,862 4,456 20 2,291 2,284 7

Bermuda.............. . 4,413 4,133 3,993 103 37 7 280 280 -

Brazil ................ . 16,295 15,216 12,211 2,932 73 473 1,079 970 109

British West Indies ...... . 198,567 173,643 21,664 141,203 10,776 150 24,924 24,744 180

Chile ................. . 8,238 8,198 7,831 251 116 1 40 38 2

Colombia ............. . 6,237 6,226 6,007 215 4 15 11 11 -

Cuba................. . - - - - - - - - -

Ecuador .............. . 1,276 1,264 1,128 91 45 37 12 12 -

Guatemala ............ . 1,077 1,071 933 119 19 45 6 6 -

Jamaica .............. . 327 321 318 - 3 - 6 6 -

Mexico ............... . 22,036 21,272 20,101 431 740 358 764 564 200

Netherlands Antilles ..... . 6,684 6,672 2,484 4,177 11 - 12 12 -

Panama .............. . 3,550 3,462 2,001 1,319 142 84 88 88 -

Peru ................. . 3,249 3,241 2,689 543 9 14 8 8 -

Trinidad and Tobago .... . 505 504 441 50 13 - 1 1 -

Uruguay .............. . 861 852 529 309 14 4 9 9 -

Venezuela ............ . 3,734 3,661 3,270 236 155 9 73 72 1

Other Latin America 

and Caribbean........ . 5,268 4,863 4,002 815 46 123 405 405 -

Total Latin America 

and Caribbean ...... . 388,740 358,493 105,058 236,376 17,059 1,376 30,247 29,615 632
76 CAP I TAL MOVE MENTS

TA BLE CM-II-3.—To tal Claims on For eigners by Type and Coun try, Mar. 31, 1999, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Re port ing banks’ own claims

On for eign

pub lic borrow ers and

un af fili ated

foreigners

On own foreign offices

Pay able in

for eign

currencies

Memorandum Claims of banks’ do mes tic customers

To tal claims

To tal banks

own claims

Cus tomers

li abil ity on

acceptances To tal

Pay able in

dollars

Pay able in

for eign

currencies

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

Asia:

China:

Mainland ............ . 3,434 3,399 3,261 137 1 29 35 34 1

Taiwan ............. . 1,475 1,346 928 403 15 4 129 32 97

Hong Kong............ . 9,245 8,650 2,238 5,776 636 17 595 453 142

India ................. . 1,827 1,705 1,391 310 4 58 122 112 10

Indonesia ............. . 1,971 1,938 1,680 217 41 8 33 8 25

Israel ................ . 4,502 1,085 709 373 3 1 3,417 3,410 7

Japan ................ . 48,501 45,511 6,568 33,403 5,540 111 2,990 1,965 1,025

Korea ................ . 9,233 9,159 7,099 2,020 40 1,923 74 44 30

Lebanon.............. . 40 34 34 - - 9 6 2 4

Malaysia.............. . 1,427 1,361 1,121 183 57 15 66 4 62

Pakistan .............. . 793 772 383 382 7 - 21 3 18

Philippines ............ . 1,568 1,542 1,463 77 2 41 26 17 9

Singapore ............ . 5,091 4,590 1,478 2,337 775 - 501 468 33

Syria................. . - - - - - - - - -

Thailand .............. . 1,770 1,754 240 1,480 34 3 16 11 5

Other Asia ............ . 14,823 14,646 3,801 8,556 2,289 66 177 177 -

Total Asia ........... . 105,700 97,492 32,394 55,654 9,444 2,285 8,208 6,740 1,468

Af rica:

Egypt ................ . 327 267 238 22 7 74 60 13 47

Ghana ............... . 19 18 18 - - - 1 1 -

Liberia ............... . 574 504 485 - 19 - 70 70 -

Morocco .............. . 453 444 422 - 22 14 9 5 4

South Africa ........... . 916 845 655 143 47 80 71 11 60

Zaire................. . - - - - - - - - -

Other Africa ........... . 960 956 912 43 1 3 4 4 -

Total Africa .......... . 3,249 3,034 2,730 208 96 171 215 104 111

Other countries:

Australia.............. . 8,382 5,664 3,407 2,231 26 37 2,718 1,835 883

All other .............. . 748 430 199 208 23 1 318 148 170

Total other 

countries........... . 9,130 6,094 3,606 2,439 49 38 3,036 1,983 1,053

Total foreign 

countries ......... . 949,040 786,767 238,222 467,948 80,597 4,485 162,273 151,234 11,039

International 

 and regional orgs:

International ........... . 4,582 4,531 4,531 - - - 51 51 -

European regional ...... . 29 25 21 - 4 - 4 4 -

Latin American regional . . . 96 96 68 - 28 - - - -

Asian regional ......... . - - - - - - - - -

African regional ........ . - - - - - - - - -

Middle Eastern regional . . .

- - - - - - - - -

Total international 

and regional ........ . 4,707 4,652 4,620 - 32 - 55 55 -

Grand total ......... . 953,747 791,419 242,842 467,948 80,629 4,485 162,328 151,289 11,039
CAP I TAL MOVE MENTS 77

CHART CM-B.—U.S. Claims on For eign ers

Re ported by U.S. Banks, Bro kers and Dealers for Se lected Coun tries

United Kingdom .................. . 103,375 129,301 151,645 162,874 159,280

All other Europe. ................. . 125,939 144,459 176,991 213,929 219,013

Caribbean banking centers

1

. ........ . 229,526 243,575 297,995 304,032 308,600

Japan. ......................... . 98,745 92,172 86,759 55,169 48,501

All other Asia..................... . 66,976 76,413 79,301 63,098 57,199

Subtotal ....................... . 624,561 685,920 792,691 799,102 792,593

All other countries. ................ . 110,811 134,995 151,390 175,440 161,154

Grand total .................... . 735,372 820,915 944,081 974,542 953,747

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

U.S. bank ing claims on for eign -

ers, ex clud ing claims rep re sented

by long-term se cu ri ties, are concen trated in in ter na tional fi nan cial 

cen ters. This page shows that over

two-thirds of U.S. claims currently are re ported op po site the

United King dom, “All other Europe,” and, most no ta bly, the offshore bank ing cen ters in the

Ca rib bean. An ad di tional 11 percent of U.S. claims are on for eign -

ers do mi ciled in Asia.

Af ter ex tremely strong growth in

the mid-1990s, to tal U.S. bank ing

claims on for eign ers fell in the

first quar ter of 1999. An nual

growth peaked at 15 per cent in

1997, be fore slow ing to 3 per cent

in 1998. In the first quar ter of

1999, U.S. bank ing claims have

fallen $20.3 bil lion, or 2 per cent,

to $953.7 bil lion. Claims op po -

site Asia con tin ued to fall in the

first quar ter and now stand $60

bil lion be low their end-1997 level.

Claims op po site the United Kingdom and “All other coun tries@

also fell in the first quar ter. Canada rep re sented a large amount of

the de crease in the lat ter group;

U.S. bank ing claims op po site

Can ada fell $9.8 bil lion in the first

quar ter. Claims op po site the Carib bean bank ing cen ters and AAll

other Eu rope,@ no ta bly Swit zer -

land and the Neth er lands, increased in the first quar ter.

All other Europe

All other Asia

United King dom Ca rib bean banking cen ters

Japan All other countries

0

100

200

300

400

1995 1996 1997 1998 Mar. 1999

In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem

Cal en dar years

Coun try 1995 1996 1997 1998 Mar. 1999

(In bil lions of dol lars)
78 CAP I TAL MOVE MENTS

SEC TION III.—Sup ple men tary Li a bil i ties and Claims Data

Re ported by Banks in the United States

TA BLE CM-III-1.—Dol lar Li a bil i ties to, and Dol lar Claims on, For eigners

in Coun tries and Areas Not Reg u larly Re ported Sep a rately

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

 Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing dates

for the “Other” geo graph ical cat e go ries in the reg u lar monthly se ries in the “Trea sury Bul le tin.”

Other Eu rope:

Cyprus ............................. . 155 321 179 58 n.a. 762

Iceland ............................. . 83 n.a. 77 n.a. 16 14

Monaco ............................ . 471 344 265 n.a. n.a. n.a.

Other Latin Amer ica and Ca rib bean:

Aruba .............................. . 177 175 216 18 23 32

Barbados ........................... . 1,079 1,457 1,276 119 354 465

Belize .............................. . 195 97 92 14 16 18

Bolivia ............................. . 833 886 713 426 527 624

Costa Rica .......................... . 1,341 1,298 1,260 361 450 541

Dominica ........................... . 10 31 n.a. n.a. n.a. 15

Dominican Republic ................... . 1,303 1,234 1,422 518 r 639 606

El Salvador.......................... . 1,170 1,252 985 845 733 830

French West Indies and French Guiana ... . 33 30 31 n.a. n.a. n.a.

Haiti ............................... . 360 383 497 29 29 24

Honduras ........................... . 1,019 1,157 1,299 335 306 366

Nicaragua........................... . 118 135 110 47 42 62

Paraguay ........................... . 698 719 782 183 203 112

Suriname ........................... . 121 142 181 51 43 89

Other Asia:

Afghanistan ......................... . 56 n.a. n.a. n.a. n.a. n.a.

Burma ............................. . 10 5 5 - n.a. -

Jordan ............................. . 290 229 287 95 87 78

Macau ............................. . 114 n.a. 81 - - n.a.

Sri Lanka ........................... . 257 292 136 52 49 45

Yemen ............................. . 128 158 95 7 n.a. n.a.

Other Af rica:

Angola ............................. . 282 242 244 n.a. n.a. n.a.

Cameroon .......................... . 20 28 35 n.a. 18 n.a.

Ethiopia ............................ . 183 n.a. 162 2 n.a. n.a.

Guinea ............................. . n.a. 57 70 n.a. n.a. -

Ivory Coast.......................... . 59 74 80 n.a. 8 7

Kenya.............................. . 179 206 174 n.a. 23 19

Madagascar ......................... . n.a. 21 30 - - -

Mauritius ........................... . 55 96 165 n.a. n.a. n.a.

Mozambique ........................ . 129 90 179 n.a. n.a. n.a.

Niger .............................. . 5 4 4 n.a. n.a. n.a.

Rwanda ............................ . n.a. n.a. 34 n.a. 1 n.a.

Senegal ............................ . 23 15 49 n.a. n.a. n.a.

Somalia ............................ . 17 18 16 - - -

Sudan ............................. . 33 19 15 n.a. n.a. n.a.

Tanzania ........................... . 379 177 253 9 9 n.a.

Tunisia ............................. . n.a. 142 90 129 155 168

Uganda ............................ . 196 n.a. n.a. 5 n.a. n.a.

Zambia............................. . 41 49 59 5 n.a. n.a.

Zimbabwe .......................... . 159 156 99 2 2 n.a.

All other:

New Zealand ........................ . 400 658 648 n.a. n.a. 388

Papua New Guinea ................... . n.a. n.a. 56 1 n.a. 33

To tal li a bil i ties To tal banks’ own claims

 Cal en dar year

 1997

1998 Cal en dar year

 1997

1998

Coun try June Dec. June Dec.
CAP I TAL MOVE MENTS 79

SEC TION IV.—Li a bil i ties to, and Claims on, For eigners

Re ported by Nonbanking Busi ness En ter prises

in the United States

TA BLE CM-IV-1.—To tal Li a bil i ties and Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Total liabilities ...................... . 46,448 61,782 60,037 58,040 51,433 49,279 46,553 46,663

Payable in dollars ................. . 33,903 39,542 41,956 42,258 40,026 38,410 36,651 34,030

Financial ....................... . 12,903 11,913 13,043 13,568 11,988 9,812 10,371 11,225

Com mer cial:

Trade payables ................ . 9,996 11,683 9,599 9,074 8,573 9,118 10,116 8,765

Advance receipts and other ....... . 11,004 15,946 19,314 19,616 19,465 19,480 16,164 14,040

Payable in foreign currencies ........ . 12,545 22,240 18,081 15,782 11,407 10,869 9,902 12,633

Financial ....................... . 11,338 21,136 16,489 14,482 10,334 9,519 8,884 11,233

Com mer cial:

Trade payables ................ . 1,017 1,037 1,305 1,033 964 1,158 845 1,234

Advance receipts and other ....... . 190 67 287 267 109 192 173 166

Total claims ....................... . 52,509 65,897 68,128 71,004 63,188 67,976 77,468 69,065

Payable in dollars ................. . 48,711 59,156 62,173 65,359 57,587 62,034 72,188 64,080

Fi nan cial:

Deposits ...................... . 14,654 20,852 21,060 19,155 13,084 13,374 28,549 17,116

Other ........................ . 10,976 12,374 11,806 16,981 14,904 19,867 14,049 17,404

Com mer cial:

Trade receivables............... . 20,993 23,495 26,157 25,638 25,639 24,584 25,752 25,630

Advance payments and other...... . 2,088 2,435 3,150 3,585 3,960 4,209 3,838 3,930

Payable in foreign currencies ........ . 3,798 6,741 5,955 5,645 5,601 5,942 5,280 4,985

Fi nan cial:

Deposits ...................... . 479 772 1,849 1,708 1,678 2,032 1,643 1,585

Other ........................ . 1,289 3,525 2,244 2,457 2,675 1,989 2,008 2,031

Com mer cial:

Trade receivables............... . 2,005 2,256 1,379 1,250 1,125 1,746 1,459 1,186

Advance payments and other...... . 25 188 483 230 123 175 170 183

Cal en dar year 1998 1999

Type of li a bil ity or claim 1995 1996 1997 Mar. June Sept. r Dec. Mar. p
80 CAP I TAL MOVE MENTS

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria..................... . 70 44 67 112 126 128 101 118 79

Belgium-Luxembourg ......... . 736 700 1,111 852 692 632 773 357 279

Bulgaria.................... . 5 1 2 5 6 3 5 3 4

Czech Republic .............. . 6 26 22 38 40 94 99 105 82

Denmark ................... . 277 138 93 170 116 86 65 132 110

Finland .................... . 236 179 161 281 177 258 101 83 56

France..................... . 2,455 1,480 1,771 2,448 2,635 2,311 2,197 2,017 1,832

Germany ................... . 2,565 2,741 2,836 3,292 3,646 3,660 3,575 3,457 2,994

Greece .................... . 196 89 72 89 157 92 162 120 100

Hungary ................... . 6 9 12 13 17 27 6 3 5

Ireland ..................... . 449 414 449 1,133 1,215 1,211 1,212 1,307 1,154

Italy ....................... . 359 374 911 923 1,011 1,125 1,081 1,177 1,047

Netherlands................. . 1,274 966 1,322 933 915 969 857 1,835 1,698

Norway .................... . 176 209 424 271 285 337 262 188 130

Poland..................... . 17 7 30 7 14 9 11 11 48

Portugal.................... . 35 35 33 36 29 30 32 29 15

Romania ................... . 8 3 9 165 203 220 255 149 165

Russia

1

.................... . 84 177 105 115 184 179 178 82 124

Spain...................... . 127 171 222 334 389 509 550 546 543

Sweden .................... . 242 233 204 244 190 240 218 171 184

Switzerland ................. . 1,015 1,308 1,323 1,151 752 538 686 654 676

Turkey ..................... . 109 118 129 285 182 155 196 211 198

United Kingdom ............. . 17,987 13,706 21,464 16,823 17,186 12,508 10,896 9,677 12,737

Yugoslavia

2

................. . 12 6 9 6 5 8 223 8 4

Other Europe ............... . 30 188 165 159 86 126 174 181 414

Total Europe............... . 28,476 23,322 32,946 29,885 30,258 25,455 23,915 22,621 24,678

Canada ..................... . 1,666 1,672 2,491 3,567 2,392 1,745 1,893 2,083 2,378

Latin Amer ica 

and Ca rib bean:

Argentina................... . 88 136 272 219 206 201 161 118 145

Bahamas ................... . 120 60 299 157 44 20 49 21 12

Bermuda ................... . 425 352 347 432 260 258 241 299 303

Brazil ...................... . 368 155 274 363 340 322 410 304 244

British West Indies ........... . 1,021 922 1,044 616 522 872 839 967 1,071

Chile ...................... . 44 76 160 150 167 195 151 111 127

Colombia................... . 19 63 123 120 182 160 85 72 86

Cuba ...................... . - 1 5 - 3 1 3 5 9

Ecuador.................... . 33 26 27 22 19 22 18 20 25

Guatemala ................. . 8 4 12 30 28 7 11 12 11

Jamaica.................... . 14 18 16 18 13 4 11 12 19

Mexico..................... . 574 428 682 591 541 608 534 406 459

Netherlands Antilles .......... . 645 635 53 23 11 17 15 44 11

Panama.................... . 50 23 12 16 13 8 9 16 39

Peru ...................... . 30 21 44 30 33 25 23 35 21

Trinidad and Tobago.......... . 25 13 144 75 69 41 41 34 34

Uruguay ................... . 1 3 6 20 12 15 10 8 8

Venezuela .................. . 281 223 329 262 220 197 231 204 157

Other Latin America 

and Caribbean ............. . 145 364 393 418 333 632 349 426 359

Total Latin America 

and Caribbean............ . 3,891 3,523 4,242 3,562 3,016 3,605 3,191 3,114 3,140

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Mar. June Sept. r Dec. Mar. p
CAP I TAL MOVE MENTS 81

TA BLE CM-IV-2.—To tal Li a bil i ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all

other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland .................. . 597 579 990 1,250 1,196 1,175 945 707 679

Taiwan.................... . 853 451 697 936 892 746 938 898 884

Hong Kong.................. . 805 646 610 760 861 520 557 388 280

India ....................... . 59 196 181 170 302 169 276 387 464

Indonesia ................... . 296 350 314 213 139 205 138 154 113

Israel ...................... . 141 99 205 185 174 194 221 228 219

Japan ...................... . 11,869 8,751 10,483 9,585 9,139 7,864 7,533 7,420 6,052

Korea ...................... . 1,736 1,433 1,558 1,150 1,018 1,024 1,002 946 843

Lebanon .................... . 14 61 72 29 84 17 28 27 44

Malaysia.................... . 178 297 586 766 444 321 201 141 112

Pakistan .................... . 27 80 77 60 59 52 40 33 38

Philippines .................. . 50 60 110 222 271 260 249 169 199

Singapore................... . 622 819 908 1,252 1,422 1,671 1,219 1,240 1,081

Syria....................... . 24 50 61 23 10 9 68 15 14

Thailand .................... . 194 392 473 405 345 376 362 362 236

Oil-exporting countries

3

........ . 1,611 1,939 2,193 3,143 3,161 3,194 3,582 2,851 2,480

Other Asia .................. . 68 206 327 211 179 129 185 141 165

Total Asia ................. . 19,144 16,409 19,845 20,360 19,696 17,926 17,544 16,107 13,903

Af rica:

Egypt ...................... . 48 157 198 90 54 27 55 39 53

Ghana ..................... . - 16 29 28 14 33 6 9 7

Liberia ..................... . - - - 1 2 - 3 9 -

Morocco .................... . 29 24 21 49 56 65 49 41 42

South Africa ................. . 32 42 154 255 220 231 190 189 122

Zaire....................... . 1 - - - - 5 - - -

Oil-exporting countries

4

........ . 379 376 532 408 376 354 372 393 379

Other Africa ................. . 74 154 144 103 144 235 166 142 155

Total Africa ................ . 563 769 1,078 934 866 950 841 822 758

Other coun tries:

Australia .................... . 372 461 945 911 869 744 807 949 959

All other .................... . 153 230 125 810 932 997 836 852 841

Total other 

countries................. . 525 691 1,070 1,721 1,801 1,741 1,643 1,801 1,800

Total foreign 

countries ............... . 54,265 46,386 61,672 60,029 58,029 51,422 49,027 46,548 46,657

In ter na tional 

and re gional orgs.:

International ................. . - 2 55 - - - 7 - -

European regional ............ . 44 60 55 8 11 11 222 5 6

Latin American regional ........ . - - - - - - 4 - -

Asian regional ............... . - - - - - - 9 - -

African regional .............. . - - - - - - 10 - -

Middle Eastern regional ........ .

- - - - - - - - -

Total international 

and regional .............. . 44 62 110 8 11 11 252 5 6

Grand total ............... . 54,309 46,448 61,782 60,037 58,040 51,433 49,279 46,553 46,663

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Mar. June Sept. r Dec. Mar. p
82 CAP I TAL MOVE MENTS

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Mar. 31, 1999, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign

cur ren cies

 Com mer cial 

li a bil i ties

Eu rope:

Austria ..................... . 79 4 2 2 75

Belgium-Luxembourg.......... . 279 50 49 1 229

Bulgaria .................... . 4 - - - 4

Czech Republic .............. . 82 - - - 82

Denmark ................... . 110 12 - 12 98

Finland ..................... . 56 6 6 - 50

France ..................... . 1,832 1,178 831 347 654

Germany ................... . 2,994 1,906 1,619 287 1,088

Greece ..................... . 100 2 2 - 98

Hungary .................... . 5 1 1 - 4

Ireland ..................... . 1,154 969 357 612 185

Italy ....................... . 1,047 358 6 352 689

Netherlands ................. . 1,698 1,337 1,315 22 361

Norway..................... . 130 4 4 - 126

Poland ..................... . 48 12 10 2 36

Portugal .................... . 15 6 6 - 9

Romania.................... . 165 1 1 - 164

Russia 1.................... . 124 13 9 4 111

Spain ...................... . 543 111 11 100 432

Sweden .................... . 184 35 35 - 149

Switzerland ................. . 676 141 111 30 535

Turkey ..................... . 198 18 18 - 180

United Kingdom .............. . 12,737 9,729 3,714 6,015 3,008

Yugoslavia 2................. . 4 - - - 4

Other Europe ................ . 414 205 3 202 209

Total Europe ............... . 24,678 16,098 8,110 7,988 8,580

Canada ...................... . 2,378 781 172 609 1,597

Latin Amer ica 

and Ca rib bean:

Argentina ................... . 145 41 15 26 104

Bahamas ................... . 12 1 - 1 11

Bermuda ................... . 303 78 77 1 225

Brazil ...................... . 244 137 20 117 107

British West Indies ............ . 1,071 1,064 971 93 7

Chile....................... . 127 17 17 - 110

Colombia ................... . 86 3 1 2 83

Cuba ...................... . 9 - - - 9

Ecuador .................... . 25 1 1 - 24

Guatemala .................. . 11 - - - 11

Jamaica .................... . 19 4 4 - 15

Mexico ..................... . 459 22 14 8 437

Netherlands Antilles ........... . 11 - - - 11

Panama .................... . 39 - - - 39

Peru ....................... . 21 - - - 21

Trinidad and Tobago .......... . 34 2 2 - 32

Uruguay .................... . 8 - - - 8

Venezuela .................. . 157 2 - 2 155

Other Latin America 

and Caribbean.............. . 359 156 153 3 203

Total Latin America 

and Caribbean ............ . 3,140 1,528 1,275 253 1,612
CAP I TAL MOVE MENTS 83

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

TA BLE CM-IV-3.—To tal Li a bil i ties by Type and Coun try, Mar. 31, 1999, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

Fi nan cial li a bil i ties

Coun try To tal li a bil i ties To tal Pay able in dol lars

Pay able in for eign 

cur ren cies

 Com mer cial 

li a bil i ties

Asia:

China:

Mainland .................. . 679 62 47 15 617

Taiwan.................... . 884 12 1 11 872

Hong Kong.................. . 280 20 13 7 260

India ....................... . 464 12 2 10 452

Indonesia ................... . 113 12 6 6 101

Israel ...................... . 219 1 1 - 218

Japan ...................... . 6,052 3,337 1,561 1,776 2,715

Korea ...................... . 843 - - - 843

Lebanon .................... . 44 4 4 - 40

Malaysia.................... . 112 3 1 2 109

Pakistan .................... . 38 - - - 38

Philippines .................. . 199 1 - 1 198

Singapore................... . 1,081 1 - 1 1,080

Syria....................... . 14 - - - 14

Thailand .................... . 236 - - - 236

Other Asia .................. . 2,645 10 10 - 2,635

Total Asia ................. . 13,903 3,475 1,646 1,829 10,428

Af rica:

Egypt ...................... . 53 - - - 53

Ghana ..................... . 7 - - - 7

Liberia ..................... . - - - - -

Morocco .................... . 42 - - - 42

South Africa ................. . 122 17 - 17 105

Zaire....................... . - - - - -

Other Africa ................. . 534 14 14 - 520

Total Africa ................ . 758 31 14 17 727

Other coun tries:

Australia .................... . 959 57 1 56 902

All other .................... . 841 488 7 481 353

Total other countries ......... . 1,800 545 8 537 1,255

Total foreign countries ...... . 46,657 22,458 11,225 11,233 24,199

In ter na tional and re gional orgs.:

International ................. . - - - - -

European regional ............ . 6 - - - 6

Latin American regional ........ . - - - - -

Asian regional ............... . - - - - -

African regional .............. . - - - - -

Middle Eastern regional ........ .

- - - - -

Total international 

and regional.............. . 6 - - - 6

Grand total ............... . 46,663 22,458 11,225 11,233 24,205
84 CAP I TAL MOVE MENTS

TA BLE CM-IV-4.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ..................... . 123 114 159 126 84 71 92 145 162

Belgium-Luxembourg.......... . 299 424 411 734 610 734 715 899 750

Bulgaria .................... . 37 29 19 32 17 15 14 11 7

Czech Republic .............. . 52 53 34 42 56 54 61 67 49

Denmark ................... . 81 107 101 155 75 107 108 81 193

Finland ..................... . 173 185 173 211 180 256 286 244 318

France ..................... . 2,681 2,633 2,338 2,811 2,841 2,751 3,238 3,035 3,086

Germany ................... . 1,567 1,506 1,613 2,041 2,063 2,047 1,861 2,126 1,901

Greece ..................... . 136 193 148 386 547 311 308 316 257

Hungary .................... . 72 50 17 62 64 69 65 67 66

Ireland ..................... . 315 290 274 277 288 241 231 244 305

Italy ....................... . 812 1,029 1,039 1,466 1,044 1,188 1,238 1,256 1,190

Netherlands ................. . 740 969 1,055 1,274 1,445 1,467 1,330 1,342 1,370

Norway..................... . 242 169 251 303 269 336 283 165 185

Poland ..................... . 122 78 108 124 113 104 84 111 78

Portugal .................... . 217 64 92 78 71 115 103 153 99

Romania.................... . 17 16 14 7 13 22 23 20 24

Russia 1.................... . 254 300 239 221 236 223 246 232 214

Spain ...................... . 484 537 645 623 624 591 638 524 600

Sweden .................... . 352 288 372 504 521 470 450 565 372

Switzerland ................. . 1,080 1,018 1,116 988 877 821 955 898 897

Turkey ..................... . 216 256 222 379 525 382 228 236 270

United Kingdom .............. . 7,205 6,959 10,868 13,997 14,117 14,303 14,530 12,534 12,886

Yugoslavia 2................. . 39 13 6 11 10 10 36 14 18

Other Europe ................ . 160 153 214 267 351 285 379 251 285

Total Europe ............... . 17,476 17,433 21,528 27,119 27,041 26,973 27,502 25,536 25,582

Canada ...................... . 5,569 4,802 5,607 5,973 7,570 5,799 6,381 5,127 6,186

Latin Amer ica 

and Ca rib bean:

Argentina ................... . 347 396 617 688 773 863 974 893 869

Bahamas ................... . 2,433 1,995 1,588 2,335 1,329 1,318 2,144 427 676

Bermuda ................... . 261 353 415 352 304 407 236 575 541

Brazil ...................... . 1,132 1,728 2,771 2,475 2,536 2,577 1,772 1,860 2,048

British West Indies ............ . 15,311 10,472 15,726 10,571 13,639 7,459 11,051 24,492 14,738

Chile....................... . 229 248 374 327 330 315 293 322 250

Colombia ................... . 396 413 422 424 440 427 328 279 287

Cuba ...................... . 1 1 5 - - - - - 3

Ecuador .................... . 112 123 107 101 114 118 107 103 86

Guatemala .................. . 46 48 98 93 107 97 102 87 83

Jamaica .................... . 42 41 40 52 55 48 49 45 41

Mexico ..................... . 1,966 1,547 1,585 1,929 2,269 2,551 2,478 2,790 3,014

Netherlands Antilles ........... . 65 32 114 153 138 28 55 37 23

Panama .................... . 102 156 109 145 132 126 153 173 172

Peru ....................... . 175 221 201 147 148 148 149 183 149

Trinidad and Tobago .......... . 27 36 25 20 40 24 66 55 44

Uruguay .................... . 25 32 42 49 38 36 55 59 54

Venezuela .................. . 383 317 388 612 488 642 616 456 433

Other Latin America 

and Caribbean.............. . 600 705 681 820 808 865 903 1,176 1,244

Total Latin America 

and Caribbean ............ . 23,653 18,864 25,308 21,293 23,688 18,049 21,531 34,012 24,755

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Mar. June Sept. Dec. Mar. p
CAP I TAL MOVE MENTS 85

TA BLE CM-IV-4.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all

other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland .................. . 526 696 992 1,076 880 873 839 827 821

Taiwan.................... . 512 532 511 814 849 737 709 770 730

Hong Kong.................. . 442 454 669 562 448 404 358 331 247

India ....................... . 202 323 402 439 460 375 384 348 390

Indonesia ................... . 423 367 665 704 690 736 449 417 307

Israel ...................... . 195 267 323 347 357 360 358 327 369

Japan ...................... . 3,608 2,741 3,038 2,799 2,504 2,643 2,717 2,875 2,428

Korea ...................... . 650 933 822 988 916 866 900 1,088 1,130

Lebanon .................... . 58 48 41 37 48 27 25 26 23

Malaysia.................... . 457 496 560 547 472 414 456 492 446

Pakistan .................... . 40 42 99 44 40 34 49 37 53

Philippines .................. . 151 123 245 144 144 161 118 148 166

Singapore................... . 427 573 781 779 647 588 487 733 676

Syria....................... . 6 12 7 11 3 7 105 12 13

Thailand .................... . 183 199 288 280 200 227 222 489 460

Oil-exporting countries 3....... . 849 977 993 1,118 996 1,139 980 1,140 1,294

Other Asia .................. . 124 108 161 157 158 152 155 160 175

Total Asia ................. . 8,853 8,891 10,597 10,846 9,812 9,743 9,311 10,220 9,728

Af rica:

Egypt ...................... . 261 160 155 286 307 126 165 136 176

Ghana ..................... . 7 16 15 9 6 9 7 14 9

Liberia ..................... . 9 13 29 8 7 11 8 11 5

Morocco .................... . 53 57 27 28 21 23 26 29 26

South Africa ................. . 142 321 277 322 253 310 315 273 315

Zaire....................... . 30 11 13 3 2 1 6 1 3

Oil-exporting countries 4....... . 67 92 180 134 138 131 144 181 142

Other Africa ................. . 258 260 224 209 204 201 226 226 183

Total Africa ................ . 827 930 920 999 938 812 897 871 859

Other coun tries:

Australia .................... . 1,218 1,310 1,536 1,485 1,497 1,409 1,437 1,397 1,580

All other .................... . 269 270 265 390 458 376 255 286 295

Total other 

countries ................. . 1,487 1,580 1,801 1,875 1,955 1,785 1,692 1,683 1,875

Total foreign 

countries ............... . 57,865 52,500 65,761 68,105 71,004 63,161 67,314 77,449 68,985

In ter na tional 

and re gional orgs.:

International ................. . 19 8 60 18 - 15 60 15 22

European regional ............ . 4 1 58 5 - - 432 3 10

Latin American regional ........ . - - 2 - - 12 116 - 22

Asian regional ............... . - - 13 - - - 34 - 23

African regional .............. . - - 3 - - - 20 1 3

Middle Eastern regional ........ .

- - - - - - - - -

Total international 

and regional .............. . 23 9 136 23 - 27 662 19 80

Grand total ............... . 57,888 52,509 65,897 68,128 71,004 63,188 67,976 77,468 69,065

Cal en dar year 1998 1999

Coun try 1994 1995 1996 1997 Mar. June Sept. Dec. Mar. p
86 CAP I TAL MOVE MENTS

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Mar. 31, 1999, Pre lim i nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Eu rope:

Austria ..................... . 162 75 73 2 87

Belgium-Luxembourg.......... . 750 469 455 14 281

Bulgaria .................... . 7 - - - 7

Czech Republic .............. . 49 18 18 - 31

Denmark ................... . 193 121 1 120 72

Finland ..................... . 318 10 8 2 308

France ..................... . 3,086 913 715 198 2,173

Germany ................... . 1,901 302 233 69 1,599

Greece ..................... . 257 180 177 3 77

Hungary .................... . 66 44 44 - 22

Ireland ..................... . 305 216 212 4 89

Italy ....................... . 1,190 100 65 35 1,090

Netherlands ................. . 1,370 955 664 291 415

Norway..................... . 185 78 76 2 107

Poland ..................... . 78 5 3 2 73

Portugal .................... . 99 7 4 3 92

Romania.................... . 24 - - - 24

Russia

1

..................... . 214 63 62 1 151

Spain ...................... . 600 64 50 14 536

Sweden .................... . 372 151 140 11 221

Switzerland ................. . 897 530 512 18 367

Turkey ..................... . 270 83 83 - 187

United Kingdom .............. . 12,886 8,357 6,843 1,514 4,529

Yugoslavia

2

.................. . 18 - - - 18

Other Europe ................ . 285 59 33 26 226

Total Europe ............... . 25,582 12,800 10,471 2,329 12,782

Canada ...................... . 6,186 3,111 2,728 383 3,075

Latin Amer ica 

and Ca rib bean:

Argentina ................... . 869 275 268 7 594

Bahamas ................... . 676 666 658 8 10

Bermuda ................... . 541 41 39 2 500

Brazil ...................... . 2,048 1,112 1,084 28 936

British West Indies ............ . 14,738 14,621 14,607 14 117

Chile....................... . 250 10 9 1 240

Colombia ................... . 287 63 51 12 224

Cuba ...................... . 3 3 3 - -

Ecuador .................... . 86 16 15 1 70

Guatemala .................. . 83 12 8 4 71

Jamaica .................... . 41 3 - 3 38

Mexico ..................... . 3,014 1,583 1,574 9 1,431

Netherlands Antilles ........... . 23 10 10 - 13

Panama .................... . 172 38 33 5 134

Peru ....................... . 149 5 4 1 144

Trinidad and Tobago .......... . 44 2 1 1 42

Uruguay .................... . 54 10 8 2 44

Venezuela .................. . 433 72 59 13 361

Other Latin America 

and Caribbean.............. . 1,244 283 277 6 961

Total Latin America 

and Caribbean ............ . 24,755 18,825 18,708 117 5,930

 Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

De nom i nated in for eign

cur ren cies

 Com mer cial 

claims
CAP I TAL MOVE MENTS 87

TA BLE CM-IV-5.—To tal Claims by Type and Coun try, Mar. 31, 1999, Pre lim i nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Treasury In ter na tional Cap i tal Re porting Sys tem]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Asia:

China:

Mainland .................. . 821 176 172 4 645

Taiwan .................... . 730 125 77 48 605

Hong Kong .................. . 247 8 - 8 239

India ....................... . 390 76 64 12 314

Indonesia ................... . 307 143 143 - 164

Israel....................... . 369 32 32 - 337

Japan ...................... . 2,428 942 294 648 1,486

Korea ...................... . 1,130 509 505 4 621

Lebanon .................... . 23 - - - 23

Malaysia .................... . 446 270 260 10 176

Pakistan .................... . 53 4 4 - 49

Philippines .................. . 166 7 7 - 159

Singapore ................... . 676 70 68 2 606

Syria ....................... . 13 - - - 13

Thailand .................... . 460 257 257 - 203

Other Asia .................. . 1,469 29 28 1 1,440

Total Asia.................. . 9,728 2,648 1,911 737 7,080

Af rica:

Egypt ...................... . 176 1 1 - 175

Ghana...................... . 9 - - - 9

Liberia...................... . 5 - - - 5

Morocco .................... . 26 4 4 - 22

South Africa ................. . 315 115 115 - 200

Zaire ....................... . 3 - - - 3

Other Africa ................. . 325 54 36 18 271

To tal Af rica ................ . 859 174 156 18 685

Other coun tries:

Australia .................... . 1,580 501 478 23 1,079

All other .................... . 295 77 68 9 218

Total other 

countries ................. . 1,875 578 546 32 1,297

Total foreign 

countries................ . 68,985 38,136 34,520 3,616 30,849

In ter na tional 

 and re gional orgs.:

International ................. . 22 - - - 22

European regional ............ . 10 - - - 10

Latin American regional ........ . 22 - - - 22

Asian regional................ . 23 - - - 23

African regional .............. . 3 - - - 3

Middle Eastern regional ........ .

- - - - -

Total international 

and regional .............. . 80 - - - 80

Grand total ............... . 69,065 38,136 34,520 3,616 30,929

Fi nan cial claims

Coun try To tal claims To tal De nom i nated in dol lars

 De nom i nated in

 for eign cur ren cies

 Com mer cial

 claims
0

50

100

150

200

1996 1997 1998 1999

Jan.- June

1999

Apr.- June

88 CAP I TAL MOVE MENTS

CHART CM-C.—Net Pur chases of Long-Term

Do mes tic Se cu ri ties by For eigners, Se lected Coun tries

This page pres ents ag gre gate net purchases on an an nual ba sis for 1996

through 1998. It also shows cu mu la -

tive ac tiv ity for the first half of 1999.

Fig ures con firm that for eign ers’ annual net pur chases (gross pur chases

mi nus gross sales) of U.S. se cu ri ties

have main tained an ex tremely high

level since 1996.

U.S. banks, bro kers, and other persons re port for eign ers= trans ac tions in

long-term U.S. se cu ri ties (in clud ing

U.S. Trea sury and Fed eral agency

bonds and notes, as well as U.S. corpo rate bonds and stocks), which are

con ducted largely through in ter na -

tional fi nan cial cen ters. 

 An nual net pur chases of U.S. se cu ri -

ties first sur passed $100 bil lion in

1993. They reached a re cord high of

$387.9 bil lion in 1997. Since then,

an nual net pur chases have av er aged

about $280 bil lion. Much of the increase in the first half of 1999 came

dur ing the sec ond quar ter when net

pur chases were par tic u larly strong oppo site the Ca rib bean and Jap a nese

bank ing cen ters. Ca rib bean cen ters reported $25 bil lion while Ja pan reported $17 bil lion. Both ar eas

reg is tered net sales in the first quar ter. 

Net pur chases op po site Eu rope, the

United King dom in par tic u lar, were

rel a tively low in the first half of 1999.

In “All other Eu rope,” Ger many and

Bel gium-Luxembourg pur chased the

most. Mean while in “All other Asia,”

China, Ko rea and the oil ex port ing

coun tries were the ma jor pur chas ers

of U.S. se cu ri ties.

Over the past few years, the com po si -

tion of for eign ers’ net pur chases

changed dra mat i cally. In the

mid-1990s, the ma jor ity of net purchases con sisted of Trea sury bonds

and notes. Since 1997, how ever, foreign ers in creas ingly have turned to

other long-term se cu ri ties.

(In bil lions of dol lars)

(Note: To fa cil i tate com par i son of net purchases dur ing 1999 with those in prior

years, the chart de picts data for all pe ri ods

at an an nu al ized rate.)

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 

 1996 1997 1998

 1999 

Jan. - June

1999 

Apr. - June

United Kingdom. .................. . 130,645 174,865 137,973 39,090 11,970

All other Europe ................... . 71,073 104,375 84,005 37,160 16,749

Caribbean banking centers

1

. ......... . 41,081 24,999 11,729 20,871 25,141

Japan ........................... . 55,167 34,504 20,261 10,653 16,792

All other Asia...................... . 59,327 26,669 11,035 21,387 13,182

Subtotal ........................ . 357,293 365,412 265,003 129,161 83,834

All other countries. ................. . 12,925 22,514 12,770 15,894 9,518

Grand total ..................... . 370,218 387,926 277,773 145,055 93,352

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom All other Eu rope Ca rib bean banking cen ters

Japan All other Asia All other countries
CAP I TAL MOVE MENTS 89

TA BLE CM-V-2.—U.S. Trans ac tions with For eigners in Long-Term For eign Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i dents or a net out flow of cap i tal from the United States.

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

1 

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and

is sues of States and mu nici pali ties.

SEC TION V.—U.S. In ter na tional Trans ac tions in Long-Term Se cu ri ties

TA BLE CM-V-1.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic Se cu ri ties by Type

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i dents or a net out flow of cap i tal from the United States.

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Mar ket able Trea sury bonds and notes

U.S. Gov ern ment cor po ra -

tions and fed er ally sponsored agen cies

Cor po rate and other se cu ri ties

Bonds 1 Stocks

Net for eign

purchases

For eign coun tries

In ter na -

tional

and regional 

Gross

for eign 

purchases 

Gross

for eign

sales 

Cal en dar

 year or month To tal

Of fi cial

in sti tu -

tions 

Other

for eign -

ers 

Net foreign 

purchases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net foreign 

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net foreign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net for eign purchases of foreign se cu ri ties

from U.S.

For eign bonds For eign stocks

Cal en dar

year or month

Net for eign purchases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

Net for eign purchases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

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

1995 ............ . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996 ............ . 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997 ............ . 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,305 350,820 266,515 69,597 1,097,958 1,028,361

1998 r ........... . 49,039 4,123 42,447 2,469 5,154,168 5,105,129 56,802 524,384 467,582 121,936 381,398 259,462 49,996 1,574,185 1,524,189

1999 - Jan. - June p . -15,498 -10,157 -5,126 -215 2,318,288 2,333,786 46,887 249,669 202,782 65,323 173,927 108,604 48,343 1,084,626 1,036,283

1998 - June r...... . 1,557 -3,486 5,347 -304 456,258 454,701 6,792 38,153 31,361 14,582 35,287 20,705 1,846 135,701 133,855

July r ...... . -2,187 469 -2,709 53 380,965 383,152 2,255 44,021 41,766 10,654 33,366 22,712 2,517 152,834 150,317

Aug. r ...... . -15,751 -16,920 1,169 - 494,430 510,181 3,617 41,459 37,842 4,498 25,083 20,585 -60 129,477 129,537

Sept. r ..... . -5,270 -10,304 5,043 -9 554,963 560,233 -108 64,765 64,873 8,093 35,921 27,828 -10,477 137,424 147,901

Oct. ....... . -2,193 9,001 -11,856 662 531,532 533,725 -5,647 77,009 82,656 8,863 31,710 22,847 2,756 145,591 142,835

Nov. ....... . 25,456 11,843 13,713 -100 448,440 422,984 9,655 54,512 44,857 11,704 27,381 15,677 7,068 126,764 119,696

Dec. ....... . 10,549 5,274 4,152 1,123 290,260 279,711 7,519 33,741 26,222 10,281 25,327 15,046 4,564 139,201 134,637

1999 - Jan. ....... . -4,165 1,463 -5,570 -58 370,392 374,557 8,525 45,230 36,705 6,209 23,335 17,126 3,477 156,181 152,704

Feb. ....... . -14,623 -3,699 -10,483 -441 405,890 420,513 3,695 42,014 38,319 15,287 33,155 17,868 4,109 159,759 155,650

Mar. ....... . 1,532 -4,845 6,607 -230 418,560 417,028 11,814 42,645 30,831 12,956 34,456 21,500 2,887 179,894 177,007

Apr. ....... . -3,271 -6,696 3,439 -14 347,181 350,452 11,263 41,749 30,486 11,186 28,055 16,869 17,513 223,006 205,493

May p ...... . 5,638 3,223 2,093 322 397,876 392,238 6,562 36,732 30,170 9,439 28,754 19,315 8,493 185,819 177,326

June p ..... . -609 397 -1,212 206 378,389 378,998 5,028 41,299 36,271 10,246 26,172 15,926 11,864 179,967 168,103

1995 ........................ . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 ........................ . -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997 ........................ . -89,113 -48,171 1,451,704 1,499,875 -40,942 756,015 796,957

1998 r ....................... . -10,990 -17,360 1,328,282 1,345,642 6,370 929,921 923,551

1999 - Jan. - June p ............ . 26,129 3,574 423,160 419,586 22,555 529,198 506,643

1998 - June r.................. . -9,649 -11,096 148,806 159,902 1,447 83,254 81,807

July r .................. . -432 3,081 118,921 115,840 -3,513 82,415 85,928

Aug. r .................. . 5,678 1,286 135,075 133,789 4,392 68,227 63,835

Sept. r ................. . 9,493 3,384 152,881 149,497 6,109 89,590 83,481

Oct. r .................. . 24,034 15,980 102,202 86,222 8,054 90,508 82,454

Nov. ................... . -3,647 -918 55,573 56,491 -2,729 70,402 73,131

Dec. ................... . -3,840 -4,684 56,845 61,529 844 69,585 68,741

1999 - Jan. ................... . 1,004 -2,304 56,072 58,376 3,308 77,931 74,623

Feb. ................... . 2,830 -255 66,198 66,453 3,085 73,948 70,863

Mar. ................... . 3,555 1,710 76,129 74,419 1,845 95,216 93,371

Apr. ................... . 436 -5,147 73,376 78,523 5,583 98,501 92,918

May p .................. . 3,101 601 72,372 71,771 2,500 86,179 83,679

June p ................. . 15,203 8,969 79,013 70,044 6,234 97,423 91,189
90 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties 

by Type and Coun try

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i dents or a net out flow of cap i tal from the United States. 

Source: Trea sury In ter na tional Cap i tal Re porting Sys tem] 

Europe:

Austria ........ . -1,432 -1,423 -134 272 956 360 446 210 133 624 346 56

Belgium-Luxembourg . 3,805 1,271 1,350 1,326 1,200 868 5,977 2,191 540 5,007 4,146 2,130

Bulgaria ....... . 125 34 -15 1 - - -5 - - 10 - -

Czech Republic ... . 480 -279 -255 - - - 51 1 - 1 8 1

Denmark....... . -339 -397 -113 187 207 79 267 117 43 913 489 517

Finland........ . -183 203 14 167 113 54 65 -74 -44 68 101 66

France ........ . 5,418 98 -171 234 141 51 3,152 724 523 5,672 2,808 1,247

Germany....... . 144 -28 -405 403 73 -269 3,966 2,858 1,344 9,195 6,548 4,161

Greece........ . 500 611 287 18 2 3 73 28 27 -32 -58 -20

Hungary ....... . -1,562 851 259 346 186 68 - -1 - -11 -10 -6

Ireland ........ . -1,167 -2,875 -2,220 377 465 390 2,122 1,092 745 178 1,366 522

Italy ......... . 7,242 3,655 225 26 331 86 86 -203 -221 6,408 1,378 1,362

Netherlands ..... . -5,533 2,424 464 2,695 1,377 801 748 -509 -740 8,249 4,481 2,336

Norway ....... . 76 629 342 28 31 71 -148 115 86 239 -60 33

Poland ........ . 2,665 73 21 -55 -67 - -32 - - -8 -2 -4

Portugal ....... . 2,482 409 -320 45 -16 -18 38 -20 -2 60 12 -

Romania ....... . 79 -11 104 490 -60 -202 -5 - - 3 2 1

Russia

1

....... . 1,063 597 347 227 352 347 40 - -1 14 17 10

Spain ........ . -5,712 -10,514 -7,380 1,284 1,510 82 9 67 46 873 1,015 424

Sweden ....... . 1,486 417 96 79 263 262 261 -101 -118 1,138 287 648

Switzerland ..... . 5,240 -3,033 548 2,905 221 -216 1,921 1,558 785 5,001 5,990 3,867

Turkey ........ . -68 131 -32 5 - - -259 -13 -24 26 15 18

United Kingdom ... . 14,384 -21,278 -18,415 31,727 8,328 5,368 67,910 37,859 18,137 23,952 14,181 6,880

Yugoslavia

2

..... . - - - - - - - - - 26 8 11

Other Europe .... .

-5,396 -234 216 46 -37 47 541 42 27 518 334 128

Total Europe .... .

23,797 -28,669 -25,187 42,833 15,576 8,232 87,224 45,941 21,286 68,124 43,402 24,388

Canada ........ .

615 3,856 4,245 484 914 581 5,637 1,217 335 -4,689 1,812 113

Latin America 

and Caribbean:

Argentina ...... . -906 -156 -508 545 240 91 -207 24 -22 356 170 114

Bahamas ...... . -412 -2,596 -309 1,368 272 382 1,586 225 -83 -34 435 916

Bermuda....... . 5,142 1,050 362 -5,702 6,819 615 11,364 6,122 3,057 -1,736 327 -626

Brazil......... . 2,704 1,559 1,592 -1,987 -193 -135 -659 204 101 82 -539 -344

British West Indies. . . 857 -5,328 1,524 -389 5,373 4,803 9,523 4,364 2,743 4,572 4,739 4,296

Chile ......... . 660 108 98 85 134 100 45 122 51 12 4 78

Colombia ...... . -638 111 128 32 196 69 65 58 51 57 59 37

Cuba ......... . - - - - - - - - - - - -

Ecuador ....... . 292 -552 -44 55 78 58 -25 11 8 12 17 21

Guatemala...... . 8 12 - 8 18 14 -1 10 4 22 6 6

Jamaica ....... . -54 5 - 74 84 19 -28 - - 20 16 3

Mexico ........ . 546 2,142 515 1,456 97 -38 1,003 906 715 69 44 45

Netherlands Antilles . . -13,244 -2,363 1,623 8 -151 -80 801 255 47 -3,113 -17 4,926

Panama ....... . 128 124 44 361 235 134 307 695 583 342 291 184

Peru ......... . 508 2 3 91 298 116 16 13 6 -9 11 7

Trinidad and Tobago . 40 -6 -9 180 28 16 21 1 - 1 -3 -2

Uruguay ....... . -72 -133 -146 38 45 29 71 32 27 21 52 52

Venezuela ...... . 59 60 59 333 152 44 448 189 102 97 253 186

Other Latin America 

and Caribbean ... . 720 564 229 2,160 387 147 892 251 178 -11 141 80

Total Latin America 

and Caribbean . . .

-3,662 -5,397 5,161 -1,284 14,112 6,384 25,222 13,482 7,568 760 6,006 9,979

Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1999 1999 1999 1999

Coun try

Cal en dar

year

1998 r

Jan.

through

June

Apr.

through

June p

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
CAP I TAL MOVE MENTS 91

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the

former U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM-V-3.—Net For eign Trans ac tions in Long-Term Do mes tic Se cu ri ties

by Type and Coun try, con.

[In mil lions of dol lars; neg a tive fig ures in di cate net sales by for eign ers to U.S. res i dents or a net out flow of cap i tal from the United States.

 Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Asia:

China:

Mainland ..... . 2,599 5,808 3,351 873 5,974 3,720 47 233 133 - 53 20

Taiwan ...... . -1,452 -1,060 111 -1,570 703 359 26 29 15 -76 166 75

Hong Kong ..... . 9,683 821 3,357 -508 2,786 944 48 189 -123 -2,236 385 346

India ........ . 293 598 472 4 - - 6 14 14 -18 17 7

Indonesia ..... . 463 1,556 975 -20 10 - 3 -2 -2 -13 37 16

Israel ........ . 2,209 -1,472 -486 254 265 18 445 173 46 -221 -121 -44

Japan ....... . 13,048 8,095 12,664 6,639 1,306 853 1,745 1,534 672 -1,171 -282 2,603

Korea ....... . 13,186 6,410 1,811 2,590 1,655 674 36 43 1 -84 -21 -1

Lebanon ...... . - 2 2 2 3 1 1 9 8 13 85 59

Malaysia ...... . -1,031 148 -47 -24 - - 21 4 -1 -173 16 24

Pakistan ...... . 2 2 2 - - - -16 - - 21 23 12

Philippines ..... . -143 413 106 147 199 152 20 12 9 7 1 9

Singapore ..... . 7,818 -14,249 -8,975 2,278 480 799 -161 2,533 1,188 -8,429 -3,860 -386

Syria ........ . - - - - - - - - - 17 16 8

Thailand ...... . -2,446 1,361 1,464 - 15 20 5 24 6 -16 24 18

Oil-exporting

countries

3..... . -16,554 7,119 3,190 4,411 2,547 63 586 -405 -530 -1,449 -194 128

Other Asia ..... .

-242 -90 96 49 74 -25 -278 -192 -11 32 18 -16

Total Asia .... .

27,433 15,462 18,093 15,125 16,017 7,578 2,534 4,198 1,425 -13,796 -3,637 2,878

Africa:

Egypt........ . 327 -373 -357 86 16 12 31 47 7 1 -19 17

Ghana ....... . - - - - - - - - - -1 1 -

Liberia ....... . 465 -95 29 -5 492 86 -35 98 -4 -140 27 30

Morocco ...... . 3 -16 -16 - - - -13 - - 12 7 2

South Africa .... . 8 109 1 39 12 2 -49 3 13 695 155 145

Zaire ........ . - - - - - - - - - -1 - -

Oil-exporting 

countries

4..... . 2 - - -1 3 3 2 - - 52 57 51

Other Africa .... .

-54 -121 -112 37 -63 -14 98 65 1 21 148 11

Total Africa .... .

751 -496 -455 156 460 89 34 213 17 639 376 256

Other countries:

Australia ...... . -2,226 -17 -600 533 -120 -167 1,162 257 284 -571 212 200

All other ...... .

-138 -22 -13 -308 -1 15 -271 -30 -39 -91 139 37

Total other 

countries .... .

-2,364 -39 -613 225 -121 -152 891 227 245 -662 351 237

Total foreign 

countries ... .

46,570 -15,283 1,244 57,539 46,958 22,712 121,542 65,278 30,876 50,376 48,310 37,851

International 

and regional orgs.:

International .... . 1,502 -424 230 30 -244 7 225 64 -10 -86 42 13

European regional . . -26 -20 -28 -21 - - - - - -4 - -

Latin American

regional ..... . 199 313 314 110 26 57 169 -19 5 -295 -10 6

Asian regional ... . 328 -79 3 49 92 47 - - - 5 1 -

African regional . . . 64 -19 -19 -905 55 30 - - - - - -

Middle Eastern

regional ..... . 402 14 14 - - - - - - - - -

Total international

and regional . . .

2,469 -215 514 -737 -71 141 394 45 -5 -380 33 19

Grand total ... . 49,039 -15,498 1,758 56,802 46,887 22,853 121,936 65,323 30,871 49,996 48,343 37,870

Mar ket able Trea sury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1999 1999 1999 1999

Coun try

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

Cal en dar 

year

1998 r

Jan.

through

June

Apr.

through

June p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
92 CAP I TAL MOVE MENTS

See foot notes at end of ta ble.

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

and For eign Se cu ri ties, by Type and Coun try, Dur ing Sec ond Quar ter 1999, Pre lim i nary

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Europe:

Austria ....... . 5,546 2,291 795 156 1,601 323 380 4,901 2,425 435 23 1,545 127 346

BelgiumLuxembourg .... . 28,810 7,778 1,904 2,731 11,732 1,604 3,061 22,619 6,428 1,036 2,191 9,602 1,542 1,820

Bulgaria ....... . 82 68 - - 6 7 1 94 83 - - 6 5 -

Czech Republic ... . 2,225 2,184 - - 22 - 19 2,483 2,439 - - 21 3 20

Denmark ...... . 3,386 1,048 116 69 1,187 494 472 2,738 1,161 37 26 670 351 493

Finland ....... . 2,090 863 152 10 125 - 940 1,940 849 98 54 59 17 863

France ....... . 121,329 69,721 220 1,326 40,137 2,663 7,262 119,077 69,892 169 803 38,890 3,102 6,221

Germany ...... . 46,862 16,062 501 1,865 15,895 1,665 10,874 41,444 16,467 770 521 11,734 2,566 9,386

Greece ....... . 1,919 856 3 27 484 220 329 1,351 569 - - 504 76 202

Hungary ....... . 1,324 951 298 - 27 - 48 998 692 230 - 33 1 42

Ireland........ . 47,392 31,148 3,177 1,440 6,234 3,504 1,889 48,044 33,368 2,787 695 5,712 3,139 2,343

Italy ......... . 33,234 14,071 490 115 10,699 893 6,966 29,146 13,846 404 336 9,337 707 4,516

Netherlands ..... . 38,717 13,834 3,298 451 11,273 2,474 7,387 34,357 13,370 2,497 1,191 8,937 2,047 6,315

Norway ....... . 2,610 1,217 118 160 542 143 430 2,031 875 47 74 509 113 413

Poland ....... . 1,151 1,037 - - 20 12 82 1,225 1,016 - - 24 101 84

Portugal ....... . 3,405 1,945 28 26 770 100 536 3,511 2,265 46 28 770 79 323

Romania ...... . 472 399 70 - 3 - - 569 295 272 - 2 - -

Russia

1

....... . 1,269 602 348 - 71 34 214 597 255 1 1 61 15 264

Spain ........ . 13,253 7,216 197 122 2,197 671 2,850 18,940 14,596 115 76 1,773 511 1,869

Sweden ....... . 9,692 3,265 317 166 3,367 318 2,259 8,058 3,169 55 284 2,719 201 1,630

Switzerland ..... . 46,560 8,518 1,194 1,152 26,381 1,228 8,087 39,768 7,970 1,410 367 22,514 1,110 6,397

Turkey........ . 5,651 565 - 3 124 4,431 528 5,948 597 - 27 106 4,989 229

United Kingdom... . 933,694 517,873 22,379 44,568 113,550 122,274 113,050 900,669 536,288 17,011 26,431 106,670 113,641 100,628

Yugoslavia

2

..... . 27 - - - 16 - 11 8 - - - 5 - 3

Other Europe .... . 12,458 8,376 146 64 1,918 210 1,744 11,218 8,160 99 37 1,790 221 911

Total Europe ... .

1,363,158 711,888 35,751 54,451 248,381 143,268 169,419 1,301,734 737,075 27,519 33,165 223,993 134,664 145,318

Canada ........ .

121,234 62,212 1,631 2,543 20,539 22,128 12,181 115,301 57,967 1,050 2,208 20,426 21,497 12,153

Latin America 

and Caribbean:

Argentina ...... . 4,720 283 201 132 817 2,463 824 5,391 791 110 154 703 2,681 952

Bahamas ...... . 28,455 11,309 928 1,469 8,684 2,617 3,448 28,332 11,618 546 1,552 7,768 2,868 3,980

Bermuda ...... . 168,293 48,331 8,682 7,844 81,797 15,743 5,896 166,240 47,969 8,067 4,787 82,423 17,552 5,442

Brazil ........ . 13,899 3,538 125 174 1,852 5,073 3,137 15,024 1,946 260 73 2,196 6,762 3,787

British West Indies . . 258,820 59,772 41,681 7,075 130,376 6,119 13,797 246,104 58,248 36,878 4,332 126,080 6,842 13,724

Chile ........ . 1,922 415 101 89 477 599 241 2,347 317 1 38 399 1,314 278

Colombia ...... . 2,437 1,646 221 78 251 226 15 2,015 1,518 152 27 214 91 13

Cuba ........ . - - - - - - - - - - - - - -

Ecuador ....... . 525 230 85 11 74 122 3 465 274 27 3 53 101 7

Guatemala ..... . 293 1 21 4 91 173 3 272 1 7 - 85 177 2

Jamaica ....... . 107 1 29 1 34 32 10 59 1 10 1 31 15 1

Mexico ....... . 10,908 4,920 92 898 1,110 1,750 2,138 11,681 4,405 130 183 1,065 3,182 2,716

Netherlands Antilles. . 76,398 27,849 603 1,246 35,612 2,615 8,473 70,534 26,226 683 1,199 30,686 4,179 7,561

Panama ....... . 2,949 89 240 637 1,404 351 228 1,908 45 106 54 1,220 303 180

Peru ......... . 362 5 116 8 122 68 43 251 2 - 2 115 48 84

Trinidad and Tobago . 102 6 46 - 33 11 6 101 15 30 - 35 21 -

Uruguay ....... . 1,544 493 97 35 247 594 78 1,591 639 68 8 195 548 133

Venezuela...... . 3,407 456 84 123 914 480 1,350 3,362 397 40 21 728 546 1,630

Other Latin America 

and Caribbean . . . 2,967 1,136 259 247 883 263 179 2,512 907 112 69 803 317 304

Total Latin America 

and Caribbean. . .

578,108 160,480 53,611 20,071 264,778 39,299 39,869 558,189 155,319 47,227 12,503 254,799 47,547 40,794
CAP I TAL MOVE MENTS 93

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the

former U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Asia:

China:

Mainland ..... . 26,528 19,493 5,927 219 379 438 72 19,184 16,142 2,207 86 359 199 191

Taiwan ...... . 6,768 2,672 573 33 1,669 915 906 5,666 2,561 214 18 1,594 110 1,169

Hong Kong ..... . 36,561 14,319 4,914 217 3,630 1,787 11,694 30,636 10,962 3,970 340 3,284 1,276 10,804

India ......... . 1,349 586 - 36 323 94 310 748 114 - 22 316 - 296

Indonesia ...... . 1,675 1,330 - 4 151 15 175 779 355 - 6 135 2 281

Israel ........ . 7,142 5,068 156 97 1,056 112 653 7,467 5,554 138 51 1,100 97 527

Japan ........ . 164,204 82,300 9,801 2,085 28,371 8,947 32,700 152,802 69,636 8,948 1,413 25,768 5,743 41,294

Korea ........ . 5,551 3,439 735 41 64 161 1,111 4,565 1,628 61 40 65 1,136 1,635

Lebanon....... . 451 4 1 8 422 2 14 387 2 - - 363 5 17

Malaysia ...... . 738 485 1 1 118 13 120 821 532 1 2 94 4 188

Pakistan....... . 183 2 - - 174 3 4 163 - - - 162 - 1

Philippines ..... . 1,679 1,046 152 38 153 72 218 2,102 940 - 29 144 723 266

Singapore ...... . 31,885 17,003 1,988 1,703 4,823 2,434 3,934 39,106 25,978 1,189 515 5,209 1,949 4,266

Syria ........ . 49 - - - 43 - 6 41 - - - 35 - 6

Thailand....... . 4,147 3,660 40 6 79 82 280 2,635 2,196 20 - 61 67 291

Other Asia...... . 33,927 20,260 1,849 552 8,596 394 2,276 30,008 16,974 1,811 1,093 8,484 444 1,202

Total Asia ..... .

322,837 171,667 26,137 5,040 50,051 15,469 54,473 297,110 153,574 18,559 3,615 47,173 11,755 62,434

Africa:

Egypt ........ . 316 47 28 38 159 22 22 652 404 16 31 142 9 50

Ghana........ . 2 - - - 2 - - 2 - - - 2 - -

Liberia........ . 1,946 175 1,142 157 428 25 19 1,824 146 1,056 161 398 18 45

Morocco....... . 27 - - - 12 5 10 37 16 - - 10 10 1

South Africa ..... . 986 158 7 14 400 18 389 790 157 5 1 255 10 362

Zaire ........ . - - - - - - - - - - - - - -

Other Africa ..... . 1,286 102 34 43 666 136 305 1,244 214 45 42 604 81 258

Total Africa .... .

4,563 482 1,211 252 1,667 206 745 4,549 937 1,122 235 1,411 128 716

Other countries:

Australia....... . 21,909 10,136 1,252 479 2,643 3,141 4,258 23,173 10,736 1,419 195 2,443 3,328 5,052

All other ....... . 2,223 141 37 82 435 1,225 303 2,305 154 22 121 398 1,282 328

Total other 

countries..... .

24,132 10,277 1,289 561 3,078 4,366 4,561 25,478 10,890 1,441 316 2,841 4,610 5,380

Total foreign 

countries .... .

2,414,032 1,117,006 119,630 82,918 588,494 224,736 281,248 2,302,361 1,115,762 96,918 52,042 550,643 220,201 266,795

International and

regional orgs.:

International..... . 5,213 4,942 9 41 203 2 16 5,084 4,712 2 51 190 115 14

European regional . . 375 18 - - - 18 339 545 46 - - - 22 477

Latin American

regional ...... . 1,079 423 62 22 88 - 484 692 109 5 17 82 - 479

Asian regional .... . 1,120 1,043 49 - 7 5 16 1,070 1,040 2 - 7 - 21

African regional ... . 30 - 30 - - - - 19 19 - - - - -

Middle Eastern 

regional ...... . 14 14 - - - - - - - - - - - -

Total international 

and regional ... .

7,831 6,440 150 63 298 25 855 7,410 5,926 9 68 279 137 991

Grand total ... . 2,421,863 1,123,446 119,780 82,981 588,792 224,761 282,103 2,309,771 1,121,688 96,927 52,110 550,922 220,338 267,786

TA BLE CM-V-4.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Sec ond Quar ter 1999, Pre lim i nary, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury 

and Federal Financ ing

Bank

bonds

and

notes 

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and Federal Financ ing

Bank

bonds

and

notes 

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
94 CAP I TAL MOVE MENTS

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic

 and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1998

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

See foot notes at end of ta ble.

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ket able

Treas ury

and Fed eral

Fi nanc ing

Bank bonds

and notes

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Coun try Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria ..... . 19,228 13,016 483 539 3,332 585 1,273 18,863 14,448 211 93 2,708 445 958

BelgiumLuxembourg . . 89,663 25,986 4,271 11,596 32,174 7,227 8,409 71,772 22,181 2,945 5,619 27,167 5,474 8,386

Bulgaria .... . 700 528 1 - 18 89 64 542 403 - 5 8 64 62

Czech Republic . 4,961 4,671 - 54 39 44 153 4,345 4,191 - 3 38 46 67

Denmark.... . 14,362 4,166 1,812 554 2,634 2,780 2,416 13,125 4,505 1,625 287 1,721 3,328 1,659

Finland .... . 7,326 3,456 356 180 218 870 2,246 7,830 3,639 189 115 150 764 2,973

France ..... . 387,714 134,608 462 6,804 198,776 23,936 23,128 372,402 129,190 228 3,652 193,104 23,598 22,630

Germany ... . 198,005 77,323 2,907 9,071 52,045 14,218 42,441 183,217 77,179 2,504 5,105 42,850 16,446 39,133

Greece .... . 7,712 4,799 25 144 1,410 452 882 7,359 4,299 7 71 1,442 499 1,041

Hungary .... . 5,991 3,298 2,321 20 39 15 298 7,297 4,860 1,975 20 50 15 377

Ireland ..... . 163,608 70,239 20,423 4,634 11,861 48,433 8,018 163,893 71,406 20,046 2,512 11,683 49,337 8,909

Italy ...... . 84,040 34,845 2,262 1,145 28,745 4,683 12,360 69,323 27,603 2,236 1,059 22,337 2,778 13,310

Netherlands . . . 117,563 33,969 10,505 2,500 31,558 12,770 26,261 105,896 39,502 7,810 1,752 23,309 12,153 21,370

Norway .... . 11,770 5,183 445 465 2,505 448 2,724 12,054 5,107 417 613 2,266 1,494 2,157

Poland ..... . 9,299 7,786 17 4 40 1,285 167 7,474 5,121 72 36 48 1,963 234

Portugal .... . 15,999 12,694 212 222 421 167 2,283 12,929 10,212 167 184 361 202 1,803

Romania.... . 2,160 954 1,170 - 9 24 3 1,578 875 680 5 6 9 3

Russia1 .... . 11,191 7,328 396 45 209 2,373 840 9,916 6,265 169 5 195 2,249 1,033

Spain ..... . 58,007 39,341 1,640 409 4,947 3,123 8,547 63,381 45,053 356 400 4,074 4,606 8,892

Sweden .... . 35,279 14,976 114 406 8,942 2,412 8,429 32,517 13,490 35 145 7,804 2,612 8,431

Switzerland . . . 177,703 52,654 3,737 5,433 80,195 6,244 29,440 159,578 47,414 832 3,512 75,194 5,381 27,245

Turkey ..... . 10,869 8,569 17 62 252 445 1,524 11,375 8,637 12 321 226 672 1,507

United Kingdom . 4,413,072 2,768,839 89,201 202,869 319,987 631,009 401,167 4,270,767 2,754,455 57,474 134,959 296,035 643,092 384,752

Yugoslavia 2 . . . 62 - - - 46 6 10 37 - - - 20 6 11

Other Europe . . 24,082 15,084 335 620 4,796 1,559 1,688 27,988 20,480 289 79 4,278 950 1,912

Total Europe. .

5,870,366 3,344,312 143,112 247,776 785,198 765,197 584,771 5,635,458 3,320,515 100,279 160,552 717,074 778,183 558,855

Canada ..... .

643,364 336,898 4,228 15,117 73,426 159,225 54,470 643,213 336,283 3,744 9,480 78,115 164,367 51,224

Latin America

 and Caribbean:

Argentina ... . 49,289 1,457 966 779 2,569 37,791 5,727 50,498 2,363 421 986 2,213 39,302 5,213

Bahamas ... . 227,601 86,748 49,489 25,779 25,295 34,230 6,060 225,035 87,160 48,121 24,193 25,329 33,083 7,149

Bermuda.... . 593,722 129,632 99,982 28,089 214,868 105,201 15,950 586,576 124,490 105,684 16,725 216,604 104,916 18,157

Brazil ..... . 105,020 23,902 2,384 399 2,132 52,318 23,885 104,428 21,198 4,371 1,058 2,050 51,607 24,144

British 

West Indies . . 659,943 218,467 138,284 34,952 188,829 48,706 30,705 650,264 217,610 138,673 25,429 184,257 49,844 34,451

Chile ...... . 7,685 3,670 108 141 1,513 1,067 1,186 7,802 3,010 23 96 1,501 1,901 1,271

Colombia ... . 7,254 5,823 304 184 479 370 94 8,632 6,461 272 119 422 1,292 66

Cuba...... . - - - - - - - 1 - - - - 1 -

Ecuador .... . 2,600 1,474 284 29 125 665 23 2,300 1,182 229 54 113 719 3

Guatemala... . 700 145 16 21 229 229 60 609 137 8 22 207 198 37

Jamaica .... . 426 4 185 15 78 103 41 299 58 111 43 58 12 17

Mexico..... . 37,947 13,779 1,564 2,130 3,292 8,048 9,134 36,763 13,233 108 1,127 3,223 10,908 8,164

Netherlands 

Antilles .... . 294,379 112,797 1,445 2,733 115,937 17,855 43,612 314,862 126,041 1,437 1,932 119,050 17,329 49,073

Panama .... . 12,873 4,521 1,272 839 3,778 1,670 793 11,434 4,393 911 532 3,436 1,442 720

Peru ...... . 2,087 553 130 48 206 545 605 1,233 45 39 32 215 450 452

Trinidad and

Tobago ... . 746 70 556 25 56 36 3 492 30 376 4 55 24 3

Uruguay .... . 7,066 912 270 168 958 3,901 857 7,220 984 232 97 937 4,277 693

Venezuela ... . 12,084 5,868 878 910 1,682 2,057 689 11,494 5,809 545 462 1,585 2,439 654

Other Latin

America and

Caribbean . . 17,857 3,203 3,111 1,516 2,025 2,465 5,537 12,232 2,483 951 624 2,036 2,235 3,903

Total Latin

America and

Caribbean .

2,039,279 613,025 301,228 98,757 564,051 317,257 144,961 2,032,174 616,687 302,512 73,535 563,291 321,979 154,170
CAP I TAL MOVE MENTS 95

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic 

and For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1998, con.

 [In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Asia:

China:

Mainland ... . 40,873 30,611 6,810 530 602 2,161 159 35,705 28,012 5,937 483 602 445 226

Taiwan .... . 18,786 10,899 926 107 3,502 1,147 2,205 21,432 12,351 2,496 81 3,578 335 2,591

Hong Kong ... . 142,833 85,645 6,018 1,194 9,044 11,134 29,798 134,668 75,962 6,526 1,146 11,280 8,682 31,072

India ...... . 3,449 1,888 5 27 869 69 591 3,113 1,595 1 21 887 25 584

Indonesia.... . 4,536 3,590 1 4 314 284 343 3,909 3,127 21 1 327 44 389

Israel ...... . 25,854 19,483 589 723 2,553 299 2,207 23,600 17,274 335 278 2,774 1,149 1,790

Japan ..... . 677,817 456,791 38,663 6,788 62,916 35,828 76,831 659,295 443,743 32,024 5,043 64,087 33,876 80,522

Korea...... . 22,111 15,743 2,765 117 178 1,732 1,576 11,431 2,557 175 81 262 4,892 3,464

Lebanon .... . 860 2 2 4 636 94 122 792 2 - 3 623 31 133

Malaysia .... . 3,461 1,692 59 97 207 112 1,294 4,583 2,723 83 76 380 94 1,227

Pakistan .... . 550 7 - - 312 13 218 540 5 - 16 291 6 222

Philippines ... . 6,056 4,554 242 47 470 273 470 7,134 4,697 95 27 463 1,297 555

Singapore ... . 134,085 86,295 4,801 2,448 22,844 7,894 9,803 131,052 78,477 2,523 2,609 31,273 5,449 10,721

Syria ...... . 154 - - - 100 1 53 137 - - - 83 - 54

Thailand .... . 15,814 15,270 - 5 125 59 355 18,454 17,716 - - 141 121 476

Other Asia ... . 92,671 49,799 10,208 2,778 27,134 1,026 1,726 106,659 66,595 5,748 2,470 28,551 1,079 2,216

Total Asia . . .

1,189,910 782,269 71,089 14,869 131,806 62,126 127,751 1,162,504 754,836 55,964 12,335 145,602 57,525 136,242

Af rica:

Egypt ...... . 2,612 1,759 194 104 342 51 162 2,161 1,432 108 73 341 46 161

Ghana ..... . 10 - - - 2 - 8 6 - - - 3 1 2

Liberia ..... . 3,294 1,411 313 376 879 187 128 3,343 946 318 411 1,019 544 105

Morocco .... . 54 5 - - 36 8 5 58 2 - 13 24 4 15

South Africa . . . 3,571 756 44 56 1,538 508 669 3,941 748 5 105 843 576 1,664

Zaire ...... . 25 - - 2 10 7 6 20 - - 2 11 2 5

Other Africa . . . 2,853 393 86 140 1,349 243 642 2,683 445 50 40 1,276 146 726

Total Africa . . .

12,419 4,324 637 678 4,156 1,004 1,620 12,212 3,573 481 644 3,517 1,319 2,678

Other countries:

Australia .... . 92,941 48,142 2,431 2,368 9,975 16,295 13,730 95,172 50,368 1,898 1,206 10,546 15,457 15,697

All other

countries ... . 16,076 1,546 695 1,271 3,517 6,729 2,318 18,249 1,684 1,003 1,542 3,608 6,381 4,031

Total other 

countries . . .

109,017 49,688 3,126 3,639 13,492 23,024 16,048 113,421 52,052 2,901 2,748 14,154 21,838 19,728

Total foreign 

countries . . 9,864,355 5,130,516 523,420 380,836 1,572,129 1,327,833 929,621 9,598,982 5,083,946 465,881 259,294 1,521,753 1,345,211 922,897

In ter na tional and

re gional orgs.:

International . . . 22,758 20,549 326 291 951 369 272 21,348 19,047 296 66 1,037 305 597

European 

regional.... . 155 135 4 - 2 2 12 245 161 25 - 6 44 9

Latin American

regional.... . 2,396 724 283 271 1,068 50 - 2,227 525 173 102 1,363 55 9

Asian regional . . 1,644 1,489 80 - 35 26 14 1,283 1,161 31 - 30 24 37

African regional . 360 89 271 - - - - 1,203 25 1,176 - - 2 -

Middle Eastern

regional.... . 670 666 - - - 2 2 267 264 - - - 1 2

Total international

and regional .

27,983 23,652 964 562 2,056 449 300 26,573 21,183 1,701 168 2,436 431 654

Grand total . .

9,892,338 5,154,168 524,384 381,398 1,574,185 1,328,282 929,921 9,625,555 5,105,129 467,582 259,462 1,524,189 1,345,642 923,551

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. res i dents 

To tal

purchases

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties 

For eign se cu ri ties

Bonds Stocks

Mar ket able

Treas ury

and Fed eral

Fi nanc ing

Bank bonds

and notes

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and Federal Financ ing

Bank

bonds

and

notes 

Bonds of

U.S.

Gov’t.

corps.

and feder ally

spon -

sored

agen cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
-50

0

50

100

150

1995 1996 1997 1998 1999

Jan.-June

1999

Apr.-June

96 CAP I TAL MOVE MENTS

CHART CM-D.—Net Pur chases of Long-Term

For eign Se cu ri ties by U.S. In ves tors

(In bil lions of dol lars)

Af ter av er ag ing about $100 bil lion 

in an nual net pur chases in the

mid-1990s, U.S. in ves tors have

sold more for eign bonds and

stocks in the first half of 1999 than

they pur chased. The de cline in net

pur chases of for eign bonds and

stocks be gan in late 1997. At that

time, for eign stock pur chases by

U.S. in ves tors dried up al though

bond pur chases re mained strong

through the first half of 1998. By

the sec ond half of 1998, pur chases

of bonds also dried up. In Oc to ber

1998 alone, U.S. in ves tors net

sales of for eign bonds reached $16

bil lion. Not since 1987 has there

been a month in which U.S. in ves -

tors posted net sales of for eign

stocks. In fact, the Trea sury In ter -

na tional Cap i tal Re porting Sys tem

has never re corded net sales in foreign bonds over the course of a

whole year. 

To date in 1999, net stock and

bond sales to taled $26 bil lion.

Most of these sales took place in

the sec ond quar ter. Net sell ing of

for eign stocks by U.S. in ves tors

amounted to 86 per cent of to tal net

sales. U.S. in ves tors sold stocks to

the tune of $40 bil lion. The bulk of

these sales were made to the

United King dom, a fi nan cial center. But, net sales were the rule for

al most ev ery Eu ro pean coun try. 

Con trary to the over all slow ing of

net pur chases of for eign se cu ri ties

by U.S. in ves tors, there is ev i -

dence that U.S. in ves tors are return ing to East Asia. Net

pur chases of Jap a nese stocks by

U.S. in ves tors to taled $17 bil lion

in 1999. Also, U.S. investors made

mod est net pur chases from a number of other East Asian coun tries.

For eign bonds For eign stocks To tal for eign se cu ri ties

Note: To fa cil i tate com par i son of net pur chases during 1999 with those of prior years, this chart de picts

data for all pe ri ods at an an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting System]

Cal en dar years

 Type 1995 1996 1997 1998

Jan. - June

1999

 Jan. - Mar.

1999

Foreign bonds .... . 48,405 51,369 48,171 17,360 -3,574 -4,423

Foreign stocks .... . 50,291 59,268 40,942 -6,370 -22,555 -14,317

Total ........ . 98,696 110,637 89,113 10,990 -26,129 -18,740
97

IN TRO DUC TION: For eign Cur rency Po si tions

The “Trea sury Bul le tin” reports for eign cur rency hold ings

of large for eign ex change mar ket par tic i pants. These re ports

pro vide in for ma tion on po si tions in de riv a tive in stru ments,

such as for eign ex change fu tures and op tions, that are in creas -

ingly used in es tab lish ing for eign ex change po si tions but were

not cov ered in the old re ports.

The in for ma tion is based on re ports of large for eign exchange mar ket par tic i pants on hold ings of six ma jor for eign

cur ren cies (Ca na dian dol lar, Ger man mark, Jap a nese yen,

Swiss franc, pound ster ling and Euro) and the U.S. dol lar.

Foreign currency positions in the U.S. dollar, which have been

col lected since Jan u ary 1999, are in tended to ap prox i mate "all

other" cur rency po si tions of re port ing in sti tu tions. U.S.-based

busi nesses file a con sol i dated re port for their do mes tic and

for eign sub sid iar ies, branches and agen cies. U.S. sub sid iar ies

of for eign en ti ties file only for them selves, not for their for eign 

par ents. Fil ing is re quired by law (31 United States Code

5315; 31 Code of Fed eral Reg u la tions 128, Subpart C).

Weekly and monthly re ports must be filed through out the

cal en dar year by ma jor for eign ex change mar ket par tic i pants,

which are de fined as mar ket par tic i pants with more than $50

bil lion equiv a lent in for eign ex change con tracts on the last

busi ness day of any cal en dar quar ter dur ing the pre vi ous year

(end March, June, Sep tem ber or De cem ber). Such con tracts

in clude the amounts of for eign ex change spot con tracts

bought and sold, for eign ex change for ward con tracts bought

and sold, for eign ex change fu tures bought and sold, and one

half the no tional amount of for eign ex change op tions bought

and sold. Ex emp tions from fil ing the monthly re port are given

to bank ing in sti tu tions that file the Fed eral Fi nan cial In sti tu -

tion Ex am i na tion Coun cil (FFIEC) 035 re port (“Monthly

Con sol i dated For eign Cur rency Re port”). 

A quar terly re port must be filed through out the cal en dar

year by each for eign ex change mar ket par tic i pant that had

more than $1 bil lion equiv a lent in for eign ex change con tracts

on the last busi ness day of any quar ter the pre vi ous year (end

March, June, Sep tem ber or De cem ber). Ex emp tions from filing the quar terly re port are given to ma jor nonbank mar ket

par tic i pants that file weekly and monthly re ports and bank ing

in sti tu tions that file FFIEC 035 re ports.

This in for ma tion is pub lished in seven sec tions cor re -

spond ing to each of the ma jor cur ren cies cov ered by the reports. Ta bles I-1 through VII-1 pres ent the cur rency data

re ported weekly by ma jor mar ket par tic i pants. Ta bles I-2

through VII-2 pres ent more de tailed cur rency data of ma jor

mar ket par tic i pants, based on monthly Trea sury and FFIEC

035 re ports. Ta bles I-3 through VII-3 pres ent quar terly consol i dated cur rency data re ported by large mar ket par tic i pants

and FFIEC re port ers that do not file weekly re ports. 

Prin ci pal ex changed un der cross-currency in ter est rate

swaps is re ported as part of pur chases or sales of for eign exchange. Such prin ci pal also was noted sep a rately on monthly

and quar terly re ports through De cem ber 1998, when this practice was dis con tin ued. The net op tions po si tion, or the net

delta-equivalent value of an op tions po si tion, is an es ti mate of

the re la tion ship be tween an op tion’s value and an equiv a lent

cur rency hedge. The delta equiv a lent value is de fined as the

prod uct of the first par tial de riv a tive of an op tion val u a tion

for mula (with re spect to the price of the un der ly ing cur rency)

mul ti plied by the no tional prin ci pal of the con tract. 
98 FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions

TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward Ex change rate

 and fu ture con tracts (Ca na dian

Net op tions dol lars per

Re port Pur chased Sold po si tions U.S. dol lar)

date (1) (2) (3) (4)

01/06/99 ..................... . 296,581 290,929 -3,920 1.5115

01/13/99 ..................... . 307,530 310,295 -3,969 1.5243

01/20/99 ..................... . 311,100 299,935 -3,978 1.5215

01/27/99 ..................... . 303,937 301,607 -4,028 1.5208

02/03/99 ..................... . 298,918 298,019 -3,597 1.5118

02/10/99 ..................... . 305,440 306,296 -3,180 1.4899

02/17/99 ..................... . 318,164 321,045 -3,706 1.4963

02/24/99 ..................... . 310,077 301,249 -3,560 1.4998

03/03/99 ..................... . 305,278 308,143 -2,878 1.5270

03/10/99 ..................... . 303,571 303,857 -4,279 1.5228

03/17/99 ..................... . 297,738 299,537 -4,138 1.5219

03/24/99 ..................... . 314,249 316,145 -4,035 1.5080

03/31/99 ..................... . 310,179 311,066 -4,341 1.5092

04/07/99 ..................... . 308,075 309,450 -4,540 1.4992

04/14/99 ..................... . 311,445 316,568 -1,296 1.4941

04/21/99 ..................... . 319,162 325,969 -717 1.4880

04/28/99 ..................... . 325,253 333,004 -909 1.4750

05/05/99 ..................... . 331,501 339,982 -381 1.4511

05/12/99 ..................... . 327,294 330,953 244 1.4590

05/19/99 ..................... . 338,149 354,421 -460 1.4688

05/26/99 ..................... . 356,748 361,983 -330 1.4698

06/02/99 ..................... . 344,483 347,236 -251 1.4805

06/09/99 ..................... . 341,887 345,020 -352 1.4738

06/16/99 ..................... . 326,769 329,835 -155 1.4595

06/23/99 ..................... . 329,335 331,777 -481 1.4728

06/30/99 ..................... . 329,319 335,511 -119 1.4632
FOR EIGN CUR RENCY PO SI TIONS 99

SEC TION I.—Ca na dian Dol lar Po si tions, con.

TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Ca na dian

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

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

1996 - Dec........ . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - Dec........ . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

1998 - July ....... . 308,830 301,689 67,857 52,869 49,381 61,157 55,545 51,646 -5,102 161,346 1.5120

Aug. ....... . 341,096 335,128 71,303 59,467 69,684 82,658 n.a. 72,167 -2,045 162,627 1.5695

Sept. ...... . 335,636 325,822 62,513 55,989 67,514 71,912 71,029 69,966 -2,864 161,043 1.5320

Oct. ....... . 374,133 370,411 74,617 61,612 78,344 81,768 74,330 73,097 -3,755 186,573 1.5435

Nov. ....... . 327,182 325,217 52,389 46,459 54,779 62,288 54,747 50,822 -3,508 162,832 1.5330

Dec. ....... . 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.5315

1999 - Jan. ....... . 298,553 293,283 60,296 56,272 45,672 52,074 50,224 47,024 -3,853 n.a. 1.5117

Feb. ....... . 300,674 302,506 54,426 46,709 41,179 47,126 47,632 45,121 -3,367 n.a. 1.5083

Mar. ....... . 313,924 315,073 61,777 53,373 37,438 44,439 44,899 42,313 -4,424 n.a. 1.5092

Apr. ....... . 333,064 338,919 66,983 58,614 33,601 36,387 36,637 37,243 -885 n.a. 1.4578

May ....... . 343,280 343,826 58,820 60,549 34,824 35,410 40,018 41,408 -299 n.a. 1.4736

June....... . 330,928 333,743 60,591 53,318 33,424 34,989 33,934 36,357 -121 n.a. 1.4632

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Ca na dian

 Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

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

1996 - Dec........ . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708

1997 - Mar. ....... . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854

June....... . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806

Sept. ...... . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815

Dec. ....... . 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298

1998 - Mar. ....... . 31,028 35,307 60,214 51,760 1,463 755 2,190 777 -206 10,422 1.4195

June....... . 30,445 33,441 61,523 47,014 1,553 678 1,958 1,162 n.a. 13,401 1.4690

Sept. ...... . 42,048 32,197 59,253 50,381 3,289 2,469 4,618 3,741 -1,322 8,992 1.5320

Dec. ...... . 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.5315

1999 - Mar. ....... . 43,138 40,151 47,932 51,300 373 229 875 341 -2,849 n.a. 1.5092
100 FOR EIGN CUR RENCY PO SI TIONS

01/06/99 ..................... . 440,608 434,278 2,298 1.6824

01/13/99 ..................... . 403,851 401,172 1,700 1.6671

01/20/99 ..................... . 352,059 356,029 -435 1.6922

01/27/99 ..................... . 334,497 338,457 -445 1.7112

02/03/99 ..................... . 289,243 290,559 -1,768 1.7313

02/10/99 ..................... . 277,972 278,945 -3,531 1.7274

02/17/99 ..................... . 255,609 260,272 -5,154 1.7395

02/24/99 ..................... . 245,426 249,838 -3,317 1.7784

03/03/99 ..................... . 229,127 237,327 -4,022 1.7968

03/10/99 ..................... . 219,544 226,059 -3,117 1.7870

03/17/99 ..................... . 199,147 206,271 -2,108 1.7796

03/24/99 ..................... . 176,964 185,090 -2,897 1.7976

03/31/99 ..................... . 170,825 178,048 -3,292 1.8168

04/07/99 ..................... . 167,997 174,141 -2,159 1.8152

04/14/99 ..................... . 158,873 168,229 -3,297 1.8109

04/21/99 ..................... . 152,162 156,282 -4,625 1.8440

04/28/99 ..................... . 143,721 149,209 -4,771 1.8395

05/05/99 ..................... . 135,403 139,274 -4,321 1.8183

05/12/99 ..................... . 120,915 125,057 -3,162 1.8365

05/19/99 ..................... . 116,106 120,571 -2,681 1.8355

05/26/99 ..................... . 115,026 119,580 -2,205 1.8715

06/02/99 ..................... . 109,056 112,707 -2,199 1.8884

06/09/99 ..................... . 118,248 121,320 -3,248 1.8678

06/16/99 ..................... . 113,589 116,587 -3,084 1.8983

06/23/99 ..................... . 107,016 110,766 -2,984 1.8934

06/30/99 ..................... . 100,276 106,060 -2,492 1.8911

SEC TION II.—Ger man Mark Po si tions

TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward Ex change rate

 and fu ture con tracts (Deut sche

Net op tions marks per

Re port Pur chased Sold po si tions U.S. dol lar)

date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 101

1996 - Dec. ....... . 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420

1997 - Mar. ....... . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750

June....... . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457

Sept. ...... . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600

Dec. ....... . 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990

1998 - Mar. ....... . 235,890 231,338 129,807 109,527 29,139 24,292 25,243 20,051 -1,648 28,619 1.8493

June....... . 242,644 232,986 122,544 102,431 24,910 21,817 24,974 16,914 729 27,753 1.8090

Sept. ...... . 265,496 239,820 122,384 96,420 39,593 39,362 40,077 31,743 405 29,173 1.6675

Dec. ...... . 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.9558

1999 - Mar. ....... . 34,889 30,558 77,822 76,972 5,273 3,681 6,945 3,443 -1,786 n.a. 1.7968

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Deut sche

Net delta rate marks per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

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

1996 - Dec........ . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - Dec........ . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990

1998 - July ....... . 2,357,644 2,336,709 307,828 298,406 773,631 781,046 676,450 701,082 -20,599 445,529 1.7770

Aug. ....... . 2,572,257 2,526,032 336,391 325,464 766,999 822,664 742,841 748,500 -10,593 452,509 1.7552

Sept. ...... . 2,646,657 2,578,089 360,367 344,131 847,743 868,363 749,450 755,655 -5,139 n.a. 1.6675

Oct. ....... . 3,082,739 3,001,543 365,064 361,925 895,424 840,511 843,204 875,990 976 486,314 1.6545

Nov. ....... . 2,579,333 2,509,441 269,532 269,293 678,618 667,183 634,741 651,355 2,088 419,021 1.6940

Dec. ....... . 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.9558

1999 - Jan. ....... . 280,276 281,198 14,523 14,960 216,797 219,159 216,739 214,614 -2,849 n.a. 1.6824

Feb. ....... . 220,248 225,876 14,354 16,786 183,775 187,494 190,619 161,604 -2,991 n.a. 1.7313

Mar. ....... . 183,639 189,501 12,523 16,073 157,718 188,464 203,569 173,400 -3,341 n.a. 1.7968

Apr. ....... . 132,208 134,509 16,365 18,693 98,915 105,812 118,421 115,044 -4,833 n.a. 1.8152

May ....... . 100,045 105,538 12,022 17,157 89,647 95,224 100,111 98,839 -2,240 n.a. 1.8183

June....... . 99,703 105,555 10,835 15,126 66,310 68,253 76,727 73,867 -2,493 n.a. 1.8884

SEC TION II—Ger man Mark Po si tions, con.

TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Deut sche

Net delta rate marks per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
102 FOR EIGN CUR RENCY PO SI TIONS

SEC TION III.—Jap a nese Yen Po si tions

TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward Ex change rate

 and fu ture con tracts (Yen

Net op tions per U.S.

Re port Pur chased Sold po si tions dol lar)

date (1) (2) (3) (4)

01/06/99 ..................... . 205,251 208,869 1,142 113.0000

01/13/99 ..................... . 211,175 214,606 885 113.5800

01/20/99 ..................... . 205,335 209,172 1,085 113.0000

01/27/99 ..................... . 210,000 212,142 1,172 115.8200

02/03/99 ..................... . 212,410 214,428 1,024 112.9200

02/10/99 ..................... . 210,451 212,701 1,024 114.2500

02/17/99 ..................... . 220,442 223,474 1,002 118.9600

02/24/99 ..................... . 221,872 224,910 829 121.7400

03/03/99 ..................... . 219,003 221,463 1,058 121.9000

03/10/99 ..................... . 219,446 222,537 1,405 119.7600

03/17/99 ..................... . 209,232 211,881 1,534 118.2000

03/24/99 ..................... . 201,102 204,025 1,573 117.9600

03/31/99 ..................... . 202,588 205,374 1,783 118.9000

04/07/99 ..................... . 200,585 204,085 1,803 121.5000

04/14/99 ..................... . 196,800 199,742 1,683 118.6800

04/21/99 ..................... . 196,922 199,766 1,542 119.8000

04/28/99 ..................... . 196,986 200,103 1,622 119.2000

05/05/99 ..................... . 210,123 213,302 1,703 120.7700

05/12/99 ..................... . 190,676 193,661 1,583 120.9500

05/19/99 ..................... . 205,234 208,693 1,254 124.3500

05/26/99 ..................... . 199,139 202,419 1,156 122.2600

06/02/99 ..................... . 195,237 198,612 1,098 121.3700

06/09/99 ..................... . 203,556 207,152 1,251 119.0000

06/16/99 ..................... . 191,771 194,775 1,306 120.3800

06/23/99 ..................... . 187,804 190,864 1,476 121.9300

06/30/99 ..................... . 182,766 185,937 1,461 121.2500
FOR EIGN CUR RENCY PO SI TIONS 103

1996 - Dec........ . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000

1997 - Mar........ . 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.7500

June ...... . 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.6600

Sept. ...... . 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.3800

Dec........ . 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.5800

1998 - Mar........ . 14,474 15,329 10,378 10,338 936 1,080 2,783 1,089 -916 3,823 133.2300

June ...... . 15,991 17,117 9,376 9,876 882 1,223 3,626 1,074 -1,510 4,039 138.9800

Sept. ...... . 16,422 15,293 9,047 9,599 2,307 n.a. 4,800 3,368 -700 4,103 136.5500

Dec. ...... . 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.3000

1999 - Mar........ . 9,901 10,895 8,245 7,566 480 1,027 1,053 724 69 n.a. 118.9000

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Yen

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

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

1996 - Dec........ . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Dec........ . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800

1998 - July ....... . 221,908 234,399 31,522 31,670 50,286 49,542 83,916 82,227 2,651 76,538 144.7000

Aug. ....... . 228,184 239,486 29,654 29,828 60,545 51,934 83,510 85,391 2,144 78,406 140.5800

Sept. ...... . 236,459 243,859 31,158 32,104 56,118 56,347 82,392 83,933 1,582 96,855 136.5500

Oct. ....... . 268,583 274,223 33,329 34,122 59,676 57,765 80,198 81,392 2,137 79,469 116.2000

Nov. ....... . 240,839 246,118 24,397 22,893 42,531 42,251 66,784 68,211 1,653 76,406 123.1900

Dec. ....... . 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.3000

1999 - Jan. ....... . 211,257 212,146 26,797 26,932 36,641 34,905 53,471 54,505 1,009 n.a. 116.4000

Feb. ....... . 224,903 224,615 25,031 24,689 42,030 36,296 58,048 60,453 1,094 n.a. 119.1000

Mar. ....... . 207,384 207,784 23,503 24,930 34,155 32,131 50,132 51,449 1,784 n.a. 118.9000

Apr. ....... . 197,175 198,089 21,564 21,146 33,154 31,541 52,227 46,669 1,665 n.a. 119.4300

May ....... . 195,249 197,202 19,375 19,021 35,589 33,232 47,452 48,636 1,418 n.a. 121.6400

June....... . 184,612 185,525 19,844 19,248 32,556 29,902 40,123 41,431 1,186 n.a. 121.2500

SEC TION III.—Jap a nese Yen Po si tions, con.

TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Yen

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV.—Swiss Franc Po si tions

TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward Ex change rate

 and fu ture con tracts (Francs

Net op tions per U.S.

Re port Pur chased Sold po si tions dol lar)

date (1) (2) (3) (4)

01/06/99 ..................... . 434,566 438,087 5,596 1.3930

01/13/99 ..................... . 492,254 494,247 5,417 1.3645

01/20/99 ..................... . 449,718 452,251 4,735 1.3892

01/27/99 ..................... . 469,087 468,324 4,290 1.4107

02/03/99 ..................... . 448,513 450,267 4,074 1.4178

02/10/99 ..................... . 454,577 454,831 4,625 1.4087

02/17/99 ..................... . 454,812 452,575 4,991 1.4210

02/24/99 ..................... . 467,020 468,001 4,269 1.4464

03/03/99 ..................... . 445,654 444,270 3,640 1.4603

03/10/99 ..................... . 461,218 461,568 2,390 1.4600

03/17/99 ..................... . 426,026 409,429 697 1.4516

03/24/99 ..................... . 409,905 406,032 446 1.4643

03/31/99 ..................... . 419,853 413,591 -47 1.4820

04/07/99 ..................... . 420,543 414,246 384 1.4820

04/14/99 ..................... . 418,971 411,213 -366 1.4842

04/21/99 ..................... . 430,783 422,348 -629 1.5105

04/28/99 ..................... . 441,696 433,263 -2,170 1.5115

05/05/99 ..................... . 438,820 434,619 62 1.4935

05/12/99 ..................... . 424,477 421,758 -707 1.5051

05/19/99 ..................... . 434,406 443,025 -173 1.5037

05/26/99 ..................... . 472,203 478,498 -297 1.5245

06/02/99 ..................... . 428,909 447,268 -1,034 1.5377

06/09/99 ..................... . 471,816 469,008 -1,519 1.5227

06/16/99 ..................... . 410,593 409,112 -1,205 1.5483

06/23/99 ..................... . 392,771 390,426 -1,270 1.5462

06/30/99 ..................... . 397,679 400,917 -1,174 1.5507
FOR EIGN CUR RENCY PO SI TIONS 105

1996 - Dec........ . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420

1997 - Mar. ....... . 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480

June....... . 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620

Sept. ...... . 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485

Dec. ....... . 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625

1998 - Mar. ....... . 38,858 36,296 21,240 14,804 n.a. n.a. 5,527 4,399 -685 12,767 1.5240

June....... . 40,338 34,567 19,349 14,136 n.a. n.a. 3,604 2,183 -390 18,057 1.5210

Sept. ...... . 39,544 37,928 24,920 18,195 3,200 3,643 3,623 2,983 147 15,838 1.3812

Dec. ...... . 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.3745

1999 - Mar. ....... . 27,947 24,482 n.a. 19,202 n.a. n.a. 1,184 1,076 -298 n.a. 1.4820

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Francs

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

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

1996 - Dec........ . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - Dec........ . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

1998 - July ....... . 602,438 613,712 39,760 40,677 97,300 90,680 108,979 113,535 3,083 128,191 1.4920

Aug. ....... . 647,412 656,444 39,874 40,692 99,994 98,185 104,998 107,313 4,954 129,785 1.4430

Sept. ...... . 550,255 558,225 51,262 52,919 94,112 86,204 97,245 102,953 8,406 138,062 1.3812

Oct. ....... . 646,841 648,810 42,752 41,608 97,573 94,510 99,856 100,946 5,046 123,719 1.3519

Nov. ....... . 503,604 505,726 27,696 28,860 79,251 76,206 77,194 79,097 4,879 123,010 1.3944

Dec. ....... . 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.3745

1999 - Jan. ....... . 450,636 446,627 26,369 29,264 81,695 76,531 71,407 75,559 -301 n.a. 1.4155

Feb. ....... . 451,113 446,586 29,233 32,622 82,594 78,255 73,355 80,096 3,755 n.a. 1.4475

Mar. ....... . 427,056 423,650 27,910 29,917 77,624 79,728 76,911 72,885 -192 n.a. 1.4820

Apr. ....... . 443,612 437,115 30,571 32,731 72,298 75,107 78,468 76,195 -1,474 n.a. 1.5245

May ....... . 439,399 438,226 27,258 29,556 75,314 77,639 82,050 79,727 -602 n.a. 1.5277

June....... . 411,523 406,598 28,287 29,000 75,294 74,288 83,326 82,349 -1,269 n.a. 1.5507

SEC TION IV.—Swiss Franc Po si tions, con.

TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Francs

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOR EIGN CUR RENCY PO SI TIONS

01/06/99 ..................... . 465,068 455,552 2,082 1.6545

01/13/99 ..................... . 492,782 483,993 2,060 1.6536

01/20/99 ..................... . 492,917 480,182 2,018 1.6451

01/27/99 ..................... . 500,251 487,667 1,503 1.6462

02/03/99 ..................... . 491,969 478,557 1,530 1.6340

02/10/99 ..................... . 494,589 484,685 1,475 1.6265

02/17/99 ..................... . 500,735 489,904 703 1.6345

02/24/99 ..................... . 503,675 492,452 -51 1.5960

03/03/99 ..................... . 508,224 496,498 -144 1.6137

03/10/99 ..................... . 515,847 502,277 303 1.6260

03/17/99 ..................... . 492,147 481,061 655 1.6300

03/24/99 ..................... . 504,553 495,309 1,974 1.6345

03/31/99 ..................... . 504,094 495,513 1,049 1.6115

04/07/99 ..................... . 510,408 498,617 536 1.5955

04/14/99 ..................... . 493,508 481,040 1,061 1.6133

04/21/99 ..................... . 489,365 480,104 1,460 1.6062

04/28/99 ..................... . 494,918 488,541 1,710 1.6140

05/05/99 ..................... . 503,272 492,465 2,290 1.6367

05/12/99 ..................... . 487,221 476,142 1,734 1.6173

05/19/99 ..................... . 481,470 468,406 1,767 1.6170

05/26/99 ..................... . 497,037 485,920 1,839 1.5943

06/02/99 ..................... . 502,773 492,666 1,669 1.6047

06/09/99 ..................... . 514,423 503,027 1,433 1.6027

06/16/99 ..................... . 491,431 480,907 1,198 1.5880

06/23/99 ..................... . 489,889 478,832 1,126 1.5800

06/30/99 ..................... . 487,713 473,484 839 1.5768

SEC TION V.—Ster ling Po si tions

TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward 

 and fu ture con tracts Ex change rate

Net op tions (U.S. dol lars 

Re port Pur chased Sold po si tions per pound)

date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 107

1996 - Dec........ . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120

1997 - Mar. ....... . 44,216 48,560 40,627 34,423 5,237 5,228 4,291 2,693 -274 5,047 1.6392

June....... . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642

Sept. ...... . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190

Dec. ....... . 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480

1998 - Mar. ....... . 37,954 44,272 53,725 39,724 2,558 1,904 4,386 2,184 383 7,216 1.6720

June....... . 34,360 41,814 49,305 36,806 2,203 2,583 5,248 2,365 -643 9,435 1.6672

Sept. ...... . 47,869 59,915 54,596 41,131 2,645 3,232 5,592 3,264 -1,032 10,809 1.6996

Dec. ...... . 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.6548

1999 - Mar. ....... . 33,546 38,906 49,167 38,023 1,339 1,970 3,120 3,484 -468 n.a. 1.6115

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (U.S.

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps pound)

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

1996 - Dec........ . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Dec........ . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480

1998 - July ....... . 520,350 505,598 93,811 100,086 79,358 73,859 85,439 87,484 1,056 90,633 1.6330

Aug. ....... . 562,428 553,852 99,899 106,286 76,247 72,133 82,202 84,781 2,527 92,604 1.6790

Sept. ...... . 516,082 509,726 97,086 102,222 67,837 63,928 64,246 80,601 2,158 131,405 1.6996

Oct. ....... . 662,734 655,281 100,717 108,586 83,670 79,949 91,857 99,336 2,767 100,023 1.6745

Nov. ....... . 511,460 501,265 78,413 81,867 67,680 63,997 77,358 82,243 1,618 93,621 1.6479

Dec. ....... . 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.6548

1999 - Jan. ....... . 487,583 477,056 90,272 92,204 62,385 61,423 80,018 81,100 1,433 n.a. 1.6460

Feb. ....... . 496,030 482,364 100,198 101,123 62,256 61,263 68,567 69,703 -747 n.a. 1.6025

Mar. ....... . 512,728 503,529 88,543 89,057 61,333 60,462 64,172 66,868 587 n.a. 1.6115

Apr. ....... . 489,904 479,923 92,073 91,496 55,849 55,365 62,432 63,531 1,102 n.a. 1.6090

May ....... . 495,179 481,530 92,158 92,214 52,678 51,276 56,714 61,202 707 n.a. 1.6036

June....... . 493,914 477,816 96,012 97,069 48,784 47,506 57,312 61,093 -194 n.a. 1.5768

SEC TION V.—Ster ling Po si tions, con.

TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of pounds ster ling. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross Ex change

 Spot, for ward cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (U.S. 

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps pound)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VI.—U.S. Dol lar Po si tions

TA BLE FCP-VI-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward 

 and fu ture con tracts

Net op tions

Re port Pur chased Sold po si tions Ex change rate

date (1) (2) (3) (4)

01/06/99 ..................... . 5,431,981 5,440,658 -9,481 n.a.

01/13/99 ..................... . 5,665,935 5,657,587 -3,819 n.a.

01/20/99 ..................... . 5,437,243 5,411,163 -5,168 n.a.

01/27/99 ..................... . 5,508,483 5,508,277 -3,576 n.a.

02/03/99 ..................... . 5,498,033 5,478,811 -3,648 n.a.

02/10/99 ..................... . 5,587,590 5,584,097 -6,594 n.a.

02/17/99 ..................... . 5,507,837 5,531,399 -5,225 n.a.

02/24/99 ..................... . 5,593,952 5,606,577 -1,809 n.a.

03/03/99 ..................... . 5,463,491 5,474,309 -1,059 n.a.

03/10/99 ..................... . 5,482,709 5,508,126 1,537 n.a.

03/17/99 ..................... . 5,238,576 5,265,513 5,275 n.a.

03/24/99 ..................... . 5,196,254 5,211,505 -1,469 n.a.

03/31/99 ..................... . 5,304,662 5,312,243 -2,453 n.a.

04/07/99 ..................... . 5,191,958 5,216,282 -1,942 n.a.

04/14/99 ..................... . 5,177,530 5,186,411 -3,460 n.a.

04/21/99 ..................... . 5,187,635 5,167,506 -1,665 n.a.

04/28/99 ..................... . 5,196,212 5,180,465 -2,825 n.a.

05/05/99 ..................... . 5,295,698 5,301,506 -3,366 n.a.

05/12/99 ..................... . 5,161,968 5,166,695 -4,439 n.a.

05/19/99 ..................... . 5,246,131 5,241,583 -2,376 n.a.

05/26/99 ..................... . 5,326,530 5,327,701 -2,664 n.a.

06/02/99 ..................... . 5,186,503 5,189,732 271 n.a.

06/09/99 ..................... . 5,430,866 5,448,005 1,453 n.a.

06/16/99 ..................... . 5,141,112 5,168,892 2,265 n.a.

06/23/99 ..................... . 5,089,513 5,129,918 -249 n.a.

06/30/99 ..................... . 5,068,173 5,096,664 -607 n.a.
FOR EIGN CUR RENCY PO SI TIONS 109

SEC TION VI.—U.S. Dol lar Po si tions, con.

TA BLE FCP-VI-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of U.S. dol lars. Source: Of fice of For eign Ex change Op er a tions]

TA BLE FCP-VI-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In millions of U.S. dollars. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross

 Spot, for ward cur rency

 and fu ture con tracts Non-capital items Calls Puts in ter est

Net delta rate Exchange

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps rate

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

1999 - Jan. ...... . 5,537,723 5,535,483 - - 763,547 1,462,327 718,645 689,063 -13,456 n.a.

Feb. ...... . 5,587,436 5,553,305 - - 793,634 1,498,088 748,568 722,894 -3,120 n.a.

Mar. ...... . 5,440,238 5,425,796 - - 729,810 665,770 644,917 653,165 -5,914 n.a.

Apr........ . 5,315,004 5,287,849 - - 682,510 648,960 632,525 613,643 -3,911 n.a.

May ...... . 5,275,344 5,279,115 - - 698,885 681,262 674,963 647,732 -1,573 n.a.

June ...... . 5,154,576 5,176,838 - - 634,850 615,868 605,099 573,999 -1,028 n.a.

Re port

date

Spot, for ward

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

1999 - Mar. ..... . 340,424 342,819 - - 44,981 n.a. 24,758 31,891 -2,548 n.a. n.a.
110 FOR EIGN CUR RENCY PO SI TIONS

SEC TION VII.—Euro Po si tions

TA BLE FCP-VII-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

 Spot, for ward 

 and fu ture con tracts Ex change rate

Net op tions (Euros per

Re port Pur chased Sold po si tions U.S. dollar)

date (1) (2) (3) (4)

01/06/99 ..................... . 1,653,935 1,673,472 -3,480 0.8602

01/13/99 ..................... . 1,706,865 1,697,884 -2,556 0.8524

01/20/99 ..................... . 1,611,786 1,591,147 -763 0.8652

01/27/99 ..................... . 1,592,960 1,579,076 -435 0.8749

02/03/99 ..................... . 1,568,040 1,553,898 284 0.8852

02/10/99 ..................... . 1,606,158 1,597,283 1,397 0.8832

02/17/99 ..................... . 1,546,568 1,538,925 2,182 0.8894

02/24/99 ..................... . 1,563,256 1,560,108 625 0.9093

03/03/99 ..................... . 1,515,109 1,504,030 1,092 0.9187

03/10/99 ..................... . 1,499,630 1,494,864 -550 0.9137

03/17/99 ..................... . 1,457,252 1,448,581 -371 0.9099

03/24/99 ..................... . 1,438,391 1,434,535 -1,649 0.9191

03/31/99 ..................... . 1,499,452 1,508,547 -715 0.9289

04/07/99 ..................... . 1,412,156 1,418,220 -2,565 0.9281

04/14/99 ..................... . 1,454,609 1,464,087 -2,342 0.9259

04/21/99 ..................... . 1,445,261 1,446,862 -3,593 0.9428

04/28/99 ..................... . 1,447,381 1,445,543 -3,981 0.9405

05/05/99 ..................... . 1,464,065 1,474,074 -5,049 0.9297

05/12/99 ..................... . 1,480,645 1,490,629 -3,478 0.9390

05/19/99 ..................... . 1,492,178 1,494,774 -4,457 0.9385

05/26/99 ..................... . 1,531,197 1,531,301 -4,937 0.9569

06/02/99 ..................... . 1,494,925 1,500,792 -7,324 0.9655

06/09/99 ..................... . 1,595,380 1,600,639 -5,202 0.9550

06/16/99 ..................... . 1,447,979 1,458,906 -6,548 0.9706

06/23/99 ..................... . 1,454,574 1,464,936 -4,536 0.9681

06/30/99 ..................... . 1,456,870 1,466,820 -5,880 0.9669
FOR EIGN CUR RENCY PO SI TIONS 111

SEC TION VII.—Euro Po si tions, con.

TA BLE FCP-VII-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

Re port

date

Spot, for ward

and fu ture con tracts Non-capital items

Op tions po si tions

Ex change

rate

Calls Puts Net delta

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent

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

TA BLE FCP-VII-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Euros. Source: Of fice of For eign Ex change Op er a tions]

 Op tions po si tions Cross

 Spot, for ward cur rency

 and fu ture con tracts Non-capital items Calls Puts in ter est

Net delta rate Exchange

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps rate

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

1999 - Jan. ...... . 1,566,699 1,532,673 393,367 390,239 202,578 227,242 221,568 231,761 -480 0.8800

Feb. ...... . 1,561,850 1,542,552 421,460 408,904 253,912 340,648 367,143 300,936 11 0.9072

Mar. ...... . 1,533,315 1,540,410 436,268 415,362 321,976 359,188 392,951 344,535 -944 0.9289

Apr. ...... . 1,478,252 1,479,302 449,714 438,523 370,757 352,512 434,286 381,994 -4,650 0.9456

May ...... . 1,533,635 1,529,586 458,925 465,158 328,363 355,660 407,031 356,631 -6,873 0.9592

June...... . 1,499,547 1,491,928 455,688 439,095 328,733 367,383 415,102 348,041 -5,932 0.9669

1999 - Mar. ..... . 92,678 153,729 97,868 93,525 4,212 4,265 5,228 4,413 -1,083 n.a. 0.9289
112

IN TRO DUC TION: Ex change Sta bi li za tion Fund

To sta bi lize the ex change value of the dol lar, the Exchange Sta bi li za tion Fund (ESF) was es tab lished un der the

Gold Re serve Act of Jan u ary 30, 1934 (31 United States Code

5302), which au tho rized es tab lish ment of a Trea sury fund to

be op er ated un der the ex clu sive con trol of the Sec re tary, with

ap proval of the Pres i dent.

Sub se quent amend ment of the Gold Re serve Act mod i -

fied the orig i nal pur pose some what to re flect ter mi na tion of

the fixed ex change rate sys tem.

Re sources of the fund in clude dol lar bal ances, par tially

in vested in U.S. Gov ern ment se cu ri ties, spe cial draw ing

rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal

sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est

earned on as sets.

 • Ta ble ESF-1 pres ents the as sets, li a bil i ties and cap i tal of

the fund. The fig ures are in U.S. dol lars or their equiv a lents

based on cur rent ex change rates com puted ac cord ing to the accrual method of ac count ing. The cap i tal ac count rep re sents the

orig i nal cap i tal ap pro pri ated to the fund by Con gress of $2 billion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the

ini tial U.S. quota sub scrip tion to the In ter na tional Mon e tary

Fund. Gains and losses are re flected in the cu mu la tive net income (+) or loss (-) ac count.

• Ta ble ESF-2 shows the re sults of op er a tions by quar ter. 

Fig ures are in U.S. dol lars or their equiv a lents com puted accord ing to the ac crual method. “Profit (+) or loss (-) on for eign

ex change” in cludes re al ized prof its or losses. “Ad just ment for

change in val u a tion of SDR hold ings and al lo ca tions” re flects

net gain or loss on re val u a tion of SDR hold ings and al lo ca tions 

for the quar ter.

TA BLE ESF-1.—Bal ances as of Dec. 31, 1998, and Mar. 31, 1999

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

See foot notes on the fol low ing page.

Jan. 1, 1999, 

 As sets, li a bil i ties and cap i tal Dec. 31, 1998 through Mar. 31, 1999 Mar. 31, 1999 

As sets

U.S. dol lars:

 Held with Trea sury:

 U.S. Gov ern ment se cu ri ties ................ . 15,985,875 374,267 16,360,142

Spe cial draw ing rights

1

 . ...................... . 10,602,657 -883,702 9,718,955

For eign ex change and se cu ri ties: 2

 Ger man marks ............................ . 6,494,397 450,204 6,944,601

 Jap a nese yen ............................ . 9,820,754 -2,033,772 7,786,982

Ac counts re ceiv able ......................... . 114,721 -10,921 103,800

 To tal as sets. ............................. . 43,018,404 -2,103,924 40,914,480

Li a bil i ties and cap i tal

Cur rent li a bil i ties:

 Ac counts pay able ......................... . 65,702 143,753 209,455

 To tal cur rent li a bil i ties .................... . 65,702 143,753 209,455

Other li a bil i ties:

 Spe cial draw ing rights cer tif i cates. ............ . 9,200,000 -1,000,000 8,200,000

 Spe cial draw ing rights al lo ca tions.............. . 6,898,657 -353,523 6,545,134

 To tal other li a bil i ties. ..................... . 16,098,657 -1,353,523 14,745,134

Cap i tal:

 Cap i tal ac count ........................... . 200,000 - 200,000

 Net in come (+) or loss (-) (see ta ble ESF-2) ..... . 26,654,045 -894,154 25,759,891

 To tal cap i tal ............................ . 26,854,045 -894,154 25,959,891

 To tal li a bil i ties and cap i tal ............... . 43,018,404 -2,103,924 40,914,480
EX CHANGE STA BI LI ZA TION FUND 113

Cur rent quar ter 

Jan. 1, 1999, through Mar. 31, 1999

Fis cal year to date 

Oct. 1, 1998, through Mar. 31, 1999

 In come and expense

 Profit (+) or loss (-) on:

 For eign ex change. ...................................................... . -1,317,845 381,593

 Ad just ment for change in val u a tion of spe cial draw ing rights hold ings and al lo ca tions

1

... . -164,381 -72,778

 In ter est (+) or net charges (-) on:

 Spe cial draw ing rights. ................................................... . 53,108 86,638

 U.S. Gov ern ment se cu ri ties................................................ . 400,568 598,561

 For eign ex change ....................................................... . 98,850 159,493

 Commissions ............................................................ .

35,546 35,546

 In come from op er a tions ................................................ .

-894,154 1,189,053

 Net in come (+) or loss (-) ............................................. .

-894,154 1,189,053

TA BLE ESF-2.—In come and Ex pense

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

1

 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the

spe cial draw ing rights based on a weighted av er age of ex change rates for the cur ren cies of se -

lected mem ber coun tries. The U.S. spe cial draw ing rights hold ings and al lo ca tions are val ued

on this ba sis be gin ning July 1974.

2

 Ex cludes for eign ex change trans ac tions for fu ture and spot de liv ery.

 Note.—An nual bal ance sheets for fis cal years 1934 through 1940 ap peared in the 1940 “An -

nual Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in subse quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31, 1938,

have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30, 1978,

may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”
TRUST FUNDS 117

TA BLE TF-15A.—High way Trust Fund

The fol low ing in for ma tion is re leased ac cord ing to the

pro vi sions of the Byrd Amend ment to the Intermodal Sur face

Trans por ta tion Ef fi ciency Act of 1991 and rep re sents data

con cern ing the High way Trust Fund. The fig ure de scribed as

“un funded au tho ri za tions” is the lat est es ti mate re ceived from

the De part ment of Trans por ta tion (DOT) for fis cal 1998.

The 24-month rev e nue es ti mates for the high way and

mass tran sit ac counts, re spec tively, in clude the lat est es ti -

mates re ceived from Trea sury’s Of fice of Tax Anal y sis for excise taxes, net of re funds. They rep re sent net high way re ceipts

for those pe ri ods be gin ning at the close of fis cal 1998.

High way Ac count

[In mil lions of dol lars. Source: DOT]

Un funded au tho ri za tions (EOY)................................................................................................. . 41,277

24-month rev e nue es ti mate .................................................................................................. . . . 64,094

Un funded au tho ri za tions (EOY)................................................................................................. . -4,922

24-month rev e nue es ti mate .................................................................................................. . . . 10,301

Mass Transit Ac count

[In mil lions of dol lars. Source: DOT]
Re search Pa per Se ries 

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil.

December 1997.

Copies may be ob tained by writ ing to:

 Ann Bailey, De part ment of the Trea sury

1500 Penn syl va nia Ave., NW., Room 4422

Wash ing ton, D.C. 20220

Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

118 TECH NI CAL PA PERS
With Ref er ences to Ap pli ca ble Sec tions and Ta bles

Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates

on sav ings bonds from the date of pur chase un til the date of redemp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B,

C, D, E, EE, F, I and J are dis count or ac crual type

bonds—mean ing prin ci pal and in ter est are paid when bonds

are re deemed. Se ries G, H, HH and K are cur rent-income

bonds, and the semi an nual in ter est paid to their hold ers is not

in cluded in ac crued dis count.

Amounts out stand ing and in cir cu la tion (USCC)—In -

cludes all is sues by the Bu reau of the Mint pur posely in tended

as a me dium of ex change. Coins sold by the Bu reau of the Mint

at pre mium prices are ex cluded; how ever, uncirculated coin

sets sold at face value plus han dling charge are in cluded.

Av er age dis count rate (PDO-2, -3)—In Trea sury bill auctions, pur chas ers ten der com pet i tive bids on a dis count rate basis. The av er age dis count rate is the weighted, or ad justed,

av er age of all bids ac cepted in the auc tion.

Bud get au thor ity (“Fed eral Fis cal Op er a tions”)—Con -

gress passes laws giv ing bud get au thor ity to Gov ern ment en ti -

ties, which gives the agen cies the power to spend Fed eral

funds. Con gress can stip u late var i ous cri te ria for the spend ing

of these funds. For ex am ple, Con gress can stip u late that a

given agency must spend within a spe cific year, num ber of

years, or any time in the fu ture.

 The ba sic forms of bud get au thor ity are ap pro pri a tions, author ity to bor row, con tract au thor ity, and au thor ity to ob li gate

and ex pend off set ting re ceipts and col lec tions. The pe riod of

time dur ing which Con gress makes funds avail able may be

spec i fied as 1-year, mul ti ple-year or no-year. The avail able

amount may be clas si fied as ei ther def i nite or in def i nite; a specific amount or an un spec i fied amount can be made avail able.

Au thor ity may also be clas si fied as cur rent or per ma nent. Perma nent au thor ity re quires no cur rent ac tion by Con gress.

Bud get def i cit—The to tal, cu mu la tive amount by which budget out lays (spend ing) ex ceed bud get re ceipts (in come).

Cash man age ment bills (PDO-2)—Mar ket able Trea sury

bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund

short-term cash needs of Trea sury. Their sale, hav ing higher

min i mum and mul ti ple pur chase re quire ments than those of

other is sues, is gen er ally re stricted to com pet i tive bid ders.

Com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—A bid to pur chase a stated amount of one is sue of

Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is

ac cepted if it is within the range ac cepted in the auc tion. (See

Non com pet i tive ten ders.)

Cou pon is sue—The is sue of bonds or notes (pub lic debt).

Cur rency no lon ger is sued (USCC)—Old and new se ries

gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional

bank notes and 1890 Se ries Trea sury notes.

Cur rent in come bonds (“U.S. Sav ings Bonds and

Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In ter -

est is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt

in curred by the Trea sury sub ject to the stat u tory limit set by

Con gress. Un til World War I, a spe cific amount of debt was

au tho rized to each sep a rate se cu rity is sue. Be gin ning with the

Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion

was mod i fied un til, in 1941, it de vel oped into an over all limit

on the out stand ing Fed eral debt. As of June 1999, the debt

limit was $5,950,000 mil lion; the limit may change from year

to year.

 The debt sub ject to lim i ta tion in cludes most of Trea sury’s

pub lic debt ex cept se cu ri ties is sued to the Fed eral Fi nancing

Bank, upon which there is a lim i ta tion of $15 bil lion, and certain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Feb ru ary 1991).

Dis count—The in ter est de ducted in ad vance when pur chas -

ing notes or bonds. (See Ac crued dis count.)

Dis count rate (PDO-2)—The dif fer ence be tween par value

and the ac tual pur chase price paid, an nu al ized over a 360-day

year. Be cause this rate is less than the ac tual yield (coupon-equivalent rate), the yield should be used in any com par i -

son with cou pon is sue se cu ri ties.

Dol lar coins (USCC)—In clude stan dard sil ver and nonsilver

coins.

Do mes tic se ries (FD-2)—Non mar ket able, in ter est and

non-interest-bearing se cu ri ties is sued pe ri od i cally by Treasury to the Res o lu tion Funding Cor po ra tion (RFC) for in vest -

ment of funds au tho rized un der sec tion 21B of the Fed eral

Home Loan Bank Act (12 United States Code 1441b).

Fed eral intrafund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Intrabudgetary trans ac tions in which pay ments and

re ceipts both oc cur within the same Fed eral fund group (Federal funds or trust funds).

Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern -

ment to the pub lic through the Fed eral Re serve Banks and

their mem ber banks. They rep re sent money owed by the Govern ment to the pub lic. Cur rently, the item “Fed eral Re serve

notes—amounts out stand ing” con sists of new se ries is sues.

The Fed eral Re serve note is the only class of cur rency currently is sued.

For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Lo ca -

tions other than those in cluded un der the def i ni tion of the

United States. (See United States.)

For eigner (“Cap i tal Move ments,” IFS-2)—All in sti tu tions

and in di vid u als liv ing out side the United States, in clud ing

U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and

other af fil i ates abroad of U.S. banks and busi ness con cerns;

cen tral gov ern ments, cen tral banks, and other of fi cial in sti tu -

tions of coun tries other than the United States, and in ter na -

tional and re gional or ga ni za tions, wher ever lo cated. Also,

re fers to per sons in the United States to the ex tent that they are

known by re port ing in sti tu tions to be act ing for for eign ers.

For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—In -

cludes cen tral gov ern ments of for eign coun tries, in clud ing all

119

Glos sary

Source: Fi nan cial Man age ment Ser vice
de part ments and agen cies of na tional gov ern ments; cen tral

banks, ex change au thor i ties, and all fis cal agents of for eign

na tional gov ern ments that un der take ac tiv i ties sim i lar to those

of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic

and con sular es tab lish ments of for eign na tional gov ern ments;

and any in ter na tional or re gional or ga ni za tion, in clud ing subor di nate and af fil i ate agen cies, cre ated by treaty or con ven tion

be tween sov er eign states.

For eign pub lic bor rower (“Cap i tal Move ments”)—In -

cludes for eign of fi cial in sti tu tions, as de fined above, the corpo ra tions and agen cies of for eign cen tral gov ern ments,

in clud ing de vel op ment banks and in sti tu tions, and other agencies that are ma jor ity-owned by the cen tral gov ern ment or its

de part ments; and state pro vin cial and lo cal gov ern ments of

for eign coun tries and their de part ments and agen cies.

For eign-targeted is sue (PDO-1, -3)—For eign-targeted issues were notes sold be tween Oc to ber 1984 and Feb ru ary

1986 to for eign in sti tu tions, for eign branches of U.S. in sti tu -

tions, for eign cen tral banks or mon e tary au thor i ties, or to inter na tional or ga ni za tions in which the United States held

mem ber ship. Sold as com pan ion is sues, they could be converted to do mes tic (nor mal) Trea sury notes with the same matu rity and in ter est rates. In ter est was paid an nu ally.

Frac tional coins (USCC)—Coins minted in de nom i na tions

of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).

Gov ern ment ac count se ries (FD-2)—Cer tain trust fund statutes re quire the Sec re tary of the Trea sury to ap ply mon ies held

by these funds to ward the is su ance of non mar ket able spe cial

se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a

spe cific Gov ern ment agency, trust fund or ac count. Their rate

is based on an av er age of mar ket yields on out stand ing Treasury ob li ga tions, and they may be re deemed at the op tion of the

holder. Roughly 80 per cent of these are is sued to five hold ers:

the Fed eral Old-age and Sur vi vors In sur ance Trust Fund; the

civil ser vice re tire ment and dis abil ity fund; the Fed eral Hos pi -

tal In sur ance Trust Fund; the mil i tary re tire ment fund; and the

Un em ploy ment Trust Fund.

Interfund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Trans ac tions in which pay ments are made from one

fund group (ei ther Fed eral funds or trust funds) to a re ceipt account in an other group.

In ter na tional Mon e tary Fund (“Ex change Sta bi li za tion

Fund,” IFS-1)—(IMF) Es tab lished by the United Na tions, the

IMF pro motes in ter na tional trade, sta bil ity of ex change and

mon e tary co op er a tion. Mem bers are al lowed to draw from the

fund.

Intrabudgetary trans ac tions (“Fed eral Fis cal Op er a -

tions”)—These oc cur when pay ment and re ceipt both oc cur

within the bud get, or when pay ment is made from off-budget

Fed eral en ti ties whose bud get au thor ity and out lays are excluded from the bud get to tals.

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The

value of out stand ing sav ings bonds and notes that have

reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all

Se ries A-D, F, G, I, J and K bonds. Se ries E bonds (is sued between May 1941 and No vem ber 1965), Se ries EE (is sued since

Jan u ary 1980), Se ries H (is sued from June 1952 through Decem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH

bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.

Non com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—Of fers by an in ves tor to pur chase Trea sury se cu ri ties 

at the price equiv a lent to the weighted av er age dis count rate or

yield of ac cepted com pet i tive ten ders in a Trea sury auc tion.

Non com pet i tive ten ders are al ways ac cepted in full.

Off-budget Fed eral en ti ties (“Fed eral Fis cal Op er a -

tions”)—Fed erally owned and con trolled en ti ties whose

trans ac tions are ex cluded from the bud get to tals un der pro vi -

sions of law. Their re ceipts, out lays, and sur plus or def i cit are

not in cluded in bud get re ceipts, out lays or def i cits. Their budget au thor ity is not in cluded in to tals of the bud get.

Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li -

ga tions in the form of cash, checks, the is su ance of bonds or

notes, or the ma tur ing of in ter est cou pons.

Own for eign of fices (“Cap i tal Move ments”)—Re fers to

U.S. re port ing in sti tu tions’ par ent or ga ni za tions, branches

and/or ma jor ity-owned sub sid iar ies lo cated out side the

United States.

Par value—The face value of bonds or notes, in clud ing in ter -

est.

Quar terly fi nanc ing (“Trea sury Fi nancing Op er a -

tions”)—Trea sury has his tor i cally of fered pack ages of several “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,

Au gust and No vem ber, or on the next work ing day. These issues cur rently con sist of a 3-year note, a 10-year note and a

30-year bond. Trea sury some times of fers ad di tional amounts

of out stand ing long-term notes or bonds, rather than sell ing

new se cu rity is sues. (See Re opening.)

Re ceipts (“Fed eral Fis cal Op er a tions”)—Funds col lected

from sell ing land, cap i tal, or ser vices, as well as col lec tions

from the pub lic (bud get re ceipts), such as taxes, fines, du ties,

and fees.

Re opening (PDO-3, -4)—The of fer for sale of ad di tional

amounts of out stand ing is sues, rather than an en tirely new issue. A re opened is sue will al ways have the same ma tu rity date,

CUSIP-number and in ter est rate as the orig i nal is sue.

Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”

IFS-1)—In ter na tional as sets cre ated by IMF that serve to increase in ter na tional li quid ity and pro vide ad di tional in ter na -

tional re serves. SDRs may be pur chased and sold among

el i gi ble hold ers through IMF. (See IMF.)

 SDR al lo ca tions are the coun ter part to SDRs is sued by IMF

based on mem bers’ quo tas in IMF. Al though shown in exchange sta bi li za tion fund (ESF) state ments as li a bil i ties, they

must be re deemed by ESF only in the event of liq ui da tion of,

or U.S. with drawal from, the SDR de part ment of IMF or cancel la tion of SDRs.

 SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem

against SDRs when SDRs are le gal ized as money. Pro ceeds of

mon e ti za tion are de pos ited into an ESF ac count at the Fed eral

Re serve Bank of New York.

Spot (“For eign Cur rency Po si tions”)—Due for re ceipt or

de liv ery within 2 work days.

120

Glos sary
State and lo cal gov ern ment se ries (FD-2)—(SLUGs) Special non mar ket able cer tif i cates, notes and bonds of fered to

State and lo cal gov ern ments as a means to in vest pro ceeds

from their own tax-exempt fi nanc ing. In ter est rates and ma tu -

ri ties com ply with IRS ar bi trage pro vi sions. SLUGs are offered in both time de posit and de mand de posit forms. Time

de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes mature in 1 to 10 years and bonds ma ture in more than 10 years.

De mand de posit se cu ri ties are 1-day cer tif i cates rolled over

with a rate ad just ment daily.

Stat u tory debt limit (FD-6)—By Act of Con gress there is a

limit, ei ther tem po rary or per ma nent, on the amount of pub lic

debt that may be out stand ing. When this limit is reached, Treasury may not sell new debt is sues un til Con gress in creases or

ex tends the limit. For a de tailed list ing of changes in the limit

since 1941, see the Bud get of the United States Gov ern ment.

(See debt out stand ing sub ject to lim i ta tion.)

STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In ter -

est and Prin ci pal Se cu ri ties. Long-term notes and bonds may

be di vided into prin ci pal and in ter est-paying com po nents,

which may be trans ferred and sold in amounts as small as

$1,000. STRIPS are sold at auc tion at a min i mum par amount,

vary ing for each is sue. The amount is an arith me tic func tion of

the is sue’s in ter est rate.

Trea sury bills—The short est term Fed eral se cu rity (ma tu rity

dates nor mally vary ing from 3 to 12 months), they are sold at a

dis count.

Trust fund trans ac tion (“Fed eral Fis cal Op er a -

tions”)—An intra-budgetary trans ac tion in which both payments and re ceipts oc cur within the same trust fund group.

United States—In cludes the 50 States, Dis trict of Co lum bia,

Com mon wealth of Puerto Rico, Amer i can Sa moa, Mid way

Is land, Vir gin Is lands, Wake Is land and all other ter ri to ries and

pos ses sions.

U.S. notes (USCC)—Le gal ten der notes of five dif fer ent issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10

notes).

121

Glos sary